<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    FORM 10-Q


(Mark One)

[X]   Quarterly report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 for the quarterly period ended March 31, 2004.

[ ]   Transition report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 for the transition period from _____________ to
      ____________.

                                     0-24816
                            (Commission File Number)

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
              -----------------------------------------------------
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

         Delaware                                          23-2610414
(State of other jurisdiction                              (IRS Employer
    Identification No.)                            incorporated or organization)

                         230 S. Broad Street, Mezzanine
                        Philadelphia, Pennsylvania 19102
                        --------------------------------
                    (Address of principal executive offices)

                   Registrant's telephone number: 215-790-4700

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes [X] No [ ]

Indicate the number of units of limited partnership interest outstanding as of
the latest practicable date.

    Units of Limited Partnership Interest                97,752 units
    -------------------------------------        -----------------------------
                   (Class)                       (Outstanding at May 10, 2004)



<PAGE>



              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                                      INDEX

<TABLE>
<CAPTION>
                                                                                       Page No.
                                                                                       -------
<S>                                                                                    <C>
PART I.  FINANCIAL INFORMATION

  Item 1.  Combined Financial Statements (Unaudited)

      Combined Balance Sheets  -  March 31, 2004 and December 31, 2003                       2

      Combined Statements of Operations and Changes in Partners' Deficit
          - Three months ended March 31, 2004 and 2003                                       3

      Combined Statements of Cash Flows
          - Three months ended March 31, 2004 and 2003                                       4

      Notes to Combined Financial Statements  -  March 31, 2004 and 2003                     5

  Item 2.  Management's Discussion and Analysis of Results of
                 Operations and Financial Condition                                          9

  Item 4 Controls and Procedures                                                            10


PART II.  OTHER INFORMATION

  Item 6(A).  Exhibits                                                                      12
  Item 6(B).  Reports on Form 8-K                                                           12

SIGNATURES

  Signatures                                                                                13
</TABLE>


<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                             COMBINED BALANCE SHEETS
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                             MARCH 31,      DECEMBER 31,
                                                                               2004            2003
                                      ASSETS                                (UNAUDITED)
                                                                            ----------      ----------
<S>                                                                         <C>             <C>
Rental property, at cost:
    Land                                                                    $   10,983      $   11,412
    Buildings                                                                  165,679         170,326
                                                                            ----------      ----------
                                                                               176,662         181,738
    Less: accumulated depreciation                                             103,224         105,283
                                                                            ----------      ----------
            Rental property, net                                                73,438          76,455

Cash and cash equivalents                                                          414             773
Restricted cash                                                                  1,890           3,048
Investment securities available for sale, at market                                508             660
Tenant accounts receivable, net of allowance of $30 for
    2004 and $150 for 2003, respectively                                            95             157
Unbilled rent receivable                                                           282             282
Other assets (1)                                                                 1,533           1,214
                                                                            ----------      ----------

Total assets                                                                $   78,160      $   82,589
                                                                            ==========      ==========

                        LIABILITIES AND PARTNERS' DEFICIT

Wraparound mortgages payable (1)                                            $  228,713      $  237,968
Less: unamortized discount based on imputed interest rate of 12% (1)           104,433         109,525
                                                                            ----------      ----------

            Wraparound mortgages payable less unamortized discount (1)         124,280         128,443

Due to Pension Groups (1)                                                          662             662
Other borrowings (1)                                                             1,707           1,093
Accounts payable and other liabilities (1)                                       2,669           3,224
Deferred revenue                                                                   236             157
Finance lease obligation                                                         1,750           2,150
                                                                            ----------      ----------

            Total liabilities                                                  131,304         135,729

Unrealized gain (loss) on investment securities                                     60              69
Partners' deficit                                                              (53,204)        (53,209)
                                                                            ----------      ----------

            Total partners' deficit                                            (53,144)        (53,140)
                                                                            ----------      ----------

Total liabilities and partners' deficit                                     $   78,160      $   82,589
                                                                            ==========      ==========
</TABLE>

(1) See Note 3:  Related Party Transactions.
See accompanying notes to combined financial statements.


                                        2
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

 COMBINED STATEMENTS OF OPERATIONS AND CHANGES IN PARTNERS' DEFICIT (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER-UNIT DATA)


<TABLE>
<CAPTION>
                                                                                            THREE MONTHS ENDED
                                                                                                 MARCH 31,
                                                                                          -------------------------
                                                                                            2004           2003
                                                                                          ----------     ----------
<S>                                                                                       <C>            <C>
Income:
    Rental income                                                                         $    3,391     $    3,579
    Other charges to tenants                                                                   1,273          1,219
    Interest and dividend income                                                                  22             48
                                                                                          ----------     ----------
            Total income                                                                       4,686          4,846
                                                                                          ----------     ----------

Operating expenses:
    Interest expense (1)                                                                       3,589          2,943
    Real estate taxes                                                                            977          1,094
    Management fees (1)                                                                          193            194
    Common area maintenance expenses                                                             719            610
    Ground rent                                                                                  179            145
    Repairs and maintenance                                                                       94            108
    General and administrative                                                                   359            205
    Depreciation                                                                               1,353          1,355
    Amortization                                                                                  57             52
                                                                                          ----------     ----------
            Total operating expenses                                                           7,520          6,706
                                                                                          ----------     ----------
            Operating loss                                                                    (2,834)        (1,860)

Other income:
    Realized gain on investment securities                                                        25             20
    Gain on forgiveness of wraparound mortgages payable
        on disposition of properties (1)                                                       3,440            369
                                                                                          ----------     ----------
            Income (loss) from continuing operations                                             631         (1,471)

Discontinued operations:
    (Loss) gain from operations of discontinued components (including (loss) gain
      on disposition of properties of ($604) in 2004 and $416 in 2003, respectively             (626)           279
                                                                                          ----------     ----------
            Net income (loss)                                                                      5         (1,192)

Partners' deficit:
    Beginning of period                                                                      (53,140)       (46,230)
    Net change in unrealized (loss) gain on investment securities                                 (9)             9
                                                                                          ----------     ----------

    End of period                                                                         ($  53,144)    ($  47,413)
                                                                                          ==========     ==========

Net income (loss) per unit                                                                $     0.05     ($   12.19)
                                                                                          ==========     ==========
</TABLE>

(1) See Note 3: Related Party Transactions.
See accompanying notes to combined financial statements.


                                        3
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                  COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                 (IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                                   THREE MONTHS ENDED
                                                                                        MARCH 31,
                                                                                ------------------------
                                                                                   2004          2003
                                                                                ----------    ----------
<S>                                                                             <C>           <C>
Cash flows from operating activities:
    Net income (loss)                                                           $        5    ($   1,192)
    Adjustments to reconcile net income (loss) to net cash
        provided by (used in) operating activities:
            Depreciation                                                             1,353         1,443
            Amortization of discount (1)                                             1,665         1,844
            Reduction in provision for bad debts                                      (120)           --
            Net gain on disposition of properties including
                forgiveness of wraparound mortgages payable (1)                     (2,836)         (786)
            Realized gain on investment securities                                     (25)          (20)
            Change in assets and liabilities:
                    Decrease (increase) in tenant accounts receivable                  182          (240)
                    Increase in unbilled rent receivable                                --           (12)
                    (Increase) decrease in other assets (1)                           (319)           46
                    Decrease in accounts payable and other liabilities (1)            (555)         (541)
                    Increase in deferred revenue                                        79            81
                                                                                ----------    ----------

                Net cash (used in) provided by operating activities                   (571)          623
                                                                                ----------    ----------

Cash flows from investing activities:

      Proceeds from disposition of properties                                          311            34
      Improvements to rental property                                                 (150)         (371)
      Decrease (increase) in restricted cash                                         1,158           (48)
      Purchase of investment securities                                                (12)           --
      Sale of investment securities                                                    180         1,244
                                                                                ----------    ----------

                Net cash provided by investing activities                            1,487           859
                                                                                ----------    ----------

Cash flows from financing activities:

      Payments on wraparound mortgages (1)                                          (1,889)       (1,147)
      Proceeds from other borrowings (1)                                               614            --
                                                                                ----------    ----------

                Net cash used in financing activities                               (1,275)       (1,147)
                                                                                ----------    ----------

                (Decrease) increase in cash and cash equivalents                      (359)          335

Cash and cash equivalents:
  Beginning of period                                                                  773         2,587
                                                                                ----------    ----------

  End of period                                                                 $      414    $    2,922
                                                                                ==========    ==========

Supplemental disclosure of cash flow information:

        Cash paid during the period for interest                                $    1,837    $    1,225
Supplemental disclosure of noncash investing and financing activities:
        Reduction in wraparound mortgages from forgiveness
            or assumption of debt, net of related discount                      $    3,939    $    1,955
        Net book value of properties conveyed                                   $    1,814    $    1,204
                                                                                ==========    ==========
</TABLE>

(1) See Note 3: Related Party Transactions.
See accompanying notes to combined financial statements.


                                        4
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                                 March 31, 2004
                             (dollars in thousands)


Note 1: Basis of Presentation

The accompanying unaudited combined financial statements have been prepared in
conformity with accounting principles generally accepted in the United States of
America and with the instructions to Form 10-Q. Certain information and
accounting policies and footnote disclosures normally included in financial
statements prepared in conformity with accounting principles generally accepted
in the United States of America have been condensed or omitted pursuant to such
instructions, although the Company believes that the included disclosures are
adequate for a fair presentation. The information furnished reflects all
adjustments (consisting of normal recurring adjustments) which are, in the
opinion of management, necessary for a fair summary of the financial position,
results of operations and cash flows for the interim periods presented. These
combined financial statements should be read in conjunction with the combined
financial statements and notes thereto filed with Form 10-K for the year ended
December 31, 2003.

Note 2: Formation and Description of Business

National Property Analysts Master Limited Partnership (NPAMLP), a limited
partnership, was formed effective January 1, 1990. NPAMLP is owned 99% by the
limited partners and 1% collectively by EBL&S, Inc., the managing general
partner, and Feldman International, Inc. ("FII"), the equity general partner.

The properties included in NPAMLP consist primarily of regional shopping centers
or malls with national retailers as anchor tenants. The ownership and operations
of these properties have been combined in NPAMLP.

The financial statements include the accounts of partnerships that contributed
their interests to NPAMLP and certain partnerships whose partnership interests
were not contributed as of the effective date of NPAMLP's formation on January
1, 1990, but were allocated their interests in NPAMLP as if their partnership
interests had been contributed on January 1, 1990.

Note 3: Related Party Transactions

Management fees, leasing commissions and certain administrative services are
paid to EBL&S Property Management, Inc (EBL&S), which is owned entirely by E&H
Properties, Inc (E&H), a corporation owned and controlled by Edward B. Lipkin
(Lipkin), a related party. Management fees are paid exclusively to EBL&S and are
included in the Combined Statements of Operations. Leasing commissions are
deferred over the life of their respective leases and are included in Other
assets on the Combined Balance Sheets at March 31, 2004. Also, included in
Accounts receivable and other assets is a $436 loan receivable from a
partnership in which Lipkin owns a 50% general partnership interest at March 31,
2004. Certain administrative services are reimbursed EBL&S and are included in
General and administrative on the Combined Statements of Operations. The
Wraparound mortgages payable are held by National Property Analysts Employee
Partnership (NPAEP), Penn Valley Pension Group (PVPG) and Main Line Pension
Group. NPAEP and PVPG, which collectively own approximately 97 percent of the
outstanding balance of the Wraparound mortgages payable, are controlled by
Lipkin. Due to Pension Groups, unamortized discount and interest expense are all
financial statement accounts which relate directly to the Wraparound mortgages
payable. Other borrowings represent amounts due to E&H. Included within Accounts
payable and other liabilities are $1,556 due EBL&S and $37 due E&H at March 31,
2004.


                                        5
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                                 March 31, 2004
                             (dollars in thousands)

During 1996, the El Paso, Texas property was sold to a limited partnership owned
by directors and executives of EBL&S. The sales price of the property was
determined to be at fair market value by an independent appraiser. In connection
with the transaction, a promissory note was issued to NPAMLP in the approximate
amount of $436. The note is unsecured, interest only, bears interest at 10% and
matures on November 1, 2008.

Note 4: Major Tenants

NPAMLP's primary anchor tenant is Kmart Corporation and its subsidiaries
("Kmart") which, for the three months ended March 31, 2004 and 2003 accounted
for approximately 38% and 43%, respectively, of the rental income earned by
NPAMLP. In January 2002, Kmart filed for protection under Chapter 11 of the
United States Bankruptcy Code however, by May 6, 2003, a Joint Plan of
Reorganization was confirmed by the Bankruptcy Court and Kmart emerged from the
Court's protection. Kmart's reorganization did not have a material adverse
impact on NPAMLP's financial position or results of operations. As of March 31,
2004, NPAMLP had 16 remaining leases with Kmart aggregating approximately
1,470,000 square feet. As of March 31, 2004, the total due from Kmart was $38 of
which $20 was considered a pre- petition obligation of Kmart and was received in
April, 2004. As of March 31, 2004 Kmart was current with respect to its
post-petition obligations for its remaining leases (see Management's Discussion
and Analysis - Liquidity and Capital Resources). As a result of the Kmart
Bankruptcy, the Hutchinson, Minnesota property was foreclosed and conveyed to
the property's lender during July, 2003.

Note 5: Ground Leases / Finance Lease Obligation

During the year ended December 31, 1991, NPAMLP sold the land underlying five of
its properties including the Chesapeake, Virginia; Kalamazoo, Michigan;
Philadelphia, Pennsylvania and Seven Hills, Ohio properties and simultaneously
entered into ground leases to leaseback the land from the buyer that expire
between 2003 and 2012. The aggregate proceeds from the five land sales were
$2,650 and were recorded as Finance lease obligations. The amounts paid in
accordance with these ground leases are recorded as interest expense. Any gain
or loss from the transactions will be recognized at the date upon which title to
the buildings is conveyed to the ground lessor. During the term of these ground
leases, including renewal options, NPAMLP is responsible for maintaining the
buildings and building improvements, as well as making the respective mortgage
payments. Under the terms of the 1991 sales, at the expiration of the respective
1991 ground leases, including renewal options, title to the buildings will be
conveyed to the buyer with no additional consideration and any amounts still
outstanding under the respective wraparound mortgages will remain the liability
of NPAMLP.

On January 1, 2004, the ground lease on the Chesapeake property was terminated
and the property was conveyed to the ground lessor according to the terms of the
1991 agreement. As a result of this transaction, the Finance lease obligation
was reduced by $400 and a net gain, including the forgiveness of wraparound
mortgages, net of discounts, was recorded for $2,536.


                                        6
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                                 March 31, 2004
                             (dollars in thousands)


Note 6: Future Interest Agreement

In March 2003 NPAMLP, NPAEP and PVPG, entered into an Agreement, effective as of
January 1, 2003 (the "2003 Agreement"), in which NPAEP and PVPG agreed with
NPAMLP to modify the terms of Wrap Mortgages held by NPAEP and PVPG. The terms
of the 2003 Agreement provide that NPAEP and PVPG will: (a) reduce to 4.1% per
year the annual interest rate payable on any NPAEP Wrap Note or PVPG Wrap Note
that bears a stated annual interest rate in excess of that amount; (b) remove
certain of the properties secured by the NPAEP and PVPG Wrap Mortgages from the
burden of the cross-default and cross-collateralization provisions currently
contemplated by the Restructuring Agreement effective as of January 1, 1990 by
and among MLPG, NPAMLP, National Property Analysts, Inc. and others; and (c)
agree to release the lien of the Wrap Mortgages from the Properties upon a sale
of or the agreement of a leasehold estate in any Property prior to the maturity
of the applicable Wrap Note. In consideration for the above, NPAMLP will modify
the NPAEP Wrap Mortgages and the PVPG Wrap Mortgages to provide that (i) there
is an event of default under the applicable NPAEP Wrap Mortgages or PVPG Wrap
Mortgages, as the case may be, if a judgment or other lien is entered against
the title or lease-holding entity thereby entitling NPAEP or PVPG, as the case
may be, to avail itself of the post-default rights or remedies under the
relevant security document; and (ii) for cross-default and cross-
collateralization among the Unaudited Partnerships and, separately, among the
Audited Partnerships. In addition NPAMLP shall execute and deliver to NPAEP or
PVPG, as the case may be, a currently recordable deed of future interest (or
assignment of future leasehold interest) sufficient to convey to NPAEP or PVPG,
as the case may be, all of NPAMLP's right, title, interest and estate in and to
its fee or leasehold interest in the encumbered properties effective upon the
maturity on December 31, 2013 of the NPAEP Wrap Mortgages and the PVPG Wrap
Mortgages unless the Wrap Mortgages have previously been paid in full.

The Managing General Partner believes that the execution and delivery of the
2003 Agreement will have the following effects for NPAMLP as a result of the
reduction in the annual interest rate on the NPAEP Wrap Notes and the PVPG Wrap
Notes (i) NPAMLP expects to realize significant reductions in interest that it
otherwise would have been obligated to pay during the period between January 1,
2003 and December 31, 2013 when these loans mature and (ii) NPAMLP will be able
to allocate a greater portion of its available cash flow to principal
repayments. As a result of the faster repayment of principal, the Limited
Partners will recognize additional taxable income (or smaller tax losses) in
each year from 2003 until the maturity of the NPAEP Wrap Mortgages and the PVPG
Wrap Mortgages. In addition, the anticipated date of dissolution of NPAMLP will
now occur in 2013 rather than 2015. Further, because the reduced interest rate
is below the Applicable Federal Rate ("AFR") prescribed under Section 1274,
Internal Revenue Code of 1986, as amended, investors in Unaudited Partnerships
will recognize non-recurring ordinary income (forgiveness of indebtedness) in
2003. The tax impact of this recognition will depend upon numerous factors
related to each investor's particular tax situation, including his marginal tax
rate and his suspended passive losses from prior years. Each investor is urged
to consult his own tax advisor for further advice on this point.

Under the terms of the Restructuring Agreement, all Wrap Mortgages owned by
NPAEP or PVPG are due and payable in substantial "balloon" amounts on December
31, 2013. Assuming no sales of Properties by NPAMLP in the interim period (2003
through 2013) the projected balance due for all of the Wrap Mortgages at
December 31, 2013 is expected to approximate $143,000. As described above, in
return for the reduction in interest rate and other consideration set forth
above, including the satisfaction of the Wrap Mortgages due on December 31,
2013, NPAMLP's general partner has agreed to deliver deeds of future interest
and assignments of leasehold interest, to be recorded currently, effective
December 31, 2013, to NPAEP and PVPG. NPAMLP's general partner has determined
that it is in the best interests of NPAMLP and its partners to do so. The effect
of these deeds and assignments will be to facilitate a transfer of fee and


                                        7
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                                 March 31, 2004
                             (dollars in thousands)


leasehold ownership to the holders of the Wrap Mortgages at maturity (unless the
Wrap Mortgages have been previously paid in full). Notwithstanding the
foregoing, NPAEP and PVPG have agreed in the 2003 Agreement to (a) release the
liens of the Wrap Mortgages and (b) deliver such deeds of future interest,
assignments of leasehold interests, or other documents or instruments as are
necessary to facilitate or effect such sales of the Properties prior to December
31, 2013 as the Managing General Partner shall otherwise deem desirable. The
costs incurred arising from the recordation of any of the documents described in
the 2003 Agreement shall be borne by NPAEP or PVPG, as the case may be. The
Managing General Partner believes that the result of the forgoing actions taken
pursuant to the 2003 Agreement will preserve all rights of the Limited Partners
under the Restructuring Agreement, including their right to share in certain
sales proceeds or cash flows prior to maturity of the Wrap Mortgages.

Neither NPAMLP, NPAEP nor PVPG were represented by independent counsel or
retained other independent advisers or consultants in connection with the
negotiation, execution or delivery of the 2003 Agreement. Nonetheless, the
Managing General Partner believes that the transactions permitted or
contemplated by the 2003 Agreement are fair and equitable to NPAMLP and the
other parties involved.


                                       8
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Management's Discussion and analysis of Results of
                       Operations and Financial Condition
                             (dollars in thousands)

Liquidity and Capital Resources

Net cash used in operating and financing activities for the three month period
ended March 31, 2004 was $571 and $1,275, respectively. Net cash provided by
investing activities was $1,487. As a result of the above, there was a $359
decrease in cash and cash equivalents for the three months ended March 31, 2004.
This was primarily the result of greater payments of wraparound mortgage
principal and interest, common area maintenance and general and administrative
expenses and a decrease in rental income. This was substantially offset by large
decreases in restricted cash, disposition of properties and proceeds from other
borrowings. The decrease in restricted cash was primarily used for additional
payments of wraparound mortgages. Proceeds from other borrowings were used to
pay for property redevelopment costs previously incurred.

During 2003, NPAMLP had two outstanding lines of credit (the NPAMLP Lines) with
E&H, a related party, under which E&H has agreed to advance up to $1,250 to
NPAMLP for the purposes of making capital and tenant improvements to the
properties. The NPAMLP Lines were comprised of a $1,000 and a $250 line of
credit, however, in early 2004, the maximum borrowing available under these
lines was increased to $2,500 (comprised of a $2,000 and $500 line of credit)
with no change in purpose or collateral. Pursuant to the terms of the NPAMLP
Lines, the obligation of E&H to make advances to NPAMLP is at all times in the
sole and absolute discretion of E&H. As of March 31, 2004, there were $1,707 of
advances and $37 of related accrued interest under the NPAMLP Line.

As of March 31, 2004, the third party underlying mortgages were current for all
the properties.

On May 6, 2003, the Kmart Plan of Reorganization was confirmed by the Bankruptcy
Court and Kmart emerged from the Court's protection. Kmart's reorganization did
not have a material adverse impact on NPAMLP's financial position or results of
operations.

As of March 31, 2004, the total due from Kmart was $38 of which $20 was
considered a pre-petition obligation of Kmart and was received in April, 2004
(see Note 4).

As of March 31, 2004, NPAMLP was obligated for approximately $817 of capital
commitments which are primarily for property redevelopment.

Critical Accounting Policies

There were no significant changes to NPAMLP's critical accounting policies and
estimates during the three month period ended March 31, 2004.

Results of Operations

NPAMLP owned 36 and 39 properties at March 31, 2004 and 2003, respectively.

NPAMLP's primary anchor tenant is Kmart which accounted for approximately 38%
and 43% of the rental income earned by NPAMLP for the three months ended March
31, 2004 and 2003, respectively. In January 2002, Kmart filed for protection
under Chapter 11 of the United States Bankruptcy Code. As of March 31, 2004,
NPAMLP had 16 remaining leases with Kmart aggregating approximately 1,470,000
square feet.


                                        9
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Management's Discussion and analysis of Results of
                       Operations and Financial Condition
                             (dollars in thousands)

In the second quarter of 2002, the lease at the Bowling Green, Ohio property was
rejected by Kmart in bankruptcy. The Bowling Green property had a carrying value
of $1,767 and the balance of the related wraparound mortgages payable, net of
discounts, was $5,887 as of March 31, 2004. With respect to the Bowling Green
property, there can be no assurance that new leases can be successfully
negotiated or that the rental income will be comparable. In August 2003, the
lender on the Lake Mary property commenced an action to foreclose on its
mortgage. NPAMLP is the beneficiary of a trust ("Lake Mary Trust") which owns
the Lake Mary property. In September 2003, Lake Mary Trust filed for protection
under Chapter 11 of the United States Bankruptcy Code. In October 2003, Lake
Mary Trust and its lender entered into an agreement whereby Lake Mary Trust
could satisfy the mortgage at a discount by April 2004. In February 2004, the
mortgage was refinanced and the discount was taken. Management believes that it
is the intention of Lake Mary Trust to sell or lease the property to a major
retailer. As of March 31, 2004, the carrying value of this property was $6,960
and the balance of the related wraparound mortgages payable, net of discounts,
was $3,021.

In February 2004, a portion of the East Haven, Connecticut property was disposed
in a condemnation action. The net gain on this transaction was $300.

On January 1, 2004, the ground lease on the Chesapeake property was terminated
and the property was conveyed to the ground lessor according to the terms of the
1991 agreement. As a result of this transaction, the Finance lease obligation
was reduced by $400 and a net gain, including the forgiveness of wraparound
mortgages, net of discounts, was recorded for $2,536 (see Note 5).

On May 6, 2003, the Kmart Plan of Reorganization was confirmed by the Bankruptcy
Court and Kmart emerged from the Court's protection. Kmart's reorganization did
not have a material adverse impact on NPAMLP's financial position or results of
operations (see Note 4).

On February 6, 2003, the Escanaba, Michigan property was sold. The net gain on
this transaction including the forgiveness of wraparound mortgages payable, net
of discounts, was $456. In March 2003, the vacant anchor tenant space at the
Wheelersburg, Ohio property was sold. The net gain on this transaction was $329.

Income from continuing operations increased for the three month periods ended
March 31, 2004 versus March 31, 2003 by $2,102. The increase in income was
primarily comprised of a $3,071 increase in Forgiveness of wraparound mortgages
payable on disposition of properties which was a result of the above property
dispositions and was partially offset by a $974 increase in Operating loss. The
increase in Operating loss was primarily due to increased Interest expense,
General and administrative expenses, Common area maintenance expenses, and a
decrease in Rental income. The increase in Operating loss was partially offset
by a decrease in Real estate taxes expense.

Controls and Procedures

NPAMLP's managing general partner, equity general partner and its agent's chief
financial officer, after evaluating the effectiveness of NPAMLP's disclosure
controls and procedures (as defined in the Securities Exchange Act of 1934 Rules
13a-15(e) or 15d-15(e)) as of the end of the period covered by this quarterly
report, have concluded, based on the evaluation of these controls and procedures
required by paragraph (b) of the Exchange Act Rules 13a-15 or 15d-15, that
NPAMLP's disclosure controls and procedures were adequate and designed to ensure
that material information relating to NPAMLP would be made known to them by
others within NPAMLP or agents of NPAMLP.

There were no changes in NPAMLP's internal control over financial reporting
identified in connection with the


                                       10
<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Management's Discussion and analysis of Results of
                       Operations and Financial Condition
                             (dollars in thousands)

evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that
occurred during NPAMLP's last fiscal quarter that have materially affected, or
are reasonably likely to materially affect, NPAMLP's internal control over
financial reporting.


                                       11
<PAGE>


                                     PART II

Item 6(A). Exhibits

<TABLE>
<CAPTION>
                Exhibit No.             Description
                -----------             -----------
<S>                           <C>
                    31.1      Certification Pursuant To Section 302 of
                              Sarbanes-Oxley Act of 2002.

                    31.2      Certification Pursuant To Section 302 of
                              Sarbanes-Oxley Act of 2002.

                    31.3      Certification Pursuant To Section 302 of
                              Sarbanes-Oxley Act of 2002.

                    32.1      Certification Pursuant To Section 906 of
                              Sarbanes-Oxley Act of 2002.

                    32.2      Certification Pursuant To Section 906 of
                              Sarbanes-Oxley Act of 2002.

                    32.3      Certification Pursuant To Section 906 of
                              Sarbanes-Oxley Act of 2002.
</TABLE>

Item 6(B).  Reports on Form 8-K

                    The registrant was not required to file any current reports
                    on Form 8-K during the three months ended March 31, 2004.


                                       12
<PAGE>


                                   SIGNATURES

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

                                     National Property Analysts Master Limited
                                     Partnership
                                     (Registrant)

                                     Date: May 10, 2004

                                     By:   EBL&S, Inc.,
                                           its managing general partner

                                     By:   /s/ Edward B. Lipkin
                                           -------------------------------------
                                           Name:  Edward B. Lipkin
                                           Title: President

                                     By:   Feldman International, Inc.,
                                           its equity general partner

                                     By:   /s/ Robert McKinney
                                           -------------------------------------
                                           Name:  Robert McKinney
                                           Title: President


                                       13