SECURED PROPERTY ASSOCIATES L.P. AND SECURED PROPERTY ASSOCIATES II L.P. ANNOUNCE REAPPRAISAL OF VALUES OF PROPERTIES
SECURED PROPERTY ASSOCIATES L.P. AND SECURED PROPERTY ASSOCIATES II L.P.
ANNOUNCE REAPPRAISAL OF VALUES OF PROPERTIES NEW YORK, Jan. 27 /PRNewswire/ -- Secured Property Associates L.P. (SPA I) and Secured Property Associates II L.P. (SPA II), the general partners of Lepercq Corporate Income Fund L.P. (LCIF I) and Lepercq Corporate Income Fund II L.P. (LCIF II), announced that in connection with negotiating the terms of the previously announced proposed merger transaction with Realty ReFund Trust, the partnerships reappraised the values of their properties. The 1991 Net Asset Values, after subtracting existing mortgage indebtedness, were determined to be $629.85 and $582.34 per unit for LCIF I and LCIF II, respectively. The Net Asset Values in 1990 had been previously determined to be $901.46 and $781.70 per unit, respectively. SPA I and SPA II believe that the decreases in net asset values are attributable to many factors the most significant of which are (i) revised appraisal assumptions regarding residual values and the likelihood of lease renewals (consistent with current real estate market conditions), (ii) decreases in market rent levels, (iii) shorter remaining lease terms for the partnerships' properties, and (iv) increases in total indebtedness of the partnerships resulting from accruals of interest under certain mortgages. -0- /CONTACT: E. Robert Roskind of Secured Property Associates, 212-692-7210, or Tim Ernst of Hill and Knowlton, 212-697-5600, for Secured Property Associates/ CO: Secured Property Associates L.P. ST: New York IN: SU: TNM KD -- NY078 -- 3802 01/27/92 13:36 EST
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|Date:||Jan 27, 1992|
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