<PAGE>
                                  FORM 10-Q

                      SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
     (Mark One)
     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR15(d)
     OF THE SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended            JUNE 30, 1997

                                       OR

     [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
     OF THE SECURITIES EXCHANGE ACT OF 1934

          For the transition period from                          to

                    Commission file number        0-24594


                        WEST COAST REALTY INVESTORS INC.
            (Exact name of registrant as specified in its charter)

                CALIFORNIA                                   95-4246740
          (State or other Jurisdiction of         (I.R.S. Employer
          incorporation or organization)          Identification No.)

                      5933 W. CENTURY BLVD., 9TH, FLOOR
                         LOS ANGELES, CALIFORNIA  90045
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (310) 670-0800
              (Registrant's telephone number, including area code)

   (Former name, former address and former fiscal year, if changed since last
                                    report)

     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


                    APPLICABLE ONLY TO CORPORATE ISSUERS:
     INDICATE THE NUMBER OF SHARES OUTSTANDING  OF EACH OF THE ISSUER'S  CLASSES
OF COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE. 1,974,144 SHARES OUTSTANDING
AS OF AUGUST 12, 1997.

<PAGE>
<TABLE>

ITEM 1.  FINANCIAL STATEMENTS
In the  opinion of  the Management  of West  Coast Realty  Investors, Inc.  (the
"Company"), all adjustments necessary for a  fair presentation of the  Company's
results for the six months ended June 30, 1997  and 1996, have been made in  the
following financial  statements  which  are  normal  and  recurring  in  nature.
However, such financial statements are unaudited and are subject to any year-end
adjustments that may be necessary.

                       WEST COAST REALTY INVESTORS, INC.
                                 BALANCE SHEETS
                JUNE 30, 1997 (UNAUDITED) AND DECEMBER 31, 1996
<CAPTION>

                                               June 30,     December 31,
                                                 1997           1996
<S>                                                <C>            <C>
ASSETS
Rental real estate, less accumulated
   depreciation (Note 2)                      $25,793,024     $21,118,203
Cash and cash equivalents                       1,756,814       2,017,194
Accounts receivable                               328,600         247,948
Loan origination fees, net of accumulated
amortization of $46,339 and $40,248                96,532         102,622
Other assets                                       37,888          85,871

TOTAL ASSETS                                  $28,012,858     $23,571,838


LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
   Accounts payable                               $32,946         $13,922
   Due to related party (Note 5(e))                70,551          46,285
   Dividends payable (Note 8)                     302,205         302,760
   Security deposits and prepaid rent             186,939         124,734
   Other liabilities                               93,542         100,453
   Notes payable (Note 6)                      12,272,173      10,078,793

TOTAL LIABILITIES                              13,018,356      10,666,947
COMMITMENTS
STOCKHOLDERS' EQUITY
Common stock, $.01 par-shares authorized,
5,000,000 shares issued, 1,823,887 and
1,550,607 outstanding in 1997 and 1996             18,239          15,506
Additional paid-in capital                     16,254,698      13,861,763
Retained earnings                             (1,278,435)       (972,378)

TOTAL STOCKHOLDERS' EQUITY                     14,994,502      12,904,891

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $28,012,858     $23,571,838

</TABLE>
[FN]

                  See accompanying notes to financial statements.
<PAGE>
<TABLE>
                          WEST COAST REALTY INVESTORS, INC.

                         STATEMENTS OF STOCKHOLDERS' EQUITY
                           SIX MONTHS ENDED JUNE 30, 1997
                                     (UNAUDITED)
<CAPTION>
                                     COMMON     STOCK   ADDITIONAL PAID-IN
                                      SHARES    AMOUNT      CAPITAL         DEFICIT
<S>                                    <C>        <C>          <C>            <C>
BALANCE AT DECEMBER 31, 1996       1,550,607   $15,506     $13,861,763    $(972,378)

Issuance of stock, net               273,280     2,733       2,337,366           ---

Equity contribution by Affiliates
through expense reimbursements           ---       ---          55,569           ---

Net income                               ---       ---             ---       382,291

Dividends declared (Note 8)              ---       ---             ---     (688,348)

BALANCE AT JUNE 30, 1997           1,823,887   $18,239     $16,254,698  $(1,278,435)

<CAPTION>
                         SIX MONTHS ENDED JUNE 30, 1996
                                  (UNAUDITED)


                                   COMMON     STOCK    ADDITIONAL PAID-IN
                                   SHARES     AMOUNT       CAPITAL        DEFICIT
<S>                                  <C>        <C>           <C>            <C>
BALANCE AT DECEMBER 31, 1995      1,322,404   $13,224      $11,771,030    $(549,417)

Issuance of stock, net              126,432     1,264        1,154,137           ---

Net income                              ---       ---              ---       385,127

Dividends declared (Note 8)             ---       ---              ---     (532,290)

BALANCE AT JUNE 30, 1996          1,448,836   $14,488      $12,925,167    $(696,580)


</TABLE>
[FN]

        See accompanying notes to financial statements.

<PAGE>
<TABLE>

                         WEST COAST REALTY INVESTORS, INC.

                                STATEMENTS OF INCOME
                 THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                                    (UNAUDITED)
<CAPTION>
                                    THREE       THREE        SIX        SIX
                                    MONTHS      MONTHS      MONTHS     MONTHS
                                    ENDED       ENDED        ENDED      ENDED
                                   JUNE 30,    JUNE 30,    JUNE 30,    JUNE 30,
                                     1997        1996        1997        1996
<S>                                  <C>          <C>         <C>         <C>
REVENUES:
  Rental                            $717,926    $564,777  $1,447,812  $1,154,381
  Interest                            22,578      27,877      32,953      50,950

                                     740,504     592,654   1,480,765   1,204,971

COSTS AND EXPENSES:
Operating                             31,442      42,445      67,696      72,763
Property taxes                        27,722      18,259      55,445      37,398
Property management
 fees-related party(Note 5 (d))       26,313      25,091      55,803      51,198
Interest                             275,565     208,979     519,712     419,140
General and administrative            82,445      30,705     160,888      49,872
Depreciation and amortization        119,465      94,736     238,930     189,473

                                     562,952     420,215   1,098,474     819,844

NET INCOME                          $177,552    $172,439    $382,291    $385,127

NET INCOME PER SHARE (NOTE 8)           $.10        $.12        $.23        $.28

</TABLE>
[FN]

                See accompanying notes to financial statements.

<PAGE>
<TABLE>
                       WEST COAST REALTY INVESTORS, INC.
                           STATEMENTS OF CASH FLOWS
             SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)

<CAPTION>
                                                SIX MONTHS    Six Months
                                                   ENDED         Ended
INCREASE (DECREASE) IN CASH AND CASH           JUNE 30,1997  June 30,1996
EQUIVALENTS
<S>                                                 <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                          $382,291      $385,127
Adjustments to reconcile net income to net
cash provided by operating activities:
    Depreciation and amortization                    232,840       189,473
    Interest expense on amortization of loan
            origination fees                           6,090           ---
Increase (decrease) from changes in:
     Accounts receivable                            (80,652)      (51,514)
     Other assets                                     47,983        12,886
     Accounts payable                                 19,024     (166,667)
     Due to related party                             24,266           ---
     Security deposits and prepaid rent               62,205      (19,709)
     Other liabilities                               (6,911)           ---

NET CASH PROVIDED BY OPERATING ACTIVITIES            687,136       349,596

CASH FLOWS FROM INVESTING ACTIVITIES
  Additions to rental real estate                (4,907,441)           ---

NET CASH (USED IN) INVESTING ACTIVITIES          (4,907,441)           ---

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, net        2,340,434     1,155,401
Equity contribution by Affiliates through
       expense reimbursements                         55,569           ---
Dividends declared and paid                        (629,458)     (486,401)
Increase in notes payable                          2,300,000           ---
Payments on notes payable                          (106,620)      (85,883)

NET CASH PROVIDED BY FINANCING ACTIVITIES          3,959,925       583,117


NET (DECREASE) INCREASE IN CASH AND CASH           (260,380)       932,713
EQUIVALENTS

CASH AND CASH EQUIVALENTS, BEGINNING OF            2,017,194     1,450,022
PERIOD

CASH AND CASH EQUIVALENTS,  END OF PERIOD         $1,756,814    $2,382,735

</TABLE>
[FN]

                See accompanying notes to financial statements.

<PAGE>
                       WEST COAST REALTY INVESTORS, INC.
                         SUMMARY OF ACCOUNTING POLICIES


BASIS OF PRESENTATION
The accompanying balance sheet  as of June 30,  1997, the income statements  and
statements of cash flow for the six months periods ended June 30, 1997, and 1996
are unaudited,  but  in  the opinion  of  management  include  all  adjustments,
consisting only of normal recurring accruals, necessary for a fair  presentation
of the financial position and results  of operations for the periods  presented.
The results of operations for the six month period ended June 30, 1997, are  not
necessarily indicative of results to be expected for the year ended December 31,
1997.


BUSINESS
West Coast Realty Investors,  Inc. (the "Company"), is  a corporation formed  on
October 26, 1989 under the laws of the State of Delaware.  The Company exists as
a Real  Estate  Investment Trust  ("REIT")  under Sections  856  to 860  of  the
Internal Revenue Service Code.  The  Company has complied with all  requirements
imposed on REIT's for 1997 and 1996 tax years; however, qualification as a  REIT
for future  years is  dependent upon  future  operations of  the Company.    The
Company was  organized to  acquire  interests in  income-producing  residential,
industrial, retail or commercial properties located primarily in California  and
the west coast of the  United States.  The  Company intends to acquire  property
for cash on a  moderately leveraged basis  with aggregate mortgage  indebtedness
not to  exceed fifty  percent of  the  purchase price  of  all properties  on  a
combined basis, or eighty  percent individually and intends  to own and  operate
such properties for investment over an anticipated holding period of five to ten
years.


RENTAL  PROPERTIES AND DEPRECIATION
Assets are stated at  lower of cost  or net realizable  value.  Depreciation  is
computed using the  straight-line method over  their estimated  useful lives  of
31.5 to 39 years for financial and income tax reporting purposes.

In the event that facts and circumstances indicate that the cost of an asset may
be impaired,  an  evaluation  of  recoverability would  be  performed.    If  an
evaluation is required, the estimated future undiscounted cash flows  associated
with the asset would be compared to the carrying amount to determine if a write-
down to market value is required.

LOAN ORIGINATION FEES

Loan origination fees are capitalized and amortized over the life of the loan.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.
                         SUMMARY OF ACCOUNTING POLICIES
                                  (Continued)


RENTAL INCOME
Rental income is recognized on a  straight-line basis to the extent that  rental
income is deemed collectable.  Where  there is uncertainty of collecting  higher
scheduled rental amounts, due  to the tendency of  tenants to renegotiate  their
leases for  lower  amounts, rental  income  is  recognized as  the  amounts  are
collected.


CASH AND CASH EQUIVALENTS
The Company  considers cash  in the  bank, liquid  money market  funds, and  all
highly liquid certificates of deposits, with original maturities of three months
or less, to be cash and cash equivalents.

USE OF ESTIMATES
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
For comparative purposes, certain prior year  amounts have been reclassified  to
conform to the current year presentation.

NEW ACCOUNTING PRONOUCEMENTS
Statement of Financial Accounting Standards  No. 125, "Accounting for  Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS  No.
125) issued by the Financial Accounting Standards Board (FASB) is effective  for
transfers and servicing of financial  assets and extinguishments of  liabilities
occurring after December 31, 1996, and is to be applied prospectively.   Earlier
or retroactive  application  is  not  permitted.    The  new  standard  provides
accounting and  reporting standards  for transfers  and servicing  of  financial
assets and extinguishments of liabilities.  The Company does not expect adoption
to have a material effect on its financial position or results of operations.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996


NOTE 1 - GENERAL

On October 30, 1989, West Coast Realty Advisors, Inc. (the "Advisor"), purchased
1,000 shares of the Company's common stock for $10,000.  On August 30, 1990, the
Company reached its minimum initial offering funding level of $1,000,000.  As of
June 30, 1997 the Company has raised $18,211,913 in capital.

Sales commissions and wholesaling fees, representing 8% of the gross proceeds
from the sale of common shares, were paid to Associated Securities Corp.
("ASC"), a member of the National Association of Securities Dealers, Inc.
("NASD") and an affiliate of the Advisor.

Dividends are declared and accrued based approximately upon the previous
quarter's income from operations before depreciation and amortization.

NOTE 2 - RENTAL PROPERTIES

The Company owns the following income-producing properties

                                                          ORIGINAL
  LOCATION (PROPERTY NAME)       DATE PURCHASED         ACQUISITION
                                                            COST

Huntington Beach, California
(Blockbuster)                   February 26, 1991            $ 1,676,210
Fresno, California                May 14, 1993                 1,414,893
Huntington Beach, California
(OPTO-22)                      September 15, 1993              2,500,001
Brea, California                  March 4, 1994                2,248,343
Riverside, California           November 29, 1994              3,655,500
Tustin, California
(Safeguard)                       May 22, 1995                 4,862,094
Fremont, California
(Technology Drive)              October 31, 1995               3,747,611
Sacramento, California
(Java City)                      August 2, 1996                1,828,500
Irvine, California  (Tycom)     January 17, 1997               4,907,441

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996


NOTE 2 - RENTAL PROPERTIES (CONTINUED)

THE MAJOR CATEGORIES OF PROPERTY ARE:
                                      JUNE 30, 1997      DECEMBER 31, 1996

Land                                   $  8,971,126         $  7,401,126
Buildings and improvements               17,869,466           14,532,025

                                         26,840,592           21,933,151
Less accumulated depreciation             1,047,568              814,948

Net rental properties                 $  25,793,024        $  21,118,203


A significant portion of the Company's rental revenue was earned from tenants
whose individual rents represented more than 10% of total rental revenue.
Specifically:

     Five tenants accounted for 28%, 22%, 20%, 19% and 10% in 1997;
     Five tenants accounted for 23%, 19%, 18%, 12% and 10% in 1996;
     Four tenants accounted for 24%, 20%, 15% and 10% in 1995;


NOTE 3 - OTHER ASSETS

     Other assets consists of the following:

                                     JUNE 30, 1997     DECEMBER 31, 1996

Deposits and prepaid expenses            $38,877       $86,640
Organization costs                        14,330        14,330
                                          53,207       100,970
Less accumulated amortization             15,319        15,099

Net other assets                         $37,888       $85,871

<PAGE>


                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996


NOTE 4 - FUTURE MINIMUM RENTAL INCOME

As of June 30, 1997 and December 31, 1996, future minimum rental income under
the existing leases that have remaining noncancelable terms in excess of one
year are as follows:

                                            JUNE 30, 1997   DECEMBER 31,1996

     1997 .................................. $1,079,798          $2,123,959
     1998 ..................................  2,485,224           2,037,591
     1999 ..................................  2,424,297           1,976,664
     2000 ..................................  2,312,357           1,864,724
     2001 ..................................  2,218,845           1,771,212
     Thereafter ............................ 17,941,509          15,255,711

     Total                                  $28,462,030         $25,029,861


Future minimum rental income does not include lease renewals or new leases that
may result after a noncancelable-lease expires.

NOTE 5 - RELATED PARTY TRANSACTIONS

The Advisor has an agreement with the Company to provide advice on investments
and to administer the day-to-day operations of the Company.  Property management
services for the Company's properties are provided by West Coast Realty
Management, Inc. ("WCRM"), an affiliate of the Advisor.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996

NOTE 5 - RELATED PARTY TRANSACTIONS (CONT.)

During the periods presented, the Company had the following related party
transactions:

(a)  In accordance with the advisory agreement, compensation earned by, or
services reimbursed or reimbursable to the advisor, consisted of the following:

                                   SIX MONTHS ENDED    FOR THE YEAR ENDED
                                      JUNE 30, 1997     DECEMBER 31, 1996

           Syndication fees                $317,307               $82,864
           Acquisition fees                 270,384                78,177
           Overhead expenses                 12,000                12,000

                                           $599,691              $173,041


     (b)  At June 30, 1997 and December 31, 1996, the Advisor owned 22,556
shares of the issued and outstanding shares of the Company.

     (c)  Sales commissions paid in accordance with the selling agreement to ASC
totaled $198,374 for the six months ended June 30, 1997 and $84,496 for the six
months ended June 30, 1996.

     (d)  Property management fees earned by WCRM totaled $26,313 and $25,091
for the three months ended June 30, 1997 and 1996, respectively.  For the six
months ended June 30, 1997 and 1996, WCRM earned $55,803 and $51,198,
respectively in property management fees.

     (e)  The Corporation had related party accounts payable as follows:

                                        JUNE 30, 1997     DECEMBER 31, 1996

    Associated Securities Corp.              $  2,182             $     396
    West Coast Realty Management               26,313                24,839
    West Coast Realty Advisors                 42,056                21,050

                                              $70,551               $46,285

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996


NOTE 6 - NOTES PAYABLE

NOTES PAYABLE ARE MADE UP OF THE FOLLOWING:
                                                      JUNE 30,    DECEMBER 31,
                                                         1997         1996

8.25% promissory note secured by a Deed of Trust
on the Fresno Property, monthly principal and interest
payments are $5,244 due August 1, 2003 .............. $ 622,177      $ 628,471

Variable rate promissory note secured by a Deed
of Trust on the OPTO-22 property, interest rate
adjustments are monthly and are based on the 11th
District cost of funds rate plus 3% (7.835% at
June 30, 1997), and may never go below 6.5%
or above 11.0%, monthly principal and interest
payments are $12,723, due October 1, 2003 ............1,698,602      1,708,362

8.25% promissory note secured by a Deed of Trust on
the Blockbuster property, interest rate adjusts
to the 5-year Treasury rate plus 350 basis points
on February 1, 1999, monthly principal and interest
payments are $4,934, due February 1, 2004 ............. 562,899        569,132

9.25% promissory note secured by a Deed of Trust
on the Riverside property, monthly principal and
interest payments are $9,988, due November 8, 2004 .. 1,172,067      1,177,055

Variable rate promissory note secured by a Deed of Trust
on the Brea property, interest rate is 9.5% until March 1,
2000 (and each succeeding March 1st) when interest rate
adjusts to the Moody's corporate bond index daily rate
plus 0.125%, monthly principal and interest payments
vary depending upon interest rates and are currently
$8,737, due March 1, 2020 ............................  975,414        981,338

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.
                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996


NOTE 6 - NOTES PAYABLE (CONT.)

                                                    JUNE 30,     DECEMBER 31,
                                                       1997          1996

9.625% promissory note secured by a Deed of Trust
on the Safeguard property, monthly principal and
interest payments are $24,191, due February 1,
2005 .............................................    $2,113,327    $2,155,575

8.24% promissory note secured by a Deed of Trust
on the Fremont property, interest rate equaled the 20-year
Treasury rate plus 1.65% at loan closing, monthly principal
and interest payments are currently $18,898, due
August 1, 2015 .....................................   2,115,660     2,140,311

10% promissory note secured by a Deed of Trust on the
Java City property, monthly principal and interest payments
are $3,413, due November 1, 2001..................       332,722       336,272

8% promissory note secured by a Deed of Trust on the
Java City property, monthly principal and interest payments
are $3,126, due June 1, 2018........................     379,305       382,277

9.25% promissory note secured by a Deed of Trust on the
Tycom property, monthly payments of interest only are
approximately $17,000, due January 8, 1998 .......     2,300,000           ---

                                                     $12,272,173   $10,078,793

The above carrying amounts, with the exception of the note on the Fresno
property, are reasonable estimates of fair values of notes payable based on
current lending rates in the industry for mortgage loans with similar terms and
maturities.  The fair value of the Fresno note is approximately $580,000
calculated by discounting the expected future cash outflows on the note to the
present based on a current lending rate of 10%, which is the approximate
industry lending rate on properties of this type in this location.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996


NOTE 6 - NOTES PAYABLE (CONT.)

The aggregate annual future maturities at June 30, 1997 and December 31, 1996
are as follows:

     YEAR ENDING                            JUNE 30, 1997    DECEMBER 31, 1996

     1997 ..................................   $103,702           $210,322
     1998 ..................................  2,528,391            228,391
     1999 ..................................    248,287            248,287
     2000 ..................................    269,435            269,435
     2001 ..................................    582,090            582,090
     Thereafter ............................  8,540,268          8,540,268

     Total                                  $12,272,173        $10,078,793


NOTE 7 - DIVIDEND REINVESTMENT PLAN

The Company has established a Dividend Reinvestment Plan (the "Plan") whereby
cash dividends will, upon election of the shareholders, be used to purchase
additional shares of the Company.  The shareholders' participation in the Plan
may be terminated at any time.

NOTE 8 - NET INCOME AND DIVIDENDS PER SHARE

Net Income Per Share for the three months ended June 30, 1997 and 1996 was
computed using the weighted average number of outstanding shares of 1,698,025
and 1,385,908, respectively.

Dividends declared during the first six months 1997 and 1996 were as follows:

                      OUTSTANDING           AMOUNT             TOTAL
RECORD DATE              SHARES            PER UNIT           DIVIDEND

January 1, 1997        1,550,607           $ 0.0666          $103,270
February 1, 1997       1,671,442             0.0666           111,318
March 1, 1997          1,671,442             0.0666           111,318
April 1, 1997          1,810,916             0.0666           120,607
May 1, 1997            1,815,579             0.0666           120,917
June 1, 1997           1,815,579             0.0666           120,917

TOTAL                                                        $688,347

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996

NOTE 8 - NET INCOME AND DIVIDENDS PER SHARE (CONT.)

                      OUTSTANDING           AMOUNT             TOTAL
RECORD DATE              SHARES            PER UNIT           DIVIDEND

January 1, 1996        1,325,404            0.0600            $79,524
February 1, 1996       1,371,794            0.0600             82,308
March  1, 1996         1,401,664            0.0600             84,100
April 1, 1996          1,413,736            0.0666             94,155
May 1, 1996            1,445,236            0.0666             96,253
June 1, 1996           1,448,836            0.0666             96,492

TOTAL                                                        $532,832


NOTE 9 - NEW ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards No. 125, "Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS No.
125) issued by the Financial Accounting Standards Board (FASB) is effective for
transfers and servicing of financial assets and extinguishments of liabilities
occurring after December 31, 1996, and is to be applied prospectively.  Earlier
or retroactive application is not permitted.  The new standard provides
accounting and reporting standards for transfers and servicing of financial
assets and extinguishments of liabilities.  The Company does not expect adoption
to have a material effect on its financial position or results of operations.

NOTE 10 - SUBSEQUENT EVENTS

(a)  In July 1997, the Company paid dividends totaling $362,442 ($0.0666 per
share per period), payable to shareholders of record on April 1, May 1, and June
1, 1997, respectively (Note 8).

(b)  On July 2, and July 16, 1997, a total of $1,463,808 in proceeds from the
sale of shares in the Company's current offering was released from an escrow
account, and 146,784 shares were issued to investors.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                         NOTES TO FINANCIAL STATEMENTS
         THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
                              AND DECEMBER 31, 1996

NOTE 10 - SUBSEQUENT EVENTS (CONT.)

(c)  The Company ("Seller") is negotiating the sale of the North Palm Street
Property to a unrelated buyer.  The offer to purchase the property was
unsolicited and is partially contingent on the Seller utilizing the Internal
Revenue Service Code Section S1031 to facilitate a tax free exchange.  However,
if the Seller does not locate an exchange property by October 31, 1997, the
Buyer may close escrow with no Section S1031 tax free exchange requirement.  The
total sales price is expected to be $2,515,860 in cash.  The Seller must pay off
the existing lender of the first deed of trust which as of June 30, 1997 totaled
$975,309.  Additionally,  the Buyer has agreed to contribute an additional
$15,000 to prepay the mortgage loan.

(d)   In late August or early September 1997, the Company intends on acquiring
an investment known as the Roseville Property.  The funds to acquire the
Roseville will result from the Section S1031 tax free exchange of the Brea
property (as described above), plus additional proceeds resulting from the sale
of the Company's Shares in the current offering. No debt financing will be used
in connection with the Roseville acquisition.   The Roseville Property is
currently under construction with construction expected to be completed by
August 15, 1997, and the Company taking ownership of the Property two to three
weeks later when an occupancy permit is issued.  The property's tenant intends
on using the property as a sit-down, casual restaurant.  Roseville is a city
located in the Sacramento region of Northern California.

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

     West Coast Realty Investors, Inc. is a Delaware corporation, formed  on
October 26, 1989. The Company began offering for sale shares of Common Stock  on
April 20, 1990.   On August 30,  1990, the Company reached its minimum  initial
offering funding level of $1,000,000.  A secondary offering of shares was  begun
on May 14, 1992.  On November 30, 1992 the Company reached its minimum secondary
offering funding level of  $250,000.  A  third offering of  shares was begun  on
June 3, 1994.  On July 25, 1994, the Company reached its minimum third  offering
funding level of $250,000. A fourth offering of shares began on May 6, 1996.  As
of June 30, 1997, the Company had raised $18,211,913 in gross proceeds from  all
four offerings.

The Company was organized for the  purpose of investing in, improving,  holding,
and managing equity interests in a  diversified number of commercial  properties
located in California  and the  West Coast, while  qualifying as  a Real  Estate
Investment Trust.   Properties  will be  acquired for  cash or  on a  moderately
leveraged basis, with aggregate indebtedness not  to exceed 50% of the  purchase
price of all properties on a combined basis.   The Company intends to hold  each
property for approximately seven to ten years.

The Company's  principal investment  objectives are  to  invest in  rental  real
estate properties which will:

  (1) Preserve and protect the Company's invested capital;
  (2) Provide shareholders with cash distributions; a portion of which will  not
      constitute taxable income.
  (3) Provide capital gains through potential appreciation; and
  (4) Provide market liquidity through transferable shares of stock.
      The Company qualifies as a Real Estate Investment Trust (REIT) for 
      federal and state income tax purposes.

The ownership and operation  of any income-producing real  estate is subject  to
those risks  inherent in  all real  estate investments,  including national  and
local  economic  conditions,  the  supply  and  demand  for  similar  types   of
properties, competitive marketing conditions, zoning changes, possible  casualty
losses, increases in real estate taxes, assessments, and operating expenses,  as
well as others.

The Company has engaged West Coast Realty Advisors, Inc. ("WCRA") to act as  the
Company's advisor.   Pursuant  to  the terms  of  the advisory  agreement,  WCRA
provides investment and financial advice and conducts the day-to-day  operations
of the Company. The Company, itself, has no employees.

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS
         (CONTINUED)

LIQUIDITY AND CAPITAL RESOURCES

During the  six  months ended  June  30,  1997 the  Company  declared  dividends
totaling $688,348, compared  to the  six months ended  June 30,  1996, when  the
Company declared  dividends  totaling $532,290.    Dividends are  determined  by
management based on cash flows and the liquidity position of the Company.  It is
the intention of management to declare dividends, subject to the maintenance  of
reasonable reserves.

During the  six months  ended June  30, 1997  the Company  raised an  additional
$3,858,229 in net proceeds as the result of  the sale of shares from its  fourth
public offering.  The Company used  the net proceeds from offerings to  purchase
additional income-producing properties and to add  to the cash reserve  balances
of the Company as is prudent given the amount of property now under ownership.

Management uses cash  as its primary  measure of the  Company's liquidity.   The
amount of cash that represents adequate  liquidity for a real estate  investment
company, is dependent on several factors. Among them are:

  1.  Relative risk of the Company's operations;
  2.  Condition of the Company's properties;
  3.  Stage in the Company's operating cycle (e.g., money-raising,  acquisition,
      operating or disposition phase); and
  4.  Shareholders dividends.

The Company is adequately liquid and  management believes it has the ability  to
generate sufficient cash to meet both short-term and long-term liquidity  needs,
based upon the above four points.

The first point refers  to the risk  of the Company's  investments. At June  30,
1997, the Company's  excess funds  were invested  in a  short-term money  market
fund.  The  purchase of rental  properties have been  made either entirely  with
cash or the  use of moderate  leverage.  During  the six months  ended June  30,
1997, notes payable pertaining to property acquisitions by the Company increased
$2,300,000 due to  the purchase of  an additional  income-producing property  in
January 1997, while cash used in principal repayments of notes totaled $106,620.
Although most of the notes are set  up on an amortization schedule allowing  for
the repayment of principal over time, most of the principal on the notes is  due
in balloon payments that come due in the  years 1998 through 2005.  The  Company
is aware that prior to the time that these large payments come due,  refinancing
of the loans  or the sale  of the property(ies)  will be necessary  in order  to
protect the interests of  the Company's shareholders.  Furthermore, most of  the
properties' tenants are nationally known retailers or well-established  business
under long-term leases, which makes the properties easier to sell or refinance.

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS
         (CONTINUED)

LIQUIDITY AND CAPITAL RESOURCES (CONT.)

As to the second point, the  Company's properties are in good condition  without
significant deferred maintenance obligations and are leased through "triple-net"
leases, which reduces the Company's risk pertaining to excessive maintenance and
operating costs.

As to the third point, the Company was liquid at June 30, 1997 since the Company
is still operating  in the "money-raising"  stage.  Virtually  all funds  raised
were invested in  a short-term  money market fund.   As  of June  30, 1997,  the
Company has allocated  approximately $546,000 towards  a "reserve"  fund (3%  of
gross funds raised, as disclosed in the Company's latest prospectus),   $362,000
of cash held pending distribution to investors, $120,000 of cash to be used  for
current mortgage and accounts payable  commitments, $150,000 in tenant  security
deposits, and the balance--$579,000-- expected to be invested in future property
acquisitions.  The Company's operations generated $621,221 in net operating cash
flow in  the six  months ending  June  30, 1997  (net income  plus  depreciation
expense).  Thus,  the Company  is generating  significant amounts  of cash  flow
currently and could choose to withhold payment of all or a portion of dividends,
if necessary, in order to rebuild cash balances.

Fourth, the amount of dividends to  shareholders was made at a level  consistent
with the amount  of net  income available after  application of  expenses.   The
Advisor is careful not to make distributions in excess of the income  available.
The Advisor expects to increase the  level of dividends as additional funds  are
raised, and overhead expenses are spread over a large base of investors' funds.

Inflation and changing prices  have not had a  material effect on the  Company's
operations.

The Company currently  has no external  sources of liquidity,  other than  funds
that potentially could be received from the sale of additional shares.

The Company currently has no material capital commitments.

The Tax Reform Acts of 1986 and 1987 and the Revenue Reconciliation Acts of 1990
and 1993 did not have a material impact on the Company's operations.

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS
         (CONTINUED)

CASH FLOWS - FOR  THE SIX MONTHS ENDED  JUNE 30, 1997 VS.  THE SIX MONTHS  ENDED
JUNE 30, 1996

Cash resources decreased  $260,380 during  the six  months ended  June 30,  1997
compared to a $932,713 increase in cash resources for the six months ended  June
30, 1996.  Cash provided by operating activities increased by $687,136 with  the
largest contributor being $621,221 in cash  basis net income for the six  months
ended June 30, 1997.   In contrast,  the six months ended June 30, 1996 provided
$349,596 in cash  from operating activities  due primarily to  $574,600 in  cash
basis net income, offset by a  $166,667 decrease in accounts payable  (primarily
due to a  decrease in the  amount of trade  payables). The sole  use of cash  in
investing activities  for the  six months  ended June  30, 1997  was  $4,907,441
expended for  the  acquisition of  an  additional property  located  in  Irvine,
California.   In contrast, the six months ended  June 30, 1996 did not have  any
investing activities.    For the  six  months  ended June  30,  1997,  financing
activities provided an additional $3,959,925 via  the sale of additional  shares
in the  Company  ($2,340,434  in net  proceeds),  and  $2,300,000  in  financing
obtained in connection  with the acquisition  of the  additional property,  less
dividends paid  and payable  of  $629,458 and  repayments  on notes  payable  of
$106,620.  In contrast, the six months ended June 30, 1996, financing activities
provided an additional $583,117 via the sale of additional shares in the Company
($1,155,401 in net proceeds),  less dividends paid and  payable of $486,401  and
repayments of notes payable of $85,883.


NEW ACCOUNTING PRONOUCNEMENTS

Statement of Financial Accounting Standards  No. 125, "Accounting for  Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS  No.
125) issued by the Financial Accounting Standards Board (FASB) is effective  for
transfers and servicing of financial  assets and extinguishments of  liabilities
occurring after December 31, 1996, and is to be applied prospectively.   Earlier
or retroactive  application  is  not  permitted.    The  new  standard  provides
accounting and  reporting standards  for transfers  and servicing  of  financial
assets and extinguishments of liabilities.  The Company does not expect adoption
to have a material effect on its financial position or results of operations.

<PAGE>

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS
           (CONTINUED)

RESULTS OF OPERATIONS

Operations for the six months ended June 30, 1997 represented a full six  months
of rental operations for  all properties except Tycom  which was owned for  five
and one-half months.

The net  income  for  the  six  months ended  June  30,  1997  continued  to  be
significantly larger than  the prior  six months amount  due to  the raising  of
additional funds and  investment of such  funds in  additional income  producing
properties.  The  Company did  not have  any adverse  events that  significantly
impacted net  income  during  the  six  months ended  June  30,  1997,  and  all
properties that have been purchased by the Company have operated at levels equal
to current expectations.

Rental revenue increased $293,431 (25.4%) due to a full six months ownership  of
the Java City property and  five and one-half months  of the Tycom property  (as
compared to no ownership  of these properties during  the six months ended  June
30, 1996).   Interest  income decreased  $17,637  (34.9%) due  to a  new  escrow
release procedure on the current offering where new investor funds come into the
Company quarterly rather  than daily, thus  lowering the amount  of excess  cash
available for investment.

Operating expenses decreased $5,067 (7%)  primarily due to the  reclassification
of general  liability insurance  from operating  to general  and  administrative
expenses during the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996.  Interest expense increased $100,572 (24%) as a  reflection
of  the  additional  debt  taken  on  in  connection  with  additional  property
acquisition and refinancing  activities.  Despite  the large  debt amounts,  the
Company is still below  the maximum 50% debt  a maximum that  is allowed by  the
Company's by-laws (debt was 46% of property cost (as defined in the by-laws)  at
June 30, 1997).  General and administrative costs increased $111,016 (223%)  due
to the reclassification of general liability insurance from operating expense to
general and administrative  expense for the  six months ended  June 30, 1997  as
compared to the  six months ended  June 30, 1996.   Additionally,  much of  this
increase is due to $85,569 that the Advisor was paid during the six months ended
June 30,  1997 due  to the  revised provisions  of the  Advisor agreement.    No
advisor fees were earned during the six months ended June 30, 1996. Depreciation
and amortization expense increased $49,457 (26%) as the result of the  ownership
of additional  properties  during 1997  as  compared to  1996.   Net  income  of
$382,291 for the six months ended June 30,  1997 was $2,836 (1%) lower than  the
six months ended June 30, 1996.

<PAGE>

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS
           (CONTINUED)

RESULTS OF OPERATIONS (CONT.)

The average number of shares outstanding during 1997 was 1,698,025 vs. 1,385,908
in 1996.  Partly because  of the greater number  of shares outstanding, the  net
income per share decreased from $.28 in 1996 to $.23 in 1997.  If this figure is
analyzed using flow  of funds -  that is net  income plus depreciation  expense,
plus adding advisory fee expense with was incurred  in 1997 and not 1996 -  then
the amount in 1997 was $.42 per share vs. $.41 per share in 1996.

During the  six months  ended  June 30,  1997,  the Company  declared  dividends
totaling $688,348, compared to dividends of $532,290 declared for the six months
ended June 30, 1996.  Cash basis income for  the six months ended June 30,  1997
was $621,221.  This was derived by adding depreciation and amortization  expense
to net income.  Thus,  cash distributions during the  six months ended June  30,
1997  were  $67,127  greater  than  cash  basis  net  income.    In  comparison,
distributions in the first six months of 1996 were $42,310 less than cash  basis
income of $574,600.  In either event, the Company continued to qualify as a REIT
in 1997, and liquidity of the Company continues to be strong.

In summary then, the operating performance  of the Company continued to  improve
as additional  funds were  raised, additional  property  was acquired,  and  all
properties were operated profitably.

PENDING PROPERTY LITIGATION

OPTO-22 PROPERTY

The existing lease on the OPTO-22 building expired on April 30, 1997.  Thirty
days previous to the lease expiration date, the Company gave the tenant, OPTO-
22, a legal notice of such lease termination.  Notwithstanding such notice, the
sub-tenant of the tenant, Claremont School, failed to vacate the premises and is
still in occupancy.  In fact, Claremont School filed for protection under
Chapter 11 Bankruptcy.  OPTO-22 is pursuing the eviction of Claremont through
the Federal Bankruptcy and California State Courts, and until Claremont is
ordered to  vacate the premises, OPTO-22 continues to be liable to the Company
for the payment of rent.   In addition, OPTO-22 is liable to the Company for
reimbursement of its legal fees in connection with its effort to gain possession
of the premises from OPTO-22 (and Claremont) as well as its obligation to
restore the premises to the condition existing when the property was originally
leased in 1987 (normal wear and tear expected) and for the removal of any
interior additions to the building not desired by Company's management.

<PAGE>

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS
           (CONTINUED)

PENDING PROPERTY AND FINANCING TRANSACTIONS

NORTH PALM STREET PROPERTY

As of August 8, 1997, the Company ("Seller") is negotiating the sale of the
North Palm Street Property to a unrelated buyer.  The offer to purchase the
property was unsolicited and is partially contingent on the Seller utilizing the
Internal Revenue Service Code Section S1031 to facilitate a tax free exchange.
However, if the Seller does not locate an exchange property by October 31, 1997,
the Buyer may close escrow with no Section S1031 tax free exchange requirement.
The total sales price is $2,515,860 in cash.  The Seller must pay off the
existing lender of the first deed of trust which as of June 30, 1997 totaled
$975,309.  Additionally,  the Buyer has agreed to contribute an additional
$15,000 to prepay the mortgage loan.

TYCOM PROPERTY

The Company is negotiating the refinancing of the existing short term promissory
note on the Tycom Property loan which matures on February 1, 1998.  The terms of
the prospective lender of the new first deed of trust loan are as follows:

Lender:   Union Bank of California, N.A.
Loan Amount:   $2,312,500
Interest Rate: Variable Rate - margin is 1.9% over the 3 month LIBOR with right
          to convert after the first year.  The conversion margin would be 1.9%
          over selected Treasury Rate for the selected loan term.
Loan Term:     Ten year term
Amortization:  Twenty-five years
Monthly Debt Service:  $17,469
Other: Recourse is only to West Coast Realty Investors, Inc.;  the Company must
     maintain a minimum net worth of $5,000,000; loan fees and a majority of the
     administrative expenses are being paid by the former owner from whom the
     Company purchased the property.

ROSEVILLE PROPERTY

          In  late August or early September 1997, the Company intends on
acquiring the investment described below (the "Roseville Property" or the
"Property").  The funds to acquire the Roseville Property will result from the
Section S1031 tax free exchange of the Brea property (as described above), plus
additional proceeds resulting from the sale of the Company's Shares in the
current offering.  No debt financing will be used in connection with the
Roseville acquisition.

<PAGE>

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

PENDING PROPERTY TRANSACTIONS (CONT.)

ROSEVILLE PROPERTY (CONT.)

     The Roseville Property is currently under construction, and construction is
expected to be completed by August 15, 1997, with the Company taking ownership
of the Property two to three weeks later when an occupancy permit is issued.
The Property is located in Roseville, California.  Roseville is a located in the
Sacramento region of Northern California.

     The property is located on a lot size of .87 acres (approximately 37,900
square feet). This site is part of a larger shopping center which includes well-
known retailers such as Costco, Toys 'R Us, Shell Gasoline, Ross Dress For Less,
and McDonald's Restaurants.  The total lot size is approximately 8.66 acres
(378,000 square feet).   There are 61 parking spaces assigned to this site, with
the property also enjoying the use of hundreds of other parking spaces located
within the larger shopping center.  The building size is expected to total 5,133
square feet.

     The sole tenant of the Property will be an Applebee's Restaurant.
Applebee's is a well-known, national franchise of sit-down casual restaurants.
This particular Applebee's  is being developed by, and acquired from, Christian
Knox (an individual and unrelated third party), and the restaurant franchise
will be owned and operated by him in a sale-leaseback arrangement.  Mr. Knox has
seven Applebees and nine Burger King franchises, as evidence of his experience
in this industry.

     The lease on the property will commence upon the concurrent issuance of the
Certificate of Occupancy and transfer of the Property to the Company.  The lease
is a 20 year triple net lease, including provisions for collection of common
area charges that will be assessed by the shopping center owner.  Lease payments
are initially $14,333.33 per month ($172,000 per year) with rental increases
scheduled every five years at the rate of 12 /%.  Assuming the lease were to
commence September 1, 1997, the lease payments on a calendar year basis are
noted below:

<PAGE>

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

PENDING PROPERTY TRANSACTIONS (CONT.)

ROSEVILLE PROPERTY (CONT.)

          1997                               $  57,333
          1998-2001                            172,000
          2002                                 179,167
          2003-2006                            193,500
          2007                                 201,563
          2008-2011                            217,688
          2012                                 226,758
          2013-2016                            244,898
          2017 (through September 1)           163,266

     Mr. Knox has personally guaranteed the lease and has provided documentation
demonstrating a personal net worth in excess of $10 million.

     The Roseville Property will be managed by West Coast Realty Management,
Inc. ("WCRM"), an affiliate of the Company.  WCRM will charge the Company 3% of
the gross rents collected as a management fee for managing the Property, as
allowed by the Property Management Agreement.  Although the tenant will be
obligated to pay property taxes, property tax in the first full year of
operations is estimated to be $20,000 (approximately 1% of the sales price).

     Total consideration expected to be paid by the Company for the Roseville
property is $2,067,000.  This cost is expected to include the $1,950,000 sales
price payable to the Seller/Operator, $7,000 in estimated legal, appraisal, and
closing costs, and a $110,000 Acquisition Fee payable to the Advisor.  In
addition, a yet undetermined amount is expected to be received from the
Seller/Operator as a security deposit.  The sale is expected to be paid for from
approximately $1,500,000 received from the disposition of the Brea property (as
described above), with the balance (approximately $567,000) from the proceeds
resulting from the sale of the Company's shares in the current offering.

     The purchase price was arrived at through arms-length negotiations with the
Seller/Operator.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.

                                    PART II

                       O T H E R    I N F O R M A T I O N



ITEM 1. LEGAL PROCEEDINGS

           None

ITEM 2. CHANGES IN SECURITIES

           None


ITEM 3. DEFAULTS UPON SENIOR SECURITIES

           None


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

           None


ITEM 5. OTHER INFORMATION

           None


ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K

      (a) Information  required under  this  section has  been included  in  the
         financial statements.

      (b) Reports on Form 8-K
           -  8K filed on March 18, 1997 resulting from the acquisition of   the
              Irvine, California property on January 17, 1997.

<PAGE>

                       WEST COAST REALTY INVESTORS, INC.


                              S I G N A T U R E S


     Pursuant  to the requirements of the Securities  Exchange Act of 1934,  the
registrant has  duly caused  this report  to  be signed  on  its behalf  by  the
undersigned thereunto duly authorized.

                       WEST COAST REALTY INVESTORS, INC.
                                (Registrant)





August 12, 1997                         By:  WEST COAST REALTY ADVISORS, INC.
                                                 A California Corporation,
                                                         Advisor




                                         Neal E. Nakagiri
                                   Vice President / Secretary

August 12, 1997

                                         Michael G. Clark
                                     Vice President / Treasurer