EXHIBIT 99.0

DiVall Insured Income Properties 2, L.P.

QUARTERLY NEWS



|                                       |  |                    
|-------------------------------------- |  | -------------------
|A publication of The Provo Group, Inc. |  | SECOND QUARTER 2007

CONSENT FOR SALE RESULTS ARE IN

The Biennial Consent for Sale documents were mailed to Limited Partners on May 15, 2007. Authorized Consent cards received on or before
June 30, 2007 were independently tabulated by Phoenix American Financial Services, Inc. In accordance with the terms of the Consents voting procedures, 87% of the units were deemed to have voted AGAINST a sale.
Correspondingly, 13% of the units voted FOR a sale, which was significantly below the majority required of 51%. Below please find a summary of past and present Consent for Sale results:



|     |  |     |   |  |         |  
|---- |  | --- | - |  | ------- | -
|     |  | FOR |   |  | AGAINST |  
|2001 |  | 26  | % |  | 74      | %
|2003 |  | 14  | % |  | 86      | %
|2005 |  | 15  | % |  | 85      | %
|2007 |  | 13  | % |  | 87      | %

Only three out of the Partnerships 20 largest investors (who own 28% of DiVall 2) voted
FOR a sale. The Advisory Board believes that when only 15% of the largest investors want to sell, the vast majority of the Partners are satisfied with the Partnerships yield as well as the quality and transparency of its management

We believe that the Partnership can continue to provide a steady cash flow to the Partners, and additional value can be achieved by
continuing the strategy of selectively selling the properties (for example, those not leased to prime quality tenants). See Property Highlights on page 2 for information related to the Sunrise Preschool property sold during the Second Quarter
of 2007 and for the two properties currently held for sale as of June 30, 2007.

Consistent with our two year voting cycle, we will
circulate the next Biennial Consent in May of 2009.

SECOND QUARTER OF 2007 DISTRIBUTION HIGHER THAN PROJECTED

The Second Quarter of 2007 distribution of $1,855,000 (approximately $40.08 per unit) is higher than the planned distribution of
$325,000 ($7.02 per unit). The increase is primarily due to the April sale of the Sunrise Preschool property and the Second Quarter collections of current and past due monthly rent and property tax escrow payments from Popeyes. (See
Property Highlights on page 2)

DISTRIBUTION HIGHLIGHTS



| |  |  | $1,855,000distributed for the Second Quarter of 2007, which is $1,530,000 higher than originally projected.
| | - |  | -----------------------------------------------------------------------------------------------------------



| |  |  | The Second Quarter distribution represents$40.08 per unit,and includes a $32 per unit return of capital.
| | - |  | ----------------------------------------------------------------------------------------------------------



| |  |  | The approximate annualized operating return for the Second Quarter of 2007 was 8.7%, based on the adjusted (net of Sunrise Preschool property
sold) 12/31/06 Net Asset Value of $372 (See Questions & Answers on page 2 for discussion of NAV).
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | $1,436 to $1,287range of cumulative distributions per unit from thefirst unit sold to the lastunit sold before the offering closed (3/90),
respectively. (Distributions are from both cash flow from operations and net cash activity from financing and investing activities).
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

REMAINING 2007 QUARTERLY DISTRIBUTIONS

Due to the Second Quarter sale of the Sunrise
Preschool property (no further rent to be collected), the Third and Fourth Quarter distributions for 2007 are expected to be approximately $290,000 ($6.27 per unit), which is $35,000 ($.76 per unit) lower than originally projected. These
distributions will be adjusted upward for any Third and Fourth Quarter collections from Popeyes, and/or adjusted downward for any unforeseen negative circumstances.

SEE INSIDE



|                    |  |  
|------------------- |  | -
|Property Highlights |  | 2
|Questions &Answers  |  | 2
|Contact Information |  | 2



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PAGE 2



| |  |                         |  |       
| |  | ----------------------- |  | ------
| |  | DIVALL 2 QUARTERLY NEWS |  | 2 Q 07

PROPERTY HIGHLIGHTS

DEFAULTED TENANT

Park Forest, IL
(operates as a Popeyes restaurant):As previously reported to investors, during 2006 the Partnership had defaulted Popeyes for failure to meet its monthly rent and property tax escrow obligations. In addition, the
Partnership had filed for possession of the property in the Cook County Courts. However, a Settlement agreement was executed in early May of 2007, and in accordance with the agreement Popeyes has paid in full its past due rent and escrow
billings to the Partnership. Monthly rent and property tax escrow payments totaling approximately $52,000, which represented both current and past due amounts, were received from the tenant during the Second Quarter. Popeyes remains liable for
rent and property tax obligations through the remainder of its lease (expiration is 12/31/2009).

PROPERTIES SOLD

Phoenix, Arizona (operated as Sunrise Preschool): As stated in the previous newsletter, the Partnership received a favorable offer for the property
from an unaffiliated third party, and the operator of the preschool then exercised its right to match the offer and buy the property. Closing took place on April 23, and the net proceeds of approximately $1.5 million are included in the Second
Quarter distribution included with this Newsletter.

PROPERTIES HELD FOR SALE



| |  |  | Ogden, Utah (operates as Blockbuster Video): A listing agreement for the sale of the property was executed with an unaffiliated broker in May of 2007
(current asking price is $1,250,000.) Approximately $21,000 in roofing expenditures on the property were capitalized in the Second Quarter.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 1515 Savannah Hwy., Charleston, South Carolina (operates as a Wendys restaurant): The tenant informed us that the Wendys concept was not
achieving its profitability objective, and they wished to sublet to another operator. We were subsequently informed that the new operator wanted to buy the property, and a sales contract is currently being negotiated. Closing is anticipated to take
place during the fall of 2007 with estimated net proceeds of approximately $1.1 million.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OTHER PROPERTY NEWS

Wendys Properties: Ten of the Partnership properties were leased to Wendys franchisee, Wencoast, Inc., and had
lease expiration dates of November 6, 2016. In July of 2007, six of these leases were assigned to Wendys franchisee, Wendgusta, LLC (Wendgusta). The lease terms for four of the properties were extended to 2021 with a five year
renewal option. In exchange, Wendgusta is required to make significant capital improvements to the four properties within 18 months.

QUESTIONS & ANSWERS



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

Your distribution correspondence for the Third Quarter of 2007 is scheduled to be mailed on November 15, 2007.



| |  |  | What was the December 31, 2006 Net Asset Value (NAV)?
| | - |  | -------------------------------------------------------

The NAV of the Partnership was $405 per unit as of 12/31/06. The NAV letter from the General Partner was included with the
February 15, 2007 distribution mailing. Please note that the 12/31/06 NAV should be adjusted (reduced) for any subsequent property sales during 2007. For example, due to the sale of the Sunrise Preschool property in April of 2007, $33 per unit
would be deducted from the 12/31//06 NAV of $405. Therefore, the adjusted 12/31/06 NAV of the Partnership is $372.



| |  |  | When can I expect to receive my 2006 Annual Form 10-K Report?
| | - |  | -------------------------------------------------------------

Your Annual Report was mailed in May of 2007.



| |  |  | Ive moved. How do I update my account registration?
| | - |  | ----------------------------------------------------

Please mail or fax to DiVall Investor Relations a signed letter stating your new address and telephone number. Updates cannot be accepted
over the telephone or via voicemail messages.



| |  |  | If I have questions or comments, how can I reach DiVall Investor Relations?
| | - |  | ---------------------------------------------------------------------------

You can reach DiVall Investor Relations at the address listed below:



|       |  |                                              
|------ |  | ---------------------------------------------
|       |  | CONTACT INFORMATION                          
|       | 
|MAIL:  |  | DiVall Investor Relations                    
|       |  | c/o Phoenix American Financial Services, Inc.
|       |  | 2401 Kerner Blvd. San Rafael, CA
94901       
|PHONE: |  | 1-800-547-7686                               
|FAX:   |  | 1-415-485-4553                               



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DIVALL INSURED INCOME PROPERTIES 2 L.P.

STATEMENTS OF INCOME AND CASH FLOW CHANGES

FOR THE THREE MONTH PERIOD ENDED
JUNE 30, 2007



|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|-------------------------------------------------------------------- |  | -------------------- | ---------- | - | -------------------- | -- | ---------- | ------------- |  | - | ---------- | -
|                                                                     |  | PROJECTED            |            |   | ACTUAL               |    |            | VARIANCE      | 
|                                                                     |  | 2NDQUARTER06/30/2007 |            |   | 2NDQUARTER06/30/2007 |    |            | BETTER(WORSE) | 
|OPERATING REVENUES                                                   |  |                      |            |   |                      |    |            |               |  |   |            |  
|Rental income                                                        |  | $                    | 415,373    |   |                      | $  | 382,990    |               |  |   | ($32,383   | )
|Interest income                                                      |  |                      | 7,700      |   |                      |    | 25,155     |               |  |   | 17,455     |  
|Gain on sale of investment property                                  |  |                      | 0          |   |                      |    | 861,701    |               |  |   | 861,701    |  
|Other income                                                         |  |                      | 0          |   |                      |    | 3,727      |               |  |   | 3,727      |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|TOTAL OPERATING REVENUES                                             |  | $                    | 423,073    |   |                      | $  | 1,273,573  |               |  | $ | 850,500    |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|OPERATING EXPENSES                                                   |  |                      |            |   |                      |    |            |               |  |   |            |  
|Insurance                                                            |  | $                    | 12,486     |   |                      | $  | 12,488     |               |  |   | ($2        | )
|Management fees                                                      |  |                      | 56,925     |   |                      |    | 56,711     |               |  |   | 214        |  
|Overhead allowance                                                   |  |                      | 4,590      |   |                      |    | 4,585      |               |  |   | 5          |  
|Advisory Board                                                       |  |                      | 2,625      |   |                      |    | 2,125      |               |  |   | 500        |  
|Administrative                                                       |  |                      | 31,090     |   |                      |    | 26,062     |               |  |   | 5,028      |  
|Professional services                                                |  |                      | 27,390     |   |                      |    | 17,515     |               |  |   | 9,875      |  
|Auditing                                                             |  |                      | 17,700     |   |                      |    | 15,425     |               |  |   | 2,275      |  
|Legal                                                                |  |                      | 9,000      |   |                      |    | 8,307      |               |  |   | 693        |  
|Property Expenses                                                    |  |                      | 3,753      |   |                      |    | 490        |               |  |   | 3,263      |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|TOTAL OPERATING EXPENSES                                             |  | $                    | 165,559    |   |                      | $  | 143,707    |               |  | $ | 21,852     |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|INVESTIGATION AND RESTORATION EXPENSES                               |  | $                    | 0          |   |                      | $  | 124        |               |  |   | ($124      | )
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|NON-OPERATING EXPENSES                                               |  |                      |            |   |                      |    |            |               |  |   |            |  
|Depreciation                                                         |  | $                    | 55,862     |   |                      | $  | 51,509     |               |  | $ | 4,353      |  
|Amortization                                                         |  |                      | 4,296      |   |                      |    | 4,296      |               |  |   | (0         | )
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|TOTAL NON-OPERATING EXPENSES                                         |  | $                    | 60,158     |   |                      | $  | 55,806     |               |  | $ | 4,352      |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|TOTAL EXPENSES                                                       |  | $                    | 225,717    |   |                      | $  | 199,637    |               |  | $ | 26,080     |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|NET INCOME                                                           |  | $                    | 197,356    |   |                      | $  | 1,073,936  |               |  | $ | 876,580    |  
|                                                                     |  |                      |           
|                                                                     |  |                      |            |   |                      |    |            | VARIANCE      | 
|OPERATING CASH RECONCILIATION:                                       |  |                      |            |   |                      |    |            |               |  |   |            |  
|Depreciation and amortization                                        |  |                      | 60,158     |   |                      |    | 55,806     |               |  |   | (4,352     | )
|Recovery of amounts previously written off                           |  |                      | 0          |   |                      |    | (3,107     | )             |  |   | (3,107     | )
|Gain on sale of investment property                                  |  |                      | 0          |   |                      |    | (861,701   | )             |  |   | (861,701   | )
|(Increase) Decrease in current assets                                |  |                      | 144,857    |   |                      |    | 43,179     |               |  |   | (101,678   | )
|Increase (Decrease) in current liabilities                           |  |                      | (24,321    | ) |                      |    | 29,352     |               |  |   | 53,673     |  
|(Increase) Decrease in cash reserved for payables                    |  |                      | 23,532     |   |                      |    | (33,648    | )             |  |   | (57,180    | )
|Current cash flows advanced from (reserved for) future distributions |  |                      | (70,650    | ) |                      |    | 98,350     |               |  |   | 169,000    |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|Net Cash Provided From Operating Activities                          |  | $                    | 330,932    |   |                      | $  | 402,166    |               |  | $ | 71,234     |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|CASH FLOWS (USED IN) FROM INVESTINGAND FINANCING ACTIVITIES          |  |                      |            |   |                      |    |            |               |  |   |            |  
|Indemnification Trust (Interest earnings reinvested)                 |  |                      | ($5,000    | ) |                      | ($ | 5,042      | )             |  |   | ($42       | )
|Recovery of amounts previously written off                           |  |                      | 0          |   |                      |    | 3,107      |               |  |   | 3,107      |  
|Building improvements                                                |  |                      | 0          |   |                      |    | (21,290    | )             |  |   | (21,290    | )
|Net proceeds from sale of investment property                        |  |                      | 0          |   |                      |    | 1,488,912  |               |  |   | 1,488,912  |  
|Security deposits                                                    |  |                      | 0          |   |                      |    | (9,945     | )             |  |   | (9,945     | )
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|Net Cash (Used In) From Investing And Financing Activities           |  |                      | ($5,000    | ) |                      | $  | 1,455,742  |               |  | $ | 1,460,742  |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|Total Cash Flow For Quarter                                          |  | $                    | 325,932    |   |                      | $  | 1,857,909  |               |  | $ | 1,531,977  |  
|Cash Balance Beginning of Period                                     |  |                      | 693,648    |   |                      |    | 936,321    |               |  |   | 242,673    |  
|Less 1st quarter 2007 L.P. distributions paid 5/07                   |  |                      | (325,000   | ) |                      |    | (360,000   | )             |  |   | (35,000    | )
|Change in cash reserved for payables or future distributions         |  |                      | 46,329     |   |                      |    | (64,702    | )             |  |   | (111,031   | )
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|Cash Balance End of Period                                           |  | $                    | 740,909    |   |                      | $  | 2,369,528  |               |  | $ | 1,628,619  |  
|Cash reserved for 2nd quarter 2007 L.P. distributions                |  |                      | (325,000   | ) |                      |    | (1,855,000 | )             |  |   | (1,530,000 | )
|Cash reserved for payment of accrued expenses                        |  |                      | (76,241    | ) |                      |    | (169,310   | )             |  |   | (93,069    | )
|Cash advanced from (reserved for) future distributions               |  |                      | (206,000   | ) |                      |    | (206,000   | )             |  |   | 0          |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|Unrestricted Cash Balance End of Period                              |  | $                    | 133,668    |   |                      | $  | 139,218    |               |  | $ | 5,550      |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  
|                                                                     |  | PROJECTED            |            |   | ACTUAL               |    |            | VARIANCE      | 
|*       Quarterly Distribution                                       |  | $                    | 325,000    |   |                      | $  | 1,855,000  |               |  | $ | 1,530,000  |  
|Mailing Date                                                         |  |                      | 08/15/2007 |   |                      |    | (enclosed  | )             |  |   |           |  
|                                                                     |  |                      |            |   |                      |    |            |               |  |   |            |  



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



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PROJECTIONS FOR

DISCUSSION
PURPOSES

DIVALL INSURED INCOME PROPERTIES 2 LP

2007 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT OPERATING PROPERTIES

AS
OF JUNE 30, 2007

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  | %
|DENNYS (2)               |  | PHOENIX, AZ    |  | 972,726     |  | 65,000         |           | 6.68   | % |        |                     |  | 183,239 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,155,965 |  | 65,000         |  | 5.62   | %
|CHINESE SUPER BUFFET      |  | PHOENIX, AZ    |  | 865,900     |  | 66,000         |           | 7.62   | % |        |                     |  | 221,237 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,087,137 |  | 66,000         |  | 6.07   | %
|DAYTONAS All SPORTS CAFÉ |  | DES MOINES, IA |  | 845,000     |  | 72,000         |           | 8.52   | % |        |                     |  | 52,813  |  | 0                             |  | 0                   |  | 0.00    | % |  | 897,813   |  | 72,000         |  | 8.02   | %
|KFC                       |  | SANTA FE, NM   |  | 451,230     |  | 60,000         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 451,230   |  | 60,000         |  | 13.30  | %

Note:



| | 1: | This property summary includes only operating property and equipment held by the Partnership as of June 30, 2007 (does not include properties sold or held for sale during
2007).
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2: | The Dennys lease expires as of October 31, 2007. Management anticipates the lease to be renewed, therefore, twelve months of rent are projected.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------



Page 1 of 2



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PROJECTIONS FOR

DISCUSSION
PURPOSES

DIVALL INSURED INCOME PROPERTIES 2 LP

2007 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT OPERATING PROPERTIES

AS
OF JUNE 30, 2007

PORTFOLIO    (Note 1)



|                 |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                              |  |                     |  |         |   |  |            |  |               |  |        |  
|---------------- |  | ---------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ---------------------------- |  | ------------------- |  | ------- | - |  | ---------- |  | ------------- |  | ------ | -
|                 |  |                  |  | REAL ESTATE |  |                | EQUIPMENT |        |   | TOTALS |                    
|CONCEPT          |  | LOCATION         |  | COST        |  | ANNUALBASERENT |           | %YIELD |   |        | LEASEEXPIRATIONDATE |  | COST    |  | PRINCIPALRETURNEDASOF 1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |   |  | COST       |  | TOTALRECEIPTS |  | RETURN |  
|POPEYES         |  | PARK FOREST, IL  |  | 580,938     |  | 77,280         |           | 13.30  | % |        |                     |  |         |  |                              |  |                     |  |         |   |  | 580,938    |  | 77,280        |  | 13.30  | %
|PANDA BUFFET     |  | GRAND FORKS, ND  |  | 739,375     |  | 36,000         |           | 4.87   | % |        |                     |  |         |  |                              |  |                     |  |         |   |  | 739,375    |  | 36,000        |  | 4.87   | %
|WENDYS          |  | AIKEN, SC        |  | 633,750     |  | 90,480         |           | 14.28  | % |        |                     |  |         |  |                              |  |                     |  |         |   |  | 633,750    |  | 90,480        |  | 14.28  | %
|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 |  |                  |  | 11,302,885  |  | 1,278,560      |           | 11.31  | % |        |                     |  | 541,789 |  | 29,849                       |  | 0                   |  | 0.00    | % |  | 11,844,674 |  | 1,278,560     |  | 10.79  | %

Note:

| | 1: | This property summary includes only operating property and equipment held by the Partnership as of June 30, 2007 (does not include properties sold or held for sale during
2007).
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2: | The Dennys lease expires as of October 31, 2007. Management anticipates the lease to be renewed, therefore, twelve months of rent are projected.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------



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