1


                                  Exhibit 99.2
                                  ------------




                      VININGS INVESTMENT PROPERTIES TRUST
                                AND SUBSIDIARIES



                      PRO FORMA CONSOLIDATED BALANCE SHEET
                               AS OF MAY 31, 1996
                                  (UNADUITED)


                                                                PRO FORMA
                                                 HISTORICAL    ACQUISITION      PRO FORMA
                                                MAY 31, 1996   ADJUSTMENTS(A)  MAY 31, 1996

                                                                       
ASSETS

CASH AND CASH EQUIVALENTS                      $  147,799     $  (84,099)    $    63,700
CASH-ESCROWS                                         -           231,633 (C)     231,633
RECEIVABLES                                        55,509           -             55,509
PREPAID EXPENSES                                  161,129          7,425         168,554
UNAMORTIZED LEASE COMMISSIONS                       7,770           -              7,770
PEACHTREE BUSINESS CENTER                       2,334,853           -          2,334,853
THE THICKET APARTMENTS                               -         8,650,000       8,650,000
ACQUISTITION/LOAN COSTS                              -           235,327         235,327


  TOTAL ASSETS                                 $2,707,060     $9,040,286     $11,747,346

LIABILITIES                        

ACCOUNTS PAYABLE                               $    9,487     $     -        $     9,487
ACCRUED LIABILITIES                                65,250         80,182 (D)     145,432 
ACCRUED TAXES                                      14,206           -             14,206
SECURITY DEPOSITS                                  19,422           -             19,422
MORTGAGES & NOTES PAYABLE                            -         8,960,104       8,960,104

  TOTAL LIABILITIES                               108,365      9,040,286       9,148,651

SHAREHOLDERS' EQUITY                                                           

SHAREHOLDERS' EQUITY                           36,973,249           -         36,973,249
CUMULATIVE EARNINGS                            38,244,925         80,182      38,244,925
CUMULATIVE DISTRIBUTIONS                      (72,619,479)          -        (72,619,479)

  TOTAL SHAREHOLDERS' EQUITY                    2,598,695           -          2,598,695

     TOTAL LIABILITIES & SHAREHOLDERS' EQUITY  $2,707,060     $9,040,286     $11,747,346