| STATEMENTS OF INCOME (Unaudited) | SIX MONTHS ENDED | THREE MONTHS ENDED | ||||||||||
| June 30, 1999 | June 30, 1998 | June 30, 1999 | June 30, 1998 | |||||||||
| Income: | ||||||||||||
| Rental Income | $5,945,409 | $5,707,802 | $2,975,210 | $2,856,394 | ||||||||
| Other | 359,557 | 391,216 | 131,785 | 204,163 | ||||||||
| Total Income | $6,304,966 | $6,099,018 | $3,106,995 | $3,060,557 | ||||||||
| Operating Expenses: | ||||||||||||
| Administrative Expenses | ||||||||||||
| (Including $313,424, $300,757, $156,783, And $150,411 In Property Management | ||||||||||||
| Fees Paid To An Affiliate For the Six and Three Month Periods | ||||||||||||
| Ended June 30, 1999 and 1998, Respectively) | 1,562,023 | 1,718,029 | 749,953 | 892,338 | ||||||||
| Property Taxes | 478,482 | 471,399 | 239,754 | 236,136 | ||||||||
| Utilities | 439,727 | 498,529 | 183,611 | 260,393 | ||||||||
| Property Operations | 1,106,514 | 787,388 | 639,630 | 379,374 | ||||||||
| Depreciation And Amortization | 925,000 | 920,000 | 462,500 | 460,000 | ||||||||
| Interest | 958,130 | 1,340,017 | 480,455 | 665,659 | ||||||||
| Total Operating Expenses | $5,469,876 | $5,735,362 | $2,755,903 | $2,893,900 | ||||||||
| Net Income | $835,090 | $363,656 | $351,092 | $166,657 | ||||||||
| Income Per Limited Partnership Unit: | $0.25 | $0.11 | $0.11 | $0.05 | ||||||||
| Distribution Per Limited Partnership Unit | $0.36 | $0.34 | $0.18 | $0.17 | ||||||||
| Weighted Average Number Of Beneficial Assignment | ||||||||||||
| of Limited Partnership Interest Outstanding During | ||||||||||||
| The Periods Ending June 30, 1999 and 1998 | 3,303,387 | 3,303,387 | 3,303,387 | 3,303,387 | ||||||||
| See Notes to Financial Statements | ||||||||||||
| STATEMENTS OF CASH FLOWS (Unaudited) | SIX MONTHS ENDED | |||||||||||
| June 30, 1999 | June 30, 1998 | |||||||||||
| Cash Flows From Operating Activities: | ||||||||||||
| Net Income | $835,090 | $363,656 | ||||||||||
| Adjustments To Reconcile Net Income To Net Cash | ||||||||||||
| Provided By Operating Activities: | ||||||||||||
| Depreciation | 910,000 | 896,000 | ||||||||||
| Amortization | 15,000 | 24,000 | ||||||||||
| (Increase) Decrease In Other Assets | (300,915) | 70,307 | ||||||||||
| Increase (Decrease) In Accounts Payables | (12,230) | 23,368 | ||||||||||
| Increase (Decrease) Other Liabilities | 145,902 | (276,036) | ||||||||||
| Total Adjustments | 757,757 | 737,639 | ||||||||||
| Net Cash Provided By Operating Activities | 1,592,847 | 1,101,295 | ||||||||||
| Cash Flows From Investing Activities: | ||||||||||||
| Redemption of Marketable Securities | 0 | 0 | ||||||||||
| Capital Expenditures | (337,285) | (277,263) | ||||||||||
| Sale of Fixed Assets | 0 | (20,737) | ||||||||||
| Payment on Mortgage | (175,136) | 0 | ||||||||||
| Net Cash Provided By (Used In) | ||||||||||||
| Investing Activities | (512,421) | (298,000) | ||||||||||
| Cash Flows From Financing Activities: | ||||||||||||
| Distributions To Partners | (1,172,706) | (1,123,152) | ||||||||||
| Net Cash Provided By (Used In) | ||||||||||||
| Financing Activities | (1,172,706) | (1,123,152) | ||||||||||
| Increase (Decrease) In Cash | (92,280) | (319,857) | ||||||||||
| Cash, Beginning | 2,482,314 | 1,630,552 | ||||||||||
| Cash, Ending | $2,390,034 | $1,310,695 | ||||||||||
| See Notes to Financial Statements | ||||||||||||