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EX-31.1 - SECURED INCOME L P | v192442_ex31-1.htm |
EX-32.1 - SECURED INCOME L P | v192442_ex32-1.htm |
EX-31.2 - SECURED INCOME L P | v192442_ex31-2.htm |
EX-32.2 - SECURED INCOME L P | v192442_ex32-2.htm |
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC
FORM
10-Q
x QUARTERLY REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the
Quarterly Period Ended June 30, 2010
OR
¨ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the
Transition Period from _________ to _________
Commission
File Number 0-17412
Secured Income
L.P.
(Exact
Name of Registrant as Specified in its Charter)
Delaware
|
06-1185846
|
|
State
or Other Jurisdiction of
|
(IRS
Employer
|
|
Incorporation
or Organization
|
Identification
No.)
|
|
340
Pemberwick Road
|
||
Greenwich, Connecticut
|
06831
|
|
(Address
of Principal Executive Offices)
|
|
Zip
Code
|
Registrant's
Telephone Number, Including Area Code: (203) 869-0900
Indicate
by check mark whether the Registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required
to file such reports) and (2) has been subject to such filing requirements for
the past 90 days. Yes x No
¨
Indicate
by check mark whether the Registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
Registrant was required to submit and post such files).
Yes ¨ No
¨
Indicate
by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting
company. See the definitions of “large accelerated filer”,
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.
Large
Accelerated Filer ¨ Accelerated
Filer ¨ Non-Accelerated
Filer ¨ Smaller Reporting
Company x
Indicate
by check mark whether the Registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
Yes ¨ No x
As of
August 4, 2010, there are 984,369 units of limited partnership interest
outstanding.
SECURED
INCOME L.P. AND SUBSIDIARY
Part I - Financial
Information.
Table of
Contents
Page
|
|||
Item
1.
|
Financial Statements
|
||
Consolidated
Balance Sheets
|
3
|
||
Consolidated
Income Statements
|
4
|
||
Consolidated
Statements of Cash Flows
|
5
|
||
Notes
to Consolidated Financial Statements
|
6
|
||
Item
2.
|
Management's Discussion and Analysis of Financial
Condition and Results of Operations
|
7
|
|
Item
3.
|
Quantitative and Qualitative Disclosure about
Market Risk
|
9
|
|
Item
4.
|
Controls and Procedures
|
9
|
|
Item
4T.
|
Internal Control Over Financial
Reporting
|
|
9
|
2
SECURED
INCOME L.P. AND SUBSIDIARY
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
June
30,
|
December
31,
|
|||||||
2010
|
2009
|
|||||||
ASSETS
|
||||||||
Property
and equipment, net of accumulated depreciation
|
$ | 2,499,005 | $ | 2,704,139 | ||||
Cash
and cash equivalents
|
475,891 | 797,648 | ||||||
Mortgage
escrow deposits
|
926,793 | 758,880 | ||||||
Investment
in bond
|
97,370 | |||||||
Tenant
security deposits
|
51,773 | 63,022 | ||||||
Interest
and accounts receivable
|
2,317 | |||||||
Prepaid
expenses
|
117,721 | 214,801 | ||||||
Intangible
assets, net of accumulated amortization
|
271,020 | 281,877 | ||||||
$ | 4,441,890 | $ | 4,820,367 | |||||
LIABILITIES
AND PARTNERS' EQUITY (DEFICIT)
|
||||||||
Liabilities
|
||||||||
Mortgage
payable
|
$ | 7,897,032 | $ | 8,019,780 | ||||
Accounts
payable and accrued expenses
|
85,768 | 101,773 | ||||||
Tenant
security deposits payable
|
40,603 | 52,116 | ||||||
Due
to affiliates
|
29,224 | 18,365 | ||||||
8,052,627 | 8,192,034 | |||||||
Partners'
equity (deficit)
|
||||||||
Limited
partners
|
452,991 | 693,098 | ||||||
General
partners
|
(3,878,249 | ) | (3,878,310 | ) | ||||
Noncontrolling
interest
|
(183,864 | ) | (186,455 | ) | ||||
Accumulated
other comprehensive loss
|
(1,615 | ) | ||||||
(3,610,737 | ) | (3,371,667 | ) | |||||
$ | 4,441,890 | $ | 4,820,367 |
See notes
to consolidated financial statements.
3
SECURED
INCOME L.P. AND SUBSIDIARY
CONSOLIDATED
INCOME STATEMENTS
THREE
AND SIX MONTH PERIODS ENDED JUNE 30, 2010 AND 2009
(UNAUDITED)
Three
Months
|
Six
Months
|
Three
Months
|
Six
Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
June 30, 2010
|
June 30, 2010
|
June 30, 2009
|
June 30, 2009
|
|||||||||||||
REVENUE
|
||||||||||||||||
Rental
|
$ | 670,136 | $ | 1,305,103 | $ | 662,371 | $ | 1,285,892 | ||||||||
Interest
|
779 | 1,033 | 260 | 1,368 | ||||||||||||
TOTAL
REVENUE
|
670,915 | 1,306,136 | 662,631 | 1,287,350 | ||||||||||||
EXPENSES
|
||||||||||||||||
Administrative
and management
|
121,696 | 249,389 | 128,139 | 249,850 | ||||||||||||
Operating
and maintenance
|
171,301 | 307,958 | 158,498 | 300,502 | ||||||||||||
Taxes
and insurance
|
117,009 | 236,067 | 113,954 | 231,668 | ||||||||||||
Financial
|
131,709 | 264,584 | 135,588 | 272,263 | ||||||||||||
Depreciation
and amortization
|
107,996 | 215,991 | 104,169 | 208,339 | ||||||||||||
TOTAL
EXPENSES
|
649,711 | 1,273,989 | 640,348 | 1,262,622 | ||||||||||||
NET
INCOME
|
21,204 | 32,147 | 22,283 | 24,728 | ||||||||||||
Other
comprehensive loss
|
(1,615 | ) | (1,615 | ) | ||||||||||||
COMPREHENSIVE
INCOME
|
$ | 19,589 | $ | 30,532 | $ | 22,283 | $ | 24,728 | ||||||||
NET
INCOME ATTRIBUTABLE TO
|
||||||||||||||||
Limited
partners
|
$ | 19,653 | $ | 29,260 | $ | 21,152 | $ | 23,012 | ||||||||
General
partners
|
199 | 296 | 213 | 232 | ||||||||||||
Noncontrolling
interest
|
1,352 | 2,591 | 918 | 1,484 | ||||||||||||
$ | 21,204 | $ | 32,147 | $ | 22,283 | $ | 24,728 | |||||||||
NET
INCOME ALLOCATED PER UNIT OF
|
||||||||||||||||
LIMITED
PARTNERSHIP INTEREST
|
$ | .02 | $ | .03 | $ | .02 | $ | .02 |
See notes
to consolidated financial statements.
4
SECURED
INCOME L.P. AND SUBSIDIARY
CONSOLIDATED
STATEMENTS OF CASH FLOWS
SIX
MONTHS ENDED JUNE 30, 2010 AND 2009
(UNAUDITED)
2010
|
2009
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
income
|
$ | 32,147 | $ | 24,728 | ||||
Adjustments
to reconcile net income to net cash provided
|
||||||||
by
operating activities
|
||||||||
Depreciation
and amortization
|
215,991 | 208,339 | ||||||
Increase
in mortgage escrow deposits
|
(167,913 | ) | (96,688 | ) | ||||
Decrease
in tenant security deposits
|
11,249 | 87,854 | ||||||
Amortization
of premium on investment in bond
|
205 | |||||||
Decrease
(increase) in interest and accounts receivable
|
(567 | ) | 172 | |||||
Decrease
in prepaid expenses
|
97,080 | 48,477 | ||||||
Increase
(decrease) in accounts payable and accrued expenses
|
(16,005 | ) | 15,454 | |||||
Decrease
in tenant security deposits payable
|
(11,513 | ) | (20,932 | ) | ||||
Increase
in due to affiliates
|
10,859 | 9,182 | ||||||
Net
cash provided by operating activities
|
171,533 | 276,566 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Investment
in bond
|
(100,940 | ) | ||||||
Net
cash used in investing activities
|
(100,940 | ) | ||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Distributions
to partners
|
(269,602 | ) | (43,190 | ) | ||||
Principal
payments on mortgage
|
(122,748 | ) | (115,513 | ) | ||||
Net
cash used in financing activities
|
(392,350 | ) | (158,703 | ) | ||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(321,757 | ) | 117,863 | |||||
Cash
and cash equivalents at beginning of period
|
797,648 | 1,495,589 | ||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 475,891 | $ | 1,613,452 | ||||
SIGNIFICANT
NONCASH INVESTING ACTIVITIES
|
||||||||
Unrealized
loss on investment in bond
|
$ | 1,615 | ||||||
SUPPLEMENTAL
INFORMATION
|
||||||||
Financial
expenses paid
|
$ | 286,050 | $ | 294,214 |
See notes
to consolidated financial statements.
5
SECURED
INCOME L.P. AND SUBSIDIARY
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE
30, 2010
(UNAUDITED)
1.
|
Basis
of Presentation
|
The
accompanying unaudited consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information. They do not
include all information and footnotes required by GAAP for complete financial
statements. The results of operations are impacted significantly by
the results of operations of the Carrollton Partnership (“Carrollton”), which
are provided on an unaudited basis during interim
periods. Accordingly, the accompanying unaudited consolidated
financial statements are dependent on such unaudited information. In
the opinion of the General Partners of the Partnership, the accompanying
unaudited consolidated financial statements include all adjustments necessary to
reflect fairly the results of operations and cash flows for the interim periods
presented. All adjustments are of a normal recurring
nature. The results of operations for the six months ended June 30,
2010 are not necessarily indicative of the results that may be expected for the
entire year.
Certain
prior period balances have been reclassified to conform to the current period
presentation.
|
Recent Accounting
Pronouncements
|
In
January 2010, the Financial Accounting Standards Board (“FASB”) issued
Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value
Measurements” (“ASU 2010-06”), amending Accounting Standards Codification
(“ASC”) Topic 820 to increase disclosure requirements regarding recurring and
nonrecurring fair value measurements. The Partnership adopted ASU
2010-06 for the period ended June 30, 2010, except for the disclosures about
activity in Level 3 fair value measurements which will be effective for the
Partnership’s fiscal year beginning January 1, 2011. The adoption of
ASC Topic 820 did not have a material impact on the Partnership’s consolidated
financial statements and is not expected to have a material impact on the
Partnership’s consolidated financial statements once fully
implemented.
2.
|
Investment
in Bond
|
The
Partnership carries its investment in bond as available-for-sale because such
investment is used to facilitate and provide flexibility for its
obligations. Investment in bond is reflected in the accompanying
unaudited consolidated balance sheet as of June 30, 2010 at estimated fair value
and is classified within Level 1 of the fair value hierarchy of the
guidance on Fair Value Measurements as defined in ASC Topic
820. Level 1 inputs utilize quoted prices (unadjusted) in active
markets for identical assets or liabilities that the Partnership has the ability
to access. The unrealized loss of $1,615 is reflected as accumulated
other comprehensive loss in the accompanying unaudited consolidated financial
statements as of and for the six months ended June 30, 2010.
As of
June 30, 2010, certain information concerning investment in bond is as
follows:
Description and maturity
|
Amortized
cost
|
Gross
unrealized
gain
|
Gross
unrealized
loss
|
Estimated
fair value
|
||||||||||||
Corporate
debt security
|
||||||||||||||||
After
ten years
|
$ | 98,985 | $ | — | $ | (1,615 | ) | $ | 97,370 |
3.
|
Additional
Information
|
Additional
information, including the audited December 31, 2009 Consolidated Financial
Statements and the Organization and Summary of Significant Accounting Policies,
is included in the Partnership's Annual Report on Form 10-K for the fiscal year
ended December 31, 2009 on file with the Securities and Exchange
Commission.
6
SECURED
INCOME L.P. AND SUBSIDIARY
Item
2. Management's Discussion and
Analysis of Financial Condition and Results of Operations.
Liquidity
and Capital Resources
Fieldpointe,
the operating complex owned by the Carrollton Partnership (“Carrollton”) remains
on the market for sale as the Carrollton general partners continue to receive
inquiries; however, given the current real estate market, the Carrollton general
partners believe the likelihood that an acceptable offer might be received in
the near term is not probable. The Carrollton general partners cannot
accurately predict the direction of the real estate market, and there can be no
assurance that an acceptable offer will be received or that a sale will be
consummated. Notwithstanding the foregoing, if a sale of Fieldpointe
were to occur, Registrant intends to distribute the net proceeds received to its
partners, less a reasonable reserve, in accordance with the terms and conditions
of Registrant’s Partnership Agreement. At such time, Registrant
intends to dissolve.
Registrant
made a distribution on March 31, 2010 in the amount of approximately $0.25 per
Unit to Unit holders of record as of December 31, 2009. Registrant
anticipates that an additional distribution may be made in the first quarter of
2011. The ability to make such distribution, and the amount of such
distribution, if any, will depend on Fieldpointe’s cash flow and reserve levels,
among other things. There can be no certainty as to the payment of future
distributions or the amount and timing thereof.
Registrant's
primary source of funds is currently rents generated by
Fieldpointe. Registrant's investment is considered highly
illiquid.
In the
event a sale of Fieldpointe does not take place, Registrant is not expected to
have access to additional sources of financing. Accordingly, if
unforeseen contingencies arise that cause Fieldpointe to require capital in
addition to that contributed by Registrant and any equity of Carrollton’s
general partners, potential sources from which such capital needs will be able
to be satisfied (other than reserves) would be additional equity contributions
or voluntary loans from Carrollton’s general partners (which general partners
are not required to fund such amounts) or other reserves, if any, which could
adversely impact distributions from Carrollton to Registrant of operating cash
flow and any sale or refinancing proceeds.
Registrant
formerly held an interest in Columbia Westmont Associates, L.P. (“Columbia”),
which sold its underlying property in 2006. After an appeal, Columbia
received a real estate tax refund for a prior year in the amount of
approximately $998,000, which amount is net of professional fees incurred in
connection with the appeal. Registrant and the general partners of
Columbia are currently undergoing discussions and seeking guidance in an effort
to determine how the funds received should be characterized and applied under
the terms of Columbia’s partnership agreement, and the amount, if any, that
should be paid to Registrant and the other partners of Columbia.
Results
of Operations
Although
Registrant generated cash from operations during the six months ended June 30,
2010, cash and cash equivalents decreased by approximately $322,000 during the
period, primarily as a result of distributions to partners and Registrant’s
investment in a bond. Property and equipment decreased as a result of
depreciation expense. Mortgage escrow deposits increased while
prepaid expenses decreased in the ordinary course of
operations. Mortgage payable decreased as a result of principal
payments on Carrollton’s mortgage.
The
discussion below refers primarily to the operations of Carrollton and not to
that of Registrant as a whole.
7
SECURED
INCOME L.P. AND SUBSIDIARY
Item
2. Management's Discussion and
Analysis of Financial Condition and Results of Operations
(Continued).
Six Months Ended June 30,
2010
During
the six months ended June 30, 2010, Carrollton's operations resulted in net
income of approximately $110,000, which includes financial expenses and
depreciation and amortization of approximately $264,000 and approximately
$213,000, respectively. Accordingly, Carrollton generated income from
operating activities prior to financial expenses and depreciation and
amortization of approximately $587,000. Mortgage principal payments
during the period were approximately $123,000. After considering the
mandatory mortgage principal payments and required deposits to mortgage escrows,
among other things, Fieldpointe generated cash flow of approximately $180,000
during the six months ended June 30, 2010. There can be no assurance
that the level of cash flow generated by Fieldpointe during the six months ended
June 30, 2010 will continue in future periods.
Registrant’s
results of operations as a whole for the six months ended June 30, 2010 are
comparable to the six months ended June 30, 2009.
As of
June 30, 2010, the occupancy of Fieldpointe was approximately 97%. In
the event a sale of Fieldpointe does not take place, the future operating
results of Fieldpointe will be extremely dependent on market conditions and
therefore may be subject to significant volatility.
Six Months Ended June 30,
2009
During
the six months ended June 30, 2009, Carrollton's operations resulted in net
income of approximately $105,000, which includes financial expenses and
depreciation and amortization of approximately $272,000 and approximately
$205,000, respectively. Accordingly, Carrollton generated income from
operating activities prior to financial expenses and depreciation and
amortization of approximately $582,000. Mortgage principal payments
during the period were approximately $116,000. After considering the
mandatory mortgage principal payments and required deposits to mortgage escrows,
among other things, Fieldpointe generated cash flow of approximately $175,000
during the six months ended June 30, 2009. As of June 30, 2009, the
occupancy of Fieldpointe was approximately 93%.
Critical Accounting Policies
and Estimates
The
accompanying unaudited consolidated financial statements are prepared in
accordance with accounting principles generally accepted in the United States of
America (“GAAP”), which requires Registrant to make certain estimates and
assumptions. The following section is a summary of certain aspects of
those accounting policies that may require subjective or complex judgments and
are most important to the portrayal of Registrant’s consolidated financial
condition and results of operations. Registrant believes that there
is a low probability that the use of different estimates or assumptions in
making these judgments would result in materially different amounts being
reported in the accompanying unaudited consolidated financial
statements.
Registrant
records its real estate assets at cost less accumulated depreciation and, if
there are indications that impairment exists, adjusts the carrying value of
those assets in accordance with Accounting Standards Codification (“ASC”) Topic
360; Subtopic 10. In accordance with ASC Topic 360; Subtopic 10,
long-lived assets, primarily property and equipment, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of
the assets might not be recoverable. Conditions that would
necessitate an impairment assessment include a significant decline in the
observable market value of an asset, a significant change in the extent or
manner in which an asset is used, or a significant adverse change that would
indicate that the carrying amount of an asset or group of assets is not
recoverable. For long-lived assets, Registrant recognizes an
impairment loss only if its carrying amount is not recoverable through its
undiscounted cash flows and measures the impairment loss based on the difference
between the carrying amount and estimated fair value. No such
adjustment for impairment loss is required as of June 30, 2010.
8
SECURED
INCOME L.P. AND SUBSIDIARY
Item
2. Management's Discussion and
Analysis of Financial Condition and Results of Operations
(Continued).
Forward-Looking
Information
As a
cautionary note, with the exception of historical facts, the matters discussed
in this quarterly report on Form 10-Q are “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform
Act”). Forward-looking statements may relate to, among other things,
current expectations, forecasts of future events, future actions, future
performance generally, business development activities, capital expenditures,
strategies, the outcome of contingencies, future financial results, financing
sources and availability and the effects of regulation and
competition. Words such as “anticipate,” “expect,” “intend,” “plan,”
“seek,” “estimate” and other words and terms of similar meaning in connection
with discussions of future operating or financial performance signify
forward-looking statements. Registrant may also provide written
forward-looking statements in other materials released to the
public. Such statements are made in good faith by Registrant pursuant
to the “Safe Harbor” provisions of the Reform Act. Registrant
undertakes no obligation to update publicly or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. Such forward-looking statements involve known risks,
uncertainties and other factors that may cause Registrant’s actual results of
operations or actions to be materially different from future results of
operations or actions expressed or implied by the forward-looking
statements.
Recent Accounting
Pronouncements
In
January 2010, the Financial Accounting Standards Board (“FASB”) issued
Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value
Measurements” (“ASU 2010-06”), amending ASC Topic 820 to increase disclosure
requirements regarding recurring and nonrecurring fair value
measurements. Registrant adopted ASU 2010-06 for the period ended
June 30, 2010, except for the disclosures about activity in Level 3 fair value
measurements which will be effective for Registrant’s fiscal year beginning
January 1, 2011. The adoption of ASC Topic 820 did not have a
material impact on Registrant’s consolidated financial statements and is not
expected to have a material impact on Registrant’s consolidated financial
statements once fully implemented.
Item
3. Quantitative and Qualitative
Disclosure About Market Risk.
The
market value of Registrant’s investment in bond is subject to fluctuation based
upon changes in interest rates relative to the investment’s maturity date and
the associated bond rating. Since Registrant’s investment in bond is
callable in 2013, the value of such investment may be adversely impacted in an
environment of rising interest rates in the event Registrant decides to
liquidate the investment prior to its call date. Although Registrant
may utilize the investment to pay for its operating expenses, it otherwise
intends to hold such investment to its call date. Therefore,
Registrant does not anticipate any material adverse impact in connection with
such investment.
Item
4. Controls and
Procedures.
Disclosure
controls and procedures are controls and procedures that are designed to ensure
that information required to be disclosed by Registrant in reports that
Registrant files or submits under the Exchange Act is recorded, processed,
summarized and timely reported as provided in SEC rules and
forms. Registrant periodically reviews the design and effectiveness
of its disclosure controls and procedures, including compliance with various
laws and regulations that apply to its operations. Registrant makes
modifications to improve the design and effectiveness of its disclosure controls
and procedures, and may take other corrective action, if its reviews identify a
need for such modifications or actions. In designing and evaluating
the disclosure controls and procedures, Registrant recognizes that any controls
and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives.
Registrant
has carried out an evaluation, under the supervision and the participation of
its management, including the Chief Executive Officer and Chief Financial
Officer of Wilder Richman Resources Corporation (“WRRC”), one of Registrant’s
general partners, of the effectiveness of the design and operation of its
disclosure controls and procedures (as defined in Rule 13a-15(e) and
15d-15(e) under the Exchange Act), as of the three months ended June 30,
2010. Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer of WRRC concluded that Registrant’s disclosure controls
and procedures were effective as of June 30, 2010.
Item
4T. Internal Control Over
Financial Reporting.
There
were no changes in Registrant’s internal control over financial reporting during
the three months ended June 30, 2010 that have materially affected, or are
reasonably likely to materially affect, Registrant’s internal control over
financial reporting.
9
SECURED
INCOME L.P. AND SUBSIDIARY
Part II - Other
Information.
Item
1. Legal
Proceedings.
None.
Item
1A. Risk
Factors.
Item
2. Unregistered Sales of Equity
Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior
Securities.
None.
Item
4. Removed and
Reserved.
Item
5. Other
Information.
None.
Item
6. Exhibits.
Exhibit
31.1 - Rule 13a-14(a)/15d-14(a) Certification of Chief Executive
Officer.
Exhibit
31.2 - Rule 13a-14(a)/15d-14(a) Certification of Chief Financial
Officer.
Exhibit
32.1 - Section 1350 Certification of Chief Executive Officer.
Exhibit
32.2 - Section 1350 Certification of Chief Financial
Officer.
10
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized on the 4th day of
August 2010.
SECURED
INCOME L.P.
|
|||
By:
|
Wilder
Richman Resources Corporation, General Partner
|
||
By:
|
/s/Richard Paul Richman
|
||
Richard
Paul Richman
|
|||
Chief
Executive Officer
|
|||
By:
|
/s/James Hussey
|
||
James
Hussey
|
|||
Chief
Financial Officer
|
|||
By:
|
WRC-87A
Corporation, General Partner
|
||
By:
|
/s/Richard Paul Richman
|
||
Richard
Paul Richman
|
|||
Executive
Vice President and
Treasurer
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11