-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lx5cxkGnVMSuzllgFf8xAXN944/cy3lpbOqkyjJifYdnSRNxjF3sYIDlWSxBWf+N dEXcNDWVOuEGBKI23A9YOg== 0000726315-96-000001.txt : 19960131 0000726315-96-000001.hdr.sgml : 19960131 ACCESSION NUMBER: 0000726315-96-000001 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951031 FILED AS OF DATE: 19960129 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WITTER DEAN REALTY INCOME PARTNERSHIP I LP CENTRAL INDEX KEY: 0000726315 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 133174553 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13260 FILM NUMBER: 96508285 BUSINESS ADDRESS: STREET 1: 2 WORLD TRADE CENTER STREET 2: 46TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 2123921054 MAIL ADDRESS: STREET 1: TWO WORLD TRADE CENTER STREET 2: 46TH BFLOOR CITY: NEW YORK STATE: NY ZIP: 10048 10-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________. Commission File Number 0-13260 DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. (Exact name of registrant as specified in its charter) Delaware 13-3174553 (State of organization) (IRS Employer Identification No.) 2 World Trade Center, New York, NY 10048 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 392-1054 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered None None Securities registered pursuant to Section 12(g) of the Act: Units of Limited Partnership Interests (Title of Class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K's or any amendment to this Form 10-K. [X] State the aggregate market value of the voting stock held by nonaffiliates of the registrant. Not Applicable DOCUMENTS INCORPORATED BY REFERENCE None PART I. ITEM 1. BUSINESS. The Registrant, Dean Witter Realty Income Partnership I, L.P. (the "Partnership"), is a limited partnership formed in August 1983 under the Uniform Limited Partnership Act of the State of Delaware for the purpose of investing primarily in income-producing office, industrial and retail properties. The Managing General Partner of the Partnership is Dean Witter Realty Income Properties I Inc. (the "Managing General Partner"), a Delaware corporation which is wholly owned by Dean Witter Realty Inc. ("Realty"). The Associate General Partner is Dean Witter Realty Income Associates I, L.P. (the "Associate General Partner"), a Delaware limited partnership, the general partner of which is Dean Witter Realty Income Associates I Inc., a wholly-owned subsidiary of the Managing General Partner. The Managing General Partner manages and controls all aspects of the business of the Partnership. The terms of transactions between the Partnership and its affiliates are set forth below in footnote 8 to the Consolidated Financial Statements in Item 8 and in Item 13. The Partnership issued 92,780 units of limited partnership interest (the "Units") with gross proceeds from the offering of $92,780,000. The offering has been terminated and no additional Units will be sold. The proceeds from the offering were used to make equity investments in four office properties, two office/research and development properties and one retail property which were acquired without mortgage debt. The properties are described in Item 2 below. The Partnership considers its business to include one industry segment, investment in real property. Financial information regarding the Partnership is included in the Partnership's Financial Statements in Item 8 below. The Partnership's real property investments are subject to competition from similar types of properties in the vicinities in which they are located. Further information regarding competition and market conditions where the Partnership's properties are located is set forth in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." The Partnership has no employees. All of the Partnership's business is conducted in the United States. ITEM 2. PROPERTIES. The Partnership's principal offices are located at Two World Trade Center, New York, New York 10048. The Partnership has no other offices. The Partnership owns directly or through a partnership interest the following seven property interests, none of which is encumbered by mortgage debt. Generally, the leases pertaining to the properties provide for pass-throughs to the tenants of their pro-rata share of certain operating expenses. In the opinion of the Managing General Partner, all of the properties are adequately covered by insurance.
Year(s) Acquisition Net Rentable Type of Ownership Completed/ Cost Area of land and Property, location and type Acquired ($000) (000 sq. ft.) Improvements Westwood 10 Westwood, MA 1986/1984,86 $8,952 122 Fee ownership Office/research and development building 1718 Connecticut Avenue 1982/1984 $8,213 35 99.9% General Part- Washington, DC nership interest1 Office building North Lake Plaza Altamonte Springs, FL 1985/1984,86 $10,110 137 Fee ownership Shopping center Harborgate Los Angeles, CA 1984/1984 $13,000 68 Fee ownership Office Building Arlington Business Center Arlington Heights, IL 1984/1984 $9,721 98 Fee ownership Three office/research and development buildings Carmel Park I and II Charlotte, NC 1985/1985 $18,530 168 Fee ownership Office buildings Century Square Pasadena, CA 1984/1985 $ 9,700 206 25% General Part- Office building nership interest2 1. The .1% limited partnership interest was purchased by the Managing General Partner. 2. An affiliate of the Partnership, Dean Witter Realty Income Partnership II, L.P. purchased the remaining 75% general partnership interest in the partnership. The total cost of the property was $38.8 million. Each property has been built with on-site parking facilities.
An affiliate of the Partnership is the property manager for Century Square, North Lake Plaza, 1718 Connecticut Avenue, Westwood 10, Carmel Park and Harborgate. Further information relating to the Partnership's properties is included in Item 7 and footnotes 4 and 5 to the consolidated financial statements in Item 8 below. ITEM 3. LEGAL PROCEEDINGS. On December 27, 1995, a class action lawsuit naming various public real estate partnerships sponsored by Realty (including the Partnership and its Managing General Partner and Associate General Partner), Realty, Dean Witter Reynolds Inc. and others as defendants was filed in Superior Court in California. The complaint alleges fraud, negligent misrepresentation, intentional and negligent breach of fiduciary duty, unjust enrichment and related claims and seeks compensatory and punitive damages in unspecified amounts and injunctive and other equitable relief. The defendants have removed the case to the United States District Court for the Southern District of California. The defendants have not yet responded to the complaint. The defendants intend to vigorously defend the action. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. No matter was submitted during the fourth quarter of the fiscal year to a vote of Unit holders. PART II. ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. An established public trading market for the Units does not exist, and it is not anticipated that such a market will develop in the future. Accordingly, information as to the market value of a Unit at any given date is not available. However, the Partnership does allow its limited partners (the "Limited Partners") to transfer their units if a suitable buyer can be located. As of January 25, 1996 there were 14,898 holders of limited partnership interests. The Partnership is a limited partnership and, accordingly, does not pay dividends. It does, however, make quarterly distributions of cash to its partners. Pursuant to the partnership agreement, distributable cash, as defined, is paid 90% to the Limited Partners and 10% to the general partners (the "General Partners"). The Partnership paid quarterly cash distributions during the year ended October 31, 1995 aggregating $18.75 per Unit to the Limited Partners. The total distribution aggregated $1,932,915 with $1,739,625 distributed to the Limited Partners and $193,290 to the General Partners. For the year ended October 31, 1994, the Partnership paid quarterly cash distributions aggregating $15.00 per Unit to the Limited Partners. The total distribution aggregated $1,546,333 with $1,391,700 distributed to the Limited Partners and $154,633 due to the General Partners. On November 28, 1995, the Partnership paid a cash distribution of $5.00 per Unit to Limited Partners. The total distribution aggregated $515,444 with $463,900 of cash distributed to the Limited Partners and $51,544 due to the General Partners. The Partnership anticipates making regular distributions to its partners in the future. Sale or financing proceeds will be distributed, to the extent available, first, to each Limited Partner, until there has been a return of the Limited Partner's capital contribution plus cumulative distributions of distributable cash and sale or financing proceeds in an amount sufficient to provide a 9% cumulative annual return on the Limited Partner's adjusted capital contribution. Thereafter, any remaining sale or financing proceeds will be distributed 85% to the Limited Partners and 15% to the General Partners after the Managing General Partner receives a brokerage fee of up to 3% of the selling price of any equity investment. Taxable income generally will be allocated in the same proportions as distributions of distributable cash or sale or financing proceeds (except that the General Partners must be allocated at least 1% of taxable income from sales or financings). In the event there is no distributable cash or sale or financing proceeds, taxable income will be allocated 90% to the Limited Partners and 10% to the General Partners. Any tax loss will be allocated 90% to the Limited Partners and 10% to the General Partners. ITEM 6. SELECTED FINANCIAL DATA. The following sets forth a summary of the selected financial data for the Partnership:
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. For the years ended October 31, 1995, 1994, 1993, 1992 and 1991 1995 1994 1993 1992 1991 Total revenues $ 8,000,566 $ 7,900,587 $ 7,211,147 $ 6,980,117 $ 7,640,551 1 Net (loss) income $ 1,535,137 $(10,175,630) $ 191,052 $ 459,493 $ 1,340,196 Net (loss) income per Unit of limited partnership interest $ 14.89 $(98.71) $ 1.85 $ 4.46 $13.00 Cash distributions paid per Unit of limited partnership interest2 $ 18.75 $ 15.00 $ 15.00 $ 15.00 $ 27.50 Total assets at October 31 $58,295,735 $58,611,333 $73,292,198 $74,016,333 $74,968,981 Loan payable to bank due after one year (See note 6 to the financial statements) $ - $ - $ 2,785,665 $ - $ - The above financial data should be read in conjunction with the consolidated financial statements and the related notes appearing in Item 8. 1. Includes a $10.8 million loss on impairment recorded for the Arlington Business Center and Harborgate properties. See Item 7 and Item 8 Financial Statements, Note 4. 2. Distributions paid to limited partners include a return of capital per Unit of limited partnership interest of $3.86, $15.00, $13.15, $10.54 and $14.50 for the years ended October 31, 1995, 1994, 1993, 1992 and 1991, respectively, calculated as the excess of cash distributed per Unit over accumulated earnings per Unit not previously distributed.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Liquidity and Capital Resources The Partnership raised $92,780,000 in a public offering which was terminated in 1984. The Partnership has no plans to raise additional capital. The Partnership has purchased six properties and has made one investment in a partnership on an all-cash basis. The Partnership's acquisition program has been completed. No additional investments are planned. The condition of the real estate market varies among different regions of the country and by property type. The relative absence of office construction as well as growth in business services has resulted in absorption of office space in cities such as Boston, Charlotte and suburban Chicago (locations of Westwood 10, Carmel Park, and Arlington Business Center, respectively). In contrast, office vacancy levels in southern California (locations of Harborgate and Century Square) remain essentially unchanged from the prior year as certain large corporations and financial companies continue to restructure and consolidate their operations. In most markets, office construction is limited to build- to-suit projects. Office/research and development properties in certain regions are benefiting from growth in the computer, communications and electronics industries. At retail properties, the demand for space for the first half of 1995 was subdued as a result of generally sluggish retail sales and competition from large power centers, discounters and reorganized department stores. The Partnership's liquidity depends on the cash flow from operations of its properties and expenditures for tenant improvements and leasing commissions in connection with the leasing of space. In 1995 all of the Partnership's properties generated positive cash flow from operations, and it is anticipated that they will continue to do so. In 1995, Partnership cash flow from operations and distributions received from its joint venture investment exceeded distributions to investors and capital expenditures. The Partnership expects that such cash inflows will be sufficient to fund capital expenditures and distributions to investors in 1996. The Partnership increased the cash distribution rate from 1.5% to 2% per Unit beginning with the cash distribution for the first fiscal quarter of 1995 which were paid in February 1995. In addition, beginning with that distribution, the General Partners no longer defer their share of cash distributions. In 1995, the Partnership incurred approximately $782,000 of tenant improvements and leasing commissions, of which approximately $480,000 was related to the Westwood 10 property, and approximately $141,000 was related to the Carmel Park I and II properties. The Partnership also contributed approximately $388,000 to the Century Square joint venture, primarily for its share of leasing commissions in connection with the new Countrywide lease described below. Effective January 1, 1995, the lease term of Countrywide Credit Industries, Inc., the largest tenant at the Century Square office building, was extended from March 2000 to March 2010. The rental rate will remain at the 1994 rate through 2004, rather than increasing, as provided for under the original leases. After 2004, rents will increase ten percent for the remainder of the lease term. The restructured lease is expected to result in stable cash flow from the property for a total of fifteen years, at a higher level than comparable current market rents. Given the current market and economic conditions in Pasadena, CA, and the credit-worthiness of Countrywide, the Managing General Partner considers the terms of the new agreement favorable. Prior to 1990, the Partnership had borrowed funds from an affiliate of the Managing General Partner to fund tenant improvements, capital expenditures and other partnership expenditures. As of October 31, 1995, $4,032,527 was outstanding on this loan. The loan bears interest at the prime rate (8.75% as of October 31, 1995). Interest expense on the affiliate loan amounted to $342,221, $281,361 and $287,091 for the years ended October 31, 1995, 1994 and 1993, respectively. On November 28, 1995 the Partnership paid the fourth quarter cash distribution of $5.00 per Unit to Limited Partners. The total distribution aggregated $515,444 with $463,900 of cash distributed to the Limited Partners and $51,544 to the General Partners. Except as described above and in the consolidated financial statements, the Managing General Partner is not aware of any trends or events, commitments or uncertainties that will impact liquidity in a material way. Operations Fluctuations in the Partnership's operating results for the year ended October 31, 1995 compared to 1994 and for the year ended October 31, 1994 compared to 1993 are primarily attributable to the following: The slight decrease in rental revenue in 1995 compared to 1994 resulted primarily from lower rental revenue on new leases at the Arlington Business Center offset by increases in rent resulting from increased occupancy at the Westwood 10 property. The increase in rental revenue in 1994 compared to 1993 was primarily attributable to increased average occupancy levels at 1718 Connecticut and Westwood 10 during 1994. As described earlier, the lease rate for Countrywide Credit, the largest tenant at the Century Square property, will remain level through 2004. The increase in interest and other revenue in 1995 compared to 1994 is primarily due to tenant reimbursements at Arlington. Interest income also increased because of increases in the amount of funds invested as well as increases in interest rates. The decrease in 1994 compared to 1993 is primarily due to the receipt of lease termination fees in 1993 of $52,500 from a tenant at the Arlington Business Center and $160,000 from another tenant at Carmel Park I. This decrease was partially offset by an increase in interest income resulting from greater funds invested in short-term investments as well as an increase in interest rates. The decrease in property operating expenses for the year ended 1995 when compared to 1994 is primarily due to real estate tax refunds at the 1718 Connecticut and Harborgate properties. The increase in operating expense in 1994 compared to 1993 is primarily attributable to increases in real estate taxes in 1994 at Arlington Business Center as a result of an increase in the assessed value of the property and at Harborgate because of the absence of a refund which had been received in 1993. These increases were partially offset by a real estate tax refund received at Westwood 10 in 1994. The decreases in depreciation and amortization for the year ended 1995 compared to 1994 are due to the lower depreciable basis of the Harborgate office building and Arlington Business Center properties, as a result of writedowns recorded in October 1994. The increases in depreciation and amortization in 1994 compared to 1993 correspond to increased expenditures for tenant improvement and leasing commissions in 1994. The decrease in general and administrative expense in 1994 as compared to 1993 is primarily due to decreased legal fees in 1994. In fiscal 1994, the Partnership recorded losses on impairment of the Harborgate and Arlington Business Center properties. See Note 4 to the Consolidated Financial Statements in Item 8. A summary of the office, retail and research and development building markets where the Partnership's properties are located and the performance of each property is as follows: In Pasadena, California, the location of the Century Square office building, the overall office market vacancy rate is approximately 15%, and it is expected to remain at approximately the same level as there has been a noticeable lack of movement in that market. However, Century Square remained 100% leased during the year. The property's largest tenant, Countrywide Credit, occupied 84% of the properties rentable space. No leases are due to expire in 1996. The Los Angeles, California office market, the location of Harborgate, is weak primarily as a result of cuts in the defense and aerospace industries. The vacancy rate (including sublet space) in this market has increased to approximately 29%. Although the property is well located within this market, there are limited number of tenants seeking to lease space in this area. Reduced tenant demand, an oversupply of available space and competition from surrounding office markets impedes improvement in this market. At October 31, 1995, occupancy at the property was 84%. The property is leased to 10 tenants. The lease to U.S. Sprint Communications, which occupies approximately 52% of the property's net rentable space, was renewed until October 31, 2000 subject to certain termination rights. Included in the U.S. Sprint lease renewal are tenant improvement costs approximating $490,000 to be spent by the Partnership over the next two to three years. Lease expirations in 1996 total 9.8% of the total rentable space. Arlington Business Center, a research and development building is located in Arlington Heights, Illinois. An improved midwest economy and the absence of office construction during the past few years have reduced office vacancy levels in this suburban Chicago market. The vacancy rate in this market is approximately 17%. However, as of October 31, 1995, occupancy at the property was 95%. The property is leased to 8 tenants. Tenants occupying more than 10% of rentable space are Racal Data Communications, CTC International, Inc., Digital Equipment, Electronic Prepress and Pitney Bowes. Digital Equipment lease was due to expire in 1996, but Digital renewed for five years. No other leases expire in 1996. Westwood 10, located in Westwood, Massachusetts, has recently experienced some easing of the oversupply of research and development buildings. The vacancy rate in this market is approximately 22%. As of October 31, 1995, the property was 85% leased to 6 tenants. Tenants occupying more than 10% of rentable space are Executone Information Systems, Mobile Media X-Ray, and Mitek Surgical Products. Leases totaling 3.3% of rental space expire in 1996. The Washington D.C., office market in which 1718 Connecticut is located has a vacancy rate of approximately 12%. As of October 31, 1995, occupancy at the property was 100%. The property is leased to 9 tenants. Tenants occupying more than 10% of rentable space are Policy Studies Association, Island Press, Embassy of Argentina, Association of American Publishers, and the Door Store. No leases expire in 1996. The Charlotte, North Carolina office market, in which Carmel Park is located, has a vacancy rate of approximately 4%. In this market, there is little new construction and rental rates have increased slightly. Carmel Park's occupancy was 98% as of October 31, 1995. The property is leased to 18 tenants. Tenants occupying more than 10% of rentable space are CIGNA and Royal Indemnity. Leases totaling less than 1% of rental space expire in 1996. Altamonte Springs, Florida, the location of the North Lake Plaza Shopping Center, is a difficult retail market where overbuilding has exerted downward pressure on rents and the market vacancy rate is approximately 20%. Occupancy at the property as of October 31, 1995 was 91%. The property was leased to 13 tenants as of October 31, 1995. Tenants occupying more than 10% of rentable space are Marshalls and Burlington Coat Factory. In March 1992, Home Depot sub-leased its space to Burlington Coat Factory for the remainder of the lease term. Home Depot will remain obligated to pay rent under its lease until the lease expires. No leases expire in 1996. Inflation Inflation has been consistently low during the periods presented in the financial statements and, as a result, has not had a significant effect on the operations of the Partnership or its properties. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. INDEX Page (a) Financial statements Independent Auditors' Report 13 Consolidated Balance Sheets at October 31, 1995 and 1994 14 Consolidated Statements of Operations for the years ended October 31, 1995, 1994 and 1993 15 Consolidated Statements of Partners' Capital for the years ended October 31, 1995, 1994 and 1993 16 Consolidated Statements of Cash Flows for the years ended October 31, 1995, 1994 and 1993 17 Notes to Consolidated Financial Statements 18-25 (b) Financial statement schedule Real Estate and Accumulated Depreciation III 31-32 All schedules other than those indicated above have been omitted because either the required information is not applicable or the information is shown in the consolidated financial statements or notes thereto.
Independent Auditors' Report To The Partners of Dean Witter Realty Income Partnership I, L.P.: We have audited the accompanying consolidated balance sheets of Dean Witter Realty Income Partnership I, L.P. and consolidated partnerships (the "Partnership") as of October 31, 1995 and 1994, and the related consolidated statements of operations, partners' capital, and cash flows for each of the three years in the period ended October 31, 1995. Our audits also included the financial statement schedule listed in the Index at Item 8. These financial statements and financial statement schedule are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements and the financial statement schedule based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly in all material respects, the financial position of Dean Witter Realty Income Partnership I, L.P. and consolidated partnerships as of October 31, 1995 and 1994, and the results of their operations and their cash flows for each of the three years in the period ended October 31, 1995 in conformity with generally accepted accounting principles. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein. /s/Deloitte & Touche LLP DELOITTE & TOUCHE LLP New York, New York January 24, 1996 DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. CONSOLIDATED BALANCE SHEETS October 31, 1995 and 1994
ASSETS 1995 1994 Cash and short-term investments, at cost, which approximates market $ 3,572,041 $ 2,230,923 Real estate: Land 12,230,400 12,230,400 Buildings and improvements 56,550,871 55,830,515 68,781,271 68,060,915 Accumulated depreciation 24,089,561 21,555,012 44,691,710 46,505,903 Investment in joint venture 8,341,537 8,489,748 Deferred leasing commissions, net 260,912 418,725 Other assets 1,429,535 966,034 $ 58,295,735 $ 58,611,333 LIABILITIES AND PARTNERS' CAPITAL Accounts payable and accrued liabilities $ 808,003 $ 791,896 Security deposits 210,413 167,218 Due to affiliate 4,032,527 4,048,307 Deferred distributions 2,467,674 2,429,016 7,518,617 7,436,437 Partners' capital (deficiency) General partners (3,289,800) (3,250,024) Limited partners ($1,000 per Unit, 92,780 Units issued) 54,066,918 54,424,920 Total partners' capital 50,777,118 51,174,896 $ 58,295,735 $ 58,611,333 See accompanying notes to consolidated financial statements. /TABLE DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. CONSOLIDATED STATEMENTS OF OPERATIONS For the years ended October 31, 1995, 1994 and 1993
1995 1994 1993 Revenues: Rental $7,110,106 $7,141,940 $6,355,640 Equity in earnings of joint venture 474,263 586,104 562,451 Interest and other 416,197 172,543 293,056 8,000,566 7,900,587 7,211,147 Expenses: Property operating expenses 2,963,316 3,064,472 2,962,090 Depreciation 2,534,549 2,949,356 2,822,776 Amortization 219,225 292,590 254,160 Interest 342,221 490,260 468,069 General and administrative 406,118 442,475 513,000 Losses on impairment of real estate - 10,837,064 - 6,465,429 18,076,217 7,020,095 Net income (loss) $ 1,535,137 $(10,175,630) $ 191,052 Net income (loss) allocated to : Limited partners $ 1,381,623 $ (9,158,067) $ 171,947 General Partners 153,514 (1,017,563) 19,105 $ 1,535,137 $(10,175,630) $ 191,052 Net income (loss) per Unit of limited partnership interest $ 14.89 $( 98.71) $ 1.85 See accompanying notes to consolidated financial statements. /TABLE DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL For the years ended October 31, 1995, 1994 and 1993
Limited General Partners Partners Total Partners' capital (deficiency) at November 1, 1992 $66,194,440 $(1,942,300) $64,252,140 Net income 171,947 19,105 191,052 Distributions (1,391,700) (154,633) (1,546,333) Partners' capital (deficiency) at October 31, 1993 64,974,687 (2,077,828) 62,896,859 Net loss (9,158,067) (1,017,563) (10,175,630) Distributions (1,391,700) (154,633) (1,546,333) Partners' capital (deficiency) at October 31, 1994 54,424,920 (3,250,024) 51,174,896 Net income 1,381,623 153,514 1,535,137 Distributions (1,739,625) (193,290) (1,932,915) Partners' capital (deficiency) at October 31, 1995 $54,066,918 $(3,289,800) $50,777,118 See accompanying notes to consolidated financial statements. /TABLE DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended October 31, 1995, 1994 and 1993
1995 1994 1993 Cash flows from operating activities: Net income (loss) $ 1,535,137 $(10,175,630) $ 191,052 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 2,534,549 2,949,356 2,822,776 Amortization 219,225 292,590 254,160 Equity in earnings of joint venture (474,263) (586,104) (562,451) Losses on impairment of real estate - 10,837,064 - Deferred leasing commissions (61,412) (204,225) (195,063) Other assets (463,501) (74,984) 316,160 Accounts payable and accrued liabilities 16,107 (1,521) 90,264 Security deposits 43,195 4,607 8,292 Net cash provided by operating activities 3,349,037 3,041,153 2,925,190 Cash flows from investing activities: Additions to real estate (720,356) (692,220) (726,579) Distributions from joint venture 1,009,977 1,171,262 991,540 Investment in joint venture (387,503) (10,358) (8,989) Net cash (used in) provided by investing activities (97,882) 468,684 255,972 Cash flows from financing activities: Decrease in due to affiliates (15,780) - (2,738,664) Cash distributions (1,894,257) (1,391,700) (1,391,700) (Repayment) proceeds from loan payable to bank - (3,116,621) 3,116,621 Decrease (increase) in restricted cash - 250,000 (250,000) Net cash used in financing activities (1,910,037) (4,258,321) (1,263,743) Increase (decrease) in cash and cash equivalents 1,341,118 (748,484) 1,917,419 Cash and cash equivalents at beginning of fiscal year 2,230,923 2,979,407 1,061,988 Cash and cash equivalents at end of fiscal year $ 3,572,041 $ 2,230,923 $ 2,979,407 Supplemental disclosure of cash flow information: Cash paid for interest $ 342,221 $ 490,260 $ 468,069 See accompanying notes to consolidated financial statements. /TABLE 1. The Partnership Dean Witter Realty Income Partnership I, L.P. (the "Partnership") is a limited partnership organized under the laws of the State of Delaware in 1983. The Partnership is managed by Dean Witter Realty Income Properties I Inc. (the "Managing General Partner"). The Partnership's fiscal year ends on October 31. In 1984, the Partnership issued 92,780 units of limited partnership interest (the "Units") for $92,780,000. No additional Units will be sold. The proceeds of the offering were used to make equity investments in income-producing office, industrial and retail properties which were not encumbered by debt when acquired. 2. Summary of Significant Accounting Policies The financial statements include the accounts of the Partnership and 1718 Connecticut, Ltd. on a consolidated basis. The Partnership's 25% interest in the Century Square property is accounted for on the equity method. The Partnership's records are maintained on the accrual basis of accounting for financial reporting and tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The carrying value of real estate includes the purchase price paid by the Partnership and acquisition fees and expenses. Costs of improvements to the properties are capitalized, and repairs are expensed. Depreciation is recorded on the straight-line method. Cash and cash equivalents consist of cash and highly liquid investments with maturities, when purchased, of three months or less. At least annually, and more often if circumstances dictate, the Partnership evaluates the recoverability of the net carrying value of its real estate. As part of this evaluation, the fair values of each of the properties are estimated (in some cases with the assistance of outside real estate consultants) based on discounted cash flows. The fair values are compared to the properties' carrying amounts in the financial statements. A deficiency in fair value relative to carrying amount is an indication of the need for a writedown due to impairment. In such case, the expected future net cash flows from the property are estimated for a period of approximately five years, along with estimated sales proceeds at the end of the period. If the total of these future undiscounted cash flows were less than the carrying amount of the property, the property would be written down to its fair value, and a loss on impairment recognized by a charge to earnings. The Partnership's policy complies with Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of". Because the determination of fair value is based upon projections of future economic events such as property occupancy rates, rental rates, operating cost inflation and market capitalization rates which are inherently subjective, the amounts ultimately realized at disposition may differ materially from the net carrying value as of October 31, 1995. The cash flows used to determine fair value and net realizable value are based on good faith estimates and assumptions developed by the Managing General Partner. Unanticipated events and circumstances may occur and some assumptions may not materialize; therefore actual results may vary from the estimates and the variances may be material. The Partnership may provide additional write-downs which could be material in subsequent years if real estate markets or local economic conditions change. Deferred leasing commissions are amortized over the applicable lease terms. Rental income is accrued on a straight-line basis over the terms of the leases. Accruals in excess of amounts payable by tenants pursuant to their leases (resulting from rent concessions or rents which periodically increase over the term of a lease) are recorded as receivables and included in other assets. Net income (loss) per Unit amounts are calculated by dividing net income (loss) allocated to Limited Partners, in accordance with the Partnership Agreement, by the weighted average number of Units outstanding. No provision for income taxes has been made in the financial statements, since the liability for such taxes is that of the partners rather than the Partnership. For income tax purposes, Partnership results are reported for the calendar year. The accounting policies used for tax reporting purposes differ from those used for financial reporting as follows: (a) depreciation is calculated using accelerated methods, (b) rental income is recognized based on the payment terms in the applicable leases, and (c) writedowns for impairment of real estate are not deductible. In addition, offering costs are treated differently for tax and financial reporting purposes. The tax basis of the Partnership's assets and liabilities is approximately $3 million higher than the amounts reported for financial statement purposes. 3. Partnership Agreement The Partnership Agreement provides that distributable cash, as defined, will be paid 90% to the Limited Partners and 10% to the General Partners. Sale or financing proceeds will be distributed, to the extent available, first, to each Limited Partner, until there has been a return of the Limited Partner's capital contribution, plus cumulative distributions of distributable cash and sale or financing proceeds, in an amount sufficient to provide a 9% cumulative annual return on the Limited Partner's adjusted capital contribution. Thereafter, any remaining sale or financing proceeds will be distributed 85% to the Limited Partners and 15% to the General Partners after the Managing General Partner receives a brokerage fee of up to 3% of the selling price of any equity investment. Taxable income generally will be allocated in the same proportions as distributions of distributable cash or sale or financing proceeds (except that the General Partners must be allocated at least 1% of taxable income from sales or financings). In the event there is no distributable cash or sale or financing proceeds, taxable income will be allocated 90% to the Limited Partners and 10% to the General Partners. Any tax loss will be allocated 90% to the Limited Partners and 10% to the General Partners. Distributions paid to limited partners include a return of capital per Unit of limited partnership interest of $3.86, $15.00, and $13.15, for the years ended October 31, 1995, 1994 and 1993, respectively, calculated as the excess of cash distributed per Unit over the accumulated earnings per Unit not previously distributed. 4. Real Estate Investments The locations, years of acquisition and net carrying values of the properties are as follows:
Net Carrying Value Year of at October 31, Property Acquisition 1995 1994 Westwood 10, Westwood, MA 1984,1986 $ 8,330,901 $ 8,237,326 1718 Connecticut, Washington, DC 1984 6,172,068 6,420,677 North Lake Plaza Altamonte Springs, FL 1984,1986 8,431,300 8,646,459 Harborgate Los Angeles, CA 1984 3,953,133 4,100,000 Arlington Business Center, Arlington Heights, IL 1984 3,303,088 3,650,000 Carmel Park Charlotte, NC 1985 14,501,220 15,451,441 $44,691,710 $46,505,903
In fiscal 1994, in accordance with its policies for evaluating the recover- ability of its real estate, the Partnership concluded that the values of the Harborgate office building and Arlington Business Center were impaired. Accordingly, in fiscal 1994, the Partnership recognized losses on impairment of these properties of approximately $6,130,000 and $4,707,000, respectively. 5. Investment in Joint Venture Century Square, Pasadena, California In 1985, the Partnership purchased, for $9.7 million, a 25% general partnership interest in the partnership (the "Joint Venture") which owns the property, an office building. An affiliate of the Partnership, Dean Witter Realty Income Partnership II, L.P., purchased the remaining 75% general partnership interest. Cash flow and profits and losses are allocated to the Partnership and the affiliate according to their interests in the Joint Venture. In fiscal 1994, the Joint Venture settled a lawsuit with the developer of the property relating to certain defects in the parking structure and heating, ventilation and air conditioning systems. Pursuant to the settlement, the Joint Venture received $100,000 and $835,000 in 1995 and 1994, respectively. The Partnership's share of these proceeds were $25,000 and $208,750 in 1995 and 1994, respectively, recorded as part of the distributions from the Joint Venture. The Joint Venture will receive an additional $100,000 in fiscal year 1996. Summarized balance sheet information of the Joint Venture is as follows:
October 31, 1995 1994 Land and building, net $32,185,831 $33,129,398 Other 2,519,804 2,093,361 Total assets $34,705,635 $35,222,759 Liabilities $ 281,658 $ 205,938 Partners' capital 34,423,977 35,016,821 Total liabilities and capital $34,705,635 $35,222,759
Summarized results of operations of the Joint Venture are as follows:
Year ended October 31, 1995 1994 1993 Rental income $5,403,499 $5,939,457 $5,911,475 Other income 21,519 33,383 14,532 5,425,018 5,972,840 5,926,007 Property operating expenses 1,917,052 2,110,092 2,147,453 Depreciation and amortization 1,610,915 1,518,333 1,528,750 3,527,967 3,628,425 3,676,203 Net income $1,897,051 $2,344,415 $2,249,804 /TABLE Activity in the Investment in Joint Venture is as follows:
Year ended October 31, 1995 1994 1993 Investment at beginning of year $ 8,489,748 $9,064,548 $9,484,648 Equity in earnings 474,263 586,104 562,451 Distributions (1,009,977) (1,171,262) (991,540) Additional investments 387,503 10,358 8,989 Investment at end of year $ 8,341,537 $8,489,748 $9,064,548
The accounting policies employed by the Joint Venture are the same as those of the Partnership. 6. Loan Payable to Bank In December 1992, the Partnership established a $3.8 million secured line of credit with a bank. Borrowings bore interest, at the prime rate plus three quarters percent and were repayable in 18 consecutive equal payments beginning September 1, 1994. Approximately $2.7 million of the initial draw under this line of credit was used to repay amounts borrowed from an affiliate of the Managing General Partner in fiscal year 1993. In September 1994, this loan was repaid in its entirety. 7. Leases Minimum future rental income under noncancellable operating leases as of October 31, 1995 is as follows: Year ending October 31: 1996 $5,472,017 1997 4,702,998 1998 3,307,938 1999 2,631,302 2000 1,760,819 Thereafter 1,043,980 Total $18,919,054
The Partnership has determined that all leases relating to its properties are operating leases. The lease terms range from three to fifteen years, and generally provide for fixed minimum rents with rental escalation and/or expense reimbursement clauses. 8. Related Party Transactions An affiliate of the Managing General Partner provided property management services for six properties in 1995, 1994 and 1993. The Partnership paid the affiliate management fees (included in property operating expenses) of $186,538, $232,272 and $221,284 for the years ended October 31, 1995, 1994 and 1993, respectively. Another affiliate of the Managing General Partner performs administrative functions and processes certain investor and tax information on behalf of the Partnership. In fiscal years 1995, 1994 and 1993 the affiliate was reimbursed $247,518, $278,250 and $278,500, respectively (included in general and administrative expenses) for these services. As of October 31, 1995, the affiliate was owed $40,092 for these services. Prior to 1990, the Partnership borrowed funds from an affiliate of the Managing General Partner to fund the cost of tenant improvements, capital expenditures and other Partnership expenditures. The loan bears interest at the prime rate (8.75% as of October 31, 1995). Interest expense amounted to $342,221 in 1995, $281,361 in 1994, and $287,091 in 1993. At October 31, 1995 and 1994 the balance due to the affiliate was $4,032,527 and $4,048,307, respectively. Through January 31, 1995, the General Partners have deferred receipt of an aggregate amount of $2,467,674 of distributions to which they are entitled, including distributions of $38,658, $154,633 and $154,633 for the years ended October 31, 1995, 1994 and 1993, respectively; amounts deferred were charged against partners' capital and recorded as liabilities to the General Partner. Beginning with the February 28, 1995 distribution, the General Partners began to receive their distributions currently. 9. Litigation On December 27, 1995, a class action lawsuit naming various public real estate partnerships sponsored by Dean Witter Realty Inc. ("Realty") (including the Partnership and its Managing General Partner and Associate General Partner), Realty, Dean Witter Reynolds Inc. and others as defendants was filed in Superior Court in California. The complaint alleges fraud, negligent misrepresentation, intentional and negligent breach of fiduciary duty, unjust enrichment and related claims and seeks compensatory and punitive damages in unspecified amounts and injunctive and other equitable relief. The defendants have removed the case to the United States District Court for the Southern District of California. The defendants have not yet responded to the complaint. The defendants intend to vigorously defend the action. It is impossible to predict what financial exposure the Partnership may have as a result of this litigation 10. Subsequent Event On November 28, 1995, the Partnership paid a cash distribution of $5.00 per Unit to Limited Partners. The distribution was $515,444 with $463,900 distributed to the Limited Partners and $51,544 distributed to the General Partners. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None. PART III. ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. The Partnership is a limited partnership which has no directors or officers. The directors and executive officers of the Managing General Partner are as follows: Position with the Name Managing General Partner William B. Smith Chairman of the Board of Directors E. Davisson Hardman, Jr. President and Director Lawrence Volpe Controller, Assistant Secretary and Director Ronald T. Carman Secretary and Director
All of the directors have been elected to serve until the next annual meeting of the shareholder of the Managing General Partner or until their successors are elected and qualify. Each of the executive officers has been elected to serve until his successor is elected and qualifies. William B. Smith, age 52, is a Managing Director of Dean Witter Realty Inc. and has been with Dean Witter Realty Inc. since April 1982. He is executive Vice President of Dean Witter Reynolds, Inc. E. Davisson Hardman, Jr., age 46, is a Managing Director of Dean Witter Realty Inc. and has been with Dean Witter Realty Inc. since April 1982. Lawrence Volpe, age 48, is a Director and the Controller of Dean Witter Realty Inc. He is a Senior Vice President and Controller of Dean Witter Reynolds Inc., which he joined in 1983. Ronald T. Carman, age 44, is a Director and the Secretary of Dean Witter Realty, Inc. He is a Senior Vice President and Associate General Counsel of Dean Witter Discover & Co. and Dean Witter Reynolds Inc., which he joined in 1984. There is no family relationship among any of the foregoing persons. ITEM 11. EXECUTIVE COMPENSATION. The General Partners are entitled to receive cash distributions, when and as cash distributions are made to the Limited Partners, and a share of taxable income or tax loss. Descriptions of such distributions and allocations are in Item 5 above. The General Partners were entitled to receive cash distributions of $38,658, $154,633 and $154,633 for the years ended October 31, 1995, 1994 and 1993, respectively, which they agreed to defer. At October 31, 1995, the General Partners have deferred receipt of a total of $2,467,674 of such distributions. The General Partners no longer defer their share of cash distributions beginning with the distribution made in February 1995. The General Partners and their affiliates were paid certain fees and reimbursed for certain expenses. Information concerning such fees and reimbursements is contained in Note 8 to the Consolidated Financial Statements in Item 8 above. The directors and officers of the Partnership's Managing General Partner received no remuneration from the Partnership. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. (a) No person is known to the Partnership to be the beneficial owner of more than five percent of the Units. (b) The directors and executive officers and directors of the Managing General Partner own the following Units as of January 1, 1996:
(1) (2) (3) Amount and Title of Name of Nature of Class Beneficial Owner Beneficial Ownership Limited All directors and executive * Partnership officers of Managing General Interests Partner, as a group *Own, by virtue of their ownership of Limited Partnership interests in the Associate General Partner, less than 1% of the Units of the Partnership.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. As a result of their being partners of a limited partnership which is the limited partner of the Associate General Partner, certain current and former executive officers and directors of the Managing General Partner also own indirect general partnership interests in the Partnership. The Partnership Agreement of the Partnership provides that cash distributions and allocations of income and loss to the General Partners be distributed or allocated 50% to the Managing General Partner and 50% to the Associate General Partner. The General Partners' share of cash distributions and income or loss is described in Item 5 above. All of the outstanding shares of common stock of the Managing General Partner are owned by Realty, a Delaware corporation which is a wholly-owned subsidiary of Dean Witter, Discover & Co. The general partner of the Associate General Partner is Dean Witter Realty Income Associates I Inc., which is a wholly-owned subsidiary of Realty. The limited partner of the Associate General Partner is LSA 84 L.P., a Delaware limited partnership. Realty and certain current and former executive officers and directors of Realty are partners of LSA 84 L.P. Additional information with respect to the directors and executive officers and compensation of the Managing General Partner and affiliates is contained in Items 10 and 11 above. The General Partners and their affiliates were paid certain fees and reimbursed for certain expenses. Information concerning such fees and reimbursements is contained in Note 8 to the Consolidated Financial Statements in Item 8 above. The Partnership believes that the payment of fees and the reimbursement of expenses to the General Partners and their affiliates are on terms as favorable as would be obtained from unrelated third parties. PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K. (a) The following documents are filed as part of this Annual Report: 1. Financial Statements (see Index to Financial Statements filed as part of Item 8 of this Annual Report). 2. Financial Statement Schedules (see Index to Financial Statements filed as part of Item 8 of this Annual Report). 3. Exhibits (a) Amended and Restated Agreement of Limited Partnership dated as of August 15, 1983 set forth in Exhibit A to the Prospectus included in Registration Statement Number 286041 is incorporated herein by reference. (b) Certificate of Limited Partnership (4)(a) Amended and Restated Agreement of Limited Partnership dated as of August 15, 1983 set forth in Exhibit A to the Prospectus included in Registration Statement Number 2- 86041 is incorporated herein by reference. (4)(b) Certificate of Limited Partnership (9) Not applicable. (10) Purchase and Sale Agreements for properties purchased were filed as Exhibits to Form 8-K on April 26, 1984, October 17, 1984, October 26, 1984, October 31, 1984, December 20, 1984, July 15, 1985 and October 29, 1985 and are incorporated herein by reference. (11) Not applicable. (12) Not applicable. (13) Not applicable. (18) Not applicable. (19) Not applicable. (21) Subsidiary: 1718 Connecticut, Ltd., a District of Columbia limited partnership. (23) Not applicable. (24) Not applicable. (25) Not applicable. (27) Financial Data Schedule. (28) Not applicable. (99) Not applicable. (b) No Forms 8-K were filed by the Partnership during the last quarter of the period covered by this report. (c) See Paragraph (a)(3) above. (d) See Paragraph (a)(2) above. SCHEDULE III
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. Real Estate and Accumulated Depreciation October 31, 1995 Initial Cost to Partnership (A) Cost Capitalized Building and Subsequent Description Land Improvements Total Acquisition Office/R&D Building Westwood, MA $ 1,750,000 $6,780,006 $8,530,006 $2,458,039 Office Building Washington, DC 1,186,400 7,402,062 8,588,462 666,439 Shopping Center Altamonte Springs, FL 2,300,000 7,626,517 9,926,517 870,005 Office Building Los Angeles, CA 2,630,000 10,919,123 13,549,123 726,280 Office Buildings Arlington Heights, IL 2,280,000 7,860,616 10,140,616 1,812,596 Office Buildings Charlotte, NC 1,934,000 17,186,456 19,120,456 3,229,796 $12,080,400 $57,774,780 $69,855,180 $9,763,155
Gross Amount at which Carried at End of Period (B) Losses on Impairment of Buildings & Description Real Estate Land Improvements Total Office/R&D Building Westwood, MA $ - $ 1,750,000 $9,238,045 $10,988,045 Office Building Washington, DC - 1,186,400 8,068,501 9,254,901 Shopping Center Altamonte Springs, FL - 2,450,000 8,346,522 10,796,522 Office Building Los Angeles, CA (6,129,699) 2,630,000 5,515,704 8,145,704 Office Buildings Arlington Heights, IL (4,707,365) 2,280,000 4,965,847 7,245,847 Office Buildings Charlotte, NC - 1,934,000 20,416,252 22,350,252 $(10,837,064) $12,230,400 $56,550,871 $68,781,271
Life on which Depreciation in Latest Income Accumulated Date of Date Statements is Description Depreciation Construction Acquired Computed Office/R&D Building Westwood, MA $2,657,144 1983-1986 April 1984 5-40 years Office Building Washington, DC 3,082,833 1982 October 1984 5-40 years Shopping Center Altamonte Springs, FL 2,365,221 1981-1985 October 1984 5-40 years Office Building Los Angeles, Ca 4,192,571 1984 October 1984 5-40 years Office Buildings Arlington Heights, IL 3,942,760 1984 December 1984 5-40 years Office Buildings Charlotte, NC 7,849,032 1983-1985 July 1985 5-40 years $24,089,561
Notes: (A) The initial cost includes the purchase price paid by the Partnership and acquisition fees and expenses. No carrying costs have been capitalized subsequent to acquisition. There is no difference between cost for financial reporting purposes and federal income tax purposes.
(B) Reconciliation of real estate owned at October 31: 1995 1994 1993 Balance at beginning of period $68,060,915 $78,205,759 $77,479,180 Additions during period: Improvements 720,356 692,220 726,579 Losses on impairments of real estate - (10,837,064) - Balance at end of period $68,781,271 $68,060,915 $78,205,759 (C) Reconciliation of accumulated depreciation: Balance at beginning of period $21,555,012 $18,605,656 $15,782,880 Depreciation expense 2,534,549 2,949,356 2,822,776 Balance end of period $24,089,561 $21,555,012 $18,605,656 /TABLE SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. By: Dean Witter Realty Income Properties I Inc. Managing General Partner By: /s/E. Davisson Hardman, Jr. Date: January 29, 1996 E. Davisson Hardman, Jr. President By: /s/Lawrence Volpe Date: January 29, 1996 Lawrence Volpe Controller (Principal Financial and Accounting Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. DEAN WITTER REALTY INCOME PROPERTIES I INC. Managing General Partner /s/William B. Smith Date: January 29, 1996 William B. Smith Chairman of the Board of Directors /s/E. Davisson Hardman, Jr. Date: January 29, 1996 E. Davisson Hardman, Jr. Director /s/Lawrence Volpe Date: January 29, 1996 Lawrence Volpe Director /s/Ronald T. Carman Date: January 29, 1996 Ronald T. Carman Director EX-27 2
5 Registrant is a limited partnership which invests in real estate and real estate joint ventures. In accordance with industry practice, its balance sheet is unclassified. For full information, refer to the accompanying audited financial statements. 0000726315 DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P. 12-MOS OCT-31-1995 OCT-31-1995 3,572,041 0 1,429,535 0 0 0 0 0 58,295,735 0 0 0 0 0 50,777,118 58,295,735 0 8,000,566 0 0 6,123,208 0 342,221 1,535,137 0 1,535,137 0 0 0 1,535,137 14.89 0 In addition to cash and receivables, total assets include net investments in real estate of $44,691,710, investment in joint venture of $8,341,537 and net deferred expenses of $260,912. Represents partners' capital. Liabilities include accounts payable and accrued liabilities of $808,003, and other liabilities of $6,710,614. Total revenue includes rent of $7,110,106, equity in earnings of joint venture of $474,263, and interest and other revenue of $416,197. Represents net income per Unit of limited partnership interest.
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