U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 0-15690 Resources Pension Shares 5, L.P. (Exact name of Registrant as specified in its charter) Delaware 13-3353722 ------------------------------- -------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Five Cambridge Center, Cambridge, MA 02142-1493 --------------------------------------- ---------------- (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code (617) 234-3000 --------------- Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No X --- --- 1 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. BALANCE SHEETS (UNAUDITED)

~~PART~~JUNE I30, -DECEMBER ~~FINANCIAL~~31, ~~INFORMATION~~2000 ~~ITEM~~1999 1------------ ------------ ~~FINANCIAL~~ASSETS ~~STATEMENTS~~Investments ~~BALANCE~~in ~~SHEETS~~mortgage -loans ~~March~~$ 3112,423,920 ~~2000~~$ ~~and~~12,466,613 ~~December~~Cash ~~31,~~and ~~1999~~cash ~~............................................~~equivalents 15,547,905 ~~STATEMENTS~~4,801,986 OFReal ~~OPERATIONS~~estate - ~~For~~net ~~the~~4,564,319 ~~three~~4,615,314 ~~months~~Other ~~ended~~assets ~~March~~157,848 31169,268 ~~2000~~Interest ~~and~~receivable ~~1999~~- ~~.......................................................................................~~mortgage 2loans ~~STATEMENT~~104,655 OF105,040 ~~PARTNERS'~~------------ ~~EQUITY~~ ------------ ~~For~~Total ~~the~~Assets ~~three~~$ ~~months~~22,798,647 ~~ended~~$ ~~March 31~~22,158,221 ~~2000~~============ ~~.................................................................................~~============ 3LIABILITIES ~~STATEMENTS~~AND OFPARTNERS' ~~CASH~~EQUITY ~~FLOWS~~Liabilities -Accounts ~~For~~payable ~~the~~and ~~three~~accrued ~~months~~expenses ~~ended~~$ ~~March~~59,644 31$ 132,315 ~~2000~~Other ~~and~~liabilities ~~1999~~25,422 ~~........................................................................~~25,422 4Due ~~NOTES~~to TOaffiliates ~~FINANCIAL~~105,452 ~~STATEMENTS.....................................................................~~113,800 5-8----------- ~~ITEM 2~~ ------------ ~~MANAGEMENT'S~~Total ~~DISCUSSION~~Liabilities ~~AND~~190,518 ~~ANALYSIS~~271,537 OF------------ ~~FINANCIAL~~------------ ~~CONDITION~~Commitment ~~AND~~and ~~RESULTS~~Contingencies OFPartners' ~~OPERATIONS~~Equity: ~~......................................................~~Limited ~~9-10~~partners' ~~ITEM~~equity 3(5,690,843 -units ~~QUANTITATIVE~~issued ~~AND~~and ~~QUALITATIVE~~outstanding) ~~DISCLOSURES~~22,382,059 ~~ABOUT~~21,667,828 ~~MARKET~~General ~~RISK~~partners' ~~..............................................................................~~equity 10226,070 ~~PART~~218,856 II------------ ------------- ~~OTHER~~Total ~~INFORMATION~~Partners' ~~ITEM~~Equity 622,608,129 21,886,684 ------------ ~~EXHIBITS~~------------- ~~AND~~Total ~~REPORTS~~Liabilities ONand ~~FORM~~Partners' ~~8-K.............................................................~~Equity 10$ ~~SIGNATURES~~22,798,647 ~~............................................................................................~~$ 1122,158,221 ============ =============

See notes to financial statements. 2 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 STATEMENTS OF OPERATIONS (UNAUDITED)

~~For~~FOR ~~the~~THE ~~three~~SIX ~~months~~MONTHS ~~ended~~ENDED ~~March~~JUNE 3130, JUNE 30, 2000 1999 ------------~~---------------~~ ~~2000 1999~~ -------- ---~~-----~~ Revenues: Mortgage loans interest income $~~318~~ 645,~~260~~214 $~~325~~ 649,~~069~~578 Operating income - real estate ~~268~~526,~~024~~459 ~~303~~508,~~307~~086 Short -term investment interest 64141,~~447~~557 4085,~~648~~862 Other income -- 4868,~~923~~110 ------------ ----------- ~~650~~Total revenues 1,~~731~~313,230 ~~717~~1,~~947~~311,636 ------------ ----------- Costs and ~~expenses~~Expenses: Management fees ~~107~~215,100 ~~100~~203,~~420~~226 Operating expenses - real estate ~~115~~202,~~362~~770 ~~113~~227,~~725~~362 Depreciation and amortization expense 4284,~~405~~937 55114,~~874~~781 General and administrative expenses 2956,~~880~~646 28129,~~353~~899 Property management fees 916,~~696~~827 1527,738 Mortgage servicing fees 215,~~250~~505 715,~~831~~649 ------------ ----------- ~~306~~Total costs and expenses 591,~~693~~785 ~~321~~718,~~941~~655 ------------ ----------- Net income $~~344~~ 721,~~038~~445 $~~396~~ 592,~~006~~981 ============ =========== Net income attributable to: Limited partners $~~340~~ 714,~~598~~231 $~~392~~ 587,~~046~~051 General partners 37,~~440~~214 35,~~960~~930 ------------ ----------- $~~344~~ 721,~~038~~445 $~~396~~ 592,~~006~~981 ============ =========== Net income per unit of limited partnership interest (5,690,843 units outstanding) $ .0613 $ .0710 ============ ===========

See notes to financial statements. 3 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, JUNE 30, 2000 1999 ---------- ---------- Revenues: Mortgage loans interest income $ 326,954 $ 324,509 Operating income - real estate 258,435 204,779 Short-term investment interest 77,110 45,214 Other income -- 19,187 ---------- ---------- Total revenues 662,499 593,689 ---------- ---------- Costs and Expenses: Management fees 105,750 102,806 Operating expenses - real estate 87,408 113,637 Depreciation and amortization expense 42,532 58,907 General and administrative expenses 34,542 101,546 Property management fees 7,131 12,000 Mortgage servicing fees 7,729 7,818 ---------- ---------- Total costs and expenses 285,092 396,714 ---------- ---------- Net income $ 377,407 $ 196,975 ========== ========== Net income attributable to: Limited partners $ 373,633 $ 195,005 General partners 3,774 1,970 ---------- ---------- $ 377,407 $ 196,975 ========== ========== Net income per unit of limited partnership interest (5,690,843 units outstanding) $ .07 $ .03 ========== ========== See notes to financial statements. 4 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 STATEMENT OF PARTNERS' EQUITY (UNAUDITED)

~~General~~LIMITED ~~Limited~~GENERAL ~~Total~~TOTAL ~~Partners~~PARTNERS' ~~Partners~~PARTNERS' ~~Partners~~PARTNERS' ~~Equity~~EQUITY ~~Equity~~EQUITY ~~Equity~~EQUITY ------------ --------- ------------ Balance, - January 1, 2000 $ ~~218,856 $~~21,667,828 $ 218,856 $ 21,886,684 Net income ~~for the three months ended March 31~~714,231 ~~2000 (unaudited) 3~~7,~~440~~214 ~~340~~721,~~598~~445 ~~344,038~~ ---------- -- ---------- ------------ Balance, ~~March~~- 31June 30, 2000 ~~(unaudited)~~ $ ~~222~~22,~~296~~382,059 $22 226,~~008,426~~070 $ 22,~~230~~608,~~722~~129 ========== == ========== ============

See notes to financial statements. 5 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 1999 STATEMENTS OF CASH FLOWS (UNAUDITED)

~~For~~FOR ~~the~~THE ~~three~~SIX ~~months~~MONTHS ~~ended~~ENDED ~~March 31,~~ ----------------------------~~------~~ JUNE JUNE 30, 2000 1999 -----------~~------~~ ------------~~----~~ ~~INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS~~ Cash ~~flows~~Flows from ~~operating~~Operating ~~activities~~Activities: Net income $ ~~344~~721,~~038~~445 $ ~~396~~592,~~006~~981 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization expense 4284,~~405~~937 55114,~~874~~781 Amortization of origination and acquisition fees (521,~~121~~605) (816,~~156~~311) Changes in ~~operating~~ assets and liabilities: Other assets ~~(25~~22,~~337)~~785 ~~(131~~27,~~661)~~175 Interest receivable - mortgage loans ~~190~~385 59,~~482~~536 Interest receivable - other -- (75,~~963)~~552 Accounts payable and accrued expenses ~~153~~(72,~~891~~671) (5623,~~905~~803) ~~Increase~~Other ~~in other~~ liabilities ~~14,638~~ -- (800) Due to affiliates (~~107~~8,~~614~~348) ~~114~~2,~~251~~875 -----------~~------~~ -----------~~-----~~ Net cash provided by operating activities ~~417~~726,~~090~~928 ~~420~~761,~~928~~986 -----------~~------~~ -----------~~-----~~ Cash ~~flows~~Flows from ~~investing~~Investing ~~activities~~Activities: Mortgage loan repayments received 1942,~~595~~693 3859,~~031~~040 Additions to real estate ~~assets~~(23,702) - (1652,~~149~~729) -----------~~------~~ -----------~~-----~~ Net cash provided by investing activities 1918,~~595~~991 216,~~882~~311 -----------~~------~~ -----------~~-----~~ Net increase in cash and cash equivalents ~~436~~745,~~685~~919 ~~442~~768,~~810~~297 Cash and cash equivalents, beginning of period 4,801,986 3,427,496 -----------~~------~~ -----------~~-----~~ Cash and cash equivalents, end of period $ 5,~~238~~547,~~671~~905 $ 34,~~870~~195,~~306~~793 ===========~~======~~ ===========~~=====~~

See notes to financial statements. 6 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 NOTES TO FINANCIAL STATEMENTS 1. INTERIM FINANCIAL INFORMATION The summarized financial information contained herein is unaudited; however, in the opinion of management all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of such financial information have been included. Certain amounts have been reclassified to conform to the current year's presentation. The accompanying financial statements, footnotes and discussions should be read in conjunction with the financial statements, related footnotes and discussions contained in the Resources Pension Shares 5, L.P. (the "Partnership") annual report on Form 10-K for the year ended December 31, 1999. The results of operations for the six months ended June 30, 2000 are not necessarily indicative of the results to be expected for the full year. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Investments in mortgage loans The Partnership accounts for its investments in mortgage loans under the following methods: INVESTMENT METHOD Mortgage loans representing transactions in which the Partnership is considered to have substantially the same risks and potential rewards as the borrower are accounted for as investments in real estate rather than as loans. Although the transactions are structured as loans, due to the terms of the deferred interest portion of the mortgage loan, it is not readily determinable at inception that the borrower will continue to maintain a minimum investment in the property. Under this method of accounting, the Partnership recognizes as revenue the lesser of the amount of interest as contractually provided for in the mortgage loan, or the pro rata share of the actual cash flow from operations of the underlying property inclusive of depreciation and interest expense on any senior indebtedness. INTEREST METHOD Under this method of accounting, the Partnership recognizes revenue as interest income over the term of the mortgage loan so as to produce a constant periodic rate of return. Interest income is not recognized as revenue during periods where there are concerns about the ultimate realization of the interest or the loan principal. 3. CONFLICTS OF INTEREST AND TRANSACTION WITH RELATED PARTIES Resources Pension Advisory Corp., the investment general partner of the Partnership, Resources Capital Corp., the administrative general partner of the Partnership, and Presidio AGP Corp., the associate general partner of the Partnership (collectively referred to as the "General Partners") are wholly-owned subsidiaries of Presidio Capital Corp. ("Presidio"). The Administrative General Partner is also a general partner in several other limited partnerships which are also affiliated with Presidio, and which are engaged in businesses that are, or may be in the future, in direct competition with the Partnership. 7 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 NOTES TO FINANCIAL STATEMENTS 3. CONFLICTS OF INTEREST AND TRANSACTION WITH RELATED PARTIES (CONTINUED) On August 28, 1997, an affiliate of NorthStar Capital Partners acquired all of the Class B shares of Presidio. This acquisition, when aggregated with previous acquisitions, caused NorthStar Capital Partners to acquire indirect control of the General Partners. Effective July 31, 1998, Presidio is indirectly controlled by NorthStar Capital Investment Corp. ("NorthStar"), a Maryland corporation. Presidio entered into a management agreement with NorthStar Presidio Management Company LLC ("NorthStar Presidio"), an affiliate of NorthStar. Under the terms of the management agreement, NorthStar Presidio provides the day-to-day management of Presidio and its direct and indirect subsidiaries and affiliates. For the six months ended June 30, 2000 and 1999, reimbursable expenses due to NorthStar Presidio amounted to $0 and $47,926, respectively. On October 21, 1999, Presidio entered into a Service Agreement with AP-PCC III, L.P. (the "Agent") pursuant to which the Agent was retained to provide asset management and investor relation services to the Partnership and other entities affiliated with the Partnership. As a result of this agreement, the Agent has the duty to direct the day to day affairs of the Partnership, including, without limitation, reviewing and analyzing potential sale, financing or restructuring proposals regarding the Partnership's assets, preparation of all Partnership reports, maintaining Partnership records and maintaining bank accounts of the Partnership. The Agent is not permitted, however, without the consent of Presidio, or as otherwise required under the terms of the Partnership's agreement of Limited Partners (the "Partnership Agreement") to, among other things, cause the Partnership to sell or acquire an asset or file for bankruptcy. For management of the affairs of the Partnership, the Administrative General Partner is entitled to receive a management fee equal to 1.25% per annum of the average month-end net asset value of the Partnership for the first four years after the initial closing date; 1.5% for the next six years; and 1.75% thereafter. For the six months ended June 30, 2000 and 1999, the Administrative General Partner earned $215,100 and $203,226, respectively. For the servicing of mortgage loans made by the Partnership, the Investment General Partner is entitled to receive a mortgage servicing fee of 1/4 of 1% per annum of the principal balances loaned. During the six months ended June 30, 2000 and 1999, the Investment General Partner earned $15,505 and $15,649, respectively, in mortgage servicing fees. On December 9, 1993, the Partnership entered into a supervisory management agreement with Resources Supervisory Management Corp. ("RSMC'), an affiliate of the General Partners, to perform certain functions relating to supervising the management of the Landover, Maryland property. As such, RSMC is entitled to receive as compensation for its supervisory management services the greater of 6% of annual gross revenues from the Landover, Maryland property when leasing services are performed or 3% of gross revenue when no leasing services are performed. RSMC entered into an agreement with an unaffiliated local management company to perform such services on behalf of the Partnership. The terms of this agreement are substantially the same as the agreement entered into between the Partnership and RSMC. 8 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 NOTES TO FINANCIAL STATEMENTS 3. CONFLICTS OF INTEREST AND TRANSACTION WITH RELATED PARTIES (CONTINUED) There was no supervisory management fee earned by RSMC for the six months ended June 30, 2000 and 1999. Management fees earned by the unaffiliated local management company amounted to $16,827 and $27,728 for the six months ended June 30, 2000 and 1999, respectively. The General Partners collectively are allocated 1% of net income, loss and cash flow distributions of the Partnership. Such amounts allocated or distributed to the General Partners are apportioned .98% to the Administrative General Partner, .01 % to the Investment General Partner and .01 % to the Associate General Partner. As of June 30, 2000 affiliates of Presidio have purchased 1,482,988 limited partnership units of the Partnership. These units represent 26% of the issued and outstanding limited partnership units. 4. INVESTMENTS IN MORTGAGE LOANS Information with respect to the Partnership's investments in mortgage loans is summarized below:

~~Interest~~INTEREST ~~Carrying~~INTEREST ~~Interest~~MORTGAGE ~~Rate~~INTEREST ~~Mortgage~~RATE ~~Recognized~~RATE ~~Value~~MATURITY ~~-----------------------------~~AMOUNT ~~Maturity~~RECOGNIZED ~~Amount~~CARRYING ~~March~~VALUE ~~31,~~CURRENT ~~March~~% ~~31,~~ACCRUED ~~Description Current~~ % ~~Accrued~~DATE %ADVANCED ~~Date~~JUNE ~~Advanced~~30, 2000 ~~2000~~JUNE ~~(1)~~30, 2000 -----------~~-------~~ ------------- -----------~~---~~ ----------- ---- ------ ------- ---- ----------- DESCRIPTION Shopping ~~Centers~~Center ~~------------------~~ Lucky Supermarket Buena Park, CA (3) 8.41-10.00 1.82 - 0 May 2005 $ 2,200,000 $ 55110,~~385~~770 $ 2,~~227~~200,~~347~~000 Hotel ~~------------------~~ Crowne Plaza Hotel ~~(2)~~ Cincinnati, ~~Ohio~~OH (2) 11.00 -- ~~October~~Oct. 2000 6,500,000 ~~180~~371,~~791~~635 6,~~387~~399,~~484~~981 Office Building ~~------------------~~ Lionmark Corp. Ctr. Columbus, OH (2) 8.5 -- June 2003 4,000,000 81162,~~491~~809 3,~~832~~823,~~186~~939 ------------ --------- ------------ $ 12,700,000 $ ~~317~~645,~~667~~214 $ 12,~~447~~423,~~017~~920 ============ ========= ============

1. The carrying values of the above mortgage loans are inclusive of acquisition fees, accrued interest recognized and loan origination fees. 2. These loans are accounted for under the interest method. 3. This loan is accounted for under the investment method. 9 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 NOTES TO FINANCIAL STATEMENTS 5. REAL ESTATE Landover, Maryland The following table is a summary of the Partnership's real estate as of: June 30, December 31, 2000 1999 ------------ ------------ Land $ 2,460,000 $ 2,460,000 Building and improvements 8,114,654 8,090,952 ------------ ------------ 10,574,654 10,550,952 Less: accumulated depreciation (1,329,402) (1,254,705) Less: impairment reserve (4,680,933) (4,680,933) ------------ ------------ $ 4,564,319 $ 4,615,314 ============ ============ 10 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The matters discussed in this Form 10-Q contain certain forward-looking statements and involve risks and uncertainties (including changing market conditions, competitive and regulatory matters, etc.) detailed in the disclosure contained in this Form 10-Q and the other filings with the Securities and Exchange Commission made by the Partnership from time to time. The discussion of the Partnership's liquidity, capital resources and results of operations, including forward-looking statements pertaining to such matters, does not take into account the effects of any changes to the Partnership's operations. Accordingly, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those identified herein. This item should be read in conjunction with the financial statements and other items contained elsewhere in the report. Liquidity and Capital Resources As of June 30, 2000, the Partnership has funded an aggregate of $12,700,000 to the mortgagors in three outstanding mortgage loans. (See Item 1 - Note 4 to the financial statements.) Currently, the foreclosed property that formerly secured the Garfinkel Loan is vacant. The Garfinkel property is located in Landover, Maryland. Funds which are necessary to lease up the property and to remedy deferred maintenance conditions at the Garfinkel's property and for capital improvements will be supplied from the Partnership's working capital reserves. The Partnership currently holds working capital reserves in short term investments at rates which are lower than the returns previously earned on the loans that have been repaid. If excess working capital is ultimately invested in new loans, these investments are likely to be at lower rates than previous investments due to current market conditions. At June 30, 2000, the Partnership's level of liquidity based on cash and cash equivalents experienced an $745,919 increase as compared to December 31, 1999. The increase was due to an increases of $726,928 in cash from operating activities and $18,991 of cash from investing activities. Investing activities consists of mortgage loan repayments of $45,693 partially offset by $23,702 of additions to real estate. All other increases (decreases) in certain assets and liabilities are the result of the timing of receipt and payment of various operating activities. At June 30, 2000, the Partnership had $5,547,905 of cash and cash equivalents which are invested in short-term instruments and are expected to be sufficient to pay administrative expenses during the term of the Partnership. If necessary, the Partnership has the right to establish reserves from disposition proceeds or from cash flow. Except as discussed above, management is not aware of any other known trends, events, commitments or uncertainties that will have a significant impact on liquidity. 11 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED) Results of Operations Net income increased for the three and six month periods ended June 30, 2000 compared with the same periods in the prior year. The increase was primarily due to a decrease in costs and expenses. Revenues increased for the three and six month periods ended June 30, 2000 compared with the same periods in the prior year primarily due to an increase in interest income as a result of an increase in cash available for investment on which the interest is earned which was offset by a decrease in other income. Costs and expenses decreased for the three and six month periods ended June 30, 2000 compared with the same periods in the prior year. The decrease is primarily due to a decrease in insurance premium expense as well as a decrease is the management fees incurred for the Groton Shopping Center. General and administrative expenses decreased primarily as a result of a decrease in legal expenses due to the mortgage loan payoffs. Inflation Inflation has not had a material effect on the Partnership's revenues during the period and is not expected to have a material effect in the future. However, prolonged periods of low or no inflation could result in low levels of interest rates which could result in certain of the Partnership's loans being prepaid prior to maturity and the Partnership receiving decreased revenue on any reinvestment of such funds. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK The Partnership is not subject to market risk as its cash and cash equivalents are invested in short term money market mutual fund. The Partnership has no loans outstanding. 12 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 PART II - OTHER INFORMATION ITEM 6 - Exhibits and Reports on Form 8-K (a) Exhibits: 27. Financial Data Schedule. (b) Reports on Form 8-K: None 13 of 14 RESOURCES PENSION SHARES 5, L.P. FORM 10-Q JUNE 30, 2000 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. RESOURCES PENSION SHARES 5, L.P. BY: RESOURCES CAPITAL CORP. ------------------------------------------ Administrative General Partner BY: /s/ MICHAEL L. ASHNER --------------------------------- Michael L. Ashner President and Director (Principal Executive Officer) BY: /s/ CAROLYN B. TIFFANY --------------------------------- Carolyn B. Tiffany Vice President and Treasurer (Principal Financial and Accounting Officer) Dated: August 14, 2000 14 of 14

March 31, December 31, 2000 1999 --------------- --------------- Land $ 2,460,000 $ 2,460,000 Building and improvements 8,090,952 8,090,952 --------------- --------------- 10,550,952 10,550,952 Less accumulated depreciation (1,291,989) (1,254,705) Less impairment reserve (4,680,933) (4,680,933) --------------- --------------- $ 4,578,030 $ 4,615,314 =============== ===============

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