SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended June 30, 1996 Commission file #0-8716
JMB INCOME PROPERTIES, LTD. - V
(Exact name of registrant as specified in its charter)
Illinois 36-2897158
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 312/915-1987
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . 3
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. . . 11
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 14
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
JUNE 30, DECEMBER 31,
1996 1995
------------- ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 11,705,797 11,134,983
Interest, rents and other receivables . . . . . . . . . . . . . . . . 176,311 283,687
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . -- 28,421
------------ ------------
Total current assets. . . . . . . . . . . . . . . . . . . . . . 11,882,108 11,447,091
------------ ------------
Investment properties, at cost:
Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,751,617 2,751,617
Buildings and improvements. . . . . . . . . . . . . . . . . . . . . 30,275,141 29,938,273
------------ ------------
33,026,758 32,689,890
Less accumulated depreciation . . . . . . . . . . . . . . . . . . . 18,310,403 17,870,466
------------ ------------
Total investment properties, net of accumulated depreciation. . 14,716,355 14,819,424
------------ ------------
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,430 74,671
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . . 373,882 388,509
------------ ------------
$ 27,020,775 26,729,695
============ ============
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
Current liabilities:
Current portion of long-term debt . . . . . . . . . . . . . . . . . . $ 20,402,183 20,545,576
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434,540 1,389,326
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 198,370 201,081
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . 320,622 480,406
Other current liabilities . . . . . . . . . . . . . . . . . . . . . . 91,484 30,541
------------ ------------
Total current liabilities . . . . . . . . . . . . . . . . . . . 22,447,199 22,646,930
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . 24,868 23,916
Long-term debt, less current portion. . . . . . . . . . . . . . . . . . 5,660,532 5,880,735
------------ ------------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . 28,132,599 28,551,581
Venture partner's subordinated equity in venture. . . . . . . . . . . . 11,324,570 10,831,122
Partners' capital accounts (deficits):
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings (loss). . . . . . . . . . . . . . . . . . . 1,404,354 1,397,856
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (3,090,976) (3,090,976)
------------ ------------
(1,685,622) (1,692,120)
------------ ------------
Limited partners (38,505 interests):
Capital contributions, net of offering costs. . . . . . . . . . . . 34,926,505 34,926,505
Cumulative net earnings (loss). . . . . . . . . . . . . . . . . . . 26,486,616 26,276,500
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (72,163,893) (72,163,893)
------------ ------------
(10,750,772) (10,960,888)
------------ ------------
Total partners' capital accounts (deficits) . . . . . . . . . . (12,436,394) (12,653,008)
------------ ------------
$ 27,020,775 26,729,695
============ ============
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
-------------------------- --------------------------
1996 1995 1996 1995
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income . . . . . . . . . . . . . . . . . $ 2,340,105 2,607,718 4,703,558 5,182,815
Interest income . . . . . . . . . . . . . . . . 126,726 126,270 231,026 236,896
----------- ---------- ----------- ----------
2,466,831 2,733,988 4,934,584 5,419,711
----------- ---------- ----------- ----------
Expenses:
Mortgage and other interest . . . . . . . . . . 595,466 613,303 1,196,036 1,231,255
Depreciation. . . . . . . . . . . . . . . . . . 220,469 215,847 439,937 431,693
Property operating expenses . . . . . . . . . . 1,248,261 1,172,783 2,430,314 2,440,532
Professional services . . . . . . . . . . . . . 15,660 60,080 48,434 80,080
Amortization of deferred expenses . . . . . . . 13,121 13,121 26,241 26,241
General and administrative. . . . . . . . . . . 31,654 20,695 56,835 26,095
----------- ---------- ----------- ----------
2,124,631 2,095,829 4,197,797 4,235,896
----------- ---------- ----------- ----------
Operating earnings (loss). . . . . . . . . 342,200 638,159 736,787 1,183,815
Venture partner's share of
venture's operations. . . . . . . . . . . . . . (258,110) (326,879) (520,173) (650,798)
----------- ---------- ----------- ----------
Net earnings (loss). . . . . . . . . . . . $ 84,090 311,280 216,614 533,017
=========== ========== =========== ==========
Net earnings (loss) per
limited partnership interest . . . . . . $ 2.12 7.84 5.46 13.43
=========== ========== =========== ==========
Cash distributions per
limited partnership
interest . . . . . . . . . . . . . . . . $ -- -- -- --
=========== ========== =========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 216,614 533,017
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439,937 431,693
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 26,241 26,241
Venture partner's share of venture's operations . . . . . . . . . . . . 520,173 650,798
Changes in:
Interest, rents and other receivables . . . . . . . . . . . . . . . . . 107,376 158,020
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,421 37,337
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . . 14,627 --
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,214 (36,581)
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,711) (541)
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . . (159,784) 322,092
Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . 60,943 3,191
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . 952 3,750
------------ -----------
Net cash provided by (used in) operating activities . . . . . . . 1,298,003 2,129,017
Cash flows from investing activities:
Net sales and maturities (purchases) of short-term investments. . . . . . -- (2,864,940)
Additions to investment properties. . . . . . . . . . . . . . . . . . . . (336,868) (13,801)
------------ -----------
Net cash provided by (used in) investing activities . . . . . . . (336,868) (2,878,741)
------------ -----------
Cash flows from financing activities:
Bank overdraft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (703,449)
Principal payments on long-term debt. . . . . . . . . . . . . . . . . . . (363,596) (330,546)
Venture partner's contributions to venture. . . . . . . . . . . . . . . . 414,657 415,132
Distributions to venture partners . . . . . . . . . . . . . . . . . . . . (441,382) (467,632)
------------ -----------
Net cash provided by (used in) financing activities . . . . . . . (390,321) (1,086,495)
------------ -----------
Net increase (decrease) in cash
and cash equivalents. . . . . . . . . . . . . . . . . . . . . . 570,814 (1,836,219)
Cash and cash equivalents,
beginning of year . . . . . . . . . . . . . . . . . . . . . . . 11,134,983 3,722,315
------------ -----------
Cash and cash equivalents,
end of period . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,705,797 1,886,096
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . $ 1,198,747 1,231,796
============ ===========
Non-cash investing and financing activities . . . . . . . . . . . . . . $ -- --
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
JMB INCOME PROPERTIES, LTD. - V
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1996 AND 1995
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the year ended December 31, 1995 which are
included in the Partnership's 1995 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such
audited financial statements have been omitted from this report.
The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Statement of Financial Accounting Standards No. 121 was adopted by the
Partnership on January 1, 1996.
TRANSACTIONS WITH AFFILIATES
Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of June 30,
1996 and for the six months ended June 30, 1995 are as follows:
Unpaid at
June 30,
1996 1995 1996
-------- ------- ---------
Property management
and leasing fees . . . . . . $130,669 239,795 1,286,860
Insurance commissions . . . . 13,473 21,743 --
Reimbursement (at cost)
for out-of-pocket
expenses . . . . . . . . . . 9,251 45,221 4,415
-------- ------- ---------
$153,393 306,759 1,291,275
======== ======= =========
All amounts deferred or currently payable to the General Partners and
their affiliates do not bear interest. The General Partners and their
affiliates have deferred receipt of property management and leasing fees
pursuant to the venture agreement for the Wachovia Bank Building and
Phillips Building. Prior to 1995, an affiliate of the Corporate General
Partner provided management and leasing services. In December 1994, the
affiliate sold all of its assets and assigned its interest in the
management contracts, including the one for the Wachovia Bank Building and
Phillips Building to an unaffiliated third party. In connection with such
sale, an affiliate of the General Partners guaranteed payment to the
unaffiliated third party the portion of the fees currently deferred due to
the provision in the venture agreement for the Wachovia Bank Building and
Phillips Building. Such amounts are deferred until the sale or disposition
of the property and are subordinated to certain distributions of net sale
and refinancing proceeds. As of June 30, 1996, the General Partners and
their affiliates have deferred receipt of approximately $1,247,000
(approximately $31 per interest) of such fees. This amount is reflected in
accounts payable in the accompanying consolidated financial statements.
BRISTOL MALL
During 1989, the Partnership entered into a lease with a potential
anchor tenant for a 90,000 square foot addition at the Bristol Mall
shopping center. For the lease to commence, an addition and associated
mall enhancement program would be required to be completed. The decision
to commit Partnership funds to these items will depend upon the
Partnership's ability to reach definitive agreements with the anchor store,
which would include an amendment of its lease. In July 1996, the
Partnership began the mall enhancement project as expected to be required
by the lease amendment. The Partnership and its consolidated ventures have
been holding funds in reserve for these projects, and the Partnership plans
to use them to pay for its share of the remaining costs (approximately
$7,100,000) for the addition and enhancement. In addition, a portion of
the cost of the construction of the anchor store (approximately $5,165,000)
is expected to be funded through a construction loan provided by the anchor
tenant. As the execution of the lease amendment and the required loan
documents remain pending, it is possible that the Partnership will
discontinue these projects rather than commit a substantial portion for the
reserve funds if these documents are not signed. The Partnership expects
the anchor tenant to execute the lease amendment and fund the construction
loan in the near term; however, there can be assurance that the anchor
tenant will do so. If the Partnership does not commit the additional funds
necessary for the mall enhancement, the anchor store has the right to
terminate the existing lease agreement and the Partnership would be
required to absorb the amount of the initial development costs incurred for
this investment. The development costs capitalized in 1996 are
approximately $161,000. The aggregate costs capitalized are approximately
$2,110,000 at June 30, 1996.
The Partnership had entered into, in February 1996, a non-binding
letter of intent to sell the Bristol Mall. The prospective purchaser and
the Partnership failed to negotiate and execute a sales agreement and
terminated further discussions. Although the Partnership continues to
market this property for sale, there can be no assurance that any
satisfactory sales transaction will be completed in 1996.
WACHOVIA BANK BUILDING AND PHILLIPS BUILDING
The property's mortgage loan is due in late 1996 and due to the short-
term nature of the renewal of a portion of the space (approximately 114,000
square feet) occupied by the Wachovia Bank (through December 31, 1997), it
is considered unlikely that the Partnership would be able to secure
replacement financing or receive an extension from the existing lender on
favorable terms. The Partnership has been able to lease a portion of the
vacant space (approximately 12,000 square feet) to new tenants and existing
tenants wishing to expand. The Partnership is currently marketing the
remaining space (approximately 30% of the buildings vacated by Wachovia
Bank at the expiration of their lease in December 1995) to prospective
replacement tenants but has not been successful in its efforts due to the
lack of large space users in this market. Re-leasing the remaining space
in the building or any additional extensions of the Wachovia Bank lease
would likely require major renovation to the building as well as
significant tenant improvements which, in turn, would be contingent upon
the Partnership obtaining financing for these tenant replacement costs.
Unless replacement tenants are secured on acceptable terms for the
remaining space, it is unlikely that the Partnership will commit any
additional funds to the property. This may result in the Partnership no
longer having an ownership interest in the two office buildings. This
action would result in a gain for financial reporting and Federal income
tax purposes with no corresponding distributable proceeds. Additionally,
the Partnership could be required to remit to the local tax authorities
withholding for taxes due as a result of this action. This withholding
amount is currently estimated to be approximately $500,000.
The accompanying consolidated financial statements include
approximately $6,400,000 of undistributed operating cash flow related to
Wachovia Building Associates. Such funds are distributable to the
Partnership and the unaffiliated joint venture in the amounts of
approximately $3,700,000 and $2,700,000, respectively.
ADJUSTMENTS
In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of June 30, 1996
and for the three and six months ended June 30, 1996 and 1995.
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
investments.
During the second quarter some of the Limited Partners in the
Partnership received from an unaffiliated third party an unsolicited tender
offer to purchase up to 1,425 Interests in the Partnership between $100 and
$120 per Interest. Also, the Partnership was made aware of an additional
solicitation from another unaffiliated third party for the purchase of a
limited number of Interests in the Partnership at $115 per Interest. The
Partnership recommended against acceptance of these offers on the basis
that, among other things, the offer prices were inadequate. Such offers
expired with approximately 603 and 240 Interests being purchased by such
unaffiliated third parties, respectively, pursuant to such offers. In
addition, the Partnership has, from time to time, received inquires from
other third parties that may consider making offers for Interests,
including requests for the list of Limited Partners in the Partnership.
These inquiries are generally preliminary in nature. There is no assurance
that any other third party will commence an offer for Interests, the terms
of any such offer or whether any such offer, if made, will be consummated,
amended or withdrawn. The board of directors of JMB Realty Corporation
("JMB") the managing general partner of the Partnership, has established a
special committee (the "Special Committee") consisting of certain directors
of JMB to deal with all matters relating to tender offers for Interests in
the Partnership, including any and all responses to such tender offers.
The Special Committee has retained independent counsel to advise it in
connection with any potential tender offers for Interests and has retained
Lehman Brothers Inc. as financial advisor to assist the Special Committee
in evaluating and responding to any additional potential tender offers for
Interests. Expenses incurred in connection with the previous tender offers
and additional potential tender offers for Interests are expected to
increase Partnership operating expenses in the third quarter.
The General Partners and their affiliates have deferred payment of
certain fees of approximately $1,247,000 (approximately $31 per interest)
as of June 30, 1996 pursuant to the venture agreement for the Wachovia Bank
Building and Phillips Building.
The General Partners of the Partnership expect to be able to conduct
an orderly liquidation of its remaining investment portfolio as quickly as
practicable. Therefore, the affairs of the Partnership are expected to be
wound up no later than December 31, 1999 (sooner, if the properties are
sold or disposed of in the near term), barring unforeseen economic
developments. The Partnership's only remaining real estate assets are its
joint venture interest in the Wachovia Bank and Phillips Buildings, and its
interest in Bristol Mall. The Partnership does not expect to realize any
proceeds from the disposition of the Wachovia Bank and Phillips Buildings.
However, the Partnership does expect to realize net proceeds from the sale
of Bristol Mall.
RESULTS OF OPERATIONS
The decrease in interest, rents and other receivables at June 30, 1996
as compared to December 31, 1995 is primarily due to the timing of payments
received for recoverable expenses from tenants at the Bristol Mall.
The decrease in accrued real estate taxes as of June 30, 1996 as
compared to December 31, 1995 is primarily due to the timing of payments
for real estate taxes at the Bristol Mall and Wachovia Bank Building and
Phillips Building.
The decrease in rental income and venture partner's share of venture's
operations for the three and six months ended June 30, 1996 as compared to
the same period in 1995 is primarily due to the decrease in occupancy at
the Wachovia Bank Building and Phillips Building due to the Wachovia Bank
vacating approximately 40% of the buildings upon expiration of their lease
in December 1995.
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate occupancy levels by quarter for the Partnership's investment
properties:
<CAPTION>
1995 1996
-------------------------------------- ------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Wachovia Bank Building and
Phillips Building
Winston-Salem,
North Carolina. . . . . . . 100% 100% 100% 100% 60% 69%
2. Bristol Mall
Bristol, Virginia. . . . . . 82% 83% 82% 83% 81% 81%
</TABLE>
PART IV
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3-A.* The Prospectus of the Partnership dated August 15,
1977, as supplemented September 20, 1977, filed with the Commission
pursuant to Rules 424(b) and 424(c), is hereby incorporated herein by
reference.
3-B.* Amended and Restated Agreement of Limited Partnership
set forth as Exhibit A to the Prospectus, which is incorporated herein by
reference and which agreement is hereby incorporated herein by reference.
4-A. Documents relating to the refinancing of the mortgage
loan, dated October 17, 1986, secured by the Wachovia Bank Building and
Phillips Building office buildings in Winston-Salem, North Carolina are
hereby incorporated by reference to the Partnership's report for December
31, 1992 on Form 10-K (File No. 0-8716) dated March 19, 1993.
4-B. Documents relating to the mortgage loan secured by the
Bristol Mall shopping center in Bristol, Virginia are hereby incorporated
by reference to the Partnership's report on Form 8-K (File No. 0-8716)
dated October 17, 1977.
10-A. Acquisition documents relating to the purchase by the
Partnership of an interest in the Wachovia Bank Building and Phillips
Building in Winston Salem, North Carolina are hereby incorporated by
reference to the Partnership's Registration Statement on Form S-11 (File
No. 2-58026) dated September 20, 1977.
10-B. Acquisition documents relating to the purchase by the
Partnership of the Bristol Mall shopping center in Bristol, Virginia are
hereby incorporated by reference to the Partnership's report on Form 8-K
(File No. 0-8716) dated October 17, 1977.
27. Financial Data Schedule
--------------------
* Previously filed as Exhibits 3-A and 3-B, respectively, to the
Partnership's Report for December 31, 1992 on Form 10-K of the Securities
Exchange Act of 1934 (File no. 0-8716) filed on March 19, 1993 and hereby
incorporated herein by reference.
(b) No Reports on Form 8-K were filed since the beginning of the
last quarter of the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JMB INCOME PROPERTIES, LTD. - V
BY: JMB Realty Corporation
(Managing General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Date: August 9, 1996
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.
GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date: August 9, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 11,705,709
<SECURITIES> 0
<RECEIVABLES> 176,311
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 11,882,108
<PP&E> 33,026,758
<DEPRECIATION> 18,310,403
<TOTAL-ASSETS> 27,020,775
<CURRENT-LIABILITIES> 22,447,199
<BONDS> 5,660,532
<COMMON> 0
0
0
<OTHER-SE> (12,436,394)
<TOTAL-LIABILITY-AND-EQUITY> 27,020,775
<SALES> 4,703,558
<TOTAL-REVENUES> 4,934,584
<CGS> 0
<TOTAL-COSTS> 2,896,492
<OTHER-EXPENSES> 105,269
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,196,036
<INCOME-PRETAX> 736,787
<INCOME-TAX> 0
<INCOME-CONTINUING> 216,614
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 216,614
<EPS-PRIMARY> 5.46
<EPS-DILUTED> 5.46
</TABLE>
