Upload fraud/2001//0000726315-01-000001.txt with huggingface_hub
Browse files- fraud/2001/0000726315-01-000001.txt +1435 -0
fraud/2001/0000726315-01-000001.txt
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|
| 1 |
+
-----BEGIN PRIVACY-ENHANCED MESSAGE-----
|
| 2 |
+
Proc-Type: 2001,MIC-CLEAR
|
| 3 |
+
Originator-Name: webmaster@www.sec.gov
|
| 4 |
+
Originator-Key-Asymmetric:
|
| 5 |
+
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
|
| 6 |
+
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
|
| 7 |
+
MIC-Info: RSA-MD5,RSA,
|
| 8 |
+
O8sAW282r4fdP6yGKHkcocbasgFSaDbho5KLpGtJVe36dJxtRhNxx/f7ZGNgPTOV
|
| 9 |
+
/rCyV/Gmgsv0x+engkgcpQ==
|
| 10 |
+
|
| 11 |
+
<SEC-DOCUMENT>0000726315-01-000001.txt : 20010129
|
| 12 |
+
<SEC-HEADER>0000726315-01-000001.hdr.sgml : 20010129
|
| 13 |
+
ACCESSION NUMBER: 0000726315-01-000001
|
| 14 |
+
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-----
|