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Meredith Enterprises Inc · POS AM · On 12/23/97

Filed On 12/23/97 · SEC File 333-01304 · Accession Number 808420-97-19

  As Of               Filer                 Filing     On/For/As Docs:Pgs              Issuer               Agent

12/23/97  Meredith Enterprises Inc          POS AM                 1:224                                    Associated Planner..Fund

Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: POS AM      Post-Effective Amendment                             224    575K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (RTF, XML, et al.) Arbitration of Disputes Assignor Assumptions and Limiting Conditions Bill of Sale Conclusion of Value Definition of Market Value Descriptive Section Effective Date Escrow Financial Statements and Exhibits General Assignment Grant Deed Highest and Best Use Improvement Analysis Indemnification of Directors and Officers Knox Neighborhood Analysis Non-Foreign Certificate Notes to Financial Statements Notice Opus Permitted Exceptions Project Recent Sales of Unregistered Securities Regional Map Roseville Property Sales to Special Parties Site Analysis Summary of Accounting Policies Table of Contents Tenant Tenant Lease Assignment Treatment of Proceeds from Stock Being Returned Undertakings Valuation Analysis Valuation Section West Coast Realty Investors, Inc. Pro Forma Statement of Income for the nine months ended September 30, 1997
1	1st Page
5	Item 31. Sales to Special Parties
"	Item 32. Recent Sales of Unregistered Securities
"	Item 33. Indemnification of Directors and Officers
"	Item 34. Treatment of Proceeds from Stock Being Returned
"	Item 35. Financial Statements and Exhibits
8	Roseville Property
18	Summary of Accounting Policies
20	Notes to Financial Statements
29	West Coast Realty Investors, Inc. Pro Forma Statement of Income for the nine months ended September 30, 1997
42	Item 36. Undertakings
46	Assignor
48	Effective Date
"	Project
56	Escrow
73	Arbitration of Disputes
75	Notice
86	Grant Deed
89	Bill of Sale
91	Tenant Lease Assignment
95	General Assignment
98	Non-Foreign Certificate
156	Permitted Exceptions
162	Knox
164	Opus
178	Table of Contents
"	Descriptive Section
"	Valuation Section
181	Definition of Market Value
182	Assumptions and Limiting Conditions
187	Regional Map
191	Neighborhood Analysis
"	Site Analysis
198	Improvement Analysis
201	Highest and Best Use
203	Tenant
206	Valuation Analysis
222	Conclusion of Value

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As filed with the Securities and Exchange Commission on December 15, 1997 
Registration No. 333-1304 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

POST-EFFECTIVE AMENDMENT NO. 3
TO
FORM S-11 
REGISTRATION STATEMENT
UNDER 
THE SECURITIES ACT OF 1933

WEST COAST REALTY INVESTORS, INC. 
(EXACT NAME OF REGISTRANT AS SPECIFIED IN GOVERNING INSTRUMENTS)

5933 West Century Boulevard - Ninth Floor 
Los Angeles,  California  90045 

Philip N. Gainsborough
5933 West Century Boulevard - Ninth Floor 
Los Angeles,  California  90045 
(NAME AND ADDRESS OF AGRENT FOR SERVICES) 

Copies to:
PETER R. PANCIONE, ESQ. 
Gipson Hoffman & Pancione 
1901 Avenue of the Stars, Suite 1100
Los Angeles,  California  90067 

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WEST COAST REALTY INVESTORS, INC. 

Cross Reference Sheet Pursuant to Item 1(a) 
(By reference to Regulation S-K Item 501 (b)) 

Item Number and Caption              Location in Prospectus           

1.    Forepart of Registration            Cover Page                            
Statement and Outside                                               
Front Cover Page of                                                 
Prospectus                                                          

2.    Inside Front and Outside            Cover Page; Back Cover                
Back Cover Pages of                                                 
Prospectus                                                          

3.    Summary Information, Risk           Prospectus Summary;                   
Factors and Ratio of                The Company; Risk Factors       
Earnings to Fixed Charges                                           

4.    Determination of Offering Price     Plan of Distribution                  

5.    Dilution                            Not Applicable                        

6.    Selling Security Holders            Management's Discussion               
                          of Financial Condition

7.    Plan of Distribution                Cover Page; Description               
                            of Common Stock; Plan of
                Distribution

8.    Use of Proceeds                     Compensation of Advisor               
                             and Affiliates; Estimated
                               Use of Proceeds; Investment
                           Objectives and Policies

9.    Selected Financial Data             Selected Financial Data               

10.   Management's Discussion and         Management's Discussion and           
Analysis of Financial               Analysis of Financial           
Condition and Results of            Condition and Results of        
Operations                          Operations                      

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11.   General Information as              Cover Page; The Company;              
to Registrant                       Management; Summary of          
                          Organization Documents

12.   Policy with Respect                 Investment Objectives and             
to Certain Activities               Policies; Summary of            
                           Organization Documents;
                               Description of Common Stock

13.  Investment Policies                  Investment Objectives and             
of Registrant                        Policies; Summary of             
                          Organization Documents

14.  Description of Real Estate           Real Property Investments             

15.  Operating Data                       Selected Financial Data               

16.  Tax Treatment of Registrant          Prospectus Summary;                   
and its Security Holders             Tax Consequences                 

17.  Market Price of                      Not Applicable                        
and Dividends on the                                                  
Registrant's Common                                                   
Equity and Related                                                    
Stockholder Matters                                                   

18.  Description of Registrant's          Cover Page; Description               
Securities                           of Common Stock                  

19.  Legal Proceedings                    Not Applicable                        

20.  Security Ownership of                Description of Common Stock           
Certain Beneficial Owners                                             

21.  Directors and Executive              Management                            
Officers                                                              

22.  Executive Compensation               Compensation of Advisor and           
                          Affiliates; Management

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23.  Certain Relationships and            Compensation of Advisor               
Related Transactions                 and Affiliates;                  
                          Conflicts of Interest;
              Management

24.  Selection, Management and            Investment Objectives and             
Custody of Registrant's              and Policies; Conflicts          
Investments                          of Interest; Management          
                     Services Provided
                              by the Advisor; Summary of
                          Organization Documents

25.  Policies with Respect to             Conflicts of Interest;                
Certain Transactions                 Investment Objectives and        
                        Policies; Summary of
                          Organization Documents

26.  Limitations of Liability             Risk Factors; Summary of              
                          Organization Documents

27.  Financial Statements                 Financial Statements                  
and Information                                                       

28.  Interests of Named Experts           Legal Matters; Experts                

29.  Disclosure of Commission             Summary of Organization               
Position on Indemnification          Documents                        
for Securities Act Liabilities                                        

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PART II 
          INFORMATION NOT REQUIRED IN PROSPECTUS
Item 30.    Other Expenses of Issuance and Distribution.                        
The estimated expenses in connection with the offering are as follows:          

Securities and Exchange Commission                                              
Registration Fee....................................$   5,517                   
NASD Filing Fee.......................................  2,100                   
Accounting Fees and Expenses.........................  95,000                   
Blue Sky Fees and Expenses...........................  35,000                   
Legal Fees and Expenses...............................100,000                   
Investor/Dealer Printed Materials.................... 100,000                   
Prospectus Printing...................................100,000                   
Mailgrams, Western Union,                                                       
Postage and Miscellaneous.......................... 62,383                

Total .....................................  ..$500,000             

Item 31.     Sales to Special Parties.                                          

Not Applicable.                                                     

Item 32.     Recent Sales of Unregistered Securities.                           

    On October 30, 1989, 1,000 shares of Registrant's Common Stock were sold
for cash (without commissions) to Registrant's Advisor, West Coast Realty       
Advisors, Inc., pursuant to the exemption from registration under Section 4(2)  
of the Securities Act of 1933, as amended.                                      

Item 33.     Indemnification of Directors and Officers.                         

The Registrant has the power to indemnify its directors, officers,  
employees, and certain other persons against liability for certain acts         
pursuant to Section 145 of the Delaware Corporations Code.  Indemnification     
of the directors, officers, employees and agents is provided for in the         
Certificate of Incorporation and the Bylaws of the Registrant and is            
incorporated herein by reference to Exhibits 3.1, 3.1.1, 3.2, 3.2.1 and         
3.2.2 filed herewith.                                                           

Item 34.     Treatment of Proceeds from Stock Being Returned.                   

Not applicable.                                                     

Item 35.     Financial Statements and Exhibits.                                 

(a)   Financial Statements:                                         

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Supplement No. 7 to prospectus dated May 1, 1997.                               

This supplement ("Supplement") to the Prospectus ("Prospectus") updates the     
Prospectus of West Coast Realty Investors, Inc. (the "Company") dated May 1,    
1997.  This Supplement is part of and must accompany the Prospectus.  The date  
of this supplement is December 15, 1997.                                        

This Supplement amends and supersedes the corresponding sections of the         
Prospectus, and Supplements 1, 2, 3, 4, 5 and 6 to such prospectus; however,    
subject to the qualification above, the Prospectus continues to control the     
terms of the offering, and all provisions thereof not supplemented or amended   
hereby remain pertinent to the offering and are incorporated herein by          
reference.  Accordingly, current subscribers and prospective investors should   
read both the Prospectus and this Supplement No. 7 very carefully.  All         
capitalized items used in this Supplement have the same meaning ascribed to them
in the Prospectus unless otherwise indicated herein.                            

 The following supplements the Cover Page and  pages 1, 4,  8 ("Prior Experience
in Raising Funds"), and 68 ("Plan of Distribution")  of the Prospectus          

As of December 15, 1997, the Company has sold 698,688 Shares ($6,972,874) in    
this offering.                                                                  

The following supplement page 21 of the Prospectus ("Use of Initial Capital").

The Company intends to use the net proceeds of this offering, which will be not 
less than a minimum $6,136,000 as of December 15, 1997, and a maximum           
$13,300,000 for the purchase of Properties, for the payment of Acquisition Fees,
and for the establishment of appropriate reserves.  See "Estimated Use of       
Proceeds."                                                                      

The following supplements page 23("Dividends") and page 45 ("Liquidity and  
Capital Resources")  of the Prospectus.                                         

The Company waived a portion of its Advisory Fees from January 1, 1997 to       
September 30, 1997.  The amount waived was $88,742.  The effect of this was to  
increase Dividends approximately $.03 per Share for the nine months ended       
September 30, 1997.                                                             

The following supplements the "Dividends" portion of INVESTMENT OBJECTIVES AND
POLICIES section of the Prospectus, beginning on page 23, and continuing to page
24.                                                                             

Dividends totaling $325,906  were paid on April 15, 1997, for shareholders of   
record on January 1, February 1, and March 1, 1997.   Dividends totaling        
$362,441 were paid on July 15, 1997 for shareholders of record on April 1, May  
1, and June 1, 1997.  Dividends totaling $383,474 were paid on October 15, 1997 
for shareholders of record on July 1, August 1, and September 1, 1997.          

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Approximately 37% of these dividends constituted a return of capital.  The      
dividend payments are summarized below:                                         

Record            Date              Per            Outstanding        Total     
Date              Paid             Share             Shares          Divdend    
------        --------           -------         -------------    ----------    
01/01/97          4/15/97     $0.0666           1,550,607           $ 103,270   
02/01/97          4/15/97      0.0666           1,671,442             111,318   
03/01/97          4/15/97      0.0666           1,671,442             111,318   
04/01/97          7/15/97      0.0666           1,810,916             120,607   
05/01/97          7/15/97      0.0666           1,815,579             120,917   
06/01/97          7/15/97      0.0666           1,815,579             120,917   
07/01/97         10/15/97      0.0666           1,815,579             120,917   
08/01/97         10/15/97      0.0666           1,974,144             131,478   
09/01/97         10/15/97      0.0666           1,968,144             131,078   

The following supplements or amends the "REAL PROPERTY INVESTMENTS " Section of 
the Prospectus, beginning on page 29.                                           

OPTO-22 Property                                                                

The existing lease on the OPTO-22 building expired on April 30, 1997.  OPTO-22, 
the tenant, and Claremont School, the sub-tenant, both vacated the premises on  
September 10, 1997.  West Coast Realty Investors, Inc. has settled with OPTO-22 
for the amounts owed by OPTO-22 to West Coast Realty Investors, Inc. for rent   
and for deferred maintenance.  OPTO-22 has paid the amounts owed to West Coast  
Realty Investors, Inc. in accordance with the terms and conditions of a         
Settlement Agreement dated October 31, 1997 and the parties have released one   
another from any further claims as provided in said agreement.                  

The following supplements or amends the "REAL PROPERTY INVESTMENTS " Section of 
the Prospectus, beginning on page 31.                                           

North Palm Street Property                                                      

On October 31, 1997, the Company ("Seller") sold the North Palm Street Property 
to a unrelated buyer.  The sale was unsolicited and was partially contingent on 
the Seller utilizing the Internal Revenue Service Code Section S1031 to         
facilitate a tax free exchange.  The total sales price was $2,515,860 in cash.  
The Seller must pay off the existing lender of the first deed of trust which as 
of October 31, 1997 totaled $971,305.  Additionally,  the Buyer has agreed to   
contribute an additional $15,000 to prepay the mortgage loan.                   

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The following supplements or amends the "REAL PROPERTY INVESTMENTS " Section of 
the Prospectus, beginning on page 40.                                           

Tycom Property                                                                  

The Company negotiated the refinancing of an existing short term promissory note
on the Tycom Property loan which was scheduled to mature on February 1, 1998.   
The terms of the new first deed of trust loan are as follows:                   

Lender:   Union Bank of California, N.A.                                        
Loan Amount:   $2,312,500                                                       
Interest Rate: Variable Rate - margin is 1.9% over the 3 month LIBOR with right 
         to convert after the first year.  The conversion margin would be 1.9%
over selected Treasury Rate for the selected loan term.     
Loan Term:     Ten year term                                                    
Amortization:  Twenty-five years                                                
Monthly Debt Service:  $17,469                                                  
Other:    Recourse is only to West Coast Realty Investors, Inc.;  The Company   
   must maintain a minimum net worth of $5,000,000; loan fees and a majority
     of the administrative expenses are being paid by the former owner from whom
the Company purchased the property.                                   

Roseville Property                                                              

       On November 26, 1997, the Company acquired the investment described
below (the "Roseville Property" or the "Property").  The funds to acquire the   
Roseville resulted from the Section S1031 tax free exchange of the Brea property
(as described above), plus additional proceeds resulting from the sale of the   
Company's Shares in the current offering.  No debt financing was used in        
connection with the Roseville acquisition.                                      

    Description.  The Property is located at the corner of Stanford Ranch Road
and Fairway Drive in Roseville, California.  Roseville is a city of 59,700      
residents (1997 Sacramento Area Council of Governments estimate) located in the 
Sacramento region of Northern California.                                       

  The property is located on a lot size of .87 acres (approximately 37,900
square feet). This site is part of a larger shopping center which includes well-
known retailers such as Costco, Toys 'R Us, Shell Gasoline, Ross Dress For Less,
and McDonald's Restaurants.  The total lot size is approximately 8.66 acres     
(378,000 square feet).   There are 61 parking spaces assigned to this site, with
the property also enjoying the use of hundreds of other parking spaces located  
within the larger shopping center.  The building size totals 5,133 square feet. 

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    The sole tenant of the Property is Applebee's Restaurant.  Applebee's is a
well-known, national franchise of sit-down casual restaurants.  This particular 
Applebee's  is being developed by, and acquired from, Christian Knox (an        
individual and unrelated third party), and the restaurant franchise will be     
owned and operated by him in a sale-leaseback arrangement.  Mr. Knox has seven  
Applebees and nine Burger King franchises, as evidence of his experience in this
industry.                                                                       

 The lease on the property commenced upon the concurrent issuance of the
Certificate of Occupancy in September 1997.  The lease is a 20 year triple net  
lease, including provisions for collection of common area charges that will be  
assessed by the shopping center owner.  Lease payments are initially $14,333.33 
per month ($172,000 per year) with rental increases scheduled every five years  
at the rate of 12 /%.  The lease payments to the Company, on a calendar year    
basis are noted below:                                                          

1997                                  $  14,333             
1998-2001                               172,000             
2002                                    179,167             
2003-2006                               193,500             
2007                                    201,563             
2008-2011                               217,688             
2012                                    226,758             
2013-2016                               244,898             
2017 (through September 1)              163,266             

     Mr. Knox has personally guaranteed the lease and has provided documentation
demonstrating a personal net worth in excess of $10 million.                    

Property Operations.  The Roseville Property is managed by West Coast 
Realty Management, Inc. ("WCRM"), an affiliate of the Company.  WCRM charges the
Company 3% of the gross rents collected as a management fee for managing the    
Property, as allowed by the Property Management Agreement.  Although the tenant 
is obligated to pay property taxes, property tax in the first full year of      
operations is estimated to be $20,000 (approximately 1% of the sales price).    

Terms of Purchase.  Total consideration paid by the Company for the   
Roseville property is $2,067,000.  This cost includes the $1,950,000 sales price
payable to the Seller/Operator, $12,500 in legal, appraisal, and closing costs, 
and a $110,000 Acquisition Fee paid to the Advisor.  In addition, $14,333 was   
received from the Seller/Operator as a security deposit.  The sale was paid for 
from approximately $1,500,000 received from the disposition of the Brea property
(as described above), with the balance (approximately $567,000) from the        
proceeds resulting from the sale of the Company's shares in the current         
offering.                                                                       

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     The purchase price was arrived at through arms-length negotiations with the
Seller/Operator.                                                                

  General.   The computation of depreciation for the Roseville Property is
based on the cost of the property, including Acquisition Fees and Expenses.  The
allocation of the cost of the Property to various asset categories is estimated,
based on allocations in the appraisal report.  Depreciation will be computed on 
a straight-line basis over the component useful life of the assets.             

The following supplements or amends the "MANAGEMENT'S DISCUSSION OF FINANCIAL 
CONDITION AND RESULTS OF OPERATIONS" Section of the Prospectus, beginning on    
page 41.                                                                        

As of December 15, 1997, the Company has raised $14,462,708 in capital from     
prior offerings and $6,972,874 from the current offering.  An additional        
$1,809,286 has been raised in the current offering for sales between September  
24, 1997 and December 15, 1997;  these funds are expected to be released from   
escrow in January, 1998.                                                        

Results of Operations - Nine Months Ended September 30, 1997 compared to Nine   
Months Ended September 30, 1996                                                 

Operations for the nine months ended September 30, 1997 represented a full  nine
months of rental operations for all properties except Tycom which was owned  for
eight and one-half months.                                                      

The net income  for the nine  months ended September  30, 1997  continued to  be
significantly larger than  the prior nine  months amount due  to the raising  of
additional funds and  investment of such  funds in  additional income  producing
properties.  The  Company did  not have  any adverse  events that  significantly
impacted net income  during the nine  months ended September  30, 1997, and  all
properties that have been purchased by the Company have operated at levels equal
to current expectations.                                                        

Rental revenue increased $410,407 (23.2%) due to a full nine months ownership of
the Java City property and eight and  one-half months of the Tycom property  (as
compared to  no ownership  of  these properties  during  the nine  months  ended
September 30, 1996).                                                            

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Operating expenses  increased  $27,711 (33%)  primarily  due to  a  increase  in
property liability insurance, utilities and  common area maintenance during  the
nine months  ended September  30, 1997  as  compared to  the nine  months  ended
September 30, 1996.  Interest expense increased $163,220 (25.5%) as a reflection
of  the  additional  debt  taken  on  in  connection  with  additional  property
acquisition and refinancing  activities.  Despite  the large  debt amounts,  the
Company is still  below the  maximum 50%  debt maximum  that is  allowed by  the
Company's by-laws (debt was 46% of property cost (as defined in the by-laws)  at
September 30, 1997).  General and administrative costs increased $106,202 (75%),
much of this increase is due  to $133,742 that the  Advisor was paid during  the
nine months  ended September  30, 1997  due  to the  revised provisions  of  the
Advisor agreement.  In  contrast, the Advisor was  paid $35,912 during the  nine
months ended September 30, 1996 for  Advisory fees in accordance to the  revised
Advisor Agreement.   Depreciation  and amortization  expense increased  $163,219
(26%) as the  result of the  ownership of additional  properties during 1997  as
compared to 1996.  Net  income of $567,017 for  the nine months ended  September
30, 1997 was $10,210 (2%) higher than the nine months ended September 30, 1996. 

The average number of shares outstanding during 1997 was 1,764,404 vs. 1,430,333
in 1996.  Partly because  of the greater number  of shares outstanding, the  net
income per share decreased from $.39 in 1996 to $.32 in 1997.  If this figure is
analyzed using flow  of funds -  that is net  income plus depreciation  expense,
plus adding advisory fee expense with was incurred  in 1997 and not 1996 -  then
the amount in 1997 was $.60 per share vs. $.62 per share in 1996.               

During the nine months ended September 30, 1997, the Company declared  dividends
totaling $1,071,820, compared  to dividends of  $825,059 declared  for the  nine
months ended September 30, 1996.   Cash basis income  for the nine months  ended
September 30, 1997 was  $925,901.  This was  derived by adding depreciation  and
amortization expense to net  income.  Thus, cash  distributions during the  nine
months ended  September 30,  1997  were $145,919  greater  than cash  basis  net
income.  In  comparison, distributions  in the first  nine months  of 1996  were
$19,985 less than cash basis income of  $845,044.  In either event, the  Company
is expected to qualify as a REIT in 1997, and liquidity of the Company continues
to be strong.                                                                   

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In summary then, the operating performance  of the Company continued to  improve
as additional  funds were  raised, additional  property  was acquired,  and  all
properties were operated profitably                                             

The following supplements the "Liquidity and Capital Resources" section on Page 
45.                                                                             

Fees paid to the Advisor and the Property Manager for the nine months ended     
September 30, 1997 are as follows:                                              

Advisor--$770,691                                                               
Property Manager --$83,384                                                      

The following supplements or amends the "ERISA CONSIDERATIONS" and "DESCRIPTION 
OF COMMON STOCK" sections on pages 62  and  63  of the Prospectus.              

As of December 15, 1997, there are 2,147,524 Shares of the Company outstanding, 
held by approximately 1,000 Shareholders.  In addition, $1,809,286 in gross     
proceeds has been raised from the sale of 181,509 shares in the current offering
to seventy investors between September 24 and December 15, 1997; these funds    
have been deposited into an escrow account, and shares are expected to be issued
in January 1998.                                                                

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The following amends the Index to Financial Statements on p. 78.                

West Coast Realty Investors                                                     
Unaudited Financial Statements                                            
    Balance Sheet as of December 31, 1996 and September 30, 1997 .......F-33
  Statements of Income for the three and nine months ended September 30,
             1997 and 1996 .............................................F-34
Statements of Stockholders' Equity for the nine months ended September 30,  
             1997 and 1996 .............................................F-35
Statement of Cash Flows for the nine months ended September 30, 1997 and    
             1996 ......................................................F-36
    Summary of Accounting Policies......................................F-37
    Notes to Financial Statements.......................................F-39

West Coast Realty Investors, Inc.                                               
 Pro Forma Statement of Income for the nine months ended September 30,
             1997.......................................................F-48
Notes to Pro Forma Financial Statement for the nine months ended    
             September 30, 1997 ........................................F-49
 Pro Forma Statement of Income for the nine months ended September 30,
             1997.......................................................F-50
Notes to Pro Forma Financial Statement for the nine months ended    
             September 30, 1997 ........................................F-51
Pro Forma Statement of Income for the year ended December 31,       
             1996 ......................................................F-52
Notes to Pro Forma Financial Statement for the year ended           
             December 31, 1996..........................................F-53
     Pro Forma Balance Sheet for the nine months ended September 30, 1997.F-54
Notes to Pro Forma Financial Statement for the nine months ended    
             September 30, 1997 ........................................F-55

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                                                                · Download Table
                       WEST COAST REALTY INVESTORS, INC.              

                                 BALANCE SHEETS                       
              September 30, 1997 (Unaudited) and December 31, 1996    


                                                September     December
                                                 30, 1997     31, 1996
                                                                      
Assets                                                                
Rental real estate, less accumulated                                  
   depreciation (Note 2)                      $25,676,713  $21,118,203
Cash and cash equivalents                       2,882,215    2,017,194
Accounts receivable                               404,203      247,948
Loan origination fees, net of accumulated                             
amortization of $49,872 and $40,248               122,335      102,622
Other assets                                       44,869       85,871

Total assets                                  $29,130,335  $23,571,838

Liabilities and Stockholders' Equity                                  
Liabilities                                                           
   Accounts payable                               $11,322      $13,922
   Due to related party (Note 5(e))                80,557       46,285
   Dividends payable (Note 8)                     383,236      302,760
   Security deposits and prepaid rent             137,392      124,734
   Other liabilities                              137,484      100,453
   Notes payable (Note 6)                      12,228,139   10,078,793

Total liabilities                              12,978,130   10,666,947
Commitments                                                           
Stockholders' equity                                                  
Common stock, $.01 par-shares authorized,                             
5,000,000 shares issued, 1,968,144 and                                
1,550,607 outstanding in 1997 and 1996             19,681       15,506
Additional paid-in capital                     17,609,705   13,861,763
Retained earnings                             (1,477,181)    (972,378)

Total stockholders' equity                     16,152,205   12,904,891

Total liabilities and stockholders' equity    $29,130,335  $23,571,838


[FN]                                                                            
See accompanying notes to financial statements. 

F-33

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                                                                · Download Table
                       WEST COAST REALTY INVESTORS, INC.                

                              STATEMENTS OF INCOME                      
            Three and Nine Months Ended September 30, 1997 and 1996     
                                  (Unaudited)                           

                                Three     Three      Nine        Nine   
                               Months    Months     Months      Months  
                                Ended     Ended     Ended       Ended   
                             September  September  September   September
                                 30,       30,    30, 1997    30, 1996  
                                 1997     1996                          
                                                                        
Revenues:                                                               
  Rental                       $735,057 $618,081  $2,182,869  $1,772,462
  Interest                       37,605   19,974      70,558      70,564

                                772,662  638,055   2,253,427   1,843,026

Costs and Expenses:                                                     
  Operating                      43,076   40,405     110,772      83,061
  Property taxes                 27,722   18,528      83,167      55,927
  Property management fees                                              
    -related party (Note 5 (d))  27,581   27,015      83,384      78,213
  Interest                      282,835  220,188     802,547     639,327
  General and administrative     86,767   61,476     247,656     141,454
 Depreciation and amortization  119,954   98,764     358,884     288,237

                                587,935  466,376   1,686,410   1,286,219

Net Income                     $184,727 $171,679    $567,017    $556,807

Net Income Per Share (Note 8)      $.10     $.12        $.32        $.39


[FN]                                                                            
See accompanying notes to financial statements. 

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                                                                · Download Table
                       WEST COAST REALTY INVESTORS, INC.                  

                       STATEMENTS OF STOCKHOLDERS' EQUITY                 
                      Nine Months Ended September 30, 1997                
                                  (Unaudited)                             

                              Common    Stock   Additional Paid-in        
                              Shares    Amount        Capital      Deficit
                                                                          
Balance at December 31,      1,550,607 $15,506  $13,861,763    $(972,378) 
1996                                                                      

Issuance of stock, net         417,537   4,175    3,659,200           --- 

Equity contribution by                                                    
Affiliates through expense         ---     ---       88,742           --- 
reimbursements                                                            

Net income                         ---     ---          ---       567,017 

Dividends declared (Note8)         ---     ---          ---   (1,071,820) 

Balance at September 30,     1,968,144 $19,681  $17,609,705  $(1,477,181) 
1997                                                                      

                                                                · Download Table
                      Nine Months Ended September 30, 1996                    
                                  (Unaudited)                                 

                                  Common    Stock   Additional Paid-in        
                                  Shares   Amount         Capital      Deficit
                                                                              
Balance at December 31, 1995    1,322,404  $13,224  $11,771,030 $(549,417)    

Issuance of stock, net            178,342    1,783    1,584,406        ---    

Equity contribution by                                                        
Affiliates through expense            ---      ---       20,912        ---    
reimbursements                                                                

Net income                            ---      ---          ---    556,807    

Dividends declared (Note 8)           ---      ---          ---  (825,059)    

Balance at September 30, 1996   1,500,746  $15,007  $13,376,348 $(817,669)    


[FN]                                                                            
See accompanying notes to financial statements. 
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                       WEST COAST REALTY INVESTORS, INC.            

                            STATEMENTS OF CASH FLOWS                
           Nine Months Ended September 30, 1997 and 1996 (Unaudited)

                                       Nine Months  Nine Months     
                                          Ended        Ended        
Increase (Decrease) in Cash and Cash    September    September      
Equivalents                              30, 1997    30, 1996       
                                                                    
Cash flows from operating activities                                
Net income                                $567,017     $556,807     
Adjustments to reconcile net income to                              
net cash provided by operating activities:                          
    Depreciation and amortization          349,260      288,237     
    Interest expense on amortization                                
          of loan origination fees           9,624          ---     
Increase (decrease) from changes in:                                
     Accounts receivable                 (156,255)    (109,016)     
     Other assets                           41,002          119     
     Accounts payable                      (2,600)     (78,462)     
     Due to related party                   34,272          ---     
     Security deposits and prepaid rent     12,658     (16,443)     
     Other liabilities                      37,031          ---     

Net cash provided by operating             892,009      641,242     
activities                                                          

Cash flows from investing activities                                
  Additions to rental real estate      (4,907,441)  (1,828,500)     
Net cash (used in) investing           (4,907,441)  (1,828,500)     
activities                                                          

Cash flows from financing activities                                
Proceeds from issuance of common         3,544,372    1,579,005     
stock, net                                                          

Equity contribution by Affiliates                                   
through expense reimbursements              88,742       20,912     
Dividends declared and paid              (931,344)    (773,302)     
Proceeds from notes payable              2,312,500      724,465     
Payments on notes payable                (163,154)    (133,910)     
Increase in loan origination fees           29,337         ---      

Net cash provided by financing           4,880,453    1,417,170     
activities                                                          

Net increase in cash and cash              865,021      229,912     
equivalents                                                         

Cash and cash equivalents, beginning     2,017,194    1,450,022     
of period                                                           

Cash and cash equivalents,  end of      $2,882,215   $1,679,934     
period                                                              


[FN]                                                                            

       See accompanying notes to financial statements.
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WEST COAST REALTY INVESTORS, INC. 

SUMMARY OF ACCOUNTING POLICIES
Three and Nine Months Ended September 30, 1997 and 1996 (unaudited) 
 and December 31, 1996

BASIS OF PRESENTATION                                                           
The accompanying balance sheet as of  September 30, 1997, the income  statements
and statements of  cash flow  for the nine  months periods  ended September  30,
1997, and  1996 are  unaudited, but  in the  opinion of  management include  all
adjustments, consisting only of normal recurring accruals, necessary for a  fair
presentation of the financial position and results of operations for the periods
presented.  The results of operations for the nine month period ended  September
30, 1997, are not necessarily indicative of results to be expected for the  year
ended December 31, 1997.                                                        

BUSINESS                                                                        
West Coast Realty Investors,  Inc. (the "Company"), is  a corporation formed  on
October 26, 1989 under the laws of the State of Delaware.  The Company exists as
a Real  Estate  Investment Trust  ("REIT")  under Sections  856  to 860  of  the
Internal Revenue Code.  The Company  has complied with all requirements  imposed
on REIT's for  1996 and 1995  tax years; however,  qualification as  a REIT  for
future years is dependent  upon future operations of  the Company.  The  Company
was organized to acquire interests in income-producing residential,  industrial,
retail or commercial  properties located primarily  in California  and the  west
coast of the United States.  The Company intends to acquire property for cash on
a moderately leveraged basis with aggregate mortgage indebtedness not to  exceed
fifty percent of the purchase  price of all properties  on a combined basis,  or
eighty percent individually and intends to  own and operate such properties  for
investment over an anticipated holding period of five to ten years.             

RENTAL  PROPERTIES AND DEPRECIATION                                             
Assets are stated at  lower of cost  or net realizable  value.  Depreciation  is
computed using the  straight-line method over  their estimated  useful lives  of
31.5 to 39 years for financial and income tax reporting purposes.               

In the event that facts and circumstances indicate that the cost of an asset may
be impaired,  an  evaluation  of  recoverability would  be  performed.    If  an
evaluation is required, the estimated future undiscounted cash flows  associated
with the asset would be compared to the carrying amount to determine if a write-
down to market value is required.                                               

LOAN ORIGINATION FEES                                                           
Loan origination fees are capitalized and amortized over the life of the loan.  
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WEST COAST REALTY INVESTORS, INC. 

SUMMARY OF ACCOUNTING POLICIES
(Continued) 

RENTAL INCOME                                                                   
Rental income is recognized on a  straight-line basis to the extent that  rental
income is deemed collectable.  Where  there is uncertainty of collecting  higher
scheduled rental amounts, due  to the tendency of  tenants to renegotiate  their
leases for  lower  amounts, rental  income  is  recognized as  the  amounts  are
collected.                                                                      

CASH AND CASH EQUIVALENTS                                                       
The Company  considers cash  in the  bank, liquid  money market  funds, and  all
highly liquid certificates of deposits, with original maturities of three months
or less, to be cash and cash equivalents.                                       

USE OF ESTIMATES                                                                
The preparation of  financial statements in  conformity with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the  reported  amounts  of  assets  and  liabilities  and  disclosure  of
contingent assets and liabilities  at the date of  the financial statements  and
the reported  amounts of  revenues and  expenses  during the  reporting  period.
Actual results could differ from those estimates.                               

RECLASSIFICATIONS                                                               
For comparative purposes, certain prior year  amounts have been reclassified  to
conform to the current year presentation.                                       

NEW ACCOUNTING PRONOUCEMENTS                                                    
Statement of Financial Accounting Standards  No. 125, "Accounting for  Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS  No.
125) issued by the Financial Accounting Standards Board (FASB) is effective  for
transfers and servicing of financial  assets and extinguishments of  liabilities
occurring after December 31, 1996, and is to be applied prospectively.   Earlier
or retroactive  application  is  not  permitted.    The  new  standard  provides
accounting and  reporting standards  for transfers  and servicing  of  financial
assets and extinguishments of liabilities.  The Company does not expect adoption
to have a material effect on its financial position or results of operations.   

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WEST COAST REALTY INVESTORS, INC. 

NOTES TO FINANCIAL STATEMENTS 
Three and Nine Months Ended September 30, 1997 and 1996 (Unaudited) 
 and December 31, 1996

Note 1 - General                                                                
On October 30, 1989, West Coast Realty Advisors, Inc. (the "Advisor"), purchased
1,000 shares of the Company's common stock for $10,000.  On August 30, 1990, the
Company reached its minimum initial offering funding level of $1,000,000.  As of
September 30, 1997 the Company has raised $19,650,602 in capital.               

Sales commissions and wholesaling fees, representing 8% of the gross proceeds   
from the sale of common shares, were paid to Associated Securities Corp.        
("ASC"), a member of the National Association of Securities Dealers, Inc.       
("NASD") and an affiliate of the Advisor.                                       

Dividends are declared and accrued based approximately upon the previous        
quarter's income from operations before depreciation and amortization.          

Note 2 - Rental Properties                                                      

The Company owns the following income-producing properties                      

                                Original
Location (Property     Date Purchased            Acquisition                  
Name)                                         Cost              

Huntington Beach,                                                               
California (Blockbuster)  February 26, 1991         $ 1,676,210                 
Fresno, California           May 14, 1993             1,414,893                 
Huntington Beach,                                                               
California (OPTO-22)     September 15, 1993           2,500,001                 
Brea, California            March 4, 1994             2,248,343                 
Riverside, California      November 29, 1994          3,655,500                 
Tustin, California                                                              
(Safeguard)                  May 22, 1995             4,862,094                 
Fremont, California                                                             
(Technology Drive)        October 31, 1995            3,747,611                 
Sacramento,                                                                     
California (Java City)     August 2, 1996             1,828,500                 
Irvine, California        January 17, 1997            4,907,441                 
(Tycom)                                                                         

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WEST COAST REALTY INVESTORS, INC. 

NOTES TO FINANCIAL STATEMENTS 
Three and Nine Months Ended September 30, 1997 and 1996 (Unaudited) 
and December 31, 1996 (Continued) 

Note 2 - Rental Properties (continued)                                          

The major categories of property are:                                           

    September 30,    December 31, 1996
1997                  

Land                        $  8,971,126        $  7,401,126                    
Buildings and                 17,869,466          14,532,025                    
improvements                                                                    
          26,840,592          21,933,151
Less accumulated               1,163,879             814,948                    
depreciation                                                                    

Net rental properties      $  25,676,713       $  21,118,203                    

A significant portion of the Company's rental revenue was earned from tenants   
whose individual rents represented more than 10% of total rental revenue.       
Specifically:                                                                   

Five tenants accounted for 28%, 22%, 20%, 19% and 10% in 1997;        
Five tenants accounted for 23%, 19%, 18%, 12% and 10% in 1996;        
Four tenants accounted for 24%, 20%, 15% and 10% in 1995;             

Note 3 - Other Assets                                                           

Other assets consists of the following:                               

                           September 30, 1997    December 31, 1996

Deposits and prepaid expenses            $44,869       $85,871                  
Organization costs                        14,330        14,330                  

                        59,199       100,201
Less accumulated amortization             14,330        14,330                  

Net other assets                         $44,869       $85,871                  

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WEST COAST REALTY INVESTORS, INC. 

NOTES TO FINANCIAL STATEMENTS 
Three and Nine Months Ended September 30, 1997 and 1996 (Unaudited) 
 and December 31, 1996 (Continued)

Note 4 - Future Minimum Rental Income                                           

As of September  30, 1997 and  December 31, 1996,  future minimum rental  income
under the existing leases that have  remaining noncancelable terms in excess  of
one year are as follows:                                                        

                                  September 30, 1997    December 31,1996

1997 ............................$   763,725           $2,123,959     
1998 ............................  1,839,402            2,037,591     
1999 ............................  1,845,801            1,976,664     
2000 ............................  1,863,450            1,864,724     
2001 ............................  1,751,311            1,771,212     
Thereafter ...................... 15,193,805           15,255,711     

Total                            $23,257,494          $25,029,861     

Future minimum rental income does not include lease renewals or new leases  that
may result after a noncancelable-lease expires.                                 

Note 5 - Related Party Transactions                                             

The Advisor has an agreement with  the Company to provide advice on  investments
and to administer the day-to-day operations of the Company.  Property management
services for  the  Company's  properties  are  provided  by  West  Coast  Realty
Management, Inc. ("WCRM"), an affiliate of the Advisor.                         

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WEST COAST REALTY INVESTORS, INC. 
NOTES TO FINANCIAL STATEMENTS 
Three and Nine Months Ended September 30, 1997, and 1996 (Unaudited)
 and December 31, 1996 (Continued)

During the  periods  presented, the  Company  had the  following  related  party
transactions:                                                                   

     (a) In accordance with the advisory  agreement, compensation earned by,  or
       services  reimbursed or  reimbursable to  the advisor,  consisted of  the
following:                                                        

         Nine Months    For the Year
         Ended           Ended
       September 30,    December 31,
        1997            1996

Syndication fees                $482,307         $82,864                    
Acquisition fees                 270,384          78,177                    
Overhead expenses                 18,000          12,000                    

            $770,691        $173,041

     (b) At September 30, 1997 and December  31, 1996, the Advisor owned  22,505
shares of the issued and outstanding shares of the Company.                     

     (c)  Sales commissions paid in accordance with the selling agreement to ASC
totaled $310,421 for the nine months  ended September 30, 1997 and $119,083  for
the nine months ended September 30, 1996.                                       

     (d)  Property management  fees earned by WCRM  totaled $27,581 and  $27,015
for the three months ended September 30,  1997 and 1996, respectively.  For  the
nine months ended September 30, 1997 and 1996, WCRM earned $83,384 and  $78,213,
respectively in property management fees.                                       

(e)  The Corporation had related party accounts payable as follows:   

             September 30,      December 31,
              1997              1996

Associated Securities Corp.         $  4,156         $     396                  
West Coast Realty Management          19,249            24,839                  
West Coast Realty Advisors            57,152            21,050                  

                   $80,557           $46,285

     (f) A financing fee of $23,125 was  paid in August 1997 in connection  with
the refinancing of the note payable on the Tycom property (Note 6).             

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WEST COAST REALTY INVESTORS, INC. 

NOTES TO FINANCIAL STATEMENTS 
Three and Nine Months Ended September 30, 1997, and 1996 (Unaudited)
 and December 31, 1996 (Continued)

Note 6 - Notes Payable                                                          

Notes payable are made up of the following:                                     
                                                September 30,   December 31,
                                                1997                1996

8.25% promissory note secured by a Deed of Trust                                
on the Fresno Property, monthly principal and interest                          
payments are $5,244 due August 1, 2003 ...............$ 619,366      $ 628,471  

Variable rate promissory note secured by a Deed                                 
of Trust on the OPTO-22 property, interest rate                                 
adjustments are monthly and are based on the 11th                               
District cost of funds rate plus 3% (7.835% at                                  
September 30, 1997), and may never go below 6.5%                                
or above 11.0%, monthly principal and interest                                  
payments are $12,723, due October 1, 2003 ...........1,693,720       1,708,362  

8.25% promissory note secured by a Deed of Trust on                             
the Blockbuster property, interest rate adjusts                                 
to the 5-year Treasury rate plus 350 basis points                               
on February 1, 1999, monthly principal and interest                             
payments are $4,934, due February 1, 2004 ...........  559,684         569,132  

9.25% promissory note secured by a Deed of Trust                                
on the Riverside property, monthly principal and                                
interest payments are $9,988, due November 8, 2004 ..1,169,786       1,177,055  

Variable rate promissory note secured by a Deed of Trust                        
on the Brea property, interest rate is 9.5% until March 1,                      
2000 (and each succeeding March 1st) when interest rate                         
adjusts to the Moody's corporate bond index daily rate                          
plus 0.125%, monthly principal and interest payments                            
vary depending upon interest rates and are currently                            
$8,737, due March 1, 2020 .......................      972,345         981,338  
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WEST COAST REALTY INVESTORS, INC. 
NOTES TO FINANCIAL STATEMENTS 
Three and Nine Months Ended September 30, 1997, and 1996 (Unaudited)
and December 31, 1996 (Continued) 

Note 6 - Notes Payable (cont.)                                                  

                                                  September 30, December 31,
                                                  1997          1996

9.625% promissory note secured by a Deed of Trust                               
on the Safeguard property, monthly principal and                                
interest payments are $24,191, due February 1,                                  
2005 ..............................................  $2,091,431     $2,155,575  

8.24% promissory note secured by a Deed of Trust                                
on the Fremont property, interest rate equaled the 20-year                      
Treasury rate plus 1.65% at loan closing, monthly principal                     
and interest payments are currently $18,898, due                                
August 1, 2015 ....................................   2,103,427      2,140,311  

10% promissory note secured by a Deed of Trust on the                           
Java City property, monthly principal and interest payments                     
are $3,413, due November 1, 2001....................    330,971        336,272  

8% promissory note secured by a Deed of Trust on the                            
Java City property, monthly principal and interest payments                     
are $3,126, due June 1, 2018........................    377,482        382,277  

Variable rate promissory note secured by a Deed of Trust                        
on the Tycom Property, interest rate is 1.90% over the                          
3 month LIBOR with right to convert after first year;  The                      
conversion margin would be 1.90% over selected Treasury                         
Rate for the 10 year loan term, monthly principal and interest                  
payments vary depending upon interest rates and are                             
currently $17,469 due July 31, 2007.................. 2,309,927           ---   

                                                 $12,228,139   $10,078,793

The above carrying amounts, with the exception of the note on the Fresno        
property, are reasonable estimates of fair values of notes payable based on     
current lending rates in the industry for mortgage loans with similar terms and 
maturities.  The fair value of the Fresno note is approximately $580,000        
calculated by discounting the expected future cash outflows on the note to the  
present based on a current lending rate of 10%, which is the approximate        
industry lending rate on properties of this type in this location.              
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WEST COAST REALTY INVESTORS, INC. 

NOTES TO FINANCIAL STATEMENTS 
Three and Nine Months Ended September 30, 1997, and 1996 (Unaudited)
and December 31, 1996 (Continued) 

The aggregate annual future  maturities at September 30,  1997 and December  31,
1996 are as follows:                                                            

Year Ending             September 30, 1997      December 31, 1997               
1997                              $60,032               $210,322                
1998                              239,183                228,391                
1999                              259,579                248,287                
2000                              281,228                269,435                
2001                              594,384                582,090                
Thereafter                     10,793,733              8,540,268                

Total                          $12,228,139            $10,078,793               

Note 7 - Dividend Reinvestment Plan                                             

The Company has established  a Dividend Reinvestment  Plan (the "Plan")  whereby
cash dividends will,  upon election  of the  shareholders, be  used to  purchase
additional shares of the Company.   The shareholders' participation in the  Plan
may be terminated at any time.                                                  

Note 8 - Net Income and Dividends Per Share                                     

Net Income Per Share for the nine months  ended September 30, 1997 and 1996  was
computed using the weighted  average number of  outstanding shares of  1,764,404
and 1,430,333, respectively.                                                    

Dividends declared during the first nine months 1997 and 1996 were as follows:  

Outstanding       Amount         Total    
Record Date          Shares         Per Unit       Dividend                     

January 1, 1997     1,550,607       $ 0.0666      $103,270                      
February 1, 1997    1,671,442         0.0666       111,318                      
March 1, 1997       1,671,442         0.0666       111,318                      
April 1, 1997       1,810,916         0.0666       120,607                      
May 1, 1997         1,815,579         0.0666       120,917                      
June 1, 1997        1,815,579         0.0666       120,917                      
July 1, 1997        1,815,579         0.0666       120,917                      
August 1, 1997      1,974,144         0.0666       131,478                      
September 1, 1997   1,968,144         0.0666       131,078                      

Total                                           $1,071,820                      

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WEST COAST REALTY INVESTORS, INC. 

NOTES TO FINANCIAL STATEMENTS 
Three  and Nine months Ended September 30, 1997, and 1996 (Unaudited) 
 and December 31, 1996 (Continued)

Note 8 - Net Income and Dividends Per Share (cont.)                             

Outstanding       Amount         Total  
Record Date            Shares        Per Unit      Dividend                     

January 1, 1996      1,325,404        0.0600       $79,524                      
February 1, 1996     1,371,794        0.0600        82,308                      
March  1, 1996       1,401,664        0.0600        84,100                      
April 1, 1996        1,413,736        0.0666        94,155                      
May 1, 1996          1,445,236        0.0666        96,253                      
June 1, 1996         1,448,836        0.0666        96,492                      
July 1, 1996         1,448,836        0.0666        96,492                      
August 1, 1996       1,448,836        0.0666        96,492                      
September 1, 1996    1,498,246        0.0666        99,783                      

Total                                             $825,599                      

Note 9 - New Accounting Pronouncements                                          

Statement of Financial Accounting Standards No. 125, "Accounting for Transfers  
and Servicing of Financial Assets and Extinguishments of Liabilities" (SFAS No. 
125) issued by the Financial Accounting Standards Board (FASB) is effective for 
transfers and servicing of financial assets and extinguishments of liabilities  
occurring after December 31, 1996, and is to be applied prospectively.  Earlier 
or retroactive application is not permitted.  The new standard provides         
accounting and reporting standards for transfers and servicing of financial     
assets and extinguishments of liabilities.  The Company does not expect adoption
to have a material effect on its financial position or results of operations.   

Note 10 - Subsequent Events                                                     

(a)  In October 1997, the Company paid dividends totaling $383,474 ($0.0666 per 
share per period), payable to shareholders of record on July 1, August 1, and   
September 1, 1997, respectively (Note 8).                                       

(b)  On October 3, and October 10, 1997, a total of $1,775,984 in proceeds from 
the sale of shares in the Company's current offering was released from an escrow
account, and 178,105 shares were issued to investors.                           

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WEST COAST REALTY INVESTORS, INC. 

NOTES TO FINANCIAL STATEMENTS 
Three  and Nine Months Ended September 30, 1997, and 1996 (Unaudited) 
 and December 31, 1996 (Continued)

Note 10 - Subsequent Events (cont.)                                             

(c)  On October 31, 1997, the Company ("Seller") sold the North Palm Street     
Property to a unrelated buyer.  The offer to purchase the property was          
unsolicited and was partially contingent on the Seller utilizing the Internal   
Revenue Service Code Section S1031 to facilitate a tax free exchange. The total 
sales price is $2,515,860 in cash.  The Seller paid off the existing lender of  
the first deed of trust which as of September 30, 1997 totaled $975,309.        
Additionally,  the Buyer agreed to contribute an additional $15,000 to prepay   
the mortgage loan.                                                              

(d)   In early November 1997, the Company intends on acquiring an investment    
known as the Roseville Property.  The funds to acquire the Roseville will result
from the Section S1031 tax free exchange of the Brea property (as described     
above), plus additional proceeds resulting from the sale of the Company's Shares
in the current offering. No debt financing will be used in connection with the  
Roseville acquisition.   The Roseville Property has been constructed, and the   
Company will be taking ownership of the Property two to three weeks after the   
occupancy permit is issued.  The property's tenant intends on using the property
as a sit-down, casual restaurant.  Roseville is a city located in the Sacramento
region of Northern California.                                                  

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                                                                · Download Table
                       WEST COAST REALTY INVESTORS, INC.                        
                         PRO FORMA STATEMENT OF INCOME                          
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997                  

INTRODUCTION                                                                    

     The following unaudited pro forma financial statement is presented to      
illustrate the acquisition of the Roseville Property and the disposition of the 
Brea Property as described in this offering, on the results of operations of the
Company.                                                                        

     The unaudited pro forma statement of income has been prepared as if all the
aforementioned properties had been occupied by their respective tenants or sold 
by the Company on January 1, 1997.  The unaudited pro forma financial statements
are not necessarily indicative of the Company's future operations and should be 
read in conjunction with the other financial statements and notes thereto       
included elsewhere in this Prospectus.                                          


                           Disposition       Acquisition                        
               HISTORICAL     BREA          ROSEVILLE        PRO FORMA          
                SEPTEMBER   PROPERTY         PROPERTY        CONDENSED          
                30, 1997                                     SEPTEMBER          
                                                             30, 1997           
                                                                                
REVENUE:                                                                        
  Rental        $2,182,869  $(195,033) (a)   $129,000  (a)   $2,116,836         
  Gain on sale         ---     325,791 (f)                      325,791         
       of property                                                              
  Interest          70,558      75,000 (b)   (62,000)  (b)       83,558         

                 2,253,427     205,758         67,000         2,526,185         

EXPENSES:                                                                       
Operating          277,323    (59,093) (c)      9,000  (c)      227,230         
Interest           802,547    (69,569) (d)                      732,978         
Depreciation                                                                    
and amortization   358,884    (27,695) (e)     25,460  (e)      356,649         
General and                                                                     
administrative     247,656         ---            ---           247,656         

                 1,686,410   (156,357)         34,460         1,564,513         

Net income        $567,017    $362,115        $32,540          $961,672         

Net income per share $.32                                         $.55          

Weighted Average Shares Used           Weighted Average Shares Used for Pro     
for Historical Calculation 1,764,404   Forma Calculation      1,764,404         


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WEST COAST REALTY INVESTORS, INC. 
NOTES TO PRO FORMA FINANCIAL STATEMENTS 
For the Nine Months Ended September 30, 1997

(Unaudited) 

1.   BASIS OF PRESENTATION                                                      

The pro forma statements of income  reflect operations for the Company  assuming
that the Roseville  Property was acquired,  and the Brea  Property, was sold  on
January 1, 1997.  This statement contains certain adjustments which are expected
to be incurred in those properties' first  year of operations, with a full  nine
month's worth of operations  reflected in the Statement  of Income for the  nine
months ended September 30, 1997.                                                

There can be no assurance that the foregoing results will be obtained.          

2.   PRO FORMA ADJUSTMENTS                                                      

The adjustments to the pro forma statement of income are as follows:            

(a)  To reflect additional rental income for the Roseville Property, and        
     the reduction  of rental income for the Brea  Property so that a full  nine
months are recognized.                                                

(b)  To eliminate interest income due to  funds used for the acquisition of  the
     Roseville Property and  the addition to  interest income  to reflect  funds
provided by the sale of the Brea Property.                            

(c)  To reflect additional property management fees for nine months based on the
     first year of  the lease on  the Roseville Property  and the reflection  of
operating costs savings from the sale of the Brea Property.           

(d)  To reflect interest expense savings for the nine months on the Brea        
property.                                                             

(e)  To reflect depreciation expense on the Roseville and Brea Properties from  
January 1, to September 30, 1997.                                     

(f)  To reflect the gain on the sale of the Brea Property.                      

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                       WEST COAST REALTY INVESTORS, INC.                                       
                         PRO FORMA STATEMENT OF INCOME                                         
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997                                 

INTRODUCTION                                                                                   

     The following unaudited pro forma financial statement is presented to                     
illustrate the acquisition of the Roseville and Tycom Properties and the                       
disposition of the Brea Property, as described in this offering, on the results                
of operations of the Company.                                                                  

     The unaudited pro forma statement of income has been prepared as if all the               
aforementioned properties had been occupied by their respective tenants, and the               
Brea property was sold, on January 1, 1997.  The unaudited pro forma financial                 
statements are not necessarily indicative of the Company's future operations and               
should be read in conjunction with the other financial statements and notes                    
thereto included elsewhere in this Prospectus.                                                 


                            Disposition               Acquisitions                             
               HISTORICAL       BREA            ROSEVILLE       TYCOM              PRO FORMA   
                SEPTEMBER     PROPERTY          PROPERTY       PROPERTY            CONDENSED   
                30, 1997                                                          SEPTEMBER 30,
                                                                                      1997     
                                                                                               
REVENUE:                                                                                       
  Rental        $2,182,869     $(195,033)  (a)  $129,000  (a)   $25,754  (a)        $2,142,590 
  Gain on sale         ---        325,791  (f)                                         325,791 
      of property                                                                              
  Interest          70,558         75,000  (b)  (62,000)  (b)   (7,400)  (b)            76,158 

                 2,253,427        205,758         67,000         18,354              2,544,539 

EXPENSES:                                                                                      
Operating          277,323       (59,093)  (c)     9,000  (c)       773  (c)           228,003 
Interest           802,547       (69,569)  (d)                   12,240  (d)           745,218 
Depreciation                                                                                   
and amortization   358,884       (27,695)  (e)    25,460  (e)                          356,649 
General and                                                                                    
administrative     247,656            ---            ---            ---                247,656 

                 1,686,410      (156,357)         34,460         13,013              1,577,526 

Net income        $567,017       $362,115        $32,540         $5,341               $967,013 

Net income per share $.32                                                                $.55  

Weighted Average Shares Used                 Weighted Average Shares Used for Pro              
for Historical Calculation    1,764,404      Forma Calculation          1,764,404              


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WEST COAST REALTY INVESTORS, INC. 
NOTES TO PRO FORMA FINANCIAL STATEMENTS 
For the Nine Months Ended September 30, 1997

(Unaudited) 

1.   BASIS OF PRESENTATION                                                      

The pro forma statements of income  reflect operations for the Company  assuming
that the Roseville and Tycom Properties were acquired, and the Brea Property was
sold, on January 1, 1997.  This statement contains certain adjustments which are
expected to be incurred  in those properties' first  year of operations, with  a
full nine month's worth of operations  reflected in the Statement of Income  for
the nine months ended September 30, 1997.                                       

There can be no assurance that the foregoing results will be obtained.          

2.   PRO FORMA ADJUSTMENTS                                                      

The adjustments to the pro forma statement of income are as follows:            

(a) To reflect  additional rental  income for  the Roseville  and  Tycom        
    Properties from January 1, 1997 to the date of acquisition or September  30,
    1997 (whichever is  first), and the  reduction of rental  income due to  the
assumed sale of the Brea Property on January 1, 1997.                   

(b)  To eliminate interest income to reflect  funds used for the acquisition  of
     Roseville and  Tycom Properties  and the  addition  to interest  income  to
reflect funds provided by the sale of the Brea Property.              

(c)  To reflect additional property management fees for nine months based on the
     first year  of the  lease on  the Roseville  and Tycom  Properties and  the
   reflection of operating costs savings from the sale of the Brea Property.

(d)  To reflect interest expense savings for the six months on the Brea property
and to reflect added interest expense for nine months for the Tycom   
Property based on the first year of payments under the projected      
amortization schedule for the Tycom Property loan.                    

(e)  To reflect depreciation expense on the Roseville and Brea Properties from  
January 1, to September 30, 1997.                                     

(f)  To reflect the gain on the sale of the Brea Property.                      

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                       WEST COAST REALTY INVESTORS, INC.                                        
                         PRO FORMA STATEMENT OF INCOME                                          
                      FOR THE YEAR ENDED DECEMBER 31, 1996                                      

INTRODUCTION                                                                                    

     The following unaudited pro forma financial statement is presented to                      
illustrate the acquisition of the Roseville, Tycom and Java City Properties and                 
the disposition of the Brea Property as described in this offering, on the                      
results of operations of the Company.                                                           

     The unaudited pro forma statement of income has been prepared as if all the                
aforementioned properties had been occupied by their respective tenants on                      
January 1, 1996 or in the case of the Brea Property, disposed of on that date.                  
The unaudited pro forma financial statements are not necessarily indicative of

Meredith Enterprises Inc · POS AM · On 12/23/97

Filed On 12/23/97 · SEC File 333-01304 · Accession Number 808420-97-19

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