| STATEMENTS OF INCOME (Unaudited) |
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THREE MONTHS ENDED |
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March 31, 2000 |
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March 31, 1999 |
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| Income: |
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| Rental Income |
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$3,057,971 |
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$2,970,199 |
| Other |
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185,634 |
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227,772 |
| Total Income |
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$3,243,605 |
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$3,197,971 |
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| Operating Expenses: |
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| Administrative Expenses |
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| (Including $160,975 And $156,641 In Property Management |
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| Fees Paid To An Affiliate For the Three Month Periods |
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| Ended March 31, 2000 and 1999, Respectively) |
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777,114 |
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812,070 |
| Property Taxes |
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251,067 |
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238,728 |
| Utilities |
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243,161 |
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256,116 |
| Property Operations |
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421,455 |
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466,884 |
| Depreciation And Amortization |
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460,803 |
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462,500 |
| Interest |
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475,008 |
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477,675 |
| Total Operating Expenses |
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$2,628,608 |
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$2,713,973 |
| Net Income |
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$614,997 |
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$483,998 |
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| Income Per Limited Partnership Unit: |
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$0.19 |
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$0.15 |
| Distribution Per Limited Partnership Unit |
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$0.19 |
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$0.18 |
| Weighted Average Number Of Beneficial Assignment |
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| of Limited Partnership Interest Outstanding During |
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| The Periods Ending March 31, 2000 and 1999 |
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3,303,387 |
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3,303,387 |
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See Notes to Financial Statements |
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| STATEMENTS OF CASH FLOWS (Unaudited) |
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THREE MONTHS ENDED |
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March 31, 2000 |
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March 31, 1999 |
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| Cash Flows From Operating Activities: |
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| Net Income |
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$614,997 |
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$483,998 |
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| Adjustments To Reconcile Net Income To Net Cash |
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| Provided By Operating Activities: |
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| Depreciation |
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454,485 |
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455,000 |
| Amortization |
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6,318 |
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7,500 |
| (Increase) Decrease In Other Assets |
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(218,557) |
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(144,381) |
| Increase (Decrease) In Accounts Payables |
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69,896 |
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(32,482) |
| Increase (Decrease) Other Liabilities |
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233,528 |
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(101,186) |
| Total Adjustments |
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545,670 |
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184,451 |
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| Net Cash Provided By Operating Activities |
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1,160,667 |
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668,449 |
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| Cash Flows From Investing Activities: |
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| Redemption of Marketable Securities |
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0 |
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0 |
| Capital Expenditures |
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(216,202) |
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(182,308) |
| Sale of Fixed Assets |
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0 |
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0 |
| Payment on Mortgage |
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(91,625) |
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(88,958) |
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| Net Cash Provided By (Used In) |
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| Investing Activities |
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(307,827) |
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(271,266) |
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| Cash Flows From Financing Activities: |
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| Distributions To Partners |
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(627,643) |
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(578,096) |
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| Net Cash Provided By (Used In) |
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| Financing Activities |
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(627,643) |
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(578,096) |
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| Increase (Decrease) In Cash |
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225,197 |
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(180,913) |
| Cash, Beginning |
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2,821,681 |
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2,482,314 |
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| Cash, Ending |
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$3,046,878 |
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$2,301,401 |
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See Notes to Financial Statements |