Centerspace
CSR
#5819
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C$1.56 B
Marketcap
C$88.45
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3.03%
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Change (1 year)

Centerspace - 10-Q quarterly report FY


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<head>
<TITLE>Investors Real Estate Trust - Form 10-Q</TITLE>
</head>
<body bgcolor="#FFFFFF">

<center><b><font face="Arial"><font size=+2>Form 10-Q</font></font></b>
<br>&nbsp;
<br>&nbsp;
<p><b><font face="Arial">SECURITIES AND EXCHANGE COMMISSION</font></b>
<br><b><font face="Arial">Washington, D.C.</font></b>
<br><b><font face="Arial">20549</font></b>
<br>&nbsp;
<p><b><font face="Arial">Quarterly Report Under Section 13 or 15(d)</font></b>
<br><b><font face="Arial">of the Securities Exchange Act of 1934</font></b>
<br>&nbsp;
<p><b><font face="Arial">For Quarter Ended October 31, 1999</font></b>
<p><b><font face="Arial">Commission File Number 0-14851</font></b>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<p><font face="Arial"><font size=+1>INVESTORS REAL ESTATE TRUST</font></font>
<br><font face="Arial"><font size=-1>(Exact name of registrant as specified
in its charter)</font></font></center>

<p><br>
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<center><table BORDER=0 CELLSPACING=2 CELLPADDING=4 WIDTH="69%" HEIGHT="145" >
<tr>
<td WIDTH="55%" HEIGHT="22">
<center><b><font face="Arial">&nbsp;North Dakota</font></b></center>
</td>

<td WIDTH="45%" HEIGHT="22">
<center><b><font face="Arial">&nbsp;45-0311232</font></b></center>
</td>
</tr>

<tr>
<td WIDTH="55%" HEIGHT="20">
<center>&nbsp;<font face="Arial,Helvetica"><font size=-1>(State or other
jurisdiction of&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>incorporation or organization)</font></font></center>
</td>

<td WIDTH="45%" HEIGHT="20">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;(I.R.S. Employer</font></font>
<br><font face="Arial,Helvetica"><font size=-1>Identification No.)</font></font></center>
</td>
</tr>

<tr>
<td WIDTH="55%" HEIGHT="31">
<center><b><font face="Arial,Helvetica"><font size=-1>&nbsp;12 South Main,
Minot, ND</font></font></b></center>
</td>

<td WIDTH="45%" HEIGHT="31">
<center><b><font face="Arial,Helvetica"><font size=-1>&nbsp;58701</font></font></b></center>
</td>
</tr>

<tr>
<td WIDTH="55%" HEIGHT="31"><font face="Arial,Helvetica"><font size=-1>&nbsp;(Address
of principal executive offices)</font></font></td>

<td WIDTH="45%" HEIGHT="31">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;(Zip code)</font></font></center>
</td>
</tr>
</TABLE></center>

<center>
<p><b><font face="Arial">(701) 852-1756</font></b>
<br><font face="Arial"><font size=-1>(Registrant's telephone number, including
area code)</font></font>
<p><b><font face="Arial">No Change</font></b>
<br><font face="Arial"><font size=-1>(Former name, former address and former
fiscal year, if changed since last report.)</font></font></center>

<p><font face="Arial,Helvetica"><font size=-1>Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</font></font>
<center>
<p><b><font face="Arial,Helvetica"><font size=-1>Yes ( X )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No (&nbsp;&nbsp; )</font></font></b></center>

<p><font face="Arial,Helvetica"><font size=-1>Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the
latest practicable date. Applicant is a North Dakota Real Estate Investment
Trust. As of October 31, 1999, it had 21,139,971 Shares of Beneficial Interest
outstanding.</font></font>
<center>
<p><b><font face="Arial">PART I</font></b></center>

<p><b><font face="Arial">Item 1. Financial Statement - Second Quarter Fiscal
2000</font></b>
<p><font face="Arial,Helvetica"><font size=-1>The accompanying condensed
consolidated financial statements of Investors Real Estate Trust and its
subsidiaries (collectively, the "Company") included herein, have been prepared
by the Company, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. In the opinion of management, all
adjustments necessary (of a normal recurring nature only) to present fairly
the financial position of the Company as of October, 31, 1999, and results
of operations and cash flows for the stated periods have been included.
The Condensed Consolidated Balance Sheet at April 30, 1999, contained herein,
was derived from audited financial statements, but does not include all
disclosures included in the 1999 Annual Report and applicable under generally
accepted accounting principles. Certain information and footnote disclosures
normally included in interim financial statements prepared in accordance
with generally accepted accounting principles have been omitted. The results
of operations for the six months ended October 31, 1999, are not necessarily
indicative of operating results for the entire year.</font></font>
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<center>
<p><b><font face="Arial">BALANCE SHEETS</font></b>
<br><font face="Arial"><font size=-1>(unaudited)</font></font></center>

<center><table BORDER=0 CELLSPACING=2 CELLPADDING=0 WIDTH="550" HEIGHT="947" >
<tr>
<td WIDTH="64%" HEIGHT="23"><font size=-1>&nbsp;<b><font face="Arial,Helvetica"><font color="#000000">ASSETS</font></font></b></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><b><font face="Arial,Helvetica"><font color="#000000"><font size=-1>&nbsp;
10-31-99&nbsp;</font></font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><b><font face="Arial,Helvetica"><font color="#000000"><font size=-1>&nbsp;04-30-99&nbsp;</font></font></font></b></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Cash</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$
12,126,731&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$&nbsp;&nbsp;
3,713,053&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Marketable Securities:</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GNMA's - held to maturity</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>2,807,115&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;
2,964,434&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other REIT's - available for sale</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;622,960&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;734,749&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Accounts Receivable</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;1,515,539&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;77,438</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Tax &amp; Insurance Escrow</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;2,867,700&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;1,761,195&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Deferred Charges</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;2,176,395&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;1,413,752&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Prepaid Insurance</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;221,437&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;216,348&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Real Estate Deposits</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;2,916,358&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;300,900&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
General Partnerships</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></u></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;<u>0&nbsp;</u></font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>
25,254,235&nbsp;</u></font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>
11,181,869&nbsp;</u></font></font></b></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Real Estate Investments:</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Real Estate Owned</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$373,706,213&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$295,825,839&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Less Accumulated Depreciation</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;(<u>28,610,875</u>)</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;(<u>26,112,399</u>)</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Net Real Estate Owned</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;<u>345,095,338&nbsp;</u></font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;<u>269,713,440&nbsp;</u></font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Real Estate Mortgages</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;1,224,740&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;10,721,214&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Less Unearned Discounts &amp; Allowances</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;(<u>122,459</u>)</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;(<u>123,212</u>)</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Net Mortgages &amp; Contracts</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;<u>1,102,281&nbsp;</u></font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;<u>10,598,002&nbsp;</u></font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Total Real Estate Investments</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>346,197,619&nbsp;</u></font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>280,311,442&nbsp;</u></font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
TOTAL ASSETS</font></font></b></td>

<td WIDTH="18%" HEIGHT="23">
<div align=right><b><font face="Arial"><font size=-1>$<u>371,451,854&nbsp;</u></font></font></b></div>
</td>

<td WIDTH="18%" HEIGHT="23">
<div align=right><b><font face="Arial"><font size=-1>$<u>291,493,411&nbsp;</u></font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>LIABILITIES</font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Accounts Payable &amp; Accrued Expenses</font></font></td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$&nbsp;&nbsp;
4,568,465&nbsp;</font></font></td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$&nbsp;&nbsp;
4,388,270&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Mortgages Payable</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;226,256,150&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;175,071,069&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Investment Certificates Payable</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;12,241,100&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;11,770,136&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Credit Line</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></u></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;<u>0&nbsp;</u></font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font color="#000000"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
TOTAL LIABILITIES</font></font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>243,065,715&nbsp;</u></font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>191,229,475&nbsp;</u></font></font></b></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Minority
Interest in Operating Partnership</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;
$<u> 26,920,388&nbsp;</u></font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>&nbsp;
14,480,542&nbsp;</u></font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font color="#000000"><font size=-1>SHAREHOLDERS'
EQUITY</font></font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Shares of Beneficial Interest:</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Outstanding Shares of:</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>&nbsp;10-31-99&nbsp;</font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font color="#000000"><font size=-1>&nbsp;04-30-99&nbsp;</font></font></font></b></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21,140,158 on 10/31/99</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19,066,954 on 04/30/99</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$108,634,401&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$&nbsp;
93,095,819&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Undistributed Net Income</font></font></td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;(7,000,294)</font></font></td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;
(7,255,958)</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Unrealized Loss REIT Stock</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;(168,356)</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>(56,567)</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Total Shareholders' Equity</font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>101,465,751&nbsp;</u></font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$<u>
85,783,294&nbsp;</u></font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="17"><b><font face="Arial,Helvetica"><font size=-1>TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY</font></font></b></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="17" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$<b><u>371,451,854&nbsp;</u></b></font></font></td>

<td ALIGN=RIGHT WIDTH="18%" HEIGHT="17" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;$<b><u>291,493,311&nbsp;</u></b></font></font></td>
</tr>
</TABLE></center>

<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<br>&nbsp;
<center>
<p><b><font face="Arial">STATEMENT OF OPERATIONS</font></b>
<br><font face="ARIAL">For the Three-Month and Six-Month Periods Ended
October 31, 1999 and 1998</font></center>

<center><table BORDER=0 CELLSPACING=2 CELLPADDING=0 WIDTH="652" HEIGHT="869" >
<tr>
<td WIDTH="38%" HEIGHT="42"></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="42" BGCOLOR="#FFFFFF">
<center><b><font face="Arial,Helvetica"><font size=-1>3 Months</font></font></b>
<br><b><font face="Arial,Helvetica"><font size=-1>Ended 10/31</font></font></b></center>
</td>

<td WIDTH="15%" HEIGHT="42">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;<b>3 Months</b></font></font>
<br><b><font face="Arial,Helvetica"><font size=-1>Ended 10/31</font></font></b></center>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="42">
<center><b><font face="Arial,Helvetica"><font size=-1>6 Months&nbsp;</font></font></b>
<br><b><font face="Arial,Helvetica"><font size=-1>Ended 10/31</font></font></b></center>
</td>

<td WIDTH="15%" HEIGHT="42">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;<b>6 Months Ended
10/31</b></font></font></center>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;<b>OPERATING
INCOME</b></font></font></td>

<td WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;<b> <font color="#000000">1999</font></b></font></font></center>
</td>

<td WIDTH="15%" HEIGHT="23">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;<b><font color="#000000">1998</font></b></font></font></center>
</td>

<td WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;<b><font color="#000000">1999</font></b></font></font></center>
</td>

<td WIDTH="15%" HEIGHT="23">
<center><font face="Arial,Helvetica"><font size=-1>&nbsp;<b><font color="#000000">1998</font></b></font></font></center>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Real Estate Rentals</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
12,643,147&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;$ 9,562,306&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
23,451,669&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;18,428,714&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Interest Income</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;247,573&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>236,198&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>624,710&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>448,348&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Mortgage Discount &amp; Fees</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>9,977&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>37,866&nbsp;</font></font></u></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>26,231&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>61,586&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$<u>
12,900,697&nbsp;</u></font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u> 9,836,370&nbsp;</u></font></font></b></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$<u>
24,102,610&nbsp;</u></font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>18,938,648&nbsp;</u></font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>OPERATING
EXPENSE</font></font></b></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Interest</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
3,859,704&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 2,935,609&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
7,300,859&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 5,751,717&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Utilities &amp; Maintenance</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>1,829,598&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,460,367&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>3,566,595&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,965,514&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Property Management</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>991,006&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>773,999&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>1,888,044&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,553,824&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Taxes &amp; Insurance</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>1,219,970&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,111,174&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>2,329,103&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,116,744&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Advisory &amp; Trustees Fees</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>269,390&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>247,087&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>523,832&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>442,265&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Operating Expenses</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>194,437&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>66,412&nbsp;</font></font></u></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>371,605&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>129,770&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$<u>
8,364,105&nbsp;</u></font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u> 6,594,648&nbsp;</u></font></font></b></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$<u>
15,980,038&nbsp;</u></font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>12,959,834&nbsp;</u></font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>OPERATING
INCOME</font></font></b></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
(before reserves)</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
4,536,592&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;$ 3,241,722&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
8,122,572&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 5,978,814&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>DEPRECIATION/AMORTIZATION</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>(<u>2,057,680</u>)</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>1,481,655</u>)</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>(<u>3,842,364</u>)</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>2,890,896</u>)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>OPERATING
INCOME (after reserves)</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
2,478,912&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$1,760,067&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
4,280,208&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>3,087,918&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>GAIN
ON SALE OF INVESTMENTS</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>1,519,918&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,341,899&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>1,777,814&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,707,917&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="55"><font face="Arial,Helvetica"><font size=-1>MINORITY
INTEREST PORTION OF OPERATING<font color="#000080"> </font>PARTNERSHIP
NET INCOME</font></font></td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="16%" HEIGHT="55" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>(<u>579,625</u>)</font></font></td>

<td VALIGN=BOTTOM WIDTH="15%" HEIGHT="55" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>287,579</u>)</font></font></div>
</td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="16%" HEIGHT="55" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>(<u>815,560</u>)</font></font></td>

<td VALIGN=BOTTOM WIDTH="15%" HEIGHT="55" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>421,442</u>)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font color="#000000"><font size=-1>NET
TAXABLE INCOME</font></font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$
3,419,205&nbsp;</font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$ 2,814,387&nbsp;</font></font></b></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$
5,242,462&nbsp;</font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$ 4,374,393&nbsp;</font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>FUNDS
FROM OPERATIONS *</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Operating Income</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
2,478,912&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 1,760,067&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>$
4,280,208&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 3,087,918&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Plus Depreciation and Amortization</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>2,057,680&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,481,655&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>3,842,364&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,890,896&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="13"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Minus Minority Interest Portion of&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating Partnership Net Income</font></font></td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="16%" HEIGHT="13" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>(<u>579,625</u>)</font></font></td>

<td VALIGN=BOTTOM WIDTH="15%" HEIGHT="13" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>287,579</u>)</font></font></div>
</td>

<td ALIGN=RIGHT VALIGN=BOTTOM WIDTH="16%" HEIGHT="13" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>(<u>815,560</u>)</font></font></td>

<td VALIGN=BOTTOM WIDTH="15%" HEIGHT="13" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>421,442</u>)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font color="#000000"><font size=-1>FUNDS
FROM OPERATIONS</font></font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$<u>
3,956,967&nbsp;</u></font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u> 2,954,143&nbsp;</u></font></font></b></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><b><font face="Arial,Helvetica"><font size=-1>$<u>
7,307,012&nbsp;</u></font></font></b></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>5,557,372&nbsp;</u></font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font color="#000000"><font size=-1>PER
SHARE</font></font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFFF"></td>

<td WIDTH="15%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Operating Income (after reserves)</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>.10&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>.09&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>.17&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;.16&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Gain on Sale of Investments</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.08&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.08&nbsp;</font></font></u></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.09&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.10&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total Taxable Income/Share</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.18&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.17&nbsp;</font></font></u></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.26&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.26&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>FUNDS
FROM OPERATIONS *</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.20&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.17&nbsp;</font></font></u></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.37&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.33&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>DIVIDENDS
PAID PER SHARE</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.126&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.115&nbsp;</font></font></u></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><u><font face="Arial,Helvetica"><font size=-1>.25&nbsp;</font></font></u></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>.225&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="38%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Average
Number of Shares Outstanding</font></font></td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>20,199,173&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>17,029,159&nbsp;</font></font></div>
</td>

<td ALIGN=RIGHT WIDTH="16%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>19,864,518&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>16,782,964&nbsp;</font></font></div>
</td>
</tr>
</TABLE></center>

<center><table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="550" >
<tr>
<td WIDTH="100%"><i><font size=-1>*Funds from Operations is defined as
income before gains (losses) on sales of investments,&nbsp;</font></i>
<br><i><font size=-1>less minority interest of unitholders in operating
partnership and extraordinary items,&nbsp;</font></i>
<br><i><font size=-1>plus depreciation and amortization.</font></i></td>
</tr>
</TABLE></center>

<center><table BORDER=0 CELLSPACING=2 CELLPADDING=0 WIDTH="550" HEIGHT="1585" >
<tr>
<td WIDTH="64%" HEIGHT="23"></td>

<td WIDTH="18%" HEIGHT="23">
<div align=right><b><font face="ARIAL">&nbsp; </font><font face="Arial,Helvetica"><font size=-1>10-31-99&nbsp;</font></font></b></div>
</td>

<td WIDTH="18%" HEIGHT="23">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>10-31-98&nbsp;</font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>CASH
FLOWS FROM OPERATING ACTIVITIES</font></font></b></td>

<td WIDTH="18%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>NET
INCOME</font></font></b></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 5,242,461&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$4,374,393&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><font face="Arial,Helvetica"><font size=-1>Adjustments
to reconcile net income to net cash</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp; provided by
operating activities</font></font></td>

<td WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Depreciation and amortization</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>3,842,364&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,890,896&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="42"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Minority interest portion of operating partnership income</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="42" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>815,560&nbsp;</font></font></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="42" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>421,442&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Accretion of discount on contracts</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(752)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,586)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Gain on Sale of Properties</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,777,814)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,707,917)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Interest reinvested in investment certificates</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>149,293&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>120,780&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Changes in other assets and liabilities:</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Increase) decrease in real estate deposits</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(818,390)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(138,514)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Increase) decrease in other assets</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,443,191)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(75,195)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Increase) decrease in tax and insurance escrow</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,106,506)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(661,714)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Increase) decrease in deferred charges</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(762,642)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(232,922)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Increase (decrease) in accounts payable &amp;&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
accrued expenses</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>1,345,574&nbsp;</font></font></u></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>854,993&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Net
cash provided from operating activities</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u> 5,485,957&nbsp;</u></font></font></b></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;<b>$<u>
5,844,656&nbsp;</u></b></font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>CASH
FLOWS FROM INVESTING ACTIVITIES</font></font></b></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="42"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Proceeds from maturity of marketable securities&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
held to maturity</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="42" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$&nbsp; 157,318&nbsp;</font></font></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="42" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 206,341&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Principle payments on mortgage loans receivable</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>322,879&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>70,301&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Proceeds from sale of property</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>296,462&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,569,292&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Payments from acquisition and improvements&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of properties</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(23,010,700)</font></font></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(25,517,948)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Purchase of marketable securities available for sale</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(181,250)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Investment in mortgage loan receivable</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></u></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Net
Cash used from investing activities</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$(<u>22,234,041</u>)</font></font></b></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$(<u>22,853,264</u>)</font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>CASH
FLOWS FROM FINANCING ACTIVITIES</font></font></b></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Proceeds from sale of shares</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$13,794,942&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 6,668,436&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Proceeds from investment certificates issued</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,280,586&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,591,892&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Proceeds from mortgages payable</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>22,051,276&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>13,336,754&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Proceeds from short-term lines of credit</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>8,800,000&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>8,250,000&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Proceeds from sale of minority interest</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,000&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>3,747,132&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Repurchase of shares/minority interest</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,608,613)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(2,433,847)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Dividends/Distributions Paid</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(5,084,557)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,587,364)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Redemption of investment certificates</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,118,518)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(828,846)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Principal payments on mortgage loans</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(5,154,354)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(1,597,112)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Payments on short-term lines of credit</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>8,800,000</u>)</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>(<u>9,250,000</u>)</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Net
cash provided from financing activities</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>25,161,762&nbsp;</u></font></font></b></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>18,897,045&nbsp;</u></font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><b><font face="Arial,Helvetica"><font size=-1>NET
INCREASE (DECREASE) IN CASH</font></font></b></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 8,413,678&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 1,888,437&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>CASH
AT BEGINNING OF YEAR</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$<u> 3,713,053&nbsp;</u></font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$<u> 2,132,220&nbsp;</u></font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>CASH
AT END OF 2ND QUARTER</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>12,126,731&nbsp;</u></font></font></b></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u> 4,020,657&nbsp;</u></font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><b><font face="Arial,Helvetica"><font size=-1>SUPPLEMENTARY
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES</font></font></b></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFFF">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>1999&nbsp;</font></font></b></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFFF">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>1998&nbsp;</font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Dividends
reinvested</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 3,108,983&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 1,205,517&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="55"><font face="Arial,Helvetica"><font size=-1>Real
estate investment and mortgage loans</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp; receivable
acquired through assumption of</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp; mortgage loans
payable and accrual costs</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="55" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>2,122,200&nbsp;</font></font></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="55" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><font face="Arial,Helvetica"><font size=-1>Mortgage
loan receivable transferred to&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp; property owned</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,701,308&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><font face="Arial,Helvetica"><font size=-1>Proceeds
from Sale of Properties deposited directly with&nbsp;&nbsp;&nbsp;&nbsp;
escrow agent</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>3,524,781&nbsp;</font></font></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>0&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><font face="Arial,Helvetica"><font size=-1>Properties
acquired through the issuance of</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp; minority interest
units in the operating partnership</font></font></td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>14,308,469&nbsp;</font></font></div>
</td>

<td VALIGN=BOTTOM WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>480,525&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Interest
reinvested directly in investment certificates</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>149,293&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$97,029&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="39"><b><font face="Arial,Helvetica"><font size=-1>SUPPLEMENTAL
DISCLOSURE OF CASH&nbsp;</font></font></b>
<br><b><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp; FLOW INFORMATION&nbsp;</font></font></b></td>

<td WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="39" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>Cash
paid during the year for:</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Interest paid on mortgages</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 6,596,212&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$ 2,511,296&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Interest paid on margin account and other</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>49,542&nbsp;</font></font></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>15,486&nbsp;</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="7"><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;
Interest paid on investment certificates</font></font></td>

<td WIDTH="18%" HEIGHT="7" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>211,560&nbsp;</font></font></u></div>
</td>

<td WIDTH="18%" HEIGHT="7" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>86,741&nbsp;</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="64%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>6,857,314&nbsp;</u></font></font></b></div>
</td>

<td WIDTH="18%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$<u>2,613,523&nbsp;</u></font></font></b></div>
</td>
</tr>
</TABLE></center>

<p><b><font face="ARIAL">Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.</font></b>
<p><font face="Arial,Helvetica"><font size=-1><b><u>Results of Operation</u></b>.
We are pleased to report that IRET's financial results for the second quarter
of Fiscal 2000 exceeded expectations. The addition of new properties to
our real estate portfolio, continued strong occupancy rates, rent increases
and capital gains from real estate sales resulted in record levels of Funds
from Operations and Net Income.</font></font>
<p><font face="Arial,Helvetica"><font size=-1><b><u>Funds from Operations</u></b>.
Funds from Operations for the second quarter of Fiscal 2000 increased to
$3,956,967, from the year earlier figure of $2,954,143, an increase of
$1,002,824 or 34%. On a per share basis, Funds from Operations for the
second quarter were $.20 compared to the $.17 per share earned in the same
period of Fiscal 1999, an increase of 18%. For the first six months of
Fiscal 2000, Funds from Operations increased to $7,307,012 from the year
earlier figure of $5,557,372, an increase of $1,749,730 (31%). Per share
results were $.3678 per share, versus the year earlier amount of $.3311
per share, an increase of 10%. This increase in Funds from Operations resulted
primarily from increased rental income ($23,451,669 versus $18,428,714)
caused by the addition of new rental properties to our portfolio, continued
strong occupancy rates and increased rents.</font></font>
<p><font face="Arial,Helvetica"><font size=-1><b><u>Net Taxable Income</u></b>.
For the second quarter, net taxable income was $3,419,205 compared to $2,814,387
in the prior year, an improvement of $604,818. For the six month period,
net taxable income was $5,242,461, compared to $4,374,393 in the prior
year.</font></font>
<p><font face="Arial,Helvetica"><font size=-1><b><u>Operations</u></b>.
We continue to be very pleased with the performance of our investment portfolio.
Occupancy rates continue to be at high levels in most of the communities
in which we operate. The new properties that we are acquiring are performing
very well and we are experiencing good acceptance of the new apartment
communities coming on line in Grand Forks, Jamestown and Billings. We are
building another 27-unit building in Jamestown, North Dakota and have started
construction on our 219-unit Trail Ridge Apartment Community in Rochester,
Minnesota.</font></font>
<p><font face="Arial,Helvetica"><font size=-1><b><u>Sale of Properties</u></b>.
Capital gain income for the second quarter was $1,519,919, compared to
$1,341,899 for the prior year. Properties sold during the second quarter
were:</font></font>
<center><table BORDER=0 CELLSPACING=2 CELLPADDING=0 WIDTH="640" HEIGHT="153" >
<tr>
<td VALIGN=BOTTOM WIDTH="46%" HEIGHT="39">
<center><b><font face="Arial,Helvetica"><font size=-1>&nbsp;PROPERTY</font></font></b></center>
</td>

<td VALIGN=BOTTOM WIDTH="17%" HEIGHT="39">
<center><b><font face="Arial,Helvetica"><font size=-1>SALES</font></font></b>
<br><b><font face="Arial,Helvetica"><font size=-1>PRICE</font></font></b></center>
</td>

<td VALIGN=BOTTOM WIDTH="22%" HEIGHT="39">
<center><b><font face="Arial,Helvetica"><font size=-1>SALES COSTS &amp;&nbsp;</font></font></b>
<br><b><font face="Arial,Helvetica"><font size=-1>DEPRECIATED COST&nbsp;</font></font></b></center>
</td>

<td VALIGN=BOTTOM WIDTH="15%" HEIGHT="39">
<center><b><font face="Arial,Helvetica"><font size=-1>GAIN</font></font></b></center>
</td>
</tr>

<tr>
<td WIDTH="46%" HEIGHT="39"><font face="Arial,Helvetica"><font size=-1>94,176
sq. ft. Hutchinson Tech Bldg. -&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>Sioux Falls, SD</font></font></td>

<td WIDTH="17%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$5,200,000</font></font></div>
</td>

<td WIDTH="22%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$4,090,997</font></font></div>
</td>

<td WIDTH="15%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$1,109,003</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="46%" HEIGHT="39" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>Sweetwater
Apts. (24-units) - Devils Lake, ND</font></font></td>

<td WIDTH="17%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>480,000</font></font></div>
</td>

<td WIDTH="22%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>144,696</font></font></div>
</td>

<td WIDTH="15%" HEIGHT="39" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>335,304</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="46%" HEIGHT="1" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>18-unit
Pleasantville Apts. - Mandan, ND</font></font></td>

<td WIDTH="17%" HEIGHT="1" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>325,000</font></font></div>
</td>

<td WIDTH="22%" HEIGHT="1" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>249,388</font></font></div>
</td>

<td WIDTH="15%" HEIGHT="1" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>75,612</font></font></u></div>
</td>
</tr>

<tr>
<td WIDTH="46%" HEIGHT="23" BGCOLOR="#FFFFFF"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="17%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="22%" HEIGHT="23" BGCOLOR="#FFFFCC"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="15%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;<b>$<u>1,519,919</u></b></font></font></div>
</td>
</tr>
</TABLE></center>

<p><font face="Arial,Helvetica"><font size=-1><b><u>Acquisitions</u></b>.
We were also successful during the second quarter in acquiring a number
of attractive properties to add to our investment portfolio. The following
properties were purchased or completed and added to our portfolio during
the second quarter and are producing income:</font></font>
<center><table BORDER=0 CELLSPACING=2 CELLPADDING=0 WIDTH="600" >
<tr>
<td WIDTH="83%"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>&nbsp;COST</font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="83%"><font face="Arial,Helvetica"><font size=-1>* Great Plains
Software Home Office - 121,600 Sq. Ft. - Fargo, ND</font></font></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$15,365,154</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="83%"><font face="Arial,Helvetica"><font size=-1>* 67-unit Country
Meadows II Apartment Community - Billings, MT</font></font></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>4,273,942</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="83%"><font face="Arial,Helvetica"><font size=-1>* 27-unit Apartment
Complex (The Meadows by IRET) - Jamestown, ND</font></font></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,540,302</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="83%"><font face="Arial,Helvetica"><font size=-1>* 264-unit Thomasbrook
Apartment Complex - Lincoln, NE</font></font></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>9,484,008</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="83%"><font face="Arial,Helvetica"><font size=-1>* 220-unit Crown
Colony Apartment Complex - Topeka, KS</font></font></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>10,575,761</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="83%"><font face="Arial,Helvetica"><font size=-1>* 300-unit Sherwood
Apartment Complex - Topeka, KS</font></font></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>&nbsp;<u>15,834,170</u></font></font></div>
</td>
</tr>

<tr>
<td WIDTH="83%"></td>

<td WIDTH="17%" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>$57,073,337</font></font></b></div>
</td>
</tr>
</TABLE></center>

<p><font face="Arial,Helvetica"><font size=-1><b><u>Pending Acquisitions</u></b>.
The following apartment complexes are currently under construction by IRET:</font></font>
<center><table BORDER=0 CELLSPACING=2 CELLPADDING=0 WIDTH="600" >
<tr>
<td WIDTH="81%"><font face="Arial,Helvetica"><font size=-1>&nbsp;</font></font></td>

<td WIDTH="19%" BGCOLOR="#FFFFCC">
<div align=right><b><font face="Arial,Helvetica"><font size=-1>&nbsp;COST</font></font></b></div>
</td>
</tr>

<tr>
<td WIDTH="81%"><font face="Arial,Helvetica"><font size=-1>* 73-unit Apartment
Community &amp; Community Center (Phase I of the&nbsp;</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
219-unit Trail Ridge on 41st by IRET) - Rochester, MN</font></font></td>

<td VALIGN=BOTTOM WIDTH="19%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$6,000,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%"><font face="Arial,Helvetica"><font size=-1>* 67-unit Apartment
Building (Cottonwood III Apartments) - Bismarck, ND</font></font></td>

<td VALIGN=BOTTOM WIDTH="19%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>4,200,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%"><font face="Arial,Helvetica"><font size=-1>* 67-unit Apartment
Complex with underground parking - Grand Forks, ND</font></font></td>

<td WIDTH="19%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>5,750,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%"><font face="Arial,Helvetica"><font size=-1>* 27-unit Complex
- - Jamestown, ND</font></font></td>

<td WIDTH="19%" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,600,000</font></font></div>
</td>
</tr>
</TABLE></center>

<blockquote><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp;&nbsp;
IRET has entered into purchase agreements for the following properties:</font></font></blockquote>

<center><table BORDER=0 CELLSPACING=2 CELLPADDING=0 WIDTH="600" HEIGHT="152" >
<tr>
<td WIDTH="81%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>*
Edgewood Vista Assisted Living Center - Duluth, MN</font></font></td>

<td VALIGN=BOTTOM WIDTH="19%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>$4,800,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>*
East Grand Forks Convenience Store/Retail Rental - East Grand Forks, MN</font></font></td>

<td VALIGN=BOTTOM WIDTH="19%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>1,200,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%" HEIGHT="22"><font face="Arial,Helvetica"><font size=-1>*
74,500 Sq. Ft. Office Building - Eden Prairie, MN</font></font></td>

<td WIDTH="19%" HEIGHT="22" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>4,900,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>*
Med Park Strip Center - Grand Forks, ND</font></font></td>

<td WIDTH="19%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>5,300,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>*
504-unit Jefferson Hills Apartment Community - Irving, TX</font></font></td>

<td WIDTH="19%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><font face="Arial,Helvetica"><font size=-1>37,230,000</font></font></div>
</td>
</tr>

<tr>
<td WIDTH="81%" HEIGHT="23"><font face="Arial,Helvetica"><font size=-1>*
OPUS Office/Warehouse Properties - Eagan &amp; Plymouth, MN</font></font></td>

<td WIDTH="19%" HEIGHT="23" BGCOLOR="#FFFFCC">
<div align=right><u><font face="Arial,Helvetica"><font size=-1>13,150,000</font></font></u></div>
</td>
</tr>

<tr>
<td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><font face="Arial,Helvetica"><font size=-1>Total Pending Acquisitions</font></font></b></td>

<td>
<div align=right><b><font face="Arial,Helvetica"><font color="#000000"><font size=-1>$<u>84,130,000</u></font></font></font></b></div>
</td>
</tr>
</TABLE></center>

<p><font face="Arial,Helvetica"><font size=-1><b><u>Financial Condition</u></b>.
IRET continues to maintain a very strong balance sheet. On October 31,
1999, cash and marketable securities totaled $15,556,806, compared to the
$7,412,236 on hand at the beginning of the current fiscal year. Total assets
were $371,451,854, compared to $291,493,311 at the beginning of the fiscal
year. During the six month period, liabilities have increased to $243,065,715,
from the beginning figure of $191,229,475. Shareholder's equity increased
to $101,465,751 from $85,783,294 on April 30, 1999.</font></font>
<p><font face="Arial,Helvetica"><font size=-1><b><u>Increased Dividend</u></b>.
IRET paid a regular dividend of 12.6 cents per share on October 1, 1999,
to shareholders of record at the close of business on September 15, 1999.
This was an increase from the 12.4 cents per share dividend paid on July
1, 1999, and was the 114th consecutive quarterly dividend paid by IRET.</font></font>
<br>&nbsp;
<br>&nbsp;
<br>
<br>
<center>
<p><b><font face="ARIAL">PART II - OTHER INFORMATION</font></b></center>

<p><b><font face="Arial,Helvetica"><font size=-1>Item 1. Legal Proceedings.</font></font></b>
<blockquote>
<blockquote>
<blockquote>
<blockquote><font face="Arial,Helvetica"><font size=-1>None</font></font></blockquote>
</blockquote>
</blockquote>
</blockquote>
<b><font face="Arial,Helvetica"><font size=-1>Item 2. Changes in Securities.</font></font></b>
<blockquote>
<blockquote>
<blockquote>
<blockquote><font face="Arial,Helvetica"><font size=-1>None</font></font></blockquote>
</blockquote>
</blockquote>
</blockquote>
<b><font face="Arial,Helvetica"><font size=-1>Item 3. Defaults Upon Senior
Securities.</font></font></b>
<blockquote>
<blockquote>
<blockquote>
<blockquote><font face="Arial,Helvetica"><font size=-1>None</font></font></blockquote>
</blockquote>
</blockquote>
</blockquote>
<b><font face="Arial,Helvetica"><font size=-1>Item 4. Submission of Matters
to a Vote of Security Holders.</font></font></b>
<blockquote>
<blockquote>
<blockquote>
<blockquote><font face="Arial,Helvetica"><font size=-1>None</font></font></blockquote>
</blockquote>
</blockquote>
</blockquote>
<b><font face="Arial,Helvetica"><font size=-1>Item 5. Other Information.</font></font></b>
<blockquote>
<blockquote>
<blockquote>
<blockquote><font face="Arial,Helvetica"><font size=-1>None</font></font></blockquote>
</blockquote>
</blockquote>
</blockquote>
<b><font face="Arial,Helvetica"><font size=-1>Item 6. Exhibits and Reports
on Form 8-K.</font></font></b>
<blockquote><font face="Arial,Helvetica"><font size=-1>Form 8-K filed September
7, 1999, to report sales of Shares of Beneficial Interest and use of proceeds
under Registration then in effect.</font></font></blockquote>
<font face="Arial,Helvetica"><font size=-1>Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly
authorized.</font></font>
<p><b><font face="Arial,Helvetica"><font size=-1>INVESTORS REAL ESTATE
TRUST</font></font></b>
<br><font face="Arial,Helvetica"><font size=-1>(Registrant)</font></font>
<br>&nbsp;
<br>&nbsp;
<p><font face="Arial,Helvetica"><font size=-1>By:<u> /S/ Thomas A. Wentz,
Sr.</u></font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp; Thomas
A. Wentz, Sr.</font></font>
<br><font face="Arial,Helvetica"><font size=-1>&nbsp;&nbsp;&nbsp; Vice-President</font></font>
<p><font face="Arial,Helvetica"><font size=-1>Date: December 9, 1999</font></font>
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