<PAGE>
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 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 September 30, 2005.

                                       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 of other jurisdiction               (I.R.S. Employer Identification No.)
incorporated or organization)
</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)

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 an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [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 units of limited partnership interest outstanding as of
the latest practicable date.

<TABLE>
<CAPTION>
Units of Limited Partnership Interest              97,752 units
-------------------------------------   ----------------------------------
<S>                                     <C>
               (Class)                  (Outstanding at November 11, 2005)
</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, 2005 and December 31, 2004        1

   Combined Statements of Operations and Changes in Partners' Deficit
      - Three and nine months ended September 30, 2005 and 2004              2

   Combined Statements of Cash Flows
      -Nine months ended September 30, 2005 and 2004                         3

   Notes to Combined Financial Statements                                    4

Item 2. Management's Discussion and Analysis of Results of Operations
        and Financial Condition.                                             8

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 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,
                                                                           2005            2004
                                                                       -------------   ------------
                                                                        (UNAUDITED)
<S>                                                                    <C>             <C>
                               ASSETS
Rental property, at cost:
   Land                                                                   $ 10,294       $ 11,167
   Buildings                                                               149,260        156,440
                                                                          --------       --------
                                                                           159,554        167,607
   Less: accumulated depreciation                                           92,465         94,944
                                                                          --------       --------
      Rental property, net                                                  67,089         72,663
Cash and cash equivalents                                                    1,205            902
Restricted cash                                                              1,081            806
Investment securities available for sale, at market                            702          1,137
Tenant accounts receivable, net of allowance of $30 for
   2005 and 2004, respectively                                                 153             56
Unbilled rent receivable                                                       162            140
Accounts receivable and other assets (1)                                     1,132          1,987
                                                                          --------       --------
Total assets                                                              $ 71,524       $ 77,691
                                                                          ========       ========

                  LIABILITIES AND PARTNERS' DEFICIT

Wraparound mortgages payable (1)                                          $196,905       $218,359
Less: unamortized discount based on imputed interest rate of 12% (1)        84,970         98,007
                                                                          --------       --------
      Wraparound mortgages payable less unamortized discount (1)           111,935        120,352
Due to Pension Groups (1)                                                    2,735          1,339
Other borrowings (1)                                                         1,498          1,558
Accounts payable and other liabilities (1)                                   3,214          2,937
Deferred revenue                                                               230            238
Finance lease obligation                                                     1,750          1,750
                                                                          --------       --------
      Total liabilities                                                    121,362        128,174
Unrealized gain (loss) on investment securities                                 63             77
Partners' deficit                                                          (49,901)       (50,560)
                                                                          --------       --------
      Total partners' deficit                                              (49,838)       (50,483)
                                                                          --------       --------
Total liabilities and partners' deficit                                   $ 71,524       $ 77,691
                                                                          ========       ========
</TABLE>

(1) See Note 3: Related Party Transactions.

See accompanying notes to combined financial statements.

<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            NINE MONTHS
                                                                           ENDED                   ENDED
                                                                        SEPTEMBER 30,          SEPTEMBER 30,
                                                                   ---------------------   ---------------------
                                                                      2005        2004        2005        2004
                                                                   ---------   ---------   ---------   ---------
<S>                                                                <C>         <C>         <C>         <C>
Income:
   Rental income                                                   $   3,283   $   2,742   $  10,117   $   8,515
   Other charges to tenants                                            1,127       1,006       3,421       3,000
   Interest and dividend income                                           16          18          69          80
                                                                   ---------   ---------   ---------   ---------
      Total income                                                     4,426       3,766      13,607      11,595
                                                                   ---------   ---------   ---------   ---------
Operating expenses:
   Interest expense (1)                                                3,523       2,040       9,093       6,064
   Real estate taxes                                                     881         868       2,612       2,303
   Management fees (1)                                                   128         244         574         592
   Common area maintenance expenses                                      518         350       1,669       1,722
   Ground rent (1)                                                       128          65         444         447
   Repairs and maintenance                                               145          30         382         269
   General and administrative                                             68         243         347         857
   Depreciation                                                        1,150       1,043       3,598       3,186
   Amortization                                                           76          54         179         171
                                                                   ---------   ---------   ---------   ---------
      Total operating expenses                                         6,617       4,937      18,898      15,611
                                                                   ---------   ---------   ---------   ---------
      Operating loss                                                  (2,191)     (1,171)     (5,291)     (4,016)
Other income (loss):
   Realized gain (loss) on investment securities                          --          --          (9)         50
                                                                   ---------   ---------   ---------   ---------
      Loss from continuing operations                                 (2,191)     (1,171)     (5,300)     (3,966)
Discontinued operations:
   Loss from operations of discontinued components                      (181)     (2,342)       (484)     (1,184)
   Gain on disposition of properties, net                              1,083       5,344       1,372       3,784
   Forgiveness of wraparound mortgages payable
      on disposition of properties (1)                                    --          --       5,071       3,440
                                                                   ---------   ---------   ---------   ---------
      Net income (loss)                                               (1,289)      1,831         659       2,074
Partners' deficit:
   Beginning of period                                               (48,567)    (52,974)    (50,483)    (53,209)
   Net change in unrealized gain (loss) on investment securities          18          92         (14)         84
                                                                   ---------   ---------   ---------   ---------
   End of period                                                    ($49,838)   ($51,051)   ($49,838)   ($51,051)
                                                                   =========   =========   =========   =========
Net income (loss) per unit                                          ($ 13.19)  $   18.73   $    6.74   $   21.22
                                                                   =========   =========   =========   =========
</TABLE>

(1) See Note 3: Related Party Transactions.

See accompanying notes to combined financial statements.

<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,
                                                                                -------------------
                                                                                  2005       2004
                                                                                --------   --------
<S>                                                                             <C>        <C>
Cash flows from operating activities:
   Net income                                                                   $    659   $  2,074
   Adjustments to reconcile net income to net cash
      provided by (used in) operating activities:
      Depreciation                                                                 3,699      3,986
      Amortization of discount (1)                                                 6,983      5,821
      Reduction in provision for bad debts                                            --       (120)
      Net gain on disposition of properties including
         forgiveness of wraparound mortgages payable (1)                          (6,443)    (8,784)
      Gain on financed lease obligation                                               --       (400)
      Realized loss on investment securities                                          (9)       (50)
      Change in assets and liabilities:
            (Increase) decrease in tenant accounts receivable                        (97)       131
            (Increase) decrease in unbilled rent receivable                          (22)       152
            Increase in other assets (1)                                             855         36
            Increase (decrease) in accounts payable and other liabilities (1)        277       (584)
            (Decrease) increase in deferred revenue                                   (8)       216
                                                                                --------   --------
         Net cash provided by operating activities                                 5,894      2,478
                                                                                --------   --------
Cash flows from investing activities:
   Disposition of properties                                                       4,076     11,045
   Improvements to rental property                                                  (829)    (1,287)
   (Increase) decrease in restricted cash                                           (275)       246
   Purchase of investment securities                                                (257)      (185)
   Sale of investment securities                                                     687        405
                                                                                --------   --------
         Net cash provided by investing activities                                 3,402     10,224
                                                                                --------   --------
Cash flows from financing activities:
   Payments on wraparound mortgages (1)                                          (10,329)   (13,516)
   Increase in due to/from pension groups                                          1,396         --
   (Payments on) proceeds from other borrowings                                      (60)       425
                                                                                --------   --------
         Net cash used in financing activities                                    (8,993)   (13,091)
                                                                                --------   --------
         Increase (decrease) in cash and cash equivalents                            303       (389)
Cash and cash equivalents:
Beginning of period                                                                  902        773
                                                                                --------   --------
End of period                                                                   $  1,205   $    384
                                                                                ========   ========
Supplemental disclosure of cash flow information:
   Cash paid during the period for interest                                     $  7,339   $  7,251
Supplemental disclosure of non-cash investing and financing activities:
   Reduction in wraparound mortgages from forgiveness
      or assumption of debt, net of related discount                            $  5,071   $  3,939
   Net book value of properties conveyed                                        $  2,704   $  6,200
                                                                                ========   ========
</TABLE>

(1) See Note 3: Related Party Transactions.

See accompanying notes to combined financial statements.

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2005
                             (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, 2004.

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 Other Assets on the Combined Balance Sheets at
September 30, 2005. 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 September 30, 2005. 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), Penn Valley Pension Group (PVPG) and Main
Line Pension Group hold the Wraparound mortgages payable. Lipkin controls NPAEP
and PVPG, which collectively own approximately 97% 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 $1,756 and $1,705
due EBL&S at September 30, 2005 and December 31, 2004, respectively.

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.

In October 2005, a limited liability Company controlled by Lipkin acquired the
land in San Mateo, California that is leased by NPAMLP. NPAMLP leases the land
under a ground lease that is scheduled to expire in February 2025. Annual rent
due under the ground lease is $96.


                                        4

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2005
                             (dollars in thousands)

Note 4: Major Tenants

NPAMLP's primary anchor tenant is Kmart Corporation and its subsidiaries
("Kmart"), which, for the nine months ended September 30, 2005 and 2004
accounted for approximately 27% and 33%, 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 September
30, 2005, NPAMLP had 11 remaining leases with Kmart aggregating approximately
1,042,000 square feet. As of September 30, 2005, Kmart was current with respect
to its obligations for its remaining leases (see Management's Discussion and
Analysis - Liquidity and Capital Resources).

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.

Note 6: Disposition of Properties / Subsequent Event

In July, 2005 NPAMLP sold a portion of the property in Waverly, Ohio to the
anchor tenant at this property. As a result of this sale, a net gain of $916 was
recognized in the third quarter of 2005.

In September, 2005 NPAMLP sold the property in Cahokia, IL to the tenant at this
property. As a result of this sale, a net gain of $167 was recognized in the
third quarter of 2005.

In November, 2005 NPAMLP sold the property in Ardmore, OK to an unrelated third
party. As a result of this sale, a net gain of approximately $1,170 will be
recognized in the fourth quarter of 2005.

Note 7: Future Interest Agreement

In March 2003 NPAMLP, NPAEP and PVPG, entered into an Agreement, effective as of
January 1, 2003 (the "2003


                                        5

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2005
                             (dollars in thousands)

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
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.


                                        6

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

               Notes to Combined Financial Statements (Unaudited)
                               September 30, 2005
                             (dollars in thousands)

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.


                                        7

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                             (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 and investing activities for the nine-month
period ended September 30, 2005 was $5,894 and $3,402, respectively. Net cash
used in financing activities was $8,993. As a result of the above, there was a
$303 increase in cash and cash equivalents for the nine months ended September
30, 2005.

As of September 30, 2005 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 based on a variable rate (6.25% at September 30,
2005) 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, 2005, there were $1,498 of
advances and $141 of related accrued interest under the NPAMLP Line.

As of September 30, 2005, the third party underlying mortgages were current for
all the properties.

As of September 30, 2005, NPAMLP was obligated for approximately $213 of capital
commitments, which are primarily for tenant improvements and capital repairs.

Critical Accounting Policies

There were no significant changes to NPAMLP's critical accounting policies and
estimates during the three-month period ended September 30, 2005.

Results of Operations

NPAMLP owned 30 and 32 properties at September 30, 2005 and 2004, respectively.

NPAMLP's primary anchor tenant is Kmart, which accounted for approximately 27%
and 33% of the rental income earned by NPAMLP for the three months ended
September 30, 2005 and 2004, respectively. 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 September 30, 2005, NPAMLP had 11 remaining leases with Kmart
aggregating approximately 1,042,000 square feet.

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


                                        8

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                             (dollars in thousands)

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 September 30, 2005, the carrying value of
this property was $6,675 and the balance of the related wraparound mortgages
payable, net of discounts, was $3,368.

In July, 2005 NPAMLP sold a portion of the property in Waverly, Ohio to the
anchor tenant at this property. As a result of this sale, a net gain of $916 was
recognized in the third quarter of 2005.

In September, 2005 NPAMLP sold the property in Cahokia, IL to the tenant at this
property. As a result of this sale, a net gain of $167 was recognized in the
third quarter in 2005.

In the fourth quarter of 2004, NPAMLP sold the properties in Crescent City,
California and International Falls, Minnesota, in transactions structured to be
tax-deferred exchanges in accordance with Section 1031 of the Internal Revenue
Code. The purchase side of these transactions was not completed by NPAMLP. NPAEP
agreed to forgive the balance of the wraparound mortgages that it held on these
properties and as a result, NPAMLP recognized a gain on the forgiveness of the
wraparound mortgages, net of discounts, of $1,062 in the second quarter of 2005.

In May, 2005, NPAMLP sold the property in Bowling Green, Ohio to an unrelated
third party. As a result, a net gain, including the forgiveness of wraparound
mortgages, net of discounts, of $4,298 was recognized in the second quarter of
2005

In August 2004, NPAMLP sold the properties in Menominee, Michigan and Sault Ste.
Marie, Michigan and in September 2004 the property in Steger, Illinois was sold.
All three of these property sales were transactions structured to be a
tax-deferred exchanges in accordance with Section 1031 of the Internal Revenue
Code. As a result of these sales, a net gain of $3,808 was recognized in the
third quarter.

In May 2004, the Ocala, Florida property and a parcel of the Cottage Grove,
Minnesota parcel were sold. The Ocala sale transaction was structured to be a
tax-deferred exchange in accordance with Section 1031 of the Internal Revenue
Code. The purchase side of this transaction was completed in the fourth quarter
of 2004. As a result of this transaction, a net gain for $1,229 was recognized.
At the time of the sale the balance of the wraparound mortgage encumbering the
Ocala property was $2,920. At closing the wraparound mortgage was paid down by
$2,270 and the remaining balance of $948, net of discounts, remains a liability
of NPAMLP. The Cottage Grove sale resulted in a net gain of $1,047.

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).

Loss from continuing operations increased for the three and nine-month periods
ended September 30, 2005 versus September 30, 2004 by $1,020 and $1,334,
respectively. The increase in net loss for the three and nine-month periods
ended September 30, 2005 was primarily due to increases in interest expense
arising from the properties acquired to complete tax deferred sale transactions.
The increase in interest expense was partially offset by increases in rental
income attributable to the properties acquired in 2004.


                                        9

<PAGE>

              NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP
                             (A LIMITED PARTNERSHIP)

                             (dollars in thousands)

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, 2004. There
has been no material change in the quantitative and qualitative disclosure about
market risk since December 31, 2004.

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 business. 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 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 11, 2005


                                        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