IMPERIAL REALTY PARTNERSHIP JANUARY 15, 2005 Property Number Property Location Mortgage Lender Mortgage Balance Market Value 10 3709 Route 94 Hardyston Twp, NJ Blk.15 Lot 12 Blk.15 Lot 11 0ne family NONE NONE 175,000 11 99 Morris Tpke Randolph Twp, NJ Blk.81 Lot 43 2 0ne family Units NONE NONE 400,000 12 181 Route 10 East Hanover, NJ Blk.99 Lot 6 2 Unit Commercial Valley CMC, Inc. P.O. Box 988 Wayne, NJ 07474 Loan No. 91170 224,000 900,000 TOTALS 354,402 4,405,000 NET 2,295,598 Average Annual Income and Expenses IMPERIAL REALTY PARTNERSHIP as of JANUARY 15, 2005 Property Number   Annual Rental Income   1   79,740 2   18,900 3   7,740 4   10,200 5   11,220 6   16,740 7   SOLD 8   11,580 9   15,000 10   10,380 11   25,620 12   75,240 TOTAL 282,360 Average Annual Expenses   Annual Amount   Mortgage Payments   56,940 Property Taxes   42,056 Insurance   7,520 Legal & Management   15,522 Repair & Maintenance   12,000 Utilities   2,846 Advertising   845 Telephone   3,890 Office Expenses   1,013 Auto Expenses   2,727 Commission   1,000 Vacancy Factor (5%)   10,410 TOTAL 142,799 NET 65,401 Page 2