Exhibit Index p.23
                                                        Exhibits begin p. (n/a)
                                                        Total pages:  42

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

                      ANNUAL REPORT PURSUANT TO SECTION 13
                           OR 15 (d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934.

                   For the fiscal year ended December 31, 1999
                        Commission file number 000-16757

                          CONCORD MILESTONE PLUS, L.P.
             (Exact name of registrant as specified in its charter)

                  DELAWARE                                  52-1494615
(State or other  jurisdiction of               (IRS Employer Identification No.)
  incorporation  or  organization)

150 EAST PALMETTO PARK ROAD, 4TH FLOOR
               BOCA RATON, FLORIDA                      33432
     (Address of principal executive offices)        (Zip Code)

Registrant's telephone number, including area code   (561) 394-9260
                                                   ---------------------

Securities registered pursuant to Section 12(b) of the Act:                None

Securities registered pursuant to Section 12(g) of the Act:                None

Class A Interests  ("Class A  Interests"),  each such interest  representing  an
assignment of one Class A Limited  Partnership  Interest held by CMP  Beneficial
Corp., a Delaware  corporation (the "Assignor"),  under the Amended and Restated
Agreement  of  Limited  Partnership  (the  "Partnership  Agreement")  of Concord
Milestone Plus, L.P.
                                                          (Title of Class)

Class B Interests  ("Class B  Interests"),  each such interest  representing  an
assignment  of one Class B Limited  Partnership  Interest  held by the  Assignor
under the Partnership Agreement.
                                                          (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 or any amendment to this
Form 10-K. X

The Class A and Class B  Interests  are not  traded  on any  established  public
trading market.

DOCUMENTS INCORPORATED BY REFERENCE                                        NONE


<PAGE>
                                       PART I

     This Form 10-K and any documents incorporated herein by reference,  if any,
contain  forward  looking  statements  that have been made within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking statements are
based on current expectations, estimates and projections about the Partnership's
(as defined below) industry, management beliefs, and certain assumptions made by
the Partnership's management and involve known and unknown risks,  uncertainties
and other  factors.  Such factors  include,  among other things,  the following:
general economic and business conditions, which will, among other things, affect
the demand for retail space or retail goods,  availability and  creditworthiness
of prospective tenants, lease rents and the terms and availability of financing;
risks of real  estate  development  and  acquisition;  governmental  actions and
initiatives; and environmental and safety requirements. These statements are not
guarantees of future performance and are subject to certain risks, uncertainties
and  assumptions  that are difficult to predict;  therefore,  actual results may
differ materially from those expressed or forecasted in any such forward-looking
statements.  Unless required by law, the Partnership undertakes no obligation to
update  publicly  any  forward-looking  statements,  whether  as a result of new
information, future events or otherwise.

 Item 1.        Business.

                (a)        General Development of Business.

                Concord Milestone Plus, L.P. (the  "Partnership")  was organized
as a Delaware limited partnership on December 12, 1986 with CM Plus Corporation,
a Delaware  corporation (the "General  Partner"),  as its general  partner.  The
General Partner is wholly owned by Concord Assets Group, Inc.  ("Concord").  The
Partnership  is engaged in the business of owning and operating  three  shopping
centers.  CMP  Beneficial  Corp.,  a wholly  owned  subsidiary  of Concord,  was
organized  under  Delaware law in December  1986 for the sole purpose of holding
limited  partnership  interests in the Partnership for the benefit of holders of
the Class A  Interests  and Class B  Interests  and has  engaged in no  business
activities other than fulfilling its obligations  under the Amended and Restated
Agreement  of  Limited   Partnership  of  the  Partnership   (the   "Partnership
Agreement").

                (b)  Industry Segment Information.

                The Partnership has only one industry  segment,  commercial real
estate.  See Item 6, "Selected  Financial Data", of this report for a summary of
the Partnership's operations for the last five fiscal years.

                (c)        Narrative Description of Business.

                The  Partnership  was formed for the  purpose  of  investing  in
existing  income-producing  commercial  and  industrial  real  estate,  such  as
shopping  centers,   office  buildings,   free-standing   commercial  buildings,
warehouses and distribution centers. The Partnership currently owns and operates
three shopping centers, one located in Searcy, Arkansas (the "Searcy Property"),
one located in Valencia, California (the "Valencia Property") and one located in
Green Valley, Arizona (the "Green Valley Property").

                The amount of revenues attributable to the Searcy Property,  the
Valencia Property and the Green Valley Property (collectively, the "Properties")
from tenants not affiliated with the  Partnership  was (i) $441,946,  $1,299,922
and $1,228,007,  respectively, for the fiscal year ended December 31, 1999; (ii)
$438,026,  $1,347,971 and  $1,296,987,  respectively,  for the fiscal year ended
December 31, 1998; and (iii) $457,514, $1,303,348 and $1,262,050,  respectively,
for the fiscal year ended December 31, 1997. There are no affiliated tenants.

                                                                -1-

<PAGE>



                See  Item  2,  "Properties",   of  this  Report  for  additional
information as to the  Properties,  including a description  of the  competitive
conditions affecting them.

Employees

                The Partnership  employs six people at the Green Valley Property
who provide  general  maintenance  and  security  services.  Milestone  Property
Management,  Inc., an affiliate of the General Partner,  provides all management
services for the  Partnership  and is reimbursed for its cost of  administrative
services provided to the Partnership,  including the pro rata cost of personnel.
Aside from its  officers,  the General  Partner has no  employees.  See Item 11,
"Compensation", of this Report.

Impact of Year 2000

                Year  2000   compliance   programs   and   information   systems
modifications were initiated by the Partnership's affiliated management company,
Milestone Property  Management,  Inc. ("MPMI"),  in early 1998, in an attempt to
ensure  that these  systems  and key  processes  will  remain  functional.  This
objective was achieved by modifying  present systems using existing internal and
external  programming  resources  and by  installing  new  system  hardware  and
software, and by monitoring supplier,  customer and other third party readiness.
Such  modifications were completed by MPMI by September 1999. There have been no
costs charged to the  Partnership  for the Year 2000 program  completed by MPMI.
Neither the Partnership nor MPMI has experienced any Year 2000 problems from any
of its major customers, suppliers or vendors.

 Item 2.        Properties.

     The Properties consist of three shopping centers: the Searcy Property,  the
Valencia  Property  and the Green  Valley  Property.  For the  purposes  of this
section, the following is a glossary of terms:

                a.  Occupancy  rate - The rate of the actual leased area (square
                    footage) to gross leaseable area (square  footage) as of the
                    end of the fiscal year (December 31).

                b. Leasable  area - The area (square  footage) for which rent is
                    charged.

                c.  Average  effective  annual  rental  per  square  foot  - The
                    average rental rate received per square foot of leased space
                    taking rental concessions and discounts into consideration.

                d. Total rent - Minimum annual base rent plus percentage  rental
                    revenue.

Refinancing of Bonds Payable

                As of September 30, 1997, the  Partnership,  with the assistance
of Tri-Stone Mortgage Company, an affiliate of the General Partner, closed three
fixed rate first mortgage  loans (the "Mortgage  Loans") from Westco Real Estate
Finance  Corp.  (the  "Lender")  in the amounts of  $2,865,000,  $8,445,000  and
$5,400,000,  respectively.  Tri-Stone  Mortgage  Company  did  not  receive  any
compensation  for its services.  All three  Mortgage  Loans are secured by first
mortgages  on all three of the  Properties.  Prior to September  30,  1997,  the
Properties  were  encumbered by mortgages  granted by the  Partnership to United
States Trust  Company of New York,  as trustee for the benefit of the holders of
the Partnership's Escalating Rate Collateralized Mortgage Bonds due November 30,
1997 (the "Bonds").  The Partnership used the proceeds of the Mortgage Loans and
available cash to redeem all of the outstanding Bonds.

                                                                -2-

<PAGE>



     The  Mortgage  Loans  and  related  terms  at  December  31,  1999  for the
Properties are summarized as follows:

                        Principal                             Monthly
                        Balance at                            Payments of
                        December         Interest             Principal
   Property/Location    31, 1999          Rate %            and Interest
   -----------------   ------------       ------            ------------
   Searcy, AR             $2,809,172       8.125               $21,640
   Valencia, CA            8,221,072       8.125                65,881
   Green Valley, AZ        5,297,637       8.250                41,252
                           ---------                            ------
   Total                 $16,327,881                          $128,773
                         ===========                           =======

                The Mortgage  Loans  require  payments of principal and interest
through and  including  September  1, 2007.  On October 1, 2007,  the balance of
principal and interest is estimated to be $2,505,981, $7,003,227, and $4,738,096
for the Searcy, Valencia and Green Valley Properties,  respectively, and will be
due and payable.  Subsequent to October 31, 2003 and prior to May 31, 2007, each
Mortgage Loan may be prepaid in whole but not in part on any payment date with a
prepayment  penalty equal to the greater of (i) 1% of the outstanding  principal
balance at such time,  or (ii) the excess,  if any, of the present  value of the
remaining  scheduled  principal  and interest  payments  (including  any balloon
payment), discounted at the Discount Rate (as defined below), over the amount of
principal  being prepaid.  The Mortgage Loans may be prepaid  without penalty on
any payment date after May 31, 2007.  The Discount Rate is a rate  determined as
of the week ending prior to the  prepayment  date and is based on the  published
rates of U.S. Government securities having maturities approximating the maturity
date of the  Mortgage  Loans.  The  Mortgage  Loans  are each  secured  by first
mortgages on all three of the  Partnership's  Properties and a default under any
of the Mortgage Loans  constitutes a default on all of the Mortgage Loans.  Each
mortgage may be released at the  Partnership's  option  after the  corresponding
Mortgage Loan is fully paid  provided that no event of default  exists under any
of the Mortgage Loans, the mortgagee has not given the Partnership notice of any
event which, with the passage of time, would constitute an event of default, and
certain other conditions are satisfied.

                In  connection   with  the  Green  Valley   Mortgage  Loan,  the
Partnership  has deposited  $150,000  into an escrow  account (the "Green Valley
Escrow  Account")  with the Lender.  The funds held in the Green  Valley  Escrow
Account may be released  upon the  execution of a new lease for the major tenant
space,  with a termination  date of July 31, 2004 or later, and the satisfaction
of certain other conditions.

                CM Plus  Corporation,  the general  partner of the  Partnership,
guarantees certain limited recourse obligations under the Mortgage Loans.

The Searcy Property
Searcy, Arkansas

                Location.  The Searcy  Property is  situated  on an  irregularly
shaped parcel of approximately  10.78 acres,  which has frontages on Race Avenue
and Frontage Road in the City of Searcy,  Arkansas.  Searcy,  the county seat of
White  County,  is located  in the  central  portion  of the State of  Arkansas,
approximately 50 miles northeast of Little Rock,  Arkansas.  The Searcy Property
is part of a two-mile stretch of commercial  development  along Race Avenue that
is the main shopping area for the city, county and surrounding  areas.  Searcy's
marketing  area  includes  all of  White  County  and  portions  of  surrounding
counties.



                                                                -3-

<PAGE>



                The Searcy Property is part of a larger  shopping  complex known
as the Town and Country Plaza. In addition to the Searcy Property,  the Town and
Country Plaza consists of an approximately  seven acre parcel (formerly the site
of a free-standing  Wal-Mart department store which is now sub-divided into four
retail stores) and five adjacent out parcels totaling 3.86 acres.

                Description.  The Searcy  Property,  which was completed in July
1985,  is a  one-story  masonry  and steel  building  whose  exterior is painted
concrete  block  with  masonry,  brick and glass  fronts.  The  Searcy  Property
contains 78,436 gross leasable  square feet divided into nine units.  The entire
Town and  Country  Plaza has  parking  for 970 cars of which  approximately  570
parking  spaces are  allocated  to the Searcy  Property.  In the  opinion of the
General Partner, the Searcy Property is adequately insured.

                Taxes. The  Partnership's  adjusted federal income tax basis for
the Searcy Property is approximately  $3,106,000, of which $430,000 is allocated
to land and $2,676,000 to the building and improvements. For financial statement
purposes,  the Partnership  depreciates the cost of the building over 31.5 years
and  improvements  over 5 to 12 years  using  the  straight-line  method of cost
recovery.

                Competition.  There are three shopping  centers within two miles
to the west of the Town and Country  Plaza on Race  Avenue.  The first  shopping
center consists of a Goody's  department store and a vacant furniture store. The
second shopping center consists of a Fred's discount store,  Warehouse  Foods, a
Sears  catalog store and two satellite  stores.  The third center  consists of a
Kroger food store and a Revco  drugstore.  Directly  across the highway from the
Searcy Property is a Wal-Mart superstore.  The Wal-Mart which relocated from the
Town and Country Plaza in 1992, has since vacated and subdivided its superstore.
Books-A-Million,  Stage,  Hibetts Sports and TSC Tractor Supply currently occupy
this space.

                Operating  and Tenant  Information.  As of March 1, 2000,  there
were nine tenants, including two anchor tenants, at the Searcy Property. The two
anchor  tenants are a J.C.  Penney  department  store and a Stage  apparel store
which has vacated the premises. Stage remains responsible under the terms of the
lease through July, 2001. The other seven tenants provide a variety of goods and
services.  The occupancy rate was 95.5%, 95.5% and 95.5% in 1999, 1998 and 1997,
respectively.

                The  tables  on pages 7 and 8  further  describe  and  summarize
certain operating data and tenant information for the Property.

Old Orchard Shopping Center
Valencia, California

                Location.  The Valencia Property is situated on an approximately
9.94-acre  parcel that has frontages on Lyons Avenue and Orchard Village Road in
the town of  Valencia,  California.  Valencia  is located  in the Santa  Clarita
Valley in Los Angeles County,  approximately 35 miles north of Los Angeles.  Old
Orchard  Shopping Center is located on the northwest  corner of Lyons Avenue and
Orchard Village Road in a heavily  developed  commercial  area.  Lyons Avenue is
improved with shopping centers, fast food restaurants,  housing developments and
free standing convenience stores. The surrounding area is densely populated with
apartments, condominiums and single family residences.

                In 1996,  a 78,000  square foot  shopping  center  opened on Old
Orchard Street across from the Valencia Property.  This center includes a 46,000
square foot  Ralph's  Supermarket,  a 16,000  square foot  drugstore  and 16,000
square feet of smaller stores. This shopping center has had an adverse impact on
tenant sales but it has not materially  adversely affected the occupancy rate at
the Valencia Property.


                                                                -4-

<PAGE>



     Description.  Old Orchard  Shopping center is an eight building,  one-story
masonry and steel shopping  center  complex that was  originally  constructed in
1965.  During 1985 and 1986 the shopping  center was  renovated  and enlarged to
103,413  square  feet of gross  leasable  area.  The  exterior  construction  is
pre-cast  concrete,  fluted block and decorative  tile. The shopping  center has
over 500 parking  spaces.  In the opinion of the General  Partner,  the Valencia
Property is adequately insured.

                Taxes. The  Partnership's  adjusted federal income tax basis for
the Valencia  Property is $10,793,000,  of which $6,500,000 is allocated to land
and  $4,293,000 is allocated to the buildings  and  improvements.  For financial
statement  purposes the  Partnership  depreciates the cost of the buildings over
31.5 years and improvements over 5 to 10 years using the straight-line method of
cost recovery.

                Competition. Within two miles of the Valencia Property there are
competing  shopping  facilities  at Newhall Plaza with a Von's Food Store and 10
satellite stores, Granary Square with a Hughes Food Market, Long's Drugstore and
26 satellite stores, a Safeway  Supermarket  complimented by 14 satellite stores
and the Alpha Beta Center with Alpha Beta Food stores and 16  satellite  stores.
In 1992, a strip center  anchored by a Ralph's Foods opened within a mile of the
Valencia Property.

                Operating  and Tenant  Information.  As of March 1, 2000,  there
were 21 tenants, including two anchor tenants, at the Valencia Property. The two
anchor  tenants are a Lucky Store grocery and a Rite Aid pharmacy.  The other 19
tenants  provide a variety of goods and services.  The occupancy rate was 96.9%,
96.6% and 93.9% in 1999, 1998 and 1997, respectively.

                The  tables  on pages 7 and 8  further  describe  and  summarize
certain operating data and tenant information for the Property.

Green Valley Mall
Green Valley, Arizona

                Location. The Green Valley Property, a mall complex known as the
Green Valley Mall, is situated on an approximately 21.31-acre parcel in the Town
of Green  Valley,  Arizona.  It has  frontages on  Interstate  19 and  Esperenza
Boulevard, with additional access from La Canada Road. Green Valley is a planned
adult  community  located  in  Pima  County  in  the  Santa  Cruz  River  Valley
approximately 25 miles south of Tucson. Green Valley has two hotels and a number
of office buildings, several community centers and six 18 hole golf courses. The
Green  Valley  Property  is  located at  intersection  65 of  Interstate  19 and
Esperenza  Boulevard and serves Pima County, as well as Santa Cruz County to the
south.

     Description.  Green Valley Mall is an open-air shopping complex  originally
built in the 1960's and  expanded  at various  times  throughout  the 1970's and
1980's.  The shopping center is comprised of several  buildings,  including some
that are free standing, totaling 194,750 gross leasable square feet (adjusted by
1,800 square feet representing the mall office). The exterior  construction is a
combination of adobe block,  split face block and painted  concrete  block.  The
mall has  approximately  975  parking  spaces.  In the  opinion  of the  General
Partner, the Green Valley Property is adequately insured.

                Taxes. The  Partnership's  adjusted federal income tax basis for
the Green Valley  Property is  $9,226,000,  of which  $5,100,000 is allocated to
land and $4,126,000 to the buildings and improvements.  For financial  statement
purposes, the Partnership  depreciates the cost of the buildings over 31.5 years
and  improvements  over 3 to 10 years  using  the  straight-line  method of cost
recovery.



                                                                -5-

<PAGE>



                Competition.  The Green Valley Property  competes  directly with
the 142,500 square foot  Continental  Shopping Plaza located at Continental Road
and Interstate 19 approximately one mile south of the Green Valley Property. The
Continental  Shopping  Plaza is  anchored by a Safeway  Supermarket.  There is a
shopping center located 3 miles to the north of the Green Valley Property in the
newly  incorporated  town of Sahuarita.  This shopping  center includes a 65,000
square foot  Wal-Mart  Department  Store and a 42,000  square foot  Bashas' Food
Store as anchor  tenants  plus 25,000  square  feet of space for local  tenants.
Another center located to the north of the Green Valley Property,  closed during
1995 and was  anchored by a 45,000  square foot Kmart and 10,000  square feet of
space for local tenants.  A six screen multiplex  theater is planned to be built
adjacent  to Kmart  with a  projected  opening  of mid  summer  2000.  Since the
incorporation of this town, several large areas have been rezoned for commercial
development.  One shopping area located 2.5 miles north of Green Valley,  called
"The Quorum", opened within the last two years.

                Operating  and Tenant  Information.  As of March 1, 2000,  there
were 70 tenants, including two anchor tenants, at the Green Valley Property. The
two anchor tenants include a Beall's outlet store and an Ace Hardware store. The
third anchor tenant space is currently unoccupied.  The other 68 tenants provide
a variety of goods and services.  The occupancy rate was 70.7%,  86.5% and 89.3%
in 1999, 1998 and 1997, respectively.

                During February 1999, the Partnership received notice from Abco,
the principal anchor tenant at the Green Valley Property, that Abco would not be
renewing its lease at the expiration of its current term on July 31, 1999.  Abco
vacated its space in May, 1999. No replacement  tenant has yet been  identified,
however,  the  Partnership  has retained a large regional real estate  brokerage
firm to help market the space. The brokerage firm has shown the space to several
qualified  prospective tenants. Many of the tenants at the Green Valley Property
have short term leases. It is not possible to determine the long-term effects of
the vacancy of the Abco space.  In the short term,  however,  the vacancy of the
Abco space could have a material  adverse effect on the results of operations at
the Green Valley Property by impairing the Partnership's ability to retain other
tenants or to renew their leases on favorable  terms, by reducing traffic at the
Property and negatively affecting percentage rents. In addition, the Partnership
will incur expenses in releasing the Abco space and cannot predict how soon such
space will be leased and the terms of such new lease.  Currently,  approximately
$150,000  of the  Partnership's  working  capital  is being  held in  escrow  in
connection with the refinancing by the holder of the first mortgage on the Green
Valley  Property (the  "Lender")  pending the  resolution of the vacancy in this
unoccupied anchor tenant space.

                The  tables  on pages 7 and 8  further  describe  and  summarize
certain operating data and tenant information for the Property.



                                                                -6-

<PAGE>

<TABLE>
<CAPTION>


Table 1.  Summary of Operating and Tenant Information

                             Tenant Occupying    Square  Occupancy Base Rent                                 Lease        Annual
                             >10% of GLA         Feet     Rate     Sq Ft.     Percentage Rent & Other        Expiration   R/E Taxes
                             /Nature of
Location      Property       Business
------------ --------------  ------------------- ------  --------- ---------  -------------------------      ---------    ---------
<S>                                               <C>    <C>       <C>         <C>                                        <C>
Searcy, AR   Town & Country                       78,436 95.46%    $5.50  (1)                                             $27,915
               Plaza

                             J.C. Penney          39,396           $5.22       1.5% of Sales in excess       8/31/2007
                             Department Store                                  of $11,820,004.  Pro-rata
                                                                               Reimbursement for real
                                                                               estate taxes over the
                                                                               base year amount. Common
                                                                               area maintenance reimbursed
                                                                               at fixed intervals over
                                                                               the lease term.


                             Stage                15,600           $5.25       Operation discontinued         7/30/2001
                             Clothing and Apparel                              4/30/98 (2)

Valencia, CA Old Orchard                         103,413 96.88%   $11.29   (1)                                            $132,460
               Shopping
               Ctr.          Lucky Stores         31,842           $9.42       1.25% of Sales in excess       6/30/2006
                             Full Service Grocery                              of $38,000,000 less amounts
                                                                               paid for property taxes,
                                                                               assessments and insurance
                                                                               premiums.  (3)

                             Rite Aid             18,125           $2.48       Rent is payable in an amount   5/31/2005
                             Pharmacy                                          equal to 3% of the tenant's
                                                                               gross sales for the previous month,
                                                                               but not less than $45,000 annually.
                                                                               Pays no reimbursed expenses.

Green Valley Green Valley    None                194,750 70.67%    $7.03   (1)                                            $215,623
 , AZ          Mall
</TABLE>

(1) Represents  the average  rental rate including base and percentage  rent per
square  foot of leased  space  taking  rental  concessions  and  discounts  into
consideration.

(2) Stage discontinued its operations effective April 30, 1998. Stage will still
be  responsible  for the basic  minimum  rental and the  average of the  amounts
actually received each lease year under the provisions for contingent additional
rentals including real estate taxes, common area maintenance and insurance.

(3) Pro-rata  reimbursement  for real estate taxes,  common area maintenance and
insurance.

                                                                -7-

<PAGE>



Table 2.  Summary of Lease Expirations

<TABLE>
<CAPTION>

                                             Year of         Number of       Gross Leasable        Annual         % of Total Annual
    Location               Property      Lease Expiration   Leases Expiring  Area Expiring       Minimum Rent     Minimum Rent
------------- -------------------------- -----------------  ---------------  -------------       ------------     ------------


<S>                                                           <C>             <C>                <C>               <C>
Searcy, AR    Town & Country Plaza           M-T-M            2               2,760              $18,120           4.4%
                                             2000             1               5,973              (1)              -
                                             2001             2              23,147             $155,050          37.7%
                                             2002             1               2,000              $18,000           4.4%
                                             2003             1               1,600              $14,400           3.5%
                                             2007             1              39,396             $205,600          50.0%
                                           Vacancies          1               3,560              -               -
                                                              -              ------           ----------      --------
                                            Total             9              78,436             $411,170         100.0%
                                            =====             =              ======              =======         ======



Valencia, CA  Old Orchard Shopping Center    2000             2              10,680              $91,246           8.6%
                                             2001             2               2,400              $40,500           3.8%
                                             2002             5               9,867             $192,733          18.1%
                                             2003             5              11,272             $190,104          17.8%
                                             2004             2               5,100              $78,360           7.4%
                                             2005             3              27,429             $170,910          16.1%
                                             2006             1              31,842             $300,000          28.2%
                                           Vacancies          4               4,823              -               -
                                                             --             -------          -----------      --------
                                            Total            24             103,413           $1,063,853         100.0%
                                            =====            ==             =======            =========         ======



Green Valley Green Valley Mall              M-T-M            2                 600               $2,205           .23%
  , AZ                                       2000            21              34,204             $284,547         29.33%
                                             2001            18              34,065             $255,935         26.38%
                                             2002            15              33,237             $224,164         23.10%
                                             2003             9              20,160             $158,918         16.38%
                                             2004             2               2,400              $20,621          2.13%
                                             2005             1               1,540              $14,245          1.47%
                                             2008             1              11,425               $9,600           .98%
                                           Vacancies         11              57,119              -               -
                                                             --             -------           ----------      --------
                                            Total            80             194,750             $970,235         100.0%
                                            =====            ==             =======              =======         ======
</TABLE>

(1)  Tenant currently pays 4% of gross sales in lieu of all rental obligations.

                                                                -8-

<PAGE>



Commitments and Contingencies

                Investments   in  real   property   create   a   potential   for
environmental  liability on the part of the owner, operator or developer of such
real property.  If hazardous  substances are discovered on or emanating from any
of the Properties, the Partnership and/or others may be held strictly liable for
all costs and liabilities relating to the clean-up of such hazardous substances,
even if the problem was caused by another party or a tenant.  The Partnership is
not aware of any  existing  environmental  conditions  that will have a material
effect on the financial statements.

Item 3.         Legal Proceedings

                None

Item 4.         Submission of Matters to a Vote of Security Holders.

                None


                                                                -9-

<PAGE>



                                                              PART II

Item 5. Market for Registrant's Units and Related Security Holders Matters.

                (a)  Class  A and  Class  B  Interests  are  not  traded  on any
established  public trading market and no organized market has developed for the
interests in the  Partnership.  Sales of the Class A and Class B Interests occur
from time to time  through  independent  broker-dealers,  but to the best of the
Partnership's knowledge, there are no market makers for the interests.  Recently
published  information relating to other real estate limited partnerships (which
may or may not be analogous to the Partnership)  indicates that sales of limited
partnership  interests in those partnerships occur at substantial discounts from
the amounts of the original investments.

                (b) As of  March  1,  2000,  1,518,800  Class  A  Interests  and
2,111,072 Class B Interests were held by approximately  1,173 and 1,249 holders,
respectively.

                (c) The Partnership is a limited  partnership and,  accordingly,
does not pay dividends.  It does, however, make quarterly  distributions of cash
to its  partners  depending  upon  distributable  cash  flow and  certain  other
conditions. The table on page 11 lists cash distributions.

                Pursuant to the Partnership  Agreement,  distributable cash flow
(as defined),  if any, for each fiscal quarter is  distributed  as follows:  (i)
first,  99% to the  holders  of the Class A  Interests  as a group and 1% to the
General  Partner  until the  holders of the Class A Interests  have  received an
amount of  cumulative  distributions  necessary  to provide  such holders with a
non-compounded 10.5% cumulative annual return (determined in accordance with the
Partnership  Agreement);  (ii) next, 90% to the holders of the Class A Interests
and 10% to the General  Partner until the holders of the Class A Interests  have
received  distributions of distributable capital proceeds (i.e., net proceeds of
a sale or  other  disposition  or a  refinancing  of  Properties  available  for
distribution) and uninvested  offering proceeds equal to $10.00 for each Class A
Interest  plus an amount of cumulative  distributions  necessary to provide such
holders with a cumulative,  non-compounded  12.5% annual return  (determined  in
accordance with the Partnership Agreement on their Adjusted Priority Base Amount
as defined in the Partnership  Agreement) (a "12.5% Priority Return"); and (iii)
thereafter,  85% to the holders of the Class B  Interests,  5% to the holders of
the Class A Interests and 10% to the General Partner.

                Pursuant to the  Partnership  Agreement,  distributable  capital
proceeds are distributed as follows: (i) first, 100% to the holders of the Class
A Interests as a group until they have received  distributions  of distributable
capital proceeds and uninvested offering proceeds equal to $10.00 for each Class
A Interest plus an amount of cumulative  distributions necessary to provide such
holders with a 12.5% Priority Return; and (ii) thereafter, 85% to the holders of
the Class B Interests and 15% to the General Partner.

                Distributable   cash  flow,   as  defined  in  the   Partnership
Agreement,  means, with respect to any period,  (i) revenues and payments (which
do not include refundable deposits or unearned rent) of the Partnership received
in cash during such period,  and reserves set aside out of revenues during prior
periods and no longer needed for the Partnership's  business,  but not including
cash proceeds attributable to a capital transaction (as defined),  Bond proceeds
or capital contributions (as defined),  less (ii) the sum of (A) amounts paid in
cash by the  Partnership  during  such  period  for  operating  expenses  of the
Partnership  (excluding  amounts paid from reserves or funds provided by capital
contributions  or loans),  for debt payments,  and for other fees or payments to
the General Partner,  (B) any capital  expenditures  with respect to Properties,
and (C) any  amount  set aside for the  restoration,  increase  or  creation  of
reserves.  Distributable cash flow is deemed to include the amount of any income
tax withheld with respect to revenues that are includable in distributable  cash
flow.


                                                                -10-

<PAGE>



                During its two most recent fiscal  years,  the  Partnership  has
made the following cash distributions with respect to the Class A Interests:

                                       Amount of                   Portion
       Distribution                    Distribution                Representing
      With Respect                     Per 100 Class               a Return of
 To Quarter Ended:                     A Interests (1)             Capital (2)
 -----------------                     ---------------             ------------
 March 31, 1999 (4)                     $3.29                         $3.29
 June 30, 1999 (4)                      $1.32                         $1.32
 September 30, 1999 (5)                    $0                            $0
 December 31, 1999 (5)                     $0                            $0

 March 31, 1998 (3)                        $0                            $0
 June 30, 1998 (3)                         $0                            $0
 September 30, 1998 (3)                    $0                            $0
 December 31, 1998 (4)                  $3.29                         $3.29
---------------------------------

              (1) The amounts listed  represent  distributions  of distributable
                    cash flow.

              (2)   That portion of the total  "Amount of  Distribution  per 100
                    Class A Interests"  which is a return of capital.  Return of
                    capital is defined as  distributions in excess of cumulative
                    net income.

              (3)   The Partnership suspended making distributions subsequent to
                    the first  quarter of 1997 due to the cost of  addressing an
                    environmental issue identified at the Valencia Property, and
                    payment of certain expenses relative to the refinancing.

              (4)   The   Partnership   resumed   making   distributions   after
                    determining  that  unrestricted  working capital levels were
                    adequate. The December 31, 1998 distribution was made during
                    February 1999.

              (5)   The Partnership suspended making distributions subsequent to
                    the  second   quarter  of  1999   after   determining   that
                    unrestricted  working  capital levels were inadequate due to
                    Abco vacating its space at the Green Valley Property in May,
                    1999.

There have been no distributions with respect to the Class B Interests.

                In general,  profits are allocated annually among the holders of
Class A Interests  and Class B Interests and the General  Partner,  first in the
ratio and to the extent that they receive  distributions of  distributable  cash
flow.  Profits will next be allocated 100% to holders of Class A Interests until
their capital accounts equal the greater of zero or their Adjusted Priority Base
Amounts  (as defined in the  Partnership  Agreement)  plus their 12.5%  Priority
Return.  Any  additional  profits  will be  allocated  to the holders of Class B
Interests and the General Partner to increase their capital  accounts to reflect
the manner in which they are expected to share in further distributions.

                Gain  arising  upon  the  sale of a  Property  or  otherwise  is
allocated  first to holders of Class A Interests  and Class B Interests  and the
General Partner to eliminate any deficits in their capital accounts, and then to
the  holders of the Class A  Interests  and Class B  Interests  and the  General
Partner to increase  their capital  accounts to reflect the manner in which they
are expected to share in further distributions.


                                                                -11-

<PAGE>



                In general, losses are allocated first to the holders of Class B
Interests and the General Partner in the ratio and to the extent of any positive
balances in their capital accounts; then, to the holders of Class A Interests to
the extent of any positive balances in their capital accounts; and finally, 100%
to the General Partner.

 Item 6.        Selected Financial Data.

                The  following  page  sets  forth  a  summary  of  the  selected
financial information for the Partnership.  The information below should be read
in conjunction with the audited financial statements.

Notes to Selected Financial Data Schedule:

                (a) All  income  allocated  with  respect  to  Equity  Units was
allocated with respect to the 100 Class A Interests in each such unit. No income
was allocated with respect to Class B Interests.

                (b) The net  (loss)  income per 100 Class A  Interests  has been
calculated  by  dividing  the net (loss)  income  for the period by the  average
number of Class A  Interests  outstanding  for the period and  multiplying  that
quotient by 100.

                (c) Distributions  have been allocated based upon the dates that
Class A Interests were issued. Distributions with respect to each fiscal quarter
of the Partnership are paid 60 days following the end of that fiscal quarter. No
distributions were paid with respect to Class B Interests.

                (d) Return of Capital is defined as  distributions  in excess of
cumulative net income.



                                                                -12-

<PAGE>



                 CONCORD MILESTONE PLUS, L.P.
                   (A Limited Partnership)
                   Selected Financial Data


<TABLE>
<CAPTION>
                                For Year Ended      For Year Ended      For Year Ended    For Year Ended    For Year Ended
                               December 31, 1999   December 31, 1998   December 31, 1997 December 31, 1996 December 31, 1995
                               -----------------   -----------------   ----------------- ----------------- -----------------
Operating Statement Data:
<S>                                   <C>                <C>                 <C>               <C>               <C>
Revenue                               $2,986,502         $3,103,638          $3,046,796        $3,009,663        $3,061,279
Net (loss)income                        (84,307)             31,270            (271,920)         (238,119)         (307,810)

Balance Sheet Data:
Total assets                          21,423,375         21,841,605          22,051,864        22,086,775        22,537,617
Long term debt                        16,327,881         16,513,054          16,683,574        16,473,060        16,425,967
Total liabilities                     16,760,632         16,974,551          17,216,080        16,877,282        16,893,481

Statement of Partners'
(Deficit) Capital:
     General Partner                    (75,937)            (73,894)            (74,207)          (70,470)          (66,124)
     Class A Interests                 4,738,680          4,940,948           4,909,991         5,279,963         5,710,260
     Class B Interests                         0                  0                   0                 0                 0
     Total                             4,662,743          4,867,054           4,835,784         5,209,493         5,644,136

Per 100 Class A Interests (a):

     Net (loss)income  (b):               (5.55)               2.06              (17.90)           (15.68)           (20.27)

     Distributions (c):                    4.61                3.29                3.29             12.94             13.15

     Return of Capital (d):                4.61                3.29                3.29             12.94             13.15

</TABLE>


                      See Notes to Selected Financial Data

                                      -13-

<PAGE>



Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

                Certain   statements   made  in  this   report  may   constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. See Part I.

                The  following   discussion  and  analysis  should  be  read  in
conjunction  with the  Financial  Statements  of the  Partnership  and the notes
thereto appearing in Item 14 of this report.

General

                The Partnership  commenced a public offering of Equity Units and
Bond  Units  (together,  "Units")  on  April  8,  1987  in  order  to  fund  the
Partnership's real property acquisitions.  The Partnership terminated the public
offering of Units on April 2, 1988. On April 14, 1988, the Partnership  held its
final closing on the sale of Units. The Partnership was fully subscribed to with
a total of 16,452 Bond Units and 15,188 Equity Units from which the  Partnership
received aggregate net proceeds (after deduction of sales commissions, discounts
and selling agent's expense  otherwise  required to be reimbursed to the General
Partner and its  Affiliates) of  $29,285,960.  The  Partnership  purchased three
shopping centers with the proceeds from this offering.  No further  acquisitions
are planned and the Partnership has no plans to raise additional capital.

                On September 30, 1997, the  Partnership  closed three fixed rate
first mortgage loans in the amounts of $2,865,000, $8,445,000 and $5,400,000, on
the  Searcy,  Valencia  and Green  Valley  Properties,  respectively.  All three
Mortgage  Loans are secured by first  mortgages on each of the  Properties.  The
Partnership used the proceeds of the Mortgage Loans and available cash to redeem
all of the outstanding Bonds. The Mortgage Loans are described in further detail
in Item 2. Properties Section.

                The  Partnership  has  an  agreement  with  Milestone   Property
Management,  Inc.  ("MPMI"),  an  affiliate of the General  Partner,  to provide
management  services to the  Properties.  In addition,  MPMI is responsible  for
leasing space at the  properties  and actively  monitors all vacancies to ensure
the highest  occupancy rate  possible.  All leasing is performed by MPMI and the
terms of the leases are negotiated on a lease by lease basis.

Impact of Year 2000

                Year  2000   compliance   programs   and   information   systems
modifications were initiated by the Partnership's affiliated management company,
Milestone Property  Management,  Inc. ("MPMI"),  in early 1998, in an attempt to
ensure  that these  systems  and key  processes  will  remain  functional.  This
objective was achieved by modifying  present systems using existing internal and
external  programming  resources  and by  installing  new  system  hardware  and
software, and by monitoring supplier,  customer and other third party readiness.
Such  modifications were completed by MPMI by September 1999. There have been no
costs charged to the  Partnership  for the Year 2000 program  completed by MPMI.
Neither the Partnership nor MPMI has experienced any Year 2000 problems from any
of its major customers, suppliers or vendors.

Competition

                Rental property owned by the Partnership  will have  substantial
competition  from similar  properties  in the vicinity in which such property is
located. Such competition is generally for the retention of existing tenants and
for new tenants upon space becoming  vacant.  Competition for tenants may result
in the Partnership being unable to quickly re-lease space resulting in a decline
in cash flows. The Partnership believes that the

                                                                -14-

<PAGE>



profitability  of each of the Properties is based,  in part, upon its geographic
location, the operations and identity of the property's tenants, the performance
of the property and leasing  managers,  the  maintenance  and  appearance of the
property,  the ease of access  to the  property  and the  adequacy  of  property
related  facilities.   The  Partnership  also  believes  that  general  economic
circumstances  and  trends  as  well as the  character  and  quality  of new and
existing  properties  which may be located in the vicinity of the Properties are
factors that may affect the operation and competitiveness of the property.

Results of Operations

Comparison of Year Ended December 31, 1999 to 1998.

Revenues of the Partnership  decreased $117,136, or 3.77%, to $2,986,502 in 1999
from $3,103,638 in 1998 primarily due to the net effect of the following:

                (1)        Rent - A decrease in base rent of $78,776,  or 3.04%,
                           to $2,509,336 in 1999 from  $2,588,112 in 1998 caused
                           by (i) a decrease  in base rent and  percentage  rent
                           revenues at the Green Valley  Property due to Abco, a
                           principal  anchor  tenant,  vacating its space during
                           the  year  and (ii)  two  vacancies  at the  Valencia
                           Property.

                (2)        Reimbursed   Expenses  -  A  decrease  in  reimbursed
                           expenses  of $33,879,  or 6.85%,  to $460,539 in 1999
                           from $494,418 in 1998  primarily due to a decrease in
                           the  recovery on both common area  expenses  and real
                           estate taxes at the Green Valley Property due to Abco
                           vacating its space during the year.

                Management and property expenses increased $60,047, or 7.54%, to
$856,001 in 1999 from  $795,954 in 1998 due to increases  in real estate  taxes,
insurance and common area expenses at the Properties.

                Professional  fees and  other  expenses  decreased  $27,910,  or
28.13%, to $71,317 in 1999 from $99,227 in 1998,  primarily due to a decrease in
accounting fees due to a change of audit firms in 1998.

                Administrative  and management fees to a related party decreased
by $3,004 or 1.91% to $153,905 in 1999 from $156,909 in 1998 due to decreases in
both rent revenue and recovery of reimbursed expenses.

                Depreciation  and amortization  expense  decreased  $15,937,  or
2.46%,  to $630,782  in 1999 from  $646,719  in 1998,  primarily  due to certain
assets reaching the end of their depreciable lives.

Comparison of Year Ended December 31, 1998 to 1997.

                Revenues of the  Partnership  increased  $56,842,  or 1.87%,  to
$3,103,638 in 1998 from  $3,046,796  in 1997  primarily due to the net effect of
the following:

                (1)        Rent - An increase in base rent of $44,728, or 1.76%,
                           to $2,588,112 in 1998 from  $2,543,384 in 1997 caused
                           by an increase in base rent  revenue at the  Valencia
                           Property due to one new tenant and escalations in the
                           rental rates of several tenants.

                (2)        Reimbursed  Expenses  -  An  increase  in  reimbursed
                           expenses  of $17,106 or 3.58%,  to  $494,418  in 1998
                           from $477,312 in 1997 primarily due to an increase in
                           the  recovery  from tenants on both real estate taxes
                           and insurance.


                                                                -15-

<PAGE>



                Management and property expenses decreased $20,862, or 2.55%, to
$795,955 in 1998 from $816,817 in 1997 due to concerted efforts by management to
contain operating costs at the Properties.

                Professional  fees and  other  expenses  decreased  $82,771,  or
45.48%,  to $99,227 in 1998 from  $181,998 in 1997,  primarily  due to the costs
associated  with  the  investigation  and  subsequent   resolution  of  chemical
contamination  in the soil at a site at the Valencia  Property  which costs were
expensed during 1997.

                Administrative  and management fees to a related party increased
by $24,184 or 18.2% to $156,909 in 1998 from  $132,725 in 1997 due to management
fees being properly calculated in accordance with the management agreement based
on a percentage  of gross  revenues  rather than a percentage  of base rents and
percentage rents as had been calculated in prior years.

                Interest expense decreased $229,203,  or 14.3%, to $1,373,559 in
1998 from  $1,602,762  in 1997 due to the interest  rates of between  8.125% and
8.25% on mortgage  loans  payable  throughout  1998 versus the 10% interest rate
paid during 1997 on the bonds payable until the September 30, 1997 refinancing.

                Depreciation  and amortization  expense  increased  $62,304,  or
10.66%, to $646,718 in 1998 from $584,414 in 1997,  primarily due to a full year
of  amortization  on the  debt  financing  costs  and an  increase  in  property
improvements during 1998.

Liquidity and Capital Resources

                The General  Partner  believes that the  Partnership's  expected
revenue and working  capital is  sufficient  to meet the  Partnership's  current
operating requirements for the remainder of the year. Nevertheless,  because the
cash  revenues and expenses of the  Partnership  will depend on future facts and
circumstances  relating to the Partnership's  properties,  as well as market and
other  conditions  beyond the control of the Partnership,  a possibility  exists
that cash flow deficiencies may occur.

                During February 1999, the Partnership received notice from Abco,
a principal anchor tenant at the Green Valley  Property,  that Abco would not be
renewing its lease at the expiration of its current term on July 31, 1999.  Abco
vacated its space in May, 1999. No replacement  tenant has yet been  identified,
however,  the  Partnership  has retained a large regional real estate  brokerage
firm to help market the space. The brokerage firm has shown the space to several
qualified  prospective  tenants.  Many of the other  tenants at the Green Valley
Property  have short term leases.  It is not possible to determine the long-term
effects of the  vacancy  of the Abco  space.  In the short  term,  however,  the
vacancy of the Abco space could have a material adverse effect on the results of
operations at the Green Valley Property by impairing the  Partnership's  ability
to retain other tenants or to renew their leases on favorable terms, by reducing
traffic at the Property and negatively  affecting percentage rents. In addition,
the  Partnership  will incur  expenses in leasing the space vacated by Abco to a
new  tenant,  and the  Partnership  cannot  predict  how soon such space will be
leased and the terms of such new lease. Currently, approximately $150,000 of the
Partnership's  working  capital is being held in escrow in  connection  with the
refinancing  by the holder of the first  mortgage on the Green  Valley  Property
(the "Lender")  pending the resolution of the vacant anchor tenant space created
by the departure of Abco.

                The Partnership  periodically makes distributions to its owners.
A 1998 fourth  quarter  distribution  of $50,001 was paid during  February 1999.
Also,  a first  quarter  distribution  of $50,001 was paid during May 1999 and a
second   quarter   distribution   of  $20,002  was  paid  during   August  1999.
Distributions  were  suspended  after the second  quarter of 1999  following the
departure of Abco from the Green Valley  Property,  which created  vacant anchor
tenant space. The Partnership will evaluate the amount of future  distributions,
if any,  on a quarter by quarter  basis.  No  assurances  can be given as to the
timing or amount of any future  distributions by the Partnership.  Management is
not aware of any other significant trends, events,  commitments or uncertainties
that will or are likely to materially impact the Partnership's liquidity.

                                                                -16-

<PAGE>



                The cash on hand at  December  31,  1999 may be used to fund (a)
costs  associated  with  releasing  the Abco space should the costs of releasing
exceed the  $150,000  already  held in escrow by the Lender for this purpose and
(b) other general Partnership purposes.

                Net cash  provided by operating  activities  of $528,387 for the
year ended  December  31, 1999 was  comprised  of (i) net loss of $84,307,  (ii)
adjustments of $630,782 for depreciation and amortization and (iii) a net change
in operating assets and liabilities of $18,088.

                Net cash  provided by operating  activities  of $487,409 for the
year ended  December 31, 1998 was  comprised of (i) net income of $31,270,  (ii)
adjustment of $646,719 for depreciation and amortization, and (iii) a net change
in operating assets and liability of $190,580.

                Net cash used in investing  activities  of $114,259 for the year
ended  December  31, 1999 was  comprised  of capital  expenditures  for building
improvements.

                Net cash used in investing  activities  of $176,503 for the year
ended  December  31, 1998 was  comprised  of capital  expenditures  for building
improvements.

                Net cash used in financing  activities  of $288,647 for the year
ended  December 31, 1999  included (i) principal  repayments on mortgages  loans
payable  of  $185,173,  (ii)  funds  held in escrow of  $16,530  and (iii)  cash
distributions to partners of $120,004.

                Net cash used in financing  activities  of $132,555 for the year
ended  December 31, 1998  included (i) principal  repayments on mortgages  loans
payable of $170,520 and (ii) funds held in escrow of $37,965.

 Item 7A.       Quantitative and Qualitative Disclosures About Market Risk.

                The   Partnership,   in  its  normal  course  of  business,   is
theoretically  exposed to  interest  rate  changes as they relate to real estate
mortgages  and the effect of such  mortgage  rate  changes on the values of real
estate.  However,  for the  Partnership,  all of its  mortgage  debt is at fixed
rates,  is for extended  terms,  and would be unaffected by any sudden change in
interest rates. The  Partnership's  possible risk is from increases in long-term
real  estate  mortgage  rates that may occur over a decade or more,  as this may
decrease the overall value of real estate.  Since the Partnership has the intent
to hold its  existing  mortgages  to maturity (or until the sale of a Property),
there is  believed  to be no  interest  rate  market  risk on the  Partnership's
results of operations or its working capital position. The Partnership estimates
the fair  value of its long term  fixed  rate  Mortgage  Loans  generally  using
discounted cash flow analysis based on the Partnership's current borrowing rates
for similar types of debt. At December 31, 1999,  the fair value of the Mortgage
Loans was  estimated to be  $16,055,167  compared to a carrying  value amount of
$16,327,881.

                The Partnership's  cash equivalents and short-term  investments,
if any,  generally bear variable interest rates.  Changes in the market rates of
interest  available  will affect from  time-to-time  the interest  earned by the
Partnership.  Since the  Partnership  does not rely on its interest  earnings to
fund working  capital  needs,  changes in these  interest rates will not have an
impact on the Partnership's results of operations or working capital position.

 Item 8.        Financial Statements and Supplementary Data.

                The financial  statements  and  supplementary  data are included
elsewhere in this document, as listing on the accompanying index.

                                                                -17-

<PAGE>



Item  9.  Changes  in and  Disagreements  with  Accountants  on  Accounting  and
Financial Disclosure.

     On October 28, 1998,  the  Partnership  dismissed  the  accounting  firm of
Deloitte & Touche LLP as the Partnership's independent auditor. The dismissal of
Deloitte  & Touche  LLP was not the  result  of any  disagreements  between  the
Partnership and Deloitte & Touche LLP on any matter of accounting  principles or
practices,  financial statement disclosure,  or auditing scope or procedure.  On
November 2, 1998, the Partnership  retained the accounting firm of Ahearn, Jasco
+ Company,  P.A.  as its new  independent  auditor  for the fiscal  year  ending
December 31, 1998. The decision to change  accounting firms as the Partnership's
independent  auditor was approved by the Audit Committee of CM Plus Corporation,
General Partner of Concord Milestone Plus, L.P., on October 28, 1998.
                                                              PART III

Item 10.        Directors and Officers of the Registrant.

                The  names,  offices  held  and the  ages of the  directors  and
executive  officers of the General  Partner and of CMP  Beneficial  Corp. are as
follows:

                                  Has Served As a
                                   Director and/or
           Name             Age     Position Held           Officer Since (1)
   ---------------------    ---   ------------------        -----------------

 Leonard S. Mandor (3)     53     President                 Inception (2)
                                                            and Director

 Robert A. Mandor (3)      47     Vice President            Inception
                                                            and Director

 Harvey Shore              54     Vice President            December 24, 1987

 Joseph P. Otto            46     Vice President            October 3, 1997
                                  and Secretary

 Patrick Kirse             31     Treasurer and             October 3, 1997
                                  Controller
----------------------------------

(1)  Each director and officer of the General  Partner and CMP Beneficial  Corp.
     will hold office until the next annual  meeting of the General  Partner and
     CMP Beneficial Corp. and until his successor is elected and qualified.

(2)  The  General  Partner  was  incorporated  on  December  12,  1986  and  CMP
     Beneficial Corp. was incorporated on December 18,1986.

(3)  Robert A. Mandor and Leonard S. Mandor are brothers.

     LEONARD S. MANDOR is the Chief Executive Officer and a Director of Concord.
Mr. Mandor is the Chairman of the Board,  Chief Executive Officer and a Director
of Milestone Properties,  Inc. Mr. Mandor has been associated with Concord since
its inception in 1981.

                                                                -18-

<PAGE>



     ROBERT A. MANDOR is the President  and a Director of Concord.  For at least
the past five years he has served as the President, Chief Financial Officer, and
a Director of Milestone  Properties,  Inc. Mr. Mandor has been  associated  with
Concord since its inception.

     HARVEY SHORE joined Concord in 1983 and is a Senior Vice President. He also
serves as a Senior Vice  President and Secretary of Milestone  Properties,  Inc.
Before joining Concord he worked at Chase Manhattan Bank as a Vice President.

     JOSEPH  P. OTTO was  appointed  Vice  President  and  Secretary  of CM Plus
Corporation, the General Partner of Concord Milestone Plus, L.P. in October 1997
to fill a vacancy.  Mr.  Otto is also a Vice  President  of Concord and has been
associated  with  Concord  since  1984.  Mr. Otto is also a Vice  President  and
Director of Milestone Properties, Inc.

     PATRICK   KIRSE  was  appointed   Treasurer  and   Controller  of  CM  Plus
Corporation, the General Partner of Concord Milestone Plus, L.P. in October 1997
to fill a  vacancy.  Mr.  Kirse also  serves as a Vice  President  of  Milestone
Properties,  Inc. He is a CPA licensed in the state of Missouri.  Before joining
Milestone in 1995 he worked as a senior auditor with Deloitte & Touche LLP since
1991.

                On February 2, 1995,  the  Securities  and  Exchange  Commission
filed a civil complaint  against Concord in the United States District Court for
the District of Columbia in  connection  with the proxy  solicitation  conducted
with respect to the merger of Concord  Milestone  Income Fund,  L.P. and Concord
Milestone  Income  Fund II, L.P.  into a publicly  held  corporation,  Milestone
Properties,  Inc.,  in 1990.  The  complaint  alleged that Concord  violated the
anti-fraud provisions of the Securities Exchange Act of 1934 through the forgery
of investors'  signatures on proxy cards and further alleged that Concord failed
to  provide  certain  investors  in the  affected  partnerships  with  lists  of
partners,  as required under the proxy rules. In April, 1995, Concord consented,
without  admitting or denying the  Commission's  allegations,  to the entry of a
final  judgment  ordering it to pay a civil penalty of $500,000 and enjoining it
from  violating  Section 17(a) of the  Securities Act of 1933 and Sections 10(b)
and  14(a) of the  Securities  Exchange  Act of 1934 and  Rules  10b-5 and 14a-7
thereafter.

Compliance with Section 16(a) of the Exchange Act.

                Based  on the  General  Partner's  review  of  Forms  3, 4 and 5
furnished to the Partnership, there were no late reports filed during 1999.

Item 11.        Compensation.

                During 1999, the Partnership paid or accrued:

                (i) $25,000 to Milestone Property Management,  Inc. ("MPMI"), an
                    affiliate  of  the  General  Partner,   for   administrative
                    services  rendered  to  the  Partnership.   Pursuant  to  an
                    agreement between MPMI and the Partnership,  the Partnership
                    reimburses MPMI for administrative  services provided to the
                    Partnership, such as payroll, investor services and supplies
                    in an amount equal to $25,000 per year.

                (ii)$128,904  to  MPMI  for  property  management  fees  for the
                    fiscal  year  ended  December  31,  1999.  Pursuant  to  the
                    management  agreement  between  the  Partnership  and  MPMI,
                    property  management fees are equal to a percentage of gross
                    revenues  not  to  exceed  5  percent  for  multiple  tenant
                    property for which MPMI performs leasing services, 3 percent
                    for multiple tenant property for which MPMI does not perform
                    leasing services and 1 percent for single

                                                                -19-

<PAGE>



                    tenant  property.  The management fees are 3 percent for the
                    Searcy Property,  4 percent for the Valencia  Property and 5
                    percent for the Green Valley  Property.  The  management fee
                    for  any  Property  may  not  exceed  competitive  fees  for
                    comparable services reasonably  available to the Partnership
                    in the same  geographic  area as the  property in  question.
                    Gross  revenues are defined in the  management  agreement to
                    mean,  with respect to each Property,  all base,  additional
                    and percentage rents collected from the Property but exclude
                    all other  receipts or income with respect to that Property,
                    such as, (i)  receipts  arising out of any sale of assets or
                    of all or part of the  Property,  condemnation  proceeds and
                    other  items of a  similar  nature;  (ii)  payments  made by
                    tenants for  over-standard  finish out improvements or other
                    amortization;   (iii)  income   derived  from   interest  on
                    investments,   security  deposits  utility  deposits;   (iv)
                    proceeds of claims under insurance policies;  (v) abatements
                    or  reductions  of taxes;  (vi)  security  deposits  made by
                    tenants;   or  (vii)  any  portions  of  rentals  which  are
                    specifically  designated as amortization of, or interest on,
                    tenant moving expenses,  takeover  expenses or similar items
                    in the nature of advances by the Partnership.

                No  officer,  director,  or  employee  of  the  General  Partner
received any direct  compensation  from the  Partnership  during the fiscal year
ended December 31, 1999.

Item 12.  Security Ownership of Certain Beneficial Owners and Management.

                (a) The General  Partner knows of only one  beneficial  owner of
five  percent or more of the  issued  and  outstanding  Class A  Interests.  The
General  Partner  knows of only two owners of five percent or more of the issued
and  outstanding  Class B Interests,  the  information  as to which is set forth
below as of March 1, 2000:

                                    Amount and
                                      Nature of     Percent
   Title   Name and Address of        Beneficial        of
 of Class     Beneficial Owner       Ownership        Class
---------  -------------------      ------------    -------
Class A    KM Investments, LLC           96,068*        6.33%
Interests  199 South Los Robles
           Suite #440
           Pasadena, CA 91101

Class B    The Guardian Life            572,292*       27.11%
Interests  Insurance Company
           of America
           203 Park Avenue South
           New York, NY  10003

Class B    KM Investments, LLC           96,368*         4.56%
Interests  199 South Los Robles
           Suite #440
           Pasadena, CA 91101
-----------------------

*    To  the  best  of the  Partnership's  knowledge,  both  The  Guardian  Life
     Insurance Company of America and KM Investments, LLC have sole voting power
     and investment power with respect to these securities.

                                                                -20-

<PAGE>



                (b) The General  Partner,  together with its  affiliates and the
officers and  directors of the General  Partner,  own less than 1% of the issued
and outstanding Class A Interests and less than 1% of the issued and outstanding
Class B Interests.

                The number of shares of stock,  no par value,  of Concord (which
is the parent of the General Partner) beneficially owned by all directors of the
General  Partner and CMP Beneficial  Corp. and all directors and officers of the
General  Partner and CMP Beneficial  Corp. as a group as of March 1, 2000 is set
forth in the following table:

                               Amount and
                                  Nature of       Percent
         Name of                  Beneficial           of
  Beneficial Owner               Ownership          Class
  ------------------           -------------      -------
   Leonard S. Mandor                  267             67%
   Robert A. Mandor                   133             33%

Item 13.  Certain Relationships and Related Transactions.

                See Item 1, "Business,"  Item 5, "Market for Registrant's  Units
and Related Security Holders  Matters," Item 10,  "Directors and Officers of the
Registrant," and Item 11,  "Compensation," of this Report for details.  See also
Note 5 of the  Notes to  Financial  Statements  of the  Partnership's  Financial
Statements included in this Report.
                                                              PART IV

Item 14. Exhibits, Financial Statements, Financial Schedule, and Reports on Form
8-K.

                (a) Financial Statements and Financial Schedule

                    See Index to Financial  Statements  and  Financial  Schedule
included elsewhere in this Report.

                (b) Exhibits:

 Exhibit
 Number                Description of Document

  3.1           Amended and Restated Agreement of Limited Partnership
                of Concord Milestone Plus, L.P. Incorporated herein by
                reference to Exhibit A to the Registrant's Prospectus
                included as Part I of the Registrant's Post-Effective
                Amendment No. 3 to the Registrant's Registration Statement
                on Form S-11 (the "Registration Statement") which was
                declared effective on April 3, 1987.

 3.2            Amendment No. 1 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.,
                included as Exhibit 3.2 to Registrant's Form 10-K for
                the fiscal year ended December 31, 1987 ("1987 Form
                10-K"), which is incorporated herein by reference.

                                                    -21-

<PAGE>



 3.3            Amendment No. 2 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.3 to the 1987 Form 10-K,
                which is incorporated herein by reference.

 3.4            Amendment No. 3 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.4 to the 1987 Form 10-K,
                which is incorporated herein by reference.

 3.5            Amendment No. 4 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.5 to the 1987 Form 10-K,
                which is incorporated herein by reference.

 3.6            Amendment No. 5 to Amended and Restated Agreement of
                Limited Partnership of Concord Milestone Plus, L.P.
                included as Exhibit 3.6 to Registrant's Form 10-K
                for the fiscal year ended December 31, 1988, which is
                incorporated herein by reference.

 4.             Form of Indenture  relating to  Escalating  Rate  Collateralized
                Mortgage Bonds due November 30, 1997 between  Concord  Milestone
                Plus,  L.P.  and United  States  Trust  Company of New York,  as
                Trustee.  Incorporated  herein by  reference to Exhibit 4 to the
                Registration Statement.

 4.1            Form of Supplemental Indenture.  Incorporated herein
                by reference to Exhibit 4.7 to the Registrant's
                Post-Effective Amendment No. 1 ("Post-Effective
                Amendment No. 1") to the Registration Statement.

 4.2            Form of Escalating Rate Collateralized Mortgage Bond
                due November 30, 1997 included as Exhibit 4.2 to the
                1987 Form 10-K, which is incorporated herein by
                reference.

 4.3            Form of certificate evidencing Class A Interests
                included as Exhibit 4.3 to the 1987 Form 10-K,
                which is incorporated herein by reference.

 4.4            Form of certificate evidencing Class B Interests
                included as Exhibit 4.4 to the 1987 Form 10-K,
                which is incorporated herein by reference.

10.1            Property purchase agreements.  Incorporated herein by
                reference to Exhibit 10.1 to the Registration
                Statement.

                                                    -22-

<PAGE>



10.2            Form of property management agreement.  Incorporated
                herein by reference to Exhibit 10.2 of the
                Registration  Statement.

10.3            First Amendment to Management Agreement by and between
                Concord Milestone Plus, L.P. and Concord Assets
                Management, Inc.  Incorporated herein by reference to
                Exhibit 10.3 of the 1988 Form 10-K.

10.4            Second Amendment to Management Agreement by and
                between Concord Milestone Plus, L.P. and Concord Assets
                Management, Inc.  Incorporated herein by reference to
                Exhibit 10.4 of the 1988 Form 10-K.

10.5            Omitted intentionally.

10.6            Omitted intentionally.

10.7            Mortgage Promissory Note executed by Concord Milestone
                Plus, L.P. in favor of United States Trust Company of
                New York, as trustee, in the principal amount of
                $7,523,500 and secured by a mortgage on certain
                property located in Valencia, California.
                Incorporated herein by reference to Exhibit 10.5 to
                the 1987 Form 10-K.

10.8            Mortgage Promissory Note executed by Concord Milestone
                Plus, L.P. in favor of United States Trust Company as
                trustee, in the principal amount of $6,296,000 and
                secured by a mortgage on a certain property located in
                Green Valley, Arizona.  Incorporated herein by
                reference to Exhibit 10.8 to the 1988 Form 10-K.

10.9            Deed of Trust and Uniform Commercial Code Security
                Agreement and Financing Statement with Assignment of
                Leases, Rents and Profits executed by Concord
                Milestone Plus, L.P. in favor of United States Trust
                Company of New York, as trustee, with respect to
                property located in Valencia, California.
                Incorporated herein by reference to Exhibit 10.6 to
                the 1987 Form 10-K.

10.10           Mortgage Deed of Trust and Uniform Commercial Code
                Security Agreement and Financing Statement with
                Assignment of Leases, Rents and Profits, in favor of
                United States Trust Company of New York, as trustee,
                with respect to certain property located in Green
                Valley, Arizona.  Incorporated herein by reference to
                Exhibit 10.10 to the 1988 Form 10-K.

                                                    -23-

<PAGE>



10.11           Amended and Restated Mortgage Promissory Note executed
                by Concord Milestone Plus, L.P. in favor of United
                States Trust Company of New York, as trustee, in the
                principal amount of $2,632,500 and secured by a
                mortgage on certain property located in Searcy,
                Arkansas.  Incorporated herein by reference to Exhibit
                10.7 of the 1987 Form 10-K.

10.12           Mortgage, Deed of Trust and Uniform Commercial Code
                Security Agreement and Financing Statement with
                Assignment of Leases, Rents and profits by Concord
                Milestone Plus, L.P. in favor of United States Trust
                Company of New York, as trustee, with respect to
                property located in Searcy, Arkansas.  Incorporated
                herein by reference to Exhibit 10.8 of the 1987
                Form 10-K.

10.13           Modification of Mortgage, Deed of Trust and Uniform
                Commercial Code Security Agreement and Financing
                statement with Assignment of Leases, Rents and Profits
                by Concord Milestone Plus, L.P. in favor of United
                States Trust Company of New York, as trustee, with
                respect to property located in Searcy, Arkansas.
                Incorporated herein by reference to Exhibit 10.9 of
                the 1987 Form 10-K.

10.14           Second Modification to Mortgage, Deed of Trust and
                Uniform Commercial Code Security Agreement and
                Financing Statement with Assignment of Leases, Rents
                and Profits by Concord Milestone Plus, L.P. in favor
                of United States Trust Company of New York, as
                trustee, with respect to property located in Searcy,
                Arkansas.  Incorporated herein by reference to Exhibit
                10.10 of the 1987 Form 10-K.

10.15           Fixed Rate Note, dated September 23, 1997, executed
                by the Partnership in favor of Lender, relating to the
                property located in Green Valley, Arizona.  Incorporated
                herein by reference to Exhibit 10.1 of the Partnership's
                Quarterly Report on Form 10-Q for the quarter ended
                September 30, 1997 (the "September 1997 10-Q").

10.16           Mortgage, Deed of Trust, Assignment of Leases and Rents,
                Security Agreement and Fixture Filing, dated September
                23, 1997, executed by the Partnership for the benefit of
                Lender, relating to the property located in Green Valley,
                Arizona. Incorporated herein by reference to Exhibit
                 10.2 of the September 1997 10-Q.


                                                    -24-

<PAGE>



10.17           Assignment of Leases and Rents, dated September 23, 1997,
                executed by the Partnership for the benefit of Lender,
                relating to the property located in Green Valley, Arizona.
                Incorporated herein by reference to Exhibit 10.3 of the
                September 1997 10-Q.

10.18           Environmental Liabilities Agreement, dated September 23,
                1997, executed by the Partnership and CM Plus Corporation
                for the benefit of Lender, relating to the property located in
                Green Valley, Arizona.  Incorporated herein by reference to
                Exhibit 10.4 of the September 1997 10-Q.

10.19           Tenant Occupancy Escrow and Security Agreement, dated
                September 23, 1997, by and between the Partnership and
                the Lender, relating to the property located in Green Valley,
                Arizona.  Incorporated herein by reference to Exhibit
                10.5 of the September 1997 10-Q.

10.20          Fixed  Rate Note,  dated  September  23,  1997,  executed  by the
               Partnership in favor of Lender,  relating to the property located
               in Searcy, Arkansas.  Incorporated herein by reference to Exhibit
               10.6 of the September 1997 10-Q.

10.21          Mortgage,  Deed of Trust and Security Agreement,  dated September
               23, 1997,  executed by the Partnership for the benefit of Lender,
               relating   to  the   property   located  in   Searcy,   Arkansas.
               Incorporated herein by reference to Exhibit 10.7 of the September
               1997 10-Q.

10.22           Assignment of Leases and Rents, dated September 23, 1997,
                executed by the Partnership for the benefit of Lender, relating
                to the property located in Searcy, Arkansas.  Incorporated
                herein by reference to Exhibit 10.8 of the September 1997 10-Q.

10.23           Environmental Liabilities Agreement, dated September 23, 1997,
                executed by the Partnership and CM Plus Corporation for the
                benefit of Lender, relating to the property located in Searcy,
                Arkansas.  Incorporated herein by reference to Exhibit 10.9 of
                the September 1997 10-Q.

10.24          Fixed  Rate Note,  dated  September  23,  1997,  executed  by the
               Partnership in favor of Lender,  relating to the property located
               in  Valencia,  California.  Incorporated  herein by  reference to
               Exhibit 10.10 of the September 1997 10-Q.

10.25          Deed  of  Trust,   Assignment  of  leases,  and  Rents,  Security
               Agreement and Fixture Filing,  dated September 23, 1997, executed
               by the  Partnership  for the  benefit of Lender,  relating to the
               property located in Valencia, California.  Incorporated herein by
               reference to

                                                    -25-

<PAGE>



                Exhibit 10.11 of the September 1997 10-Q.

10.26 Assignment of Leases and Rents, dated September 23, 1997,  executed by the
Partnership  for the  benefit of Lender,  relating  to the  property  located in
Valencia,  California.  Incorporated herein by reference to Exhibit 10.12 of the
September 1997 10-Q.

10.27           Environmental Liabilities Agreement, dated September 23, 1997,
                executed by the Partnership and CM Plus Corporation for the
                benefit of Lender, relating to the property located in Valencia,
                California. Incorporated herein by reference to Exhibit 10.13
                of the September 1997 10-Q.

10.28 Environmental Escrow and Security Agreement,  dated September 23, 1997, by
and between the Partnership and the Lender,  relating to the property located in
Valencia,  California.  Incorporated herein by reference to Exhibit 10.14 of the
September 1997 10-Q.

27.  Financial Data Schedule  Article 5 included for Electronic  Data Gathering,
Analysis,  and Retrieval  (EDGAR) purposes only. This Schedule  contains summary
financial  information  extracted  from  the  consolidated  balance  sheets  and
consolidated  statements  of revenues  and expenses of the Company as of and for
the fiscal year ended  December  31,  1999,  and is qualified in its entirety by
reference to such financial statements.


                                                    -26-

<PAGE>



                                                             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 thereunder duly authorized on March 21, 2000.

                           CONCORD MILESTONE PLUS, L.P.
                           By:   CM PLUS CORPORATION,
                                 General Partner

                           By:   /s/ Leonard S. Mandor
                                   Leonard S. Mandor, President

                           CMP BENEFICIAL CORP.
                           (Registrant of Beneficial Interests)


                           By:   /s/ Leonard S. Mandor
                                 Leonard S. Mandor, President

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been  signed by the  following  persons in the  capacities  and on the dates
indicated.


By: /s/ Leonard S. Mandor                                    March 21, 2000
    -----------------------------------------
    Leonard S. Mandor
    President  (Principal Executive Officer)
    and Director of CM Plus
    Corporation and CMP Beneficial Corp.


By: /s/ Robert A. Mandor                                     March 21, 2000
    -----------------------------------------
    Robert A. Mandor
    Vice President and Director of CM Plus
    Corporation and CMP Beneficial Corp.


By: /s/ Patrick Kirse                                        March 21, 2000
    -----------------------------------------
    Patrick Kirse
    Treasurer and Controller (Principal
    Accounting Officer) of CM Plus
    Corporation and CMP Beneficial Corp.


                                                                -27-

<PAGE>

This page intentionally left blank.

                                                                -28-
<PAGE>

              INDEX TO FINANCIAL STATEMENTS AND FINANCIAL SCHEDULE




                                                                        Page No.
1. Financial Statements:

   a.  Concord Milestone Plus, L.P.

       1.     Independent Auditors' Reports ...........................   30

       2.     Balance Sheets, December 31, 1999 and December 31, 1998..   32

       3.     Statements of Revenues and Expenses for the Years Ended
              December 31, 1999, 1998 and 1997 ........................   33

       4.     Statements of Changes in Partners' Capital for the Years
              Ended December 31, 1999, 1998 and 1997 ..................   34

       5.     Statements of Cash Flows for the Years Ended December
              31, 1999,  1998 and 1997 ................................   35

       6.     Notes to Financial Statements ...........................   36

2. Financial Schedule:

   a.         Real Estate and Accumulated Depreciation (Schedule III) .   42

                This financial statement schedule of the Partnership for each of
the years ended  December 31, 1999,  1998 and 1997 is filed as part of this Form
10-K and  should  be read in  conjunction  with the  Financial  Statements,  and
related  notes  thereto,  of the  Partnership.  All  other  financial  statement
schedules have been omitted  because the required  information is not present or
not  present in amounts  sufficient  to require  submission  of the  schedule or
because the  information  required is included in the  financial  statements  or
notes thereto.

                                                                -29-

<PAGE>
                                                    INDEPENDENT AUDITORS' REPORT

Concord Milestone Plus, L.P.

We have audited the accompanying  balance sheets of Concord Milestone Plus, L.P.
(the "Partnership") as of December 31, 1999 and 1998, and the related statements
of revenues and expenses,  changes in partners' capital,  and cash flows for the
years then ended.  Our audits also included the  information  pertaining to 1999
and 1998  contained  in the  financial  statement  schedule  of real  estate and
accumulated depreciation. These financial statements and the financial statement
schedule of real estate and accumulated  depreciation are the  responsibility of
the Partnership's management. Our responsibility is to express an opinion on the
financial  statements  and the financial  statement  schedule of real estate and
accumulated depreciation based on our audit.

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,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Concord Milestone Plus, L.P. as
of December  31, 1999 and 1998,  and the results of its  operations,  changes in
partners' capital and its cash flows for the years then ended in conformity with
generally accepted accounting principles.  Also, in our opinion, the information
pertaining  to 1999 and 1998  contained in the financial  statement  schedule of
real estate and  accumulated  depreciation,  when  considered in relation to the
basic financial  statements,  presents  fairly,  in all material  respects,  the
information set forth therein.

/s/ Ahearn, Jasco + Company, P.A.

Pompano Beach, Florida
February 26, 2000



                                                                -30-
<PAGE>
                                                    INDEPENDENT AUDITORS' REPORT
Concord Milestone Plus, L.P.

We have audited the accompanying statements of revenues and expenses, changes in
partners'   capital  and  cash  flows  of  Concord  Milestone  Plus,  L.P.  (the
"Partnership") for the year ended December 31, 1997. Our audit also included the
information  pertaining to 1997 contained in the financial statement schedule of
real estate and accumulated  depreciation.  These  financial  statements and the
financial  statement  schedule  are  the  responsibility  of  the  Partnership's
management.  Our  responsibility  is to  express  an  opinion  on the  financial
statements and financial statement schedule information based on our audit.

We conducted our audit 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 audit provides a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the results of  operations  and  changes in  partners'
capital  and cash  flows of  Concord  Milestone  Plus  L.P.  for the year  ended
December 31, 1997 in conformity  with general  accepted  accounting  principles.
Also,  in our opinion,  the  information  pertaining  to 1997  contained in such
financial statement schedule, when considered in relation to the basic financial
statements taken as a whole,  presents  fairly,  in all material  respects,  the
information set forth therein.

/s/ Deloitte & Touche LLP

New York, New York
March 20, 1998

                                                                -31-

<PAGE>

                                                    CONCORD MILESTONE PLUS, L.P.
                                                       (a Limited Partnership)

                                                           BALANCE SHEETS

                                                     DECEMBER 31, 1999 and 1998
<TABLE>
<CAPTION>

                                                                                         December 31,          December 31,
                                                                                          1999                  1998
Property:
<S>                                                                                     <C>                    <C>
           Building and improvements, at cost                                           $ 15,744,707           $15,630,448
           Less: accumulated depreciation                                                  6,605,544             6,017,284
                                                                                        ------------          ------------
           Building and improvements, net                                                  9,139,163             9,613,164
           Land, at cost                                                                  10,987,034            10,987,034
                                                                                         -----------           -----------
           Property, net                                                                  20,126,197            20,600,198

Cash and cash equivalents                                                                    561,737               436,256
Accounts receivable                                                                          209,899               224,272
Restricted cash                                                                              215,400               231,930
Debt financing costs, net                                                                    242,836               274,170
Prepaid expenses and other assets, net                                                        67,306                74,779
                                                                                       -------------         -------------
           Total assets                                                                 $ 21,423,375          $ 21,841,605
                                                                                         ===========           ===========

Liabilities:
Mortgage loans payable                                                                   $16,327,881           $16,513,054
Accrued interest                                                                             114,809               116,110
Accrued expenses and other liabilities                                                       265,943               299,746
Accrued expenses payable to affiliates                                                        51,999                45,641
                                                                                       -------------         -------------
           Total liabilities                                                              16,760,632            16,974,551
                                                                                         -----------           -----------

Partners' capital:
           General partner                                                                   (75,937)              (73,894)
           Limited partners:
                Class A Interests, 1,518,800                                               4,738,680             4,940,948
                Class B Interests, 2,111,072                                                     -                     -
                                                                                   -----------------     -----------------

           Total partners' capital                                                         4,662,743             4,867,054
                                                                                        ------------           -----------

           Total liabilities and partners' capital                                      $ 21,423,375           $21,841,605
                                                                                         ===========            ==========

</TABLE>

                 See Accompanying Notes to Financial Statements

                                                                -32-

<PAGE>

                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                       STATEMENTS OF REVENUES AND EXPENSES

              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997

<TABLE>
<CAPTION>

                                                                 December 31,            December 31,          December 31,
                                                                  1999                    1998                  1997
Revenues:
<S>                                                               <C>                      <C>                  <C>
Rent                                                              $2,509,336               $2,588,112           $2,543,384
Reimbursed expenses                                                  460,539                  494,418              477,312
Interest and other income                                             16,627                   21,108               26,100
                                                                 -----------              -----------            ---------

           Total revenues                                          2,986,502                3,103,638            3,046,796
                                                                   ---------                ---------            ---------

Expenses:
Interest expense                                                   1,358,804                1,373,559            1,602,762
Depreciation and amortization                                        630,782                  646,719              584,414
Management and property expenses                                     856,001                  795,954              816,817
Administrative and management fees
           to related party                                          153,905                  156,909              132,725
Professional fees and other expenses                                  71,317                   99,227              181,998
                                                                 -----------              -----------           ----------

           Total expenses                                          3,070,809                3,072,368            3,318,716
                                                                   ---------                ---------            ---------

           Net (loss) income                                       $ (84,307)             $    31,270            $(271,920)
                                                                   =--------               ==========             ========

Net (loss) income attributable to:
           Limited partners                                         $(83,464)                 $30,957            $(269,201)
           General partner                                              (843)                     313               (2,719)
                                                                 -----------             ------------          -----------

Net (loss)income                                                    $(84,307)                 $31,270            $(271,920)
                                                                    ========                =========            =========

(Loss)income  per weighted average
Limited Partnership 100 Class A
Interests outstanding                                             $    (5.55)                   $2.06            $  (17.90)
                                                                  ==========               ==========            =========

Weighted average number of 100
Class A interests outstanding                                         15,188                   15,188               15,188
                                                                   =========                =========            =========

</TABLE>
                 See Accompanying Notes to Financial Statements

                                                                -33-

<PAGE>
                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998, and 1997

<TABLE>
<CAPTION>
                                                      General          Class A        Class B
                                      Total           Partner         Interests      Interests

PARTNERS' CAPITAL (DEFICIT)
<S>                                <C>              <C>             <C>          <C>
           January 1, 1997          $5,209,493       ($70,470)       $5,279,963              -

Distributions                         (101,789)        (1,018)         (100,771)             -
Net Loss for 1997                     (271,920)        (2,719)         (269,201)             -
                                    ----------       --------        ----------  --------------

PARTNERS' CAPITAL (DEFICIT)
           December 31, 1997         4,835,784        (74,207)        4,909,991              -
                                     ---------        --------        ---------- --------------

Net Income for 1998                     31,270            313            30,957              -
                                   -----------      ---------       -----------  --------------

PARTNERS' CAPITAL (DEFICIT)
           December 31, 1998         4,867,054        (73,894)        4,940,948               -
                                     ---------        --------        ---------  --------------

Distributions                         (120,004)        (1,200)         (118,804)             -
Net Loss for 1999                      (84,307)          (843)          (83,464)             -
                                    ----------      ---------        ----------  --------------

PARTNERS' CAPITAL (DEFICIT)
           December 31, 1999        $4,662,743       ($75,937)       $4,738,680              -
                                    ==========       ==========      ==========   ==========

</TABLE>

                 See Accompanying Notes to Financial Statements

                                      -34-

<PAGE>
                          CONCORD MILESTONE PLUS, L.P.
                             (a Limited Partnership)

                            STATEMENTS OF CASH FLOWS

              FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 and 1997
<TABLE>
<CAPTION>


                                                                              December 31,      December 31,      December 31,
                                                                              1999               1998               1997

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                              <C>                <C>             <C>
Net (loss) income                                                                $(84,307)          $31,270         $(271,920)
Adjustments to reconcile net (loss) income to net
           cash provided by operating activities:
           Depreciation and amortization                                          630,782           646,719           584,414
           Change in operating assets and liabilities:
           Decrease (increase) in accounts receivable                              14,373          (101,120)           23,576
           (Increase) decrease in prepaid expenses
              and other assets, net                                                (3,715)          (18,451)           15,364
           Decrease in accrued interest                                            (1,301)           (1,198)          (19,792)
           (Decrease) increase in accrued expenses and other liabilities          (33,803)          (41,517)           86,126
           Increase (decrease) in accrued expenses payable to affiliates            6,358           (28,294)           61,950
                                                                              -----------      ------------     -------------

Net cash provided by operating activities                                          528,387          487,409           479,718
                                                                                ----------      -----------      ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
           Property improvements                                                 (114,259)         (176,503)          (94,486)
                                                                                 --------        ----------           --------

CASH FLOWS FROM FINANCING ACTIVITIES:
           Redemption of bonds payable                                             -                -             (16,452,000)
           Decrease (increase) in restricted cash                                  16,530            37,965          (269,895)
           Debt financing costs                                                    -                -                (313,337)
           Proceeds from mortgage loans payable                                    -                -              16,710,000
           Principal repayments on mortgage loans payable                        (185,173)         (170,520)          (26,426)
           Cash distributions to partners                                        (120,004)                -          (101,789)
                                                                                 --------        ---------------- -----------

Net cash used in financing activities                                            (288,647)         (132,555)         (453,447)
                                                                                 --------        ----------       -----------

NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS                                                              125,481           178,351           (68,215)

CASH AND CASH EQUIVALENTS,
           BEGINNING OF PERIOD                                                    436,256           257,905           326,120
                                                                                 --------        ----------       -----------

CASH AND CASH EQUIVALENTS,
           END OF PERIOD                                                         $561,737        $  436,256      $    257,905
                                                                                  =======         =========       ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
           INFORMATION:

Cash paid during the period for interest                                       $1,360,105         $1,374,757       $1,622,554
                                                                                =========          =========        ==========
</TABLE>
                 See Accompanying Notes to Financial Statements

                                                                -35-

<PAGE>

                          CONCORD MILESTONE PLUS, L.P.
                          NOTES TO FINANCIAL STATEMENTS

                        December 31, 1999, 1998 and 1997


1.     Organization and Capitalization

Concord   Milestone   Plus,   L.P.,   a  Delaware   limited   partnership   (the
"Partnership"),  was  formed  on  December  12,  1986,  to  invest  in  existing
income-producing  commercial  and  industrial  real  estate,  such  as  shopping
centers, office buildings,  free-standing commercial warehouses and distribution
centers.  Currently,  the Partnership  owns and operates three shopping  centers
(the "Properties"), one located in Searcy, Arkansas (the "Searcy Property"), one
located in Valencia,  California  (the  "Valencia  Property") and one located in
Green Valley, Arizona (the "Green Valley Property").

The  Partnership  commenced a public  offering on April 8, 1987 in order to fund
the Partnership's  real property  acquisitions.  The Partnership  terminated its
public  offering  on April 2, 1988 and was fully  subscribed  to with a total of
16,452 Bond Units and 15,188  Equity Units issued.  Each Bond Unit  consisted of
$1,000  principal  amount of the  Partnership's  Escalating Rate  Collateralized
Mortgage  Bonds (the  "Bonds")  due  November  30, 1997 and 36 Class B Interests
("Class B  Interests"),  each such  interest  representing  an assignment of one
Class B Limited  Partnership  Interest  held by CMP  Benefit  Corp.,  a Delaware
corporation  (the  "Assignor"),  under the Amended  and  Restated  Agreement  of
Limited Partnership of the Partnership Agreement (the "Partnership  Agreement").
Each Equity Unit consisted of 100 Class A Interests ("Class A Interests"),  each
interest  representing an assignment of one Class A Limited Partnership Interest
held by the Assignor under the Partnership Agreement, and 100 Class B Interests.

2.     Summary of Significant Accounting Policies

Basis of Accounting, Fiscal Year

The Partnership's  records are maintained on the accrual basis of accounting for
both financial and tax purposes. Its fiscal year is the calendar year.

Cash and Cash Equivalents

The Partnership  considers all highly liquid debt  instruments  purchased with a
maturity  of  three  months  or  less to be cash  equivalents.  The  Partnership
occasionally  maintains cash balances in financial institutions in excess of the
federally insured limits.

Restricted Cash

Restricted  cash  consists of escrow  deposits held by the lender for payment of
property  taxes and an amount held  pending the  execution of a new lease of the
space formerly leased to Abco at the Green Valley  property and  satisfaction of
certain other conditions related thereto.

Base Rents

Base rents are recognized on a straight-line basis over the terms of the related
leases, including free rent, if any, and lease step ups.

                                                                -36-

<PAGE>



Property

Property is carried at cost, and depreciated on a  straight-line  basis over the
estimated useful life of 31.5 years. Building improvements and other depreciable
assets are carried at cost, and  depreciated on a  straight-line  basis using an
estimate useful life of 3 to 10 years. Leasehold improvements are amortized on a
straight-line  basis  over  the  lesser  of the  estimated  useful  life  or the
remaining term of the lease. Total depreciation expense was $593,225,  $609,161,
$588,520 in 1999, 1998 and 1997, respectively.

The  Partnership's  policy is to  quarterly  assess any  impairment  in value by
making a comparison of the current and projected operating cash flows of each of
its properties over its remaining useful life, on an undiscounted  basis, to the
carrying  amount of such property.  Such carrying  amount would be adjusted,  if
necessary,  to the estimated fair value to reflect an impairment in the value of
the asset. The Partnership  determined that an adjustment to the carrying amount
of its properties was not necessary in 1999, 1998, and 1997.

Income Taxes

The  Partnership  makes no  provision  for income  taxes  because all income and
losses are  allocated to the partners and holders of Class A Interests and Class
B Interests for inclusion in their respective tax returns.  The tax bases of the
Partnership's  net assets and liabilities  are $2,996,877 and $2,904,634  higher
than the amounts reported for financial  statement purposes at December 31, 1999
and 1998,  respectively,  due to the utilization of different  estimated  useful
lives for the depreciation of property for tax and financial  reporting purposes
and the  write-down  of property  during 1993 and 1994 for  financial  reporting
purposes.

Discount on Bonds Payable and Debt Financing Costs

The Partnership amortized the original issue discount on bonds payable using the
effective  interest  method over the term of the Bonds.  The costs to obtain the
new Mortgage Loans (see Note 6) were  capitalized  and are being  amortized over
the term of such mortgages using the effective interest method.

Income (loss) Per Class A Interest

The  Partneship  follows the  provisions  of Statement  of Financial  Accounting
Standards  ("SFAS")  No.128,  "Earnings  per  Share".  SFAS  No.128  requires  a
presentation of basic earnings per share and also requires dual  presentation of
basic and diluted  earnings per share on the face of the statement of operations
for all  entities  with  complex  capital  structures.  The  Partnership  has no
dilutive  interests.  Income (loss) per Class A interest amounts are computed by
dividing net income  (loss)  allocable  to the limited  partners by the weighted
average number of 100 Class A Interests outstanding during the year.

Statement of Comprehensive Income

A  statement  of  comprehensive  income  has not been  included  per  SFAS  130,
"Reporting  Comprehensive  Income",  as the  Partnership  has no  items of other
comprehensive income.

Statement of Disclosures about Segments of an Enterprise and Related Information

In June  1997,  the  Financial  Accounting  Standards  Board  issued  SFAS  131,
"Disclosures  about  Segments of an Enterprise and Related  Information,"  which
establishes annual and interim reporting standards for an enterprise's operating
segments and related disclosures about its products, services,  geographic areas
and major customers.
The Partnership's operations are within one reportable segment.

                                                                -37-

<PAGE>



Use of Estimates in the Preparation of Financial Statements

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.

Reclassifications

Certain  reclassifications were made to the accompanying 1997 and 1998 financial
statements to conform with the 1999 presentation.

3.     Partnership Agreement

Pursuant to the terms of the Partnership  Agreement,  the general partner of the
Partnership,   CM  Plus  Corporation,   a  Delaware  corporation  (the  "General
Partner"),  is liable for all  general  obligations  of the  Partnership  to the
extent not paid by the Partnership.

Holders of Class A Interests  and Class B Interests are not liable for expenses,
liabilities  or  obligations  of the  Partnership  beyond  the  amount  of their
contributed capital.

All distributable cash, capital proceeds,  profit, gain or loss from Partnership
operations  are  generally  allocated  1 percent to the  General  Partner and 99
percent to the  holders of Class A  Interests.  The holders of Class B Interests
were specifically  allocated  certain  organization and offering expenses to the
extent of their positive capital account  balances,  thus reducing their account
balance to zero.  After the holders of Class A Interests  have received the 12.5
percent   Priority  Return  (as  defined  in  the  Partnership   Agreement)  all
distributable cash is allocated in a ratio of 85 percent to the holders of Class
B Interests, 5 percent to the holders of Class A Interests and 10 percent to the
General Partner.

Since the inception of the Partnership,  all income and distributable  cash with
respect  to the  Equity  Units  has been  allocated  to the  holders  of Class A
Interests because they have not received the 12.5 percent Priority Return.
Therefore, no income has been allocated to the holders of Class B Interests.

4.     Properties

On August 20, 1987, the Partnership  purchased the Searcy  Property,  a shopping
center in Searcy,  Arkansas  from  Concord  Milestone  Plus of Arkansas  Limited
Partnership, an affiliated entity, for $4,050,000.

On January 22, 1988, the Partnership purchased the Valencia Property, a shopping
center in Valencia, California from Concord Milestone Plus of California Limited
Partnership, an affiliated entity, for $11,575,000.

On April 15,  1988,  the  Partnership  purchased  the Green Valley  Property,  a
shopping center in Green Valley,  Arizona from Concord Milestone Plus of Arizona
Limited Partnership, an affiliated entity, for $9,687,000.

Minimum base rental income under non-cancelable tenant lease agreements,  having
lease  terms  expiring  from one to nine  years,  at  December  31,  1999 are as
follows:


                                                                -38-

<PAGE>



 Year Ended
  December 31           Amount
-------------         ----------
       2000           $2,249,649
       2001            1,868,492
       2002            1,395,753
       2003            1,005,954
       2004              779,548
  Thereafter           1,178,060
                    ------------
      Total           $8,477,456
                    ============

The above table does not include contingent rental amounts. The total contingent
rentals received in 1999, 1998, and 1997, were $142,847, $148,490, and $163,307,
respectively.  A majority of the leases contain  provisions for additional  rent
calculated as a specified  percentage of the tenant's gross receipts above fixed
minimum  amounts and for  reimbursement  of all or a portion of the tenant's pro
rata share of real estate taxes, insurance and common area maintenance expenses.
There  was no  tenant  in 1999,  1998 and 1997  whose  rents  exceed  10% of the
Partnership's total revenue.

5.  Related Party Transactions

The  Partnership   pays  fees  for  customary   property   management   services
("Management Fees") equal to a percentage of gross revenues from the Properties,
not to  exceed 5  percent.  The  Management  Fees are 3 percent  for the  Searcy
Property, 4 percent for the Valencia Property and 5 percent for the Green Valley
Property.  Management Fees incurred for the years ended December 31, 1999, 1998,
and 1997, were $128,904, $131,909, and $107,725,  respectively.  Management Fees
are payable to Milestone Property  Management,  Inc., a Delaware corporation and
affiliate of the General Partner ("MPMI").

The Partnership  also paid $25,000 to MPMI for  administrative  services for the
years ended December 31, 1999, 1998, and 1997.

As of December 31, 1999 and 1998, the  Partnership  accrued $51,999 and $45,641,
respectively, payable to Milestone Properties, Inc. ("MPI"), an affiliate of the
General Partner for administrative and management fees and insurance.

Tri-Stone  Mortgage Company,  an affiliate of the General Partner,  assisted the
Partnership  in obtaining  three fixed rate  Mortgage  Loans in 1997. No fee was
paid to Tri-Stone for its assistance.

6.     Mortgage Loans Payable

As of September  30, 1997,  the  Partnership,  with the  assistance of Tri-Stone
Mortgage Company,  an affiliate of the General Partner,  closed three fixed rate
first  mortgage  loans (the  "Mortgage  Loans") from Westco Real Estate  Finance
Corp.  (the "Lender") in the amounts of $2,865,000,  $8,445,000 and  $5,400,000,
respectively. All three Mortgage Loans are secured by cross-collateralized first
mortgages on the Partnership's  shopping  centers.  Prior to September 30, 1997,
the shopping centers were encumbered by mortgages granted by the Partnership for
the benefit of the holders of the Partnership's  Bonds. The Partnership used the
proceeds  of  the  Mortgage  Loans  and  available  cash  to  redeem  all of the
outstanding  Bonds.  An aggregate of $17,015,650  was paid to the holders of the
Bonds in connection with such  redemption,  of which  $16,452,000 was applied to
prepay the  principal  of the Bonds and  $563,650  was  applied to pay  interest
accrued on the Bonds through the redemption date.


                                                                -39-

<PAGE>



The  Mortgage  Loans and related  terms at December 31, 1999 are  summarized  as
follows:

                     Principal                 Monthly
                    Balance at                 Payments of
                     December     Interest     Principal
Property/Location    31, 1999       Rate %    and Interest
----------------- --------------    ------    ------------
Searcy, AR          $2,809,172       8.125          $21,640
Valencia, CA         8,221,072       8.125           65,881
Green Valley, AZ     5,297,637       8.250           41,252
                     ---------                       ------
Total              $16,327,881                     $128,773
                    ==========                      =======


The  Mortgage  Loans  require  payments of principal  and  interest  through and
including  September 1, 2007.  On October 1, 2007,  the balance of principal and
interest estimated to be $2,505,981,  $7,003,227, and $4,738,096 for the Searcy,
Valencia and Green  Valley  Properties,  respectively,  will be due and payable.
Subsequent  to October 31, 2003 and prior to May 31, 2007 each Mortgage Loan may
be  prepaid  in whole  but not in part on any  payment  date  with a  prepayment
penalty equal to the greater of (i) 1% of the outstanding  principal  balance at
such time,  or (ii) the excess,  if any, of the present  value of the  remaining
scheduled  principal and interest payments  (including any balloon payment) over
the amount of principal being prepaid. The Mortgage Loans may be prepaid without
penalty on any payment date after May 31, 2007.

The scheduled  principal payments of the Mortgage Loans at December 31, 1999 are
as follows:

     Year Ending
     December 31                   Amount
   -------------                 ---------
          2000                $    197,149
          2001                     218,023
          2002                     236,758
          2003                     257,101
          2004                     275,482
     Thereafter                 15,143,368
                                ----------
         Total                 $16,327,881
                                ==========

The  Partnership  estimates  the fair value of its long term fixed rate Mortgage
Loans generally using  discounted cash flow analysis based on the  Partnership's
current  borrowing  rates for similar types of debt.  At December 31, 1999,  the
fair value of the Mortgage Loans was estimated to be  $16,055,167  compared to a
carrying value amount of $16,327,881.

In connection with the Green Valley Mortgage Loan, the Partnership has deposited
$150,000 into an escrow  account with the Lender.  The funds held in this escrow
account may be released upon the  execution of a new lease for specified  vacant
anchor tenant space,  with a termination date of July 31, 2004 or later, and the
satisfaction of certain other conditions related thereto.

In connection with the Valencia Mortgage Loan, the Partnership deposited $45,000
into an escrow  account  with the lender.  The funds held were  released  during
February  1998  following  the  issuance  of a No Further  Action  letter by the
Department  of Toxic  Substance  Control,  a branch of the  State of  California
Environmental Protection Agency (CALEPA).


                                                                -40-

<PAGE>



CM Plus Corporation, the general partner of the Partnership,  guarantees certain
limited recourse obligations under the Mortgage Loans.

7.     Commitments and Contingencies

During  February 1999, the  Partnership  received  notice from Abco, a principal
anchor tenant at the Green Valley Property,  that Abco would not be renewing its
lease at the  expiration of its current term on July 31, 1999.  Abco vacated its
space in May, 1999. No replacement tenant has yet been identified,  however, the
Partnership  has retained a large  regional real estate  brokerage  firm to help
market the space.  The brokerage  firm has shown the space to several  qualified
prospective tenants. Many of the tenants at the Green Valley Property have short
term  leases.  It is not  possible to  determine  the  long-term  effects of the
vacancy of the Abco  space.  In the short  term,  however,  the  vacancy of this
anchor  tenant  space  could have a material  adverse  effect on the  results of
operations at the Green Valley Property by impairing the  Partnership's  ability
to retain other tenants or to renew their leases on favorable terms, by reducing
traffic at the Property and negatively  affecting percentage rents. In addition,
the  Partnership  will incur  expenses  in  releasing  the Abco space and cannot
predict  how soon such  space  will be leased  and the terms of such new  lease.
Currently,  approximately $150,000 of the Partnership's working capital is being
held in escrow in  connection  with the  refinancing  by the holder of the first
mortgage on the Green Valley  Property (the "Lender")  pending the resolution of
this anchor space vacancy.

Investments in real property create a potential for  environmental  liability on
the part of the owner, operator or developer of such real property. If hazardous
substances  are  discovered  on or  emanating  from any of the  Properties,  the
Partnership  and/or  others  may be  held  strictly  liable  for all  costs  and
liabilities relating to the clean-up of such hazardous  substances,  even if the
problem was caused by another party or a tenant. The Partnership is not aware of
any existing  environmental  conditions  that will have a material effect on the
financial statements.

From time to time, the Partnership is exposed to claims,  regulatory,  and legal
actions in the normal  course of  business,  some of which are  initiated by the
Partnership. At December 31, 1999, management believes that any such outstanding
issues will be resolved without significantly  impairing the financial condition
of the Partnership.




                                                                -41-

<PAGE>

                          CONCORD MILESTONE PLUS, L.P.
                                  SCHEDULE III
                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                                DECEMBER 31, 1999

<TABLE>
<CAPTION>

                                                                         Costs
                                                                         Capitalized
                                                                         Subsequent               Gross Amount at
                                             Initial Cost                to Acquisition        which Carried at Close of Period (A)
                                            --------------------------  ---------    -----------------------------------------------
                                                           Land
                                            Building &      Building &                Building &                 Accumulated
Description       Encumbrances  Land        Improvements   Improvements  Land         Improvements     Total    Depreciation(B)
and Location
----------------- ------------ ------------  ------------   -----------  ---------     ------------  ---------- ----------------
<S>                 <C>           <C>        <C>             <C>          <C>         <C>            <C>         <C>
Town & Country      $2,809,172    $430,000   $3,620,000      $455,340     $430,000    $4,146,234     $4,576,234  $1,612,255
Plaza
Searcy, AR

Old Orchard          8,221,072   6,500,000    5,075,000     1,369,256    6,500,000     6,488,082     12,988,082  2,564,096
Shopping Center
Valencia, CA

Green Valley Mall    5,297,637   5,100,000    4,587,000     1,566,818    4,057,034     5,110,391      9,167,425  2,429,193
Green Valley, AZ
                     ---------   ---------    ---------     ---------    ---------     ---------      ---------  ---------


                    $16,327,881 $12,030,000  $13,282,000    $3,391,414 $10,987,034   $15,744,707    $26,731,741  $6,605,544
                     ==========  ==========   ==========     =========  ==========    ==========     ==========   =========


                      Date      Depreciation
Description          Acquired       Life
and Location
-----------------    --------------------------
<S>                  <C>   <C>   <C>
Town & Country       08/20/87    31.5 years
Plaza
Searcy, AR

Old Orchard          01/22/88    31.5 years
Shopping Center
Valencia, CA

Green Valley Mall    04/15/88    31.5 years
Green Valley, AZ

</TABLE>
<TABLE>
<CAPTION>

                                                                   1999              1998            1997
(A) Reconciliation of investment properties owned:
<S>                                                              <C>               <C>              <C>
        Beginning balance                                        $26,617,482       $26,440,979      $26,346,493
        Property acquisitions/improvements                           114,259           176,503           94,486
        Write-down of property                                             0                 0                0
                                                         ---------------------------------------------------------

        Balance at end of period                                 $26,731,741       $26,617,482      $26,440,979
                                                                  ==========        ==========       ==========

(B) Reconciliation of accumulated depreciation:
        Beginning balance                                         $6,017,284        $5,413,087       $4,829,534
        Depreciation expense                                         588,260           604,197          583,553
                                                                 -----------       -----------      -----------

        Balance at end of period                                  $6,605,544        $6,017,284       $5,413,087
                                                                   =========         =========        =========


                                                                     -42-

</TABLE>