Exhibit 99.0

DiVall Insured Income Properties 2, L.P.

QUARTERLY NEWS



|                                       |  |                   
|-------------------------------------- |  | ------------------
|A publication of The Provo Group, Inc. |  | FIRST QUARTER 2008

FIRST QUARTER OF 2008 DISTRIBUTION HIGHER THAN PROJECTED

The First Quarter of 2008 distribution of $315,000 (approximately $6.81 per unit) is higher than the planned distribution of $270,000 ($5.83 per unit).
The increase is primarily due to unplanned First Quarter collections from Popeyes, Blockbuster and Daytonas, and the collection of earnest monies upon the termination of a property sales contract (see Property Highlights on page
2).

FOUR PROPERTIES CURRENTLY HELD FOR SALE

The Partnership currently has executed sales contracts for three of its properties and has one additional property listed with an unaffiliated broker
(see Property Highlights on page 2).

PROJECTIONS FOR REMAINING 2008 QUARTERLY DISTRIBUTIONS

The remaining quarterly distributions from 2008 cash flows are projected to be approximately $30,000 ($.58 per unit) higher than the originally planned
amount of $270,000, due to the extension of the Blockbuster, Ogden, UT lease (see Property Highlights on page 2).

DISTRIBUTION
HIGHLIGHTS



| |  |  | $315,000distributed for the First Quarter of 2008, which is $45,000 higher than originally projected.
| | - |  | -----------------------------------------------------------------------------------------------------



| |  |  | The First Quarter distribution represents $6.81 per unit.The approximate annualized operating return for the First Quarter of 2008 was
approximately 7.2%, based on the Net Asset Value of $385 per unit as of December 31, 2007.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | $1,459 to $1,309range 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).
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

SEE INSIDE



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



---

PAGE 2

| |  |                         |  |       
| |  | ----------------------- |  | ------
| |  | DIVALL 2 QUARTERLY NEWS |  | 1 Q 08



PROPERTY HIGHLIGHTS

PROPERTIES HELD FOR SALE



| |  |  | Ogden, UT (operates as Blockbuster Video): The lease on the property was extended for one year and expires as of January 31, 2009. As stated in the
previous newsletter, Management did not include a renewal or a new tenant in the 2008 budget. Management will continue to work with the listing broker to identify a potential buyer for this property.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 1515 Savannah Hwy., Charleston, SC (operated as a Wendys restaurant): The August 2007 sales contract for the property was terminated by the buyer in
March of 2008, as the buyer was unable to obtain the necessary permits from the City of Charleston. The Partnership collected the $25,000 in earnest monies held with the title company upon the termination of the sales contract. A new sales
contract was executed in April of 2008 for the sale of the property at a gross sales price of $1.17 million. Closing is anticipated to be during the Third Quarter of 2008 and sales commissions of 6% are anticipated to be paid.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Phoenix, AZ (operates as a Dennys restaurant):A sales contract was executed in March of 2008 for the sale of the property at a gross sales
price of $935,000. Closing is anticipated to be during the Second Quarter of 2008 and sales commissions of 6% are anticipated to be paid.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Phoenix, AZ (operates as a Chinese Super Buffet restaurant): A sales contract was executed in March of 2008 for the sale of the property at a gross
sales price of $795,000. Closing is anticipated to be during the Third Quarter of 2008 and sales commissions of 6% are anticipated to be paid.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OTHER



| |  |  | Des Moines, A (operates as Daytonas All Sports Café): The lease on the property expired as of February 29, 2008 and Management did not
include a lease renewal or a new tenant in the 2008 budget. Management is currently negotiating a lease renewal with Daytonas. The tenant is responsible for holdover monthly rent until a lease extension is executed or it vacates the property.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Park Forest, IL (operates as a Popeyes restaurant):Due to past defaults, Management did not include monthly rent and tax escrow collections
from Popeyes in the 2008 budget. However, the Partnership did receive both January and February payments of 2008 lease obligations during the First Quarter from the tenant (the March payment was received in April).
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

QUESTIONS & ANSWERS



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

Your distribution correspondence for the Second Quarter of 2008 is scheduled to be mailed on August 15, 2008.



| |  | What was the December 31, 2007 Net Asset Value (NAV)?
|- |  | -------------------------------------------------------

The Net Asset Value was $385 per unit. The Net Asset Value letter from the General Partner was included with the February 15, 2008
distribution mailing. Please note that a year-end NAV should be adjusted (reduced) for any subsequent property sales during the following year.



| |  | When can I expect to receive my 2007 Annual Form 10-K Report?
|- |  | -------------------------------------------------------------

Your Annual Report is included with this First Quarter of 2008 distribution mailing.



| |  | 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:



| |  | 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 July 7th, 2008.



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
MARCH 31, 2008



|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|-------------------------------------------------------------------- |  | ----------------------------- | -------- | - | -------------------------- | - | -------- | --------------------- |  | - | ------- | -
|                                                                     |  | PROJECTED1STQUARTER03/31/2008 |          |   | ACTUAL1STQUARTER03/31/2008 |   |          | VARIANCEBETTER(WORSE) | 
|                                                                     |  |                               |         
|                                                                     |  |                               |         
|OPERATING REVENUES                                                   |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Rental income                                                        |  | $                             | 352,928  |   |                            | $ | 366,266  |                       |  | $ | 13,338  |  
|Interest income                                                      |  |                               | 8,000    |   |                            |   | 9,952    |                       |  |   | 1,952   |  
|Cancellation of Sales Contract                                       |  |                               | 0        |   |                            |   | 25,000   |                       |  |   | 25,000  |  
|Other income                                                         |  |                               | 0        |   |                            |   | 4,360    |                       |  |   | 4,360   |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|TOTAL OPERATING REVENUES                                             |  | $                             | 360,928  |   |                            | $ | 405,578  |                       |  | $ | 44,650  |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|OPERATING EXPENSES                                                   |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Insurance                                                            |  | $                             | 8,586    |   |                            | $ | (3,416   | )                     |  | $ | 12,002  |  
|Management fees                                                      |  |                               | 57,403   |   |                            |   | 57,213   |                       |  |   | 190     |  
|Overhead allowance                                                   |  |                               | 4,630    |   |                            |   | 4,629    |                       |  |   | 1       |  
|Advisory Board                                                       |  |                               | 2,625    |   |                            |   | 2,625    |                       |  |   | 0       |  
|Administrative                                                       |  |                               | 25,474   |   |                            |   | 52,807   |                       |  |   | (27,333 | )
|Professional services                                                |  |                               | 19,950   |   |                            |   | 19,909   |                       |  |   | 41      |  
|Auditing                                                             |  |                               | 20,250   |   |                            |   | 20,250   |                       |  |   | 0       |  
|Legal                                                                |  |                               | 9,000    |   |                            |   | 7,268    |                       |  |   | 1,732   |  
|Property Expenses                                                    |  |                               | 6,716    |   |                            |   | 650      |                       |  |   | 6,066   |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|TOTAL OPERATING EXPENSES                                             |  | $                             | 154,634  |   |                            | $ | 161,934  |                       |  | $ | (7,300  | )
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|INVESTIGATION AND RESTORATION EXPENSES                               |  | $                             | 0        |   |                            | $ | 162      |                       |  | $ | (162    | )
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|NON-OPERATING EXPENSES                                               |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Depreciation                                                         |  | $                             | 50,457   |   |                            | $ | 47,570   |                       |  | $ | 2,887   |  
|Amortization                                                         |  |                               | 3,168    |   |                            |   | 4,017    |                       |  |   | (849    | )
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|TOTAL NON-OPERATING EXPENSES                                         |  | $                             | 53,625   |   |                            | $ | 51,586   |                       |  | $ | 2,039   |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|TOTAL EXPENSES                                                       |  | $                             | 208,259  |   |                            | $ | 213,683  |                       |  | $ | (5,424  | )
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|NET INCOME                                                           |  | $                             | 152,669  |   |                            | $ | 191,895  |                       |  | $ | 39,226  |  
|                                                                     |  |                               |         
|                                                                     |  |                               |          |   |                            |   |          | VARIANCE              | 
|OPERATING CASH RECONCILIATION:                                       |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Depreciation and amortization                                        |  |                               | 53,625   |   |                            |   | 51,586   |                       |  |   | (2,039  | )
|Recovery of amounts previously written off                           |  |                               | 0        |   |                            |   | (4,060   | )                     |  |   | (4,060  | )
|(Increase) Decrease in current assets                                |  |                               | 390,522  |   |                            |   | 408,920  |                       |  |   | 18,398  |  
|Increase (Decrease) in current liabilities                           |  |                               | (9,092   | ) |                            |   | 2,961    |                       |  |   | 12,053  |  
|(Increase) Decrease in cash reserved for payables                    |  |                               | 8,481    |   |                            |   | (3,729   | )                     |  |   | (12,210 | )
|Current cash flows advanced from (reserved for) future distributions |  |                               | (329,909 | ) |                            |   | (329,909 | )                     |  |   | 0       |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Net Cash Provided From Operating Activities                          |  | $                             | 266,296  |   |                            | $ | 317,664  |                       |  | $ | 51,368  |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|CASH FLOWS (USED IN) FROM INVESTING AND FINANCING ACTIVITIES         |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Indemnification Trust (Interest earnings reinvested)                 |  | $                             | (3,500   | ) |                            | $ | (3,405   | )                     |  | $ | 95      |  
|Recovery of amounts previously written off                           |  |                               | 0        |   |                            |   | 4,060    |                       |  |   | 4,060   |  
|Payment of Leasing Commissions                                       |  |                               | 0        |   |                            |   | (5,100   | )                     |  |   | (5,100  | )
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Net Cash (Used In) From Investing And Financing Activities           |  | $                             | (3,500   | ) |                            | $ | (4,445   | )                     |  | $ | (945    | )
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Total Cash Flow For Quarter                                          |  | $                             | 262,796  |   |                            | $ | 313,219  |                       |  | $ | 50,423  |  
|                                                                     |  |                               |         
|Cash Balance Beginning of Period                                     |  |                               | 676,471  |   |                            |   | 677,411  |                       |  |   | 940     |  
|Less 4th quarter 2007 L.P. distributions paid 2/08                   |  |                               | (375,000 | ) |                            |   | (375,000 | )                     |  |   | 0       |  
|Change in cash reserved for payables or future distributions         |  |                               | 321,428  |   |                            |   | 333,638  |                       |  |   | 12,210  |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Cash Balance End of Period                                           |  | $                             | 885,695  |   |                            | $ | 949,268  |                       |  | $ | 63,573  |  
|                                                                     |  |                               |         
|Cash reserved for 1st quarter 2008 L.P. distributions                |  |                               | (270,000 | ) |                            |   | (315,000 | )                     |  |   | (45,000 | )
|Cash reserved for payment of accrued expenses                        |  |                               | (159,084 | ) |                            |   | (167,347 | )                     |  |   | (8,263  | )
|Cash advanced from (reserved for) future distributions               |  |                               | (329,909 | ) |                            |   | (329,909 | )                     |  |   | 0       |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  
|Unrestricted Cash Balance End of Period                              |  | $                             | 126,702  |   |                            | $ | 137,012  |                       |  | $ | 10,310  |  
|                                                                     |  |                               |          |   |                            |   |          |                       |  |   |         |  





|                               |  |           |            |        |   |           |          |  |   |       
|------------------------------ |  | --------- | ---------- | ------ | - | --------- | -------- |  | - | ------
|                               |  | PROJECTED |            | ACTUAL |   |           | VARIANCE
|*       Quarterly Distribution |  | $         | 270,000    |        | $ | 315,000   |          |  | $ | 45,000
|Mailing Date                   |  |           | 05/15/2008 |        |   | (enclosed | )        |  |   |      



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



---

PROJECTIONS FOR

|                    |  |                                                                                                                                                   |  | 
|------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|DISCUSSION PURPOSES |  | DIVALL INSURED INCOME PROPERTIES 2 LP 2008 PROJECTED PROPERTY SUMMARY AND RELATED RECEIPTS FOR CURRENT INVESTMENT PROPERTIES AS OF MARCH 31, 2008 |  | 



|                              |  |                |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |           |  |                |  |        |  
|----------------------------- |  | -------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- | - |  | --------- |  | -------------- |  | ------ | -
|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 (2)               |  | OGDEN, UT      |  | 646,425     |  | 102,000        |           | 15.78  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 646,425   |  | 102,000        |  | 15.78  | %
|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 (4)      |  | PHOENIX, AZ    |  | 865,900     |  | 71,500         |           | 8.26   | % |        |                     |  | 221,237 |  | 0                             |  | 0                   |  | 0.00    | % |  | 1,087,137 |  | 71,500         |  | 6.58   | %
|DAYTONAS All SPORTS CAFÉ (5) |  | DES MOINES, IA |  | 845,000     |  | 12,000         |           | 1.42   | % |        |                     |  | 52,813  |  | 0                             |  | 0                   |  | 0.00    | % |  | 897,813   |  | 12,000         |  | 1.34   | %
|KFC                           |  | SANTA FE, NM   |  | 451,230     |  | 60,000         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 451,230   |  | 60,000         |  | 13.30  | %

Note:



| | 1: | This property summary includes only investment property held by the Partnership as of March 31,2008.
| | -- | ----------------------------------------------------------------------------------------------------

| | 2: | The Blockbuster lease was extended one-year and expires on January 31, 2009. In December of 2007, Management executed a listing agreement with an unaffiliated broker for the
sale of the property. The current asking price is $1.25 million.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3: | The Dennys lease was renewed as of November 30, 2007 for a period of 18 months. In March of 2008, a sales contract was executed for the sale of the property to an
unaffiliated party at sales price of $935,000. Closing is anticipated to be during the Second Quarter.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4: | A sales contract was executed on March 28, 2008 for the sale of the property to an unaffiliated party at a sales price of $795,000. Closing is anticipated to be during the
Third Quarter.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5: | The Daytonas lease expired on February 28, 2008. Management is currently negotiating with the tenant to extend the lease. Daytonas is being charged monthly holdover
rent of $9,000 until a new lease is executed or the tenant vacates the property.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6: | The sales contract that was executed in August of 2007 for the sale of the property at a sales price of $1.17 million was terminated by the potential buyer in March of 2008. The
Partnership collected $25,000 in earnest monies upon the termination of the contract. A new sales contract was executed on April 10, 2008 for the sale of the property to an unaffiliated party for $1.17 million. Closing is anticipated to be
during the Third Quarter of 2008. The property is vacant, but the former tenant is responsible for the monthly lease obligations until the lease expiration date or the sale of the property.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 1 of 2



---

PROJECTIONS FOR

|                    |  |                                                                                                                                                   |  | 
|------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|DISCUSSION PURPOSES |  | DIVALL INSURED INCOME PROPERTIES 2 LP 2008 PROJECTED PROPERTY SUMMARY AND RELATED RECEIPTS FOR CURRENT INVESTMENT PROPERTIES AS OF MARCH 31, 2008 |  | 



|                 |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  
|---------------- |  | ---------------- |  | ----------- |  | -------------- | --------- | ------ | - | ------ | ------------------- |  | ------- |  | ----------------------------- |  | ------------------- |  | ------- | - |  | ---------- |  | ------------- |  | ------ | -
|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  | %
|PANDA BUFFET     |  | GRAND FORKS, ND  |  | 739,375     |  | 37,000         |           | 5.00   | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 739,375    |  | 37,000        |  | 5.00   | %
|WENDYS          |  | AIKEN, SC        |  | 633,750     |  | 90,480         |           | 14.28  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 633,750    |  | 90,480        |  | 14.28  | %
|VACANT (6)       |  | CHARLESTON, SC   |  | 580,938     |  | 77,280         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 580,938    |  | 77,280        |  | 13.30  | %
|WENDYS          |  | N. AUGUSTA, SC   |  | 660,156     |  | 87,780         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 660,156    |  | 87,780        |  | 13.30  | %
|WENDYS          |  | AUGUSTA, GA      |  | 728,813     |  | 96,780         |           | 13.28  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 728,813    |  | 96,780        |  | 13.28  | %
|WENDYS          |  | CHARLESTON, SC   |  | 596,781     |  | 76,920         |           | 12.89  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 596,781    |  | 76,920        |  | 12.89  | %
|WENDYS          |  | AIKEN, SC        |  | 776,344     |  | 96,780         |           | 12.47  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 776,344    |  | 96,780        |  | 12.47  | %
|WENDYS          |  | AUGUSTA, GA      |  | 649,594     |  | 86,160         |           | 13.26  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 649,594    |  | 86,160        |  | 13.26  | %
|WENDYS          |  | CHARLESTON, SC   |  | 528,125     |  | 70,200         |           | 13.29  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 528,125    |  | 70,200        |  | 13.29  | %
|WENDYS          |  | MT. PLEASANT, SC |  | 580,938     |  | 77,280         |           | 13.30  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 580,938    |  | 77,280        |  | 13.30  | %
|WENDYS          |  | MARTINEZ, GA     |  | 633,750     |  | 84,120         |           | 13.27  | % |        |                     |  |         |  |                               |  |                     |  |         |   |  | 633,750    |  | 84,120        |  | 13.27  | %
|                 |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  
|PORTFOLIO TOTALS |  |                  |  | 12,530,248  |  | 1,411,340      |           | 11.26  | % |        |                     |  | 541,789 |  | 29,849                        |  | 0                   |  | 0.00    | % |  | 13,072,037 |  | 1,411,340     |  | 10.80  | %
|                 |  |                  |  |             |  |                |           |        |   |        |                     |  |         |  |                               |  |                     |  |         |   |  |            |  |               |  |        |  

Note:



| | 1: | This property summary includes only investment property held by the Partnership as of March 31,2008.
| | -- | ----------------------------------------------------------------------------------------------------

| | 2: | The Blockbuster lease was extended one-year and expires on January 31, 2009. In December of 2007, Management executed a listing agreement with an unaffiliated broker for the
sale of the property. The current asking price is $1.25 million.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3: | The Dennys lease was renewed as of November 30, 2007 for a period of 18 months. In March of 2008, a sales contract was executed for the sale of the property to an
unaffiliated party at sales price of $935,000. Closing is anticipated to be during the Second Quarter.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4: | A sales contract was executed on March 28, 2008 for the sale of the property to an unaffiliated party at a sales price of $795,000. Closing is anticipated to be during the
Third Quarter.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5: | The Daytonas lease expired on February 28, 2008. Management is currently negotiating with the tenant to extend the lease. Daytonas is being charged monthly holdover
rent of $9,000 until a new lease is executed or the tenant vacates the property.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6: | The sales contract that was executed in August of 2007 for the sale of the property at a sales price of $1.17 million was terminated by the potential buyer in March of 2008. The
Partnership collected $25,000 in earnest monies upon the termination of the contract. A new sales contract was executed on April 10, 2008 for the sale of the property to an unaffiliated party for $1.17 million. Closing is anticipated to be
during the Third Quarter of 2008. The property is vacant, but the former tenant is responsible for the monthly lease obligations until the lease expiration date or the sale of the property.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Page 2 of 2