Wed, Aug 14, 5:26 PM (153 days ago)
For the quarter ended June 30, 2024, Divall Insured Income Properties 2 Limited Partnership reported a significant decline in financial performance compared to the same period in 2023. Net income fell to $26,089 (0.56 per limited partnership interest) from $163,791 (3.50 per interest), primarily due to reduced rental income following the sale of five properties in 2023. Total operating revenues dropped to $117,587 from $288,376, while total operating expenses decreased modestly to $92,812 from $124,754. The partnership's total assets decreased to $1,308,671 from $1,713,825, with cash and cash equivalents falling sharply to $43,998 from $179,745. Cash flows from operating activities also declined significantly to $1,230 from $653,991. The partnership continues its orderly liquidation process, with three properties currently held for sale, all leased to Wendy's franchisees. The management anticipates that future liquidity will depend on successful property sales and ongoing rental income. Overall, the financial health indicates challenges due to reduced property holdings and income generation capabilities.