5 1 watts5.txt ------------------------------------------- OMB APPROVAL ------------------------------------------- OMB Number Expires: Estimated average burden hours per response ............. 0.5 ------------------------------------------- U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 5 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1943, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 [ ] Check this box if no longer subject of Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). [ ] Form 3 Holdings Reported [x] Form 4 Transactions Reported -------------------------------------------------------------------------------- 1. Name and Address of Reporting Person* Watts Gilbert H. (Last) (First) (Middle) -------------------------------------------------------------------------------- 1006 Trammel Street (Street) -------------------------------------------------------------------------------- Dalton GA 30720 (City) (State) (Zip) -------------------------------------------------------------------------------- 2. Issuer Name and Ticker or Trading Symbol Vinings Investment Properties Trust VIPIS -------------------------------------------------------------------------------- 3. IRS Identification Number of Reporting Person, if an entity (Voluntary) -------------------------------------------------------------------------------- 4. Statement for Month/Year 12/2000 5. If Amendment, Date of Original (Month/Year) -------------------------------------------------------------------------------- 6. Relationship of Reporting Person to Issuer (Check all applicable) [ ] Director [X] 10% Owner [ ] Officer (give title below) [ ] Other (specify below) -------------------------------------------------------------------------------- 7. Individual or Joint/Group Filing (Check applicable line) [X] Form filed by one Reporting Person [ ] Form filed by more than one Reporting Person -------------------------------------------------------------------------------- Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned --------------------------------------------------------------------------------

* If the Form is filed by more than one Reporting Person, see Instruction 4 (b) (v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) -------------------------------------------------------------------------------

Explanation of Responses: ----------------------------------------------------------- (1) The reporting person is the General Partner of WATTS Agent L.P. that directly owns the 470,588 Series A Convertible Preferred Units ("Preferred Units"). Consequently, the reporting person may be deemed to have an indirect pecuniary interest in the Preferred Units. (2) The 8,500 Options owned by Mr. Watts represents 8,500 Shares that Mr. Watts may acquire upon the exercise of Options within 60 days of February 15, 2001. 2,500 Options may be exercised at $5.00 per share until 7-9-07. 6,000 Options may be exercised at $4.00 per share until 6-9-08. *** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See U.S.C. 1001 and 15 U.S.C, 78ff(a). /s/ Gilbert H. Watts February 12, 2001 -------------------------------- --------------------------- Signature of Reporting Person Date

VININGS INVESTMENT PROPERTIES TRUST/GA 5