<ARTICLE> 5 <CIK> 0000785791 <NAME> ASSOCIATED PLANNERS REALTY FUND L.P. <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> SEP-30-1998 <CASH> 175,745 <SECURITIES> 0 <RECEIVABLES> 11,895 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 216,918 <PP&E> 7,038,072 <DEPRECIATION> (1,389,576) <TOTAL-ASSETS> 5,878,250 <CURRENT-LIABILITIES> 269,171 <BONDS> 1,447,115 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 4,161,964 <TOTAL-LIABILITY-AND-EQUITY> 5,878,250 <SALES> 526,359 <TOTAL-REVENUES> 533,562 <CGS> 335,687 <TOTAL-COSTS> 335,687 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 105,575 <INCOME-PRETAX> 92,300 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 92,300 <EPS-PRIMARY> 9.58 <EPS-DILUTED> 9.58