EXHIBIT 99.2

                     PACES ARBOR and PACES FOREST APARTMENTS

                             Raleigh, North Carolina

     On March 27, 1997,  Cornerstone  Realty Income Trust,  Inc. (the "Company")
purchased  the Paces Arbor  Apartments,  a 101-unit  apartment  complex  ("Paces
Arbor"),  and the Paces Forest Apartments,  a 117-unit apartment complex ("Paces
Forest"), both located in Wake County, near Raleigh, North Carolina. Paces Arbor
and  Paces  Forest  are  sometimes  referred  to  collectively   herein  as  the
"Property."

     The Company  purchased  the  Property  from sellers  unaffiliated  with the
Company and its  affiliates.  The aggregate  purchase price for the Property was
$12,061,700.  The entire  purchase  price was borrowed on an interim basis under
the Company's unsecured line of credit and title to the Property was conveyed to
the Company by limited warranty deed.

     Location.  The  following  information  is  based  in part  on  information
provided by the Raleigh Chamber of Commerce.

     Paces  Arbor and Paces  Forest are  located in Wake  County,  near  Raleigh
within the Raleigh/Durham  Metropolitan  Statistical Area. The area is also know
as the Research Triangle, and contains the cities of Raleigh,  Durham and Chapel
Hill. It is the second largest  metropolitan  area in North Carolina,  after the
Charlotte area.

     Raleigh is the capital of North  Carolina and is the fastest  growing major
city in North Carolina.  The population of the city was approximately 150,000 in
1980 and estimated to be approximately 208,000 in 1993.

     Research  Triangle Park, which is located an approximately  20-minute drive
from the Property,  is the largest planned  research and development  industrial
park in the United States. It was founded in 1958 as a cooperative  effort among
Duke  University,  the  University of North  Carolina and North  Carolina  State
University.  The Park comprises  approximately  6,800 acres and contains over 14
million  square feet of  industrial  space.  Among the Park's  approximately  60
research-oriented firms are IBM, Glaxo and Northern Telecom.

     Raleigh's  economy  generally  is  a  blend  of  industry,   education  and
government. The city's employment stability, strategic location, favorable labor
climate, pro-business

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attitude  and pool of educated  workers  have helped the area attract many major
businesses and  industries.  Major  industries in the area include  electronics,
electrical equipment and machinery, metal working and food processing.

     The Research  Triangle is home to Duke University,  the University of North
Carolina at Chapel Hill and North Carolina State University.

     Paces Arbor is located on Lynn Road off of Six Forks Road.  Paces Forest is
located on Millbrook  Road. The immediate  area around each apartment  community
consists of other  multi-family  housing,  commercial and retail development and
single-family  housing. Both apartment communities are conveniently located near
shopping,  schools and churches.  Each apartment  community is an  approximately
20-minute drive from Raleigh/Durham International Airport. Paces Arbor and Paces
Forest are within two miles of each other.

     Description  of the  Property.  The  Property  consists  of  two  apartment
communities comprising 218 garden-style apartment units. Paces Arbor consists of
six two- and  three-story  buildings  containing 101 units on  approximately  10
acres.  Paces Forest consists of six two- and three-story  buildings  containing
117 units on  approximately  19.5 acres.  Each apartment  community was built in
1986.

     The Company  believes  that Paces  Arbor is  generally  in good  condition.
However, the Company has budgeted  approximately $89,417 for various repairs and
improvements  to  Paces  Arbor,   including  painting,   clubhouse  renovations,
siding/wood repair, and addition of an exercise facility.

     Paces Arbor offers four unit types.  The unit mix and rents currently being
charged new tenants are as follows:

                                               Approximate
                                             Interior Square          Monthly
Quantity              Type                       Footage              Rental
--------              ----                       -------              ------
18                  One bedroom, one              625                $560-$625
                    bathroom
35                  One bedroom, one              788                 580-645
                    bathroom
13                  Two bedrooms, one             938                 680-755
                    bathroom


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                                                Approximate
                                              Interior Square      Monthly
Quantity               Type                       Footage          Rental
--------               ----                       -------          ------
35                  Two bedrooms, two              1,136           740-805
                    bathrooms

     The  apartments  in Paces Arbor provide a combined  total of  approximately
91,000 square feet of net rentable area.

     Leases at Paces Arbor are generally for terms of one year or less.  Average
rental rates for the past five years have generally increased.  As an example, a
one-bedroom,  one-bath apartment unit (788 square feet) rented for $455 in 1992,
$485 in  1993,  $485 in  1994,  $535 in 1995,  and  $535 in  1996.  The  average
effective  annual rental per square foot at the Property for 1992,  1993,  1994,
1995 and 1996 was $6.72, $7.17, $7.17, $7.91 and $7.91, respectively.

     The Company  believes  that Paces Forest is  generally  in good  condition.
However, the Company has budgeted approximately $103,583 for various repairs and
improvements to Paces Forest,  including painting,  clubhouse  renovation,  wood
siding repairs and addition of an exercise facility.

     Paces Forest also offers four unit types.  The unit mix and rents currently
being charged new tenants at Paces Forest are as follows:

                                               Approximate
                                             Interior Square           Monthly
Quantity            Type                         Footage               Rental
--------            ----                         -------               ------
24                  One bedroom, one               625                $580-$635
                    bathroom
38                  One bedroom, one               788                 620-675
                    bathroom
21                  Two bedrooms, one              938                 710-775
                    bathroom
34                  Two bedrooms, two            1,136                 790-835
                    bathrooms

     The apartments in Paces Forest  provide a combined  total of  approximately
103,000 square feet of net rentable area.

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     Leases at Paces Forest are generally for terms of one year or less. Average
rental rates for the past five years have generally increased.  As an example, a
one-bedroom,  one-bath apartment unit (788 square feet) rented for $525 in 1992,
$550 in  1993,  $565 in  1994,  $575 in 1995,  and  $575 in  1996.  The  average
effective  annual rental per square foot at the Property for 1992,  1993,  1994,
1995 and 1996 was $7.80, $8.17, $8.39, $8.54 and $8.54, respectively.

     The buildings at each apartment  community are wood frame construction with
crawl spaces.  Exteriors  are wood cedar siding and brick veneer.  The buildings
have pitched roofs covered with asphalt shingles.

     Each  apartment  unit at the  Property  has  wall-to-wall  carpeting in the
living  areas  and  vinyl  floors in the  kitchen  and bath,  as well as a cable
television  hook-up and  individually  controlled  heating and air  conditioning
unit. Each apartment unit has washer/dryer connections,  miniblinds,  pantry and
outside storage, and some units include a wood-burning  fireplace,  stackable or
full-sized washer and dryer,  vaulted ceilings and ceiling fans. Each kitchen is
equipped with a  refrigerator/freezer,  electric range and oven,  dishwasher and
garbage  disposal.  The owner  supplies  cold  water,  sewer  service  and trash
removal.  The  tenants  pay for their  electricity,  which  includes  heat,  air
conditioning, cooking, hot water and lights.

     Paces Arbor has an outdoor swimming pool and jacuzzi,  an  exercise/weights
room, a basketball  court, gas grills and a gazebo.  Paces Arbor has a clubhouse
with a rental office and lounge. There is ample paved parking for tenants.

     Paces Forest has an outdoor  swimming pool, a jacuzzi,  tennis  courts,  an
exercise/weights  room, a basketball  court and a barbeque  area.  The apartment
community also has a clubhouse  with a rental office and lounge.  There is ample
paved parking for the tenants.

     There are at least seven  apartment  properties  in the area which  compete
with the Property. All offer similar amenities and have rents that generally are
comparable to those of the Property.  Based on a recent  telephone  survey,  the
Company  estimates  that occupancy in nearby  competing  properties now averages
approximately 95%.

     According  to  information  provided by the seller,  physical  occupancy at
Paces Arbor averaged approximately 93% in 1992, 94% in 1993, 95% in 1994, 95% in
1995 and 96% in 1996. On March 25, 1997, Paces Arbor was 96% occupied.

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     According  to  information  provided by the seller,  physical  occupancy at
Paces Forest averaged  approximately  92% in 1992, 94% in 1993, 95% in 1994, 95%
in 1995 and 97% in 1996. On March 25, 1997, Paces Forest was 94% occupied.

     The residents at each  apartment  community are a mix of  white-collar  and
blue-collar workers, students and retired persons.

     The following  table sets forth the 1996 real estate tax information on the
Property:

Jurisdiction               Assessed Value            Rate          Tax
------------               --------------            ----       ------------
Paces Arbor                 $3,430,017             $1.1675      $41,560.45*
Paces Forest                 3,835,732              1.1675       46,537.17**

*    Includes a residential waste reduction fee of $1,515.
**   Includes a residential waste reduction fee of $1,755.

     The basis of the  depreciable  residential  real  property  portion  of the
Property (currently estimated at about $2,723,473 for Paces Arbor and $3,016,732
for Paces Forest) will be depreciated over 27.5 years on a straight-line  basis.
The basis of the personal  property  portion will be  depreciated  in accordance
with the modified  accelerated cost recovery system of the Internal Revenue Code
of 1986, as amended ("the Code").  Amounts to be spent by the Company on repairs
and improvements will be treated for tax purposes as permitted by the Code based
on the nature of the expenditures.

     The  Company  believes  that  the  Property  is  and  will  continue  to be
adequately covered by property and liability insurance.

     Material  Factors  Considered  in  Assessing  the  Property.   The  factors
considered  by the  Company  to be  relevant  in  evaluating  the  Property  for
acquisition by the Company included the following:

     1. The Company  believes that the Raleigh,  North  Carolina area will enjoy
continued  economic  development and steady population  increase,  and that such
development  and increase will support  stable  occupancy  rates and  reasonable
increases in rents at the Property. In particular, the Company believes that the
presence of Research Triangle Park and three major  universities in the area and
associated businesses and activities will have a positive impact on the area for
the indefinite future.

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<PAGE>



     2. Based upon an engineering  report and its own  inspections,  the Company
believes that the Property is generally in sound condition.

     3. The Property is conveniently proximate to major employers and shopping.

     The Company is not aware of any material  adverse  factors  relating to the
Property not set forth in this report that would cause the financial information
contained in this report not to be indicative of future operating results.

                             CARLYLE CLUB APARTMENTS
                             Lawrenceville, Georgia

     On April 30, 1997,  the Company  purchased the Carlyle Club  Apartments,  a
243-unit  apartment  complex located at 3348 Fairway Oaks Drive,  Lawrenceville,
Georgia (the "Property").

     The Company  purchased  the Property  from a seller  unaffiliated  with the
Company and its affiliates. The purchase price was $11,580,000, all of which was
borrowed by the Company on an interim basis under the Company's  unsecured  line
of credit. Title to the Property was conveyed to the Company by limited warranty
deed.

     Location.  The Property is located in the City of Lawrenceville,  County of
Gwinnett,  just outside Atlanta,  Georgia. The following information is based in
part upon information provided by the greater Atlanta Chamber of Commerce.

     The  economy of the  greater  Atlanta  area is  diverse,  and  includes  as
significant  sectors  manufacturing,  transportation,  distribution,  retailing,
wholesaling,  finance,  government,  research, education and medicine. More than
80% of the Fortune 500 industrial  companies and over 1,800 local  manufacturing
firms have  operations  in the area.  Atlanta is the  national  headquarters  of
Coca-Cola,  Cable News Network,  Delta Air Lines,  United Parcel  Service,  Home
Depot and Holiday Inn  Worldwide.  The city is also  headquarters  for the Sixth
District Federal Reserve Bank.

     The  convention  and  visitor  trade  is  also  one  of  Atlanta's  primary
industries  and has an  important  impact on the  overall  economy  of the city.
Atlanta's hosting of the 1996 Centennial

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Olympic Games furthered its visibility as an important city internationally.

     Atlanta sits at the junction of three major Interstate Highways (I-20, I-75
and I-85).  There are several airports in the area, but the principal airport is
Hartsfield-Atlanta International Airport, which had over 60,000 flights and over
4.5 million  passengers  in 1994.  Atlanta also has a rapid rail transit  system
(known as the Metropolitan Atlanta Rapid Transit Authority, or "MARTA").

     The Property is located within Gwinnett County. It is located approximately
1.5 miles from Gwinnett Place, a 1.6 million square-foot  regional mall anchored
by  Sears,  Macy's,  Rich's,  Mervyns  and  Parisians.   The  Property  is  also
approximately 1.5 miles from Interstate 85, which provides  convenient access to
all portions of the metropolitan area as well as other cities in the region.

     Gwinnett County had the highest  population growth rate of any large county
in the United States during the 1980's. From 1980 to 1990, Gwinnett County added
almost 190,000 new residents, and the population growth for the County from 1990
to 2000 is projected to exceed 142,000, which would cause it to remain among the
fastest growing counties in the nation.

     The immediate area surrounding the Property consists of other  multi-family
housing,  commercial  and retail  development  and  single-family  housing.  The
Property is adjacent to a golf course and is  conveniently  near major shopping,
schools and churches.

     Description  of the  Property.  The  Property  consists  of 243  garden and
townhouse  style  apartment  units  in 27 two- and  three-  story  buildings  on
approximately 19.8 acres of land. The Property was built in 1974.

     The Company believes that the Property is generally in very good condition.
In 1991, the Property was substantially  renovated. The renovations at that time
included  siding  repair  and  replacement,  new roofs and new  appliances.  The
Company  has  budgeted   approximately   $121,500  for  additional  repairs  and
improvements, including renovation of the clubhouse and center hallways, parking
area resealing and restriping and power washing of all buildings.

     The Property offers nine unit types. The unit mix and rents currently being
charged new tenants are as follows:

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                                                 Approximate
                                               Interior Square       Monthly
Quantity         Type                              Footage           Rental
--------         ----                              -------           ------
50               One bedroom, one                      800             $627
                 bathroom
30               One bedroom, one                      936              670
                 bathroom, den
40               Two bedrooms, one                   1,040              670
                 and one-half
                 bathrooms
38               Two bedrooms, one                   1,140              725
                 full and two half
                 bathrooms, TH
17               Two bedrooms, one                   1,140              760
                 and one-half
                 bathrooms, TH
24               Two bedrooms, two                   1,184              780
                 bathrooms, den
9                Two bedrooms, one                   1,290              865
                 and one-half
                 bathrooms, den, TH
18               Three bedrooms, two                 1,395              935
                 and one-half
                 bathrooms, TH
17               Three bedrooms, two                 1,600              950
                 and one-half
                 bathrooms, TH

     The  apartments  provide a combined total of  approximately  265,000 square
feet of net rentable area.

     Leases at the Property are generally for terms of one year or less. Average
rental rates for the past five years have generally increased.  As an example, a
two-bedroom,  1.5-bath  apartment  unit (1,290  square  feet) rented for $550 in
1992,  $575 in 1993,  $655 in 1994,  $825 in 1995 and $840 in 1996.  The average
effective  annual rental per square foot at the Property for 1992,  1993,  1994,
1995 and 1996 was $5.14, $5.38, $6.13, $7.72 and $7.86, respectively.

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<PAGE>



     The  buildings are  wood-frame  construction  on concrete  slabs with vinyl
siding  exteriors.  The  buildings  have  pitched  roofs  covered  with  asphalt
shingles.

     Each  apartment  unit has  wall-to-wall  carpeting  in the living areas and
vinyl floors in the kitchen and bath. Each apartment unit has a cable television
hook-up and an individually  controlled  heating and air conditioning unit. Each
apartment unit also includes washer/dryer connections,  miniblinds, a pantry and
a private  balcony  or  patio.  Each  kitchen  has a  refrigerator/freezer  with
icemaker,   self-cleaning  electric  range  and  oven,  dishwasher  and  garbage
disposal. The owner of the Property supplies cold water, sewer service and trash
removal. The tenants pay for their electricity, which includes air conditioning,
cooking, hot water and lights. The tenants also pay for gas usage for heating.

     The  Property has two outdoor  swimming  pools,  two small lakes,  a tennis
court,  a  playground,  two  laundry  rooms and a  clubhouse.  A portion  of the
Property  overlooks  the  adjacent  golf  course,  which is known as  Northwoods
Country Club. There is ample paved parking for tenants.

     There are at least seven apartment properties in the area that compete with
the  Property.  All offer similar  amenities  and have rents that  generally are
comparable to those of the Property.  Based on a recent  telephone  survey,  the
Company  estimates  that occupancy in nearby  competing  properties now averages
approximately 95%.

     According to information provided by the seller,  physical occupancy at the
Property  averaged  approximately  95% in 1992, 96% in 1993, 96% in 1994, 95% in
1995 and 95% in 1996. On April 21, 1997, the Property was 96% occupied.

     The tenants at the Property are a mix of white-collar workers, students and
retired persons.

     The 1996 real  estate  tax rate  established  by  Gwinnett  County  for the
Property was $0.035950.  The assessed value was $8,400,000 and the taxable value
(40% of assessed value) was $3,360,000. The taxes were calculated as $120,792.

     The basis of the  depreciable  residential  real  property  portion  of the
Property (currently estimated at about $5,816,100) will be depreciated over 27.5
years on a straight-line  basis. The basis of the personal property portion will
be depreciated in accordance with the modified  accelerated cost recovery system
of the Code. Amounts to be spent by the Company on repairs and

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<PAGE>



improvements  will be treated for tax purposes as permitted by the Code based on
the nature of the expenditures.

     The  Company  believes  that  the  Property  is  and  will  continue  to be
adequately covered by property and liability insurance.

     Material  Factors  Considered  in  Assessing  the  Property.   The  factors
considered  by the  Company  to be  relevant  in  evaluating  the  Property  for
acquisition by the Company included the following:

     1. The Company believes that the greater Atlanta, Georgia metropolitan area
will  continue  to  enjoy  strong   population   increase  and  steady  economic
development and that such increase and development will support stable occupancy
rates and  reasonable  increases in rents at the Property.  In  particular,  the
Company  believes that the Property is located in a particularly  desirable part
of the Atlanta metropolitan area.

     2. Based upon an engineering  report and its own  inspections,  the Company
believes that the Property is in very good condition.  The Company  particularly
believes that the Property benefited from a significant  renovation completed in
1991.

     3. The Property has a convenient location relative to shopping (including a
major regional  mall).  The Property also benefits from being adjacent to a golf
course.

     The Company is not aware of any material  adverse  factors  relating to the
Property not set forth in this report that would cause the financial information
contained in this report not to be indicative of future operating results.

                              ASHLEY RUN APARTMENTS
                                Norcross, Georgia

     On April 30,  1997,  the Company  purchased  the Ashley Run  Apartments,  a
348-unit  apartment complex located at 3495 Jones Mill Road,  Norcross,  Georgia
(the "Property").

     The Company  purchased  the Property  from a seller  unaffiliated  with the
Company and its affiliates. The purchase price for the Property was $18,000,000,
which the Company  borrowed  on an interim  basis  under its  unsecured  line of
credit.  Title to the Property  was conveyed to the Company by limited  warranty
deed.

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<PAGE>



     Location. The Property is located in the City of Norcross,  which is within
Gwinnett  County.  Gwinnett  County  is part  of the  greater  Atlanta,  Georgia
metropolitan area. For information on the greater Atlanta metropolitan area, see
"Carlyle Club Apartments" above.

     The immediate area surrounding the Property consists of other  multi-family
housing,  commercial  and retail  development  and  single-family  housing.  The
Property  is  located  in the area  known as  "Peachtree  Corners,"  and is near
businesses, major shopping,  entertainment facilities, schools and churches. The
Property is readily accessible from Interstates 85 and 285.

     Description  of the  Property.  The  Property  consists  of 348  garden and
townhouse  style  apartment  units  contained  in 18 and  two-  and  three-story
buildings on approximately 45 acres of land. The Property was built in 1987.

     The Company  believes  that the  Property has been well  maintained  and is
generally  in good  condition.  Within  the last  two  years,  the  owner of the
Property painted the building exteriors, replaced siding as necessary, installed
new roofs on four buildings and purchased new fitness equipment. The Company has
budgeted approximately  $348,000 for certain renovations,  including renovations
to the  clubhouse,  additional  new  roofs,  painting  (a new  color) and siding
repairs and replacement.

     The Property offers six unit types.  The unit mix and rents currently being
charged new tenants are as follows:

                                                  Approximate
                                                Interior Square          Monthly
Quantity           Type                             Footage              Rental
--------           ----                             -------              ------
36                 One bedroom, one                   835                  $625
                   bathroom
60                 Two bedrooms, one                1,089                   650
                   bathroom
86                 Two bedrooms, two                1,090                   700
                   bathrooms
60                 Two bedrooms, two                1,096                   700
                   bathrooms
100                Three bedrooms, two              1,373                   850
                   bathrooms


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<PAGE>

                                                   Approximate
                                                 Interior Square       Monthly
Quantity             Type                            Footage           Rental
--------             ----                            -------           ------
6                   Three bedrooms, two              1,328             900
                    bathrooms, TH

     The  apartments  provide a combined total of  approximately  400,000 square
feet of net rentable area.

     Leases at the Property are generally for terms of one year or less. Average
rental rates for the past five years have generally increased.  As an example, a
two-bedroom,  two-bath  apartment  unit (1,090  square  feet) rented for $510 in
1992,  $540 in 1993,  $600 in 1994,  $650 in 1995 and $660 in 1996.  The average
effective  annual rental per square foot at the Property for 1992,  1993,  1994,
1995 and 1996 was $5.54, $5.86, $6.51, $7.06 and $7.17, respectively.

     The  buildings  are  wood-frame  construction  on  concrete  slabs  with  a
combination  of wood siding and brick veneer.  The buildings  have pitched roofs
covered with asphalt shingles.

     Each  apartment  unit has  wall-to-wall  carpeting  in the living areas and
vinyl floors in the kitchen and bath. Each apartment unit has a cable television
hook-up and an individually  controlled  heating and air conditioning unit. Each
apartment unit also includes  washer/dryer  connections,  a security  system,  a
fireplace  and a dining  room  ceiling  fan.  Each  kitchen is  equipped  with a
refrigerator/freezer  with  icemaker,  electric  range and oven,  dishwasher and
garbage disposal.  The owner of the Property supplies cold water,  sewer service
and trash removal.  The tenants pay for their electricity  usage, which includes
air  conditioning,  cooking  and  lights.  The  tenants  also pay for gas  which
provides their heat and hot water.

     The Property has an outdoor swimming pool which is adjacent to a seven-acre
lake. The Property also has a lighted  tennis court,  a playground,  two laundry
facilities,  an exercise  room and a  clubhouse,  which is also  situated on the
lake. There is ample paved parking for tenants.

     There are at least eight apartment properties in the area that compete with
the  Property.  All offer similar  amenities  and have rents that  generally are
comparable to those of the Property.  Based on a recent  telephone  survey,  the
Company  estimates  that occupancy in nearby  competing  properties now averages
approximately 95%.

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<PAGE>

     According to information provided by the seller,  physical occupancy at the
Property  averaged  approximately  93% in 1992, 92% in 1993, 95% in 1994, 94% in
1995 and 96% in 1996. On April 22, 1997, the Property was 96% occupied.

     The  tenants at the  Property  are a mix of  white-collar  and  blue-collar
workers, students and retired persons.

     The 1996 real estate tax rate  imposed by Gwinnett  County on the  Property
was  $0.035950.  The  assessed  value of the Property  was  $11,875,000  and the
taxable value (40% of assessed value) was $4,750,000. The real estate taxes were
calculated as $170,762.50.

     The basis of the  depreciable  residential  real  property  portion  of the
Property (currently estimated at about $9,329,700) will be depreciated over 27.5
years on a straight-line  basis. The basis of the personal property portion will
be depreciated in accordance with the modified  accelerated cost recovery system
of the Code. Amounts to be spent by the Company on repairs and improvements will
be treated for tax  purposes as permitted by the Code based on the nature of the
expenditures.

     The  Company  believes  that  the  Property  is  and  will  continue  to be
adequately covered by property and liability insurance.

     Material  Factors  Considered  in  Assessing  the  Property.   The  factors
considered  by the  Company  to be  relevant  in  evaluating  the  Property  for
acquisition by the Company included the following:

     1. The Company believes that the greater Atlanta, Georgia metropolitan area
will  continue  to  enjoy  strong   population   increase  and  steady  economic
development and that such increase and development will support stable occupancy
rates and  reasonable  increases in rents at the Property.  In  particular,  the
Company  believes that the Property is located in a particularly  desirable part
of the Atlanta metropolitan area, known as Peachtree Corners.

     2. The  Property is has a  convenient  location  relative  to business  and
shopping.

     3. Based upon an engineering  report and its own  inspections,  the Company
believes that the Property is in very good condition.  The Company  particularly
believes that the Property benefited from significant  renovations  accomplished
during the past two years.

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<PAGE>



     4. The Company  believes that the Property has a particularly  spacious and
attractive  site,  which  includes a seven-acre  lake adjacent to the Property's
swimming pool and clubhouse.

     The Company is not aware of any material  adverse  factors  relating to the
Property not set forth in this report that would cause the financial information
contained in this report not to be indicative of future operating results.




                                       18