In addition, the Trust will hold its AGM at 10:00am on November 30th, 2000 at the Hyatt Hotel in Vancouver for the purpose of electing trustees, appointing the auditors of the Trust, presenting financial statements, and approving a change in the name of the Trust to Del Cano Properties Trust. A Management Information Circular and a copy of the Annual Report, including consolidated financial statements, have been mailed to shareholders.

Revenues for the year ending December 31st, 1999 rose to US$16,143,067from US$15,765,337 in 1998. Operating expenses declined slightly from US$6,268,045 in 1998 to US$6,209,170 in 1999. As a result, net rental operating income of the Trust's Arizona and Southern California properties increased to US$10,041,931 in 1999 from US$9,602,746 in 1998.

Although net operating income has grown, partnership expenses have had a dampening effect on net income. For example, accounting expenses were very high in both 1999 and 1998. The appointment of Alliance Property Management Co. to replace Magellan Corporations, and the termination of a costly accounting service contract are expected to substantially reduce accounting expenses in fiscal 2000. Legal fees in 1999 were also very high at US$649,000. Management dealt with, among other legal issues, the lawsuit filed against the Magellan Corporations in Arizona, the arbitration proceedings to recover the Trust's books and records from the Magellan Corporations, the Special Meeting of shareholders held in December 1999, background research and investigation, advice to the Board of Trustees and its committees, and matters relating to the BC Securities Commission.

"Some partnership expenses may remain above normal levels in the near term, but as we emerge from the uncertainty of the previous four years these expenses should be significantly reduced," said Mallmann.