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+ -----BEGIN PRIVACY-ENHANCED MESSAGE-----
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+ Proc-Type: 2001,MIC-CLEAR
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+ <SEC-DOCUMENT>0000726315-01-000001.txt : 20010129
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+ ACCESSION NUMBER: 0000726315-01-000001
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+ CONFORMED SUBMISSION TYPE: 10-K
15
+ PUBLIC DOCUMENT COUNT: 1
16
+ CONFORMED PERIOD OF REPORT: 20001031
17
+ FILED AS OF DATE: 20010126
18
+
19
+ FILER:
20
+
21
+ COMPANY DATA:
22
+ COMPANY CONFORMED NAME: WITTER DEAN REALTY INCOME PARTNERSHIP I LP
23
+ CENTRAL INDEX KEY: 0000726315
24
+ STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500]
25
+ IRS NUMBER: 133174553
26
+ STATE OF INCORPORATION: DE
27
+ FISCAL YEAR END: 1031
28
+
29
+ FILING VALUES:
30
+ FORM TYPE: 10-K
31
+ SEC ACT:
32
+ SEC FILE NUMBER: 000-13260
33
+ FILM NUMBER: 1515910
34
+
35
+ BUSINESS ADDRESS:
36
+ STREET 1: 2 WORLD TRADE CENTER
37
+ STREET 2: 64TH FL
38
+ CITY: NEW YORK
39
+ STATE: NY
40
+ ZIP: 10048
41
+ BUSINESS PHONE: 2123921054
42
+
43
+ MAIL ADDRESS:
44
+ STREET 1: TWO WORLD TRADE CENTER
45
+ STREET 2: 46TH FLOOR
46
+ CITY: NEW YORK
47
+ STATE: NY
48
+ ZIP: 10048
49
+ </SEC-HEADER>
50
+ <DOCUMENT>
51
+ <TYPE>10-K
52
+ <SEQUENCE>1
53
+ <FILENAME>0001.txt
54
+ <TEXT>
55
+
56
+
57
+ UNITED STATES
58
+ SECURITIES AND EXCHANGE COMMISSION
59
+ Washington, D.C. 20549
60
+
61
+ FORM 10-K
62
+
63
+
64
+
65
+ [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
66
+ THE SECURITIES EXCHANGE ACT OF 1934
67
+ For the fiscal year ended October 31, 2000
68
+
69
+ OR
70
+
71
+ [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
72
+ THE SECURITIES EXCHANGE ACT OF 1934
73
+ For the transition period from _______to _______
74
+
75
+ Commission File Number 0-13260
76
+
77
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
78
+ (Exact name of registrant as specified in its charter)
79
+
80
+ Delaware 13-3174553
81
+ (State organization) (IRS Employer Identification No.)
82
+
83
+ 2 World Trade Center, New York, NY 10048
84
+ (Address of principal executive offices) (Zip
85
+ Code)
86
+
87
+ Registrant's telephone number, including area code (212) 392-
88
+ 2974
89
+
90
+ Securities registered pursuant to Section 12(b) of the Act:
91
+
92
+
93
+
94
+
95
+
96
+ Title of each class Name of each exchange on which registered
97
+ None None
98
+
99
+ Securities registered pursuant to Section 12(g) of the Act:
100
+
101
+ Units of Limited Partnership Interests
102
+ (Title of Class)
103
+
104
+ Indicate by check-mark whether the registrant (1) has filed all
105
+ reports required to be filed by Section 13 or 15(d) of the
106
+ Securities Exchange Act of 1934 during the preceding 12 months
107
+ (or for such shorter period that the registrant was required to
108
+ file such reports), and (2) has been subject to such filing
109
+ requirements for the past 90 days. Yes X No
110
+
111
+ Indicate by check mark if disclosure of delinquent filers
112
+ pursuant to Item 405 of Regulation S-K is not contained herein,
113
+ and will not be contained, to the best of registrant's
114
+ knowledge, in definitive proxy or information statements
115
+ incorporated by reference in Part III of this Form 10-K's or any
116
+ amendment to this Form 10-K. [X]
117
+
118
+ State the aggregate market value of the voting stock held by
119
+ nonaffiliates of the registrant. Not Applicable
120
+
121
+ DOCUMENTS INCORPORATED BY REFERENCE
122
+ None
123
+
124
+ <PAGE>
125
+ PART I.
126
+
127
+ ITEM 1. BUSINESS
128
+
129
+ The Registrant, Dean Witter Realty Income Partnership I, L.P.
130
+ (the "Partnership"), is a limited partnership formed in August
131
+ 1983 under the Uniform Limited Partnership Act of the State of
132
+ Delaware for the purpose of investing primarily in
133
+ income-producing office, industrial and retail properties.
134
+
135
+ The Managing General Partner of the Partnership is Dean Witter
136
+ Realty Income Properties I Inc. (the "Managing General Partner"),
137
+ a Delaware corporation which is wholly owned by Dean Witter
138
+ Realty Inc. ("Realty"). The Associate General Partner is Dean
139
+ Witter Realty Income Associates I, L.P. (the "Associate General
140
+ Partner"), a Delaware limited partnership, the general partner of
141
+ which is Dean Witter Realty Income Associates I Inc., a wholly-
142
+ owned subsidiary of the Managing General Partner. The Managing
143
+ General Partner manages and controls all aspects of the business
144
+ of the Partnership. The terms of transactions between the
145
+ Partnership and its affiliates are set forth below in footnote 7
146
+ to the Financial Statements in Item 8 and in Item 13 below.
147
+
148
+ The Partnership issued 92,780 units of limited partnership
149
+ interest (the "Units") with gross proceeds from the offering of
150
+ $92,780,000. The offering has been terminated and no additional
151
+ Units will be sold.
152
+
153
+ The proceeds from the offering were used to make equity
154
+ investments in four office properties, two office/research and
155
+ development properties and one retail property, all of which were
156
+ acquired without mortgage debt. Except for the North Lake Plaza
157
+ retail property (which is described in Item 2 below), all of the
158
+ Partnership's properties were sold to unaffiliated purchasers
159
+ prior to October 31, 1998.
160
+
161
+ The Partnership is currently negotiating an agreement to sell the
162
+ North Lake Plaza property to an unaffiliated party. See Item 7
163
+ below.
164
+
165
+ The Partnership considers its business to include one industry
166
+ segment, investment in real property. Financial information
167
+ regarding the Partnership is included in the Partnership's
168
+ Financial Statements in Item 8 below.
169
+
170
+ The North Lake Plaza property is subject to competition from
171
+ similar retail properties in the vicinity in which it is located.
172
+ Further information regarding competition and market conditions
173
+ where the property is located is set forth in Item 7.
174
+
175
+ The Partnership has no employees.
176
+
177
+ All of the Partnership's business is conducted in the United
178
+ States.
179
+
180
+ <PAGE>
181
+ ITEM 2. PROPERTY
182
+
183
+ The Partnership's principal offices are located at Two World
184
+ Trade Center, New York, New York 10048. The Partnership has no
185
+ other offices.
186
+
187
+ As of October 31, 2000, the Partnership owned directly the North
188
+ Lake Plaza property, a shopping center located in Altamonte
189
+ Springs, FL. The acquisition was completed in 1986 for a cost of
190
+ approximately $10,110,000. The property has a net rentable area
191
+ of 137,000 square feet, and was built with on-site parking
192
+ facilities.
193
+
194
+ Generally, the leases pertaining to the property provide for pass-
195
+ throughs to the tenants of their pro-rata share of certain
196
+ operating expenses. In the opinion of the Managing General
197
+ Partner, the property is adequately covered by insurance.
198
+
199
+ An affiliate of the Partnership was the property manager for the
200
+ North Lake Plaza property through December 31, 1999.
201
+
202
+ Further information relating to the Partnership's properties is
203
+ included in Item 7 and Footnotes 4, 5 and 6 to the Financial
204
+ Statements in Item 8 below.
205
+
206
+ ITEM 3. LEGAL PROCEEDINGS
207
+
208
+ None.
209
+
210
+ ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
211
+
212
+ No matter was submitted during the fourth quarter of the fiscal
213
+ year to a vote of Unit holders.
214
+
215
+ PART II.
216
+
217
+ ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND
218
+ STOCKHOLDER MATTERS
219
+
220
+ An established public trading market for the Units does not
221
+ exist, and it is not anticipated that such a market will develop
222
+ in the future. Accordingly, information as to the market value
223
+ of a Unit at any given date is not available. However, the
224
+ Partnership does allow its limited partners (the "Limited
225
+ Partners") to transfer their units if a suitable buyer can be
226
+ located.
227
+
228
+ As of December 31, 2000, there were 12,680 holders of limited
229
+ partnership interests.
230
+ <PAGE>
231
+ The Partnership is a limited partnership and, accordingly, does
232
+ not pay dividends. It does, however, make distributions of cash
233
+ to its partners. Pursuant to the partnership agreement,
234
+ distributable cash, as defined, is paid 90% to the Limited
235
+ Partners and 10% to the general partners (the "General
236
+ Partners").
237
+
238
+ Sale proceeds are distributed, to the extent available, first, to
239
+ each Limited Partner, until there has been a return of the
240
+ Limited Partner's capital contribution plus cumulative
241
+ distributions of distributable cash and sale proceeds in an
242
+ amount sufficient to provide a 9% cumulative annual return on the
243
+ Limited Partner's adjusted capital contribution. Thereafter, any
244
+ remaining sale proceeds will be distributed 85% to the Limited
245
+ Partners and 15% to the General Partners after the Managing
246
+ General Partner receives a brokerage fee, if earned, of up to 3%
247
+ of the selling price of any equity investment.
248
+
249
+ The Partnership did not pay cash distributions during the years
250
+ ended October 31, 2000 and 1999. On November 29, 2000, the
251
+ Partnership paid a cash distribution of $10.75 per Unit from the
252
+ previously undistributed proceeds from the 1998 sale of the
253
+ Harborgate property. The total distribution of $997,385 was paid
254
+ 100% to the Limited Partners.
255
+
256
+ The Partnership does not anticipate making regular distributions
257
+ to its partners in the future. Generally, future cash
258
+ distributions will be paid from proceeds received from the sale
259
+ of the North Lake Plaza property and cash reserves.
260
+
261
+ Taxable income generally is allocated in the same proportions as
262
+ distributions of distributable cash or sale proceeds (except that
263
+ the General Partners must be allocated at least 1% of taxable
264
+ income from sales). In the event there is no distributable cash
265
+ or sale proceeds, taxable income will be allocated 90% to the
266
+ Limited Partners and 10% to the General Partners. Any tax loss
267
+ will be allocated 90% to the Limited Partners and 10% to the
268
+ General Partners.
269
+ <PAGE>
270
+ <TABLE>
271
+ ITEM 6. SELECTED FINANCIAL DATA
272
+
273
+ The following sets forth a summary of the selected financial data
274
+ for the Partnership:
275
+ <CAPTION>
276
+ Dean Witter Realty Income Partnership I, L.P.
277
+
278
+ For the years ended October 31, 2000, 1999, 1998, 1997 and 1996
279
+
280
+ 2000 1999 19981 19972 19963
281
+ <S> <C> <C> <C>
282
+ <C> <C>
283
+ Total revenues $1,155,033 $ 1,131,337 $14,765,035 $
284
+ 10,453,915 $8,493,737
285
+
286
+ Net income (loss) $ 459,904$ 478,655$ 13,380,578 $5,854,208
287
+ $ (5,607,581)4
288
+
289
+ Net income (loss) per
290
+ Unit of Limited
291
+ Partnership
292
+ Interest $ 4.46 $ 4.64 $ 143.68 $ 60.72 $ (53.66)
293
+
294
+ Cash distributions
295
+ paid per Unit
296
+ of Limited
297
+ Partnership
298
+ interest 5, 6 $ - $ - $ 418.03 $ 144.61 $ 42.28
299
+
300
+ Total assets at
301
+ October 31 $8,757,448 $ 8,174,590 $7,781,223 $33,613,
302
+ 496 $43,069,014
303
+
304
+ 1. Revenues and net income include gains of $12.9 million on
305
+ the sales of the Carmel Park, Westwood 10 and Harborgate
306
+ properties.
307
+
308
+ 2. Revenues and net income include gains of $3.7 million on the
309
+ sales of the Century Square and Arlington Business Center
310
+ properties.
311
+
312
+ 3. Revenues and net loss include a gain of $0.7 million on the
313
+ sale of the 1718 Connecticut Avenue property.
314
+
315
+ 4. Includes a $8.5 million loss on impairment recorded for the
316
+ Westwood 10, 1718 Connecticut Avenue, North Lake Plaza and
317
+ Carmel Park properties.
318
+
319
+ 5. Distributions paid to Limited Partners in 1998 include a
320
+ return of capital of $351.10 per Unit, calculated as the
321
+ excess of cash distributed per Unit over accumulated
322
+ earnings per Unit not previously distributed. All
323
+ distribution paid to Limited Partners in 1996-1997 represent
324
+ returns of capital.
325
+
326
+ 6. Includes distribution of proceeds from sales of real estate
327
+ of $405.78, $110.05, and $12.28 in 1998, 1997 and 1996,
328
+ respectively.
329
+
330
+ The above financial data should be read in conjunction with
331
+ the Financial Statements and the related notes in Item 8.
332
+ </TABLE>
333
+ <PAGE>
334
+ ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
335
+ CONDITION AND RESULTS OF OPERATIONS
336
+
337
+ Liquidity and Capital Resources
338
+
339
+ The Partnership raised $92,780,000 in a public offering which was
340
+ terminated in 1984. The Partnership has no plans to raise
341
+ additional capital.
342
+
343
+ The Partnership purchased six properties and made one investment
344
+ in a partnership which owned an office property on an all-cash
345
+ basis. The Partnership's acquisition program has been completed.
346
+ No additional investments are planned.
347
+
348
+ The Partnership's sole remaining property is the North Lake Plaza
349
+ Shopping Center, which is located in the city of Altamonte
350
+ Springs, FL. Due to changes in the city's zoning code, the
351
+ property became "non-conforming". Although it can still be
352
+ occupied and used as is, the Managing General Partner believes
353
+ that the "non-conforming" status of the property made it
354
+ difficult to sell the property as a shopping center at a price
355
+ that reflected its full value. Therefore, the Partnership
356
+ entered into an agreement with the city, whereby the city had the
357
+ sole authority to offer the North Lake Plaza property, and an
358
+ adjacent property owned by the city, for sale as a part of a
359
+ redevelopment plan that allows higher density development than
360
+ currently exists at the location of the two properties. The city
361
+ has identified a party who wants to redevelop the properties, and
362
+ the prospective redeveloper must negotiate separate purchase and
363
+ sale agreements with the city and the Partnership to acquire the
364
+ properties. There can be no assurance that the North Lake Plaza
365
+ property will be sold through the above-described plan.
366
+
367
+ The Partnership expects to sell the North Lake Plaza property in
368
+ fiscal 2001. Pursuant to the Partnership Agreement, the sale of
369
+ the Partnership's last property investment will cause the
370
+ dissolution of the Partnership. Thereafter, the Partnership will
371
+ wind up its affairs, make a final cash distribution, and
372
+ terminate.
373
+
374
+ The retail market in Altamonte Springs is strong. During 2000,
375
+ average occupancy at the North Lake Plaza property was 88%, and,
376
+ at October 31, 2000, occupancy at the property was 86% (a
377
+ decrease of 3% from October 31, 1999). The lease for Home Depot
378
+ (for approximately 50% of the property's space) is scheduled to
379
+ expire in 2003. The Burlington Coat Factory, which sub-leased
380
+ all the space leased to Home Depot, vacated the space in October
381
+ 1999;
382
+ <PAGE>
383
+ however, both Home Depot and Burlington remain obligated, and
384
+ continue to pay rent, under the lease. This vacancy is adversely
385
+ impacting the sales of smaller tenants at the property. However,
386
+ the Managing General Partner believes that this vacancy will not
387
+ adversely affect its ability to sell the property as part of a
388
+ redevelopment plan. The lease of Marshalls Inc. (for
389
+ approximately 21% of the space) is schedule to expire in 2002.
390
+ The property is leased to 9 other tenants; no other tenant
391
+ occupies more than 10% of the property's space.
392
+
393
+ During the year ended October 31, 2000, the North Lake Plaza
394
+ property generated positive cash flow from operations, and it is
395
+ anticipated that the property will continue to do so during the
396
+ period the Partnership continues to own it. In fiscal 2000, the
397
+ Partnership added the cash generated by North Lake Plaza to the
398
+ Partnership's cash reserves.
399
+
400
+ During the year ended October 31, 2000, the Partnership did not
401
+ pay cash distributions. In November 2000, the Partnership paid a
402
+ cash distribution of previously undistributed proceeds from the
403
+ 1998 sale of the Harborgate property (see Item 5). Generally,
404
+ future cash distributions will be paid from proceeds received
405
+ from the sale of the North Lake Plaza property and cash reserves.
406
+
407
+ The Partnership believes that its cash reserves are adequate for
408
+ its needs in fiscal 2001 and thereafter.
409
+
410
+ Except as discussed above and in the Financial Statements, the
411
+ Managing General Partner is not aware of any trends or events,
412
+ commitments or uncertainties that may have a material impact on
413
+ liquidity.
414
+
415
+ Operations
416
+
417
+ Fluctuations in the Partnership's operating results for the year
418
+ ended October 31, 2000 compared to 1999 and the year ended
419
+ October 31, 1999 compared to 1998 were primarily attributable to
420
+ the following:
421
+
422
+ There were no individually significant factors which caused
423
+ changes in the Partnership's operating results in 2000 as
424
+ compared to 1999.
425
+
426
+ The gains on sales of real estate in fiscal 1998 resulted from
427
+ the sales of the Carmel Park, Harborgate and Westwood 10
428
+ properties. See Note 5 to the Financial Statements.
429
+
430
+
431
+ <PAGE>
432
+ In 1999, rental income, property operating expenses, and general
433
+ and administrative expenses decreased as a result of the fiscal
434
+ 1998 sales of the Westwood 10 and Carmel Park properties in
435
+ December 1997 and the Harborgate property in July 1998.
436
+
437
+ Interest and other income decreased in 1999 compared to 1998
438
+ primarily because the Partnership earned interest in 1998 on
439
+ proceeds from the sales of properties until such proceeds were
440
+ distributed to Limited Partners.
441
+
442
+ There were no other individually significant factors which caused
443
+ changes in revenues and expenses in 1999 as compared to 1998.
444
+
445
+ Inflation
446
+
447
+ Inflation has been consistently low during the periods presented
448
+ in the Financial Statements and, as a result, has not had a
449
+ significant effect on the operations of the Partnership or its
450
+ properties.
451
+
452
+ ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
453
+ MARKET RISK
454
+
455
+ Not applicable.
456
+ <PAGE>
457
+ ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
458
+
459
+
460
+
461
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
462
+
463
+
464
+ INDEX
465
+
466
+
467
+
468
+ (a) Financial Statements
469
+
470
+ Independent Auditors' Report
471
+ Balance Sheets at October 31, 2000 and 1999
472
+ Income Statements for the years ended
473
+ October 31, 2000, 1999 and 1998
474
+ Statements of Partners' Capital for the years
475
+ ended October 31, 2000, 1999 and 1998
476
+ Statements of Cash Flows for the years ended
477
+ October 31, 2000, 1999 and 1998
478
+ Notes to Financial Statements
479
+
480
+
481
+
482
+
483
+ (b) Financial statement schedule
484
+
485
+ III. Real Estate and Accumulated Depreciation
486
+
487
+
488
+
489
+
490
+
491
+
492
+
493
+ All schedules other than those indicated above have been
494
+ omitted because either the required information is not
495
+ applicable or the information is shown in the financial
496
+ statements or notes thereto.
497
+ <PAGE>
498
+ Independent Auditors' Report
499
+
500
+
501
+ To The Partners of
502
+ Dean Witter Realty Income Partnership I, L.P.:
503
+
504
+
505
+ We have audited the accompanying balance sheets of Dean Witter
506
+ Realty Income Partnership I, L.P. (the "Partnership") as of
507
+ October 31, 2000 and 1999, and the related statements of income,
508
+ partners' capital, and cash flows for each of the three years in
509
+ the period ended October 31, 2000. Our audits also included the
510
+ financial statement schedule listed in the Index at Item 8.
511
+ These financial statements and financial statement schedule are
512
+ the responsibility of the Partnership's management. Our
513
+ responsibility is to express an opinion on the financial
514
+ statements and the financial statement schedule based on our
515
+ audits.
516
+
517
+ We conducted our audits in accordance with auditing standards
518
+ generally accepted in the United States of America. Those
519
+ standards require that we plan and perform the audit to obtain
520
+ reasonable assurance about whether the financial statements are
521
+ free of material misstatement. An audit includes examining, on
522
+ a test basis, evidence supporting the amounts and disclosures in
523
+ the financial statements. An audit also includes assessing the
524
+ accounting principles used and significant estimates made by
525
+ management, as well as evaluating the overall financial
526
+ statement presentation. We believe that our audits provide a
527
+ reasonable basis for our opinion.
528
+
529
+ In our opinion, such financial statements present fairly, in all
530
+ material respects, the financial position of Dean Witter Realty
531
+ Income Partnership I, L.P. as of October 31, 2000 and 1999, and
532
+ the results of its operations and its cash flows for each of the
533
+ three years in the period ended October 31, 2000 in conformity
534
+ with accounting principles generally accepted in the United
535
+ States of America. Also, in our opinion, such financial
536
+ statement schedule, when considered in relation to the basic
537
+ financial statements taken as a whole, presents fairly in all
538
+ material respects the information set forth therein.
539
+
540
+ /s/Deloitte & Touche LLP
541
+ DELOITTE & TOUCHE LLP
542
+ New York, New York
543
+ January 16, 2001
544
+ <PAGE>
545
+ <TABLE>
546
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
547
+
548
+ BALANCE SHEETS
549
+ <CAPTION>
550
+ October 31,
551
+ 2000 1999
552
+ ASSETS
553
+ <S> <C> <C>
554
+ Cash and cash equivalents $2,118,062 $1,355,995
555
+
556
+ Real estate:
557
+ Land 2,312,300 2,312,300
558
+ Building and improvements 7,489,594 7,454,594
559
+ 9,801,894 9,766,894
560
+ Accumulated depreciation (3,295,444) (3,071,562)
561
+ 6,506,450 6,695,332
562
+
563
+ Other assets 132,936 123,263
564
+
565
+ $8,757,448 $8,174,590
566
+
567
+ LIABILITIES AND PARTNERS' CAPITAL
568
+
569
+ <S> <C> <C>
570
+ Accounts payable and other liabilities $ 331,416 $ 208,462
571
+
572
+ Partners' capital (deficiency)
573
+ General partners (4,346,567) (4,392,557)
574
+ Limited partners ($1,000 per Unit,
575
+ 92,780 Units issued) 12,772,599 12,358,685
576
+
577
+ Total partners' capital 8,426,032 7,966,128
578
+
579
+ $8,757,448 $8,174,590
580
+
581
+ See accompanying notes to financial statements.
582
+ </TABLE>
583
+ <PAGE>
584
+ <TABLE>
585
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
586
+
587
+ INCOME STATEMENTS
588
+
589
+ For the years ended October 31, 2000, 1999 and 1998
590
+
591
+ <CAPTION>
592
+ 2000 1999 1998
593
+ <S> <C> <C>
594
+ <C>
595
+ Revenues:
596
+ Rental $ 1,074,253$ 1,060,291 $ 1,738,413
597
+ Gains on sales of real estate - -12,878,953
598
+ Interest and other 80,780 71,046 147,669
599
+
600
+ 1,155,033 1,131,337 14,765,035
601
+
602
+ Expenses:
603
+ Property operating 330,456 320,502 742,794
604
+ Depreciation and amortization 238,389 216,168
605
+ 234,547
606
+ General and administrative 126,284 116,012 407,116
607
+
608
+ 695,129 652,682
609
+ 1,384,457
610
+
611
+ Net income $ 459,904$ 478,655 $
612
+ 13,380,578
613
+
614
+ Net income allocated to:
615
+ Limited partners $ 413,914 $ 430,789 $
616
+ 13,330,415
617
+ General partners 45,990 47,866 50,163
618
+ $ 459,904 $ 478,655 $
619
+ 13,380,578
620
+
621
+ Net income per Unit of
622
+ limited partnership interest $ 4.46 $ 4.64 $ 143.68
623
+
624
+
625
+
626
+
627
+
628
+
629
+
630
+
631
+
632
+
633
+
634
+
635
+
636
+
637
+ See accompanying notes to financial statements.
638
+ </TABLE>
639
+ <PAGE>
640
+ <TABLE>
641
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
642
+
643
+ STATEMENTS OF PARTNERS' CAPITAL
644
+
645
+ For the years ended October 31, 2000, 1999 and 1998
646
+
647
+ <CAPTION>
648
+
649
+ Limited General
650
+ Partners Partners Total
651
+ <S> <C> <C>
652
+ <C>
653
+ Partners' capital (deficiency)
654
+ at November 1, 1997 $37,382,304 $(4,364,301) $ 33,018,003
655
+
656
+ Net income 13,330,415 50,163
657
+ 13,380,578
658
+
659
+ Distributions (38,784,823) (126,285) (38,911,108)
660
+
661
+ Partners' capital (deficiency)
662
+ at October 31, 1998 11,927,896 (4,440,423) 7,487,473
663
+
664
+ Net income 430,789 47,866
665
+ 478,655
666
+
667
+ Partners' capital (deficiency)
668
+ at October 31, 1999 12,358,685 (4,392,557) 7,966,128
669
+
670
+ Net income 413,914 45,990
671
+ 459,904
672
+
673
+ Partners' capital (deficiency)
674
+ at October 31, 2000 $12,772,599 $(4,346,567) $ 8,426,032
675
+
676
+
677
+
678
+
679
+
680
+
681
+
682
+ See accompanying notes to financial statements.
683
+ </TABLE>
684
+ <PAGE>
685
+ <TABLE>
686
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
687
+ STATEMENTS OF CASH FLOWS
688
+ For the years ended October 31, 2000, 1999 and 1998
689
+ <CAPTION>
690
+ 2000 1999 1998
691
+ <S> <C> <C>
692
+ <C>
693
+ Cash flows from operating activities:
694
+ Net income $459,904 $478,655 $13,380,
695
+ 578
696
+ Adjustments to reconcile net income
697
+ to net cash provided by operating
698
+ activities:
699
+ Gains on sales of real estate - -
700
+ (12,878,953)
701
+ Depreciation and amortization 238,389 216,168
702
+ 234,547
703
+ Increase in other assets (24,180) (104,424) (27,004)
704
+ Increase (decrease) in accounts
705
+ payable and other liabilities 122,954 (85,288)
706
+ (169,665)
707
+
708
+ Net cash provided by
709
+ operating activities 797,067 505,111 539,503
710
+
711
+ Cash flows from investing activities:
712
+ Additions to real estate (35,000) (223,750) (639,228)
713
+ Proceeds from disposition of real estate - -
714
+ 34,110,840
715
+
716
+ Net cash (used in)
717
+ provided by investing activities (35,000) (223,750)
718
+ 33,471,612
719
+
720
+ Cash flows from financing activities:
721
+ Cash distributions - - (38,911,1
722
+ 08)
723
+
724
+ Increase (decrease) in cash and
725
+ cash equivalents 762,067 281,361 (4,899,99
726
+ 3)
727
+
728
+ Cash and cash equivalents at
729
+ beginning of year 1,355,995 1,074,634 5,974,627
730
+
731
+ Cash and cash equivalents at end of year $2,118,062 $1,355,995
732
+ $ 1,074,634
733
+
734
+
735
+
736
+
737
+
738
+
739
+ See accompanying notes to financial statements.
740
+ </TABLE>
741
+ <PAGE>
742
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
743
+
744
+ Notes to Financial Statements
745
+
746
+ 1. The Partnership
747
+
748
+ Dean Witter Realty Income Partnership I, L.P. (the "Partnership")
749
+ is a limited partnership organized under the laws of the State of
750
+ Delaware in 1983. The Partnership is managed by Dean Witter
751
+ Realty Income Properties I Inc. (the "Managing General Partner").
752
+ The Partnership's fiscal year ends on October 31.
753
+
754
+ In 1984, the Partnership issued 92,780 units of limited
755
+ partnership interest (the "Units") for $92,780,000. No
756
+ additional Units will be sold. The proceeds of the offering were
757
+ used to make equity investments in income-producing office,
758
+ industrial and retail properties which were not encumbered by
759
+ debt when acquired.
760
+
761
+ The Partnership expects to sell its remaining real estate
762
+ investment in fiscal 2001. Pursuant to the Partnership
763
+ Agreement, the sale of the Partnership's last such investment
764
+ will cause the dissolution of the Partnership. Thereafter, the
765
+ Partnership will wind up its affairs, make a final cash
766
+ distribution, and terminate.
767
+
768
+ 2. Summary of Significant Accounting Policies
769
+
770
+ The Partnership's records are maintained on the accrual basis of
771
+ accounting for financial reporting and tax purposes. The
772
+ preparation of financial statements in conformity with accounting
773
+ principles generally accepted in the United States of America
774
+ requires management to make estimates and assumptions that affect
775
+ the reported amounts of assets and liabilities and disclosure of
776
+ contingent assets and liabilities at the date of the financial
777
+ statements and the reported amounts of revenues and expenses
778
+ during the reporting period. Actual results could differ from
779
+ those estimates.
780
+
781
+ Cash and cash equivalents consist of cash and highly liquid
782
+ investments with maturities, when purchased, of three months or
783
+ less.
784
+ <PAGE>
785
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
786
+ Notes to Financial Statements
787
+
788
+ The carrying value of real estate includes the purchase price
789
+ paid by the Partnership and acquisition fees and expenses. Costs
790
+ of improvements to the properties are capitalized, and repairs
791
+ are expensed. Depreciation is recorded on the straight-line
792
+ method. The Partnership stops recording depreciation on a
793
+ property when it is reclassified as real estate held for sale.
794
+
795
+ At least annually, and more often if circumstances dictate, the
796
+ Partnership evaluates the recoverability of the net carrying
797
+ value of its real estate and any related assets. As part of this
798
+ evaluation, the Partnership assesses, among other things, whether
799
+ there has been a significant decrease in the market value of any
800
+ of its properties. If events or circumstances indicate that the
801
+ net carrying value of a property may not be recoverable, the
802
+ expected future net cash flows from the property are estimated
803
+ for a period of approximately five years (or a shorter period if
804
+ the Partnership expects that the property may be disposed of
805
+ sooner), along with estimated sales proceeds at the end of the
806
+ period. If the total of these future undiscounted cash flows
807
+ were less than the carrying amount of the property, the property
808
+ would be written down to its fair value as determined (in some
809
+ cases with the assistance of outside real estate consultants)
810
+ based on discounted cash flows, and a loss on impairment
811
+ recognized by a charge to earnings.
812
+
813
+ Because the determination of fair value is based upon projections
814
+ of future economic events such as property occupancy rates,
815
+ rental rates, operating cost inflation and market capitalization
816
+ rates which are inherently subjective, the amounts ultimately
817
+ realized at disposition may differ materially from the net
818
+ carrying value as of October 31, 2000. The cash flows used to
819
+ evaluate the recoverability of the properties and to determine
820
+ fair value are based on good faith estimates and assumptions
821
+ developed by the Managing General Partner. Unanticipated events
822
+ and circumstances may occur and some assumptions may not
823
+ materialize; therefore, actual results may vary from the
824
+ estimates and the variances may be material. The Partnership may
825
+ provide additional write-downs which could be material in
826
+ subsequent years if real estate markets or local economic
827
+ conditions change.
828
+
829
+ Deferred leasing commissions, a component of other assets, are
830
+ amortized over the applicable lease terms.
831
+
832
+
833
+
834
+ <PAGE>
835
+
836
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
837
+ Notes to Financial Statements
838
+
839
+ Rental income is accrued on a straight-line basis over the terms
840
+ of the leases. Accruals in excess of amounts payable by tenants
841
+ pursuant to their leases (resulting from rent concessions or
842
+ rents which periodically increase over the term of a lease) are
843
+ recorded as receivables and included in other assets.
844
+
845
+ Net income per Unit amounts are calculated by dividing net income
846
+ allocated to Limited Partners, in accordance with the Partnership
847
+ Agreement, by the weighted average number of Units outstanding.
848
+
849
+ No provision for income taxes has been made in the financial
850
+ statements, since the liability for such taxes is that of the
851
+ partners rather than the Partnership.
852
+
853
+ For income tax purposes, Partnership results are reported for the
854
+ calendar year. The accounting policies used for tax reporting
855
+ purposes differ from those used for financial reporting as
856
+ follows: (a) depreciation is calculated using accelerated
857
+ methods, (b) rental income is recognized based on the payment
858
+ terms in the applicable leases, and (c) writedowns for impairment
859
+ of real estate are not deductible. In addition, offering costs
860
+ are treated differently for tax and financial reporting purposes.
861
+ The tax basis of the Partnership's assets and liabilities is
862
+ approximately $6.6 million higher than the amounts reported for
863
+ financial statement purposes.
864
+
865
+
866
+ 3. Partnership Agreement
867
+
868
+ The Partnership Agreement provides that distributable cash, as
869
+ defined, will be paid 90% to the Limited Partners and 10% to the
870
+ General Partners.
871
+
872
+ Sale proceeds will be distributed, to the extent available,
873
+ first, to each Limited Partner, until there has been a return of
874
+ the Limited Partner's capital contribution plus cumulative
875
+ distributions of distributable cash and sale proceeds in an
876
+ amount sufficient to provide a 9% cumulative annual return on the
877
+ Limited Partner's adjusted capital contribution. Thereafter, any
878
+ remaining sale proceeds will be distributed 85% to the Limited
879
+ Partners and 15% to the General Partners after the Managing
880
+ General Partner receives a brokerage fee, if earned, of up to 3%
881
+ of the selling price of any equity investment.
882
+
883
+ <PAGE>
884
+
885
+
886
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
887
+ Notes to Financial Statements
888
+
889
+ Taxable income generally is allocated in the same proportions as
890
+ distributions of distributable cash or sale proceeds (except that
891
+ the General Partners must be allocated at least 1% of taxable
892
+ income from sales). In the event there is no distributable cash
893
+ or sale proceeds, taxable income will be allocated 90% to the
894
+ Limited Partners and 10% to the General Partners. Any tax loss
895
+ will be allocated 90% to the Limited Partners and 10% to the
896
+ General Partners.
897
+
898
+ No distributions were paid during the years ended October 31,
899
+ 2000 and 1999. Distributions paid to the Limited Partners during
900
+ the year ended October 31, 1998 included a return of capital,
901
+ determined as cash distributed per Unit in excess of accumulated
902
+ earnings per Unit not previously distributed, of $351.10 per
903
+ Unit.
904
+
905
+ 4. Real Estate Investments
906
+
907
+ The location, year of acquisition and net carrying value of the
908
+ Partnership's sole property are as follows:
909
+ Net Carrying Value
910
+ Year of at October 31,
911
+ Acquisition 2000 1999
912
+
913
+ North Lake Plaza,
914
+ Altamonte Springs, FL 1984, 1986 $6,506,450$6,695,332
915
+
916
+ Due to changes in the zoning code of the city of Altamonte
917
+ Springs, FL., the property became "non-conforming". Although it
918
+ can still be occupied and used as is, the Managing General
919
+ Partner believes that the "non-conforming" status of the property
920
+ made it difficult to sell the property as a shopping center at a
921
+ price that reflected its full value. Therefore, the Partnership
922
+ entered into an agreement with the city, whereby the city had the
923
+ sole authority to offer the North Lake Plaza property, and an
924
+ adjacent property owned by the city, for sale as a part of a
925
+ redevelopment plan that allows higher density development than
926
+ currently exists at the location of the two properties. The city
927
+ has identified a party who wants to redevelop the properties, and
928
+ the prospective redeveloper must negotiate separate purchase and
929
+ sale agreements with the city and the Partnership to acquire the
930
+ properties. There can be no assurance that the North Lake Plaza
931
+ property will be sold through the above-described plan.
932
+
933
+
934
+ <PAGE>
935
+ <TABLE>
936
+
937
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
938
+
939
+ Notes to Financial Statements
940
+ <CAPTION>
941
+ 5. Sales of Real Estate
942
+ ($000)
943
+ Date of Negotiated Net Proceeds
944
+ Property Sale Sale Price from the Sale
945
+ Gain on Sale
946
+
947
+ Fiscal 1998 Sales:
948
+ <S> <C> <C>
949
+ <C>
950
+ Carmel Park I & II 12/8/97 $17,675 $17,159
951
+ $6,234
952
+ Westwood 10 12/23/97 9,400 8,906
953
+ 3,097
954
+ Harborgate 7/10/98 8,500 8,046
955
+ 3,548
956
+
957
+ $35,575 $34,111
958
+ $12,879
959
+
960
+ All of the properties were sold to unaffiliated buyers.
961
+
962
+ The net proceeds from the sale are net of closing costs.
963
+
964
+ As of October 31, 2000, all of the net sales proceeds were
965
+ distributed except for $997,385 from the sale of the Harborgate
966
+ property, which was added to the Partnership's cash reserves. On
967
+ November 29, 2000, the Partnership distributed such amount
968
+ ($10.75 per Unit). In accordance with the Partnership Agreement,
969
+ all of the distributed net sales proceeds were paid 100% to the
970
+ Limited Partners.
971
+
972
+ All gains from property sales were allocated 100% to the Limited
973
+ Partners.
974
+
975
+ 6. Leases
976
+
977
+ Minimum future rental income under noncancellable operating
978
+ leases of the North Lake Plaza property as of October 31, 2000 is
979
+ as follows:
980
+
981
+ Year ending October 31:
982
+ 2001 $ 777,748
983
+ 2002 645,144
984
+ 2003 267,405
985
+ 2004 20,125
986
+ 2005 -
987
+
988
+ Total $1,710,422
989
+ </TABLE>
990
+ <PAGE>
991
+ <TABLE>
992
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
993
+
994
+ Notes to Financial Statements
995
+
996
+ The Partnership has determined that all of the property's leases
997
+ are operating leases. The lease terms range from three to eight
998
+ years, and generally provide for fixed minimum rents with rental
999
+ escalation and/or expense reimbursement clauses.
1000
+
1001
+ 7. Related Party Transactions
1002
+
1003
+ An affiliate of the Managing General Partner provided property
1004
+ management services for North Lake Plaza until December 31, 1999.
1005
+ In 1998, the affiliate also managed two other Partnership
1006
+ properties. The Partnership paid the affiliate management fees
1007
+ of approximately $8,000, $43,000 and $58,000 for the years ended
1008
+ October 31, 2000, 1999 and 1998, respectively. These amounts are
1009
+ included in property operating expenses.
1010
+
1011
+ Another affiliate of the Managing General Partner performs
1012
+ administrative functions, processes certain investor transactions
1013
+ and prepares tax information for the Partnership. In 2000, 1999
1014
+ and 1998 the affiliate was reimbursed approximately $32,000,
1015
+ $46,000 and $159,000, respectively, for these services. These
1016
+ amounts are included in general and administrative expenses. The
1017
+ 2000 fees are also included in accounts payables and other
1018
+ liabilities at October 31, 2000.
1019
+ <CAPTION>
1020
+ 8. Summary of Quarterly Results (Unaudited)
1021
+
1022
+ Net Income
1023
+ Per Unit of
1024
+ limited
1025
+ partnership
1026
+ Revenue Net Income interest
1027
+ <S> <C> <C> <C>
1028
+ 2000
1029
+ January 31 $292,571 $ 125,370 $ 1.22
1030
+ April 30 283,587 86,322 0.83
1031
+ July 31 283,342 123,594 1.20
1032
+ October 31 295,533 124,618 1.21
1033
+ Total $1,155,0 $ 459,904 $ 4.46
1034
+ 33
1035
+
1036
+ 1999
1037
+ January 31 $246,509 $ 91,336 $ 0.89
1038
+ April 30 295,310 129,223 1.25
1039
+ July 31 302,444 160,098 1.55
1040
+ October 31 287,074 97,998 0.95
1041
+ Total $1,131,3 $ 478,655 $ 4.64
1042
+ 37
1043
+ </TABLE>
1044
+ <PAGE>
1045
+ ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
1046
+ ACCOUNTING AND FINANCIAL DISCLOSURE
1047
+
1048
+ None.
1049
+
1050
+ PART III.
1051
+
1052
+ ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
1053
+
1054
+ The Partnership is a limited partnership which has no directors
1055
+ or officers.
1056
+
1057
+ The directors and executive officers of the Managing General
1058
+ Partner are as follows:
1059
+ Position with the
1060
+ Name Managing General Partner
1061
+
1062
+ William B. Smith Chairman of the Board of Directors
1063
+ E. Davisson Hardman, Jr. President and Director
1064
+ Ronald T. Carman Secretary and Director
1065
+
1066
+ All of the directors have been elected to serve until the next
1067
+ annual meeting of the shareholder of the Managing General Partner
1068
+ or until their successors are elected and qualify. Each of the
1069
+ executive officers has been elected to serve until his successor
1070
+ is elected and qualifies.
1071
+
1072
+ William B. Smith, age 57, has been an Advisory Director of Morgan
1073
+ Stanley Dean Witter & Co., Inc. since July 2000. From June 1997
1074
+ to July 2000, Mr. Smith was a Managing Director of Morgan Stanley
1075
+ & Co., Inc. and Co-head of Morgan Stanley Realty Incorporated.
1076
+ Prior to June 1997, Mr. Smith was an Executive Vice President of
1077
+ Dean Witter Reynolds, Inc. and Director of its Investment Banking
1078
+ Department for more than five years.
1079
+
1080
+ E. Davisson Hardman, Jr., age 51, has been a Managing Director of
1081
+ Morgan Stanley Asia, Ltd. since June 1997. For more than five
1082
+ years before June 1997, Mr. Hardman was a Managing Director of
1083
+ Dean Witter Realty Inc.
1084
+
1085
+ Ronald T. Carman, age 49, has been an Assistant Secretary of
1086
+ Morgan Stanley Dean Witter & Co. since June 1997 and a Managing
1087
+ Director of Morgan Stanley & Co. Inc. since July 1998.
1088
+ Previously, he was a Senior Vice President and Associate General
1089
+ Counsel of Dean Witter Reynolds Inc., which he joined in 1984.
1090
+
1091
+ There is no family relationship among any of the foregoing
1092
+ persons.
1093
+ <PAGE>
1094
+ ITEM 11. EXECUTIVE COMPENSATION
1095
+
1096
+ The General Partners are entitled to receive cash distributions,
1097
+ when and as cash distributions are made to the Limited Partners,
1098
+ and a share of taxable income or tax loss. Descriptions of such
1099
+ distributions and allocations are in Item 5 above. The General
1100
+ Partners received cash distributions of $126,285 in fiscal year
1101
+ 1998. There were no cash distributions paid to the General
1102
+ Partners and Limited Partners in fiscal year 2000 and 1999.
1103
+
1104
+ The General Partners and their affiliates were paid certain fees
1105
+ and reimbursed for certain expenses. Information concerning such
1106
+ fees and reimbursements is contained in Note 7 to the Financial
1107
+ Statements in Item 8 above.
1108
+
1109
+ The directors and officers of the Partnership's Managing General
1110
+ Partner received no remuneration from the Partnership.
1111
+
1112
+
1113
+
1114
+
1115
+
1116
+
1117
+
1118
+
1119
+
1120
+
1121
+ <PAGE>
1122
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
1123
+
1124
+
1125
+ ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
1126
+ MANAGEMENT.
1127
+
1128
+ (a) The following is known to the Partnership to be the
1129
+ beneficial owner of more than five percent of the Units:
1130
+
1131
+ Units
1132
+ Name of Beneficial Owners beneficially owned
1133
+ Number Percent
1134
+
1135
+ Madison Avenue Investment
1136
+ Partners, LLC ("MAIP");
1137
+ Madison / OHI Liquidity
1138
+ Investors, LLC ("MOLI")
1139
+ First Equity Realty, LLC ("FER")
1140
+ The Harmony Group II, LLC ("Harmony");
1141
+ Ronald M. Dickerman;
1142
+ Bryan E. Gordon (collectively the
1143
+ "Reporting Persons") 5,613 6.05%
1144
+
1145
+ The information set forth in this Item 12 (a) is based on a
1146
+ Schedule 13G Information Statement filed May 22, 2000 by the
1147
+ Reporting Persons. Such Schedule 13G discloses that MAIP has
1148
+ sole voting and sole dispositive power over 4,361 Units, MOLI has
1149
+ sole voting and sole dispositive power over 1,252 Units, and that
1150
+ each of the Reporting Persons beneficially owns and has shared
1151
+ voting and shared dispositive power over 5,613 Units.
1152
+
1153
+ The address of MAIP, MOLI, Harmony and Mr. Gordon is P.O. Box
1154
+ 7533, Incline Village, Nevada 89452. The address of FER and Mr.
1155
+ Dickerman is 555 Fifth Avenue, 9th Floor, NY, NY 10017.
1156
+
1157
+ (b) The directors and executive officers of the Managing
1158
+ General Partner own the following Units as of January 1, 2001:
1159
+
1160
+ (1) (2) (3)
1161
+ Amount and
1162
+ Nature of
1163
+ Title of Name of Beneficial
1164
+ Class Beneficial Owner Ownership
1165
+
1166
+ Limited All directors and executive *
1167
+ Partnership officers of Managing General
1168
+ Interests Partner, as a group
1169
+
1170
+ <PAGE>
1171
+
1172
+ *Own, by virtue of their ownership of Limited Partnership
1173
+ interests in the Associate General Partner, less than 1% of
1174
+ the Units of the Partnership.
1175
+
1176
+ ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
1177
+
1178
+ As a result of their being partners of a limited partnership
1179
+ which is the limited partner of the Associate General Partner,
1180
+ certain current and former officers and directors of the Managing
1181
+ General Partner also own indirect general partnership interests
1182
+ in the Partnership. The Partnership Agreement of the Partnership
1183
+ provides that cash distributions and allocations of income and
1184
+ loss to the General Partners be distributed or allocated 50% to
1185
+ the Managing General Partner and 50% to the Associate General
1186
+ Partner. The General Partners' share of cash distributions and
1187
+ income or loss is described in Item 5 above.
1188
+
1189
+
1190
+
1191
+ <PAGE>
1192
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
1193
+
1194
+ All of the outstanding shares of common stock of the Managing
1195
+ General Partner are owned by Realty, a Delaware corporation which
1196
+ is a wholly-owned subsidiary of Morgan Stanley Dean Witter & Co.
1197
+ The general partner of the Associate General Partner is Dean
1198
+ Witter Realty Income Associates I Inc. which is a wholly-owned
1199
+ subsidiary of the Managing General Partner. The limited partner
1200
+ of the Associate General Partner is LSA 84 L.P., a Delaware
1201
+ limited partnership. Realty and certain current and former
1202
+ officers and directors of Realty are partners of LSA 84 L.P.
1203
+ Additional information with respect to the directors and
1204
+ executive officers and compensation of the Managing General
1205
+ Partner and affiliates is contained in Items 10 and 11 above.
1206
+
1207
+ The General Partners and their affiliates were paid certain fees
1208
+ and reimbursed for certain expenses. Information concerning such
1209
+ fees and reimbursements is contained in Note 7 to the Financial
1210
+ Statements in Item 8 above. The Partnership believes that the
1211
+ payment of fees and the reimbursement of expenses to the General
1212
+ Partners and their affiliates are on terms as favorable as would
1213
+ be obtained from unrelated third parties.
1214
+ <PAGE>
1215
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
1216
+ PART IV
1217
+ ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
1218
+ FORM 8-K
1219
+
1220
+ (a) The following documents are filed as part of this
1221
+ Annual Report:
1222
+
1223
+ 1. Financial Statements (see Index to Financial
1224
+ Statements filed as part of Item 8 of this Annual
1225
+ Report).
1226
+
1227
+ 2. Financial Statement Schedule (see Index to
1228
+ Financial Statements filed as part of Item 8 of this
1229
+ Annual Report).
1230
+
1231
+ 3. Exhibits
1232
+ (a)Amended and Restated Agreement of Limited
1233
+ Partnership dated as of August 15, 1983 set forth in
1234
+ Exhibit A to the Prospectus included in Registration
1235
+ Statement Number 286041 is incorporated herein by
1236
+ reference.
1237
+
1238
+ (b) Certificate of Limited Partnership included in Registration
1239
+ Statement Number 286041 is incorporated herein by reference.
1240
+
1241
+ (4) (a) Amended and Restated Agreement of
1242
+ Limited Partnership dated as of August 15, 1983 set
1243
+ forth in Exhibit A to the Prospectus included in
1244
+ Registration Statement Number 286041 is incorporated
1245
+ herein by reference.
1246
+
1247
+ (b) Certificate of Limited Partnership included in
1248
+ Registration Statement Number 286041 is incorporated
1249
+ herein by reference.
1250
+
1251
+ (10)(a)Purchase and Sale Agreements for properties
1252
+ purchased were filed as Exhibits to Form 8-K on
1253
+ April 26, 1984, October 17, 1984, October 26, 1984,
1254
+ October 31, 1984, December 20, 1984, July 15, 1985
1255
+ and October 29, 1985 and are incorporated herein by
1256
+ reference.
1257
+
1258
+ (b) "Purchase Agreement" dated as of May 31, 1996 for
1259
+ sale of the 1718 Connecticut Avenue property was
1260
+ filed as an Exhibit to Form 8-K on June 24, 1996 and is
1261
+ incorporated herein by reference.
1262
+ <PAGE>
1263
+ (c) "Purchase and Sale Agreement" dated as of February
1264
+ 28, 1997 for sale of the Century Square property was
1265
+ filed as an Exhibit to Form 8-K on April 10, 1997
1266
+ and is incorporated herein by reference.
1267
+
1268
+ (d)"Purchase and Sale Agreement" dated as of September
1269
+ 8, 1997 for sale of the Arlington Business Center
1270
+ property was filed as an Exhibit to Form 8-K on
1271
+ October 10, 1997 and is incorporated herein by
1272
+ reference.
1273
+
1274
+ (e)"Purchase and Sale Agreement" dated as of November
1275
+ 10,1997 for sale of the Carmel Park property and
1276
+ the related "First Amendment to Purchase and Sale
1277
+ Agreement" dated as of December 2, 1997 were filed
1278
+ as Exhibits to Form 8-K on December 8, 1997 and are
1279
+ incorporated herein by reference.
1280
+
1281
+ (f)"Purchase and Sale Agreement" dated as of October
1282
+ 30,1997 for sale of the Westwood 10 property was
1283
+ filed as an Exhibit to Form 8-K on December 23, 1997
1284
+ and is incorporated herein by reference.
1285
+
1286
+ (g)"Purchase and Sale Agreement" dated as of May 29,
1287
+ 1998 for sale of the Harborgate property was
1288
+ filed as an Exhibit to Form 8-K on July 10, 1998
1289
+ and is incorporated herein by reference.
1290
+
1291
+
1292
+ (b) No Forms 8-K were filed by the Partnership during the last
1293
+ quarter of the period covered by this report.
1294
+
1295
+
1296
+ <PAGE>
1297
+ <TABLE>
1298
+ SCHEDULE III
1299
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
1300
+
1301
+ Real Estate and Accumulated Depreciation
1302
+
1303
+ October 31, 2000
1304
+ <CAPTION>
1305
+ Initial Cost to Partnership (A)
1306
+
1307
+ Cost
1308
+ Capitalized
1309
+ Building and Subsequent
1310
+ Description Land Improvements Total
1311
+ Acquisition
1312
+ <S> <C> <C> <C>
1313
+ <C>
1314
+ Shopping Center
1315
+ Altamonte
1316
+ Springs, FL $ 2,300,000 $7,626,517 $9,926,517 $1,252,377
1317
+
1318
+
1319
+ Gross Amount at which
1320
+ Carried at End of Period (B)
1321
+
1322
+ Losses on
1323
+ Impairment of Buildings &
1324
+ Description Real Estate Land Improvements
1325
+ Total
1326
+ <CAPTION>
1327
+ Shopping Center
1328
+ Altamonte
1329
+ <S> <C> <C> <C>
1330
+ <C>
1331
+ Springs, FL $(1,377,000) $2,312,300 $7,489,594
1332
+ $9,801,894
1333
+
1334
+
1335
+ Life on which
1336
+ Depreciation
1337
+ in Latest
1338
+ Income
1339
+ Accumulated Date of Date
1340
+ Statements is
1341
+ Description Depreciation Construction Acquired
1342
+ Computed
1343
+ <CAPTION>
1344
+ Shopping Center
1345
+ Altamonte
1346
+ <S> <C> <C> <C> <C>
1347
+ Springs, FL $3,295,444 1981-1985 October 1984 5-40 years
1348
+
1349
+ Notes:
1350
+
1351
+ (A) The initial cost includes the purchase price paid by the
1352
+ Partnership and acquisition fees and expenses. No carrying
1353
+ costs have been capitalized subsequent to acquisition. There
1354
+ is no difference between cost for financial reporting purposes
1355
+ and federal income tax purposes.
1356
+ </TABLE>
1357
+ <PAGE>
1358
+ <TABLE>
1359
+ SCHEDULE III (Cont'd)
1360
+
1361
+ (B) Reconciliation of real estate owned at October 31:
1362
+ <CAPTION>
1363
+ 2000 1999
1364
+ 1998
1365
+ <S> <C> <C> <C>
1366
+ Balance at beginning of period $9,766,894 $9,543,144
1367
+ $17,679,197
1368
+ Improvements 35,000 223,750
1369
+ 639,228
1370
+ Sale of real estate - -
1371
+ (8,775,281)
1372
+
1373
+ Balance at end of period $9,801,894$9,766,894 $
1374
+ 9,543,144
1375
+
1376
+
1377
+ (C) Reconciliation of accumulated depreciation:
1378
+
1379
+ Balance at beginning of period$3,071,562 $ 2,866,051 $
1380
+ 7,054,850
1381
+ Depreciation expense 223,882 205,511 207,369
1382
+ Sale of real estate - -
1383
+ (4,396,168)
1384
+
1385
+ Balance end of period $3,295,444 $ 3,071,562 $
1386
+ 2,866,051
1387
+ </TABLE>
1388
+
1389
+ <PAGE>
1390
+ SIGNATURES
1391
+
1392
+ Pursuant to the requirements of Section 13 or 15(d) of the
1393
+ Securities Exchange Act of 1934, the registrant has duly caused
1394
+ this report to be signed on its behalf by the undersigned,
1395
+ thereunto duly authorized.
1396
+
1397
+ DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
1398
+
1399
+ By: Dean Witter Realty Income Properties I Inc.
1400
+ Managing General Partner
1401
+
1402
+ By: /s/E. Davisson Hardman, Jr. Date: January 26, 2001
1403
+ E. Davisson Hardman, Jr.
1404
+ President
1405
+
1406
+ By: /s/Raymond E. Koch Date: January 26, 2001
1407
+ Raymond E. Koch
1408
+ Controller
1409
+ (Principal Financial and Accounting Officer)
1410
+
1411
+ Pursuant to the requirements of the Securities Exchange Act of
1412
+ 1934, this report has been signed below by the following persons
1413
+ on behalf of the registrant and in the capacities and on the
1414
+ dates indicated.
1415
+
1416
+ DEAN WITTER REALTY INCOME PROPERTIES I INC.
1417
+ Managing General Partner
1418
+
1419
+ /s/William B. Smith Date: January 26, 2001
1420
+ William B. Smith
1421
+ Chairman of the Board of Directors
1422
+
1423
+ /s/E. Davisson Hardman, Jr. Date: January 26, 2001
1424
+ E. Davisson Hardman, Jr.
1425
+ Director
1426
+
1427
+ /s/Ronald T. Carman Date: January 26, 2001
1428
+ Ronald T. Carman
1429
+ Director
1430
+
1431
+
1432
+ </TEXT>
1433
+ </DOCUMENT>
1434
+ </SEC-DOCUMENT>
1435
+ -----END PRIVACY-ENHANCED MESSAGE-----