<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND L.P. <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> JUN-30-1998 <CASH> 201,572 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 249,905 <PP&E> 7,038,072 <DEPRECIATION> (1,347,742) <TOTAL-ASSETS> 5,948,512 <CURRENT-LIABILITIES> 265,302 <BONDS> 1,454,854 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,228,356 <TOTAL-LIABILITY-AND-EQUITY> 5,948,512 <SALES> 346,753 <TOTAL-REVENUES> 351,709 <CGS> 237,133 <TOTAL-COSTS> 237,133 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 72,535 <INCOME-PRETAX> 42,041 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 42,041 <EPS-PRIMARY> 4.05 <EPS-DILUTED> 4.05