DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP

SCHEDULE III – INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2013


																					Life on which
			Initial Cost to Partnership						Gross Amount at which Carried at End of Year												Depreciation in
Property	Encumbrances		Land		Building and Improvements		Costs Capitalized Subsequent to Acquisitions		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Construction		Date Acquired		latest statement of operations is computed (years)
Santa Fe, NM		—		—		451,230		—		—		451,230		451,230		361,133		—		10/10/1988		31.5
Augusta, GA (2)		—		215,416		434,178		—		213,226		434,177		647,403		350,009		—		12/22/1988		31.5
Charleston, SC		—		273,619		323,162		—		273,619		323,162		596,781		260,514		—		12/22/1988		31.5
Aiken, SC		—		402,549		373,795		—		402,549		373,795		776,344		300,257		—		2/21/1989		31.5
Augusta, GA		—		332,154		396,659		—		332,154		396,659		728,813		318,623		—		2/21/1989		31.5
Mt. Pleasant, SC		—		286,060		294,878		—		252,069		294,878		546,947		236,866		—		2/21/1989		31.5
Charleston, SC		—		273,625		254,500		—		273,625		254,500		528,125		204,432		—		2/21/1989		31.5
Aiken, SC		—		178,521		455,229		—		178,521		455,229		633,750		365,671		—		3/14/1989		31.5
Des Moines, IA (1) (3)		—		164,096		448,529	$	296,991		161,996		560,057		722,053		452,784		1989		8/1/1989		31.5
North Augusta, SC		—		250,859		409,297		—		250,859		409,297		660,156		315,644		—		12/29/1989		31.5
Martinez, GA		—		266,175		367,575		—		266,175		367,575		633,750		283,469		—		12/29/1989		31.5
Columbus, OH		—		351,325		708,141		—		351,325		708,140		1,059,465		535,585		—		6/1/1990		31.5

	$	0	$	2,994,399	$	4,917,173	$	296,991	$	2,956,118	$	5,028,699	$	7,984,817	$	3,984,987

(1)	This property was written down to its estimated net realizable value at December 31, 1998.

(2)	In the Fourth Quarter of 2001, a portion of the land was purchased from the Partnership by the County Commission for utility and maintenance easement.

(3)	Building improvements were incurred at the property during the fourth quarter of 2009.

DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP

SCHEDULE III – INVESTMENT PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2013

(B) Reconciliation of “Investment Properties and Accumulated Depreciation”:


	Year Ended		Year Ended				Year Ended		Year Ended
	December 31,		December 31,				December 31,		December 31,
Investment Properties	2013		2012			Accumulated Depreciation	2013		2012
Balance at beginning of year	$	7,984,817	$	7,984,817		Balance at beginning of year	$	3,834,881	$	3,684,775
Additions:						Additions charged to costs and expenses		150,106		150,106
Deletions:
Vacant- Phoenix, AZ property sold (2)		0		(142,747	)	Vacant- Phoenix, AZ property sold (2)		0		(142,747	)
Vacant- Phoenix, AZ property impairment write-down (1)		0		142,747		Vacant- Phoenix, AZ property impairment write-down (1)		0		142,747

Balance at end of year (3)	$	7,984,817	$	7,984,817		Balance at end of year	$	3,984,987	$	3,834,881

(1)	The property was written-down to its estimated fair value of $150,000 during the fiscal year 2011.

(2)	The property was reclassified to property held for sale in the third quarter of 2011 and sold in the fourth quarter of 2012.

(3)	The land cost of $33,991, applicable to the eminent domain proceedings, was classified as Property Held for Sale beginning in 2010. As a result, the land cost, and the resulting sale in 2013, is not reflected in the balances in the table above.