APPENDIX B


                              RONALD WHITMAN WEISS
                                 737 PARK AVENUE
                            NEW YORK, NEW YORK 10021
                                 (212) 535-2077

March 8, 2001

Board of Directors
Vinings Investment Properties Trust
2839 Paces Ferry Road
Atlanta, GA 30339-5704

Gentlemen:

     We have been  asked to up-date  our  evaluations  of the value of  Vinings'
share price,  as of the year ending December 31, 2000. The best measure of share
market value for any public company,  is the currently traded price per share on
the open market.  Even when the trading market is thin, as in this instance,  it
is still  indicative of the value that these shares would command if liquidation
took place. The market price of Vinings stock had shown wide fluctuations during
the past  twelve-month  period,  and during the latter part of  December,  VIPIS
shares  traded at their  lowest  point,  below  $2.00 per share.  Therefore,  we
concluded that a fair market price  valuation  would be in a range between $2.00
and $2.25 per share.

     Although, Book Value or Net Asset Value, is not always a good measure for a
public company,  it is more appropriate for a real estate investment trust, than
most other publicly owned  companies.  In this instance,  after an allowance for
accumulated  depreciation,  the net share  value can  still be  approximated  at
$3.25.

     Earnings per share and price  earnings  ratios,  are not viable methods for
estimating  a share  value for a real  estate  owning  company,  for the reasons
stated.  Cash flow  and/or  Adjusted  Funds  from  Operations,  is a much  truer
approximation.  An analysis of comparable AFFO multiples, from other real estate
investment  trusts in Vinings' peer group,  indicates that an  appropriate  fair
market value based upon AFFO Multiples,  would still be in a range between $2.90
and $3.25 per share.

     Finally,  an estimate  based upon net value of the  underlying  real estate
owned by Vinings, is another excellent  indication for the fair per share market
value for the Vinings  stock.  In lieu of appraisals  for each of the individual
properties,  we previously used a capitalized net operating income model,  based
upon the gross income for the latest verified twelve month period,  which we had
prior to year end  December  31,  2000.  The  actual  year end rent and  expense
numbers,  reported to us at this time by the company, showed that gross possible
rents and net  operating  income,  had both  been  over-stated  in our  original
evaluation, and reduced by the year end.

     Therefore,  as  indicated in the attached  valuation,  including  the joint
venture equity,  a  capitalization  of the actual year-end net operating  income
would indicate a lower revised approximate per share value of $2.66.

     All of these  factors  indicate  that we should  revise our estimate of per
share value to a lower range than our original  December  15,  2000,  opinion of
$3.25,  to a range between  $2.66 and $3.25 per share.  This produces an average
per share value of approximately  $3.00 per share, as of the year-end,  December
31, 2000.



                   Very truly yours,

                   /s/ Ronald Whitman Weiss
                   ------------------------
                   Ronald Whitman Weiss