<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

  X      ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE
-----    ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999.

         TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
-----    ACT OF 1934.

               COMMISSION FILE NUMBER: 0-17680 (FORMERLY 33-20255)
--------------------------------------------------------------------------------

                         SOUTHEAST ACQUISITIONS II, L.P.

--------------------------------------------------------------------------------

                         (Name of issuer in its charter)

Delaware                                                             23-2498841
(State of incorporation)       (IRS Employer Identification Organization Number)

                         301 South Perimeter Park Drive
                           Nashville, Tennessee 37211
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

           Issuer's telephone no., including area code: (615) 833-8716
--------------------------------------------------------------------------------

          Securities registered pursuant to Section 12 (b) of the Act.

                           Name of each exchange: None
             Title of each class on which registered: Not Applicable

          Securities registered pursuant to Section 12 (g) of the Act:
                    Limited Partnership Units $1,000 Per Unit

           ----------------------------------------------------------

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 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
                                                                -----   -----

Check if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K
is not contained in this form, and no disclosure will 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. Yes  X    No
              -----     -----


<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                          <C>
PART I

ITEM I.     BUSINESS...........................................................1
            Background ........................................................1
            Material Recent Developments.......................................2
            Employees..........................................................2
            Competition........................................................2
            Trademarks and Patents.............................................2

ITEM 2.     PROPERTIES.........................................................2

ITEM 3.     LEGAL PROCEEDINGS..................................................4

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

PART II.

ITEM 5.     MARKET FOR THE PARTNERSHIP'S UNITS OF LIMITED PARTNERSHIP
            INTEREST AND RELATED SECURITY HOLDER MATTERS.......................4

ITEM 6.     SELECTED FINANCIAL DATA............................................5

ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
            AND RESULTS OF OPERATIONS..........................................5
            Background.........................................................5
            Results of Operations..............................................5
            1999 Compared to 1998..............................................6
            1998 Compared to 1997..............................................6
            Liquidity and Capital Resources....................................6
            Year 2000 Compliance...............................................7

ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA........................7

ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
            AND FINANCIAL DISCLOSURE...........................................7

PART III

ITEM 10.    DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP................7

ITEM 11.    EXECUTIVE COMPENSATION.............................................8

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
            MANAGEMENT.........................................................9
            Security Ownership of Management...................................9
            Changes in Control.................................................9


</TABLE>

                                  - i -



<PAGE>   3



<TABLE>
<S>                                                                          <C>
ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS......................9

PART IV

ITEM 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
           FORM 8-K...........................................................10
                   (a) Index to Financial Statements..........................10
                   (b) Reports on Form 8-K....................................10
                   (c) Exhibits (numbered in accordance with item 601 of
                       Regulation S-K)........................................10

SIGNATURES
</TABLE>






                                     - ii -


<PAGE>   4


                                     PART I

ITEM 1.  BUSINESS

         Background

         Southeast Acquisitions II, L.P. (the "Partnership") was formed on
December 14, 1987, as a Delaware limited partnership. The Partnership's public
offering of 9,650 units of limited partnership interest ("Units") commenced on
June 8, 1988 and terminated on July 18, 1988 when all 9,650 Units were sold. The
Partnership has since been scheduled to terminate on December 31, 2000. There
are currently no plans to extend the Partnership agreement. If there is land
remaining at December 31, 2000, the current General Partner will continue to run
operations through the liquidation mode.

         The Partnership purchased the following three parcels of unimproved
land in 1988; 353 acres in Henry County, Georgia; 91 acres in Greenville, South
Carolina; and 135 acres in Rutherford County, Tennessee. The Partnership's
primary business objective is to realize appreciation in the value of the three
parcels of unimproved land (each a "Property", collectively the "Properties"),
by holding the Properties for investment and eventual sale, although there is no
assurance that this will be attained.

         Since acquisition, the Partnership has sold approximately 81% of its
Georgia Property, all of its South Carolina Property, and approximately 27% of
its Tennessee Property. All remaining land is currently being marketed.

         The timing and manner of sale will be determined by Southern Management
Group, LLC, the General Partner of the Partnership. The General Partner
generally has the right to sell Property, or portions thereof, without the
consent of the Limited Partners. The Partnership Agreement provides, however,
that a majority in interest of the Limited Partners must consent to the sale or
disposition at one time of 60% or more of the real estate acreage held by the
Partnership as of September 22, 1997 unless the sale or disposition is being
made in connection with the liquidation of the Partnership pursuant to the
Partnership Agreement or in the event that the net proceeds of the sale, when
distributed in accordance with the Partnership Agreement, will be sufficient to
provide the Limited Partners with distributions equal to the acquisition cost of
the assets sold.

         The General Partner believes that the Partnership's cash reserves will
be sufficient to last for at least one more year assuming no significant
increases in expenses. However, if the reserves are exhausted and the
Partnership is unable to borrow funds, the Partnership may have to sell the
Property on unfavorable terms.

         The General Partner has no plans to develop the Properties, except for
activities including rezoning, land planning, market surveys and other
activities necessary to prepare the Properties for sale. There can be no
assurance that necessary funds would be available should it be desirable for the
Partnership to improve the Properties to facilitate their sale.

         At a special meeting of Limited Partners held on November 5, 1997, the
Partnership Agreement was amended to (i) extend the term of the Partnership from
its original expiration date of December 31, 1998 to December 31, 2000; (ii)
substitute Southern Management Group, LLC for Southeast Acquisitions, Inc. as
the general partner of the Partnership; (iii) authorize new commissions and new
management fees for the new General Partner; (iv) give the new General Partner
the exclusive right to sell Partnership Property; and (v) modify the Partnership
Agreement to require that a majority in interest of the limited Partners must
consent to the sale or disposition at one time of 60% or more of the real estate
acreage held by the Partnership as of September 22, 1997 unless the sale or
disposition is being made in connection with the liquidation of the Partnership
pursuant to the Partnership Agreement or the net proceeds of the sale, when
distributed in accordance with the Partnership Agreement, will be sufficient to
provide the Limited Partners with distributions equal to the acquisition cost of
the assets sold.



                                       1

<PAGE>   5


         Material Recent Developments

         During 1999, there were two different land sales and one sale of an
utility easement. One of the land sales took place in Henry County, Georgia and
consisted of 69.122 acres sold for $2,000 per acre. This land was about 12 1/2%
in the flood plain and had very limited road frontage. The other land sale took
place in Greenville, South Carolina and consisted of 18.904 acres and sold for
$37,000 per acre. The utility easement was granted to the Town of Smyrna in
relation to the Rutherford County Property in Tennessee. The Partnership is to
be compensated $11.19 per linear foot for approximately 1,578 feet of land.

         Employees

         The Partnership presently has no employees. The General Partner manages
and controls the affairs of the Partnership. (See Part III, Item 10, Directors
and Executive Officers of the Partnership).

         Competition

         The General Partner believes that there is significant direct
competition within a five-mile radius of the Properties. The properties are
located in two distinct areas of the Southeastern United States.

         Trademarks and Patents

         The Partnership has no trademarks or patents.

ITEM 2.  PROPERTIES

         The Partnership owns two tracts of undeveloped land consisting of
approximately 67 acres in Henry County, Georgia and 98 acres in Rutherford
County, Tennessee.

         Henry County, Georgia Property:

         The Henry County, Georgia Property, after the sale of approximately 13
acres during 1988 and 1989, 15 acres in 1992, 47 acres in 1993, 73 acres in
1994, 25 acres in 1995, 44 acres during 1998 and 69 acres in 1999, consists of
approximately 67 acres of undeveloped land, zoned RA/Residential-Agricultural
District (which does not permit construction of multi-family structures),
fronting King Mill Road, Iris Lake Road and Whitaker Road and is located 1.5
miles east of Interstate 75 in Henry County, Georgia, southeast of the center of
Metropolitan Atlanta. As a result of sales of portions of the Property in prior
years, the Property now consists of two non-contiguous parcels.

         The General Partner had been advised that Rabbit Run Road, running
along the side of one of the parcels, had been selected for paving and
improvement by the local municipality. This work was scheduled to be done in the
Spring of 1999 but did not occur. Paving of the road would permit the site to be
platted and approved as a subdivision.

         The former general partner had the Henry County Property appraised in
1997 by Urban Realty Advisors, Inc. The 1997 appraiser has no relationship with
the former general partner or the current General Partner. The property was
appraised in 1997 for $585,000 or approximately $3,250 per acre. The appraiser
used the sales comparison (market) approach to value the Property. Using sales
of similar residential land from the surrounding area, the appraiser determined
an estimate of the value for the remaining Property.

         The appraised value does not reflect costs, expenses and commissions,
which would be incurred in connection with a sale of the Property. Moreover,
appraisals are only an approximation of current market value, which can only be
established by an actual sale.




                                       2
<PAGE>   6



         On June 15, 1999, the Partnership closed the sale of 69.122 acres of
Henry County Property for $138,244 less commissions and expenses.

         There is currently a contract on the remaining Henry County Property
for $5,000 per acre. This closing is expected to occur in the first quarter of
2000.

         Greenville, South Carolina Property:

         All of the Greenville, South Carolina Property has been sold.

         During 1997, the Partnership sold approximately 1 acre of the
Greenville Property for $160,000 per acre.

         On April 7, 1998, the Partnership closed the sale of 1.9 acres of the
Greenville Property for approximately $317,000 less commissions and expenses.

         On May 11, 1998, the Partnership closed the sale of .277 acres of the
Greenville Property for approximately $27,700 less commissions and expenses.

         On July 30, 1998, the Partnership closed the sale of 2.049 acres of the
Greenville Property for approximately $342,000 less commissions and expenses.

         On August 5, 1998, the Partnership closed the sale of 17.316 acres of
the Greenville Property for approximately $1,645,000 less commissions and
expenses.

         On August 17, 1999, the Partnership closed the sale of the remaining
land for approximately $699,500 less commissions and expenses.

         Rutherford County, Tennessee Property:

         The Rutherford County, Tennessee Property is located approximately 18
miles southeast of the Nashville Central business district and 10 miles
southeast of the Nashville Metropolitan Airport. Following a sale of four acres
in 1995 and 32.514 acres in 1997, the Property consists of approximately 49
acres in the northeast quadrant of the I-24/ Sam Ridley interchange and 49 acres
located at the northeast quadrant of the same interchange, with frontage on the
access road. The four acres sold in 1995 were part of the Property located at
the northwest corner of the I-24 interchange. This land was located along Sam
Ridley and was the portion of the Property located furthest from the interchange
itself and was sold for a price of $50,000 per acre. The 32.514-acre sale in
1997 was also at $50,000 per acre. During 1998 and 1999 there were no sales of
Rutherford County, Tennessee Property but the Partnership sold an easement for
$101,500 less commissions in 1998 and another utility easement in 1999 for
$17,658.

         In an effort to make future development of the Property easier, all of
the Property has now been zoned for commercial use and is located entirely
within the Smyrna City Limits rather than part in the City of Smyrna and part in
the City of LaVergne. There is a small cemetery located in the northwest
quadrant of I-24, which the former general partner was aware of at the time of
purchase, and which the General Partner does not believe will have an adverse
effect on the Partnership's ability to sell the land. The I-24/Sam Ridley
Parkway interchange is one exit south of Interchange City Industrial Park, the
largest industrial park in the Nashville area, and is currently the last I-24
interchange south of the city to which sewer lines are available. At December
31, 1997, I-24 was being widened to three lanes in each direction from Bell Road
in Nashville to the Sam Ridley interchange. This widening was completed in 1998.
In 1999 I-24 was being widened to three lanes from Sam Ridley interchange to the
I-440 interchange approximately 9 miles south of the property. This is to be
completed in 2000.

         The former general partner had the Rutherford County Property appraised
in 1996 by Martin Appraisal Services. The appraiser had no affiliation with the
former general partner, although the president of Martin Appraisal Services
served as a vice president of an affiliate of the current General Partner from
April 1984




                                       3
<PAGE>   7

to August 1987. The Property was appraised in two tracts; one consisting of 84.5
acres for $2,250,000 or approximately $26,627 per acre and the second consisting
of 45.05 acres for $2,000,000 or approximately $44,395 per acre. The appraisal
used the sales comparison (market) approach to value the Property in bulk. The
appraiser also estimated the value of the Property if developed and sold as lots
to end-users. The appraiser was able to use several sales of land that occurred
in the past few years along Sam Ridley Parkway in the sales comparison approach.
In the development analysis, the appraiser evaluated the sale of tracts of land
over a three-year period and estimated the costs of necessary utility
improvements. Due to the short period of time estimated as an absorption period,
the appraiser did not discount the cash flow for the absorption period.

         The appraised value does not reflect costs, expenses and commissions,
which would be incurred in connection with a sale of the property. Moreover,
appraisals are only an approximation of current market value, which can only be
established by an actual sale.

ITEM 3.  LEGAL PROCEEDINGS

         The Partnership is not directly a party to, nor is the Partnership's
Property directly the subject of, any material legal proceedings.

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

         There were no matters submitted to a vote of security holders in 1999.

                                     PART II

ITEM 5.  MARKET FOR THE PARTNERSHIP'S UNITS OF LIMITED PARTNERSHIP INTEREST AND
         RELATED SECURITY HOLDER MATTERS

         There is no established public trading market for the Units and it is
not anticipated that any will develop in the future. The Partnership commenced
an offering to the public on June 8, 1988 of 9,650 units of limited partnership
interests. The offering of $9,650,000 was fully subscribed and terminated on
June 24, 1988. As of December 31, 1999, there were 477 limited partners in the
Partnership.



                                       4

<PAGE>   8


ITEM 6.  SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------
                  For the Year    For the Year      For the Year     For the Year      For the Year
                     Ended           Ended             Ended             Ended            Ended
                  December 31,    December 31,      December 31,      December 31,     December 31,
                     1999            1998              1997              1996             1995
----------------------------------------------------------------------------------------------------
<S>               <C>             <C>              <C>               <C>              <C>
Operating
Revenues          $   73,299      $ 1,719,053      $ 1,349,188       $ 1,007,565      $   925,101
----------------------------------------------------------------------------------------------------
Net Income        $   10,865      $ 1,620,142      $ 1,231,547       $   947,477      $   865,009
----------------------------------------------------------------------------------------------------
Net Income per
Unit of Limited
Partnership
Interest          $     1.13      $    167.89      $    127.62       $     98.18      $     89.64
----------------------------------------------------------------------------------------------------
Total Assets      $1,144,861      $ 2,349,250      $ 2,632,282       $ 2,693,772      $ 3,050,057
----------------------------------------------------------------------------------------------------
Long Term
Obligations       NONE            NONE             NONE              NONE             NONE
----------------------------------------------------------------------------------------------------
Cash
Distributions
Declared per
Unit of Limited
Partnership
Interest          $      123      $       186      $       150       $       134      $       150
----------------------------------------------------------------------------------------------------

</TABLE>

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

         Background

         The Partnership was formed to acquire and realize appreciation in the
Property by holding it for investment and eventual sale. However, there can be
no assurance that the Partnership's objectives will be realized.

         Results of Operations

         The Partnership had no operations from the date of its formation on
December 14, 1987 until June 24, 1988 when it acquired the first Property and
sold 3,165 units of limited partnership interest. During 1988 the Partnership
acquired three additional Properties and sold 6,485 additional Units of limited
partnership interests.

         In 1988 the Partnership purchased 579 acres of unimproved land at three
locations. The status of these Properties at December 31, 1999 is as follows:

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------
                                                      Property Sold Prior to             Remaining Property Held
Place                      Property Purchased         December 31, 1999                  for Sale
------------------------------------------------------------------------------------------------------------------
<S>                        <C>                        <C>                                <C>
Henry County,              353 Acres                  286 Acres                          67 Acres
Georgia
------------------------------------------------------------------------------------------------------------------
Greenville,                91 Acres                   91 Acres                           -0- Acres
South Carolina
------------------------------------------------------------------------------------------------------------------
Rutherford County,         135 Acres                  37 Acres                           98 Acres
Tennessee
------------------------------------------------------------------------------------------------------------------
</TABLE>




                                       5
<PAGE>   9


         1999 Compared to 1998

         During 1999 the Partnership sold 69.122 acres of the Henry County
Property. This property was about 12 1/2% in the flood plain and had very
limited road frontage. There was also a sale of 18.902 acres of the Greenville
Property. This land had no primary road frontage and limited sanitary sewer. In
addition to the sales there was an utility easement granted on the Rutherford
County Property. These transactions provided a gain of $55,493 compared with
gains of sales of Property and easement rights during 1998 of $1,700,041. Other
revenues in 1999 consisted of $17,806 in interest income compared with interest
income of $19,012 in 1998. During 1999, distributions totaling $123 per Unit
were made to the Limited Partners.

         Expenses during 1999 were $62,434, consisting of general and
administrative expenses of $25,735, management fees of $19,000, real estate
taxes of $16,691, insurance of $678 and Delaware franchise and excise taxes of
$330. The general and administrative expenses included $15,031 in accounting and
legal fees, which represents a decrease of $15,156 from 1998. This is primarily
due to a decreased dependency on legal and accounting professionals for
assistance in preparing Securities & Exchange Commission reports. The general
and administrative expenses also include $6,931 in professional fees, $4,122 of
which was for a land title survey of the remaining property in Rutherford
County. In 1999 there was a decrease in real estate taxes of $22,066 due to the
sale of land.

         1998 Compared to 1997

         During 1998 the Partnership sold 44.325 acres of the Henry County
Property, 21.542 acres of the Greenville Property, and granted an easement on
the Rutherford County Property. These transactions provided a gain of $1,700,041
compared with gains from sales of Property during 1997 of $1,332,213. Other
revenues in 1998 consisted of $19,012 in interest income compared with interest
income of $16,875 in 1997. During 1998, a distribution of $186 per Unit was made
to the Limited Partners.

         Expenses during 1998 were $98,911, consisting of general and
administrative expenses of $40,310, management fees of $19,000, real estate
taxes of $38,757 and insurance of $844. The general and administrative expenses
included $30,187 in accounting and legal fees, which represents a $13,830
increase over 1997. This increase was primarily due to fees related to the
change in the general partner, as well as additional assistance that was
required in preparing the income tax return and preparing Securities and
Exchange Commission reports. The general and administrative fees also included
consulting fees of $2,587 related to customizing the General Partner's computer
software for maintaining Limited Partner records. The increase in management
fees between 1997 and 1998 represent new management fees for the new General
Partner which were included as part of an amendment to the Limited Partnership
Agreement. In 1998 there was a $4,353 decrease in real estate tax due to the
sale of land. In 1997, expenses totaled $117,641, consisting of general and
administrative expenses of $22,086, management fees of $2,915, real estate taxes
of $43,110, insurance of $381, and professional fee expenses of $49,149. The
professional fees were related to the change in general partner as an amendment
of the Partnership Agreement in conjunction with a special meeting of the
Limited Partners in November, 1997.

         Inflation did not have a material impact on operations during 1999,
1998 and 1997.

         Liquidity and Capital Resources

         Cash generated by operating activities varies from year to year based
on the level of land sale activity. The Partnership had cash reserves of
$164,629 at December 31, 1999. The General Partner believes that the Partnership
has sufficient cash reserves to cover normal partnership expenses for an
additional year. However, if additional expenses are incurred or should the
Partnership decide to construct infrastructure improvements to enhance the
marketability of the Property, the reserves may be inadequate to cover the
Partnership's operating expenses. If the reserves are exhausted, the Partnership
may have to dispose of some of the Property or incur indebtedness on unfavorable
terms.





                                       6
<PAGE>   10

         Year 2000 Compliance

         The Partnership's operations are not dependent in any meaningful way on
computer hardware or software. The "Year 2000 Issue" generally refers to the
inability of computer software or hardware to recognize years in more than two
digits. As a result, the year 2000 would appear as "00" and may be viewed by the
computer as the year 1900. There was no effect on the Partnership's accounting
systems or the Limited Partner registration records from the "Year 2000 Issue."

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         The Partnership's financial statements for the years ended December 31,
1999, 1998 and 1997 together with the report of the Partnership's independent
auditors, Williams Benator & Libby, LLP, are included in this Form 10-K.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

         Not Applicable.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

         The Partnership does not have any directors or officers. The General
Partner manages and controls the affairs of the Partnership and has
responsibility for all aspects of the Partnership's operations. The current
members and executive officers and directors of the General Partner are
identified and described below.

         The General Partner is a Tennessee limited liability company whose
members are Richard W. Sorenson, who owns a 50% interest in the General Partner
and has a 51% voting right and Southeast Venture LLC, a Tennessee limited
liability company which owns 50% and has a 49% voting right.

         Mr. Sorenson, age 74, has over 38 years experience in several real
estate disciplines, including land acquisition and development, development of
office buildings, shopping centers, warehouses and medical facilities. All of
these activities occurred in the southeastern United States.

         Mr. Sorenson was President of Phoenix Investment Company ("Phoenix"), a
publicly owned, Atlanta based real estate development and investment firm from
1965 to 1970. Concurrent with his employment at Phoenix, he was President of
First Atlanta Realty Fund, a publicly owned real estate investment trust. During
his tenure with the trust, he served as a Trustee of the National Association of
Real Estate Investment Trusts.

         Following his departure from Phoenix in 1970, Mr. Sorenson became Vice
President of Cousins Properties in Atlanta, where he was responsible for
development of office buildings, shopping centers and apartments until 1971.
Until forming Southeast Venture Companies ("SV") in 1979, Mr. Sorenson was an
independent real estate developer.

         Mr. Sorenson was co-founder of SV in 1979. In 1992, substantially all
of the assets of SV were sold to Southeast Venture Corporation.

         Mr. Sorenson is a graduate of the Northwestern University Business
School with a major in real estate.



                                       7

<PAGE>   11

         The other member of the General Partner is Southeast Venture LLC
("SVLLC"). The officers and key employees of SVLLC include the following:

         Paul J. Plummer, age 50. Mr. Plummer is a registered architect and
serves as director of architectural services for SVLLC. Mr. Plummer is
responsible for facility programming, planning, master planning, facility
assessment and design. Before joining SVLLC in 1986, Mr. Plummer served as a
partner and director of design for the Nashville-based architecture and
engineering firm of Gresham, Smith and Partners. In that capacity he was
responsible for the design and planning of over 15 major projects throughout the
United States and Saudi Arabia. Mr. Plummer earned his bachelor of architecture
degree from the University of Kentucky and is a member of the American Institute
of Architects.

         Wood S. Caldwell, age 46. Mr. Caldwell is responsible for all site
development activities on behalf of commercial and health care clients of SVLLC,
including managing all design consultants, permitting, scheduling, budgeting and
construction management. He contributes to SVLLC's development team in the areas
of land planning, zoning, permitting, engineering and construction. Before
joining SVC in 1985, Mr. Caldwell served as a professional engineer for Gresham,
Smith and Partners. As the prime site design engineer for Gresham, Smith and
Partners, Mr. Caldwell produced and coordinated site development plans for over
50 separate medical facilities in over 40 different communities throughout the
southeast. Mr. Caldwell earned his bachelor of engineering degree from the
Vanderbilt University School of Engineering.

         Axson E. West, age 45. Mr. West serves as vice president of brokerage
services for SVLLC, specializing in office and industrial leasing, improved
property sales and land disposition for several commercial and residential
projects. Mr. West has sold real estate and real estate securities since 1980
and, since joining SVC in 1988, he has been responsible for the disposition of
land encompassing industrial, office and retail developments. Mr. West is
director of the Nashville Board of Realtors and president elect of the board's
commercial investment division. He received his Bachelor of Arts degree from
Vanderbilt University and is a Certified Commercial Investment Member, a
designation of the Commercial Investment Real Estate Institute.

         Cameron W. Sorenson, age 38. Mr. Sorenson serves as director of
vertical development for SVLLC. He is primarily responsible for providing
development and project management for the clients of SVLLC. Prior to assuming
these responsibilities, Mr. Sorenson was project director for two large-scale
land development ventures for SVLLC. Prior to joining SVC in 1987, Mr. Sorenson
was with Trust Company Bank in Atlanta, as an officer in the National Division,
managing a credit portfolio in excess of $150 million. He received his Bachelor
of Science degree in finance from the MacIntyre School of Business at the
University of Virginia. Cameron Sorenson is the son of Richard W. Sorenson, the
individual majority member of the General Partner.

         Randy W. Parham, age 44. Mr. Parham is the President of SVLLC. He is
primarily responsible for property management, park and association management
and also specializes in real estate development and brokerage. Mr. Parham is a
licensed real estate broker and architect. Prior to joining SVLLC in 1998, Mr.
Parham was a project manager with Gresham, Smith and Partners from 1978 to 1983
and was responsible for overall project management of project team and project
financial management. Following his departure from Gresham, Smith and Partners,
Mr. Parham joined MetroCenter Properties, Inc., an 850 acre mixed-use
development in Nashville, Tennessee. He was Vice-President and was responsible
for initiation and development of new projects, land sales and lease
negotiations. In 1991 he purchased the assets of Metro Center Properties and
formed Metro Center Management, Inc. where he served as President through 1997.

ITEM 11. EXECUTIVE COMPENSATION

         During the fiscal years ended December 31, 1999 and 1998, the
Partnership did not pay compensation to any officers of the General Partner. The
Partnership paid to the General Partner management fees of $19,000 in the fiscal
years ended December 31, 1999 and 1998. See Item 13 of this report, "Certain
Relationships and Related Transactions".



                                       8

<PAGE>   12

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         As of December 31, 1999 no person or "group" (as that term is used in
Section 13(d) (3) of the Securities Exchange Act of 1934) was known to the
Partnership to beneficially own more than 5% of the Units of the Partnership.

         Security Ownership of Management

         No individual member, or director or officer of a member, of the
General Partner nor such directors or officers as a group, owns any of the
Partnership's outstanding securities. The General Partner owns a general
partnership interest which entitles it to receive 30% of cash distributions
after the Limited Partners have received cumulative distributions equal to a 10%
non-compounded Cumulative Annual Return on their Adjusted Capital Contribution
plus a return of their Capital Contributions as those terms are defined in the
Partnership Agreement. The General Partner will share in taxable income to
reflect cash distributions or, to the extent there are losses, 1% of such
losses.

         Changes in Control

         There are no arrangements known to the Partnership that would at any
subsequent date result in a change in control of the Partnership.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         From 1988 through 1996, the Partnership paid $18,753 annually as an
administration fee to the former general partner. This fee was computed as one
quarter of one percent of the base cost of the land. The cumulative amount of
such fee could not exceed $150,021 and, as of December 31, 1996, fees charged
since inception amounted to $150,021. As of November 5, 1997, the Limited
Partners voted and agreed to pay the new General Partner, Southern Management
Group, LLC, a fee of $2,915 for the period November 5, 1997 through December 31,
1997 and annual fees of $19,000 from January 1, 1998 through December 31, 2000.
Any fee payments would cease at a date when the Partnership was liquidated.

         The General Partner will also receive 30% of cash distributions after
the Limited Partners have received (i) cumulative distributions equal to a 10%
Cumulative Annual Return on their Adjusted Capital Contributions plus (ii) a
return of their Capital Contributions (as those terms are defined in the
Partnership Agreement). During 1999, 1998 and 1997, the General Partner received
no cash distributions.

         At the special meeting of Limited Partners held on November 5, 1997,
the Partnership Agreement was amended to provide that total compensation paid to
all persons, including the General Partner, for the sale of the Partnership's
property is limited to a competitive real estate commission or disposition fee
not to exceed 10% of the contract price of the sale of the property. Any such
real estate commission or disposition fee paid to the General Partner will
reduce any distribution to which it would otherwise be entitled under the
amended Partnership Agreement. In addition, the Partnership Agreement was
amended to provide that the General Partner may act as the exclusive agent for
the sale of the Property. During 1999 and 1998, the Partnership paid real estate
sales commissions of $34,972 and $66,692, respectively, to the General Partner.
No real estate sales commissions were paid to the General Partner in 1997. The
Partnership also paid real estate sales commissions of $10,150 and $130,060 to
affiliates of the General Partner during 1998 and 1997, respectively.



                                       9
<PAGE>   13



                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

         (a) Index to Financial Statements                             Page

             Report of Independent Auditors                            F-1
             Balance Sheets                                            F-2
             Statements of Income                                      F-3
             Statements of Partners' Equity                            F-4
             Statements of Cash Flow                                   F-5
             Notes to Financial Statements                             F-6

             Schedules have been omitted because they are
             inappropriate, not required, or the information is
             included elsewhere in the financial statements or
             notes thereto.

         (b) Reports on Form 8-K

             No reports on Form 8-K were filed by the Partnership
             during the fourth quarter of 1999.

         (c) Exhibits (numbered in accordance with Item 601 of Regulation S-K)

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------
Exhibit Numbers                  Description                           Page Numbers
------------------------------------------------------------------------------------
<S>                      <C>                                           <C>
3.1 (a)                  Certificate of Limited Partnership               *
------------------------------------------------------------------------------------
3.1 (b) & (4)            Restated Limited Partnership Agreement           **
------------------------------------------------------------------------------------
3.1 (c)                  First Amendment to Restated Limited              E-1
                         Partnership Agreement
------------------------------------------------------------------------------------
9                        Not Applicable
------------------------------------------------------------------------------------
11                       Not Applicable
------------------------------------------------------------------------------------
12                       Not Applicable
------------------------------------------------------------------------------------
13                       Not Applicable
------------------------------------------------------------------------------------
16                       Not Applicable
------------------------------------------------------------------------------------
18                       Not Applicable
------------------------------------------------------------------------------------
19                       Not Applicable
------------------------------------------------------------------------------------
22                       Not Applicable
------------------------------------------------------------------------------------
24                       Not Applicable
------------------------------------------------------------------------------------
25                       Not Applicable
------------------------------------------------------------------------------------
27                       Financial Data Schedule (for SEC use only)
------------------------------------------------------------------------------------
29                       Not Applicable
------------------------------------------------------------------------------------
</TABLE>

*        Incorporated by reference to Exhibit 3.1 filed as part of the Exhibits
         to the Partnership's



                                       10
<PAGE>   14





         Registration Statement on Form S-18, Registration No. 33-20255.

**       Incorporated by reference to Exhibit 3.2 filed as part of the
         Partnership's Registration Statement on Form S-18, Registration
         No. 33-20255.






                                       11
<PAGE>   15


                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.



                                        SOUTHEAST ACQUISITIONS II, L.P.
                                        a Delaware limited partnership

                                        By: SOUTHERN MANAGEMENT GROUP, LLC
                                            General Partner


                                        By: /s/ Richard W. Sorenson
                                           -------------------------------------
                                           RICHARD W. SORENSON
                                           President and Chief Executive Officer


         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person on behalf of the
Registrant and in the capacities and on the date indicated.


<TABLE>
<CAPTION>

Signature                              Title                               Date
---------                              -----                               ----
<S>                           <C>                                         <C>
/s/ Richard W. Sorenson       President, Chief Executive                3/15/00
-------------------------     Officer and Chief Financial Officer
                              of Southern Management Group, LLC.

</TABLE>








                                       12

<PAGE>   16




                         SOUTHEAST ACQUISITIONS II, L.P.
        (A Limited Partnership Scheduled to Terminate December 31, 2000)

                          AUDITED FINANCIAL STATEMENTS

                                DECEMBER 31, 1999

                                      with

                         REPORT OF INDEPENDENT AUDITORS


<PAGE>   17








                         REPORT OF INDEPENDENT AUDITORS

Partners
Southeast Acquisitions II, L.P.
Nashville, Tennessee

We have audited the accompanying balance sheets of Southeast Acquisitions II,
L.P. (a Delaware limited partnership scheduled to terminate December 31, 2000)
as of December 31, 1999 and 1998, and the related statements of income,
partners' equity, and cash flows for the years ended December 31, 1999, 1998,
and 1997. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Southeast Acquisitions II, L.P.
(a limited partnership scheduled to terminate December 31, 2000) as of December
31, 1999 and 1998, and the results of its operations and its cash flows for the
years ended December 31, 1999, 1998, and 1997 in conformity with generally
accepted accounting principles.

WILLIAMS BENATOR & LIBBY, LLP

Atlanta, Georgia
January 13, 2000



                                       F-1


<PAGE>   18


BALANCE SHEETS

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)

<TABLE>
<CAPTION>
                                                                 December 31
                                                             1999          1998
                                                          -------------------------
<S>                                                       <C>            <C>
ASSETS

Land held for sale--Note D                                $  962,574     $1,602,084
Cash and cash equivalents                                    164,629        632,129
Cash held in escrow--Note E                                      -0-         88,406
Receivable from sale of utility easement                      17,658            -0-
Property tax reimbursement due from purchaser of land            -0-         26,631
                                                          ----------     ----------

                                                          $1,144,861     $2,349,250
                                                          ==========     ==========


LIABILITIES AND PARTNERS' EQUITY

Accounts payable and accrued expenses                     $   21,582     $   52,899

Partners' equity--Note C:
    General partner                                           26,231         26,122
    Limited partners (9,650 units outstanding)             1,097,048      2,270,229
                                                          ----------     ----------
                                                           1,123,279      2,296,351
                                                          ----------     ----------

                                                          $1,144,861     $2,349,250
                                                          ==========     ==========
</TABLE>



See notes to financial statements.






                                       F-2


<PAGE>   19


STATEMENTS OF INCOME

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)

<TABLE>
<CAPTION>
                                                              Year Ended December 31
                                                          1999         1998           1997
                                                      ----------------------------------------
<S>                                                   <C>            <C>            <C>
Revenues:
    Gain on sale of land                              $   37,835     $1,608,691     $1,332,313
    Gain on sale of utility easement                      17,658         91,350            -0-
    Interest and other income                             17,806         19,012         16,875
                                                      ----------     ----------     ----------
                                                          73,299      1,719,053      1,349,188
Expenses:
    General and administrative                            26,065         40,310         22,086
    Management fees--Note B                               19,000         19,000          2,915
    Real estate taxes                                     16,691         38,757         43,110
    Insurance                                                678            844            381
    Professional and other fees related to change
      in general partner and amendment of
      Partnership agreement                                  -0-            -0-         49,149
                                                      ----------     ----------     ----------
                                                          62,434         98,911        117,641
                                                      ----------     ----------     ----------

Net income:
    General partners                                         109         16,201         12,315
    Limited partners                                      10,756      1,603,941      1,219,232
                                                      ----------     ----------     ----------

                                                      $   10,865     $1,620,142     $1,231,547
                                                      ==========     ==========     ==========

Net income per limited partnership unit               $     1.13     $   167.89     $   127.62
                                                      ==========     ==========     ==========
</TABLE>



See notes to financial statements.



                                       F-3


<PAGE>   20


STATEMENTS OF PARTNERS' EQUITY

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)

<TABLE>
<CAPTION>
                                  General         Limited
                                  Partners        Partners          Total
                                  --------      -----------      -----------
<S>                               <C>           <C>              <C>
Balance at January 1, 1997        $ (2,394)     $ 2,685,263      $ 2,682,869

Distributions ($150 per unit)          -0-       (1,447,498)      (1,447,498)

Net income for the year ended
    December 31, 1997               12,315        1,219,232        1,231,547
                                  --------      -----------      -----------

Balance at December 31, 1997         9,921        2,456,997        2,466,918

Distributions ($186 per unit)          -0-       (1,790,709)      (1,790,709)

Net income for the year ended
    December 31, 1998               16,201        1,603,941        1,620,142
                                  --------      -----------      -----------

Balance at December 31, 1998        26,122        2,270,229        2,296,351

Distributions ($123 per unit)          -0-       (1,183,937)      (1,183,937)

Net income for the year ended
    December 31, 1999                  109           10,756           10,865
                                  --------      -----------      -----------

Balance at December 31, 1999      $ 26,231      $ 1,097,048      $ 1,123,279
                                  ========      ===========      ===========
</TABLE>


See notes to financial statements.




                                       F-4


<PAGE>   21


STATEMENTS OF CASH FLOWS

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)

<TABLE>
<CAPTION>
                                                                               Year Ended December 31
                                                                       1999              1998              1997
                                                                     ---------------------------------------------
<S>                                                                  <C>              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                                                       $    10,865      $ 1,620,142      $ 1,231,547
    Adjustments to reconcile net income to net
       cash provided by operating activities:

         Gain on sale of land                                            (37,835)      (1,608,691)      (1,332,313)
         Proceeds from sale of land, net of
           escrowed cash of $88,406 in 1998                              751,016        2,206,007        1,624,987
         Cash paid for land improvements                                 (73,671)             -0-              -0-
         Decrease (increase) in property tax
           reimbursement due from purchaser of land                       26,631          (26,631)             -0-
         Increase in receivable from sale of utility
           easement                                                      (17,658)             -0-              -0-
         Decrease in cash held in escrow                                  88,406              -0-              -0-
         (Decrease) increase in accounts payable
           and accrued expenses                                          (31,317)             489           41,507
         (Decrease) increase in escrow payable                               -0-          (99,000)          99,000
         (Decrease) increase in payable to affiliate                         -0-          (13,954)          13,954
                                                                     -----------      -----------      -----------
                                            NET CASH PROVIDED BY
                                            OPERATING ACTIVITIES         716,437        2,078,362        1,678,682

CASH FLOWS FROM FINANCING ACTIVITIES
    Distributions to limited partners                                 (1,183,937)      (1,790,709)      (1,447,498)
                                                                     -----------      -----------      -----------
                                          (DECREASE) INCREASE IN
                                       CASH AND CASH EQUIVALENTS        (467,500)         287,653          231,184

Cash and cash equivalents at beginning of year                           632,129          344,476          113,292
                                                                     -----------      -----------      -----------

                                       CASH AND CASH EQUIVALENTS
                                                  AT END OF YEAR     $   164,629      $   632,129      $   344,476
                                                                     ===========      ===========      ===========
</TABLE>



See notes to financial statements.




                                       F-5


<PAGE>   22


NOTES TO FINANCIAL STATEMENTS

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)

December 31, 1999


NOTE A--DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Southeast Acquisitions II, L.P. (a limited partnership scheduled to terminate
December 31, 2000) ("the Partnership") is a Delaware limited partnership that
was formed to acquire and sell undeveloped land. The Partnership was formed
during December 1987 and received equity contributions totaling $9,650,000
through the sale of 9,650 limited partnership units during 1988. The Partnership
was originally scheduled to terminate on December 31, 1998. However, during
November 1997, concurrent with the replacement of the previous general partner,
the term of the Partnership was extended to December 31, 2000. It is the
intention of the general partner to operate in liquidation mode subsequent to
December 31, 2000.

During 1988, the Partnership purchased undeveloped land to be marketed for sale
as follows: approximately 135 acres near Nashville, Tennessee, approximately 91
acres in Greenville, South Carolina, and approximately 353 acres near Atlanta,
Georgia. This land was purchased from an affiliate of the previous general
partner. At December 31, 1999, the remaining land consisted of approximately 98
acres of the Tennessee land and approximately 67 acres of the Georgia land.

The following accounting policies are presented to assist the reader in
understanding the Partnership's financial statements:

Basis of Accounting: The Partnership maintains its accounting records on the
accrual basis of accounting. Sales of land are recognized upon the closing of an
enforceable sales contract and the Partnership's execution of its obligations
under the contract.

Land Held for Sale: Land is carried at the lower of cost or fair value less
estimated cost to sell. The Partnership's land is carried net of the remaining
portion of an original write-down of $3,467,829 that was recognized during 1991.

Income Taxes: Federal and state income taxes have not been provided for in the
financial statements. Under existing law, the Partnership is not treated as a
taxable entity. Rather, each partner must include his allocated share of
Partnership income, loss, gain, deduction, and credit in his individual income
tax return. The write-down of the land's carrying value that has been recorded
for financial statement purposes will not be recognized for income tax purposes
until the land is sold. At December 31, 1999 and 1998, the remaining portion of
the 1991 write-down that had not been recognized for income tax purposes totaled
$2,521,015.



                                       F-6


<PAGE>   23


NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)


NOTE A--DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES--Continued

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
disclosures 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.

Cash Equivalents: For purposes of reporting cash flows, the Partnership
considers all demand deposits and highly liquid investments purchased with an
original maturity of three months or less which can be readily converted to cash
on demand, without penalty, to be cash equivalents. At December 31, 1999, cash
on deposit included approximately $212,000 in excess of federally insured
limits.

NOTE B--RELATED PARTY TRANSACTIONS

During the years ended December 31, 1999, 1998 and 1997, the Partnership paid
management fees to the current general partner of $19,000, $19,000 and $2,915,
respectively, as provided for in the amendment to the partnership agreement that
was adopted during November 1997. No management fees were paid to the previous
general partner during the year ended December 31, 1997 as the limit on
cumulative management fees established by the original partnership agreement was
met during 1996.

The amended partnership agreement provides for annual management fees of $19,000
to be paid to the current general partner through the year ended December 31,
2000.

During the years ended December 31, 1999 and 1998, sales commissions totaling
$34,972 and $66,692, respectively, were paid to the current general partner
related to sales of land. During the years ended December 31, 1998 and 1997,
sales commissions of $10,150 and $130,000, respectively, were paid to one of the
current general partner's members and a related company.

The Partnership agreement provides for reimbursement of expenses incurred by the
general partner related to the administration and operation of the Partnership.
During the years ended December 31, 1999 and 1998, reimbursements to the current
general partner's members and related companies totaled $3,708 and $9,265,
respectively. Reimbursements to the previous general partner totaled $43,440
during the year ended December 31, 1997. No reimbursements were paid to the
current general partner during the year ended December 31, 1997.



                                       F-7


<PAGE>   24


NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)

NOTE C--PARTNERS' EQUITY

In accordance with the partnership agreement (as amended in November 1997), cash
distributions and Partnership profits and losses are to be allocated as follows:

(a)      Except for distributions in connection with the liquidation of the
         Partnership, cash distributions are to be made 100% to the limited
         partners until the limited partners have received (i) cumulative
         distributions equal to their 10% noncompounded cumulative annual return
         on their adjusted capital contribution, as defined ($1,040,556 at
         December 31, 1999) plus (ii) a return of their capital contributions
         ($9,650,000 at December 31, 1999); thereafter, distributions will be
         made 70% to the limited partners and 30% to the general partner.
         Distributions in connection with the Partnership's liquidation will be
         made in accordance with the partners' capital accounts as maintained
         for federal income tax purposes.

(b)      Profits and losses are to be allocated as provided in the partnership
         agreement. Generally, profits will be allocated to the partners to
         reflect cash distributions or to offset negative balances in the
         partners' capital accounts, but at least 1% of profits will be
         allocated to the general partner. Losses will generally be allocated
         99% to the limited partners, in proportion to their units, and 1% to
         the general partner, or to reduce any positive account balances in the
         partners' capital accounts.

Upon Partnership dissolution and termination, the general partner is required to
contribute to the capital of the Partnership the lesser of any negative amount
of its capital account as defined, or 1.01% of the capital contributions made by
the limited partners. Any amount so contributed shall be distributed to the
limited partners in proportion to their positive capital account balances.

During the years ended December 31, 1999, 1998 and 1997, the Partnership paid
distributions against the limited partners' cumulative annual return in
accordance with the partnership agreement of $1,183,937, $1,790,709, and
$1,447,498, respectively, or per unit amounts of $123, $186, and $150,
respectively.

Cumulative distributions applied against the limited partners' cumulative annual
return through December 31, 1999 totaled $10,057,744, or $1,042 per unit.

Total compensation paid to all persons, including the general partner, upon the
sale of the Partnership's property is limited to a competitive real estate
commission or disposition fee not to exceed 10% of the contract price. Any such
commission or disposition fee paid to the general partner would reduce any
distribution which it would otherwise be entitled to pursuant to the partnership
agreement. The general partner or an affiliate may be given an exclusive right
to sell property for the Partnership. The Partnership has committed to pay 40%
of total sales commissions on future sales of the Nashville, Tennessee land to
the previous general partner.



                                       F-8


<PAGE>   25


NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)


NOTE D--SUMMARY OF PROPERTY AND ACTIVITY

At December 31, 1999, land consisted of the following:

<TABLE>
<CAPTION>
            Description                      Initial Cost      Carrying Amount        Date Acquired
---------------------------------            ------------      ---------------        -------------
<S>                                          <C>               <C>                    <C>
98 acres of unimproved land
  in Rutherford County, Tennessee             $3,321,198           $800,183             June 1988

67 acres of unimproved land in
  Henry County, Georgia                          162,391            162,391             July 1988
                                              ----------           --------

                                              $3,483,589           $962,574
                                              ==========           ========
</TABLE>


There were no liens on the land as of December 31, 1999. At December 31, 1999,
the aggregate carrying value of the land for income tax purposes was $3,483,589.
The difference between the carrying value for financial statement purposes and
income tax purposes resulted from a write-down of the Tennessee property's
carrying value that was recorded for financial statement purposes during 1991 as
more fully described in Note A.

Land activity during the years ended December 31, 1997, 1998 and 1999 consisted
of the following:

<TABLE>
<S>                                                                   <C>
         Balance at January 1, 1997                                   $2,580,480
         Additions                                                           -0-
         Deductions--cost of land sold                                  (292,674)
                                                                      ----------

                                   Balance at December 31, 1997        2,287,806
         Additions                                                           -0-
         Deductions--cost of land sold                                  (685,722)
                                                                      ----------

                                   Balance at December 31, 1998        1,602,084
         Additions                                                        73,671
         Deductions--cost of land sold                                  (713,181)
                                                                      ----------

                                   Balance at December 31, 1999       $  962,574
                                                                      ==========
</TABLE>




                                       F-9


<PAGE>   26

NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Scheduled to Terminate December 31, 2000)

NOTE E--CASH HELD IN ESCROW

At December 31, 1998, cash held in escrow consisted of $88,406 to pay for sewer
construction on land located in Greenville, South Carolina as required in
connection with the sale of an adjoining land parcel. During the year ended
December 31, 1999, the construction was completed at a cost of $73,671, and the
remaining escrow balance of $14,735 was refunded to the Partnership.









                                      F-10