Upload fraud/2001//0000752744-01-000001.txt with huggingface_hub
Browse files- fraud/2001/0000752744-01-000001.txt +1935 -0
fraud/2001/0000752744-01-000001.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 |
+
Gs00oi16mlkkGBPxo8EFGvLCT3/bq/3FjtqDhz1AxDJO1Ja4JOdHgoSRX67byZae
|
| 9 |
+
xZ39VqHb4j84cpFRXyqjlQ==
|
| 10 |
+
|
| 11 |
+
<SEC-DOCUMENT>0000752744-01-000001.txt : 20010129
|
| 12 |
+
<SEC-HEADER>0000752744-01-000001.hdr.sgml : 20010129
|
| 13 |
+
ACCESSION NUMBER: 0000752744-01-000001
|
| 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 II LP
|
| 23 |
+
CENTRAL INDEX KEY: 0000752744
|
| 24 |
+
STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500]
|
| 25 |
+
IRS NUMBER: 133244091
|
| 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: 000-18150
|
| 33 |
+
FILM NUMBER: 1516176
|
| 34 |
+
|
| 35 |
+
BUSINESS ADDRESS:
|
| 36 |
+
STREET 1: 2 WORLD TRADE CENTER
|
| 37 |
+
STREET 2: 46TH FLOOR
|
| 38 |
+
CITY: NEW YORK
|
| 39 |
+
STATE: NY
|
| 40 |
+
ZIP: 10048
|
| 41 |
+
BUSINESS PHONE: 2123921054
|
| 42 |
+
|
| 43 |
+
MAIL ADDRESS:
|
| 44 |
+
STREET 1: 2 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 |
+
UNITED STATES
|
| 57 |
+
SECURITIES AND EXCHANGE
|
| 58 |
+
COMMISSION Washington,
|
| 59 |
+
D.C. 20549
|
| 60 |
+
|
| 61 |
+
FORM 10-K
|
| 62 |
+
|
| 63 |
+
[ X ]ANNUAL REPORT PURSUANT TO SECTION 13
|
| 64 |
+
OR 15(d) OF
|
| 65 |
+
THE SECURITIES EXCHANGE ACT OF
|
| 66 |
+
1934
|
| 67 |
+
For the fiscal year ended October
|
| 68 |
+
31, 2000
|
| 69 |
+
OR
|
| 70 |
+
[ ]TRANSITION REPORT PURSUANT TO SECTION 13
|
| 71 |
+
OR 15(d) OF
|
| 72 |
+
THE SECURITIES EXCHANGE ACT OF
|
| 73 |
+
1934
|
| 74 |
+
For the transition period from ________ to
|
| 75 |
+
________.
|
| 76 |
+
|
| 77 |
+
Commission File Number 0-18150
|
| 78 |
+
|
| 79 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP
|
| 80 |
+
II, L.P. (Exact name of registrant as
|
| 81 |
+
specified in its charter)
|
| 82 |
+
|
| 83 |
+
Delaware 13-
|
| 84 |
+
3244091
|
| 85 |
+
(State of organization) (IRS Employer
|
| 86 |
+
Identification No.)
|
| 87 |
+
|
| 88 |
+
2 World Trade Center, New York, NY
|
| 89 |
+
10048
|
| 90 |
+
(Address of principal executive offices)(Zip
|
| 91 |
+
Code)
|
| 92 |
+
|
| 93 |
+
Registrant's telephone number, including area
|
| 94 |
+
code: (212) 392-2974
|
| 95 |
+
|
| 96 |
+
Securities registered pursuant to Section 12(b)
|
| 97 |
+
of the Act:
|
| 98 |
+
|
| 99 |
+
Title of each className of each exchange on which registe
|
| 100 |
+
r
|
| 101 |
+
e
|
| 102 |
+
d
|
| 103 |
+
N
|
| 104 |
+
o
|
| 105 |
+
n
|
| 106 |
+
e
|
| 107 |
+
None
|
| 108 |
+
|
| 109 |
+
Securities registered pursuant to Section 12(g)
|
| 110 |
+
of the Act:
|
| 111 |
+
|
| 112 |
+
Units of Limited Partnership Interest
|
| 113 |
+
(Title of Class)
|
| 114 |
+
|
| 115 |
+
Indicate by check mark whether the registrant
|
| 116 |
+
(1) has filed all reports required to be filed
|
| 117 |
+
by Section 13 or 15(d) of the Securities
|
| 118 |
+
Exchange Act of 1934 during the preceding 12
|
| 119 |
+
months (or for such shorter period that the
|
| 120 |
+
registrant was required to file such reports),
|
| 121 |
+
and (2) has been subject to such filing
|
| 122 |
+
requirements for the past 90 days.
|
| 123 |
+
Yes X No
|
| 124 |
+
Indicate by check mark if disclosure of
|
| 125 |
+
delinquent filers pursuant to Item 405 of
|
| 126 |
+
Regulation S-K is not contained herein, and will not
|
| 127 |
+
be contained, to the best of
|
| 128 |
+
registrant's knowledge, in definitive proxy or
|
| 129 |
+
information statements incorporated by
|
| 130 |
+
reference in Part III of this Form 10-K or
|
| 131 |
+
any amendment to this Form 10-K. [X]
|
| 132 |
+
|
| 133 |
+
State the aggregate market value of the voting
|
| 134 |
+
stock held by nonaffiliates of the registrant.
|
| 135 |
+
Not Applicable
|
| 136 |
+
|
| 137 |
+
|
| 138 |
+
DOCUMENTS INCORPORATED BY REFERENCE
|
| 139 |
+
|
| 140 |
+
None
|
| 141 |
+
|
| 142 |
+
|
| 143 |
+
<PAGE>
|
| 144 |
+
PART I.
|
| 145 |
+
ITEM 1. BUSINESS
|
| 146 |
+
The Registrant, Dean Witter Realty Income
|
| 147 |
+
Partnership II, L.P. (the "Partnership"), is a
|
| 148 |
+
limited partnership formed in September 1984
|
| 149 |
+
under the Uniform Limited Partnership Act of
|
| 150 |
+
the State of Delaware for the purpose of
|
| 151 |
+
investing primarily in income-producing office
|
| 152 |
+
and retail properties.
|
| 153 |
+
The Managing General Partner of the
|
| 154 |
+
Partnership is Dean Witter Realty Income
|
| 155 |
+
Properties II Inc. (the "Managing General
|
| 156 |
+
Partner"), a Delaware corporation which is
|
| 157 |
+
whollyowned by Dean Witter Realty Inc.
|
| 158 |
+
("Realty"). The Associate General Partner is
|
| 159 |
+
Dean Witter Realty Income Associates II, L.P.
|
| 160 |
+
(the "Associate General Partner"), a Delaware
|
| 161 |
+
limited partnership, the general partner of
|
| 162 |
+
which is Dean Witter Realty Income
|
| 163 |
+
Associates II Inc., a wholly-owned subsidiary of
|
| 164 |
+
the Managing General Partner. The Managing
|
| 165 |
+
General Partner manages and controls all aspects
|
| 166 |
+
of the business of the Partnership. The
|
| 167 |
+
terms of transactions between the Partnership
|
| 168 |
+
and its affiliates are set forth in Note 6 to
|
| 169 |
+
the consolidated financial statements in Item 8
|
| 170 |
+
and in Item 13 below.
|
| 171 |
+
The Partnership issued 177,023 units of limited
|
| 172 |
+
partnership interest (the "Units") with gross
|
| 173 |
+
proceeds from the offering of $177,023,000.
|
| 174 |
+
The offering has been terminated and no
|
| 175 |
+
additional Units will be sold.
|
| 176 |
+
The proceeds from the offering were used to
|
| 177 |
+
make equity investments in five office
|
| 178 |
+
properties and three retail properties, all
|
| 179 |
+
of which were acquired without mortgage debt.
|
| 180 |
+
The last Partnership property investment (in
|
| 181 |
+
Taxter Corporate Park) was sold on May 23, 2000.
|
| 182 |
+
The Partnership Agreement provides that the
|
| 183 |
+
Partnership shall terminate upon the sale of
|
| 184 |
+
the Partnership's last property investment,
|
| 185 |
+
and that dissolution shall be effective on the
|
| 186 |
+
day on which the event arises giving rise to
|
| 187 |
+
the dissolution. Accordingly, the Partnership
|
| 188 |
+
dissolved pursuant to the terms of its
|
| 189 |
+
Partnership Agreement, effective May 23, 2000,
|
| 190 |
+
the date on which the Taxter property was sold. As
|
| 191 |
+
soon as possible in fiscal year 2001, the
|
| 192 |
+
Partnership plans to wind up its
|
| 193 |
+
affairs, distribute the previously
|
| 194 |
+
undistributed property sale proceeds and cash
|
| 195 |
+
reserves, and terminate its existence by
|
| 196 |
+
filing a certificate of
|
| 197 |
+
cancellation in the office of the Delaware
|
| 198 |
+
Secretary of State.
|
| 199 |
+
|
| 200 |
+
<PAGE>
|
| 201 |
+
The Partnership considered its business to
|
| 202 |
+
include one industry segment, investment in
|
| 203 |
+
real property. Financial information
|
| 204 |
+
regarding the Partnership is in the
|
| 205 |
+
Partnership's consolidated financial statements
|
| 206 |
+
in Item 8 below.
|
| 207 |
+
|
| 208 |
+
The Partnership has no employees.
|
| 209 |
+
|
| 210 |
+
All of the Partnership's business is conducted
|
| 211 |
+
in the United States.
|
| 212 |
+
|
| 213 |
+
ITEM 2. PROPERTIES
|
| 214 |
+
|
| 215 |
+
The Partnership's principal offices are located
|
| 216 |
+
at Two World Trade Center, New York, New York
|
| 217 |
+
10048. The Partnership has
|
| 218 |
+
no other offices.
|
| 219 |
+
As of October 31, 2000, the Partnership did
|
| 220 |
+
not own any property investments.
|
| 221 |
+
In May 2000, the partnership which owned
|
| 222 |
+
the Taxter Corporate Park sold the property,
|
| 223 |
+
which is located in Westchester, New York.
|
| 224 |
+
An affiliate of the Partnership was the property
|
| 225 |
+
manager for Taxter Corporate Park through
|
| 226 |
+
December 31, 1998.
|
| 227 |
+
Further information relating to the
|
| 228 |
+
Partnership's properties is included in Item
|
| 229 |
+
7 and footnotes 4 and 5 to the
|
| 230 |
+
consolidated financial statements included in
|
| 231 |
+
Item 8 below.
|
| 232 |
+
ITEM 3. LEGAL PROCEEDINGS
|
| 233 |
+
None.
|
| 234 |
+
ITEM 4. SUBMISSION OF MATTERS TO A VOTE
|
| 235 |
+
OF SECURITY HOLDERS
|
| 236 |
+
No matter was submitted during the fourth
|
| 237 |
+
quarter of the fiscal year to a vote of Unit
|
| 238 |
+
holders.
|
| 239 |
+
<PAGE>
|
| 240 |
+
PART II.
|
| 241 |
+
|
| 242 |
+
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON
|
| 243 |
+
EQUITY AND RELATED STOCKHOLDER MATTERS
|
| 244 |
+
|
| 245 |
+
An established public trading market for the
|
| 246 |
+
Units does not exist, and it is not
|
| 247 |
+
anticipated that such a market will develop
|
| 248 |
+
in the future. Accordingly, information as to
|
| 249 |
+
the market value of a Unit at any given date is
|
| 250 |
+
not available. However, the Partnership does
|
| 251 |
+
allow its limited partners (the "Limited
|
| 252 |
+
Partners") to transfer their Units if a
|
| 253 |
+
suitable buyer can be located.
|
| 254 |
+
|
| 255 |
+
As of December 31, 2000, there were 24,196
|
| 256 |
+
holders of limited partnership interests.
|
| 257 |
+
|
| 258 |
+
The Partnership is a limited partnership and,
|
| 259 |
+
accordingly, does not pay dividends. It
|
| 260 |
+
does, however, make distributions of cash
|
| 261 |
+
to its partners. Pursuant to the partnership
|
| 262 |
+
agreement, distributable cash, as defined, is
|
| 263 |
+
paid 90% to the Limited Partners and 10% to
|
| 264 |
+
the general partners (the "General Partners").
|
| 265 |
+
|
| 266 |
+
Sale proceeds will be distributed, to the
|
| 267 |
+
extent available, first, to each Limited
|
| 268 |
+
Partner, until there has been a return of
|
| 269 |
+
the Limited Partner's capital contribution plus
|
| 270 |
+
cumulative distributions of distributable
|
| 271 |
+
cash and sale proceeds in an amount
|
| 272 |
+
sufficient to provide a 9% cumulative annual
|
| 273 |
+
return on the Limited Partner's adjusted
|
| 274 |
+
capital contribution. Thereafter, any remaining
|
| 275 |
+
sale proceeds will be distributed 85% to the
|
| 276 |
+
Limited Partners and 15% to the General
|
| 277 |
+
Partners after the Managing General Partner
|
| 278 |
+
receives a brokerage fee, if earned, of up to 3%
|
| 279 |
+
of the selling price of any equity investment.
|
| 280 |
+
|
| 281 |
+
As discussed in Item 1, the Partnership plans
|
| 282 |
+
to make its final distribution of previously
|
| 283 |
+
undistributed sale proceeds and cash reserves in
|
| 284 |
+
fiscal year 2001.
|
| 285 |
+
|
| 286 |
+
The Partnership paid cash distributions
|
| 287 |
+
during the year
|
| 288 |
+
ended October 31, 2000 aggregating $29.00
|
| 289 |
+
per Unit, consisting of $26.76 per Unit from
|
| 290 |
+
the Partnership's share of the net proceeds
|
| 291 |
+
from the sale of the Taxter Corporate Park
|
| 292 |
+
property and $2.24 per Unit from
|
| 293 |
+
previously
|
| 294 |
+
undistributed proceeds from the sales of the
|
| 295 |
+
Pavilions at East Lake (1999) and Glenhardie
|
| 296 |
+
(1998) properties. The
|
| 297 |
+
total distribution, paid 100% to the
|
| 298 |
+
Limited Partners, amounted to $5,133,667.
|
| 299 |
+
|
| 300 |
+
|
| 301 |
+
<PAGE>
|
| 302 |
+
The Partnership paid cash distributions
|
| 303 |
+
during the year ended October 31, 1999
|
| 304 |
+
aggregating $82.92 per Unit, consisting of
|
| 305 |
+
$75.13 per Unit from the proceeds from the
|
| 306 |
+
sale of the Pavilions at East Lake property
|
| 307 |
+
and $7.79 per Unit from the repayment of the
|
| 308 |
+
Wallkill Plaza promissory note plus interest
|
| 309 |
+
(see Note 4 to the consolidated financial
|
| 310 |
+
statements). The total distribution, paid
|
| 311 |
+
100% to the
|
| 312 |
+
Limited Partners, amounted to $14,678,747.
|
| 313 |
+
|
| 314 |
+
Taxable income generally is allocated in
|
| 315 |
+
the same proportions as distributions of
|
| 316 |
+
distributable cash or sale proceeds (except
|
| 317 |
+
that the General Partners must be allocated at
|
| 318 |
+
least 1% of taxable income from sales). In
|
| 319 |
+
the event there is no distributable cash or
|
| 320 |
+
sale proceeds, taxable income is allocated 90%
|
| 321 |
+
to the Limited Partners and 10% to the General
|
| 322 |
+
Partners. Any tax loss will be allocated 90% to
|
| 323 |
+
the Limited Partners and 10% to the General
|
| 324 |
+
Partners.
|
| 325 |
+
|
| 326 |
+
ITEM 6. SELECTED FINANCIAL DATA
|
| 327 |
+
|
| 328 |
+
The following sets forth a summary of
|
| 329 |
+
selected financial data for the Partnership:
|
| 330 |
+
|
| 331 |
+
For the years ended
|
| 332 |
+
October 31,
|
| 333 |
+
20001 19992 19983 19974 1996
|
| 334 |
+
Total revenues $2,819,0 $ $22,214, $29,219,9
|
| 335 |
+
$17,414,6
|
| 336 |
+
20 5,443,81 571 73 07
|
| 337 |
+
7
|
| 338 |
+
|
| 339 |
+
Net income $2,598,7 $ $20,110, $19,021,1
|
| 340 |
+
$(7,812,70
|
| 341 |
+
(loss) 17 4,861,24 183 29 6)5
|
| 342 |
+
7
|
| 343 |
+
$14.67 $ $ $ 105.21 $(39.72)
|
| 344 |
+
Net income 27.29 113.03
|
| 345 |
+
(loss)
|
| 346 |
+
per Unit of
|
| 347 |
+
limited
|
| 348 |
+
partner-
|
| 349 |
+
ship interest
|
| 350 |
+
$29.00 $ $ $ 390.23 $ 99.24
|
| 351 |
+
Cash 82.92 261.71
|
| 352 |
+
distributions
|
| 353 |
+
paid per Unit
|
| 354 |
+
of
|
| 355 |
+
limited
|
| 356 |
+
partner-
|
| 357 |
+
ship interest
|
| 358 |
+
6,7
|
| 359 |
+
$1,332,3 $ $13,797, $40,963,8
|
| 360 |
+
$100,319,
|
| 361 |
+
Total assets 44 3,797,81 232 45 056
|
| 362 |
+
at 4
|
| 363 |
+
October 31
|
| 364 |
+
|
| 365 |
+
1. Revenues and net income include $2.5 million,
|
| 366 |
+
the
|
| 367 |
+
Partnership's share of the gain on the sale of
|
| 368 |
+
the Taxter property and $0.1 million, an
|
| 369 |
+
additional gain on the 1999 sale of the
|
| 370 |
+
Pavilions at East Lake property.
|
| 371 |
+
|
| 372 |
+
2. Revenues and net income include gains of $2.8
|
| 373 |
+
million
|
| 374 |
+
on the sale of the Pavilions at East Lake
|
| 375 |
+
property and
|
| 376 |
+
additional gains totaling $1.5 million from the
|
| 377 |
+
sales of the Wallkill Plaza and Glenhardie
|
| 378 |
+
properties (sold in prior years).
|
| 379 |
+
|
| 380 |
+
|
| 381 |
+
(Continued)
|
| 382 |
+
<PAGE>
|
| 383 |
+
3. Revenues and net income include gains of
|
| 384 |
+
$19.1 million
|
| 385 |
+
on the sales of the Framingham and Glenhardie
|
| 386 |
+
properties.
|
| 387 |
+
|
| 388 |
+
4. Revenues and net income include gains of
|
| 389 |
+
$17.2 million
|
| 390 |
+
on the sales of the United Services Life
|
| 391 |
+
Building and the Century Square office
|
| 392 |
+
building.
|
| 393 |
+
|
| 394 |
+
5. Includes $11.9 million loss on impairment
|
| 395 |
+
recorded for
|
| 396 |
+
the Framingham, Glenhardie and Pavilions at
|
| 397 |
+
East Lake properties.
|
| 398 |
+
|
| 399 |
+
6. Distributions paid to limited partners
|
| 400 |
+
include returns
|
| 401 |
+
of capital per Unit of limited partnership
|
| 402 |
+
interest of $14.32, $55.63, $148.68, $332.99,
|
| 403 |
+
and $99.24 for the years ended October 31,
|
| 404 |
+
2000, 1999, 1998, 1997 and 1996, respectively,
|
| 405 |
+
calculated as the excess of cash distributed
|
| 406 |
+
per Unit over accumulated earnings per Unit
|
| 407 |
+
not previously distributed.
|
| 408 |
+
|
| 409 |
+
7. Include distributions of proceeds from
|
| 410 |
+
sales of real
|
| 411 |
+
estate as follows: 2000 - $29.00; 1999 -
|
| 412 |
+
$82.92; 1998 $251.01; 1997 - $356.04; 1996 -
|
| 413 |
+
$60.65.
|
| 414 |
+
|
| 415 |
+
The above financial data should be read in
|
| 416 |
+
conjunction with the consolidated financial
|
| 417 |
+
statements and the related notes in Item 8.
|
| 418 |
+
|
| 419 |
+
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
|
| 420 |
+
OF FINANCIAL
|
| 421 |
+
CONDITION AND RESULTS OF OPERATIONS
|
| 422 |
+
Liquidity and Capital Resources
|
| 423 |
+
The Partnership raised $177,023,000 in a
|
| 424 |
+
public offering which was terminated in 1985.
|
| 425 |
+
The Partnership has no plans to raise additional
|
| 426 |
+
capital.
|
| 427 |
+
The Partnership purchased five properties and
|
| 428 |
+
made three investments in partnerships on
|
| 429 |
+
an all-cash basis. No additional investments
|
| 430 |
+
are planned.
|
| 431 |
+
In fiscal year 2000, the Partnership's
|
| 432 |
+
last property
|
| 433 |
+
investment, Taxter Corporate Park, was sold on
|
| 434 |
+
May 23, 2000 (see Note 5 to the consolidated
|
| 435 |
+
financial statements).
|
| 436 |
+
|
| 437 |
+
The Partnership Agreement provides that the
|
| 438 |
+
Partnership shall terminate upon the sale of
|
| 439 |
+
the Partnership's last property investment,
|
| 440 |
+
and that dissolution shall be effective on the
|
| 441 |
+
day on which the event arises giving rise to
|
| 442 |
+
the dissolution. Accordingly, the Partnership
|
| 443 |
+
dissolved pursuant to the terms of its
|
| 444 |
+
Partnership Agreement, effective May 23, 2000,
|
| 445 |
+
the date on which the Taxter property was sold.
|
| 446 |
+
As soon as possible in fiscal year 2001, the
|
| 447 |
+
Partnership plans
|
| 448 |
+
to wind up its affairs, distribute the
|
| 449 |
+
previously undistributed property sale proceeds
|
| 450 |
+
and cash reserves, and terminate its
|
| 451 |
+
<PAGE>
|
| 452 |
+
existence by filing a certificate of
|
| 453 |
+
cancellation in the office of the Delaware
|
| 454 |
+
Secretary of State.
|
| 455 |
+
|
| 456 |
+
As discussed in Item 5, during the year ended
|
| 457 |
+
October 31, 2000, the Partnership paid, to
|
| 458 |
+
Limited Partners only, a distribution of
|
| 459 |
+
sale proceeds of $29.00 per Unit. The
|
| 460 |
+
Partnership retained a portion of the Taxter
|
| 461 |
+
sale proceeds it received to cover any
|
| 462 |
+
contingencies that may arise while the
|
| 463 |
+
Partnership winds up its affairs.
|
| 464 |
+
|
| 465 |
+
Because of the sales of the Taxter and
|
| 466 |
+
Pavilions at East Lake (sold 1999)
|
| 467 |
+
properties, Partnership cash flow from
|
| 468 |
+
operations decreased in fiscal year 2000 as
|
| 469 |
+
compared to 1999.
|
| 470 |
+
|
| 471 |
+
In fiscal 2000, the Partnership's
|
| 472 |
+
distributions received from the Taxter joint
|
| 473 |
+
venture (excluding the distribution of sale
|
| 474 |
+
proceeds) and cash provided by operations
|
| 475 |
+
exceeded the Partnership's contributions to
|
| 476 |
+
fund its share of tenant improvements and
|
| 477 |
+
leasing commissions at the Taxter property. The
|
| 478 |
+
Partnership used this surplus and a portion
|
| 479 |
+
of cash reserves to pay previously
|
| 480 |
+
undistributed sale proceeds to Limited Partners
|
| 481 |
+
only (see Item 5).
|
| 482 |
+
|
| 483 |
+
Except as discussed above and in the
|
| 484 |
+
consolidated financial statements, the Managing
|
| 485 |
+
General Partner is not aware of any trends or
|
| 486 |
+
events, commitments or uncertainties that may
|
| 487 |
+
have a material impact on liquidity.
|
| 488 |
+
|
| 489 |
+
Operations
|
| 490 |
+
|
| 491 |
+
Fluctuations in the Partnership's operating
|
| 492 |
+
results for the year ended October 31, 2000
|
| 493 |
+
compared to 1999 and for the year ended
|
| 494 |
+
October 31, 1999 compared to 1998 are primarily
|
| 495 |
+
attributable to the following:
|
| 496 |
+
|
| 497 |
+
The increase in equity in earnings of joint
|
| 498 |
+
venture in 2000 compared to 1999 is primarily
|
| 499 |
+
due to the Partnership's share of the gain on
|
| 500 |
+
sale of the Taxter property (approximately $2.5
|
| 501 |
+
million).
|
| 502 |
+
|
| 503 |
+
In 2000, the gain on sale of real estate
|
| 504 |
+
resulted from contingent proceeds received in
|
| 505 |
+
2000 from the 1999 sale of the Pavilions at
|
| 506 |
+
East Lake property.
|
| 507 |
+
|
| 508 |
+
In 1999, the gains on sales of real estate
|
| 509 |
+
resulted from the sale of the Pavilions at
|
| 510 |
+
East Lake property (approximately $2,827,000),
|
| 511 |
+
the receipt of proceeds from the contingent
|
| 512 |
+
promissory note in connection with the 1996
|
| 513 |
+
sale of the Wallkill Plaza property
|
| 514 |
+
($1,200,000) and the return of the <PAGE>
|
| 515 |
+
escrow deposit resulting from the 1998
|
| 516 |
+
sale of the
|
| 517 |
+
Glenhardie properties ($293,000). See Note
|
| 518 |
+
4 to the
|
| 519 |
+
consolidated financial statements.
|
| 520 |
+
|
| 521 |
+
In 1998, the gains on sales of real estate
|
| 522 |
+
resulted from the sales of the Framingham
|
| 523 |
+
Corporate Center (approximately $11,018,000)
|
| 524 |
+
and Glenhardie ($8,079,000) properties (the
|
| 525 |
+
"1998 Properties Sold").
|
| 526 |
+
|
| 527 |
+
As a result of the sale of the Pavilions at
|
| 528 |
+
East Lake property, there was no rental income,
|
| 529 |
+
property expenses and
|
| 530 |
+
depreciation and amortization expenses in 2000.
|
| 531 |
+
Rental income, property operating expenses, and
|
| 532 |
+
depreciation and amortization expenses decreased
|
| 533 |
+
in 1999 compared to 1998 as a result of the
|
| 534 |
+
sales of the Pavilions at East Lake property
|
| 535 |
+
and the 1998 Properties Sold.
|
| 536 |
+
Interest and other income in 1999 was higher
|
| 537 |
+
than such income in 2000 and 1998 because of
|
| 538 |
+
the interest received on the Wallkill Plaza
|
| 539 |
+
promissory note and the Glenhardie escrow
|
| 540 |
+
deposit in 1999.
|
| 541 |
+
General and administrative expenses
|
| 542 |
+
decreased in 1999 compared to 1998
|
| 543 |
+
primarily due to the elimination of
|
| 544 |
+
expenses relating to properties sold in 1999 and
|
| 545 |
+
1998.
|
| 546 |
+
There were no other individually significant
|
| 547 |
+
factors which caused changes in revenue and
|
| 548 |
+
expenses.
|
| 549 |
+
Inflation
|
| 550 |
+
Inflation has been consistently low during
|
| 551 |
+
the periods presented in the consolidated
|
| 552 |
+
financial statements and, as a result, has not
|
| 553 |
+
had a significant effect on the operations of
|
| 554 |
+
the Partnership or its properties.
|
| 555 |
+
ITEM 7A. QUANTITATIVE AND QUALITITATIVE
|
| 556 |
+
DISCLOSURES ABOUT MARKET RISK
|
| 557 |
+
Not applicable.
|
| 558 |
+
<PAGE>
|
| 559 |
+
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
|
| 560 |
+
DATA
|
| 561 |
+
|
| 562 |
+
|
| 563 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II, L.P.
|
| 564 |
+
|
| 565 |
+
INDEX
|
| 566 |
+
|
| 567 |
+
|
| 568 |
+
|
| 569 |
+
|
| 570 |
+
(a) Financial Statements
|
| 571 |
+
|
| 572 |
+
Independent Auditors' Report
|
| 573 |
+
Consolidated Balance Sheets at October 31, 2000
|
| 574 |
+
and 1999 Consolidated Income Statements for the
|
| 575 |
+
years ended
|
| 576 |
+
October 31, 2000, 1999 and 1998
|
| 577 |
+
Consolidated Statements of Partners'
|
| 578 |
+
Capital for the years ended October
|
| 579 |
+
31, 2000, 1999 and 1998
|
| 580 |
+
Consolidated Statements of Cash Flows
|
| 581 |
+
for the years ended October 31, 2000,
|
| 582 |
+
1999 and 1998
|
| 583 |
+
Notes to Consolidated Financial
|
| 584 |
+
|
| 585 |
+
Statements
|
| 586 |
+
|
| 587 |
+
|
| 588 |
+
|
| 589 |
+
|
| 590 |
+
|
| 591 |
+
(b) Financial Statement Schedule
|
| 592 |
+
|
| 593 |
+
III. Real Estate and Accumulated
|
| 594 |
+
|
| 595 |
+
Depreciation
|
| 596 |
+
|
| 597 |
+
|
| 598 |
+
|
| 599 |
+
|
| 600 |
+
|
| 601 |
+
|
| 602 |
+
|
| 603 |
+
|
| 604 |
+
|
| 605 |
+
|
| 606 |
+
All schedules other than that indicated above
|
| 607 |
+
have been omitted because either the
|
| 608 |
+
required information is not applicable or
|
| 609 |
+
the information is shown in the consolidated
|
| 610 |
+
financial statements or notes thereto.
|
| 611 |
+
<PAGE>
|
| 612 |
+
Independent Auditors' Report
|
| 613 |
+
|
| 614 |
+
|
| 615 |
+
|
| 616 |
+
|
| 617 |
+
|
| 618 |
+
To The Partners of
|
| 619 |
+
Dean Witter Realty Income Partnership II, L.P.:
|
| 620 |
+
|
| 621 |
+
|
| 622 |
+
We have audited the accompanying consolidated
|
| 623 |
+
balance sheets of Dean Witter Realty Income
|
| 624 |
+
Partnership II,
|
| 625 |
+
L.P. and consolidated partnership (the
|
| 626 |
+
"Partnership") as of October 31, 2000
|
| 627 |
+
and 1999 and the related consolidated
|
| 628 |
+
statements of income, partners' capital,
|
| 629 |
+
and cash flows for each of the three
|
| 630 |
+
years in the period ended October 31,
|
| 631 |
+
2000. Our audits also included the
|
| 632 |
+
financial statement schedule listed in the
|
| 633 |
+
Index at Item 8. These financial
|
| 634 |
+
statements and financial statement
|
| 635 |
+
schedule are the responsibility of the
|
| 636 |
+
Partnership's management. Our
|
| 637 |
+
responsibility is to express an opinion on
|
| 638 |
+
the financial statements and the financial
|
| 639 |
+
statement schedule based on our audits.
|
| 640 |
+
|
| 641 |
+
We conducted our audits in accordance
|
| 642 |
+
with auditing standards generally
|
| 643 |
+
accepted in the United States of America. Those standards
|
| 644 |
+
require that we plan and
|
| 645 |
+
perform the audit to obtain reasonable
|
| 646 |
+
assurance about whether the financial
|
| 647 |
+
statements are free of material
|
| 648 |
+
misstatement. An audit includes examining,
|
| 649 |
+
on a test basis, evidence supporting the
|
| 650 |
+
amounts and disclosures in the financial
|
| 651 |
+
statements. An audit also includes
|
| 652 |
+
assessing the accounting principles
|
| 653 |
+
used and
|
| 654 |
+
significant estimates made by management,
|
| 655 |
+
as well as evaluating the overall
|
| 656 |
+
financial statement presentation. We
|
| 657 |
+
believe that our audits provide a
|
| 658 |
+
reasonable basis for our opinion.
|
| 659 |
+
|
| 660 |
+
In our opinion, such consolidated
|
| 661 |
+
financial statements present fairly, in all
|
| 662 |
+
material respects, the financial position
|
| 663 |
+
of Dean Witter Realty Income Partnership
|
| 664 |
+
II, L.P. and consolidated partnership as
|
| 665 |
+
of October 31, 2000 and 1999 and the
|
| 666 |
+
results of their operations and their
|
| 667 |
+
cash flows for each of the three years in
|
| 668 |
+
the period ended October 31, 2000 in
|
| 669 |
+
conformity with accounting principles
|
| 670 |
+
generally accepted in the United States
|
| 671 |
+
of America. Also, in our opinion,
|
| 672 |
+
such financial statement schedule, when
|
| 673 |
+
considered in relation to the basic
|
| 674 |
+
consolidated financial statements <PAGE>
|
| 675 |
+
taken as a whole, presents fairly in
|
| 676 |
+
all material respects the information set
|
| 677 |
+
forth therein.
|
| 678 |
+
|
| 679 |
+
As discussed in Note 1 to the
|
| 680 |
+
consolidated financial statements, during
|
| 681 |
+
the year ended October 31, 2000, the
|
| 682 |
+
Partnership sold its remaining property
|
| 683 |
+
investment, which effectuated the
|
| 684 |
+
dissolution of the Partnership.
|
| 685 |
+
The Partnership is in the process of
|
| 686 |
+
winding up its affairs, and it plans to
|
| 687 |
+
distribute the Partnership's previously
|
| 688 |
+
undistributed sale proceeds and cash
|
| 689 |
+
reserves, and terminate.
|
| 690 |
+
/s/Deloitte &
|
| 691 |
+
Touche LLP
|
| 692 |
+
DELOITTE & TOUCHE LLP
|
| 693 |
+
New York, New York
|
| 694 |
+
January 16, 2001
|
| 695 |
+
<PAGE>
|
| 696 |
+
<TABLE>
|
| 697 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II, L.P.
|
| 698 |
+
|
| 699 |
+
CONSOLIDATED BALANCE SHEETS
|
| 700 |
+
<CAPTION>
|
| 701 |
+
|
| 702 |
+
Octob
|
| 703 |
+
er
|
| 704 |
+
31,
|
| 705 |
+
2000
|
| 706 |
+
1999
|
| 707 |
+
ASSETS
|
| 708 |
+
<S>
|
| 709 |
+
<C> <C>
|
| 710 |
+
Cash and cash equivalents $
|
| 711 |
+
1,316,641 $
|
| 712 |
+
1,409,281
|
| 713 |
+
|
| 714 |
+
Investment in joint venture
|
| 715 |
+
13,637
|
| 716 |
+
2,331,352
|
| 717 |
+
|
| 718 |
+
Other assets
|
| 719 |
+
2,066
|
| 720 |
+
57,181
|
| 721 |
+
|
| 722 |
+
$
|
| 723 |
+
1,332,344 $ 3,797,814
|
| 724 |
+
|
| 725 |
+
LIABILITIES AND PARTNERS' CAPITAL
|
| 726 |
+
<S>
|
| 727 |
+
<C> <C>
|
| 728 |
+
Accounts payable and other liabilities $
|
| 729 |
+
263,462 $
|
| 730 |
+
193,982
|
| 731 |
+
|
| 732 |
+
Partners' capital (deficiency)
|
| 733 |
+
General partners
|
| 734 |
+
(5,431,688)
|
| 735 |
+
(5,433,238)
|
| 736 |
+
Limited partners ($1,000 per Unit, 177,023 units
|
| 737 |
+
issued)
|
| 738 |
+
6,500,570
|
| 739 |
+
9,037,070
|
| 740 |
+
|
| 741 |
+
Total partners' capital
|
| 742 |
+
1,068,882
|
| 743 |
+
3,603,832
|
| 744 |
+
|
| 745 |
+
$
|
| 746 |
+
1,332,344 $ 3,797,814
|
| 747 |
+
|
| 748 |
+
See accompanying notes to consolidated financial
|
| 749 |
+
statements.
|
| 750 |
+
</TABLE>
|
| 751 |
+
<PAGE>
|
| 752 |
+
<TABLE>
|
| 753 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II, L.P.
|
| 754 |
+
|
| 755 |
+
CONSOLIDATED INCOME STATEMENTS
|
| 756 |
+
|
| 757 |
+
For the years ended October 31, 2000, 1999 and 1998
|
| 758 |
+
<CAPTION>
|
| 759 |
+
|
| 760 |
+
2000 1999
|
| 761 |
+
1998
|
| 762 |
+
|
| 763 |
+
<S> <C>
|
| 764 |
+
<C> <C>
|
| 765 |
+
|
| 766 |
+
Revenues:
|
| 767 |
+
Rental $ - $551,241
|
| 768 |
+
$2,722,329
|
| 769 |
+
Gains on sales of real estate 54,657 4,320,001
|
| 770 |
+
19,097,127
|
| 771 |
+
Equity in earnings of joint venture2,667,882238,583
|
| 772 |
+
226,269
|
| 773 |
+
Interest and other 96,481 333,992
|
| 774 |
+
168,846
|
| 775 |
+
|
| 776 |
+
2,819,020 5,443,817
|
| 777 |
+
22,214,571
|
| 778 |
+
Expenses:
|
| 779 |
+
Property operating - 248,910
|
| 780 |
+
985,746
|
| 781 |
+
Depreciation - 113,395
|
| 782 |
+
548,902
|
| 783 |
+
Amortization - 17,074
|
| 784 |
+
94,228
|
| 785 |
+
General and administrative 220,303 203,191
|
| 786 |
+
475,512
|
| 787 |
+
|
| 788 |
+
220,303 582,570
|
| 789 |
+
2,104,388
|
| 790 |
+
|
| 791 |
+
Net income $2,598,717
|
| 792 |
+
$4,861,247 $
|
| 793 |
+
20,110,183
|
| 794 |
+
|
| 795 |
+
Net income allocated to:
|
| 796 |
+
Limited partners $2,597,167 $4,831,745
|
| 797 |
+
$
|
| 798 |
+
20,008,877
|
| 799 |
+
General partners 1,550 29,502
|
| 800 |
+
101,306
|
| 801 |
+
|
| 802 |
+
$2,598,717
|
| 803 |
+
$4,861,247 $ 20,110,183
|
| 804 |
+
|
| 805 |
+
Net income per Unit of limited
|
| 806 |
+
partnership interest $ 14.67 $ 27.29
|
| 807 |
+
$ 113.03
|
| 808 |
+
|
| 809 |
+
|
| 810 |
+
|
| 811 |
+
|
| 812 |
+
See accompanying notes to consolidated financial
|
| 813 |
+
statements.
|
| 814 |
+
</TABLE>
|
| 815 |
+
<PAGE>
|
| 816 |
+
<TABLE>
|
| 817 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II, L.P.
|
| 818 |
+
|
| 819 |
+
CONSOLIDATED STATEMENTSOF PARTNERS' CAPITAL
|
| 820 |
+
|
| 821 |
+
For the years ended October 31, 2000, 1999 and 1998
|
| 822 |
+
|
| 823 |
+
<CAPTION>
|
| 824 |
+
|
| 825 |
+
|
| 826 |
+
Limited General
|
| 827 |
+
Partners Partners
|
| 828 |
+
Total
|
| 829 |
+
|
| 830 |
+
<S> <C> <C>
|
| 831 |
+
<C>
|
| 832 |
+
|
| 833 |
+
Partners' capital (deficiency) at
|
| 834 |
+
November 1, 1997 $45,203,885 $(5,353,586) $
|
| 835 |
+
39,850,299
|
| 836 |
+
|
| 837 |
+
Net income 20,008,877 101,306
|
| 838 |
+
20,110,183
|
| 839 |
+
|
| 840 |
+
Cash distributions (46,328,690)
|
| 841 |
+
(210,460)(46,539,150)
|
| 842 |
+
|
| 843 |
+
Partners' capital (deficiency) at
|
| 844 |
+
October 31, 1998 18,884,072 (5,462,740)
|
| 845 |
+
13,421,332
|
| 846 |
+
|
| 847 |
+
Net income 4,831,745 29,502
|
| 848 |
+
4,861,247
|
| 849 |
+
|
| 850 |
+
Cash distributions (14,678,747) -
|
| 851 |
+
(14,678,747)
|
| 852 |
+
|
| 853 |
+
Partners' capital (deficiency) at
|
| 854 |
+
October 31, 1999 9,037,070 (5,433,238) 3,603,832
|
| 855 |
+
|
| 856 |
+
Net income 2,597,167 1,550 2,598,717
|
| 857 |
+
Cash distributions (5,133,667) - (5,133,667)
|
| 858 |
+
Partners' capital (deficiency) at
|
| 859 |
+
October 31, 2000 $6,500,570 $(5,431,688) $
|
| 860 |
+
1,068,882
|
| 861 |
+
|
| 862 |
+
|
| 863 |
+
|
| 864 |
+
|
| 865 |
+
See accompanying notes to consolidated financial statements.
|
| 866 |
+
</TABLE>
|
| 867 |
+
<PAGE>
|
| 868 |
+
<TABLE>
|
| 869 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II, L.P.
|
| 870 |
+
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
| 871 |
+
For the years ended October 31, 2000, 1999 and 1998
|
| 872 |
+
<CAPTION>
|
| 873 |
+
|
| 874 |
+
2000 1999 1998
|
| 875 |
+
<S> <C> <C> <C>
|
| 876 |
+
Cash flows from operating activities:
|
| 877 |
+
Net income $2,598,717 $4,861,247 $
|
| 878 |
+
20,110,183
|
| 879 |
+
Adjustments to reconcile net income
|
| 880 |
+
to net cash provided by operating
|
| 881 |
+
activities:
|
| 882 |
+
Gains on sales of real estate (54,657) (4,320,001)
|
| 883 |
+
(19,097,127)
|
| 884 |
+
Depreciation - 113,395 548,902
|
| 885 |
+
Amortization - 17,074 94,228
|
| 886 |
+
Equity in earnings of Taxter joint
|
| 887 |
+
venture (2,667,882) (238,583) (226,269)
|
| 888 |
+
Decrease (increase) in operating
|
| 889 |
+
assets:
|
| 890 |
+
Deferred leasing commissions - (60,767)
|
| 891 |
+
(231,865)
|
| 892 |
+
Other assets 55,115 172,818 373,626
|
| 893 |
+
Increase (decrease) in accounts
|
| 894 |
+
payable and other liabilities 69,480 (181,918)
|
| 895 |
+
(709,107)
|
| 896 |
+
|
| 897 |
+
Net cash provided by operating
|
| 898 |
+
activities 773 363,265 862,571
|
| 899 |
+
|
| 900 |
+
Cash flows from investing activities:
|
| 901 |
+
Proceeds from sales of real estate 54,657 15,009,113
|
| 902 |
+
44,623,521
|
| 903 |
+
Distributions from Taxter joint venture5,176,175 321,292 521,385
|
| 904 |
+
Investments in Taxter joint venture (190,578)
|
| 905 |
+
(40,885) (95,492)
|
| 906 |
+
Additions to real estate - (189,072)
|
| 907 |
+
(489,976)
|
| 908 |
+
|
| 909 |
+
Net cash provided by
|
| 910 |
+
investing activities 5,040,254
|
| 911 |
+
15,100,44844,559,438
|
| 912 |
+
|
| 913 |
+
Cash flows from financing activities:
|
| 914 |
+
Cash distributions to partners
|
| 915 |
+
(5,133,667)(14,678,747)(46,539,150)
|
| 916 |
+
|
| 917 |
+
(Decrease)increase in cash and
|
| 918 |
+
cash equivalents (92,640)
|
| 919 |
+
784,966(1,117,141)
|
| 920 |
+
|
| 921 |
+
Cash and cash equivalents at
|
| 922 |
+
beginning of year 1,409,281 624,315 1,741,456
|
| 923 |
+
Cash and cash equivalents at end of year $ 1,316,641 $1,409,281
|
| 924 |
+
$ 624,315
|
| 925 |
+
See accompanying notes to consolidated financial statements.
|
| 926 |
+
</TABLE>
|
| 927 |
+
<PAGE>
|
| 928 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II, L.P.
|
| 929 |
+
|
| 930 |
+
NOTES TO CONSOLIDATED FINANCIAL
|
| 931 |
+
|
| 932 |
+
STATEMENTS October 31, 2000, 1999
|
| 933 |
+
|
| 934 |
+
and 1998
|
| 935 |
+
|
| 936 |
+
1. The Partnership
|
| 937 |
+
|
| 938 |
+
Dean Witter Realty Income Partnership II,
|
| 939 |
+
L.P. (the
|
| 940 |
+
"Partnership") is a limited partnership
|
| 941 |
+
organized under the laws of the State of
|
| 942 |
+
Delaware in 1984. The Partnership is managed
|
| 943 |
+
by Dean Witter Realty Income Properties II Inc.
|
| 944 |
+
(the "Managing General Partner"). The
|
| 945 |
+
Partnership's fiscal year ends on October 31.
|
| 946 |
+
|
| 947 |
+
In 1985, the Partnership issued 177,023 units
|
| 948 |
+
of limited partnership interest (the "Units")
|
| 949 |
+
for $177,023,000. No additional Units will be
|
| 950 |
+
sold. The proceeds of the offering were used
|
| 951 |
+
to make equity investments in income-producing
|
| 952 |
+
office and retail properties which were not
|
| 953 |
+
encumbered by debt when acquired.
|
| 954 |
+
|
| 955 |
+
In fiscal year 2000, the Partnership's
|
| 956 |
+
last remaining property investment, Taxter
|
| 957 |
+
Corporate Park, was sold on May 23, 2000 (see
|
| 958 |
+
Note 4). The sale of the Taxter property has
|
| 959 |
+
effectuated the dissolution of the
|
| 960 |
+
Partnership.
|
| 961 |
+
Accordingly, the Partnership is in the process
|
| 962 |
+
of winding up its affairs, and it plans to
|
| 963 |
+
distribute the Partnership's previously
|
| 964 |
+
undistributed sales proceeds and cash
|
| 965 |
+
reserves,and terminate in fiscal year 2001.
|
| 966 |
+
|
| 967 |
+
2. Summary of Significant Accounting Policies
|
| 968 |
+
|
| 969 |
+
The financial statements include the
|
| 970 |
+
accounts of the Partnership and the
|
| 971 |
+
Framingham Corporate Center joint venture
|
| 972 |
+
on a consolidated basis. The Partnership owned
|
| 973 |
+
a 95% interest in the Framingham Corporate
|
| 974 |
+
Center property until its sale in December
|
| 975 |
+
1997.
|
| 976 |
+
|
| 977 |
+
The equity method of accounting has been
|
| 978 |
+
applied to the Partnership's 14.8% interest
|
| 979 |
+
in the general partnership which owned the
|
| 980 |
+
Taxter Corporate Park property ("TPA")
|
| 981 |
+
because of the Partnership's continuing
|
| 982 |
+
ability to exert significant influence.
|
| 983 |
+
Affiliates of the Partnership, Dean Witter
|
| 984 |
+
Realty Income Partnership III, L.P. and Dean
|
| 985 |
+
Witter Realty Income Partnership IV, L.P. own
|
| 986 |
+
the remaining 44.6% and 40.6% interests,
|
| 987 |
+
respectively, in TPA.
|
| 988 |
+
|
| 989 |
+
|
| 990 |
+
<PAGE>
|
| 991 |
+
The Partnership's records are maintained on
|
| 992 |
+
the accrual basis of accounting for
|
| 993 |
+
financial reporting and tax purposes. The
|
| 994 |
+
preparation of financial statements in
|
| 995 |
+
conformity with accounting principles generally
|
| 996 |
+
accepted in the United States of America
|
| 997 |
+
requires management to make estimates and
|
| 998 |
+
assumptions that affect the reported amounts of
|
| 999 |
+
assets and liabilities and disclosure of
|
| 1000 |
+
contingent assets and liabilities at the
|
| 1001 |
+
date of the financial statements and the
|
| 1002 |
+
reported amounts of revenues and expenses
|
| 1003 |
+
during the reporting period. Actual results
|
| 1004 |
+
could differ from those estimates.
|
| 1005 |
+
Cash and cash equivalents consist of cash and
|
| 1006 |
+
highly liquid investments with maturities, when
|
| 1007 |
+
purchased, of three months or less.
|
| 1008 |
+
The carrying value of real estate included
|
| 1009 |
+
the purchase price paid by the Partnership
|
| 1010 |
+
and acquisition fees and expenses. Costs of
|
| 1011 |
+
improvements to the properties were
|
| 1012 |
+
capitalized, and repairs were expensed.
|
| 1013 |
+
Depreciation was recorded on the straight-
|
| 1014 |
+
line method. The Partnership stopped
|
| 1015 |
+
recording depreciation on a property when it
|
| 1016 |
+
was reclassified as held for sale.
|
| 1017 |
+
At least annually, and more often if
|
| 1018 |
+
circumstances dictated, the Partnership
|
| 1019 |
+
evaluated the recoverability of the net
|
| 1020 |
+
carrying value of its real estate (and
|
| 1021 |
+
related assets), including the real estate (and
|
| 1022 |
+
related assets) owned by TPA. As part of this
|
| 1023 |
+
evaluation, the Partnership assessed, among
|
| 1024 |
+
other things, whether there had been a
|
| 1025 |
+
significant decrease in the market value of any
|
| 1026 |
+
of its properties. If events or circumstances
|
| 1027 |
+
indicated that the net carrying value of a
|
| 1028 |
+
property was not recoverable, the expected
|
| 1029 |
+
future net cash flows from the property were
|
| 1030 |
+
estimated for a period of approximately five
|
| 1031 |
+
years (or a shorter period if the
|
| 1032 |
+
Partnership expected that the property would be
|
| 1033 |
+
disposed of sooner), along with estimated sales
|
| 1034 |
+
proceeds at the end of the period. If the
|
| 1035 |
+
total of these future undiscounted cash flows
|
| 1036 |
+
was less than the carrying amount of the
|
| 1037 |
+
property, the property was written down to its
|
| 1038 |
+
fair value as determined (in some cases with
|
| 1039 |
+
the assistance of outside real estate
|
| 1040 |
+
consultants) based on discounted cash flows, and
|
| 1041 |
+
a loss on impairment recognized by a charge to
|
| 1042 |
+
earnings.
|
| 1043 |
+
The cash flows used to evaluate the
|
| 1044 |
+
recoverability of the properties and to
|
| 1045 |
+
determine fair value were based on good faith
|
| 1046 |
+
estimates and assumptions developed by the
|
| 1047 |
+
Managing General Partner.
|
| 1048 |
+
<PAGE>
|
| 1049 |
+
Deferred leasing commissions were amortized
|
| 1050 |
+
over the
|
| 1051 |
+
applicable lease terms.
|
| 1052 |
+
|
| 1053 |
+
Rental income was accrued on a straight-line
|
| 1054 |
+
basis over the terms of the leases. Accruals
|
| 1055 |
+
in excess of amounts payable by tenants
|
| 1056 |
+
pursuant to their leases (resulting from rent
|
| 1057 |
+
concessions or rents which periodically
|
| 1058 |
+
increased over the term of a lease) were
|
| 1059 |
+
recorded as receivables and included in other
|
| 1060 |
+
assets.
|
| 1061 |
+
|
| 1062 |
+
Net income per Unit amounts are calculated by
|
| 1063 |
+
dividing net income allocated to Limited
|
| 1064 |
+
Partners, in accordance with the Partnership
|
| 1065 |
+
Agreement, by the weighted average number of
|
| 1066 |
+
Units outstanding.
|
| 1067 |
+
|
| 1068 |
+
No provision for income taxes has been made in
|
| 1069 |
+
the financial statements, since the liability
|
| 1070 |
+
for such taxes is that of the partners rather
|
| 1071 |
+
than the Partnership.
|
| 1072 |
+
|
| 1073 |
+
For income tax purposes, Partnership results
|
| 1074 |
+
are reported for the calendar year. The
|
| 1075 |
+
accounting policies used for tax reporting
|
| 1076 |
+
purposes differed from those used for
|
| 1077 |
+
financial reporting as follows: (a) depreciation
|
| 1078 |
+
was calculated using accelerated methods, (b)
|
| 1079 |
+
rental income was recognized based on the
|
| 1080 |
+
payment terms in the applicable leases, and
|
| 1081 |
+
(c)
|
| 1082 |
+
writedowns for impairment of real estate
|
| 1083 |
+
were not deductible. In addition, offering
|
| 1084 |
+
costs are treated
|
| 1085 |
+
differently for tax and financial reporting
|
| 1086 |
+
purposes. The tax basis of the Partnership's
|
| 1087 |
+
assets and liabilities is approximately $17.3
|
| 1088 |
+
million higher than the amounts reported for
|
| 1089 |
+
financial statement purposes.
|
| 1090 |
+
|
| 1091 |
+
3. Partnership Agreement
|
| 1092 |
+
|
| 1093 |
+
The Partnership Agreement provides that
|
| 1094 |
+
distributable cash, as defined, is paid 90% to
|
| 1095 |
+
the Limited Partners and 10% to the General
|
| 1096 |
+
Partners.
|
| 1097 |
+
|
| 1098 |
+
Sale proceeds will be distributed, to the
|
| 1099 |
+
extent available, first, to each Limited
|
| 1100 |
+
Partner, until there has been a return of
|
| 1101 |
+
the Limited Partner's capital contribution plus
|
| 1102 |
+
cumulative distributions of distributable
|
| 1103 |
+
cash and sale proceeds in an amount
|
| 1104 |
+
sufficient to provide a 9% cumulative annual
|
| 1105 |
+
return on the Limited Partner's
|
| 1106 |
+
adjusted capital
|
| 1107 |
+
contribution. Thereafter, any remaining sale
|
| 1108 |
+
proceeds will be distributed 85% to the
|
| 1109 |
+
Limited Partners and 15% to the General
|
| 1110 |
+
Partners after the Managing General Partner
|
| 1111 |
+
receives a brokerage fee, if earned, of up to 3%
|
| 1112 |
+
of the selling price of any equity investment.
|
| 1113 |
+
<PAGE>
|
| 1114 |
+
<TABLE>
|
| 1115 |
+
Taxable income generally is allocated in
|
| 1116 |
+
the same
|
| 1117 |
+
proportions as distributions of distributable
|
| 1118 |
+
cash or sale proceeds (except that the
|
| 1119 |
+
General Partner must be allocated at least 1%
|
| 1120 |
+
of taxable income from sales). In the event
|
| 1121 |
+
there is no distributable cash or sale
|
| 1122 |
+
proceeds, taxable income will be allocated 90%
|
| 1123 |
+
to the Limited Partners and 10% to the General
|
| 1124 |
+
Partners. Any tax loss will be allocated 90% to
|
| 1125 |
+
the Limited Partners and 10% to the General
|
| 1126 |
+
Partners.
|
| 1127 |
+
|
| 1128 |
+
Distributions paid to limited partners include
|
| 1129 |
+
returns of capital per Unit of limited
|
| 1130 |
+
partnership interest of $14.32, $55.63 and
|
| 1131 |
+
$148.68 for the years ended October 31, 2000,
|
| 1132 |
+
1999 and 1998, respectively, calculated as the
|
| 1133 |
+
excess of cash distributed per Unit over
|
| 1134 |
+
accumulated earnings per Unit not previously
|
| 1135 |
+
distributed.
|
| 1136 |
+
|
| 1137 |
+
4. Sales of Real Estate
|
| 1138 |
+
<CAPTION>
|
| 1139 |
+
000's
|
| 1140 |
+
Date of Negotiated Net Gain on
|
| 1141 |
+
Property Sale Sale Price
|
| 1142 |
+
Proceeds Sale
|
| 1143 |
+
From
|
| 1144 |
+
Sale
|
| 1145 |
+
|
| 1146 |
+
Fiscal 1999:
|
| 1147 |
+
<S> <C> <C> <C>
|
| 1148 |
+
Pavilions at East 03/01/9 $14,000
|
| 1149 |
+
$13,516 $2,827
|
| 1150 |
+
Lake 9
|
| 1151 |
+
|
| 1152 |
+
Collection of
|
| 1153 |
+
Wallkill
|
| 1154 |
+
1,200 1,200
|
| 1155 |
+
Plaza note
|
| 1156 |
+
receivable
|
| 1157 |
+
|
| 1158 |
+
Return of Glenhardie
|
| 1159 |
+
escrow balance
|
| 1160 |
+
293 293
|
| 1161 |
+
|
| 1162 |
+
$15,009 $4,320
|
| 1163 |
+
|
| 1164 |
+
Fiscal 1998 Sales:
|
| 1165 |
+
Framingham
|
| 1166 |
+
Corporate Center 12/03/9 $26,050
|
| 1167 |
+
$25,342 $11,018
|
| 1168 |
+
7
|
| 1169 |
+
Glenhardie
|
| 1170 |
+
Corporate Center
|
| 1171 |
+
I and II 04/01/9 19,700
|
| 1172 |
+
19,282 8,079
|
| 1173 |
+
8
|
| 1174 |
+
$45,750
|
| 1175 |
+
$44,624 $19,097
|
| 1176 |
+
|
| 1177 |
+
In 2000, the gain on sale of real estate
|
| 1178 |
+
resulted from contingent proceeds received in
|
| 1179 |
+
2000 from the 1999 sale of the Pavilions at
|
| 1180 |
+
East Lake Property.
|
| 1181 |
+
|
| 1182 |
+
All of the properties were sold to unaffiliated
|
| 1183 |
+
buyers.
|
| 1184 |
+
|
| 1185 |
+
The net proceeds from the sales are net of
|
| 1186 |
+
closing costs.
|
| 1187 |
+
|
| 1188 |
+
As of October 31, 2000, all of the net sales
|
| 1189 |
+
proceeds were distributed except for
|
| 1190 |
+
approximately $430,000 from the sales of the
|
| 1191 |
+
Glenhardie and Pavilions at East Lake
|
| 1192 |
+
properties, which were added to the
|
| 1193 |
+
Partnership's cash reserves.
|
| 1194 |
+
|
| 1195 |
+
As part of the Partnership's agreement to sell
|
| 1196 |
+
the Pavilions at East Lake property, Dean Witter
|
| 1197 |
+
Realty Income Partnership III, L.P., an
|
| 1198 |
+
affiliate of the Partnership, also sold a
|
| 1199 |
+
property to the same unaffiliated buyer.
|
| 1200 |
+
The aggregate purchase price of the
|
| 1201 |
+
properties sold was approximately $24.2
|
| 1202 |
+
million, of which $14.0 million was allocated in
|
| 1203 |
+
the Agreement to the Pavilions at East Lake
|
| 1204 |
+
property.
|
| 1205 |
+
|
| 1206 |
+
As a part of the Purchase and Sale
|
| 1207 |
+
Agreement for the Glenhardie properties (the
|
| 1208 |
+
"Agreement") Dean Witter Realty Income
|
| 1209 |
+
Partnership III, L.P. and Dean Witter Realty
|
| 1210 |
+
Income Partnership IV, L.P., affiliated public
|
| 1211 |
+
partnerships, also sold certain other
|
| 1212 |
+
properties. The aggregate negotiated sale
|
| 1213 |
+
price of the properties sold was approximately
|
| 1214 |
+
$168 million, of which approximately $19.7
|
| 1215 |
+
million was allocated in the Agreement to the
|
| 1216 |
+
Partnership's Glenhardie properties.
|
| 1217 |
+
|
| 1218 |
+
Pursuant to the Agreement, escrows were
|
| 1219 |
+
established for the cost of certain building
|
| 1220 |
+
improvements (the "Improvements"). In addition
|
| 1221 |
+
to payment of the purchase price, at closing,
|
| 1222 |
+
the Purchaser deposited into these escrows
|
| 1223 |
+
approximately $3.9 million, of which
|
| 1224 |
+
approximately $1.6 million related to Glenhardie
|
| 1225 |
+
II. The Partnership did not include the amount
|
| 1226 |
+
of the escrowed sales proceeds in its
|
| 1227 |
+
calculation of the gain on the sale of the
|
| 1228 |
+
property because of the uncertainty of its
|
| 1229 |
+
realization. In October 1999, the
|
| 1230 |
+
Partnership received approximately $344,000,
|
| 1231 |
+
the remaining balance of the escrow deposit
|
| 1232 |
+
(including interest of approximately $51,000)
|
| 1233 |
+
after all costs of the Glenhardie II
|
| 1234 |
+
Improvements had been funded.
|
| 1235 |
+
|
| 1236 |
+
In fiscal 1996, the Partnership sold the
|
| 1237 |
+
Wallkill Plaza shopping center. A portion
|
| 1238 |
+
of the sale price was
|
| 1239 |
+
represented by a $1.2 million promissory
|
| 1240 |
+
note from the purchaser, payment of which was
|
| 1241 |
+
contingent on the outcome of the bankruptcy
|
| 1242 |
+
proceedings of Bradlees Department Stores, an
|
| 1243 |
+
anchor tenant at the shopping center. In
|
| 1244 |
+
1996 the
|
| 1245 |
+
Partnership did not include the $1.2 million
|
| 1246 |
+
note in the calculation of the gain on the
|
| 1247 |
+
sale of the property because of uncertainty
|
| 1248 |
+
of the realization. In April 1999, the
|
| 1249 |
+
purchaser paid the Partnership approximately
|
| 1250 |
+
$1.4 million, representing payment of the note
|
| 1251 |
+
in the full, plus interest at 4.5%.
|
| 1252 |
+
|
| 1253 |
+
All distributed net sale proceeds (plus
|
| 1254 |
+
related interest) were paid 100% to the
|
| 1255 |
+
Limited Partners. All gains from property
|
| 1256 |
+
sales (plus related interest) were allocated
|
| 1257 |
+
100% to the Limited Partners.
|
| 1258 |
+
|
| 1259 |
+
|
| 1260 |
+
5. Investment in Joint Venture
|
| 1261 |
+
|
| 1262 |
+
Taxter Corporate Park, Westchester County, New
|
| 1263 |
+
York
|
| 1264 |
+
|
| 1265 |
+
Pursuant to a Purchase and Sale Agreement dated
|
| 1266 |
+
as of April 4, 2000, as amended, on May 23,
|
| 1267 |
+
2000, TPA sold the land and buildings which
|
| 1268 |
+
comprise the Taxter property to a subsidiary of Mack-Cali Realty
|
| 1269 |
+
Corporation (the "Purchaser"), an
|
| 1270 |
+
unaffiliated party, for a negotiated sale price
|
| 1271 |
+
of $42.725 million. In connection with the
|
| 1272 |
+
sale, TPA acquired from an affiliate and
|
| 1273 |
+
conveyed to the Purchaser certain interests in
|
| 1274 |
+
the Taxter property, including interests that
|
| 1275 |
+
the affiliate had acquired from KLM Royal
|
| 1276 |
+
Dutch Airlines, for $6.75 million, in
|
| 1277 |
+
February 1999. Of the $42.725 million, TPA
|
| 1278 |
+
remitted $6.75 million of the sale proceeds to
|
| 1279 |
+
the affiliate in connection with the
|
| 1280 |
+
transaction.
|
| 1281 |
+
|
| 1282 |
+
The purchase price was paid in cash at closing.
|
| 1283 |
+
At closing, the Partnership received
|
| 1284 |
+
approximately $4.9 million representing its
|
| 1285 |
+
14.8% share of the cash received by TPA, net
|
| 1286 |
+
of its share of TPA's closing cost, the amount
|
| 1287 |
+
of the obligation owed to the affiliate and
|
| 1288 |
+
other deductions.
|
| 1289 |
+
|
| 1290 |
+
On June 29, 2000, the Partnership paid, 100% to
|
| 1291 |
+
the Limited Partners, a cash distribution
|
| 1292 |
+
which included Taxter sale proceeds of
|
| 1293 |
+
approximately $4.7 million ($26.76 per Unit).
|
| 1294 |
+
The Partnership retained a portion of the sale
|
| 1295 |
+
proceeds to cover any contingencies that may
|
| 1296 |
+
arise pursuant to the sale and if required, pay
|
| 1297 |
+
administrative expenses and liabilities that
|
| 1298 |
+
may arise while the Partnership winds up its
|
| 1299 |
+
affairs. Any sale proceeds remaining,
|
| 1300 |
+
subsequent to the payment of any
|
| 1301 |
+
contingencies, will be distributed to Limited
|
| 1302 |
+
Partners only.
|
| 1303 |
+
|
| 1304 |
+
The Partnership's share of TPA's gain on the
|
| 1305 |
+
sale of the Taxter property was approximately
|
| 1306 |
+
$2.5 million; such gain was allocated 100% to
|
| 1307 |
+
Limited Partners.
|
| 1308 |
+
|
| 1309 |
+
The partners of TPA each receive cash flow and
|
| 1310 |
+
profits and losses according to their ownership
|
| 1311 |
+
interests.
|
| 1312 |
+
<PAGE>
|
| 1313 |
+
|
| 1314 |
+
</TABLE>
|
| 1315 |
+
<TABLE>
|
| 1316 |
+
Summarized balance sheet information of TPA is
|
| 1317 |
+
as follows: <CAPTION>
|
| 1318 |
+
|
| 1319 |
+
October
|
| 1320 |
+
31, 2000
|
| 1321 |
+
1999
|
| 1322 |
+
<S>
|
| 1323 |
+
<C> <C>
|
| 1324 |
+
Land and buildings, net $ -
|
| 1325 |
+
$15,680,607
|
| 1326 |
+
Other 103,101
|
| 1327 |
+
1,670,760
|
| 1328 |
+
|
| 1329 |
+
Total assets $ 103,101
|
| 1330 |
+
$17,351,367
|
| 1331 |
+
|
| 1332 |
+
Liabilities $ 10,968 $
|
| 1333 |
+
214,272
|
| 1334 |
+
Partners' capital 92,133
|
| 1335 |
+
17,137,095
|
| 1336 |
+
|
| 1337 |
+
Total liabilities and capital $ 103,101
|
| 1338 |
+
$17,351,367
|
| 1339 |
+
|
| 1340 |
+
Summarized income statements of TPA are as
|
| 1341 |
+
follows:
|
| 1342 |
+
Years ended
|
| 1343 |
+
October 31,
|
| 1344 |
+
2000 1999
|
| 1345 |
+
1998
|
| 1346 |
+
<S> <C> <C>
|
| 1347 |
+
<C>
|
| 1348 |
+
Gain on sale of real estate $15,700,138 $
|
| 1349 |
+
- - $ -
|
| 1350 |
+
Rental income 3,056,084 5,860,022
|
| 1351 |
+
5,158,170
|
| 1352 |
+
Other income 10,398 45,245
|
| 1353 |
+
67,779
|
| 1354 |
+
|
| 1355 |
+
18,766,620 5,905,267
|
| 1356 |
+
5,225,949
|
| 1357 |
+
|
| 1358 |
+
Property operating expenses 1,775,441 3,054,679
|
| 1359 |
+
2,455,628 Depreciation and amortization 349,669
|
| 1360 |
+
1,238,539 1,241,470
|
| 1361 |
+
|
| 1362 |
+
2,125,110 4,293,218
|
| 1363 |
+
3,697,098
|
| 1364 |
+
|
| 1365 |
+
Net income $16,641,510
|
| 1366 |
+
$ 1,612,049
|
| 1367 |
+
$ 1,528,851
|
| 1368 |
+
|
| 1369 |
+
Activity in the Partnership's investment in
|
| 1370 |
+
TPA is as follows:
|
| 1371 |
+
|
| 1372 |
+
Years ended
|
| 1373 |
+
October 31,
|
| 1374 |
+
2000 1999
|
| 1375 |
+
1998
|
| 1376 |
+
|
| 1377 |
+
<S> <C> <C>
|
| 1378 |
+
<C>
|
| 1379 |
+
|
| 1380 |
+
Investment at beginning of year $
|
| 1381 |
+
2,331,352 $2,373,176
|
| 1382 |
+
$ 2,572,800
|
| 1383 |
+
Equity in earnings 2,667,882 238,583
|
| 1384 |
+
226,269
|
| 1385 |
+
Distributions (5,176,175)(321,292)
|
| 1386 |
+
(521,385)
|
| 1387 |
+
Additional investments 190,578 40,885
|
| 1388 |
+
95,492
|
| 1389 |
+
|
| 1390 |
+
Investment at end of year $ 13,637
|
| 1391 |
+
$2,331,352 $
|
| 1392 |
+
2,373,176
|
| 1393 |
+
|
| 1394 |
+
The accounting policies of TPA are the same as
|
| 1395 |
+
those of the Partnership.
|
| 1396 |
+
</TABLE>
|
| 1397 |
+
<PAGE>
|
| 1398 |
+
<TABLE>
|
| 1399 |
+
6. Related Party Transactions
|
| 1400 |
+
|
| 1401 |
+
An affiliate of the Managing General
|
| 1402 |
+
Partner provided property management services
|
| 1403 |
+
for Taxter Corporate Park (through December
|
| 1404 |
+
31, 1998), Glenhardie I and II (sold April
|
| 1405 |
+
1998)and Framingham Corporate Center (sold
|
| 1406 |
+
December 1997). The Partnership paid the
|
| 1407 |
+
affiliate management fees (included in
|
| 1408 |
+
property operating expenses) of approximately
|
| 1409 |
+
$3,000 and $52,000 for the years ended October
|
| 1410 |
+
31, 1999 and 1998, respectively.
|
| 1411 |
+
|
| 1412 |
+
Another affiliate of the Managing General
|
| 1413 |
+
Partner performs administrative functions and
|
| 1414 |
+
processes certain investor transactions and
|
| 1415 |
+
prepares tax information for Partnership. For
|
| 1416 |
+
the years ended October 31, 2000, 1999 and
|
| 1417 |
+
1998, the affiliate was reimbursed
|
| 1418 |
+
approximately $61,000, $109,000 and $290,000,
|
| 1419 |
+
respectively, for these services. These
|
| 1420 |
+
amounts have been recorded in general and
|
| 1421 |
+
administrative expenses. The 2000 fees are
|
| 1422 |
+
also included in accounts payable and other
|
| 1423 |
+
liabilities as of October 31, 2000.
|
| 1424 |
+
<CAPTION>
|
| 1425 |
+
7. Summary of Quarterly Results (Unaudited)
|
| 1426 |
+
|
| 1427 |
+
Net
|
| 1428 |
+
I
|
| 1429 |
+
n
|
| 1430 |
+
c
|
| 1431 |
+
o
|
| 1432 |
+
m
|
| 1433 |
+
e
|
| 1434 |
+
(
|
| 1435 |
+
L
|
| 1436 |
+
o
|
| 1437 |
+
s
|
| 1438 |
+
s
|
| 1439 |
+
)
|
| 1440 |
+
Per
|
| 1441 |
+
U
|
| 1442 |
+
n
|
| 1443 |
+
i
|
| 1444 |
+
t
|
| 1445 |
+
o
|
| 1446 |
+
f
|
| 1447 |
+
l
|
| 1448 |
+
i
|
| 1449 |
+
m
|
| 1450 |
+
i
|
| 1451 |
+
t
|
| 1452 |
+
e
|
| 1453 |
+
d
|
| 1454 |
+
Revenue Net Income partnership
|
| 1455 |
+
(Loss) interest
|
| 1456 |
+
<S> <C> <C>
|
| 1457 |
+
<C>
|
| 1458 |
+
2000
|
| 1459 |
+
January 31 $ 65,371 $ 14,398 $ 0.07
|
| 1460 |
+
April 30 95,262 25,793 0.13
|
| 1461 |
+
July 31 2,568,022 2,525,797 14.26
|
| 1462 |
+
October 31 90,365 32,729 0.21
|
| 1463 |
+
Total $2,819,0 $2,598,717 $ 14.67
|
| 1464 |
+
20
|
| 1465 |
+
|
| 1466 |
+
<S> <C> <C>
|
| 1467 |
+
<C>
|
| 1468 |
+
|
| 1469 |
+
1999
|
| 1470 |
+
January 31 $507,528 $ 225,703 $ 1.15
|
| 1471 |
+
April 30 4,477,257 4,279,280 24.14
|
| 1472 |
+
July 31 28,697 (3,511) (0.04)
|
| 1473 |
+
October 31 430,335 359,775 2.04
|
| 1474 |
+
Total $5,443,8 $4,861,247 $ 27.29
|
| 1475 |
+
17
|
| 1476 |
+
</TABLE>
|
| 1477 |
+
<PAGE>
|
| 1478 |
+
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH
|
| 1479 |
+
ACCOUNTANTS ON
|
| 1480 |
+
ACCOUNTING AND FINANCIAL DISCLOSURE
|
| 1481 |
+
|
| 1482 |
+
None.
|
| 1483 |
+
|
| 1484 |
+
PART III.
|
| 1485 |
+
|
| 1486 |
+
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF
|
| 1487 |
+
THE REGISTRANT The Partnership is a limited
|
| 1488 |
+
partnership which has no directors or
|
| 1489 |
+
officers.
|
| 1490 |
+
|
| 1491 |
+
|
| 1492 |
+
The directors and executive officers of the
|
| 1493 |
+
Managing General Partner are as follows:
|
| 1494 |
+
Position
|
| 1495 |
+
with the Name
|
| 1496 |
+
Managing General Partner
|
| 1497 |
+
|
| 1498 |
+
William B.
|
| 1499 |
+
Smith
|
| 1500 |
+
Chairman of the
|
| 1501 |
+
Board of
|
| 1502 |
+
Directors
|
| 1503 |
+
E. Davisson Hardman, Jr. President and
|
| 1504 |
+
Director
|
| 1505 |
+
Ronald T. Carman Secretary and
|
| 1506 |
+
Director
|
| 1507 |
+
|
| 1508 |
+
All of the directors have been elected to
|
| 1509 |
+
serve until the next annual meeting of the
|
| 1510 |
+
shareholder of the Managing General Partner
|
| 1511 |
+
or until their successors are elected
|
| 1512 |
+
and
|
| 1513 |
+
qualify. Each of the executive officers has
|
| 1514 |
+
been elected to serve until his successor is
|
| 1515 |
+
elected and qualifies.
|
| 1516 |
+
|
| 1517 |
+
William B. Smith, age 57, has been an Advisory
|
| 1518 |
+
Director of Morgan Stanley Dean Witter & Co.,
|
| 1519 |
+
Inc. since July 2000.
|
| 1520 |
+
From June 1997 to July 2000, Mr. Smith was a Managing
|
| 1521 |
+
Director of Morgan Stanley & Co., Inc. and Co-
|
| 1522 |
+
head of Morgan Stanley Realty Incorporated.
|
| 1523 |
+
Prior to June 1997, Mr. Smith was an
|
| 1524 |
+
Executive Vice President of Dean Witter
|
| 1525 |
+
Reynolds, Inc. and Director of its Investment
|
| 1526 |
+
Banking Department for more than five years.
|
| 1527 |
+
|
| 1528 |
+
E. Davisson Hardman, Jr., age 51, has been a Managing
|
| 1529 |
+
Director of Morgan Stanley Asia, Ltd. since June
|
| 1530 |
+
1997. For more than five years before June
|
| 1531 |
+
1997, Mr. Hardman was a Managing Director of
|
| 1532 |
+
Dean Witter Realty Inc.
|
| 1533 |
+
Ronald T. Carman, age 49, has been an Assistant
|
| 1534 |
+
Secretary of Morgan Stanley Dean Witter & Co.
|
| 1535 |
+
since June 1997and a Managing Director of
|
| 1536 |
+
Morgan Stanley & Co. Inc. since July 1998.
|
| 1537 |
+
Previously, he was a Senior Vice President
|
| 1538 |
+
and Associate General Counsel of Dean Witter
|
| 1539 |
+
Reynolds Inc., which he joined in 1984.
|
| 1540 |
+
<PAGE>
|
| 1541 |
+
There is no family relationship among any of
|
| 1542 |
+
the foregoing persons.
|
| 1543 |
+
|
| 1544 |
+
ITEM 11. EXECUTIVE COMPENSATION
|
| 1545 |
+
|
| 1546 |
+
The General Partners are entitled to
|
| 1547 |
+
receive cash distributions, when and as cash
|
| 1548 |
+
distributions are made to the Limited
|
| 1549 |
+
Partners, and a share of taxable income or tax
|
| 1550 |
+
loss. Descriptions of such distributions and
|
| 1551 |
+
allocations are in Item 5 above. The
|
| 1552 |
+
General Partners received cash distributions
|
| 1553 |
+
of $210,460 for the year ended October 31,
|
| 1554 |
+
1998. There were no cash distributions paid to
|
| 1555 |
+
the General Partners for the years ended
|
| 1556 |
+
October 31, 2000 and 1999.
|
| 1557 |
+
|
| 1558 |
+
The General Partners and their affiliates were
|
| 1559 |
+
paid certain fees and reimbursed for certain
|
| 1560 |
+
expenses. Information concerning such fees and
|
| 1561 |
+
reimbursements is contained in Note 6 to
|
| 1562 |
+
consolidated financial statements in Item 8
|
| 1563 |
+
above.
|
| 1564 |
+
The directors and officers of the
|
| 1565 |
+
Partnership's Managing General
|
| 1566 |
+
Partner received no remuneration from
|
| 1567 |
+
the
|
| 1568 |
+
partnership.
|
| 1569 |
+
<PAGE>
|
| 1570 |
+
ITEM 12. SECURITY OWNERSHIP OF CERTAIN
|
| 1571 |
+
BENEFICIAL OWNERS
|
| 1572 |
+
AND
|
| 1573 |
+
MANAGEMENT
|
| 1574 |
+
(a) No person is known to the Partnership to
|
| 1575 |
+
be the
|
| 1576 |
+
beneficial owner of more than five percent of
|
| 1577 |
+
the Units.
|
| 1578 |
+
|
| 1579 |
+
(b) The directors and executive officers of
|
| 1580 |
+
the Managing General Partner own the following
|
| 1581 |
+
Units as of January 1, 2001:
|
| 1582 |
+
|
| 1583 |
+
(1) (2)
|
| 1584 |
+
(3)
|
| 1585 |
+
|
| 1586 |
+
Amount and
|
| 1587 |
+
Title of Name of
|
| 1588 |
+
Nature of
|
| 1589 |
+
Class Beneficial Owner
|
| 1590 |
+
Beneficial Ownership
|
| 1591 |
+
|
| 1592 |
+
Limited All directors and executive
|
| 1593 |
+
*
|
| 1594 |
+
Partnership officers of the Managing
|
| 1595 |
+
Interests General Partner, as a group
|
| 1596 |
+
|
| 1597 |
+
|
| 1598 |
+
* Own, by virtue of ownership of Limited
|
| 1599 |
+
Partnership
|
| 1600 |
+
interests in the Associate General Partner, less
|
| 1601 |
+
than 1% of the Units of the Partnership.
|
| 1602 |
+
|
| 1603 |
+
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED
|
| 1604 |
+
TRANSACTIONS
|
| 1605 |
+
|
| 1606 |
+
As a result of their being partners of a limited
|
| 1607 |
+
partnership which is the limited partner of
|
| 1608 |
+
the Associate General Partner, certain
|
| 1609 |
+
current and former officers and directors of
|
| 1610 |
+
the Managing General Partner also own indirect
|
| 1611 |
+
general
|
| 1612 |
+
partnership interests in the Partnership. The
|
| 1613 |
+
Partnership Agreement of the Partnership
|
| 1614 |
+
provides that cash distributions and
|
| 1615 |
+
allocations of income and loss to the
|
| 1616 |
+
General Partners be distributed or allocated
|
| 1617 |
+
50% to the Managing General Partner and 50%
|
| 1618 |
+
to the Associate General Partner. The General
|
| 1619 |
+
Partners' share of cash distributions and income
|
| 1620 |
+
or loss is described in Item 5 above.
|
| 1621 |
+
All of the outstanding shares of common
|
| 1622 |
+
stock of the Managing General Partner are
|
| 1623 |
+
owned by Realty, a Delaware corporation which
|
| 1624 |
+
is a wholly-owned subsidiary of Morgan Stanley
|
| 1625 |
+
Dean Witter & Co. The general partner of
|
| 1626 |
+
the Associate General Partner is Dean Witter
|
| 1627 |
+
Realty Income Associates II Inc., which is a
|
| 1628 |
+
wholly-owned subsidiary of the Managing
|
| 1629 |
+
General Partner. The limited partner of the
|
| 1630 |
+
Associate General Partner is LSA 84 II L.P.,
|
| 1631 |
+
a Delaware limited partnership. Realty and
|
| 1632 |
+
certain current and former officers and
|
| 1633 |
+
directors of
|
| 1634 |
+
<PAGE>
|
| 1635 |
+
Realty are partners of LSA 84 II L.P.
|
| 1636 |
+
Additional information
|
| 1637 |
+
with respect to the directors and officers and
|
| 1638 |
+
compensation of the Managing General Partner
|
| 1639 |
+
and affiliates is contained in Items 10 and 11
|
| 1640 |
+
above.
|
| 1641 |
+
|
| 1642 |
+
The General Partners and their affiliates were
|
| 1643 |
+
paid certain fees and reimbursed for certain
|
| 1644 |
+
expenses. Information concerning such fees and
|
| 1645 |
+
reimbursements is contained in Note 6 to the consolidated
|
| 1646 |
+
financial statements in Item 8 above.
|
| 1647 |
+
The Partnership believes that the payment of
|
| 1648 |
+
fees and the reimbursement of expenses to the
|
| 1649 |
+
General Partners and their affiliates are on
|
| 1650 |
+
terms as favorable as would be obtained from
|
| 1651 |
+
unrelated third parties.
|
| 1652 |
+
<PAGE>
|
| 1653 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II,
|
| 1654 |
+
L.P.
|
| 1655 |
+
PART IV
|
| 1656 |
+
|
| 1657 |
+
ITEM 14. EXHIBITS, FINANCIAL STATEMENT
|
| 1658 |
+
SCHEDULES, AND
|
| 1659 |
+
REPORTS ON FORM 8-K
|
| 1660 |
+
(a) The following documents are filed as
|
| 1661 |
+
part of this
|
| 1662 |
+
Annual Report:
|
| 1663 |
+
|
| 1664 |
+
1. Financial Statements (see Index
|
| 1665 |
+
to Financial
|
| 1666 |
+
Statements filed as part of Item 8 of
|
| 1667 |
+
this Annual Report).
|
| 1668 |
+
|
| 1669 |
+
2. Financial Statement Schedules
|
| 1670 |
+
(see Index to
|
| 1671 |
+
Financial Statements filed as part of Item
|
| 1672 |
+
8 of this Annual Report).
|
| 1673 |
+
|
| 1674 |
+
3. Exhibits
|
| 1675 |
+
(3) (a) Amended and Restated
|
| 1676 |
+
Agreement of Limited Partnership
|
| 1677 |
+
dated as of September 6, 1984
|
| 1678 |
+
set forth in Exhibit A to the
|
| 1679 |
+
Prospectus included in Registration
|
| 1680 |
+
Statement Number
|
| 1681 |
+
2-93207 is incorporated herein by
|
| 1682 |
+
reference.
|
| 1683 |
+
|
| 1684 |
+
(b) Certificate of Limited
|
| 1685 |
+
Partnership included in
|
| 1686 |
+
Registration Statement Number 2-
|
| 1687 |
+
93207 is incorporated herein by
|
| 1688 |
+
reference.
|
| 1689 |
+
|
| 1690 |
+
(4) (a) Amended and Restated
|
| 1691 |
+
Agreement of Limited Partnership
|
| 1692 |
+
dated as of September 6, 1984
|
| 1693 |
+
set forth in Exhibit A to the
|
| 1694 |
+
Prospectus
|
| 1695 |
+
included in Registration
|
| 1696 |
+
Statement Number
|
| 1697 |
+
2-93207 is incorporated herein by
|
| 1698 |
+
reference.
|
| 1699 |
+
|
| 1700 |
+
(b) Certificate of Limited
|
| 1701 |
+
Partnership included
|
| 1702 |
+
in Registration Statement Number
|
| 1703 |
+
2-93207 is incorporated herein by
|
| 1704 |
+
reference.
|
| 1705 |
+
|
| 1706 |
+
(10) (a) Purchase and Sale
|
| 1707 |
+
Agreements for
|
| 1708 |
+
properties purchased were filed as
|
| 1709 |
+
Exhibits to Form 8-K on May 24,
|
| 1710 |
+
1985, July 15, 1985, October 29,
|
| 1711 |
+
1985, November 15, 1985, February
|
| 1712 |
+
27, 1986, August 29, 1986,
|
| 1713 |
+
September 4, 1986, December 18,
|
| 1714 |
+
1986 and December 30, 1986 and are
|
| 1715 |
+
incorporated herein by reference.
|
| 1716 |
+
|
| 1717 |
+
(b) Purchase and Sale Agreement,
|
| 1718 |
+
dated as of
|
| 1719 |
+
October 19, 1995, between Dean
|
| 1720 |
+
Witter Income Partnership II,
|
| 1721 |
+
L.P., Midway Crossing Limited
|
| 1722 |
+
Partnership, Dean Witter Income
|
| 1723 |
+
Partnership III, L.P., Genesee
|
| 1724 |
+
<PAGE>
|
| 1725 |
+
Crossing Limited Partnership,
|
| 1726 |
+
Farmington/9 Mile Associates, a
|
| 1727 |
+
Michigan Limited Partnership, Hampton
|
| 1728 |
+
Crossing Associates, Rochester
|
| 1729 |
+
Hills Limited Partnership, Dean
|
| 1730 |
+
Witter Realty Yield Plus, L.P.
|
| 1731 |
+
and New Plan Realty Trust (including
|
| 1732 |
+
Exhibit J thereto) was filed as an
|
| 1733 |
+
exhibit to Form 8-K on December 11,
|
| 1734 |
+
1995 and is
|
| 1735 |
+
incorporated herein by reference.
|
| 1736 |
+
|
| 1737 |
+
(c) First Amendment to Purchase
|
| 1738 |
+
and Sale
|
| 1739 |
+
Agreement, dated as of October 19,
|
| 1740 |
+
1995, between Dean Witter Income
|
| 1741 |
+
Partnership II, L.P., Midway
|
| 1742 |
+
Crossing Limited Partnership, Dean
|
| 1743 |
+
Witter Income Partnership III,
|
| 1744 |
+
L.P., Genesee Crossing Limited
|
| 1745 |
+
Partnership, Farmington/9 Mile
|
| 1746 |
+
Associates, a Michigan Limited
|
| 1747 |
+
Partnership, Hampton Crossing
|
| 1748 |
+
Associates, Rochester Hills Limited
|
| 1749 |
+
Partnership, Dean Witter Realty
|
| 1750 |
+
Yield Plus, L.P. and New Plan Realty
|
| 1751 |
+
Trust was filed as an exhibit to Form
|
| 1752 |
+
8-K on December 11, 1995 and is
|
| 1753 |
+
incorporated herein by reference.
|
| 1754 |
+
|
| 1755 |
+
(d) Purchase and Sale Agreement
|
| 1756 |
+
dated as of
|
| 1757 |
+
December 19, 1996, between Dean
|
| 1758 |
+
Witter Realty Income Partnership
|
| 1759 |
+
II, L.P., a Delaware limited
|
| 1760 |
+
partnership, as Seller and Office
|
| 1761 |
+
Opportunity Fund III, a California
|
| 1762 |
+
limited partnership, as Purchaser
|
| 1763 |
+
was filed as an Exhibit to Form 8-K
|
| 1764 |
+
on February 27, 1997 and is
|
| 1765 |
+
incorporated herein by reference.
|
| 1766 |
+
|
| 1767 |
+
(e) Purchase and Sale Agreement,
|
| 1768 |
+
dated as of
|
| 1769 |
+
February 28, 1997, between
|
| 1770 |
+
Century Square
|
| 1771 |
+
Venture, a California general
|
| 1772 |
+
partnership, as Seller and
|
| 1773 |
+
Speiker Properties, L.P., a
|
| 1774 |
+
California limited partnership, as
|
| 1775 |
+
Purchaser was filed as an Exhibit
|
| 1776 |
+
to Form 8-K on April 10, 1997 and
|
| 1777 |
+
is incorporated herein by reference.
|
| 1778 |
+
|
| 1779 |
+
(f) Purchase and Sale Agreement, dated as of
|
| 1780 |
+
October 22, 1997, between Framingham
|
| 1781 |
+
Corporate Center Limited Partnership as
|
| 1782 |
+
Seller and Massachusetts Mutual Life
|
| 1783 |
+
Insurance Company as Purchaser was filed
|
| 1784 |
+
as an Exhibit to Form 8-K on December 3,
|
| 1785 |
+
1997 and is incorporated herein by
|
| 1786 |
+
reference.
|
| 1787 |
+
|
| 1788 |
+
(g) Purchase and Sale Agreement, dated as of
|
| 1789 |
+
February 10, 1998, between DWR
|
| 1790 |
+
Chesterbrook Associates, Glenhardie
|
| 1791 |
+
Corporation, the
|
| 1792 |
+
<PAGE>
|
| 1793 |
+
Partnership, Dean Witter Realty
|
| 1794 |
+
Income Partnership III, L.P., and Part
|
| 1795 |
+
Six Associates,
|
| 1796 |
+
as Sellers, and FV Office Partners, L.P.,
|
| 1797 |
+
as Purchaser was filed as an exhibit to Form 8-k
|
| 1798 |
+
on April 1, 1998 and is incorporated herein
|
| 1799 |
+
by reference.
|
| 1800 |
+
|
| 1801 |
+
(h) Purchase and sale Agreement Dated as of
|
| 1802 |
+
February 16,
|
| 1803 |
+
1999 between the Partnership, Dean Witter Realty Income
|
| 1804 |
+
Partnership III, L.P., and New Plan Excel Realty Trust.
|
| 1805 |
+
Inc. was filed as exhibit to Form 10Q for the period ended
|
| 1806 |
+
January 31, 1999 and is incorporated herein by reference.
|
| 1807 |
+
|
| 1808 |
+
(i) Assignment and Option Agreement dated February
|
| 1809 |
+
8, 1999 between Taxter Park Associates and DW
|
| 1810 |
+
Taxter Special Corp. was filed as an Exhibit to
|
| 1811 |
+
Form 10-Q for the period ended January 31, 1999
|
| 1812 |
+
and is incorporated herein by reference
|
| 1813 |
+
|
| 1814 |
+
(j) (I) Purchase and Sale Agreement Dated as of April 4,
|
| 1815 |
+
2000, First Amendment to Purchase and Sale
|
| 1816 |
+
Agreement Dated as of May 3, 2000, Second
|
| 1817 |
+
Amendment to Purchase and Sale Agreement Dated
|
| 1818 |
+
as of May 11, 2000, Third Amendment to Purchase
|
| 1819 |
+
and Sale Agreement Dated as of May 17, 2000, and
|
| 1820 |
+
Forth Amendment to Purchase and Sale Agreement
|
| 1821 |
+
Dated as of May 18, 2000 all between Taxter Park
|
| 1822 |
+
Associates as Seller, DW Taxter Special Corp. as
|
| 1823 |
+
Sublandlord and Mack-Cali Realty Acquisition
|
| 1824 |
+
Corp. as purchaser, (II) Termination, Assignment
|
| 1825 |
+
and Recognition Agreement as of May 23, 2000
|
| 1826 |
+
between Taxter Park Associates, DW Taxter
|
| 1827 |
+
Special Corp, Mack-Cali Realty Acquisition Corp.
|
| 1828 |
+
and KLM Royal Dutch Airlines and (III)
|
| 1829 |
+
Termination Agreement as of May 23, 2000 between
|
| 1830 |
+
Taxter Park Associates and DW Taxter Special
|
| 1831 |
+
Corp., all filed as exhibits to the Registrant's
|
| 1832 |
+
Report on Form 8-K on May 23, 2000 are
|
| 1833 |
+
incorporated herein by reference.
|
| 1834 |
+
|
| 1835 |
+
(21) Subsidiaries: Framingham Corporate Center LP,
|
| 1836 |
+
a Massachusetts limited partnership.
|
| 1837 |
+
|
| 1838 |
+
|
| 1839 |
+
(b)Reports on Form 8-K -
|
| 1840 |
+
No Forms 8-K were filed by the Partnership
|
| 1841 |
+
during the
|
| 1842 |
+
last quarter of the period covered by this
|
| 1843 |
+
report.
|
| 1844 |
+
<PAGE>
|
| 1845 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II,
|
| 1846 |
+
L.P. SCHEDULE III
|
| 1847 |
+
|
| 1848 |
+
(A) Reconciliation of real estate owned at
|
| 1849 |
+
October 31:
|
| 1850 |
+
|
| 1851 |
+
|
| 1852 |
+
2000 1999 1998
|
| 1853 |
+
Balance at beginning of period $ - $
|
| 1854 |
+
15,073,698 $ 33,923,086
|
| 1855 |
+
Additions (deletions) during period:
|
| 1856 |
+
Improvements - 189,072
|
| 1857 |
+
489,976
|
| 1858 |
+
Real estate sold - (15,262,770)
|
| 1859 |
+
(
|
| 1860 |
+
19,339,364)
|
| 1861 |
+
|
| 1862 |
+
Balance at end of period $ - $ -
|
| 1863 |
+
$15,073,698
|
| 1864 |
+
|
| 1865 |
+
(B) Reconciliation of accumulated depreciation:
|
| 1866 |
+
2000 1999 1998
|
| 1867 |
+
Balance at beginning of period $ - $ 4,727,834$
|
| 1868 |
+
12,757,533
|
| 1869 |
+
Additions (deletions) during
|
| 1870 |
+
period:
|
| 1871 |
+
Depreciation expense - 113,395 548,902
|
| 1872 |
+
Real estate sold - (4,841,229)
|
| 1873 |
+
(8,578,601)
|
| 1874 |
+
|
| 1875 |
+
Balance end of period $ - $ - $4,727,834
|
| 1876 |
+
|
| 1877 |
+
|
| 1878 |
+
<PAGE>
|
| 1879 |
+
DEAN WITTER REALTY INCOME PARTNERSHIP II, L.P.
|
| 1880 |
+
SIGNATURES
|
| 1881 |
+
Pursuant to the requirements of Section 13 or 15(d) of
|
| 1882 |
+
the
|
| 1883 |
+
Securities Exchange Act of 1934, the registrant has
|
| 1884 |
+
duly caused this report to be signed on its
|
| 1885 |
+
behalf by the undersigned, thereunto duly
|
| 1886 |
+
authorized.
|
| 1887 |
+
|
| 1888 |
+
|
| 1889 |
+
|
| 1890 |
+
By: Dean Witter Realty Income Properties II Inc.
|
| 1891 |
+
Managing General Partner
|
| 1892 |
+
|
| 1893 |
+
By: /s/E. Davisson Hardman, Jr. Date:
|
| 1894 |
+
January 26, 2001
|
| 1895 |
+
E. Davisson Hardman, Jr.
|
| 1896 |
+
President
|
| 1897 |
+
|
| 1898 |
+
By: /s/Raymond E. Koch Date:
|
| 1899 |
+
January 26,
|
| 1900 |
+
2001 Raymond E. Koch
|
| 1901 |
+
Controller
|
| 1902 |
+
(Principal Financial and Accounting Officer)
|
| 1903 |
+
|
| 1904 |
+
Pursuant to the requirements of the Securities
|
| 1905 |
+
Exchange Act of 1934, this report has been signed
|
| 1906 |
+
below by the following persons on behalf of the
|
| 1907 |
+
registrant and in the capacities and on the dates
|
| 1908 |
+
indicated.
|
| 1909 |
+
|
| 1910 |
+
DEAN WITTER REALTY INCOME PROPERTIES II INC.
|
| 1911 |
+
Managing General Partner
|
| 1912 |
+
|
| 1913 |
+
/s/William B. Smith Date:
|
| 1914 |
+
January 26,
|
| 1915 |
+
2001
|
| 1916 |
+
William B. Smith
|
| 1917 |
+
Chairman of the Board of Directors
|
| 1918 |
+
|
| 1919 |
+
/s/E. Davisson Hardman, Jr. Date:
|
| 1920 |
+
January 26, 2001
|
| 1921 |
+
E. Davisson Hardman, Jr.
|
| 1922 |
+
Director
|
| 1923 |
+
|
| 1924 |
+
/s/Ronald T. Carman Date:
|
| 1925 |
+
January 26,
|
| 1926 |
+
2001
|
| 1927 |
+
Ronald T. Carman
|
| 1928 |
+
Director
|
| 1929 |
+
|
| 1930 |
+
|
| 1931 |
+
|
| 1932 |
+
</TEXT>
|
| 1933 |
+
</DOCUMENT>
|
| 1934 |
+
</SEC-DOCUMENT>
|
| 1935 |
+
-----END PRIVACY-ENHANCED MESSAGE-----
|