SECURITIES AND EXCHANGE COMMISSION

                             Washington, DC  20549


                                   Form 8-K

                                CURRENT REPORT



                     Pursuant to Section 13 or 15(d) of the
                       Securities and Exchange Act of 1934


        Date of Report (Date of earliest event reported) October 16, 1996

                         RETAIL PROPERTY INVESTORS, INC.
             (Exact name of registrant as specified in its charter)

     Virginia                       0-18247                   04-3060233
     --------                       -------                   ----------
(State or other jurisdiction)    (Commission                (IRS Employer
   of incorporation               File Number)              Identification No.)



265 Franklin Street, Boston, Massachusetts                            02110
(Address of principal executive offices)                            (Zip Code)

Registrant's telephone number, including area code (617) 439-8118


            (Former name or address, if changed since last report)



<PAGE>


                                        FORM 8-K
                                     CURRENT REPORT

                             Retail Property Investors, Inc.

ITEM 2 - Disposition of Assets

     On October 17, 1996, Retail Property Investors, Inc. (the "Company") closed
the  sale  of  substantially   all  of  its  assets  to  Glimcher  Realty  Trust
("Glimcher")  for an aggregate  purchase  price of  $197,000,000  (the  "Sale"),
pursuant  to the  Purchase  and Sale  Agreement  by and among  Glimcher  and the
Company,  PaineWebber  Retail Property  Investments,  Ltd.,  PaineWebber  Retail
Property  Investments  Joint  Venture,   PaineWebber  College  Plaza,  L.P.  and
PaineWebber Marion Towne, L.P. (collectively,  the "Sellers"), dated as of March
11,  1996,  as amended by the letter  agreements  by and among  Glimcher and the
Sellers,  dated as of May 12, 1996,  May 14, 1996,  May 30, 1996,  June 6, 1996,
June 13,  1996,  June 19, 1996 , June 27, 1996 and October 16, 1996 (as amended,
the "Sale Agreement"). As a result of the Sale, Glimcher purchased the Company's
entire portfolio of properties,  consisting of 22 retail shopping  centers.  The
Company received net sale proceeds from the transaction of $36,370,502 after the
prepayment or assumption of all of the Company's mortgage indebtedness, payments
of certain  closing  costs as well as credits due from the buyer at closing.  In
addition the Company retained rights to $417,804 in aged accounts receivable and
$622,339 in additional tenant  reimbursements to be collected  subsequent to the
closing.

     At a special meeting of the shareholders of the Company held on October 16,
1996, the shareholders approved, upon the unanimous  recommendation of the Board
of  Directors of the Company,  the Sale and the Sale  Agreement,  as well as the
complete  and  voluntary  liquidation  of the  Company  pursuant  to the Plan of
Liquidation  and  Dissolution  of the Company.  Accordingly,  the  remaining net
assets of the Company will be converted to cash and the net sale proceeds, along
with  the  Company's  accumulated  cash  reserves  will  be  distributed  to the
shareholders.  The Company plans to make such  distributions to the shareholders
by  December  31,  1996.  Based on  preliminary  estimates  as set  forth in the
Company's  Proxy Statement  dated August 23, 1996 (the "Proxy  Statement"),  the
Company  anticipated  distributing  cash of at least  $8.50 per  share  prior to
December 31, 1996.  In the event it is not possible or practical for the Company
fully to liquidate  its  remaining  assets and satisfy all  remaining  claims by
December  31,  1996,  the  shareholders  will receive by such date (i) a partial
distribution of cash representing a substantial portion of the total anticipated
distributions, and (ii) beneficial interests in a liquidating trust, established
to liquidate  such assets and satisfy or provide for such claims,  in proportion
to their respective holdings of the outstanding shares of Common Stock.

ITEM 7 - Financial Statements and Exhibits

   (a)   Financial Statements:  None

   (b)   Proforma Financial Information (incorporated herein by reference to the
         Proxy  Statement filed  with  the  Securities and Exchange   Commission
         (the "Commission") on August 23, 1996).
         
   (c)   Exhibits:

            (2.1)  Plan  of   Liquidation   and   Dissolution   of  the  Company
                   (incorporated  herein  by  reference  to Annex C to the Proxy
                   Statement filed with the Commission on August 23, 1996).

            (10.1) Sale Agreement  (incorporated  herein by reference to Annex A
                   to the Proxy  Statement  filed with the  Commission on August
                   23, 1996).
 
            (10.2) Amendment to the Sale  Agreement  dated  October 16, 1996.

            (10.3) Closing Escrow  Agreement,  dated June 27, 1996, by and among
                   the   Sellers,   Glimcher,    Glimcher   Properties   Limited
                   Partnership   and   Lawyers   Title   Insurance   Corporation
                   (incorporated  herein  by  reference  to Annex B to the Proxy
                   Statement filed with the Commission on August 23, 1996).
   
            (20.1) The Company's Proxy  Statement (filed  with the Commission on
                   August 23, 1996 and incorporated herein by reference).

            (99.1) Company/Glimcher Closing Statement dated October 17, 1996.

    


<PAGE>


                                    FORM 8-K

                                 CURRENT REPORT

                         RETAIL PROPERTY INVESTORS, INC.




                                   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.

                         RETAIL PROPERTY INVESTORS, INC.
                                  (Registrant)




                              By: /s/ Walter V. Arnold
                                  --------------------
                                  Walter V. Arnold
                                  Senior Vice President and
                                  Chief Financial Officer




Date:  October 31, 1996

<PAGE>
Exhibit 10.2


                             Glimcher Realty Trust
                    Glimcher Properties Limited Partnership
                             20 South Third Street
                              Columbus, Ohio 43215


October 16, 1996

Retail Property Investors, Inc.
PaineWebber Retail Property Investors, Ltd.
PaineWebber Retail Property Investments
     Joint Venture
PaineWebber College Plaza, L.P.
PaineWebber Marion Towne, L.P.
c/o PaineWebber Properties Incorporated
265 Franklin Street, 16th Floor
Boston, MA  02110

     Re: Purchase and Sale Agreement (as amended to date, the "Sale  Agreement")
dated as of March 11, 1996 by and among Retail Property  Investors,  Inc., et al
(collectively, the "Sellers") and Glimcher Realty Trust (the "GRT").

Gentlemen:

     Reference is made to (a) the Sale  Agreement  and (b) that certain  Closing
Escrow Agreement (the "Closing Escrow  Agreement")  dated as of June 27, 1996 by
and among  the  Sellers,  GRT,  Glimcher  Properties  Limited  Partnership  (the
"Purchaser")  and Lawyers  Title  Insurance  Corporation  (the  "Closing  Escrow
Agent").  Each initially  capitalized term used herein and not otherwise defined
shall have the meaning ascribed thereto in the Closing Escrow Agreement.

     The Sellers' Closing Notice has been given and the Closing Escrow Agent has
been instructed to complete the Equity  Disbursement  and to thereafter take the
actions  described  on Schedule  B-2 to the Closing  Escrow  Agreement,  each as
modified by the Closing Statement  attached hereto as Schedule 2. Closing Escrow
Agent agrees to make the Equity Disbursement in accordance with the instructions
listed on Schedule 1 attached hereto.

     Sellers,  Purchaser and GRT hereby agree upon the adjustments  contained in
the  settlement   statement   attached   hereto  as  Schedule  2  (the  "Closing
Statement").

     Purchaser  and GRT have  instructed  the  applicable  Seller to execute and
deliver the lease amendments listed on Schedule 3 attached (in the form attached
to the June 27, 1996 letter  agreement  constituting  part of the Sale Agreement
(the "June 27 Amendment")). The applicable Seller shall execute and deliver such
lease  amendments in full  satisfaction of Sellers'  obligations with respect to
those lease  amendments  under the June 27  Amendment.  Purchaser and GRT hereby
acknowledge  and agree that the execution  and delivery of the lease  amendments
together  with  all  consequences  thereof  is and  shall  be  Purchaser's  sole
responsibility.  GRT hereby agrees that any damages and/or liabilities  incurred
by  Sellers  by  reason  of the  applicable  Seller's  execution  of such  lease
amendments  are hereby  included in GRT's  obligation  to indemnify,  defend and
hold Sellers  harmless under that certain  Indemnification  Agreement dated June
27, 1996 from GRT to Sellers (the "Indemnification Agreement").

      Purchaser and GRT recognize that the holder of the Assumed Indebtedness on
Applewood  has required that the  management  be retained by Regency  unless and
until a  comparable  level of  management  ability  is  demonstrated  by the new
ownership.  Purchaser and GRT hereby  acknowledge  and agree that the failure to
comply with such holder's  requirement together will all consequences thereof is
and shall be Purchaser's sole responsibility. GRT hereby agreed that any damages
and/or liabilities  incurred by Sellers by reason of the Purchaser's  failure to
comply with the holder's requirements are hereby included in GRT's obligation to
indemnify, defend and hold Sellers harmless under the Indemnification Agreement.

     Purchaser  hereby  acknowledges  receipt  of an  appropriate  credit in the
closing Statement as complete and full  compensation for the Sellers'  liability
arising from the existence of phenolic foam  insulation at the Properties  known
as Barren River Plaza and Applewood and hereby  releases and waives any right or
claim  that  Purchaser  might have under the Sale  Agreement  or the  Management
Agreement  or  otherwise  against  the Sellers  arising  from the  existence  of
phenolic  insulation at such  Properties.  Sellers hereby assign and transfer to
Purchaser  for the  benefit of  Purchaser  any and all rights or claims  held by
Sellers under any warranty,  express or implied,  or otherwise  arising from the
existence of phenolic foam  insulation at the  properties  known as Barren River
Plaza and Applewood.  To the extent Sellers,  Purchaser and the  manufacturer of
the phenolic foam insulation have not entered into a written agreement regarding
the remediation  thereof,  Purchaser is entitled to negotiate  directly with the
manufacturer and Sellers have no further obligations with respect thereto.

      Purchaser  hereby  acknowledges  receipt of an  appropriate  credit in the
Closing Statement as complete and full compensation under the Sale Agreement and
the Management Agreement for the Sellers'  responsibility for expenditures under
the Capital Budget (as defined in the Sale Agreement).

      Sellers  acknowledge  and agree  that Net Cash Flow  under the  Management
Agreement has been  reconciled  and agreed upon through July 31,1996  outside of
the  Closing  Statement.  Within  five (5)  Business  Days after the date hereof
Purchaser  shall  calculate  the Net Cash  Flow for the  months  of  August  and
September, 1996, provide the Sellers with all backup therefor and remit Past Due
Rents to  Sellers in  accordance  with the terms of the Sale  Agreement.  Within
fifteen (15) days after October 31, 1996 Purchaser  shall calculate the Net Cash
Flow for the month of October,  1996,  provide  Sellers with all backup therefor
and remit Past Due Rents (to the extent collected) to Sellers in accordance with
the terms of the Sale Agreement.  To the extent that  adjustments and prorations
have not been made or such items on the closing  Statement,  Net Cash Flow shall
be  calculated  and  Purchasers shall be entitled  to retain  such Net Cash Flow
(consistent with the prior calculations of Net Cash Flow) in accordance with the
terms of the Sale Agreement and the Management  Agreement.  Purchaser  agrees to
provide Sellers with evidences of its reasonable efforts to collect all Past Due
Rent (i.e.,  provide  copies of letters to tenants and provide copies of reports
regarding follow up phone calls and cash receipts and aged  delinquency  reports
etc.).

      Purchaser and Sellers have agreed that Closing Escrow Agent shall hold out
of the Equity  Distribution  150% of the amount of the mechanic's lien listed on
Schedule 4 attached hereto in escrow pending  resolution or release of the lien.
Sellers  believe  that the  obligation  to  satisfy  this  lien is the  tenant's
obligation.  Purchaser  agrees to use  diligent  efforts  to cause the tenant to
satisfy or discharge the lien (but Purchaser  shall not be required to incur any
expense,  commence any litigation or terminate the lease). In the event, despite
such diligent efforts, such tenant has not satisfied or discharged or caused the
satisfaction  or  discharge  of the lien  within  thirty (30) days from the date
hereof,  Sellers  shall have the right to sue the  tenant.  Purchaser  agrees to
cooperate, at Sellers' expense, with Sellers in the pursuit of any such suit. In
the event the lien has been  satisfied or discharged  on or before  December 31,
1996,  Closing  Escrow Agent shall return said escrow to Sellers within five (5)
business  days or the  resolution  thereof.  In the  event the lien has not been
satisfied or discharged  on or before  December 31, 1996,  Closing  Escrow Agent
shall have the right to pay said lien from said escrow. In any event,  after the
payment or  satisfaction  of the lien, the closing Escrow Agent shall return any
escrow  balance  to the  Sellers  or their  designee.  In the  event the lien is
satisfied or  discharged  out of  the escrow  established  hereunder,  Purchaser
shall use  diligent  efforts (but  Purchaser  shall not be required to incur any
expense, commence any  litigation or terminate the lease) to seek  reimbursement
from said tenant and upon receipt of such reimbursement shall promptly reimburse
Sellers or their designee.

      Sellers have (at their cost and expense) previously delivered to Purchaser
and/or  GRT  copies  of  leases,  contracts,  plans and  specifications  for the
Properties.  Purchaser has requested that the Sellers' original  counterparts be
delivered to the  Purchaser.  To the extent that Sellers have  originals of such
documents  and  materials,  they  will  deliver  such  originals  to  Purchaser.
Purchaser  hereby  agrees to use its  diligent  efforts to return  copies of the
leases,  contracts,  plans and specifications to the Sellers. To the extent that
Purchaser does not return such copies, Purchaser hereby agrees to provide copies
of any and all such  documents and materials to Sellers  promptly  after written
request therefor.

      The letter  agreement  is executed as an  instrument  under seal in one or
more  counterparts,  each of which shall be deemed to be an original  and all of
which shall constitute one and the same instrument.

                                     GLIMCHER REALTY TRUST

                                    By:  /s/ George A. Schmidt
                                            George A. Schmidt, Secretary

                                    GLIMCHER PROPERTIES LIMITED
                                      PARTNERSHIP

                                    By:  Glimcher Properties Corporation,
                                           general partner

                                    By:  /s/ George A. Schmidt
                                            George A. Schmidt, Secretary


Acknowledged and Agreed:

LAWYERS TITLE INSURANCE CORPORATION

By:  /s/ Christopher J. Bruno
Name:  Christopher J. Bruno
Title:  Counsel


<PAGE>


Executed by the undersigned this 17th day of October, 1996.

                                    RETAIL PROPERTY INVESTORS, INC., a
                                    Virginia Corporation

                                    By:  /s/ Walter V. Arnold
                                    Name:  Walter V. Arnold
                                    Title:  Senior Vice President


                                    PAINEWEBBER RETAIL PROPERTY
                                    INVESTMENTS, LTD., a Texas limited
                                    partnership

                                    By:  Retail Property Investors, Inc.,
                                            General Partner

                                       By:  /s/ Walter V. Arnold
                                       Name:  Walter V. Arnold
                                       Title:  Senior Vice President


                                    PAINEWEBBER RETAIL PROPERTY
                                    INVESTMENTS JOINT VENTURE, a
                                    Texas Joint Venture


                                    By:  Retail Property Investors,Inc.,
                                            a Venturer thereof

                                       By:  /s/ Walter V. Arnold
                                       Name:  Walter V. Arnold
                                       Title:  Senior Vice President

                                    By:  PaineWebber Properties
                                          Incorporated a
                                          Venturer thereof

                                       By:  /s/ Walter V. Arnold
                                       Name:  Walter V. Arnold
                                       Title:  Senior Vice President



                                    PAINEWEBBER COLLEGE PLAZA, L.P., a
                                    Texas limited partnership


                                    By:  Retail Property Investors, Inc.,
                                           General Partner

                                       By:  /s/ Walter V. Arnold
                                       Name:  Walter V. Arnold
                                       Title:  Senior Vice President

                                    PAINEWEBBER MARION TOWNE, L.P., a
                                    Texas limited partnership


                                    By:  Retail Property Investors, Inc.,
                                           General Partner

                                       By:  /s/ Walter V. Arnold
                                       Name:  Walter V. Arnold
                                       Title:  Senior Vice President

<PAGE>
Exhibit 99.1

<TABLE>
Buyer's Closing Statement
                                                                      Schedules
<CAPTION>
<S>                                                                    <C>                      <C>           <C>
Assumed Debt at Escrow Closing                                         Esc. Close Stmt.                       $  117,452,602.17
Prepaid Indebtedness at Escrow Closing                                 Esc. Close Stmt.                       $   42,146,272.00
Seller Equity                                                          Esc. Close Stmt.                       $   37,401,125.83
                                                                                                              -----------------
Purchase Price                                                                                                $  197,000,000.00
      less Amortization of Prepaid Indebtedness                                                               $    (387,638.23)
      less Amortization of Assumed Debt                                                                       $    (354,160.01)
                                                                                                              ----------------
Purchase Price less Amortization during Escrow Period                                                         $  196,258,201.76
     less Assumed Debt at Closing                                     1                                       $ (117,098,442.16)
                                                                                                              -----------------
Purchase Price less Assumed Debt                                                                              $   79,159,759.60
I. Third Party Costs to be paid by Buyer at Final Closing
          a. Asmpt. Fees (excl. fee due Capital Advisors)             2                        $1,009,189.08
          b. Consent/Processing Fees                                                           $           -
          c. Mortgage Taxes                                           4                        $   28,664.85
          d. Prepayment Fees                                          5                        $  411,954.45
          e. Lenders' legal fees                                      6                        $   44,466.19
          f. Other lender costs                                       7                        $           -
               i) October Interest to Lenders                         22                       $  182,273.37
              ii) Late Fees to Lenders                                22                       $    9,960.17
            (iii) Lender Escrows                                      22                       $ (276,920.35)
          g. Recording fees                                           8                        $   11,000.00
          h. Escrow fees                                              9                        $           -
          i. Other costs/expenses (incl. warr. transfer costs)                                 $   10,000.00
          j. Title insurance                                          10                       $  173,673.92
     Total Sec. 13.6 Costs to be paid by Buyer                                                                $ 1,604,261.68
                                                                                                              --------------
Subtotal                                                                                                      $80,764,021.28
                                                                                                              ==============

II. Amounts Due Seller from Buyer at Final Closing
     1) RPI Interest Factor                                           14                       $   657,245.37
     2) % Rents From Oper. Acct. Due Seller                           13                       $            -
     3) Other Items from Oper. Acct. Due Seller                       13                       $    46,729.00
     4) Cross Creek Plaza Escrow Deducted from payoff                 22                       $   182,172.35
     5) Other Escrows with lender                                     15                       $   193,304.84
     6) RPI A/R Collected during E.C. Period                          13                       $   291,528.00
     7) Assumption Fees Paid by Seller                                 2                       $   161,795.34
     8) Consent/Processing Fees Paid by Seller                         3                       $    26,000.00
     9) Lender Legal Fees paid by Seller                               6                       $     7,500.00
    10) Overfunding of Operating Account Due Seller                   13                       $    58,714.00
                                                                                               --------------
Net Amounts Due Seller from Buyer at Final Closing                                                            $ 1,624,988.90

III. Amounts Due Buyer from Seller at Final Closing
    1) Tax Proration                                                  12                       $  (717,042.71)
     2) Net Cash Flow from 5/14/96 to ECD                             18                       $  (662,796.09)
     3) Capital Repairs Escrow                                        13                       $  (498,300.00)
     4) Prepaid Insurance Due Buyer                                   13                       $  (214,674.00)
     5) Applewood/Barren Roofs                                                                 $   (73,366.00)
     6) 50% of Escrow Storage Fee                                                              $    (1,250.00)
     7) Buyer Portion of Title Insurance                              10                       $    (2,207.00)
                                                                                               ------------
Net Amounts Due Buyer from Seller at Closing                                                                  $(2,169,635.80)
                                                                                                              --------------


Amount to be Funded by Buyer at Final Closing                                                                 $ 80,219,374.38
                                                                                                              ---------------

Amount Funded by Buyer at ECD                                                                                 $ 81,221,008.96
                                                                                                              ---------------

Amount Buyer Overfunded at Escrow Closing                                                                     $  1,001,634.58
                                                                                                              ---------------

Reconciliation
     Amount Funded by Buyer at Final Closing                                                                  $ 80,219,374.38
     less Buyer payments to third parties                                                                     $ (1,604,261.68)
     less amounts due Seller from Buyer                                                                       $ (1,624,988.90)
     plus amounts due Buyer from Seller                                                                       $  2,169,635.80
     less Prepaid Indebtedness at Closing                             5                                       $(41,758,633.77)
                                                                                                              ----------------

     Seller Equity                                                                                            $ 37,401,125.83
                                                                                                              ----------------
</TABLE>
<PAGE>
<TABLE>
 Seller's Closing Statement
<CAPTION>
                                                                       Schedules
                                                                       ---------
<S>                                                                    <C>                      <C>           <C>
 Purchase Price                                                         Esc. Closing  Stmt.                    $  197,000,000.00
      less Prepaid Indebtedness at Escrow Closing                                                               $  (42,146,272.00)
      less Assumed Debt at Escrow Closing                               Esc. Closing  Stmt.                    $ (117,452,602.17)
                                                                                                               -----------------
 Purchase Price less Assumed  Debt                                                                             $   37,401,125.83


 I. Third Party Costs to be Paid by Seller at Final Closing

      1) Lender Late Fees                                                   22                  $   (1,438.00)
      2) Fees to Capital Advisors (Royal loans)                              2                  $  (42,692.06)
      3) 150% Escrow for Walterboro Mechanic's Lien                                             $  (12,000.00)
      4) Section 13.6 Costs (Transfer taxes)                                11                  $ (429,846.15)
                                                                                               ----------------
 Total Third Party Costs to be Paid by Seller at Closing                                                       $     (485,976.21)


 II. Amounts Due Seller from Buyer at Final Closing
      1) RPI Interest Factor                                                14                 $   657,245.37
      2) % Rents From Oper. Acct. Due Seller                                13                 $            -
      3) Other Items from Oper. Acct. Due Seller                            13                 $    46,729.00
      4) Cross Creek Plaza Escrow Deducted from payoff                                         $   182,172.35
      5) Other Escrows with lender                                          15                 $   193,304.84
      6) RPI A/R Collected during E.C. Period                               13                 $   291,528.00
      7) Assumption Fees Paid by Seller                                      2                 $   161,795.34
      8) Consent/Processing Fees Paid by Seller                              3                 $    26,000.00
      9) Lender Legal Fees paid by Seller                                    6                 $     7,500.00
     10) Overfunding of Operating Account                                   13                 $    58,714.00
                                                                                               --------------
 Net Amounts Due Seller from Buyer at final Closing                                                            $    1,624,988.90



 III. Amounts Due Buyer from Seller at Final Closing
      1) Tax  Proration                                                    12                   $ (717,042.71)

      2) Cash Flow from 5/14/96to ECD                                      18                   $ (662,796.09)

      3) Capital Repairs Escrow                                            13                   $ (498,300.00)

      4) Prepaid Insurance Due Buyer                                       13                   $ (214,674.00)

      5) Applewood/Barren  Roofs
                                                                                                $  (73,366.00)

      6) 50% of Escrow Storage Fee
                                                                                                $   (1,250.00)

      7) Buyer Portion of Title Insurance                                  10                   $   (2,207.00)


                                                                                                -------------
 Net Amounts Due Buyer from Seller at Final Closing                                                            $   (2,169,635.80)






 Amount Due Seller at Closing                                                                                  $   36,370,502.72

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




 Other Amounts Due Seller
      -Aged Accounts Receivable                                            20                                 $      417,804.12


      -Reimburseable Additional Rents                                      21                                 $      622,339.30



 Total Amount Due Seller                                                                                      $   37,410,646.14
</TABLE>
<PAGE>
<TABLE>
 Reconciliation/Third Party Disbursements
<CAPTION>
                     Schedule
<S>                                <C>   <C>                     <C>
 Buyer Funding                                                   $ 80,219,374.38

 Third Party Disbursements
 Lenders
      1) Aetna                     22    Crossroads              $   (855,737.67)
                                   22    Sycamore                $ (3,851,337.02)
                                   22    Village  Plaza          $   (189,000.00)
     2)  Travelers                 22    Artesian  Square        $    (53,400.00)
                                   22    Logan Place             $ (1,324,150.00)
                                   22    Piedmont Plaza          $   (101,250.00)
     3)  Modern Woodmen            22    Applewood               $    (38,210.15)
     4)  Royal                     22    Audubon                 $    (54,648.30)
                                   22    Lexington  Pkwy         $    (94,549.53)
                                   22    Roane County            $    (64,262.46)
     5)  General American          22    Aviation Plaza          $        197.00
                                   22    Crossing Meadows        $        340.48
     6)  Nationwide                22    Barren River            $    (78,167.11)
                                   22    Cumberland              $    (48,467.71)
                                   22    East Pointe             $   (108,240.58)
     7) First Union                22    College Plaza           $ (6,869,240.58)
                                   22    Franklin Square         $ (6,639,109.47)
      8) ITT                       22    Cross Creek             $(22,646,814.67)
                                   22    Cypress Bay             $             -
                                   22    Walterboro              $             -
      9) IDS Financial             22    Marion Towne            $    (57,516.73)
      10) Lincoln National         22   Southside Plaza          $    (65,656.06)
 Other Disbursements
      Walterboro Escrow                                          $    (12,000.00)
      Transfer Taxes               11                            $   (429,846.15)
      Lenders Legal Fees            6                            $    (44,466.19)
      Title  Insurance             10                            $   (173,673.92)
      Recording                     8                            $    (11,000.00)
      Warranty Transfer Costs                                    $    (10,000.00)
      Mortgage Taxes                4                            $    (28,664.85)
 TotalDisbursements                                              $(43,848,871.66)

Buyer Funding less Total Disbursements                           $ 36,370,502.72
</TABLE>
<PAGE>
Schedule 1--Assumed Indebtedness

    Property                            Lender               Principal Balance
    --------                            ------               -----------------

Applewood Village                  Modern Woodman            $  3,821,015.00
Artesian Square                    Travelers                 $  5,340,000.00
Audubon Village                    Royal                     $  4,371,863.60
Aviation Plaza                     General American          $  6,733,279.00
Barren River Plaza                 Nationwide                $  8,116,711.11
Crossing Meadows                   General American          $  9,392,507.16
Crossroads Center                  Aetna                     $  6,590,000.00
Cumberland Crossing                Nationwide                $  5,146,770.52
East Pointe Plaza                  Nationwide                $ 11,124,057.91
Lexington Parkway Plaza            Royal                     $  7,563,962.05
Logan Place                        Travelers                 $  2,415,000.00
Marion Towne Center                IDS Financial             $  5,751,672.61
Piedmont Plaza                     Travelers                 $ 10,125,000.00
Roane County Plaza                 Royal                     $  5,140,997.09
Southside Plaza                    Lincoln National          $  6,565,606.11
Village Plaza                      Aetna                     $ 18,900,000.00
                                                             ---------------
TOTAL                                                        $117,098,442.16
                                                             ===============
<PAGE>
Schedule 2--Assumption Fees
<TABLE>
<CAPTION>
                                                                           Assumption          Assumption Fees
                                                                           Fees Paid by RPI    Owed by Buyer
 Property                  Lender                 %     Loan Amount        Prior to ECD.**     at Closing
 --------                  ------                 -     -----------        ---------------     ----------
 <S>                       <C>                    <C>   <C>                <C>                 <C>

Applewood Village          Modern Woodman         1%   $  3,821,015.00                         $  38,210.15
Artesian Square            Travelers              1%   $  5,340,000.00                         $  53,400.00
Audubon Village            Royal               1.25%   $  4,371,863.60                         $  54,648.30
Aviation Plaza             General American       1%   $  6,733,279.00    $ 67,529.79          $    (197.00)
Barren River               Nationwide             1%   $  8,116,711.11                         $  81,167.11
Crossing Meadows           General American       1%   $  9,392,507.16    $ 94,265.55          $    (340.48)
Crossroads Center          Aetna                  1%   $  6,590,000.00                         $  65,900.00
Cumberland Crossing        Nationwide             1%   $  5,146,770.52                         $  51,467.71
East Pointe Plaza          Nationwide             1%   $ 11,124,057.91                         $ 111,240.58
Lexington Parkway Plaza    Royal               1.25%   $  7,563,962.05                         $  94,549.53
Logan Place                Travelers              1%   $  2,415,000.00                         $  24,150.00
Marion Towne Center        IDS Financial          1%   $  5,751,672.61                         $  57,516.73
Piedmont Plaza             Travelers              1%   $ 10,125,000.00                         $ 101,250.00
Roane County Plaza         Royal               1.25%   $  5,140,997.09                         $  64,262.46
Southside Plaza            Lincoln National       1%   $  6,565,606.11                         $  65,656.06
Village Plaza              Aetna                  1%   $ 18,900,000.00                         $ 189,000.00
                                                                         ------------          ------------
                                                      $ 117,098,442.16
Subtotals                                                                $ 161,795.34         $1,051,881.14

less .25% fee due Capital Advisors on Royal loan assumptions
     1) Lexington                                                        $  18,909.91
     2) Roane County                                                     $  12,852.49
     3) Audubon                                                          $  10,929.66
                                                                         -------------
     Total to Capital Advisors  $   42,692.06

                                                                                              ---------------
TOTAL                                                                                         $1,009,189.08

 <FN>
 ** These  assumption  fees have been  previously paid to lender by RPI
prior to Escrow  Closing Date.  RPI will be reimbursed for these fees at Closing
from the  applicable  fees  deposited by Buyer as part of the Escrowed  Purchase
Price
</FN>
</TABLE>
<PAGE>
Schedule 3--Consent/Processing Fees

                                Fees Paid by RPI
     Property                       Lender               Prior to  Esc. Clos.**
     --------                       ------               --------  ------------

Applewood Village                  Modern Woodman
Artesian Square                    Travelers
Audubon Village                    Royal
Aviation Plaza                     General American
Barren River Plaza                 Nationwide            $    3,000.00
College Plaza                      First Union           $           -
Cross Creek Plaza                  ITT
Crossing Meadows                   General American
Crossroads Center                  Aetna                 $    2,500.00
Cumberland Crossing                Nationwide            $    3,000.00
Cypress Bay Plaza                  ITT
East Pointe Plaza                  Nationwide            $    3,000.00
Franklin Square                    First Union           $           -
Lexington Parkway Plaza            Royal
Logan Place                        Travelers
Marion Towne Center                IDS Financial*        $    8,500.00
Piedmont Plaza                     Travelers
Roane County Plaza                 Royal
Southside Plaza                    Lincoln National      $    1,000.00
Sycamore                           Aetna                 $    2,500.00
Village Plaza                      Aetna                 $    2,500.00
Walterboro Plaza                   ITT
                                                         ---------------
Subtotals                                                $   26,000.00

TOTAL

** These  have been  previously  paid to  lender by RPI prior to Escrow  Closing
   Date.  RPI will be reimbursed  for these fees at Closing from the  applicable
   fees deposited by Buyer as part of the Escrowed Purchase Price

*  This amount  includes a $5,000 good faith deposit  refundable at closing.  To
   the extent this deposit is refunded, it shall be credited to Buyer.
<PAGE>
Schedule 4--Mortgage Taxes

    Property                                    Mortgage Tax
    --------                                    ------------

College Plaza                                  $  19,407.40

Cumberland Crossing                            $   5,919.00

Sycamore Square                                $   3,338.45
                                               ------------

TOTAL                                          $  28,664.85

<PAGE>

Schedule 5--Prepayment Fees**

    Property          Lender       Percentage   Amt. Prepaid     Prepayment Fee
    --------          ------       ----------   ------------     --------------

College Plaza       First Union       0%        $ 6,831,706.83   $          -
Cross Creek Plaza      ITT**      Fixed Fee*    $22,691,926.94   $ 120,000.00
Crossroads Center      Aetna                    $   740,000.00   $  49,837.67
Cypress Bay Plaza      ITT**      Fixed Fee*                     $          -
Franklin Square     First Union       0%        $ 6,600,000.00   $          -
Logan Place            Aetna         None       $ 1,300,000.00   $          -
Sycamore               Aetna                    $ 3,595,000.00   $ 242,116.78
Walterboro Plaza       ITT**      Fixed Fee*                     $          -
                                                --------------   ------------

TOTAL                                           $41,758,633.77   $ 411,954.45


*ITT prepayment  penalty  for  all 3  properties  is a  fixed  amount  equal  to
     $120,000.  It is  shown on the  Cross  Creek  Plaza  line  item,  but it is
     applicable to all 3 properties covered by ITT loan.

**Th loan amount for Cross Creek Plaza represents the loan for all 3 properties
     (i.e., Cross Creek Plaza, Cypress Bay Plaza and Walterboro Plaza)
<PAGE>

Schedule 6--Lenders' Legal Fees
                                    Fees Paid  by RPI       Fees to be Paid
Property              Lender        Prior to Esc. Clos.**   by Buyer at Closing
--------              ------        ---------------------   -------------------

Applewood Village    Modern Woodman                               $         -
Artesian Square***   Travelers                                    $  5,529.29
Audubon Village      Royal                                        $  3,945.00
Aviation Plaza       General American                             $         -
Barren River Plaza   Nationwide                                   $ 11,250.00
College Plaza        First Union                                  $         -
Cross Creek Plaza    ITT                                          $         -
Crossing Meadows     General American                             $         -
Crossroads Center    Aetna                 $ 2,500.00             $         -
Cumberland Crossing  Nationwide                                   $  5,465.54
Cypress Bay Plaza    ITT                                          $         -
East Pointe Plaza    Nationwide                                   $  3,132.00
Franklin Square      First Union                                  $         -
Lexington Parkway
 Plaza               Royal                                        $  4,208.71
Logan Place***       Travelers                                    $         -
Marion Towne
  Center             IDS Financial                                $         -
Piedmont Plaza***    Travelers                                    $         -
Roane County Plaza   Royal                                        $  4,285.65
Southside Plaza      Lincoln National                             $  6,650.00
Sycamore             Aetna                $  2,500.00             $         -
Village Plaza        Aetna                $  2,500.00             $         -
Walterboro Plaza     ITT                                          $         -
                                          -----------             -----------
 TOTAL                                     $ 7,500.00             $ 44,466.19



**   These have been  previously  paid to lender by RPI prior to Escrow  Closing
     Date.  RPI will be reimbursed for these fees at Closing from the applicable
     fees deposited by Buyer as part of the Escrowed Purchase Price

*    To the extent these are estimates, any excess of estimated over actual will
     be credited Buyer, and any deficit will be owed by Buyer.

***  The  amount of legal fees  indicated  for this  property  relate to all the
     Travelers' loans.

<PAGE>

Schedule 7--Other Lender Costs

    Property                   Lender                 Costs
    --------                   ------                 ------

Applewood Village         Modern Woodman              $         -

Artesian Square           Travelers                   $         -

Audubon Village           Royal                       $         -

Aviation Plaza            General American            $         -

Barren River Plaza        Nationwide                  $         -

College Plaza             First Union                 $         -

Cross Creek Plaza         ITT                         $         -

Crossing Meadows          General American            $         -

Crossroads Center         Aetna                       $         -

Cumberland Crossing       Nationwide                  $         -

Cypress Bay Plaza         ITT                         $         -

East Pointe Plaza         Nationwide                  $         -

Franklin Square           First Union                 $         -

Lexington
  Parkway Plaza           Royal                       $         -

Logan Place               Travelers                   $         -

Marion Towne Center       IDS Financial               $         -

Piedmont Plaza            Travelers                   $         -

Roane County Plaza        Royal                       $         -

Southside Plaza           Lincoln  National           $         -

Sycamore                  Aetna                       $         -

Village Plaza             Aetna                       $         -

Walterboro Plaza         ITT                          $         -
                                                      -----------

TOTAL                                                 $         -
                                                      ===========
<PAGE>

Schedule 8--Recording Fees*

    Property                         Recording Fees
    --------                         --------------


Applewood Village                       $      500.00


Artesian Square                         $      500.00


Audubon Village                         $      500.00


Aviation Plaza                          $      500.00


Barren River Plaza                      $      500.00

College Plaza                           $      500.00


Cross Creek Plaza                       $      500.00


Crossing Meadows                        $      500.00


Crossroads Center                       $      500.00


Cumberland Crossing                     $      500.00

Cypress Bay Plaza                       $      500.00


East Pointe Plaza                       $      500.00


Franklin Square                         $      500.00


Lexington Parkway Plaza                 $      500.00

Logan Place                             $      500.00


Marion Towne Center                     $      500.00

Piedmont Plaza                          $      500.00


Roane County Plaza                      $      500.00

Southside Plaza                         $      500.00


Sycamore                                $      500.00


Village Plaza                           $      500.00


Walterboro Plaza                        $      500.00



TOTAL                                   $   11,000.00
                                        =============

     *The recording fees have been estimated.  To the extent the actual fees are
in excess of the estimated amount,  Buyer shall be obligated to pay such excess.
To the  extent  the  actual  fees are  less  than the  estimated  amounts,  such
difference shall be returned to Buyer.

<PAGE>
Schedule 9--Escrow Fees

    Property                         Escrow Fees
    --------                         --------------


Applewood Village                       $          -


Artesian Square                         $          -


Audubon Village                         $          -


Aviation Plaza                          $          -


Barren River Plaza                      $          -

College Plaza                           $          -


Cross Creek Plaza                       $          -


Crossing Meadows                        $          -


Crossroads Center                       $          -


Cumberland Crossing                     $          -

Cypress Bay Plaza                       $          -


East Pointe Plaza                       $          -


Franklin Square                         $          -


Lexington Parkway Plaza                 $          -

Logan Place                             $          -


Marion Towne Center                     $          -

Piedmont Plaza                          $          -


Roane County Plaza                      $          -

Southside Plaza                         $          -


Sycamore                                $          -


Village Plaza                           $          -


Walterboro Plaza                        $          -
                                        ------------


TOTAL                                   $          -
                                        ============

<PAGE>

Schedule 10--Title Insurance***
                                    Original
                                   Title Cos.
                                             Owners'         Insuring
                      Purchase Price         Policies        Holders of
    Property          Allocation             [Lawyers        Assumed
  ----------          -----------            Title]          Debt**
                                             ------          ------

Applewood Village     $  3,867,787.00                        $    50.00
Artesian Square       $  7,233,595.00                        $   568.00
Audubon Village       $  5,814,525.00                        $ 1,000.00
Aviation Plaza        $  8,753,531.00                        $        -
Barren River Plaza    $ 11,667,573.00                        $   300.00
College Plaza         $ 10,328,415.00                        $        -
Cross Creek Plaza     $ 12,708,525.00                        $        -
Crossing Meadows      $ 12,846,694.00                        $        -
Crossroads Center     $  8,483,772.00                        $ 1,500.00
Cumberland Crossing   $  6,929,637.00                        $   650.00
Cypress Bay Plaza     $ 10,795,423.00                        $        -
East Pointe Plaza     $ 12,129,256.00                        $ 7,152.50
Franklin Square       $  9,380,038.00                        $        -
Lexington
  Parkway Plaza       $  9,653,598.00                        $ 1,400.00
Logan Place           $  3,468,504.00                        $   300.00
Marion Towne Center   $  7,264,482.00                        $ 4,327.50
Piedmont Plaza        $ 10,125,000.00                        $    50.00
Roane County Plaza    $  6,080,170.00                        $ 1,200.00
Southside Plaza       $  9,262,160.00                        $ 1,400.00
Sycamore              $  3,092,717.00                        $        -
Village Plaza         $ 21,108,448.00                        $   975.75
Walterboro Plaza      $  6,006,150.00                        $        -
                      ---------------    -----------        -----------
TOTAL*               $ 197,000,000.00    $ 147,093.23       $ 20,873.75


Seller-Portion of Title Insurance Cost $    2,207.00
Additional Costs                       $   41,405.00
Costs for Morg'ee
Policies/Endorsements                  $      659.00
Escrow Cost for Assumed Debt           $      750.00
Closer Expenses                        $    1,820.94
Other Additional Costs                 $    4,240.00
                                       -------------        ------------
                                       $  198,175.17        $ 20,873.75
TOTAL


less amounts paid outside closing      $  (45,375.00)
TOTAL TO BE ESCROWED                                        $173,673.92


     *Title Insurance Amount is based on package bid; therefore,  no property by
property allocation.

     **All the  foregoing  amounts  are  estimates.  To the extent the costs are
actually more,  such excess will be paid by Buyer,  and to the extent the actual
costs are less, such difference will belong to Buyer.

     ***The  parties  agree  that all  other  out-of-pocket  costs due the title
company at Closing will be paid  directly by Buyer to title company and will not
be escrowed 
<PAGE>
 <TABLE>
 Schedule 11--Transfer Taxes
<CAPTION>
                                                                                         Amount
                                                                                         Subject            Transfer
                                                                                         to                 Tax
    Property              State           Tax          Price            Debt             Transfer Tax       Amount
    --------              -----           ---          -----            ----             ------------       ------
<S>                       <C>             <C>          <C>               <C>              <C>                <C>


Applewood Village        Ohio             $4/$1000     $ 3,867,787.00   $ 3,821,015.00    Price              $ 15,471.15

Artesian Square          Indiana          None         $ 7,233,595.00   $ 5,340,000.00    N/A                $         -

Audubon Village          Kentucky         $1/$1000     $ 5,814,525.00   $ 4,371,863.60    Price              $   5,814.53

Aviation Plaza           Wisconsin        $3/$1000     $ 8,753,531.00   $ 6,733,279.00    Price              $  26,260.59

Barren River Plaza       Kentucky         $1/$1000     $11,667,573.00   $ 8,116,711.11    Price              $  11,667.57

College Plaza            Virginia         $1-$2/1000   $10,328,415.00   $            -    Hybrid             $  30,985.25

Cross Creek Plaza**      South Carolina   $3.7/$1000   $12,708,525.00   $            -    Price less Debt    $  78,792.86

Crossing Meadows         Wisconsin        $3/$1000     $12,846,694.00   $ 9,392,507.16    Price              $  38,540.08

Crossroads Center        Tennessee        $3.7/$1000   $ 8,483,772.00   $ 6,590,000.00    Price              $  31,389.96

Cumberland Crossing      Tennessee        $3.7/$1000   $ 6,929,637.00   $ 5,146,770.52    Price              $  25,639.66

Cypress Bay Plaza        North  Carolina  $2/1000      $10,795,423.00   $            -    Price              $  21,590.85

East Pointe Plaza        South Carolina   $3.7/$1000   $12,129,256.00   $11,124,057.91    Price less Debt    $   3,719.23

Franklin Square          South Carolina   $3.7/$1000   $ 9,380,038.00   $            -    Price less Debt    $  34,706.14

Lexington Parkway        North Carolina   $2/1000      $ 9,653,598.00   $ 7,563,962.05    Price              $  19,307.20

Logan Place              Kentucky         $1/$1000     $ 3,468,504.00   $ 2,415,000.00    Price              $   3,468.50

Marion Towne Center      South Carolina   $3.7/$1000   $ 7,264,482.00   $ 5,751,672.61    Price less Debt    $   5,597.39

Piedmont Plaza           South Carolina   $3.7/$1000   $10,125,000.00   $10,125,000.00    Price less Debt    $          -

Roane County Plaza       Tennessee        $3.7/$1000   $ 6,080,170.00   $ 5,140,997.09    Price              $  22,496.63

Southside Plaza          North Carolina   $2/1000      $ 9,262,160.00   $ 6,565,606.11    Price              $  18,524.32

Sycamore                 Tennessee        $3.7/$1000   $ 3,092,717.00   $            -    Price              $  11,443.05

Village Plaza            Georgia          $1/$1000     $21,108,448.00   $18,900,000.00    Price less Debt    $   2,208.45

Walterboro Plaza         South Carolina   $3.7/$1000   $ 6,006,150.00   $            -    Price less Debt    $  22,222.76

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

TOTAL                                                 $197,000,000.00  $117,098,442.16                       $ 429,846.15



**Also included in the  transfer  tax number is a county  transfer  tax equal to
     .0025 times the price less any debt assumed.

</TABLE>
<PAGE>

Schedule 12--Real Estate Tax Prorations*


Days in Year:                         365
Days in Yr. prior  to ECD             178


                         Days in Yr. Seller'sPortion of
     Property              Annual Tax Amt.**     Before ECD   Annual Amount
     --------              ----------------     ----------   -------------

Applewood Village         $ 19,961.00            178           $  9,734.41

Artesian Square           $ 59,667.00            178           $ 29,097.88

Audubon Village           $ 22,170.00            178           $ 10,811.67

Aviation Plaza            $130,880.00            178           $ 63,826.41

Barren River Plaza        $ 46,060.00            178           $ 22,462.14

College Plaza             $ 21,425.00            178           $ 10,448.36

Cross Creek Plaza         $ 95,677.00            178           $ 46,658.92

Crossing Meadows          $ 70,731.00            178           $ 34,493.47

Crossroads Center         $ 56,248.00            178           $ 27,430.53

Cumberland Crossing       $ 84,211.00            178           $ 41,067.28

Cypress Bay Plaza         $ 54,708.38            178           $ 26,679.70

East Pointe Plaza         $150,758.00            178           $ 73,520.34

Franklin Square           $ 58,876.00            178           $ 28,712.13

Lexington Parkway Plaza   $ 62,644.00            178           $ 30,549.68

Logan Place               $ 17,525.00            178           $  8,546.44

Marion Towne Center       $ 44,649.00            178           $ 21,774.03

Piedmont Plaza            $195,572.00            178           $ 95,374.84

Roane County Plaza        $ 59,549.00            178           $ 29,040.33

Southside Plaza           $ 37,283.00            178           $ 18,181.85

Sycamore                  $ 24,279.00            178           $ 11,840.17

Village Plaza             $108,097.00            178           $ 52,715.80

Walterboro Plaza          $ 49,370.00            178           $ 24,076.33
                         ------------                          -----------
TOTAL                   $1,410,673.38                          $717,042.71

*Does not include  taxes which are paid  directly  by  Wal-Mart or other  Anchor
     Tenants

**Estimates based on tax figures for immediately  preceding fiscal year and will
     be adjusted when the actual 1996 bills are available.

****The last half of 1995's real estate taxes for this  property are not due and
     payable until November, 1996.

<PAGE>
Schedule 13--Miscellaneous Debit/Credit Amounts

Amounts Due Seller From Operating Account

     1. Accounts Receivable*
          June                                              $ 114,464.00
          July                                              $ 171,576.00
          August                                            $   5,488.00
          September
          October
                                                            ------------
     Total                                                  $ 291,528.00

     2. Percentage Rents
          June                                              $          -
          July                                              $          -
          August
          September
          October
                                                            -------------
     Total                                                  $           -

     3. Overfunding at ECD                                  $   58,714.00

     4. Other Items
     1995 Tax Rebilling-Crossing Meadows                    $   41,549.00
     May Net Interest Income                                $    5,180.00
                                                            -------------
     Total                                                  $   46,729.00

Amounts Due Buyer from Seller


     1. Capital Improvement Budget                          $  498,300.00

     2. Prepaid Insurance Premiums                          $  214,674.00


*    Seller and Buyer agree to work  together to reconcile  these final  amounts
     after  Closing,  and any  adjustments  will be paid by the applicable party
     outside Closing.
<PAGE>
Schedule 14--Interest Factor



Portion of Price for Interest Factor         $37,401,125.83

Rate--6 months T-Bill    WSJ--6/27/96                 5.39%

    Per Diem                                 $     5,523.07
                       Days
June 20 thru June 30    11                   $    60,753.77
July                    31                   $   171,215.18
August                  31                   $   171,215.18
September               30                   $   165,692.11
October                 16                   $    88,369.13
                                             --------------

Total                                        $   657,245.37
                                             ==============
<PAGE>
<TABLE>
Schedule 15--Escrows with Lenders
<CAPTION>

    Property             Lender              Total Escrow         Buyer Funded         Seller Funded
    --------             ------              ------------         ------------         -------------
<S>                      <C>                 <C>                  <C>                  <C>

Applewood Village        Modern Woodmen
Artesian Square          Travelers           $  29,891            $ 14,941             $  14,950
Audubon Village          Royal
Aviation Plaza           General American
Barren River Plaza       Nationwide
College Plaza            First Union
Cross Creek Plaza        ITT                 $ 267,920            $ 85,748             $  182,172
Crossing Meadows         General American
Crossroads Center        Aetna
Cumberland Crossing      Nationwide
Cypress Bay Plaza        ITT
East Pointe Plaza        Nationwide
Franklin Square          First Union
Lexington Parkway Plaza  Royal
Logan Place              Travelers           $  18,400            $  4,600             $   13,800
Marion Towne Center      IDS Financial       $  43,808            $ 10,451             $   33,358
Piedmont Plaza           Travelers           $ 129,505            $ 34,505             $   95,000
Roane County Plaza       Royal
Southside Plaza          Lincoln National    $  53,070            $ 16,873             $   36,197
Sycamore                 Aetna
Village Plaza            Aetna
Walterboro Plaza         ITT                 ----------          ---------             ---------

TOTAL                                        $  542,595          $ 167,118             $ 375,477
                                             ==========          =========             =========
</TABLE>
<PAGE>

Schedule 16  - NONE

Schedule 17  - NONE
<PAGE>

 Schedule 18--Net Cash Flow Computation
<TABLE>
<CAPTION>
<S>                                                    <C>                  <C>

 May Net Cash Flow                                                          $   284,434.00

 June Net Cash Flow

 Escrow Period Net Income
     from Skyline Income Statement (accrual basis)                         $   148,584.00
      **Adjustments to May Activity (back out prior
        period AJE's                                                       $       351.00

 Plus:  Non Cash Expenses
     1) Depreciation & Amortization                    $   563,814.00
     2) Interest Amortization on Loan Buydowns         $    78,184.00
     3) Escrow Period accounts payable
        outstanding at closing                         $            -
                                                       --------------
 Total Non-Cash Expenses                                                   $   641,998.00

 Less:
      1) Principal payments on debt                    $  (172,106.00)
      2) Capital/tenant improvements paid              $    (1,610.00)
      3) Refinancing or other loan costs paid          $    (1,199.00)
      4) Security Deposit payment                      $    (3,757.00)
      8) June period accounts receivable
          outstanding at 6/30/96                       $   (38,060.00)
                                                       ---------------
 Total Deductions                                                          $  (216,732.00)
                                                                            -------------
 Net Cash Flow for June, 1996                                              $   574,201.00



 May Net Cash Flow Proration--Buyer's Portion          18 days             $   165,155.23
 June Net Cash Flow Proration--Buyer's Portion         26 days             $   497,640.87
                                                                           --------------
 Total Net Cash Flow Due Buyer for Period from
     5/14/96 to 6/27/96                                                    $   662,796.09
                                                                           ==============

</TABLE>
<PAGE>
Schedule 19 - NONE
<PAGE>
Schedule 20--Accounts Receivable Due Seller As of 10/17/96*
<TABLE>
<CAPTION>

     Property             1-30 Days          31-60 Days     61-90 Days     Over 90        Total
     --------            ---------           ----------     ----------     -------        -----
<S>                       <C>                 <C>            <C>            <C>            <C>

Applewood Village        $     522.12         $    136.00    $         -    $ (2,797.00)   $ (2,138.88)
Artesian Square          $     926.00         $ (1,219.00)   $   (311.00)   $ 50,777.00    $ 50,173.00
Audubon Village          $   3,244.00         $    162.00    $         -    $  1,610.00    $  5,016.00
Aviation Plaza           $  30,017.00         $  5,979.00    $  5,323.00    $ 24,657.00    $ 65,976.00
Barren River Plaza       $  (1,006.00)        $     14.00    $    (93.00)   $  4,655.00    $  3,570.00
College Plaza            $          -         $         -    $         -    $  2,282.00    $  2,282.00
Cross Creek Plaza        $  12,815.00         $    (39.00)   $ 69,911.00    $    484.00    $ 83,171.00
Crossing Meadows***      $   1,277.00         $  1,343.00    $     42.00    $   (185.00)   $  2,477.00
Crossroads Center        $   3,402.00         $  1,857.00    $ 29,323.00    $ 19,223.00    $ 53,805.00
Cumberland Crossing      $   2,707.00         $   (502.00)   $ (1,385.00)   $ 17,420.00    $ 18,240.00
Cypress Bay Plaza        $   2,436.00         $     62.00    $ 55,368.00    $ 19,033.00    $ 76,899.00
East Pointe Plaza        $   9,203.00         $  4,706.00    $         -    $ 23,674.00    $ 37,583.00
Franklin Square          $   5,248.00         $     57.00    $   (978.00)   $ 33,733.00    $ 38,060.00
Lexington Parkway Plaza  $  11,050.00         $  2,958.00    $ 80,163.00    $ 14,994.00    $109,165.00
Logan Place**            $   3,143.00         $  1,237.00    $   (409.00)   $ 14,531.00    $ 18,502.00
Marion Towne Center      $   2.476.00         $    113.00    $   (556.00)   $ 25,571.00    $ 27,604.00
Piedmont Plaza           $   1,604.00         $    148.00    $ 10,322.00    $  2,336.00    $ 14,410.00
Roane County Plaza       $   3,190.00         $  2,470.00    $ 39,032.00    $  4,753.00    $ 49,445.00
Southside Plaza          $     481.00         $         -    $         -    $  4,054.00    $  4,535.00
Sycamore                 $      17.00         $   (251.00)   $   (507.00)   $   (600.00)   $ (1,341.00)
Village Plaza            $   5,504.00         $  2,568.00    $   (705.00)   $ 37,229.00    $ 44,596.00
Walterboro Plaza         $   3,597.00         $         -    $  4,870.00    $ (1,164.00)   $  7,303.00
                         ------------         -----------    -----------    -----------    -----------

Subtotal                 $ 101,853.12         $ 21,799.00    $289,410.00    $296,270.00   $ 709,332.12
                         ============         ===========    ===========    ===========   ============

less Amounts Collected                                                                    $(291,528.00)
     (See Schedule 13)

TOTAL                                                                                     $ 417,804.12


*If any additional 1995 billings occur, such additional 1995 billings will be added to this Schedule

**Additional past due A/R of $3,571 (Wal-Mart percentage rent) not included on schedule

***Additional  past due A/R of $10,000  (Wal-Mart  CAM) not included on schedule
</TABLE>
  <PAGE> 
 <TABLE> 
 Schedule  21--Reimbursements  Due Seller Thru 5/31/96
<CAPTION>

     Property             CAM                 CAM-Electric    RE Taxes*      Insurance      Total
     --------             ---                 ------------    ---------      ---------      -----
<S>                       <C>                 <C>             <C>            <C>            <C>

Applewood Village        $   (3,599.55)       $        -      $    (56.83)    $  1,970.86   $   (1,685.52)
Artesian Square          $    8,696.89        $ 2,057.75      $ 10,751.64     $  2,406.25   $    23,912.53
Audubon Village          $    2,367.19        $        -      $    440.25     $ (1,735.10)  $     1,072.34
Aviation Plaza           $   12,102.80        $        -      $ 48,309.80     $         -   $    60,412.60
Barren River Plaza       $    5,930.97        $ 5,669.13      $ 11,460.50     $  4,573.34   $    27,633.94
College Plaza            $   26,254.92        $   806.30      $  6,740.23     $  1,453.09   $    35,254.54
Cross Creek Plaza        $   14,626.29        $ 7,356.48      $ 14,470.30     $  1,292.25   $    37,745.32
Crossing Meadows         $   18,654.59        $        -      $ (1,201.68)    $         -   $    17,452.91
Crossroads Center        $   12,240.56        $ 2,319.12      $ 10,213.19     $  3,252.86   $    28,025.73
Cumberland Crossing      $   13,498.49        $ 2,264.47      $ 15,914.42     $  2,293.53   $    33,970.91
Cypress Bay Plaza        $   14,910.31        $ 3,469.67      $ 12,905.70     $  2,134.77   $    33,420.45
East Pointe Plaza        $   (7,199.17)       $ 8,971.84      $ 25,344.70     $  4,152.01   $    31,269.38
Franklin Square          $    5,033.53        $ 7,452.02      $ 11,408.69     $  1,637.19   $    25,531.43
Lexington Parkway Plaza  $   10,194.80        $ 7,072.08      $  6,986.68     $  1,048.75   $    25,302.31
Logan Place              $    7,787.77        $ 3,976.43      $  7,470.51     $     58.19   $    19,292.90
Marion Towne Center      $    2,685.62        $ 3,645.89      $  9,309.04     $  2,609.74   $    18,250.29
Piedmont Plaza           $      743.59        $ 1,241.68      $ 62,981.12     $ (1,573.49)  $    63,392.90
Roane County Plaza*      $   13,532.03        $        -      $ 15,301.88     $  1,098.35   $    29,932.26
Southside Plaza          $   12,770.35        $ 3,570.35      $  9,755.14     $  2,353.90   $    28,449.74
Sycamore                 $    2,769.15        $   774.56      $  4,584.94     $    237.43   $     8,366.08
Village Plaza            $   13,894.64        $ 6,149.95      $ 27,784.38     $  8,443.35   $    56,272.32
Walterboro Plaza         $    2,920.75        $ 3,613.50      $ 12,188.35     $    341.34   $    19,063.94
                        -------------         ----------      -----------     -----------   --------------

TOTAL                   $  190,816.52         $70,411.22      $323,062.95     $ 38,048.61   $   622,339.30
                        =============         ==========      ===========     ===========   ==============
</TABLE>

*These amounts are based on 1995 tax bills and final adjustments will be made at
     such time as final 1996 bills have been received, with the difference being
     allocable to the  allocable  party.  All other  amounts are based on actual
     billings.  To the extent Buyer does not agree to bill the foregoing  amount
     (as  adjusted for actual real estate  taxes) the parties  agree that Seller
     shall have the right to bill  tenants  directly  and collect  such  amounts
     directly.
<PAGE>
Schedule 22--Amounts Due Lenders at Closing
<TABLE>
<CAPTION>
                                                            Interest                      Assumption    Prepay.
   Property              Lender              Principal       (Thur 10/17)   Late Fees     Fees          Penalties
   --------              ------              ---------       ------------   ---------     ----          ---------
<S>                       <C>                <C>             <C>            <C>           <C>           <C>

Applewood Village        Modern Woodmen                                                   $ 38,210.15
Artesian Square          Travelers                                                        $ 53,400.00
Audubon Village          Royal                                                            $ 54,648.30
Aviation Plaza           General American                                                 $   (197.00)
Barren River Plaza       Nationwide                                                       $ 81,167.11
College Plaza            First Union         $ 6,831,706.83   $ 37,533.75
Cross Creek Plaza        ITT**               $22,691,926.94   $ 92,847.91    $9,960.17                  $120,000.00
Crossing Meadows         General American                                                 $   (340.48)
Crossroads Center        Aetna               $   740,000.00                               $ 65,900.00   $ 49,837.67
Cumberland Crossing      Nationwide                                                       $ 51,467.71
Cypress Bay Plaza        ITT**               $            -   $        -     $       -    $         -   $         -
East Pointe Plaza        Nationwide                                                       $111,240.58
Franklin Square          First Union         $ 6,600,000.00   $39,109.47
Lexington Parkway Plaza  Royal                                                            $ 94,549.53
Logan Place              Travelers           $ 1,300,000.00                               $ 24,150.00
Marion Towne Center      IDS Financial                                                    $ 57,516.73
Piedmont Plaza           Travelers                                                        $101,250.00
Roane County Plaza       Royal                                                            $ 64,262.46
Southside Plaza          Lincoln National                                                 $ 65,656.06
Sycamore                 Aetna               $ 3,595,000.00   $12,782.24    $ 1,438.00                  $242,116.78
Village Plaza            Aetna                                                            $189,000.00
Walterboro Plaza         ITT**
                                             --------------  -----------    ----------   ------------   -----------
                                             $41,758,633.77  $ 182,273.37   $11,398.17  $1,051,881.14   $411,954.45
                                             ==============  ============   ==========  =============   ===========

**The loan amount for Cross Creek Plaza represents the loan for all 3 properties
     (i.e., Cross Creek Plaza, Cypress Bay Plaza and Walterboro Plaza)

*Assumption Fees to General American have previously been paid by Seller
</TABLE>
<PAGE>

Schedule 22--Amounts Due Lenders at Closing (continued)
<TABLE>
<CAPTION>

(Less
Deposits)           TOTAL
---------           -----
<C>                  <C>

                    $    38,210.15
                    $    53,400.00
                    $    54,648.30
                    $      (197.00)
 $(3,000.00)        $    78,167.11
                    $ 6,869,240.58
 $(267,920.35)      $22,646,814.67
                    $      (340.48)
                    $   855,737.67
 $ (3,000.00)       $    48,467.71
 $         -        $            -
 $ (3,000.00)       $   108,240.58
                    $ 6,639,109.47
                    $    94,549.53
                    $ 1,324,150.00
                    $    57,516.73
                    $   101,250.00
                    $    64,262.46
                    $    65,656.06
                    $ 3,851,337.02
                    $   189,000.00
                    $            -
-------------       --------------
$(276,920.35)       $43,139,220.55
=============       ==============
</TABLE>