<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

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

                For the quarterly period ended SEPTEMBER 30, 2007

                                       OR

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

       For the transition period from ________________ to ________________

                         Commission file number: 0-24816

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                                          <C>
                DELAWARE                                          23-2610414
     (State or other jurisdiction of                           (I.R.S. Employer
     incorporation or organization)                          Identification No.)
</TABLE>

<TABLE>
<S>                                                               <C>
 230 SOUTH BROAD STREET, MEZZANINE LEVEL
       PHILADELPHIA, PENNSYLVANIA                                   19102
(Address of principal executive offices)                          (Zip Code)
</TABLE>

                                 (215) 790-4700
              (Registrant's telephone number, including area code)

                                     [NONE]
              (Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.                                Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).                                  Yes [ ] No [X]

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

<TABLE>
<CAPTION>
                Class                           Outstanding at NOVEMBER 13, 2007
-------------------------------------           --------------------------------
<S>                                             <C>
UNITS OF LIMITED PARTNERSHIP INTEREST                     97,752 UNITS
</TABLE>

<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
         - September 30, 2007 and December 31, 2006                         1

      Combined Statements of Operations and Changes in Partners'
         Deficit
         - Three and nine months ended September 30, 2007 and 2006          2

      Combined Statements of Cash Flows
         - Nine months ended September 30, 2007 and 2006                    3

      Notes to Combined Financial Statements                                4

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

   Item 3. Quantitative and Qualitative Disclosures about
           Market Risk.                                                    10

   Item 4. Controls and Procedures.                                        10

PART II.  OTHER INFORMATION

   Item 1. Legal Proceedings.                                              11

   Item 1A. Risk Factors                                                   11

   Item 2. Unregistered Sales of Equity Securities and
           Use of Proceeds.                                                11

   Item 3. Defaults Upon Senior Securities.                                11

   Item 4. Submission of Matters to a Vote of Security Holders.            11

   Item 5. Other Information.                                              11

   Item 6. Exhibits.                                                       11

SIGNATURES

   Signatures                                                              12
</TABLE>


<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                             COMBINED BALANCE SHEETS
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                       SEPTEMBER 30,   DECEMBER 31,
                                                                            2007           2006
                                                                       -------------   ------------
                                                                        (UNAUDITED)
<S>                                                                    <C>             <C>
                               ASSETS
Rental property, at cost:
   Land                                                                  $  7,823        $  8,443
   Buildings                                                              109,403         114,085
   Tenant-in-common property                                               22,662          22,662
                                                                         --------        --------
                                                                          139,888         145,190
   Less: accumulated depreciation                                          67,627          70,760
                                                                         --------        --------
      Rental property, net                                                 72,261          74,430

Cash and cash equivalents                                                   3,619           1,325
Restricted cash                                                               195             241
Investment securities available for sale, at market                         1,371           1,085
Tenant accounts receivable, net of allowance of $30 as of
   September 30, 2007 and December 31, 2006, respectively                     106             235
Unbilled rent receivable                                                      978             893
Accounts receivable and other assets (1)                                    1,993           1,545
                                                                         --------        --------
Total assets                                                             $ 80,523        $ 79,754
                                                                         ========        ========

                  LIABILITIES AND PARTNERS' DEFICIT
Wraparound mortgages payable (1)                                         $175,879        $179,565
Less: unamortized discount based on imputed interest rate of 12% (1)       70,393          77,431
                                                                         --------        --------
   Wraparound mortgages payable less unamortized discount (1)             105,486         102,134
Due to Pension Groups (1)                                                   3,213           3,237
Other borrowings (1)                                                          194             630
Accounts payable and other liabilities (1)                                  3,204           2,829
Deferred revenue                                                               89              74
Finance lease obligation                                                    1,750           1,750
                                                                         --------        --------
      Total liabilities                                                   113,936         110,654
Partners' deficit                                                         (33,413)        (30,900)
                                                                         --------        --------
Total liabilities and partners' deficit                                  $ 80,523        $ 79,754
                                                                         ========        ========
</TABLE>

(1)  See Note 3: Related Party Transactions.

See accompanying notes to combined financial statements.


                                        1

<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    NINE MONTHS ENDED
                                                        SEPTEMBER 30,         SEPTEMBER 30,
                                                     -------------------   -------------------
                                                       2007       2006       2007       2006
                                                     --------   --------   --------   --------
<S>                                                  <C>        <C>        <C>        <C>
Income:
   Rental income                                     $  3,026   $  2,718   $  9,749   $  7,929
   Other charges to tenants                               849        526      2,722      2,436
   Interest and dividend income                            23         56         69         97
                                                     --------   --------   --------   --------
      Total income                                      3,898      3,300     12,540     10,462
                                                     --------   --------   --------   --------

Operating expenses:
   Interest expense (1)                                 2,567      2,657      8,678      7,760
   Real estate taxes                                      756        418      2,253      2,077
   Management fees (1)                                     99        152        459        459
   Common area maintenance expenses                       277        326      1,189      1,020
   Ground rent                                            151        120        397        368
   Repairs and maintenance                                 93        133        225        252
   General and administrative (1)                         119         34        498        364
   Depreciation                                           992        845      3,010      2,533
   Amortization                                            35         95        120        223
                                                     --------   --------   --------   --------
      Total operating expenses                          5,089      4,780     16,829     15,056
                                                     --------   --------   --------   --------
      Operating loss                                   (1,191)    (1,480)    (4,289)    (4,594)

Other income:
   Realized gain on investment securities                 146         --        146         --
                                                     --------   --------   --------   --------
      Loss from continuing operations                  (1,045)    (1,480)    (4,143)    (4,594)
Discontinued operations:
   Loss from operations of discontinued components        (23)      (322)       (79)      (960)
   Gain on disposition of properties, net of
   unamortized discount on wraparound mortgage
   in 2006                                              2,174      4,777      2,174      4,777
   Write-down of rental property                           --         --       (286)        --
                                                     --------   --------   --------   --------
      Net income (loss)                                 1,106      2,975     (2,334)      (777)

Partners' deficit:
   Beginning of period                                (34,353)   (45,685)   (30,900)   (41,972)
   Net change in unrealized (loss) gain on
      investment securities                              (166)        32       (179)        71
                                                     --------   --------   --------   --------
   End of period                                     $(33,413)  $(42,678)  $(33,413)  $(42,678)
                                                     ========   ========   ========   ========
Net income (loss) per unit                           $  11.31   $  30.43   $ (23.88)  $  (7.95)
                                                     ========   ========   ========   ========
Weighted average units outstanding                     97,752     97,752     97,752     97,752
                                                     ========   ========   ========   ========
</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 CASH FLOWS (UNAUDITED)
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                    NINE MONTHS ENDED
                                                                      SEPTEMBER 30,
                                                                   ------------------
                                                                     2007      2006
                                                                   -------   --------
<S>                                                                <C>       <C>
Cash flows from operating activities:
   Net loss                                                        $(2,334)  $   (777)
   Adjustments to reconcile net loss to net cash
      provided by operating activities:
      Depreciation                                                   3,174      2,911
      Amortization of discount (1)                                   7,038      6,894
      Write-down of rental property                                    286         --
      Net gain on disposition of property                           (2,174)    (4,777)
      Realized gain on investment securities                          (146)        --
      Change in assets and liabilities:
            Decrease in tenant accounts receivable                     129         13
            Increase in unbilled rent receivable                       (85)      (145)
            Increase in accounts receivable and other assets (1)      (448)      (233)
            Increase (decrease) in accounts payable
               and other liabilities (1)                               375       (297)
            Increase in deferred revenue                                15          9
                                                                   -------   --------
         Net cash provided by operating activities                   5,830      3,598
                                                                   -------   --------

Cash flows from investing activities:
      Disposition of properties                                      7,112     13,775
      Acquisition of properties                                       (329)        --
      Improvements to rental property                               (2,010)      (316)
      Decrease in restricted cash                                       46        513
      Sale of investment securities                                  1,565       (320)
      Purchase of investment securities                             (1,885)        --
                                                                   -------   --------
         Net cash provided by investing activities                   4,499     13,652
                                                                   -------   --------

Cash flows from financing activities:
      Payments on wraparound mortgages (1)                          (9,012)   (17,689)
      Increase in wraparound mortgages                               1,437         --
      (Decrease) increase in due to/from pension groups                (24)       230
      Payments on other borrowings                                    (436)        --
                                                                   -------   --------
         Net cash used in financing activities                      (8,035)   (17,459)
                                                                   -------   --------
         Increase (decrease) in cash and cash equivalents            2,294       (209)

Cash and cash equivalents:
   Beginning of period                                               1,325      1,489
                                                                   -------   --------
   End of period                                                   $ 3,619   $  1,280
                                                                   =======   ========

Supplemental disclosure of cash flow information:
      Cash paid during the period for interest                     $ 1,904   $  2,013
                                                                   =======   ========

Supplemental disclosure of non-cash investing and
   financing activities:
      Increase in wraparound mortgage payable from
         assumption of debt from acquiring properties (2)          $ 3,890   $     --
                                                                   =======   ========
</TABLE>

(1)  See Note 3: Related Party Transactions.
(2)  See Note 7: Disposition/Acquisition of Property.
See accompanying notes to combined financial statements.


                                        3

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2007
                             (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, 2006.

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,
including legal fees 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 Accounts receivable and other assets on the Combined
Balance Sheet at September 30, 2007. Certain administrative services, including
legal fees, are reimbursed to EBL&S and are included in General and
administrative on the Combined Statements of Operations. National Property
Analysts Employee Partnership (NPAEP) holds the Wraparound mortgages payable.
Lipkin controls NPAEP, which owns 100% of the outstanding balance of the
Wraparound mortgages payable. Due to Pension Groups, unamortized discount and
interest expense are all financial statement accounts that relate directly to
the Wraparound mortgages payable. Other borrowings represent amounts due to E&H.
Included within Accounts payable and other liabilities is $2,342 and $2,186 due
EBL&S at September 30, 2007 and December 31, 2006, respectively.

As of September 30, 2007, NPAMLP had two outstanding lines of credit (the NPAMLP
Lines) with E&H, under which E&H has agreed to advance up to $2,500 to NPAMLP
for the purposes of making capital and tenant improvements to the properties.
The NPAMLP Lines were comprised of a $2,000 and a $500 line of credit. The lines
bear interest at a variable rate, based on the prime rate (7.75% at September
30, 2007), and have no expiration date. Any amounts advanced to NPAMLP are not
directly secured by any 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 September 30, 2007, there were $194 of
advances and $100 of related accrued interest due under the NPAMLP Lines.


                                       4

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2007
                             (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 was scheduled to mature on November 1, 2008 but was
paid off in full in February 2007.

In January 2007, NPAMLP borrowed $1,700 under the line of credit with E&H. The
funds were utilized for the payment to the anchor tenant at the East Haven,
Connecticut property pursuant to the lease termination agreement with the
tenant. The advance was repaid from the proceeds of the partial sale of the East
Haven property (See Note 7: Disposition / Acquisition of Property).

In October 2007, NPAEP acquired from the unrelated third party owners,
approximately 82% of the undivided interest in one of the parcels in Marquette,
Michigan that is ground leased by NPAMLP. The terms of the ground lease were
unchanged. As a result of the purchase, NPAEP will receive $18 annually in
ground rental payments from NPAMLP.

Note 4: Major Tenants

NPAMLP's primary anchor tenants are Sun Microsystems (the tenant at the
tenant-in-common property), Sears Holdings Corporation and its subsidiaries
("Sears") and CVS Corporation ("CVS"). The number of locations, gross leaseable
area ("GLA") and minimum rent for these tenants for the nine-month periods ended
September 30, 2007 and 2006, are detailed in the table below. As of September
30, 2007, Sears owed NPAMLP approximately $20 under its leases with NPAMLP. Sun
Microsystems and CVS had no outstanding balances due under its leases with
NPAMLP at September 30, 2007.

<TABLE>
<CAPTION>
                      As of September 30, 2007         As of September 30, 2006
                   -----------------------------   -------------------------------
                                           % of                             % of
                       No.               Minimum       No.                 Minimum
Tenant             Locations     GLA       Rent    Locations      GLA        Rent
------             ---------   -------   -------   ---------   ---------   -------
<S>                <C>         <C>       <C>       <C>         <C>         <C>
Sun Microsystems       1       249,832     19%        None            --      0%
Sears                  7       703,300     18%          11     1,042,000     29%
CVS                    5        56,770     10%           5        49,000     10%
</TABLE>


                                       5

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2007
                             (dollars in thousands)

Note 5: 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 $109,000. 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
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


                                       6

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2007
                             (dollars in thousands)

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.

Note 6: Commitments and Contingencies

In June 2006, NPAMLP and a limited liability company controlled by Lipkin
("ARJAX") entered into an agreement with an anchor tenant (the "Agreement"),
whereby the lease with the anchor tenant would be assigned to NPAMLP or ARJAX
effective February 2009 (the "Effective Date"). In consideration for the
assignment, the anchor tenant would receive payments totaling $2,550 during the
period from June 2006 through the Effective Date. In August 2006, ARJAX remitted
$500 to the anchor tenant in accordance with the terms of the Agreement. In
addition, the anchor tenant will be obligated to complete, by the Effective
Date, $500 in repairs or improvements which would otherwise be the
responsibility of NPAMLP to six other stores leased from NPAMLP. Under the
Agreement, the commitment to the anchor tenant is borne by ARJAX and NPAMLP,
however it is anticipated that ARJAX shall fund all of the consideration due. In
September 2006, NPAMLP sold the property encumbered by the affected anchor
tenant lease to ARJAX. NPAMLP would be liable for the payments required under
the Agreement should ARJAX fail to do so. Lipkin has personally guaranteed the
obligations to the anchor tenant under the Agreement.

Note 7: Disposition / Acquisition of Property

In 2006, NPAMLP entered into an agreement with the anchor tenant at the East
Haven property to terminate its lease upon 90 days notice from NPAMLP. In 2007,
a new termination agreement and new lease was entered into with the anchor
tenant. The 2007 termination agreement provided for a payment of $1,700 to the
anchor tenant in January 2007, which was made by NPAMLP. In order to fund the
payment, NPAMLP borrowed the necessary funds from E&H under the line of credit
with E&H. Under the terms of the new lease, the anchor tenant remained in
occupancy on a month-to-month basis until June 2007.

In January 2007, NPAMLP entered into a contract to sell a portion of the East
Haven, Connecticut property in a transaction structured to be a tax-deferred
exchange in accordance with section 1031 of the Internal Revenue Code. In
accordance with the agreement of sale, the buyer remitted $850 to NPAMLP in
February 2007, which was comprised of a $350 deposit and $500 of the cost to
terminate the anchor tenant. The net cost of the lease termination of $1,200 was
capitalized. The sale was completed in July 2007. As a result of the sale,
NPAMLP recognized a net gain of $2,174 in the third quarter, including the
write-off of capitalized lease termination costs. In August 2007, NPAMLP
completed the purchase side of the tax-deferred exchange transaction with the
purchase of a leasehold interest in a CVS store in Lawndale, California.

In July 2007, NPAMLP sold the property in Huntington, West Virginia. As a result
of this transaction, NPAMLP recognized a net loss of $286. In accordance with
SFAS 144, NPAMLP recognized this loss as an impairment charge in the second
quarter of 2007. Net proceeds from the sale in the amount of $1,421 were
retained by NPAMLP. The balance of the wraparound mortgage indebtedness on the
Huntington property, net of discounts, in the amount of $2,101 remains a
liability of NPAMLP.


                                       7

<PAGE>


              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2007
                             (dollars in thousands)

NPAMLP adjusts the discount on wraparound mortgages for changes in the projected
cash flows. The resultant increase or decrease in the discount is recorded as
interest expense in the period of adjustment. Primarily as a result of the 2007
property dispositions, NPAMLP increased the discount on wraparound mortgages and
recognized a reduction to interest expense of $255 in the third quarter.

Note 8. New Accounting Pronouncement

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities," which is effective as of the
beginning of an entity's first fiscal year beginning after November 15, 2007.
This statement allows the measurement at fair value of financial instruments and
certain other items that are currently not required to be measured at fair
value. The objective of FAS 159 is to improve financial reporting by providing
entities with the opportunity to mitigate volatility in reported earnings caused
by measuring related assets and liabilities differently without having to apply
complex hedge accounting provisions. The fair value option established by this
Statement permits the measurement of eligible items at fair value at specified
election dates, with unrealized gains and losses on the items for which the fair
value option has been elected reported in earnings at each subsequent reporting
date. NPAMLP is currently assessing what impact, if any, the adoption of this
statement will have on its combined financial statements.


                                       8

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                               September 30, 2007
                             (dollars in thousands)

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

Liquidity and Capital Resources

Net cash provided by operating activities and investing for the nine-month
period ended September 30, 2007 was $5,830 and $4,499, respectively. Net cash
used by financing activities was $8,035. As a result of the above, there was a
$2,294 increase in cash and cash equivalents for the nine months ended September
30, 2007. The increase in cash was primarily due to net proceeds from property
sale transactions and new borrowing, which was partially offset by fixed asset
additions and additional payments on wraparound mortgage indebtedness.

As of September 30, 2007, 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
$2,500 to NPAMLP for the purposes of making capital and tenant improvements to
the properties. The NPAMLP Lines were comprised of a $2,000 and a $500 line of
credit. The lines bear interest at a variable rate, based on the prime rate
(7.75% at September 30, 2007), and have no expiration date. Any amounts advanced
to NPAMLP are not directly secured by any 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 September 30, 2007,
there were $194 of advances and $100 of related accrued interest under the
NPAMLP Lines.

In April 2007, the third party underlying mortgage on the Lake Mary, Florida
property was refinanced. As a result of this transaction, the balance of the
wrap mortgage indebtedness was increased by $1,437 and proceeds in the amount of
$1,304 will be used for capital improvements to the properties.

As of September 30, 2007, the third party underlying mortgages were current for
all the properties.

As of September 30, 2007, NPAMLP was obligated for approximately $159 of capital
commitments, which are primarily for tenant improvements.

Critical Accounting Policies

There were no significant changes to NPAMLP's critical accounting policies and
estimates during the three-month period ended September 30, 2007.

Results of Operations

NPAMLP owned 26 and 29 properties at September 30, 2007 and 2006, respectively.

Loss from continuing operations decreased for the three and nine-month periods
ended September 30, 2007 versus September 30, 2006 by $435 and $451,
respectively. The decrease in the loss from continuing operations was primarily
due to the decrease in interest expense arising from the adjustment to the
discount on wraparound mortgages (See Note 7. Disposition / Acquisition of
Property). The increases in rental income, real estate taxes and depreciation
expense are primarily due to the tenant-in-common property acquired in the
fourth quarter of 2006 to complete a tax-deferred exchange transaction.

In 2006, NPAMLP entered into an agreement with the anchor tenant at the East
Haven property to terminate its lease upon 90 days notice from NPAMLP. In 2007,
a new termination agreement and new lease was entered into with the anchor
tenant. The 2007 termination agreement provided for a payment of $1,700 to the
anchor tenant in January 2007. This payment was made by NPAMLP. In order to fund
the payment, NPAMLP borrowed the necessary funds from E&H under the line of
credit with E&H. Under the terms of the new lease, the anchor tenant remained in
occupancy on a month-to-month basis.


                                       9

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                               September 30, 2007
                             (dollars in thousands)

In January 2007, NPAMLP entered into a contract to sell a portion of the East
Haven, Connecticut property in a transaction structured to be a tax-deferred
exchange in accordance with section 1031 of the Internal Revenue Code. In
accordance with the agreement of sale for the portion of East Haven property,
the buyer remitted to NPAMLP $850, which was comprised of a $350 deposit and
$500 of the cost to terminate the anchor tenant. The net cost of the lease
termination of $1,200 has been capitalized. The sale of the East Haven property
was completed in July 2007. As a result of the sale, NPAMLP recognized a net
gain on sale for this transaction in the amount of $2,174 in the third quarter.
In August 2007, NPAMLP completed the purchase side of the tax-deferred exchange
transaction with the purchase of a leasehold interest in a CVS store in
Lawndale, California.

In July 2007, NPAMLP sold the property in Huntington, West Virginia. Net
proceeds from the sale in the amount of $1,421 were retained by NPAMLP. As a
result of this transaction, NPAMLP recognized a net loss of $286. In accordance
with SFAS 144, NPAMLP recognized this loss as an impairment charge in the second
quarter of 2007. The balance of the wraparound mortgage indebtedness, net of
discounts, in the amount of $2,101 remains a liability of NPAMLP.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information concerning market risk is incorporated herein by reference to Item
7A of the Company's Form 10-K for the fiscal year ended December 31, 2006. There
has been no material change in the quantitative and qualitative disclosure about
market risk since December 31, 2006.

Item 4. 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 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.


                                       10

<PAGE>

                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings

NPAMLP is involved in various claims and legal actions arising in the ordinary
course of property operations. In the opinion of the General Partners, the
ultimate disposition of these matters will not have a material adverse effect on
NPAMLP's financial position, results of operations or liquidity.

Item 1A. Risk Factors

                                                                 Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

                                                                 Not applicable.

Item 3. Defaults Upon Senior Securities

                                                                 Not applicable.

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

                                                                 Not applicable.

Item 5. Other Information

                                                                 None.

Item 6.  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>


                                       11

<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: November 13, 2007

                                   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


                                       12