<PAGE>

                                                            EXHIBIT 99
                          IMPORTANT FACTORS REGARDING

                           FORWARD-LOOKING STATEMENTS

The following factors, among others, could cause actual results to differ
materially from those contained in forward-looking statements made in this
report and presented elsewhere by management from time to time.  Reference is
also made to uncertainties discussed in the following portions of the
Partnership's annual report on Form 10-K for the fiscal year ended December 31,
1996: (a) the subsections entitled "Sources of Payment," "Regulation and Other
Factors" and "Competition" in Item 2, within the "PROPERTIES" section, which
describe (i) the federal and state governmental involvement and discretion in
the funding and payment of Medicare and Medicaid payments that comprise a
significant portion of the Partnership's revenues, (ii) the federal, state and
local governmental regulation of healthcare facilities, including the
requirement of continued licensure, and (iii) the competitive conditions faced
by the Partnership, and (b) Item 7, "MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS."


Competition: The profitability of retirement communities is subject to general
economic conditions, competition, the desirability of particular locations, the
relationship between supply of and demand for senior living facilities, and
other factors.  The Partnership's retirement communities are generally located
in markets that contain numerous competitors, and the continued success of the
Partnership's retirement communities in their respective markets will be
dependent, in large part, upon those facilities' ability to compete in such
areas as access, location, quality of accommodations, amenities, specialized
services and rate structure.

Facility Expansion: The timing and success of the planned expansion of the
Partnership's existing retirement communities is dependent upon a number of
factors, including the ability to obtain required zoning variances and permits
from local governmental authorities and the timing thereof, whether development
and construction costs are higher or lower than anticipated, whether
construction is completed faster or slower than anticipated, whether newly added
living units are occupied faster or slower than anticipated, whether rental
rates for additional living units are higher or lower than anticipated, and
whether operating costs are higher or lower than anticipated.

Availability of Financing: The Partnership presently intends to finance the
planned expansion of its existing retirement communities out of the
Partnership's cash flow from operations.  If cash flow from operations is
insufficient to complete such expansion on a timely basis, the expansion may be
delayed, reduced in scope or discontinued.  The Partnership's long-term
financing agreement restricts the ability of the Partnership to obtain third-
party financing (other than $1 million of equipment financing in the aggregate)
and prohibits the imposition of liens on the Partnership's assets.  There can be
no assurance that a waiver could be obtained from the lender to permit any
third-party financing, or whether, when and on what terms any such financing may
be available.
                                      E-99