Exhibit 99.1

DiVall Insured Income Properties 2, L.P.

QUARTERLY
NEWS







|                                       |  |                   
|-------------------------------------- |  | ------------------
|A publication of The Provo Group, Inc. |  | THIRD QUARTER 2009

PARTNERSHIP EXTENDED TEN YEARS!

The Consent Statement and Consent Card which addressed the term extension of the Partnership from November 30, 2010 to
November 30, 2020 were mailed to Limited Partners on July 31, 2009. We are pleased to report that on October 14, 2009 a majority of Partnership Units had voted affirmatively for the ten year extension of the Partnership. Many public
entities have difficulty engaging investors in important votes. We believe it is a tribute to the knowledge and interest of our Partners that the significance of this vote was understood and acted upon.

Consistent with our past two year voting cycle, we will circulate the next Biennial Consent for Sale in May of 2011, whereby
Limited Partners can once again vote on whether to sell the remaining properties and liquidate the Partnership.

The
General Partner and Advisory Board believe that the Partnership can continue to provide a steady cash flow to the Limited 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 Held For Sale Highlight on page 2 for information related to the potential sale of the Panda Buffet restaurant- (Grand Forks, ND) property.

Those investors who have evaluated their own current financial needs as well as future financial goals and voted not to extend the
Partnership may now be considering selling their DiVall Units. This decision can only be made by each individual investor and their financial advisor. Although the Units cannot be sold in the public market, secondary markets do exist. In addition,
there is a Qualified Matching Service available which provides for some liquidity through which Units may be bought and sold. Investors may contact DiVall Investor Relations at the numbers shown at the bottom of page 2 if additional information is
needed.

DISTRIBUTION HIGHLIGHTS



| |  |  | $245,000 ($5.29 per unit)distributed for the Third Quarter of 2009, which is $25,000 ($.54 per unit) higher than originally
projected. The variance is primarily due to unanticipated rental collections from both Daytonas and Dennys (see OTHER PROPERTY HIGHLIGHTS on page 2).
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The annualized operating return for the Third Quarter of 2009 was approximately 6%, based on the Net Unit Value (NUV) of
$330 per unit as of December 31, 2008.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | $1,563 to $1,413range of cumulative distributions per unit from thefirst unit sold to the lastunit sold before the offering
closed (3/90). (Distributions are from both cash flow from operations and net cash activity from financing and investing activities)
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                 |  |  
|-------------------------------- |  | -
|SEE INSIDE                       |  |  
|Property Held for Sale Highlight |  | 2
|Other Property Highlights        |  | 2
|Questions & Answers              |  | 2
|Contact Information              |  | 2



---

|       |  |                         |  |       
|------ |  | ----------------------- |  | ------
|PAGE 2 |  | DIVALL 2 QUARTERLY NEWS |  | 3 Q 09



PROPERTY HELD FOR SALE HIGHLIGHT



| |  |  | Grand Forks, ND (operates as a Panda Buffet restaurant): A sales contract was executed on September 30, 2009 for the installment sale of
the property to the owner tenant. The sales price is $450,000 if closing occurs on or before November 15, 2009. At the time of closing, $150,000 is to be paid to the Partnership and the remaining balance will be delivered in the form of a
Promissory Note. The Note will reflect a term of three years, an interest rate of 7.25%, and principal and interest payments paid monthly and amortized over a ten year period.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OTHER PROPERTY HIGHLIGHTS



| |  |  | Des Moines, IA (operates as Daytonas All Sports Café): The lease on the property was extended in 2008 for one year and expired as
of February 28, 2009. A twenty-seven (27) month lease (retroactive to March 1, 2009), was executed in August of 2009, and includes first year base rent of $72,000. Due to the vagaries of a sports bar, a lease renewal for
Daytonas was not included in the 2009 budget.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Phoenix, AZ (operates as a Dennys restaurant): A lease on the property expired on April 30, 2009 and month-to-month rent of $6,000
was charged to the tenant for May of 2009. A new twenty-three (23) month lease was executed in June of 2009 and commenced on June 1, 2009. The first year base rent amounts to $72,000. Due to the uncertainty of a lease renewal, the
Dennys new lease was not included in the 2009 budget.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Columbus, OH (operates as an Applebees restaurant): The lease on the property expired on October 31, 2009. A lease amendment and
three year lease extension agreement (effective November 1, 2009) was recently executed and includes first year base rent of approximately $136,000.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

QUESTIONS AND ANSWERS



| |  |  | When can I expect my next distribution mailing and the December 31, 2009 Net Unit Value letter?
| | - |  | -----------------------------------------------------------------------------------------------

Your distribution correspondence for the Fourth Quarter of 2009, along with the December 31, 2009 Net Unit Value
letter, are scheduled to be mailed on February 15, 2010.



| |  |  | What was the December 31, 2008 Net Unit Value (NUV)?
| | - |  | ------------------------------------------------------

The Net Unit Value was $330 per unit. The Net Unit Value letter from the General Partner was included with the
February 13, 2009 distribution mailing. Please note that the year-end NUV should be adjusted (reduced) for any subsequent property sales during the following year.



| |  |  | Where can I find the new Partnership website?
| | - |  | ---------------------------------------------

Please visit the website at www.divallproperties.com.



| |  |  | How do I have a question answered in the next Newsletter?
| | - |  | ---------------------------------------------------------

Please e-mail your specific question to Diane Conley (DiVall Controller) at dconley@theprovogroup.com by Monday,
October 5, 2009 or visit the Investor Relations page at www.divallproperties.com.



| |  |  | 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 and/or number(s) listed below.

CONTACT INFORMATION



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



---

DIVALL INSURED INCOME PROPERTIES 2 L.P.

STATEMENTS OF INCOME AND CASH FLOW CHANGES

FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2009



|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|-------------------------------------------------------------------- |  | ---------- | ---------- | - | ---------- | - | --------- | -------- |  | - | ------- | -
|                                                                     |  | PROJECTED  |            |   | ACTUAL     |   |           | VARIANCE | 
|                                                                     |  | 3rd        |            |   | 3rd        |   |           |          | 
|                                                                     |  | QUARTER    |            |   | QUARTER    |   |           | BETTER   | 
|                                                                     |  | 09/30/2009 |            |   | 09/30/2009 |   |           | (WORSE)  | 
|OPERATING REVENUES                                                   |  |            |            |   |            |   |           |          |  |   |         |  
|Rental income                                                        |  | $          | 441,429    |   |            | $ | 487,584   |          |  | $ | 46,155  |  
|Interest income                                                      |  |            | 1,655      |   |            |   | 835       |          |  |   | (820    | )
|Other income                                                         |  |            | 0          |   |            |   | 3,447     |          |  |   | 3,447   |  
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|TOTAL OPERATING REVENUES                                             |  | $          | 443,084    |   |            | $ | 491,865   |          |  | $ | 48,781  |  
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|                                                                     |  |            |           
|OPERATING EXPENSES                                                   |  |            |            |   |            |   |           |          |  |   |         |  
|Insurance                                                            |  | $          | 8,682      |   |            | $ | 8,682     |          |  | $ | 0       |  
|Management fees                                                      |  |            | 60,210     |   |            |   | 60,575    |          |  |   | (365    | )
|Overhead allowance                                                   |  |            | 4,857      |   |            |   | 4,896     |          |  |   | (39     | )
|Advisory Board                                                       |  |            | 2,625      |   |            |   | 2,625     |          |  |   | 0       |  
|Administrative                                                       |  |            | 18,345     |   |            |   | 17,821    |          |  |   | 524     |  
|Professional services                                                |  |            | 17,100     |   |            |   | 23,632    |          |  |   | (6,532  | )
|Auditing                                                             |  |            | 3,273      |   |            |   | 4,500     |          |  |   | (1,227  | )
|Legal                                                                |  |            | 9,000      |   |            |   | 7,425     |          |  |   | 1,575   |  
|Property Expenses                                                    |  |            | (20,584    | ) |            |   | (18,650   | )        |  |   | (1,934  | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|TOTAL OPERATING EXPENSES                                             |  | $          | 103,508    |   |            | $ | 111,505   |          |  | $ | (7,997  | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|                                                                     |  |            |           
|INVESTIGATION AND RESTORATION EXPENSES                               |  | $          | 0          |   |            | $ | 124       |          |  | $ | (124    | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|                                                                     |  |            |           
|NON-OPERATING EXPENSES                                               |  |            |            |   |            |   |           |          |  |   |         |  
|Depreciation                                                         |  | $          | 47,526     |   |            | $ | 47,527    |          |  | $ | (1      | )
|Amortization                                                         |  |            | 5,007      |   |            |   | 8,063     |          |  |   | (3,056  | )
|Uncollectible receivables                                            |  |            | 0          |   |            |   | 2,013     |          |  |   | (2,013  | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|TOTAL NON-OPERATING EXPENSES                                         |  | $          | 52,533     |   |            | $ | 57,604    |          |  | $ | (5,071  | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|TOTAL EXPENSES                                                       |  | $          | 156,040    |   |            | $ | 169,233   |          |  | $ | (13,193 | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|NET INCOME                                                           |  | $          | 287,044    |   |            | $ | 322,632   |          |  | $ | 35,588  |  
|                                                                     |  |            |           
|                                                                     |  |            |            |   |            |   |           | VARIANCE | 
|OPERATING CASH RECONCILIATION:                                       |  |            |            |   |            |   |           |          |  |   |         |  
|Depreciation and amortization                                        |  |            | 52,533     |   |            |   | 57,604    |          |  |   | 5,071   |  
|Recovery of amounts previously written off                           |  |            | 0          |   |            |   | (3,107    | )        |  |   | (3,107  | )
|(Increase) Decrease in current assets                                |  |            | (146,552   | ) |            |   | (165,803  | )        |  |   | (19,251 | )
|Increase (Decrease) in current liabilities                           |  |            | (27,975    | ) |            |   | (33,356   | )        |  |   | (5,381  | )
|(Increase) Decrease in cash reserved for payables                    |  |            | 26,827     |   |            |   | 32,065    |          |  |   | 5,238   |  
|Current cash flows advanced from (reserved for) future distributions |  |            | 28,232     |   |            |   | 37,232    |          |  |   | 9,000   |  
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|Net Cash Provided From Operating Activities                          |  | $          | 220,109    |   |            | $ | 247,267   |          |  | $ | 27,158  |  
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|CASH FLOWS (USED IN) FROM INVESTINGAND FINANCING ACTIVITIES          |  |            |            |   |            |   |           |          |  |   |         |  
|Indemnification Trust (Interest earnings reinvested)                 |  | $          | (155       | ) |            | $ | (356      | )        |  | $ | (201    | )
|Recovery of amounts previously written off                           |  |            | 0          |   |            |   | 3,107     |          |  |   | 3,107   |  
|Payment of Leasing Commissions                                       |  |            | 0          |   |            |   | (4,860    | )        |  |   | (4,860  | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|Net Cash (Used In) From Investing And Financing Activities           |  | $          | (155       | ) |            | $ | (2,109    | )        |  | $ | (1,954  | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|                                                                     |  |            |           
|Total Cash Flow For Quarter                                          |  | $          | 219,954    |   |            | $ | 245,158   |          |  | $ | 25,204  |  
|                                                                     |  |            |           
|Cash Balance Beginning of Period                                     |  |            | 578,451    |   |            |   | 662,444   |          |  |   | 83,993  |  
|Less 2nd quarter 2009 L.P. distributions paid 8/09                   |  |            | (220,000   | ) |            |   | (275,000  | )        |  |   | (55,000 | )
|Change in cash reserved for payables or future distributions         |  |            | (55,059    | ) |            |   | (69,297   | )        |  |   | (14,238 | )
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|Cash Balance End of Period                                           |  | $          | 523,347    |   |            | $ | 563,305   |          |  | $ | 39,958  |  
|                                                                     |  |            |           
|Cash reserved for 3rd quarter 2009 L.P. distributions                |  |            | (220,000   | ) |            |   | (245,000  | )        |  |   | (25,000 | )
|Cash reserved for payment of accrued expenses                        |  |            | (50,058    | ) |            |   | (64,098   | )        |  |   | (14,040 | )
|Cash advanced from (reserved for) future distributions               |  |            | (149,094   | ) |            |   | (149,094  | )        |  |   | 0       |  
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|Unrestricted Cash Balance End of Period                              |  | $          | 104,195    |   |            | $ | 105,113   |          |  | $ | 918     |  
|                                                                     |  |            |            |   |            |   |           |          |  |   |         |  
|                                                                     |  |            |           
|                                                                     |  | PROJECTED  |            |   | ACTUAL     |   |           | VARIANCE | 
|*       Quarterly Distribution                                       |  | $          | 220,000    |   |            | $ | 245,000   |          |  | $ | 25,000  |  
|Mailing Date                                                         |  |            | 11/13/2009 |   |            |   | (enclosed | )        |  |   |        |  



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



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PROJECTIONS FOR

DISCUSSION PURPOSES

DIVALL INSURED INCOME PROPERTIES 2 LP

2009 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT INVESTMENT PROPERTIES

AS OF SEPTEMBER 30, 2009



|                              |  |                |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |           |  |                |  |        |  
|----------------------------- |  | -------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- | - |  | --------- |  | -------------- |  | ------ | -
|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 (2)                |  | COLUMBUS, OH   |  | 1,059,465   |  | 135,816        |           | 12.82  | % |        |                     |  | 84,500  |  | 29,849                        |  | 0                   |  | 0.00    | % |  | 1,143,965 |  | 135,816        |  | 11.87  | %
|                              |  |                |  |             |  |                |           |        |   |        |                     | 
|DENNYS (3)                   |  | PHOENIX, AZ    |  | 972,726     |  | 72,000         |           | 7.40   | % |        |                     |  | 183,239 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,155,965 |  | 72,000         |  | 6.23   | %
|                              |  |                |  |             |  |                |           |        |   |        |                     | 
|CHINESE SUPER BUFFET          |  | PHOENIX, AZ    |  | 865,900     |  | 72,000         |           | 8.32   | % |        |                     |  | 221,237 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,087,137 |  | 72,000         |  | 6.62   | %
|                              |  |                |  |             |  |                |           |        |   |        |                     | 
|DAYTONAS All SPORTS CAFÉ (4) |  | 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 property held by the Partnership as of September 30, 2009.
| | -- | ----------------------------------------------------------------------------------------------

| | 2: | The Applebees lease expired on October 31, 2009. A lease amendment and three year lease extension was executed in the Fourth Quarter of 2009, effective
November 1, 2009.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3: | The former Dennys lease expired on April 30, 2009. A new twenty-three month lease was executed in June of 2009 and was retroactive to June 1, 2009 (set
to expire on April 30, 2011).
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4: | The Daytonas lease expired on February 28, 2009. A new twenty-seventh month lease was executed in the Third Quarter of 2009 (retroactive to March 1,
2009), and includes first year base rent of $72,000.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5: | Popeyes ceased operations in June of 2008 and the lease was terminated in July of 2008. Management anticipates the property will be vacant throughout 2009.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6: | An installment sales contract was executed as of September 30, 2009 for the sale of the property. The sales price is $450,000 if the closing occurs before or on
November 15, 2009.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Since there is never a guarantee of a sale, a full year of rent is shown.



Page 1 of 2



---

PROJECTIONS FOR

DISCUSSION PURPOSES

DIVALL INSURED INCOME PROPERTIES 2 LP

2009 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT INVESTMENT PROPERTIES

AS OF SEPTEMBER 30, 2009



|                             |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  
|---------------------------- |  | ---------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- | - |  | ---------- |  | ------------- |  | ------ | -
|PORTFOLIO                    |  | (Note 1)         |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  
|                             |  |                  |  | REAL ESTATE |  |                | EQUIPMENT |        |   | TOTALS |                    
|CONCEPT                      |  | LOCATION         |  | COST        |  | ANNUALBASERENT |           | %YIELD |   |        | LEASEEXPIRATIONDATE |  | COST    |  | PRINCIPALRETURNEDAS OF 1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |   |  | COST       |  | TOTALRECEIPTS |  | RETURN |  
|                             |  |                  |  |             |  |                |           |        |   |        |                     | 
|VACANT (FORMER POPEYES) (5) |  | PARK FOREST, IL  |  | 580,938     |  | 0              |           | 0.00   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 580,938    |  | 0             |  | 0.00   | %
|                             |  |                  |  |             |  |                |           |        |   |        |                     | 
|PANDA BUFFET (6)             |  | GRAND FORKS, ND  |  | 739,375     |  | 38,000         |           | 5.14   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 739,375    |  | 38,000        |  | 5.14   | %
|                             |  |                  |  |             |  |                |           |        |   |        |                     | 
|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  |  | 1,216,316      |           | 10.76  | % |        |                     |  | 541,789 |  | 29,849                        |  | 0                   |  | 0.00    | % |  | 11,844,674 |  | 1,216,316     |  | 10.27  | %
|                             |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  

Note:



| | 1: | This property summary includes only property held by the Partnership as of September 30, 2009.
| | -- | ----------------------------------------------------------------------------------------------

| | 2: | The Applebees lease expired on October 31, 2009. A lease amendment and three year lease extension was executed in the Fourth Quarter, effective
November 1, 2009.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3: | The former Dennys lease expired on April 30, 2009. A new twenty-three month lease was executed in June of 2009 and was retroactive to June 1, 2009 (set
to expire on April 30, 2011).
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4: | The Daytonas lease expired on February 28, 2009. A new twenty-seventh month lease was executed in the Third Quarter of 2009 (retroactive to March 1,
2009), and includes first year base rent of $72,000.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5: | Popeyes ceased operations in June of 2008 and the lease was terminated in July of 2008. Management anticipates the property will be vacant throughout 2009.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6: | An installment sales contract was executed as of September 30, 2009 for the sale of the property. The sales price is $450,000 if the closing occurs before or on
November 15, 2009.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Since there is never a guarantee of a sale, a full year of rent is shown.



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