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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="font-size: 12pt"><B>FORM
8-K</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event
reported):<BR>
March 26, 2012</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>Paladin
Realty Income Properties, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified
in Charter)</B></P>

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    <TD STYLE="width: 33%; padding: 0; text-autospace: none; font-weight: bold; text-align: center"><B>Maryland
</B></TD>
    <TD STYLE="width: 34%; padding: 0; text-autospace: none; font-weight: bold; text-align: center"><B>000-51860 </B></TD>
    <TD STYLE="width: 33%; padding: 0; text-autospace: none; font-weight: bold; text-align: center">20-0378980</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-align: center"><B>(Commission File Number)</B></TD>
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-align: center"><B>of Incorporation)</B></TD>
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-align: center"></TD>
    <TD STYLE="padding: 0; text-autospace: none; font-weight: bold; text-align: center"><B>Identification No.)</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10880 Wilshire Blvd., Suite 1400, Los
Angeles, California 90024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: (310) 996-8704<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<FONT STYLE="font-size: 10pt"><I>see
</I></FONT>General Instruction A.2. below):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o
</FONT>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o
</FONT>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o
</FONT>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o
</FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01.&#9;Other Events.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">On March 26, 2012, the dividend committee
of Paladin Realty Income Properties, Inc. declared cash distributions for the month of April 2012. The declared distributions will
be calculated based on stockholders of record each day during such month at a rate of $0.0016438 per day and will equal a daily
amount that, if paid each day for a 366-day period, would equal a 6.0% annualized rate based on a share price of $10.00. These
distributions will be aggregated and paid in cash on May 15, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-indent: 0.25in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">PALADIN REALTY INCOME PROPERTIES, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: March 26, 2012&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ John A.
Gerson</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">John A. Gerson<BR>Chief Financial Officer</TD></TR>
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{"company-data": {"conformed-name": "PALADIN REALTY INCOME PROPERTIES INC", "cik": "0001272430", "assigned-sic": "6798", "irs-number": "200378980", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51860", "film-number": "12716052"}, "business-address": {"street1": "10880 WILSHIRE BLVD", "street2": "SUITE 1400", "city": "LOS ANGELES", "state": "CA", "zip": "90024", "phone": "310-996-8704"}, "mail-address": {"street1": "10880 WILSHIRE BLVD", "street2": "SUITE 1400", "city": "LOS ANGELES", "state": "CA", "zip": "90024"}, "former-company": {"former-conformed-name": "PALADIN REALTY INCOME PROPERTIES I INC", "date-changed": "20031209"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported):
March 26, 2012
Paladin
Realty Income Properties, Inc.
(Exact Name of Registrant as Specified
in Charter)
Maryland
000-51860
20-0378980
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
Identification No.)
10880 Wilshire Blvd., Suite 1400, Los
Angeles, California 90024
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code: (310) 996-8704
Not applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01.	Other Events.
On March 26, 2012, the dividend committee
of Paladin Realty Income Properties, Inc. declared cash distributions for the month of April 2012. The declared distributions will
be calculated based on stockholders of record each day during such month at a rate of $0.0016438 per day and will equal a daily
amount that, if paid each day for a 366-day period, would equal a 6.0% annualized rate based on a share price of $10.00. These
distributions will be aggregated and paid in cash on May 15, 2012.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
PALADIN REALTY INCOME PROPERTIES, INC.
Date: March 26, 2012
By:
/s/ John A.
Gerson
John A. Gerson
Chief Financial Officer