Exhibit 99.0



DiVall Insured Income Properties 2, L.P.

QUARTERLY NEWS



|                                       |  |                    
|-------------------------------------- |  | -------------------
|A publication of The Provo Group, Inc. |  | SECOND QUARTER 2004



THINKING ABOUT
SELLING YOUR UNITS?



The First Quarter 2004 Newsletter gave important
information to investors who are considering the sale of their DiVall units on the secondary market. One of the paragraphs briefly discussed reading the fine print and reads as follows: It is important that you thoroughly
read the offers that are sent to you. The fine print can be difficult to understand and sometimes misleading. One area that seems to often lead to confusion/misunderstanding is who is entitled to receive (or get credit for) any distributions that
occur before the sale is completed and the units are transferred. Watch closely when evaluating an offer.



. . . PERIL TO YOUR POCKETBOOK CAN HIDE IN THE FINE PRINT . . .



Most offers have fine print that states distributions paid to the investor past a certain date belong to the buyer. In most cases investors
are unaware of this until their settlement check is much less than they expected. It is even more important to read the fine print during times when a large return of capital payment is made, (similar to the one that accompanies this
newsletter). Here is an example of fine print from a recent tender offer:



All distributions paid or declared by the Partnership on or after May 5, 2004 will belong to the buyer.This offer was received by investors in early June.



continued on page 2 . . .



DISTRIBUTION HIGHLIGHTS



| |  | $1,085,000 total amount distributed for the Second Quarter 2004 which is $660,000 higher than originally projected primarily due to the return of capital from the
Miami Subs sale.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | $23.44 per unit (approx.) for the Second Quarter 2004, of this approximately $14.26 is return of capital. The annualized operating
return (net of the return of capital) is 8%.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | $1,257 to $1,108range of distributions per unit from the first 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                                   |  |  
|Thinking About Selling Your Unitscontinued   |  | 2
|Property Highlights                          |  | 2
|Questions & Answers                          |  | 3
|Contact Information                          |  | 3
|Monthly Updates of Secondary Market Activity |  | 3



---

|       |  |          |  |       
|------ |  | -------- |  | ------
|Page 2 |  | DiVall 2 |  | 2 Q 04



continued from page 1 . . .



In this case if an investor with 10 units were to sell their units
effective August 1, 2004, the following distributions would have been lost from their sales proceeds:



First Quarter $89.70 ($8.97 per unit) payable on May 14, 2004

Second Quarter $234.40 ($23.44 per unit) payable on August 13, 2004



. . . A BUYERS RETROACTIVE CLAIMS CAN BE COSTLY. . .



The buyer will also take the pro-rated portion of the November 15, 2004 distribution that is owed to the investor. The November distribution is for the months of July,
August, & September. If the sale was effective August 1st, the investor was still active during July and would
be issued, by us, a distribution check for the month of July. However, the buyer will deduct the amount of the check we issue to the seller.



As you can see, that totals over a $300 deduction from your final check from the buyer, almost an entire year of distributions paid to the investor. So your apparent sale
at $350 per unit, could actually net you less than $320 per unit.



As always,
if you have any questions or concerns regarding an offer you received in the mail, please do not hesitate to contact our office. If you would like monthly updates on secondary market prices refer to page 3 of this newsletter on how to get signed up.



PROPERTY HIGHLIGHTS



Property Sales



|$ | Palm Beach, FL (currently operated as a Miami Subs restaurant)The sale of this property closed on June 18, 2004. The net sales proceeds will be distributed with the
August 13, 2004 distribution.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
propertys tenant, Miami Subs, was delinquent at June 30, 2004 in the amount of $33,000. The delinquent amount represents past due rent and real estate taxes as well as late fees charged to the tenant. We have filed suit against Miami Subs and
they were served papers on June 11, 2004. Miami Subs has offered to satisfy all amounts outstanding by making $3,000 monthly installments. This is unacceptable to the partnership and settlement negotiations, as well as litigation, continue at this
time.



Litigation Issues



|$ | Popeyes (Park Forest, IL)This tenant was delinquent at June 30, 2004 in the amount of $208,000. This amount includes delinquent percentage rent for 2001 and 2002
($103,000), related late fees ($73,000), and delinquent property taxes (approximately $32,000).
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Partnership commenced legal action against Popeyes last year, and in February we were granted a court order allowing the Partnership to remove
Popeyes and gain possession of the property if we choose to do so.



Since April 22, 2004, the tenant has paid $100,000 toward its past due balances. We expect to have the entire matter resolved in the Third Quarter.



---

|       |  |          |  |       
|------ |  | -------- |  | ------
|Page 3 |  | DiVall 2 |  | 2 Q 04



QUESTIONS & ANSWERS



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



Your distribution correspondence for the Third Quarter of 2004 is scheduled to be mailed on November 15, 2004.



| | What was the December 31, 2003 net asset value?
|- | -----------------------------------------------



Approximately $440 per unit. The sale of Miami Subs (after the 2003 valuation date) reduces the net asset value by $13 per unit.



| | 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                    



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



Please mail or fax to us a signed letter stating your new address and telephone number. Updates will not be accepted over the telephone or via voicemail
messages.



To receive monthly updates of Secondary Market
pricing for the

DiVall Insured Income Properties 2, L.P. please

email your email address to Investor Relations at

mevans@theprovogroup.com and you will be

emailed with the most updated prices for

sales of the DiVall 2 units as they happen.



---

DIVALL INSURED INCOME PROPERTIES 2 L.P.

STATEMENTS OF INCOME AND CASH FLOW CHANGES

FOR THE THREE MONTH PERIOD ENDED
JUNE 30, 2004



|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|-------------------------------------------------------------------- |  | --------------------- | ---------- | - | -------------------- | - | ---------- | ------------- |  | - | -------- | -
|                                                                     |  | PROJECTED             |            |   | ACTUAL               |   |            | VARIANCE      | 
|                                                                     |  | 2ND QUARTER06/30/2004 |            |   | 2NDQUARTER06/30/2004 |   |            | BETTER(WORSE) | 
|OPERATING REVENUES                                                   |  |                       |            |   |                      |   |            |               |  |   |          |  
|Rental income                                                        |  | $                     | 461,450    |   |                      | $ | 467,365    |               |  | $ | 5,915    |  
|Interest income                                                      |  |                       | 2,500      |   |                      |   | 2,463      |               |  |   | (37      | )
|Bankruptcy claim                                                     |  |                       | 0          |   |                      |   | 0          |               |  |   | 0        |  
|Net gain on sale of property                                         |  |                       | 0          |   |                      |   | 210,554    |               |  |   | 210,554  |  
|Property Taxes Reimbursement                                         |  |                       | 0          |   |                      |   | 75,000     |               |  |   | 75,000   |  
|Other income                                                         |  |                       | 0          |   |                      |   | 4,310      |               |  |   | 4,310    |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|TOTAL OPERATING REVENUES                                             |  | $                     | 463,950    |   |                      | $ | 759,691    |               |  | $ | 295,741  |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|OPERATING EXPENSES                                                   |  |                       |            |   |                      |   |            |               |  |   |          |  
|Insurance                                                            |  | $                     | 9,690      |   |                      | $ | 9,580      |               |  | $ | 110      |  
|Management fees                                                      |  |                       | 51,723     |   |                      |   | 51,692     |               |  |   | 31       |  
|Overhead allowance                                                   |  |                       | 4,173      |   |                      |   | 4,184      |               |  |   | (11      | )
|Advisory Board                                                       |  |                       | 2,625      |   |                      |   | 3,500      |               |  |   | (875     | )
|Administrative                                                       |  |                       | 33,670     |   |                      |   | 34,069     |               |  |   | (399     | )
|Professional services                                                |  |                       | 14,700     |   |                      |   | 12,977     |               |  |   | 1,723    |  
|Auditing                                                             |  |                       | 22,500     |   |                      |   | 18,770     |               |  |   | 3,730    |  
|Legal                                                                |  |                       | 12,000     |   |                      |   | 12,513     |               |  |   | (513     | )
|Property Expenses                                                    |  |                       | 18,003     |   |                      |   | 14,810     |               |  |   | 3,193    |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|TOTAL OPERATING EXPENSES                                             |  | $                     | 169,084    |   |                      | $ | 162,096    |               |  | $ | 6,988    |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|INVESTIGATION AND RESTORATION EXPENSES                               |  | $                     | 0          |   |                      | $ | 172        |               |  | $ | (172     | )
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|NON-OPERATING EXPENSES                                               |  |                       |            |   |                      |   |            |               |  |   |          |  
|Uncollectible Receivables                                            |  | $                     | 0          |   |                      | $ | 15,179     |               |  | $ | (15,179  | )
|Depreciation                                                         |  |                       | 66,144     |   |                      |   | 65,357     |               |  |   | 787      |  
|Amortization                                                         |  |                       | 3,198      |   |                      |   | 3,198      |               |  |   | (0       | )
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|TOTAL NON-OPERATING EXPENSES                                         |  | $                     | 69,342     |   |                      | $ | 83,735     |               |  | $ | (14,393  | )
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|TOTAL EXPENSES                                                       |  | $                     | 238,426    |   |                      | $ | 246,002    |               |  | $ | (7,576   | )
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|NET INCOME                                                           |  | $                     | 225,524    |   |                      | $ | 513,688    |               |  | $ | 288,164  |  
|                                                                     |  |                       |           
|                                                                     |  |                       |            |   |                      |   |            | VARIANCE      | 
|OPERATING CASH RECONCILIATION:                                       |  |                       |            |   |                      |   |            |               |  |   |          |  
|Depreciation and amortization                                        |  |                       | 69,342     |   |                      |   | 68,555     |               |  |   | (787     | )
|Recovery of amounts previously written off                           |  |                       | 0          |   |                      |   | (4,310     | )             |  |   | (4,310   | )
|Net gain on sale of property                                         |  |                       | 0          |   |                      |   | (210,554   | )             |  |   | (210,554 | )
|(Increase) Decrease in current assets                                |  |                       | 223,531    |   |                      |   | (21,374    | )             |  |   | (244,905 | )
|Increase (Decrease) in current liabilities                           |  |                       | 16,915     |   |                      |   | (2,004     | )             |  |   | (18,919  | )
|(Increase) Decrease in cash reserved for payables                    |  |                       | (17,817    | ) |                      |   | (15,051    | )             |  |   | 2,766    |  
|Current cash flows advanced from (reserved for) future distributions |  |                       | (89,500    | ) |                      |   | 150,500    |               |  |   | 240,000  |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|Net Cash Provided From Operating Activities                          |  | $                     | 427,995    |   |                      | $ | 479,450    |               |  | $ | 51,455   |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|CASH FLOWS (USED IN) FROM INVESTING AND FINANCING ACTIVITIES         |  |                       |            |   |                      |   |            |               |  |   |          |  
|Indemnification Trust (Interest earnings reinvested)                 |  |                       | (1,000     | ) |                      |   | (900       | )             |  |   | 100      |  
|Recovery of amounts previously written off                           |  |                       | 0          |   |                      |   | 4,310      |               |  |   | 4,310    |  
|Net cash proceeds from sale of property                              |  |                       | 0          |   |                      |   | 606,367    |               |  |   | 606,367  |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|Net Cash (Used In) From Investing And Financing Activities           |  | $                     | (1,000     | ) |                      | $ | 609,776    |               |  | $ | 610,776  |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|Total Cash Flow For Quarter                                          |  | $                     | 426,995    |   |                      | $ | 1,089,227  |               |  | $ | 662,232  |  
|                                                                     |  |                       |           
|Cash Balance Beginning of Period                                     |  |                       | 738,451    |   |                      |   | 994,086    |               |  |   | 255,635  |  
|Less 1st quarter distributions paid 5/04                             |  |                       | (425,000   | ) |                      |   | (415,000   | )             |  |   | 10,000   |  
|Change in cash reserved for payables or future distributions         |  |                       | 107,317    |   |                      |   | (135,449   | )             |  |   | (242,766 | )
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|Cash Balance End of Period                                           |  | $                     | 847,763    |   |                      | $ | 1,532,864  |               |  | $ | 685,101  |  
|                                                                     |  |                       |           
|Cash reserved for 2nd quarter 2004 L.P. distributions                |  |                       | (425,000   | ) |                      |   | (1,085,000 | )             |  |   | (660,000 | )
|Cash reserved for payment of accrued expenses                        |  |                       | (100,407   | ) |                      |   | (123,525   | )             |  |   | (23,118  | )
|Cash advanced from (reserved for) future distributions               |  |                       | (270,500   | ) |                      |   | (270,500   | )             |  |   | 0        |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|Unrestricted Cash Balance End of Period                              |  | $                     | 51,856     |   |                      | $ | 53,839     |               |  | $ | 1,983    |  
|                                                                     |  |                       |            |   |                      |   |            |               |  |   |          |  
|                                                                     |  |                       |           
|                                                                     |  | PROJECTED             |            |   | ACTUAL               |   |            | VARIANCE      | 
|* Quarterly Distribution                                             |  | $                     | 425,000    |   |                      | $ | 1,085,000  |               |  | $ | 660,000  |  
|Mailing Date                                                         |  |                       | 08/13/2004 |   |                      |   | (enclosed  | )             |  |   |         |  

---

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





---

Bruce A. Provo



---

PROJECTIONS FOR



DISCUSSION PURPOSES



DIVALL INSURED INCOME PROPERTIES 2 LP

2004 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

AS OF JUNE 30, 2004



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     |  | 107,750        |           | 16.67  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 646,425   |  | 107,750        |  | 16.67  | %
|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          |  | PHOENIX, AZ    |  | 865,900     |  | 66,000         |           | 7.62   | % |        |                     |  | 221,237 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,087,137 |  | 66,000         |  | 6.07   | %
|HOOTERS                      |  | R. HILLS, TX   |  | 1,246,719   |  | 95,000         |           | 7.62   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 1,246,719 |  | 95,000         |  | 7.62   | %
|DAYTONAS All SPORTS CAFÉ (2) |  | 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 (3)                |  | PALM BEACH, FL |  | 0           |  | 28,000         |           | 3.77   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  |           |  | 28,000         |  | 3.77   | %

---

Note:

|1: | This property summary includes only property and equipment held by the Partnership during 2004.
|-- | -----------------------------------------------------------------------------------------------

|2: | 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.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3: | Management executed a contract to sell the property in January 2004 for $650,000. The closing date was in June 2004.
|-- | --------------------------------------------------------------------------------------------------------------------

|4: | 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

2004 PROJECTED PROPERTY SUMMARY

AND RELATED RECEIPTS

AS OF JUNE 30, 2004



PORTFOLIO                        (Note 1)



|                  |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  
|----------------- |  | ---------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- | - |  | ---------- |  | ------------- |  | ------ | -
|                  |  |                  |  | REAL ESTATE |  |                | EQUIPMENT |        |   | TOTALS |                    
|CONCEPT           |  | LOCATION         |  | COST        |  | ANNUALBASERENT |           | %YIELD |   |        | LEASEEXPIRATIONDATE |  | COST    |  | PRINCIPALRETURNEDAS OF 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  | %
|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 (4)  |  | GRAND FORKS, ND  |  | 739,375     |  | 33,000         |           | 4.46   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 739,375    |  | 33,000        |  | 4.46   | %
|                  |  |                  |  |             |  |                |           |        |   |        |                     | 
|WENDYS           |  | AIKEN, SC        |  | 633,750     |  | 90,480         |           | 14.28  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 633,750    |  | 90,480        |  | 14.28  | %
|                  |  |                  |  |             |  |                |           |        |   |        |                     | 
|WENDYS           |  | CHARLESTION, 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  |  |                  |  | 14,861,470  |  | 1,694,908      |           | 11.40  | % |        |                     |  | 640,021 |  | 69,606                        |  | 0                   |  | 0.00    | % |  | 15,501,491 |  | 1,694,908     |  | 10.93  | %

---

Note:

|1: | This property summary includes only property and equipment held by the Partnership during 2004.
|-- | -----------------------------------------------------------------------------------------------

|2: | 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.
|- | -----------------------------------------------------------------------------------

|3: | Management executed a contract to sell the property in January 2004 for $650,000. The closing date was in June 2004.
|-- | --------------------------------------------------------------------------------------------------------------------

|4: | The property was leased to a new tenant, Panda Buffet, in February 2003 and rent commenced in July 2003.
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