EXHIBIT 99.0



DiVall Insured Income Properties 2, L.P.



QUARTERLY NEWS



|                                       |  |                    
|-------------------------------------- |  | -------------------
|A publication of The Provo Group, Inc. |  | FOURTH QUARTER 2003



PARTNERSHIP YEAR-END REVIEW



Distributions applicable to the four quarters of 2003 were approximately $89 per unit, including a $53 per unit return of capital. Excluding the return of capital, this represents an approximate 8% return for the year
from operations. The annual rate of return is calculated on the net asset value of $454 per unit as of December 31, 2002, adjusted (on a weighted average basis) for 2003 property sales.



At the beginning of 2003 the Partnership owned 25 properties. During 2003 it sold 4 properties. The largest concept component of the
investment property portfolio continues to be the 10 Wendys restaurants.



As you may recall last year there were delays issuing the Schedule K-1s due to the change in accounting firms. Management believes that Deloitte Touche has gained familiarity with its accounting systems over the past year and
therefore a repeat of last years issues is not anticipated. Schedule K-1s should be available in late February.



DISTRIBUTION HIGHLIGHTS



| | $325,000 total amount distributed for the Fourth Quarter 2003 which is $118,000 lower than originally projected primarily because of the Popeyes real estate taxes.
(refer to page 2 for details)
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | $7.02 per unit (approx.) for the Fourth Quarter 2003.
|- | -----------------------------------------------------



| | Quarterly distributions applicable to 2003 totaled $4,110,000.
|- | --------------------------------------------------------------



| | $1,225 to $1,075 range of distributions per unit from thefirst unit sold to the last unit sold before the offering closed (2/90) respectively. (Distributions
are from both cash flow from operations and net cash activity from financing and investing activities).
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



SEE INSIDE



|                        |  |  
|----------------------- |  | -
|Property Highlights     |  | 2
|Questions & Answers     |  | 2
|New contact information |  | 2



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|       |  |          |  |       
|------ |  | -------- |  | ------
|PAGE 2 |  | DIVALL 2 |  | 4 Q 03



PROPERTY HIGHLIGHTS



Sales/Other Issues



|$ | Palm Beach, FL (currently operated as a Miami Subs restaurant)The Partnership currently has a contract pending for the sale of this property to a private investor for
$650,000. Closing is anticipated to be in the Second Quarter of 2004.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The propertys tenant, Miami Subs, was delinquent at December 31, 2003 in the amount of $15,422. The delinquent amount represents November and December rent as well as late fees charged to the tenant.
Miami Subs has agreed to make double payments to get caught up.



Litigation Issues



|$ | Popeyes (Park Forest, IL)This tenant was delinquent at December 31, 2003 in the amount of $103,509 (or $2.24 per unit) which represented the 2001 and 2002 percentage
rent billings. Popeyes also owed $51,734 in related late fees at December 31, 2003. In January 2004 the Partnership paid Popeyes delinquent 2002 Real Estate Taxes of approximately $45,000. It is anticipated that the Partnership will also
pay the properties 2003 Real Estate Taxes during 2004. The Real Estate Taxes for both years (approximately $90,000 or $1.94 per unit) were accrued as payables at December 31, 2003. Management is pursuing a Real Estate Tax reduction with the
appropriate taxing authority. Although Popeyes is in default in the aforementioned areas, the tenant remains current with its fixed monthly rent. Management is actively pursuing the collection of the past due percentage rent and late fee
balances as well as reimbursement for Real Estate Taxes paid or that will be paid on the properties behalf. The Partnerships hearing is to be scheduled by the Courts during February 2004.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



QUESTIONS &
ANSWERS



| | When can I expect my next distribution mailing?
|- | -----------------------------------------------



Your distribution correspondence for the First Quarter of 2004 is scheduled to be mailed on May 14, 2004.



| | When can I expect to receive my 2003 Schedule K-1?
|- | --------------------------------------------------



The K-1s should be mailed on or before February 27, 2004.



| | When will the December 31, 2003 net asset value be calculated?
|- | --------------------------------------------------------------



The revised net asset valuation will be ready in mid-February 2004.



| | If I have questions or comments, how can I reach your office?
|- | -------------------------------------------------------------



You can reach us at our new address, listed below, effective March 1, 2004.



|        |  |                                             
|------- |  | --------------------------------------------
|MAIL:   |  | DiVall Investor Relations                   
|        |  | c/o The Provo Group, Inc.                   
|        |  | 1100 Main Street, Suite 1830                
|        |  | Kansas City, MO 64105                       
|PHONE:  |  | 800-547-7686 OR (816) 421-7444 EXTENSION 224
|FAX:    |  | (816) 221-2130                              
|E-MAIL: |  | mevans@theprovogroup.com                    



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DIVALL INSURED INCOME PROPERTIES 2 L.P.

STATEMENTS OF INCOME AND CASH FLOW CHANGES

FOR THE THREE MONTH PERIOD ENDED
DECEMBER 31, 2003



|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|------------------------------------------------------------ |  | ---------------------- | ---------- | - | ---------------------- | - | ---------- | -------------- |  | - | ---------- | -
|                                                             |  | PROJECTED              |            |   | ACTUAL                 |   |            | VARIANCE       | 
|                                                             |  | 4TH QUARTER 12/31/2003 |            |   | 4TH QUARTER 12/31/2003 |   |            | BETTER (WORSE) | 
|OPERATING REVENUES                                           |  |                        |            |   |                        |   |            |                |  |   |            |  
|Rental income                                                |  | $                      | 819,054    |   |                        | $ | 747,907    |                |  | $ | (71,147    | )
|Interest income                                              |  |                        | 4,500      |   |                        |   | 3,118      |                |  |   | (1,382     | )
|Net gain on sale of properties                               |  |                        |            |   |                        |   | 0          |                |  |   | 0          |  
|Other income                                                 |  |                        | 0          |   |                        |   | 2,508      |                |  |   | 2,508      |  
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|TOTAL OPERATING REVENUES                                     |  | $                      | 823,554    |   |                        | $ | 753,533    |                |  | $ | (70,021    | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|OPERATING EXPENSES                                           |  |                        |            |   |                        |   |            |                |  |   |            |  
|Insurance                                                    |  | $                      | 8,685      |   |                        | $ | 7,855      |                |  | $ | 830        |  
|Management fees                                              |  |                        | 50,919     |   |                        |   | 50,609     |                |  |   | 310        |  
|Overhead allowance                                           |  |                        | 4,110      |   |                        |   | 4,091      |                |  |   | 19         |  
|Advisory Board                                               |  |                        | 2,188      |   |                        |   | 2,188      |                |  |   | 1          |  
|Administrative                                               |  |                        | 6,094      |   |                        |   | 5,673      |                |  |   | 421        |  
|Professional services                                        |  |                        | 11,300     |   |                        |   | 10,806     |                |  |   | 494        |  
|Auditing                                                     |  |                        | 18,000     |   |                        |   | 25,905     |                |  |   | (7,905     | )
|Legal                                                        |  |                        | 12,000     |   |                        |   | 2,085      |                |  |   | 9,915      |  
|Property Expenses                                            |  |                        | 17,500     |   |                        |   | 88,686     |                |  |   | (71,186    | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|TOTAL OPERATING EXPENSES                                     |  | $                      | 130,796    |   |                        | $ | 197,898    |                |  | $ | (67,102    | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|INVESTIGATION AND RESTORATION EXPENSES                       |  | $                      | 0          |   |                        | $ | 100        |                |  | $ | (100       | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|NON-OPERATING EXPENSES                                       |  |                        |            |   |                        |   |            |                |  |   |            |  
|Uncollectible Receivable                                     |  | $                      | 40,150     |   |                        | $ | 103,508    |                |  | $ | (63,358    | )
|Depreciation                                                 |  |                        | 76,659     |   |                        |   | 66,144     |                |  |   | 10,515     |  
|Amortization                                                 |  |                        | 3,990      |   |                        |   | 3,198      |                |  |   | 792        |  
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|TOTAL NON-OPERATING EXPENSES                                 |  | $                      | 120,799    |   |                        | $ | 172,851    |                |  | $ | (52,052    | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|TOTAL EXPENSES                                               |  | $                      | 251,594    |   |                        | $ | 370,849    |                |  | $ | (119,255   | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|NET INCOME                                                   |  | $                      | 571,959    |   |                        | $ | 382,684    |                |  | $ | (189,275   | )
|                                                             |  |                        |           
|                                                             |  |                        |            |   |                        |   |            | VARIANCE       | 
|OPERATING CASH RECONCILIATION:                               |  |                        |            |   |                        |   |            |                |  |   |            |  
|Depreciation and amortization                                |  |                        | 80,649     |   |                        |   | 69,342     |                |  |   | (11,307    | )
|Recovery of amounts previously written off                   |  |                        | 0          |   |                        |   | (2,508     | )              |  |   | (2,508     | )
|(Increase) Decrease in current assets                        |  |                        | (323,454   | ) |                        |   | (141,358   | )              |  |   | 182,096    |  
|Increase (Decrease) in current liabilities                   |  |                        | 851        |   |                        |   | 10,730     |                |  |   | 9,879      |  
|(Increase) Decrease in cash reserved for payables            |  |                        | 12,861     |   |                        |   | (12,261    | )              |  |   | (25,122    | )
|Current cash flows from (reserved for) distributions         |  |                        | 101,075    |   |                        |   | 17,478     |                |  |   | (83,597    | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|Net Cash Provided From Operating Activities                  |  | $                      | 443,941    |   |                        | $ | 324,107    |                |  | $ | (119,834   | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|CASH FLOWS (USED IN) FROM INVESTING AND FINANCING ACTIVITIES |  |                        |            |   |                        |   |            |                |  |   |            |  
|Indemnification Trust (Interest earnings reinvested)         |  |                        | (1,500     | ) |                        |   | (672       | )              |  |   | 828        |  
|Recovery of amounts previously written off                   |  |                        | 0          |   |                        |   | 2,508      |                |  |   | 2,508      |  
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|Net Cash (Used In) From Investing And Financing Activities   |  | $                      | (1,500     | ) |                        | $ | 1,836      |                |  | $ | 3,336      |  
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|Total Cash Flow For Quarter                                  |  | $                      | 442,441    |   |                        | $ | 325,943    |                |  | $ | (116,498   | )
|                                                             |  |                        |           
|Cash Balance Beginning of Period                             |  |                        | 838,526    |   |                        |   | 2,782,417  |                |  |   | 1,943,891  |  
|Less 3rd quarter distributions paid 11/03                    |  |                        | (443,000   | ) |                        |   | (2,430,000 | )              |  |   | (1,987,000 | )
|Change in cash reserved for payables and distributions       |  |                        | (113,936   | ) |                        |   | (5,217     | )              |  |   | 108,719    |  
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|Cash Balance End of Period                                   |  | $                      | 724,030    |   |                        | $ | 673,142    |                |  | $ | (50,888    | )
|                                                             |  |                        |           
|Cash reserved for 4th quarter 2003 L.P. distributions        |  |                        | (443,000   | ) |                        |   | (325,000   | )              |  |   | 118,000    |  
|Cash reserved for payment of accrued expenses                |  |                        | (230,014   | ) |                        |   | (212,184   | )              |  |   | 17,830     |  
|Cash advanced from (reserved for) future distributions       |  |                        | 0          |   |                        |   | (83,597    | )              |  |   | (83,597    | )
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|Unrestricted Cash Balance End of Period                      |  | $                      | 51,015     |   |                        | $ | 52,360     |                |  | $ | 1,345      |  
|                                                             |  |                        |            |   |                        |   |            |                |  |   |            |  
|                                                             |  |                        |           
|                                                             |  | PROJECTED              |            |   | ACTUAL                 |   |            | VARIANCE       | 
|* Quarterly Distribution                                     |  | $                      | 443,000    |   |                        | $ | 325,000    |                |  | $ | (118,000   | )
|Mailing Date                                                 |  |                        | 02/15/2004 |   |                        |   | (enclosed) |                |  |   |           |  

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|* | Refer to distribution letter for detail of quarterly distribution.
|- | ------------------------------------------------------------------



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PROJECTIONS FOR

DISCUSSION PURPOSES



DIVALL INSURED INCOME
PROPERTIES 2 LP

2003 PROPERTY SUMMARY

AND RELATED RECEIPTS

AS OF DECEMBER 31, 2003



PORTFOLIO (Note 1)

|                              |  |                  |  |             |  |                |  |        |  |                     |  |         |  |                               |  |                     |  |         |  |           |  |                |  |       
|----------------------------- |  | ---------------- |  | ----------- |  | -------------- |  | ------ |  | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- |  | --------- |  | -------------- |  | ------
|                              |  |                  |  | REAL ESTATE |  | EQUIPMENT      |  | TOTALS
|CONCEPT                       |  | LOCATION         |  | COST        |  | ANNUALBASERENT |  | %YIELD |  | LEASEEXPIRATIONDATE |  | COST    |  | PRINCIPALRETURNEDAS OF 1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |  | COST      |  | ANNUALRECEIPTS |  | RETURN
|                             
|APPLEBEES                    |  | COLUMBUS, OH     |  | 1,059,465   |  | 135,780        |  | 12.82% |  |                     |  | 84,500  |  | 29,849                        |  | 0                   |  | 0.00%   |  | 1,143,965 |  | 135,780        |  | 11.87%
|BLOCKBUSTER                   |  | OGDEN, UT        |  | 646,425     |  | 104,500        |  | 16.17% |  |                     |  |         |  |                               |  |                     |  |         |  | 646,425   |  | 104,500        |  | 16.17%
|DENNYS                       |  | PHOENIX, AZ      |  | 972,726     |  | 65,000         |  | 6.68%  |  |                     |  | 183,239 |  | 0                             |  | 0                   |  | 0.00%   |  | 1,155,965 |  | 65,000         |  | 5.62% 
|CHINESE SUPER BUFFET (2)      |  | PHOENIX, AZ      |  | 865,900     |  | 64,371         |  | 7.43%  |  |                     |  | 221,237 |  | 0                             |  | 0                   |  | 0.00%   |  | 1,087,137 |  | 64,371         |  | 5.92% 
|VACANT (3)                    |  | TWIN FALLS, ID   |  |             |  | 30,000         |  | 4.29%  |  |                     |  |         |  |                               |  |                     |  |         |  | 0         |  | 30,000         |  | 3.37% 
|VACANT (4)                    |  | S. MILWAUKEE, WI |  |             |  |                |  |        |  |                     |  |         |  |                               |  |                     |  |         |  |           |  |                |  |       
|HARDEES (5)                  |  | FOND DU LAC, WI  |  |             |  | 57,720         |  | 6.79%  |  |                     |  |         |  |                               |  |                     |  |         |  | 0         |  | 57,720         |  | 5.06% 
|HOOTERS                      |  | R. HILLS, TX     |  | 1,246,719   |  | 95,000         |  | 7.62%  |  |                     |  |         |  |                               |  |                     |  |         |  | 1,246,719 |  | 95,000         |  | 7.62% 
|DAYTONAS All SPORTS CAFÉ (6) |  | DES MOINES, IA   |  | 845,000     |  | 60,000         |  | 7.10%  |  |                     |  | 52,813  |  | 0                             |  | 0                   |  | 0.00%   |  | 897,813   |  | 60,000         |  | 6.68% 
|KFC                           |  | SANTA FE, NM     |  | 451,230     |  | 60,000         |  | 13.30% |  |                     |  |         |  |                               |  |                     |  |         |  | 451,230   |  | 60,000         |  | 13.30%
|MIAMI SUBS (7)                |  | PALM BEACH, FL   |  | 743,625     |  | 55,000         |  | 7.40%  |  |                     |  |         |  |                               |  |                     |  |         |  | 743,625   |  | 55,000         |  | 7.40% 



Note:

| | 1: | This property summary includes only property and equipment held by the Partnership during 2003.
| | -- | -----------------------------------------------------------------------------------------------

| | 2: | Chinese Super Buffet obtained possession of the property in August 2002 and rent commenced in January 2003.
| | -- | -----------------------------------------------------------------------------------------------------------

| | 3: | The Partnership received $30,000 in past rent upon eviction of sub-tenant, Fiesta Time, from the property in February 2003. Management executed a contract to sell the vacant
property in the First Quarter of 2003 for $555,000. The closing date was August 2003.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4: | Management executed a contract to sell the vacant property in the Fourth Quarter of 2002 for $450,000. The closing date was April 2003.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------

| | 5: | Management executed a contract to sell the property in the Second Quarter of 2003 for $720,000. The closing date was July 2003.
| | -- | -------------------------------------------------------------------------------------------------------------------------------

| | 6: | Hickory Parks lease on the property expired on December 31, 2002; however, Management accepted a two month hold over lease with subtenant, Daytonas, until a 5 year lease
was directly executed with them. The new lease was effective March 2003.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7: | Management executed a contract to sell the property in January 2004 for $650,000. The closing date is anticipated to be in the Second Quarter of 2004. Although the property
continues to be operated as a Miami Subs restaurant, a new lease was executed with a new operator in the Fourth Quarter of 2002.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8: | Tenant, Paul Bouraxis, executed his purchase option agreement with Management to purchase the property at a price of $825,000 in the Second Quarter of 2003. The closing date was
July 2003.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9: | Village Inn vacated the property in February 2002; however, Village Inn was charged monthly rent until a lease termination and settlement agreement was executed in June 2003. (The
charges were not recorded for accounting purposes beginning January 2003.) The Partnership received a $50,000 lease termination fee from Village Inn. The property was leased to a new tenant, Panda Buffet, in February 2003 and rent commenced in July
2003.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 1 of 2



---

PROJECTIONS FOR

DISCUSSION PURPOSES

DIVALL INSURED INCOME PROPERTIES 2 LP

2002 PROPERTY SUMMARY

AND RELATED RECEIPTS



PORTFOLIO (Note 1)

|                                         |  |                  |  |             |  |                |  |        |  |                     |  |           |  |                              |  |                     |  |         |  |            |  |               |  |       
|---------------------------------------- |  | ---------------- |  | ----------- |  | -------------- |  | ------ |  | ------------------- |  | --------- |  | ---------------------------- |  | ------------------- |  | ------- |  | ---------- |  | ------------- |  | ------
|                                         |  |                  |  | REAL ESTATE |  | EQUIPMENT      |  | TOTALS
|CONCEPT                                  |  | LOCATION         |  | COST        |  | ANNUALBASERENT |  | %YIELD |  | LEASEEXPIRATIONDATE |  | COST      |  | PRINCIPALRETURNEDAS OF1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |  | COST       |  | TOTALRECEIPTS |  | RETURN
|                                        
|OMEGA RESTAURANT (8)                     |  | MILWAUKEE, WI    |  |             |  | 56,361         |  | 5.58%  |  |                     |  |           |  |                              |  |                     |  |         |  |            |  | 56,361        |  | 3.96% 
|                                       |  |                |  |             |  |                |  |        |  |                     |  | 151,938   |  | 41,933                       |  | 0                   |  | 0.00%   |  |            |  |               |  |       
|                                       |  |                |  |             |  |                |  |        |  |                     |  | 780,000   |  | 110,292                      |  | 0                   |  | 0.00%   |  | 780,000    |  | 0             |  | 0.00% 
|POPEYES                                 |  | PARK FOREST, IL  |  | 580,938     |  | 77,280         |  | 13.30% |  |                     |  |           |  |                              |  |                     |  |         |  | 580,938    |  | 77,280        |  | 13.30%
|SUNRISE PRESCHOOL                        |  | PHOENIX, AZ      |  | 1,084,503   |  | 123,318        |  | 11.37% |  |                     |  | 79,219    |  | 33,047                       |  | 0                   |  | 0.00%   |  | 1,182,735  |  | 123,318       |  | 10.43%
|                                         |  |                  |  |             |  |                |  |        |  |                     |  | 19,013    |  | 6,710                        |  | 0                   |  | 0.00%   |  |            |  |               |  |       
|PANDA BUFFET ( FORMERLY VILLAGE INN) (9) |  | GRAND FORKS, ND  |  | 739,375     |  | 16,250         |  | 2.20%  |  |                     |  |           |  |                              |  |                     |  |         |  | 739,375    |  | 16,250        |  | 2.20% 
|WENDYS                                  |  | AIKEN, SC        |  | 633,750     |  | 90,480         |  | 14.28% |  |                     |  |           |  |                              |  |                     |  |         |  | 633,750    |  | 90,480        |  | 14.28%
|WENDYS                                  |  | CHARLESTON, SC   |  | 580,938     |  | 77,280         |  | 13.30% |  |                     |  |           |  |                              |  |                     |  |         |  | 580,938    |  | 77,280        |  | 13.30%
|WENDYS                                  |  | N. AUGUSTA, SC   |  | 660,156     |  | 87,780         |  | 13.30% |  |                     |  |           |  |                              |  |                     |  |         |  | 660,156    |  | 87,780        |  | 13.30%
|WENDYS                                  |  | AUGUSTA, GA      |  | 728,813     |  | 96,780         |  | 13.28% |  |                     |  |           |  |                              |  |                     |  |         |  | 728,813    |  | 96,780        |  | 13.28%
|WENDYS                                  |  | CHARLESTON, SC   |  | 596,781     |  | 76,920         |  | 12.89% |  |                     |  |           |  |                              |  |                     |  |         |  | 596,781    |  | 76,920        |  | 12.89%
|WENDYS                                  |  | AIKEN, SC        |  | 776,344     |  | 96,780         |  | 12.47% |  |                     |  |           |  |                              |  |                     |  |         |  | 776,344    |  | 96,780        |  | 12.47%
|WENDYS                                  |  | AUGUSTA, GA      |  | 649,594     |  | 86,160         |  | 13.26% |  |                     |  |           |  |                              |  |                     |  |         |  | 649,594    |  | 86,160        |  | 13.26%
|WENDYS                                  |  | CHARLESTON, SC   |  | 528,125     |  | 70,200         |  | 13.29% |  |                     |  |           |  |                              |  |                     |  |         |  | 528,125    |  | 70,200        |  | 13.29%
|WENDYS                                  |  | MT. PLEASANT, SC |  | 580,938     |  | 77,280         |  | 13.30% |  |                     |  |           |  |                              |  |                     |  |         |  | 580,938    |  | 77,280        |  | 13.30%
|WENDYS                                  |  | MARTINEZ, GA     |  | 633,750     |  | 84,120         |  | 13.27% |  |                     |  |           |  |                              |  |                     |  |         |  | 633,750    |  | 84,120        |  | 13.27%
|                                         |  |                  |  |             |  |               
|PORTFOLIO TOTALS                         |  |                  |  | 15,605,095  |  | 1,844,361      |  | 11.82% |  |                     |  | 1,571,959 |  | 221,831                      |  | 0                   |  | 0.00%   |  | 17,025,116 |  | 1,844,360     |  | 10.83%



Note:

| | 1: | This property summary includes only property and equipment held by the Partnership during 2003.
| | -- | -----------------------------------------------------------------------------------------------

| | 2: | Chinese Super Buffet obtained possession of the property in August 2002 and rent commenced in January 2003.
| | -- | -----------------------------------------------------------------------------------------------------------

| | 3: | The Partnership received $30,000 in past rent upon eviction of sub-tenant, Fiesta Time, from the property in February 2003. Management executed a contract to sell the vacant
property in the First Quarter of 2003 for $555,000. The closing date was August 2003.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4: | Management executed a contract to sell the vacant property in the Fourth Quarter of 2002 for $450,000. The closing date was April 2003.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------

| | 5: | Management executed a contract to sell the property in the Second Quarter of 2003 for $720,000. The closing date was July 2003.
| | -- | -------------------------------------------------------------------------------------------------------------------------------

| | 6: | Hickory Parks lease on the property expired on December 31, 2002; however, Management accepted a two month hold over lease with subtenant, Daytonas, until a 5 year lease
was directly executed with them. The new lease was effective March 2003.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7: | Management executed a contract to sell the property in January 2004 for $650,000. The closing date is anticipated to be in the Second Quarter of 2004. Although the property
continues to be operated as a Miami Subs restaurant, a new lease was executed with a new operator in the Fourth Quarter of 2002.
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| | 8: | Tenant, Paul Bouraxis, executed his purchase option agreement with Management to purchase the property at a price of $825,000 in the Second Quarter of 2003. The closing date was
July 2003.
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| | 9: | Village Inn vacated the property in February 2002; however, Village Inn was charged monthly rent until a lease termination and settlement agreement was executed in June 2003. (The
charges were not recorded for accounting purposes beginning January 2003.) The Partnership received a $50,000 lease termination fee from Village Inn. The property was leased to a new tenant, Panda Buffet, in February 2003 and rent commenced in July
2003.
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