SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) October 16, 1996
RETAIL PROPERTY INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Virginia 0-18247 04-3060233
-------- ------- ----------
(State or other jurisdiction) (Commission (IRS Employer
of incorporation File Number) Identification No.)
265 Franklin Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-8118
(Former name or address, if changed since last report)
<PAGE>
FORM 8-K
CURRENT REPORT
Retail Property Investors, Inc.
ITEM 2 - Disposition of Assets
On October 17, 1996, Retail Property Investors, Inc. (the "Company") closed
the sale of substantially all of its assets to Glimcher Realty Trust
("Glimcher") for an aggregate purchase price of $197,000,000 (the "Sale"),
pursuant to the Purchase and Sale Agreement by and among Glimcher and the
Company, PaineWebber Retail Property Investments, Ltd., PaineWebber Retail
Property Investments Joint Venture, PaineWebber College Plaza, L.P. and
PaineWebber Marion Towne, L.P. (collectively, the "Sellers"), dated as of March
11, 1996, as amended by the letter agreements by and among Glimcher and the
Sellers, dated as of May 12, 1996, May 14, 1996, May 30, 1996, June 6, 1996,
June 13, 1996, June 19, 1996 , June 27, 1996 and October 16, 1996 (as amended,
the "Sale Agreement"). As a result of the Sale, Glimcher purchased the Company's
entire portfolio of properties, consisting of 22 retail shopping centers. The
Company received net sale proceeds from the transaction of $36,370,502 after the
prepayment or assumption of all of the Company's mortgage indebtedness, payments
of certain closing costs as well as credits due from the buyer at closing. In
addition the Company retained rights to $417,804 in aged accounts receivable and
$622,339 in additional tenant reimbursements to be collected subsequent to the
closing.
At a special meeting of the shareholders of the Company held on October 16,
1996, the shareholders approved, upon the unanimous recommendation of the Board
of Directors of the Company, the Sale and the Sale Agreement, as well as the
complete and voluntary liquidation of the Company pursuant to the Plan of
Liquidation and Dissolution of the Company. Accordingly, the remaining net
assets of the Company will be converted to cash and the net sale proceeds, along
with the Company's accumulated cash reserves will be distributed to the
shareholders. The Company plans to make such distributions to the shareholders
by December 31, 1996. Based on preliminary estimates as set forth in the
Company's Proxy Statement dated August 23, 1996 (the "Proxy Statement"), the
Company anticipated distributing cash of at least $8.50 per share prior to
December 31, 1996. In the event it is not possible or practical for the Company
fully to liquidate its remaining assets and satisfy all remaining claims by
December 31, 1996, the shareholders will receive by such date (i) a partial
distribution of cash representing a substantial portion of the total anticipated
distributions, and (ii) beneficial interests in a liquidating trust, established
to liquidate such assets and satisfy or provide for such claims, in proportion
to their respective holdings of the outstanding shares of Common Stock.
ITEM 7 - Financial Statements and Exhibits
(a) Financial Statements: None
(b) Proforma Financial Information (incorporated herein by reference to the
Proxy Statement filed with the Securities and Exchange Commission
(the "Commission") on August 23, 1996).
(c) Exhibits:
(2.1) Plan of Liquidation and Dissolution of the Company
(incorporated herein by reference to Annex C to the Proxy
Statement filed with the Commission on August 23, 1996).
(10.1) Sale Agreement (incorporated herein by reference to Annex A
to the Proxy Statement filed with the Commission on August
23, 1996).
(10.2) Amendment to the Sale Agreement dated October 16, 1996.
(10.3) Closing Escrow Agreement, dated June 27, 1996, by and among
the Sellers, Glimcher, Glimcher Properties Limited
Partnership and Lawyers Title Insurance Corporation
(incorporated herein by reference to Annex B to the Proxy
Statement filed with the Commission on August 23, 1996).
(20.1) The Company's Proxy Statement (filed with the Commission on
August 23, 1996 and incorporated herein by reference).
(99.1) Company/Glimcher Closing Statement dated October 17, 1996.
<PAGE>
FORM 8-K
CURRENT REPORT
RETAIL PROPERTY INVESTORS, INC.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RETAIL PROPERTY INVESTORS, INC.
(Registrant)
By: /s/ Walter V. Arnold
--------------------
Walter V. Arnold
Senior Vice President and
Chief Financial Officer
Date: October 31, 1996
<PAGE>
Exhibit 10.2
Glimcher Realty Trust
Glimcher Properties Limited Partnership
20 South Third Street
Columbus, Ohio 43215
October 16, 1996
Retail Property Investors, Inc.
PaineWebber Retail Property Investors, Ltd.
PaineWebber Retail Property Investments
Joint Venture
PaineWebber College Plaza, L.P.
PaineWebber Marion Towne, L.P.
c/o PaineWebber Properties Incorporated
265 Franklin Street, 16th Floor
Boston, MA 02110
Re: Purchase and Sale Agreement (as amended to date, the "Sale Agreement")
dated as of March 11, 1996 by and among Retail Property Investors, Inc., et al
(collectively, the "Sellers") and Glimcher Realty Trust (the "GRT").
Gentlemen:
Reference is made to (a) the Sale Agreement and (b) that certain Closing
Escrow Agreement (the "Closing Escrow Agreement") dated as of June 27, 1996 by
and among the Sellers, GRT, Glimcher Properties Limited Partnership (the
"Purchaser") and Lawyers Title Insurance Corporation (the "Closing Escrow
Agent"). Each initially capitalized term used herein and not otherwise defined
shall have the meaning ascribed thereto in the Closing Escrow Agreement.
The Sellers' Closing Notice has been given and the Closing Escrow Agent has
been instructed to complete the Equity Disbursement and to thereafter take the
actions described on Schedule B-2 to the Closing Escrow Agreement, each as
modified by the Closing Statement attached hereto as Schedule 2. Closing Escrow
Agent agrees to make the Equity Disbursement in accordance with the instructions
listed on Schedule 1 attached hereto.
Sellers, Purchaser and GRT hereby agree upon the adjustments contained in
the settlement statement attached hereto as Schedule 2 (the "Closing
Statement").
Purchaser and GRT have instructed the applicable Seller to execute and
deliver the lease amendments listed on Schedule 3 attached (in the form attached
to the June 27, 1996 letter agreement constituting part of the Sale Agreement
(the "June 27 Amendment")). The applicable Seller shall execute and deliver such
lease amendments in full satisfaction of Sellers' obligations with respect to
those lease amendments under the June 27 Amendment. Purchaser and GRT hereby
acknowledge and agree that the execution and delivery of the lease amendments
together with all consequences thereof is and shall be Purchaser's sole
responsibility. GRT hereby agrees that any damages and/or liabilities incurred
by Sellers by reason of the applicable Seller's execution of such lease
amendments are hereby included in GRT's obligation to indemnify, defend and
hold Sellers harmless under that certain Indemnification Agreement dated June
27, 1996 from GRT to Sellers (the "Indemnification Agreement").
Purchaser and GRT recognize that the holder of the Assumed Indebtedness on
Applewood has required that the management be retained by Regency unless and
until a comparable level of management ability is demonstrated by the new
ownership. Purchaser and GRT hereby acknowledge and agree that the failure to
comply with such holder's requirement together will all consequences thereof is
and shall be Purchaser's sole responsibility. GRT hereby agreed that any damages
and/or liabilities incurred by Sellers by reason of the Purchaser's failure to
comply with the holder's requirements are hereby included in GRT's obligation to
indemnify, defend and hold Sellers harmless under the Indemnification Agreement.
Purchaser hereby acknowledges receipt of an appropriate credit in the
closing Statement as complete and full compensation for the Sellers' liability
arising from the existence of phenolic foam insulation at the Properties known
as Barren River Plaza and Applewood and hereby releases and waives any right or
claim that Purchaser might have under the Sale Agreement or the Management
Agreement or otherwise against the Sellers arising from the existence of
phenolic insulation at such Properties. Sellers hereby assign and transfer to
Purchaser for the benefit of Purchaser any and all rights or claims held by
Sellers under any warranty, express or implied, or otherwise arising from the
existence of phenolic foam insulation at the properties known as Barren River
Plaza and Applewood. To the extent Sellers, Purchaser and the manufacturer of
the phenolic foam insulation have not entered into a written agreement regarding
the remediation thereof, Purchaser is entitled to negotiate directly with the
manufacturer and Sellers have no further obligations with respect thereto.
Purchaser hereby acknowledges receipt of an appropriate credit in the
Closing Statement as complete and full compensation under the Sale Agreement and
the Management Agreement for the Sellers' responsibility for expenditures under
the Capital Budget (as defined in the Sale Agreement).
Sellers acknowledge and agree that Net Cash Flow under the Management
Agreement has been reconciled and agreed upon through July 31,1996 outside of
the Closing Statement. Within five (5) Business Days after the date hereof
Purchaser shall calculate the Net Cash Flow for the months of August and
September, 1996, provide the Sellers with all backup therefor and remit Past Due
Rents to Sellers in accordance with the terms of the Sale Agreement. Within
fifteen (15) days after October 31, 1996 Purchaser shall calculate the Net Cash
Flow for the month of October, 1996, provide Sellers with all backup therefor
and remit Past Due Rents (to the extent collected) to Sellers in accordance with
the terms of the Sale Agreement. To the extent that adjustments and prorations
have not been made or such items on the closing Statement, Net Cash Flow shall
be calculated and Purchasers shall be entitled to retain such Net Cash Flow
(consistent with the prior calculations of Net Cash Flow) in accordance with the
terms of the Sale Agreement and the Management Agreement. Purchaser agrees to
provide Sellers with evidences of its reasonable efforts to collect all Past Due
Rent (i.e., provide copies of letters to tenants and provide copies of reports
regarding follow up phone calls and cash receipts and aged delinquency reports
etc.).
Purchaser and Sellers have agreed that Closing Escrow Agent shall hold out
of the Equity Distribution 150% of the amount of the mechanic's lien listed on
Schedule 4 attached hereto in escrow pending resolution or release of the lien.
Sellers believe that the obligation to satisfy this lien is the tenant's
obligation. Purchaser agrees to use diligent efforts to cause the tenant to
satisfy or discharge the lien (but Purchaser shall not be required to incur any
expense, commence any litigation or terminate the lease). In the event, despite
such diligent efforts, such tenant has not satisfied or discharged or caused the
satisfaction or discharge of the lien within thirty (30) days from the date
hereof, Sellers shall have the right to sue the tenant. Purchaser agrees to
cooperate, at Sellers' expense, with Sellers in the pursuit of any such suit. In
the event the lien has been satisfied or discharged on or before December 31,
1996, Closing Escrow Agent shall return said escrow to Sellers within five (5)
business days or the resolution thereof. In the event the lien has not been
satisfied or discharged on or before December 31, 1996, Closing Escrow Agent
shall have the right to pay said lien from said escrow. In any event, after the
payment or satisfaction of the lien, the closing Escrow Agent shall return any
escrow balance to the Sellers or their designee. In the event the lien is
satisfied or discharged out of the escrow established hereunder, Purchaser
shall use diligent efforts (but Purchaser shall not be required to incur any
expense, commence any litigation or terminate the lease) to seek reimbursement
from said tenant and upon receipt of such reimbursement shall promptly reimburse
Sellers or their designee.
Sellers have (at their cost and expense) previously delivered to Purchaser
and/or GRT copies of leases, contracts, plans and specifications for the
Properties. Purchaser has requested that the Sellers' original counterparts be
delivered to the Purchaser. To the extent that Sellers have originals of such
documents and materials, they will deliver such originals to Purchaser.
Purchaser hereby agrees to use its diligent efforts to return copies of the
leases, contracts, plans and specifications to the Sellers. To the extent that
Purchaser does not return such copies, Purchaser hereby agrees to provide copies
of any and all such documents and materials to Sellers promptly after written
request therefor.
The letter agreement is executed as an instrument under seal in one or
more counterparts, each of which shall be deemed to be an original and all of
which shall constitute one and the same instrument.
GLIMCHER REALTY TRUST
By: /s/ George A. Schmidt
George A. Schmidt, Secretary
GLIMCHER PROPERTIES LIMITED
PARTNERSHIP
By: Glimcher Properties Corporation,
general partner
By: /s/ George A. Schmidt
George A. Schmidt, Secretary
Acknowledged and Agreed:
LAWYERS TITLE INSURANCE CORPORATION
By: /s/ Christopher J. Bruno
Name: Christopher J. Bruno
Title: Counsel
<PAGE>
Executed by the undersigned this 17th day of October, 1996.
RETAIL PROPERTY INVESTORS, INC., a
Virginia Corporation
By: /s/ Walter V. Arnold
Name: Walter V. Arnold
Title: Senior Vice President
PAINEWEBBER RETAIL PROPERTY
INVESTMENTS, LTD., a Texas limited
partnership
By: Retail Property Investors, Inc.,
General Partner
By: /s/ Walter V. Arnold
Name: Walter V. Arnold
Title: Senior Vice President
PAINEWEBBER RETAIL PROPERTY
INVESTMENTS JOINT VENTURE, a
Texas Joint Venture
By: Retail Property Investors,Inc.,
a Venturer thereof
By: /s/ Walter V. Arnold
Name: Walter V. Arnold
Title: Senior Vice President
By: PaineWebber Properties
Incorporated a
Venturer thereof
By: /s/ Walter V. Arnold
Name: Walter V. Arnold
Title: Senior Vice President
PAINEWEBBER COLLEGE PLAZA, L.P., a
Texas limited partnership
By: Retail Property Investors, Inc.,
General Partner
By: /s/ Walter V. Arnold
Name: Walter V. Arnold
Title: Senior Vice President
PAINEWEBBER MARION TOWNE, L.P., a
Texas limited partnership
By: Retail Property Investors, Inc.,
General Partner
By: /s/ Walter V. Arnold
Name: Walter V. Arnold
Title: Senior Vice President
<PAGE>
Exhibit 99.1
<TABLE>
Buyer's Closing Statement
Schedules
<CAPTION>
<S> <C> <C> <C>
Assumed Debt at Escrow Closing Esc. Close Stmt. $ 117,452,602.17
Prepaid Indebtedness at Escrow Closing Esc. Close Stmt. $ 42,146,272.00
Seller Equity Esc. Close Stmt. $ 37,401,125.83
-----------------
Purchase Price $ 197,000,000.00
less Amortization of Prepaid Indebtedness $ (387,638.23)
less Amortization of Assumed Debt $ (354,160.01)
----------------
Purchase Price less Amortization during Escrow Period $ 196,258,201.76
less Assumed Debt at Closing 1 $ (117,098,442.16)
-----------------
Purchase Price less Assumed Debt $ 79,159,759.60
I. Third Party Costs to be paid by Buyer at Final Closing
a. Asmpt. Fees (excl. fee due Capital Advisors) 2 $1,009,189.08
b. Consent/Processing Fees $ -
c. Mortgage Taxes 4 $ 28,664.85
d. Prepayment Fees 5 $ 411,954.45
e. Lenders' legal fees 6 $ 44,466.19
f. Other lender costs 7 $ -
i) October Interest to Lenders 22 $ 182,273.37
ii) Late Fees to Lenders 22 $ 9,960.17
(iii) Lender Escrows 22 $ (276,920.35)
g. Recording fees 8 $ 11,000.00
h. Escrow fees 9 $ -
i. Other costs/expenses (incl. warr. transfer costs) $ 10,000.00
j. Title insurance 10 $ 173,673.92
Total Sec. 13.6 Costs to be paid by Buyer $ 1,604,261.68
--------------
Subtotal $80,764,021.28
==============
II. Amounts Due Seller from Buyer at Final Closing
1) RPI Interest Factor 14 $ 657,245.37
2) % Rents From Oper. Acct. Due Seller 13 $ -
3) Other Items from Oper. Acct. Due Seller 13 $ 46,729.00
4) Cross Creek Plaza Escrow Deducted from payoff 22 $ 182,172.35
5) Other Escrows with lender 15 $ 193,304.84
6) RPI A/R Collected during E.C. Period 13 $ 291,528.00
7) Assumption Fees Paid by Seller 2 $ 161,795.34
8) Consent/Processing Fees Paid by Seller 3 $ 26,000.00
9) Lender Legal Fees paid by Seller 6 $ 7,500.00
10) Overfunding of Operating Account Due Seller 13 $ 58,714.00
--------------
Net Amounts Due Seller from Buyer at Final Closing $ 1,624,988.90
III. Amounts Due Buyer from Seller at Final Closing
1) Tax Proration 12 $ (717,042.71)
2) Net Cash Flow from 5/14/96 to ECD 18 $ (662,796.09)
3) Capital Repairs Escrow 13 $ (498,300.00)
4) Prepaid Insurance Due Buyer 13 $ (214,674.00)
5) Applewood/Barren Roofs $ (73,366.00)
6) 50% of Escrow Storage Fee $ (1,250.00)
7) Buyer Portion of Title Insurance 10 $ (2,207.00)
------------
Net Amounts Due Buyer from Seller at Closing $(2,169,635.80)
--------------
Amount to be Funded by Buyer at Final Closing $ 80,219,374.38
---------------
Amount Funded by Buyer at ECD $ 81,221,008.96
---------------
Amount Buyer Overfunded at Escrow Closing $ 1,001,634.58
---------------
Reconciliation
Amount Funded by Buyer at Final Closing $ 80,219,374.38
less Buyer payments to third parties $ (1,604,261.68)
less amounts due Seller from Buyer $ (1,624,988.90)
plus amounts due Buyer from Seller $ 2,169,635.80
less Prepaid Indebtedness at Closing 5 $(41,758,633.77)
----------------
Seller Equity $ 37,401,125.83
----------------
</TABLE>
<PAGE>
<TABLE>
Seller's Closing Statement
<CAPTION>
Schedules
---------
<S> <C> <C> <C>
Purchase Price Esc. Closing Stmt. $ 197,000,000.00
less Prepaid Indebtedness at Escrow Closing $ (42,146,272.00)
less Assumed Debt at Escrow Closing Esc. Closing Stmt. $ (117,452,602.17)
-----------------
Purchase Price less Assumed Debt $ 37,401,125.83
I. Third Party Costs to be Paid by Seller at Final Closing
1) Lender Late Fees 22 $ (1,438.00)
2) Fees to Capital Advisors (Royal loans) 2 $ (42,692.06)
3) 150% Escrow for Walterboro Mechanic's Lien $ (12,000.00)
4) Section 13.6 Costs (Transfer taxes) 11 $ (429,846.15)
----------------
Total Third Party Costs to be Paid by Seller at Closing $ (485,976.21)
II. Amounts Due Seller from Buyer at Final Closing
1) RPI Interest Factor 14 $ 657,245.37
2) % Rents From Oper. Acct. Due Seller 13 $ -
3) Other Items from Oper. Acct. Due Seller 13 $ 46,729.00
4) Cross Creek Plaza Escrow Deducted from payoff $ 182,172.35
5) Other Escrows with lender 15 $ 193,304.84
6) RPI A/R Collected during E.C. Period 13 $ 291,528.00
7) Assumption Fees Paid by Seller 2 $ 161,795.34
8) Consent/Processing Fees Paid by Seller 3 $ 26,000.00
9) Lender Legal Fees paid by Seller 6 $ 7,500.00
10) Overfunding of Operating Account 13 $ 58,714.00
--------------
Net Amounts Due Seller from Buyer at final Closing $ 1,624,988.90
III. Amounts Due Buyer from Seller at Final Closing
1) Tax Proration 12 $ (717,042.71)
2) Cash Flow from 5/14/96to ECD 18 $ (662,796.09)
3) Capital Repairs Escrow 13 $ (498,300.00)
4) Prepaid Insurance Due Buyer 13 $ (214,674.00)
5) Applewood/Barren Roofs
$ (73,366.00)
6) 50% of Escrow Storage Fee
$ (1,250.00)
7) Buyer Portion of Title Insurance 10 $ (2,207.00)
-------------
Net Amounts Due Buyer from Seller at Final Closing $ (2,169,635.80)
Amount Due Seller at Closing $ 36,370,502.72
-----------------
Other Amounts Due Seller
-Aged Accounts Receivable 20 $ 417,804.12
-Reimburseable Additional Rents 21 $ 622,339.30
Total Amount Due Seller $ 37,410,646.14
</TABLE>
<PAGE>
<TABLE>
Reconciliation/Third Party Disbursements
<CAPTION>
Schedule
<S> <C> <C> <C>
Buyer Funding $ 80,219,374.38
Third Party Disbursements
Lenders
1) Aetna 22 Crossroads $ (855,737.67)
22 Sycamore $ (3,851,337.02)
22 Village Plaza $ (189,000.00)
2) Travelers 22 Artesian Square $ (53,400.00)
22 Logan Place $ (1,324,150.00)
22 Piedmont Plaza $ (101,250.00)
3) Modern Woodmen 22 Applewood $ (38,210.15)
4) Royal 22 Audubon $ (54,648.30)
22 Lexington Pkwy $ (94,549.53)
22 Roane County $ (64,262.46)
5) General American 22 Aviation Plaza $ 197.00
22 Crossing Meadows $ 340.48
6) Nationwide 22 Barren River $ (78,167.11)
22 Cumberland $ (48,467.71)
22 East Pointe $ (108,240.58)
7) First Union 22 College Plaza $ (6,869,240.58)
22 Franklin Square $ (6,639,109.47)
8) ITT 22 Cross Creek $(22,646,814.67)
22 Cypress Bay $ -
22 Walterboro $ -
9) IDS Financial 22 Marion Towne $ (57,516.73)
10) Lincoln National 22 Southside Plaza $ (65,656.06)
Other Disbursements
Walterboro Escrow $ (12,000.00)
Transfer Taxes 11 $ (429,846.15)
Lenders Legal Fees 6 $ (44,466.19)
Title Insurance 10 $ (173,673.92)
Recording 8 $ (11,000.00)
Warranty Transfer Costs $ (10,000.00)
Mortgage Taxes 4 $ (28,664.85)
TotalDisbursements $(43,848,871.66)
Buyer Funding less Total Disbursements $ 36,370,502.72
</TABLE>
<PAGE>
Schedule 1--Assumed Indebtedness
Property Lender Principal Balance
-------- ------ -----------------
Applewood Village Modern Woodman $ 3,821,015.00
Artesian Square Travelers $ 5,340,000.00
Audubon Village Royal $ 4,371,863.60
Aviation Plaza General American $ 6,733,279.00
Barren River Plaza Nationwide $ 8,116,711.11
Crossing Meadows General American $ 9,392,507.16
Crossroads Center Aetna $ 6,590,000.00
Cumberland Crossing Nationwide $ 5,146,770.52
East Pointe Plaza Nationwide $ 11,124,057.91
Lexington Parkway Plaza Royal $ 7,563,962.05
Logan Place Travelers $ 2,415,000.00
Marion Towne Center IDS Financial $ 5,751,672.61
Piedmont Plaza Travelers $ 10,125,000.00
Roane County Plaza Royal $ 5,140,997.09
Southside Plaza Lincoln National $ 6,565,606.11
Village Plaza Aetna $ 18,900,000.00
---------------
TOTAL $117,098,442.16
===============
<PAGE>
Schedule 2--Assumption Fees
<TABLE>
<CAPTION>
Assumption Assumption Fees
Fees Paid by RPI Owed by Buyer
Property Lender % Loan Amount Prior to ECD.** at Closing
-------- ------ - ----------- --------------- ----------
<S> <C> <C> <C> <C> <C>
Applewood Village Modern Woodman 1% $ 3,821,015.00 $ 38,210.15
Artesian Square Travelers 1% $ 5,340,000.00 $ 53,400.00
Audubon Village Royal 1.25% $ 4,371,863.60 $ 54,648.30
Aviation Plaza General American 1% $ 6,733,279.00 $ 67,529.79 $ (197.00)
Barren River Nationwide 1% $ 8,116,711.11 $ 81,167.11
Crossing Meadows General American 1% $ 9,392,507.16 $ 94,265.55 $ (340.48)
Crossroads Center Aetna 1% $ 6,590,000.00 $ 65,900.00
Cumberland Crossing Nationwide 1% $ 5,146,770.52 $ 51,467.71
East Pointe Plaza Nationwide 1% $ 11,124,057.91 $ 111,240.58
Lexington Parkway Plaza Royal 1.25% $ 7,563,962.05 $ 94,549.53
Logan Place Travelers 1% $ 2,415,000.00 $ 24,150.00
Marion Towne Center IDS Financial 1% $ 5,751,672.61 $ 57,516.73
Piedmont Plaza Travelers 1% $ 10,125,000.00 $ 101,250.00
Roane County Plaza Royal 1.25% $ 5,140,997.09 $ 64,262.46
Southside Plaza Lincoln National 1% $ 6,565,606.11 $ 65,656.06
Village Plaza Aetna 1% $ 18,900,000.00 $ 189,000.00
------------ ------------
$ 117,098,442.16
Subtotals $ 161,795.34 $1,051,881.14
less .25% fee due Capital Advisors on Royal loan assumptions
1) Lexington $ 18,909.91
2) Roane County $ 12,852.49
3) Audubon $ 10,929.66
-------------
Total to Capital Advisors $ 42,692.06
---------------
TOTAL $1,009,189.08
<FN>
** These assumption fees have been previously paid to lender by RPI
prior to Escrow Closing Date. RPI will be reimbursed for these fees at Closing
from the applicable fees deposited by Buyer as part of the Escrowed Purchase
Price
</FN>
</TABLE>
<PAGE>
Schedule 3--Consent/Processing Fees
Fees Paid by RPI
Property Lender Prior to Esc. Clos.**
-------- ------ -------- ------------
Applewood Village Modern Woodman
Artesian Square Travelers
Audubon Village Royal
Aviation Plaza General American
Barren River Plaza Nationwide $ 3,000.00
College Plaza First Union $ -
Cross Creek Plaza ITT
Crossing Meadows General American
Crossroads Center Aetna $ 2,500.00
Cumberland Crossing Nationwide $ 3,000.00
Cypress Bay Plaza ITT
East Pointe Plaza Nationwide $ 3,000.00
Franklin Square First Union $ -
Lexington Parkway Plaza Royal
Logan Place Travelers
Marion Towne Center IDS Financial* $ 8,500.00
Piedmont Plaza Travelers
Roane County Plaza Royal
Southside Plaza Lincoln National $ 1,000.00
Sycamore Aetna $ 2,500.00
Village Plaza Aetna $ 2,500.00
Walterboro Plaza ITT
---------------
Subtotals $ 26,000.00
TOTAL
** These have been previously paid to lender by RPI prior to Escrow Closing
Date. RPI will be reimbursed for these fees at Closing from the applicable
fees deposited by Buyer as part of the Escrowed Purchase Price
* This amount includes a $5,000 good faith deposit refundable at closing. To
the extent this deposit is refunded, it shall be credited to Buyer.
<PAGE>
Schedule 4--Mortgage Taxes
Property Mortgage Tax
-------- ------------
College Plaza $ 19,407.40
Cumberland Crossing $ 5,919.00
Sycamore Square $ 3,338.45
------------
TOTAL $ 28,664.85
<PAGE>
Schedule 5--Prepayment Fees**
Property Lender Percentage Amt. Prepaid Prepayment Fee
-------- ------ ---------- ------------ --------------
College Plaza First Union 0% $ 6,831,706.83 $ -
Cross Creek Plaza ITT** Fixed Fee* $22,691,926.94 $ 120,000.00
Crossroads Center Aetna $ 740,000.00 $ 49,837.67
Cypress Bay Plaza ITT** Fixed Fee* $ -
Franklin Square First Union 0% $ 6,600,000.00 $ -
Logan Place Aetna None $ 1,300,000.00 $ -
Sycamore Aetna $ 3,595,000.00 $ 242,116.78
Walterboro Plaza ITT** Fixed Fee* $ -
-------------- ------------
TOTAL $41,758,633.77 $ 411,954.45
*ITT prepayment penalty for all 3 properties is a fixed amount equal to
$120,000. It is shown on the Cross Creek Plaza line item, but it is
applicable to all 3 properties covered by ITT loan.
**Th loan amount for Cross Creek Plaza represents the loan for all 3 properties
(i.e., Cross Creek Plaza, Cypress Bay Plaza and Walterboro Plaza)
<PAGE>
Schedule 6--Lenders' Legal Fees
Fees Paid by RPI Fees to be Paid
Property Lender Prior to Esc. Clos.** by Buyer at Closing
- -------- ------ --------------------- -------------------
Applewood Village Modern Woodman $ -
Artesian Square*** Travelers $ 5,529.29
Audubon Village Royal $ 3,945.00
Aviation Plaza General American $ -
Barren River Plaza Nationwide $ 11,250.00
College Plaza First Union $ -
Cross Creek Plaza ITT $ -
Crossing Meadows General American $ -
Crossroads Center Aetna $ 2,500.00 $ -
Cumberland Crossing Nationwide $ 5,465.54
Cypress Bay Plaza ITT $ -
East Pointe Plaza Nationwide $ 3,132.00
Franklin Square First Union $ -
Lexington Parkway
Plaza Royal $ 4,208.71
Logan Place*** Travelers $ -
Marion Towne
Center IDS Financial $ -
Piedmont Plaza*** Travelers $ -
Roane County Plaza Royal $ 4,285.65
Southside Plaza Lincoln National $ 6,650.00
Sycamore Aetna $ 2,500.00 $ -
Village Plaza Aetna $ 2,500.00 $ -
Walterboro Plaza ITT $ -
----------- -----------
TOTAL $ 7,500.00 $ 44,466.19
** These have been previously paid to lender by RPI prior to Escrow Closing
Date. RPI will be reimbursed for these fees at Closing from the applicable
fees deposited by Buyer as part of the Escrowed Purchase Price
* To the extent these are estimates, any excess of estimated over actual will
be credited Buyer, and any deficit will be owed by Buyer.
*** The amount of legal fees indicated for this property relate to all the
Travelers' loans.
<PAGE>
Schedule 7--Other Lender Costs
Property Lender Costs
-------- ------ ------
Applewood Village Modern Woodman $ -
Artesian Square Travelers $ -
Audubon Village Royal $ -
Aviation Plaza General American $ -
Barren River Plaza Nationwide $ -
College Plaza First Union $ -
Cross Creek Plaza ITT $ -
Crossing Meadows General American $ -
Crossroads Center Aetna $ -
Cumberland Crossing Nationwide $ -
Cypress Bay Plaza ITT $ -
East Pointe Plaza Nationwide $ -
Franklin Square First Union $ -
Lexington
Parkway Plaza Royal $ -
Logan Place Travelers $ -
Marion Towne Center IDS Financial $ -
Piedmont Plaza Travelers $ -
Roane County Plaza Royal $ -
Southside Plaza Lincoln National $ -
Sycamore Aetna $ -
Village Plaza Aetna $ -
Walterboro Plaza ITT $ -
-----------
TOTAL $ -
===========
<PAGE>
Schedule 8--Recording Fees*
Property Recording Fees
-------- --------------
Applewood Village $ 500.00
Artesian Square $ 500.00
Audubon Village $ 500.00
Aviation Plaza $ 500.00
Barren River Plaza $ 500.00
College Plaza $ 500.00
Cross Creek Plaza $ 500.00
Crossing Meadows $ 500.00
Crossroads Center $ 500.00
Cumberland Crossing $ 500.00
Cypress Bay Plaza $ 500.00
East Pointe Plaza $ 500.00
Franklin Square $ 500.00
Lexington Parkway Plaza $ 500.00
Logan Place $ 500.00
Marion Towne Center $ 500.00
Piedmont Plaza $ 500.00
Roane County Plaza $ 500.00
Southside Plaza $ 500.00
Sycamore $ 500.00
Village Plaza $ 500.00
Walterboro Plaza $ 500.00
TOTAL $ 11,000.00
=============
*The recording fees have been estimated. To the extent the actual fees are
in excess of the estimated amount, Buyer shall be obligated to pay such excess.
To the extent the actual fees are less than the estimated amounts, such
difference shall be returned to Buyer.
<PAGE>
Schedule 9--Escrow Fees
Property Escrow Fees
-------- --------------
Applewood Village $ -
Artesian Square $ -
Audubon Village $ -
Aviation Plaza $ -
Barren River Plaza $ -
College Plaza $ -
Cross Creek Plaza $ -
Crossing Meadows $ -
Crossroads Center $ -
Cumberland Crossing $ -
Cypress Bay Plaza $ -
East Pointe Plaza $ -
Franklin Square $ -
Lexington Parkway Plaza $ -
Logan Place $ -
Marion Towne Center $ -
Piedmont Plaza $ -
Roane County Plaza $ -
Southside Plaza $ -
Sycamore $ -
Village Plaza $ -
Walterboro Plaza $ -
------------
TOTAL $ -
============
<PAGE>
Schedule 10--Title Insurance***
Original
Title Cos.
Owners' Insuring
Purchase Price Policies Holders of
Property Allocation [Lawyers Assumed
---------- ----------- Title] Debt**
------ ------
Applewood Village $ 3,867,787.00 $ 50.00
Artesian Square $ 7,233,595.00 $ 568.00
Audubon Village $ 5,814,525.00 $ 1,000.00
Aviation Plaza $ 8,753,531.00 $ -
Barren River Plaza $ 11,667,573.00 $ 300.00
College Plaza $ 10,328,415.00 $ -
Cross Creek Plaza $ 12,708,525.00 $ -
Crossing Meadows $ 12,846,694.00 $ -
Crossroads Center $ 8,483,772.00 $ 1,500.00
Cumberland Crossing $ 6,929,637.00 $ 650.00
Cypress Bay Plaza $ 10,795,423.00 $ -
East Pointe Plaza $ 12,129,256.00 $ 7,152.50
Franklin Square $ 9,380,038.00 $ -
Lexington
Parkway Plaza $ 9,653,598.00 $ 1,400.00
Logan Place $ 3,468,504.00 $ 300.00
Marion Towne Center $ 7,264,482.00 $ 4,327.50
Piedmont Plaza $ 10,125,000.00 $ 50.00
Roane County Plaza $ 6,080,170.00 $ 1,200.00
Southside Plaza $ 9,262,160.00 $ 1,400.00
Sycamore $ 3,092,717.00 $ -
Village Plaza $ 21,108,448.00 $ 975.75
Walterboro Plaza $ 6,006,150.00 $ -
--------------- ----------- -----------
TOTAL* $ 197,000,000.00 $ 147,093.23 $ 20,873.75
Seller-Portion of Title Insurance Cost $ 2,207.00
Additional Costs $ 41,405.00
Costs for Morg'ee
Policies/Endorsements $ 659.00
Escrow Cost for Assumed Debt $ 750.00
Closer Expenses $ 1,820.94
Other Additional Costs $ 4,240.00
------------- ------------
$ 198,175.17 $ 20,873.75
TOTAL
less amounts paid outside closing $ (45,375.00)
TOTAL TO BE ESCROWED $173,673.92
*Title Insurance Amount is based on package bid; therefore, no property by
property allocation.
**All the foregoing amounts are estimates. To the extent the costs are
actually more, such excess will be paid by Buyer, and to the extent the actual
costs are less, such difference will belong to Buyer.
***The parties agree that all other out-of-pocket costs due the title
company at Closing will be paid directly by Buyer to title company and will not
be escrowed
<PAGE>
<TABLE>
Schedule 11--Transfer Taxes
<CAPTION>
Amount
Subject Transfer
to Tax
Property State Tax Price Debt Transfer Tax Amount
-------- ----- --- ----- ---- ------------ ------
<S> <C> <C> <C> <C> <C> <C>
Applewood Village Ohio $4/$1000 $ 3,867,787.00 $ 3,821,015.00 Price $ 15,471.15
Artesian Square Indiana None $ 7,233,595.00 $ 5,340,000.00 N/A $ -
Audubon Village Kentucky $1/$1000 $ 5,814,525.00 $ 4,371,863.60 Price $ 5,814.53
Aviation Plaza Wisconsin $3/$1000 $ 8,753,531.00 $ 6,733,279.00 Price $ 26,260.59
Barren River Plaza Kentucky $1/$1000 $11,667,573.00 $ 8,116,711.11 Price $ 11,667.57
College Plaza Virginia $1-$2/1000 $10,328,415.00 $ - Hybrid $ 30,985.25
Cross Creek Plaza** South Carolina $3.7/$1000 $12,708,525.00 $ - Price less Debt $ 78,792.86
Crossing Meadows Wisconsin $3/$1000 $12,846,694.00 $ 9,392,507.16 Price $ 38,540.08
Crossroads Center Tennessee $3.7/$1000 $ 8,483,772.00 $ 6,590,000.00 Price $ 31,389.96
Cumberland Crossing Tennessee $3.7/$1000 $ 6,929,637.00 $ 5,146,770.52 Price $ 25,639.66
Cypress Bay Plaza North Carolina $2/1000 $10,795,423.00 $ - Price $ 21,590.85
East Pointe Plaza South Carolina $3.7/$1000 $12,129,256.00 $11,124,057.91 Price less Debt $ 3,719.23
Franklin Square South Carolina $3.7/$1000 $ 9,380,038.00 $ - Price less Debt $ 34,706.14
Lexington Parkway North Carolina $2/1000 $ 9,653,598.00 $ 7,563,962.05 Price $ 19,307.20
Logan Place Kentucky $1/$1000 $ 3,468,504.00 $ 2,415,000.00 Price $ 3,468.50
Marion Towne Center South Carolina $3.7/$1000 $ 7,264,482.00 $ 5,751,672.61 Price less Debt $ 5,597.39
Piedmont Plaza South Carolina $3.7/$1000 $10,125,000.00 $10,125,000.00 Price less Debt $ -
Roane County Plaza Tennessee $3.7/$1000 $ 6,080,170.00 $ 5,140,997.09 Price $ 22,496.63
Southside Plaza North Carolina $2/1000 $ 9,262,160.00 $ 6,565,606.11 Price $ 18,524.32
Sycamore Tennessee $3.7/$1000 $ 3,092,717.00 $ - Price $ 11,443.05
Village Plaza Georgia $1/$1000 $21,108,448.00 $18,900,000.00 Price less Debt $ 2,208.45
Walterboro Plaza South Carolina $3.7/$1000 $ 6,006,150.00 $ - Price less Debt $ 22,222.76
--------------- -------------- ------------
TOTAL $197,000,000.00 $117,098,442.16 $ 429,846.15
**Also included in the transfer tax number is a county transfer tax equal to
.0025 times the price less any debt assumed.
</TABLE>
<PAGE>
Schedule 12--Real Estate Tax Prorations*
Days in Year: 365
Days in Yr. prior to ECD 178
Days in Yr. Seller'sPortion of
Property Annual Tax Amt.** Before ECD Annual Amount
-------- ---------------- ---------- -------------
Applewood Village $ 19,961.00 178 $ 9,734.41
Artesian Square $ 59,667.00 178 $ 29,097.88
Audubon Village $ 22,170.00 178 $ 10,811.67
Aviation Plaza $130,880.00 178 $ 63,826.41
Barren River Plaza $ 46,060.00 178 $ 22,462.14
College Plaza $ 21,425.00 178 $ 10,448.36
Cross Creek Plaza $ 95,677.00 178 $ 46,658.92
Crossing Meadows $ 70,731.00 178 $ 34,493.47
Crossroads Center $ 56,248.00 178 $ 27,430.53
Cumberland Crossing $ 84,211.00 178 $ 41,067.28
Cypress Bay Plaza $ 54,708.38 178 $ 26,679.70
East Pointe Plaza $150,758.00 178 $ 73,520.34
Franklin Square $ 58,876.00 178 $ 28,712.13
Lexington Parkway Plaza $ 62,644.00 178 $ 30,549.68
Logan Place $ 17,525.00 178 $ 8,546.44
Marion Towne Center $ 44,649.00 178 $ 21,774.03
Piedmont Plaza $195,572.00 178 $ 95,374.84
Roane County Plaza $ 59,549.00 178 $ 29,040.33
Southside Plaza $ 37,283.00 178 $ 18,181.85
Sycamore $ 24,279.00 178 $ 11,840.17
Village Plaza $108,097.00 178 $ 52,715.80
Walterboro Plaza $ 49,370.00 178 $ 24,076.33
------------ -----------
TOTAL $1,410,673.38 $717,042.71
*Does not include taxes which are paid directly by Wal-Mart or other Anchor
Tenants
**Estimates based on tax figures for immediately preceding fiscal year and will
be adjusted when the actual 1996 bills are available.
****The last half of 1995's real estate taxes for this property are not due and
payable until November, 1996.
<PAGE>
Schedule 13--Miscellaneous Debit/Credit Amounts
Amounts Due Seller From Operating Account
1. Accounts Receivable*
June $ 114,464.00
July $ 171,576.00
August $ 5,488.00
September
October
------------
Total $ 291,528.00
2. Percentage Rents
June $ -
July $ -
August
September
October
-------------
Total $ -
3. Overfunding at ECD $ 58,714.00
4. Other Items
1995 Tax Rebilling-Crossing Meadows $ 41,549.00
May Net Interest Income $ 5,180.00
-------------
Total $ 46,729.00
Amounts Due Buyer from Seller
1. Capital Improvement Budget $ 498,300.00
2. Prepaid Insurance Premiums $ 214,674.00
* Seller and Buyer agree to work together to reconcile these final amounts
after Closing, and any adjustments will be paid by the applicable party
outside Closing.
<PAGE>
Schedule 14--Interest Factor
Portion of Price for Interest Factor $37,401,125.83
Rate--6 months T-Bill WSJ--6/27/96 5.39%
Per Diem $ 5,523.07
Days
June 20 thru June 30 11 $ 60,753.77
July 31 $ 171,215.18
August 31 $ 171,215.18
September 30 $ 165,692.11
October 16 $ 88,369.13
--------------
Total $ 657,245.37
==============
<PAGE>
<TABLE>
Schedule 15--Escrows with Lenders
<CAPTION>
Property Lender Total Escrow Buyer Funded Seller Funded
-------- ------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
Applewood Village Modern Woodmen
Artesian Square Travelers $ 29,891 $ 14,941 $ 14,950
Audubon Village Royal
Aviation Plaza General American
Barren River Plaza Nationwide
College Plaza First Union
Cross Creek Plaza ITT $ 267,920 $ 85,748 $ 182,172
Crossing Meadows General American
Crossroads Center Aetna
Cumberland Crossing Nationwide
Cypress Bay Plaza ITT
East Pointe Plaza Nationwide
Franklin Square First Union
Lexington Parkway Plaza Royal
Logan Place Travelers $ 18,400 $ 4,600 $ 13,800
Marion Towne Center IDS Financial $ 43,808 $ 10,451 $ 33,358
Piedmont Plaza Travelers $ 129,505 $ 34,505 $ 95,000
Roane County Plaza Royal
Southside Plaza Lincoln National $ 53,070 $ 16,873 $ 36,197
Sycamore Aetna
Village Plaza Aetna
Walterboro Plaza ITT ---------- --------- ---------
TOTAL $ 542,595 $ 167,118 $ 375,477
========== ========= =========
</TABLE>
<PAGE>
Schedule 16 - NONE
Schedule 17 - NONE
<PAGE>
Schedule 18--Net Cash Flow Computation
<TABLE>
<CAPTION>
<S> <C> <C>
May Net Cash Flow $ 284,434.00
June Net Cash Flow
Escrow Period Net Income
from Skyline Income Statement (accrual basis) $ 148,584.00
**Adjustments to May Activity (back out prior
period AJE's $ 351.00
Plus: Non Cash Expenses
1) Depreciation & Amortization $ 563,814.00
2) Interest Amortization on Loan Buydowns $ 78,184.00
3) Escrow Period accounts payable
outstanding at closing $ -
--------------
Total Non-Cash Expenses $ 641,998.00
Less:
1) Principal payments on debt $ (172,106.00)
2) Capital/tenant improvements paid $ (1,610.00)
3) Refinancing or other loan costs paid $ (1,199.00)
4) Security Deposit payment $ (3,757.00)
8) June period accounts receivable
outstanding at 6/30/96 $ (38,060.00)
---------------
Total Deductions $ (216,732.00)
-------------
Net Cash Flow for June, 1996 $ 574,201.00
May Net Cash Flow Proration--Buyer's Portion 18 days $ 165,155.23
June Net Cash Flow Proration--Buyer's Portion 26 days $ 497,640.87
--------------
Total Net Cash Flow Due Buyer for Period from
5/14/96 to 6/27/96 $ 662,796.09
==============
</TABLE>
<PAGE>
Schedule 19 - NONE
<PAGE>
Schedule 20--Accounts Receivable Due Seller As of 10/17/96*
<TABLE>
<CAPTION>
Property 1-30 Days 31-60 Days 61-90 Days Over 90 Total
-------- --------- ---------- ---------- ------- -----
<S> <C> <C> <C> <C> <C>
Applewood Village $ 522.12 $ 136.00 $ - $ (2,797.00) $ (2,138.88)
Artesian Square $ 926.00 $ (1,219.00) $ (311.00) $ 50,777.00 $ 50,173.00
Audubon Village $ 3,244.00 $ 162.00 $ - $ 1,610.00 $ 5,016.00
Aviation Plaza $ 30,017.00 $ 5,979.00 $ 5,323.00 $ 24,657.00 $ 65,976.00
Barren River Plaza $ (1,006.00) $ 14.00 $ (93.00) $ 4,655.00 $ 3,570.00
College Plaza $ - $ - $ - $ 2,282.00 $ 2,282.00
Cross Creek Plaza $ 12,815.00 $ (39.00) $ 69,911.00 $ 484.00 $ 83,171.00
Crossing Meadows*** $ 1,277.00 $ 1,343.00 $ 42.00 $ (185.00) $ 2,477.00
Crossroads Center $ 3,402.00 $ 1,857.00 $ 29,323.00 $ 19,223.00 $ 53,805.00
Cumberland Crossing $ 2,707.00 $ (502.00) $ (1,385.00) $ 17,420.00 $ 18,240.00
Cypress Bay Plaza $ 2,436.00 $ 62.00 $ 55,368.00 $ 19,033.00 $ 76,899.00
East Pointe Plaza $ 9,203.00 $ 4,706.00 $ - $ 23,674.00 $ 37,583.00
Franklin Square $ 5,248.00 $ 57.00 $ (978.00) $ 33,733.00 $ 38,060.00
Lexington Parkway Plaza $ 11,050.00 $ 2,958.00 $ 80,163.00 $ 14,994.00 $109,165.00
Logan Place** $ 3,143.00 $ 1,237.00 $ (409.00) $ 14,531.00 $ 18,502.00
Marion Towne Center $ 2.476.00 $ 113.00 $ (556.00) $ 25,571.00 $ 27,604.00
Piedmont Plaza $ 1,604.00 $ 148.00 $ 10,322.00 $ 2,336.00 $ 14,410.00
Roane County Plaza $ 3,190.00 $ 2,470.00 $ 39,032.00 $ 4,753.00 $ 49,445.00
Southside Plaza $ 481.00 $ - $ - $ 4,054.00 $ 4,535.00
Sycamore $ 17.00 $ (251.00) $ (507.00) $ (600.00) $ (1,341.00)
Village Plaza $ 5,504.00 $ 2,568.00 $ (705.00) $ 37,229.00 $ 44,596.00
Walterboro Plaza $ 3,597.00 $ - $ 4,870.00 $ (1,164.00) $ 7,303.00
------------ ----------- ----------- ----------- -----------
Subtotal $ 101,853.12 $ 21,799.00 $289,410.00 $296,270.00 $ 709,332.12
============ =========== =========== =========== ============
less Amounts Collected $(291,528.00)
(See Schedule 13)
TOTAL $ 417,804.12
*If any additional 1995 billings occur, such additional 1995 billings will be added to this Schedule
**Additional past due A/R of $3,571 (Wal-Mart percentage rent) not included on schedule
***Additional past due A/R of $10,000 (Wal-Mart CAM) not included on schedule
</TABLE>
<PAGE>
<TABLE>
Schedule 21--Reimbursements Due Seller Thru 5/31/96
<CAPTION>
Property CAM CAM-Electric RE Taxes* Insurance Total
-------- --- ------------ --------- --------- -----
<S> <C> <C> <C> <C> <C>
Applewood Village $ (3,599.55) $ - $ (56.83) $ 1,970.86 $ (1,685.52)
Artesian Square $ 8,696.89 $ 2,057.75 $ 10,751.64 $ 2,406.25 $ 23,912.53
Audubon Village $ 2,367.19 $ - $ 440.25 $ (1,735.10) $ 1,072.34
Aviation Plaza $ 12,102.80 $ - $ 48,309.80 $ - $ 60,412.60
Barren River Plaza $ 5,930.97 $ 5,669.13 $ 11,460.50 $ 4,573.34 $ 27,633.94
College Plaza $ 26,254.92 $ 806.30 $ 6,740.23 $ 1,453.09 $ 35,254.54
Cross Creek Plaza $ 14,626.29 $ 7,356.48 $ 14,470.30 $ 1,292.25 $ 37,745.32
Crossing Meadows $ 18,654.59 $ - $ (1,201.68) $ - $ 17,452.91
Crossroads Center $ 12,240.56 $ 2,319.12 $ 10,213.19 $ 3,252.86 $ 28,025.73
Cumberland Crossing $ 13,498.49 $ 2,264.47 $ 15,914.42 $ 2,293.53 $ 33,970.91
Cypress Bay Plaza $ 14,910.31 $ 3,469.67 $ 12,905.70 $ 2,134.77 $ 33,420.45
East Pointe Plaza $ (7,199.17) $ 8,971.84 $ 25,344.70 $ 4,152.01 $ 31,269.38
Franklin Square $ 5,033.53 $ 7,452.02 $ 11,408.69 $ 1,637.19 $ 25,531.43
Lexington Parkway Plaza $ 10,194.80 $ 7,072.08 $ 6,986.68 $ 1,048.75 $ 25,302.31
Logan Place $ 7,787.77 $ 3,976.43 $ 7,470.51 $ 58.19 $ 19,292.90
Marion Towne Center $ 2,685.62 $ 3,645.89 $ 9,309.04 $ 2,609.74 $ 18,250.29
Piedmont Plaza $ 743.59 $ 1,241.68 $ 62,981.12 $ (1,573.49) $ 63,392.90
Roane County Plaza* $ 13,532.03 $ - $ 15,301.88 $ 1,098.35 $ 29,932.26
Southside Plaza $ 12,770.35 $ 3,570.35 $ 9,755.14 $ 2,353.90 $ 28,449.74
Sycamore $ 2,769.15 $ 774.56 $ 4,584.94 $ 237.43 $ 8,366.08
Village Plaza $ 13,894.64 $ 6,149.95 $ 27,784.38 $ 8,443.35 $ 56,272.32
Walterboro Plaza $ 2,920.75 $ 3,613.50 $ 12,188.35 $ 341.34 $ 19,063.94
------------- ---------- ----------- ----------- --------------
TOTAL $ 190,816.52 $70,411.22 $323,062.95 $ 38,048.61 $ 622,339.30
============= ========== =========== =========== ==============
</TABLE>
*These amounts are based on 1995 tax bills and final adjustments will be made at
such time as final 1996 bills have been received, with the difference being
allocable to the allocable party. All other amounts are based on actual
billings. To the extent Buyer does not agree to bill the foregoing amount
(as adjusted for actual real estate taxes) the parties agree that Seller
shall have the right to bill tenants directly and collect such amounts
directly.
<PAGE>
Schedule 22--Amounts Due Lenders at Closing
<TABLE>
<CAPTION>
Interest Assumption Prepay.
Property Lender Principal (Thur 10/17) Late Fees Fees Penalties
-------- ------ --------- ------------ --------- ---- ---------
<S> <C> <C> <C> <C> <C> <C>
Applewood Village Modern Woodmen $ 38,210.15
Artesian Square Travelers $ 53,400.00
Audubon Village Royal $ 54,648.30
Aviation Plaza General American $ (197.00)
Barren River Plaza Nationwide $ 81,167.11
College Plaza First Union $ 6,831,706.83 $ 37,533.75
Cross Creek Plaza ITT** $22,691,926.94 $ 92,847.91 $9,960.17 $120,000.00
Crossing Meadows General American $ (340.48)
Crossroads Center Aetna $ 740,000.00 $ 65,900.00 $ 49,837.67
Cumberland Crossing Nationwide $ 51,467.71
Cypress Bay Plaza ITT** $ - $ - $ - $ - $ -
East Pointe Plaza Nationwide $111,240.58
Franklin Square First Union $ 6,600,000.00 $39,109.47
Lexington Parkway Plaza Royal $ 94,549.53
Logan Place Travelers $ 1,300,000.00 $ 24,150.00
Marion Towne Center IDS Financial $ 57,516.73
Piedmont Plaza Travelers $101,250.00
Roane County Plaza Royal $ 64,262.46
Southside Plaza Lincoln National $ 65,656.06
Sycamore Aetna $ 3,595,000.00 $12,782.24 $ 1,438.00 $242,116.78
Village Plaza Aetna $189,000.00
Walterboro Plaza ITT**
-------------- ----------- ---------- ------------ -----------
$41,758,633.77 $ 182,273.37 $11,398.17 $1,051,881.14 $411,954.45
============== ============ ========== ============= ===========
**The loan amount for Cross Creek Plaza represents the loan for all 3 properties
(i.e., Cross Creek Plaza, Cypress Bay Plaza and Walterboro Plaza)
*Assumption Fees to General American have previously been paid by Seller
</TABLE>
<PAGE>
Schedule 22--Amounts Due Lenders at Closing (continued)
<TABLE>
<CAPTION>
(Less
Deposits) TOTAL
- --------- -----
<C> <C>
$ 38,210.15
$ 53,400.00
$ 54,648.30
$ (197.00)
$(3,000.00) $ 78,167.11
$ 6,869,240.58
$(267,920.35) $22,646,814.67
$ (340.48)
$ 855,737.67
$ (3,000.00) $ 48,467.71
$ - $ -
$ (3,000.00) $ 108,240.58
$ 6,639,109.47
$ 94,549.53
$ 1,324,150.00
$ 57,516.73
$ 101,250.00
$ 64,262.46
$ 65,656.06
$ 3,851,337.02
$ 189,000.00
$ -
- ------------- --------------
$(276,920.35) $43,139,220.55
============= ==============
</TABLE>
