<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1995
---------------------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From to
------------- ------------
Commission File Number 1-7859
- --------------------------------------------------------------------------------
IRT PROPERTY COMPANY
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1366611
- -------------------------------- --------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 Galleria Parkway, Suite 1400
Atlanta, Georgia 30339
- -------------------------------- --------------------------
(Address of principal (Zip Code)
executive offices)
(404) 955-4406
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal
year, if changed since last report)
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
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at November 3, 1995
- --------------------------- -------------------------------
Common Stock, $1 Par Value 25,656,477 Shares
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
IRT PROPERTY COMPANY
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
Real estate investments:
Rental properties, at cost $451,776,332 $442,642,705
Accumulated depreciation (49,114,718) (41,677,722)
------------ ------------
402,661,614 400,964,983
Net investment in direct financing
leases 9,134,714 9,295,880
Mortgage loans, net of interest
discounts of $277,976 in 1995 and
$311,033 in 1994 8,518,027 8,292,143
------------ ------------
Net real estate investments 420,314,355 418,553,006
Cash and cash equivalents 4,461,161 1,841,388
Accrued interest receivable 491,138 544,712
Prepaid expenses and other assets 8,300,873 7,640,249
------------ ------------
$433,567,527 $428,579,355
============ ============
LIABILITIES & SHAREHOLDERS' EQUITY
Liabilities:
Mortgage notes payable plus net
interest premium of $101,620 in
1995 and $92,683 in 1994 $102,162,555 $105,107,084
7.3% convertible subordinated
debentures due August 15, 2003 84,905,000 86,250,000
Indebtedness to bank 36,000,000 26,000,000
Accrued interest on debentures 791,973 2,378,583
Accrued expenses and other
liabilities 8,214,470 4,726,224
Deferred income taxes 1,079,000 1,079,000
------------ ------------
Total liabilities 233,152,998 225,540,891
------------ ------------
Commitments and Contingencies (Note 7)
Shareholders' Equity:
Common stock, $1 par value,
authorized 75,000,000 shares;
25,652,281 shares issued and
outstanding in 1995 and 25,420,747
shares in 1994 25,652,281 25,420,747
Additional paid-in capital 200,029,583 197,937,465
Cumulative distributions in excess
of net earnings (25,267,335) (20,319,748)
------------ ------------
Total shareholders' equity 200,414,529 203,038,464
------------ ------------
$433,567,527 $428,579,355
============ ============
</TABLE>
The accompanying notes are an integral part of these
consolidated balance sheets.
1
<PAGE> 3
IRT PROPERTY COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three- and Nine-Month Periods Ended
September 30, 1995 and 1994
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Income from rental
properties $14,525,464 $11,455,323 $43,376,431 $32,738,597
Interest 226,751 611,617 673,116 2,347,134
Interest on direct
financing leases 234,616 239,721 1,055,156 1,014,943
----------- ----------- ----------- -----------
14,986,831 12,306,661 45,104,703 36,100,674
----------- ----------- ----------- -----------
Expenses:
Operating expenses of real
estate investments 3,171,109 2,648,280 9,394,764 7,504,297
Interest on mortgages 2,267,545 1,962,627 6,982,611 6,231,450
Interest on debentures 1,549,515 1,551,623 4,660,547 4,685,666
Interest on indebtedness
to bank 543,653 24,502 1,603,825 72,750
Depreciation 2,551,815 2,092,424 7,718,972 6,043,805
Amortization of debt costs 111,794 111,786 333,055 334,668
General & administrative 880,960 764,820 2,413,407 2,056,738
----------- ----------- ----------- -----------
11,076,391 9,156,062 33,107,181 26,929,374
----------- ----------- ----------- -----------
Earnings before gain
(loss) on real
estate investments 3,910,440 3,150,599 11,997,522 9,171,300
----------- ----------- ----------- -----------
Gain (loss) on real estate
investments:
Gain (loss) on sales of
properties - 257,036 (74,757) 257,036
Valuation loss - - - (3,685,454)
----------- ----------- ----------- -----------
- 257,036 (74,757) (3,428,418)
----------- ----------- ----------- -----------
Earnings before
extraordinary item 3,910,440 3,407,635 11,922,765 5,742,882
Extraordinary item -
Gain (loss) on
extinguishment of
debt - - - 3,748,095
----------- ----------- ----------- -----------
Net earnings $ 3,910,440 $ 3,407,635 $11,922,765 $ 9,490,977
=========== =========== =========== ===========
Per Share:
Earnings before
extraordinary
item $ 0.15 $ 0.13 $ 0.47 $ 0.22
Extraordinary item - - - 0.15
----------- ----------- ----------- -----------
Net earnings $ 0.15 $ 0.13 $ 0.47 $ 0.37
=========== =========== =========== ===========
Weighted average number of
shares outstanding 25,626,357 25,367,434 25,564,538 25,332,596
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
2
<PAGE> 4
IRT PROPERTY COMPANY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
Additional Distributions Total
Common Paid-In in Excess of Shareholders'
Stock Capital Net Earnings Equity
----------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Balance at December 31, 1993 $25,288,624 $196,793,150 $(11,746,607) $210,335,167
Net earnings for period - - 9,490,977 9,490,977
Cash dividends paid -
$.63 per share - - (15,953,296) (15,953,296)
Issuance of shares under
Dividend Reinvestment
Plan, net 70,820 612,258 - 683,078
Exercise of Incentive Stock
Options, net 1,010 2,131 - 3,141
Issuance of shares for the
acquisition of properties 27,383 269,619 - 297,002
----------- ------------ ------------ ------------
Balance at September 30, 1994 $25,387,837 $197,677,158 $(18,208,926) $204,856,069
=========== ============ ============ ============
Balance at December 31, 1994 $25,420,747 $197,937,465 $(20,319,748) $203,038,464
Net earnings for period - - 11,922,765 11,922,765
Cash dividends paid -
$.66 per share - - (16,870,352) (16,870,352)
Issuance of shares under
Dividend Reinvestment
Plan, net 89,306 732,720 - 822,026
Conversion of debentures,
net 119,554 1,175,718 - 1,295,272
Exercise of Incentive Stock
Options, net 7,000 46,375 - 53,375
Issuance of shares for the
acquisition of properties 15,674 137,305 - 152,979
----------- ------------ ------------ ------------
Balance at September 30, 1995 $25,652,281 $200,029,583 $(25,267,335) $200,414,529
=========== ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
3
<PAGE> 5
IRT PROPERTY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 11,922,765 $ 9,490,977
Adjustments to reconcile earnings to net cash from
operating activities:
Depreciation 7,718,972 6,043,805
Gain (loss) on real estate investments 74,757 3,428,418
Extraordinary gain - (3,748,095)
Amortization of debt costs 333,055 334,668
Recovery of investment in direct
financing leases 161,166 132,815
------------ ------------
20,210,715 15,682,588
Changes in accrued assets and liabilities:
Decrease in accrued interest on debentures (1,586,610) (1,311,719)
Increase in interest receivable, prepaid
expenses and other assets (989,818) (852,966)
Increase in accrued expenses and other
liabilities 3,499,625 2,900,571
------------ ------------
Net cash flows from operating activities 21,133,912 16,418,474
------------ ------------
Cash flows from (used in) investing activities:
Proceeds from sale of investments 820,377 562,070
Additions to real estate investments, net -
Acquisitions, expansions and renovations (7,032,328) (32,749,806)
Improvements (672,464) (630,617)
Collections of mortgage loans, net 34,116 46,600
Additions to mortgage loans (260,000) -
------------ ------------
Net cash flows used in investing
activities (7,110,299) (32,771,753)
------------ ------------
Cash flows from (used in) financing activities:
Cash dividends paid, net of dividends reinvested (16,048,326) (15,270,218)
Cash in lieu of fractional shares on conversion of
debentures (15) -
Exercise of Incentive Stock Options, net 53,375 3,141
Amortization of mortgage notes payable, net (1,206,308) (979,716)
Repayment of mortgage notes payable, net (4,202,566) (8,378,095)
Increase in bank indebtedness, net 10,000,000 -
Extraordinary item -
Gain on extinguishment of debt - 3,748,095
------------ ------------
Net cash flows used in financing activities (11,403,840) (20,876,793)
------------ ------------
Net increase (decrease) in cash and cash equivalents 2,619,773 (37,230,072)
Cash and cash equivalents at beginning of period 1,841,388 78,629,700
------------ ------------
Cash and cash equivalents at end of period $ 4,461,161 $ 41,399,628
============ ============
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
4
<PAGE> 6
IRT PROPERTY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Supplemental disclosures of cash flow
information:
-------------------------------------
Cash paid during the year for interest
related to:
Mortgage notes payable $ 7,021,470 $ 6,349,590
Convertible subordinated debentures, net
of $36,521 capitalized in 1994 6,247,157 6,033,906
Indebtedness to banks, net of $93,063
capitalized in 1995 1,507,657 72,772
----------- -----------
Total cash paid during the period
for interest $14,776,284 $12,456,268
=========== ===========
Supplemental schedule of noncash investing
and financing activities:
------------------------------------------
Acquisitions, expansions and renovations:
Cost of acquisitions, expansions and
renovations $ 9,649,652 $33,046,808
Additions to mortgage notes payable -
Assumed, including interest premium at
date of acquisition of $80,890 (2,464,345) -
Issuance of common stock (152,979) (297,002)
----------- ------------
Cash paid for acquisitions, expansions
and renovations of real estate
investments $ 7,032,328 $32,749,806
=========== ===========
Conversion of debentures:
Debentures converted $ 1,345,000 $ -
Associated unamortized debenture costs (49,713) -
Equity issued on conversion (1,295,272) -
----------- -----------
Cash paid in lieu of fractional shares $ 15 $ -
=========== ===========
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
5
<PAGE> 7
IRT PROPERTY COMPANY
Notes to Consolidated Financial Statements
September 30, 1995 and 1994
1. Unaudited Financial Statements
These consolidated financial statements for interim periods are
unaudited and should be read in connection with the Company's Annual Report to
Shareholders for the year ended December 31, 1994. In the opinion of
management, all adjustments (which include only normal recurring adjustments)
necessary to a fair presentation of the financial statements as of September
30, 1995 and 1994 have been recorded.
2. Earnings Per Share
Earnings per share have been computed based on the weighted average
number of shares of common stock outstanding. The effect on earnings per share
assuming conversion of the 7.3% convertible subordinated debentures would be
anti-dilutive. Exercise of the outstanding stock options would not have a
material dilutive effect on earnings per share.
3. Interest on Short-Term Investments
Interest income includes income on certificates of deposit of $522,697
and $1,945,896 for the three- and nine-month periods ended September 30, 1994,
respectively.
4. Purchase of Rental Properties
On January 6, 1995, the Company acquired two shopping centers in
Slidell and Galliano, Louisiana. The cost to the Company aggregated
$6,901,000, consisting of the initial purchase price of $6,658,000, $162,000 of
acquisition costs and an $80,890 premium recorded on the valuation of the
mortgage debt assumed. This acquisition was funded by the assumption of the
$2,383,000 existing mortgage debt and cash of $4,437,000. These two centers
were part of a package of 13 centers, 11 of which were acquired on December 21,
1994.
5. Gain (Loss) on Sales of Properties
In February 1995, the Company sold a parcel of land containing 1.03
acres at its Siegen Village Shopping Center in Baton Rouge, Louisiana for a
total sales price of $325,000 and recognized a loss of approximately $16,700
for financial reporting purposes. In April 1995, the Company sold Union
6
<PAGE> 8
Plaza and Winnsboro Plaza shopping centers for aggregate sales prices of
$545,000 and recognized net losses totaling $59,900 for financial reporting
purposes. Additionally, the Company recognized a gain of $1,800 on a
condemnation of a small parcel of land.
In September 1994, the Company sold two parcels of land totaling 2.03
acres at its Forest Hills Shopping Center in Wilson, North Carolina for an
aggregate sales price of $590,000 and recognized a gain of approximately
$257,000 for financial reporting purposes.
6. Valuation Loss and Extraordinary Item
In June 1994, the Company recognized a $3,748,000 extraordinary gain
on the purchase of the mortgage secured by Valley West Mall and recorded a
$3,685,000 reduction in the carrying value of this investment due to a
permanent impairment in its value. The 9.5% mortgage had an outstanding
principal balance of $8,248,000 at the time the Company purchased it for
$4,500,000.
7. Commitments and Contingencies
During 1992, the Company purchased from the Sofran Group and the IBM
Retirement Plan Trust Fund (advised by Dreyfus Realty Advisors) 17 shopping
centers which have certain rental guaranties from the sellers. At the time of
the purchases, 290,762 shares of the Company's common stock (representing
approximately $3,003,000 of the purchase price) were retained as "holdback
shares." The Company may be required to issue all or a portion of the holdback
shares at various dates over the holdback periods if certain occupancy levels
on a portfolio basis or on agreed-upon spaces are achieved by the end of the
respective periods.
The Sofran holdback, which expired in January 1995, contained a total
of 169,290 shares. Over the term of this holdback, 9,182 shares were earned by
and issued to the sellers and the remaining 160,108 shares were forfeited.
The Dreyfus holdback, which expires in December 1995, contained a
total of 121,472 shares. For the period December 23, 1992 through June 30,
1995, the number of shares available to the sellers was reduced by 34,376
shares and the Company issued 76,063 shares to the sellers, leaving a balance
of 11,033 holdback shares.
The shares issued represented additional cost of acquisition for
financial reporting purposes. In addition, during the holdback periods, the
sellers are entitled to
7
<PAGE> 9
amounts equivalent to dividends on the holdback shares until such time as their
right to receive such holdback shares may be extinguished at the close of the
periods. The Company paid no dividend equivalents during the first nine months
of 1995 and $31,227 of dividend equivalents during the first nine months of
1994 to the sellers of the Sofran centers. Also, the Company paid dividend
equivalents of $10,869 and $37,779 during the first three quarters of 1995 and
1994, respectively, to the sellers of the Dreyfus centers. These payments are
considered part of the cost of acquisition on the respective payment dates.
Additionally, the seller of one of the IBM/Dreyfus centers pledged
115,343 of its IRT Property Company shares to the Company as collateral for a
guarantee of rents payable by one of the anchor tenants which had filed
bankruptcy. For the period December 23, 1992 through June 30, 1995, 37,847
shares held as collateral were released to the seller and 8,957 shares were
retired, leaving a balance of 68,539 shares.
8. Subsequent Event
On October 27, 1995, the Company sold a parcel of land containing 1.35
acres at its Willowdaile Shopping Center in Durham, North Carolina for a total
sales price of $375,000 and recognized a gain of approximately $293,000 for
financial reporting purposes.
8
<PAGE> 10
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Material Changes in Financial Condition. During the first nine
months of 1995, the Company borrowed $10,000,000 under its revolving term loan
and received cash proceeds of approximately $811,000 on sales of a parcel of
land and two shopping centers. It utilized funds of a) $6,820,000 for the
acquisition of two shopping center investments, consisting of cash of
approximately $4,437,000 and the assumption of mortgage debt of approximately
$2,383,000 secured by one of the centers, b) $2,585,000 to fund expansion or
redevelopment costs of five existing investments, and c) $260,000 to fund
capital improvements under its mortgage loan investment secured by Spanish
Quarter Apartments. Additionally, in March 1995, $1,345,000 of the Company's
7.3% convertible subordinated debentures were converted into 119,554 shares of
common stock at $11.25 per share.
Acquisitions of real estate investments during the first nine months
of 1994, aggregating approximately $33,047,000, consisted of (a) the purchase
of three shopping center investments; (b) the payment of dividend equivalents
on the holdback shares retained in the 1992 purchase of 17 shopping center
investments; (c) the issuance of certain of the holdback shares earned by one
of the sellers; (d) the funding of expansion or redevelopment costs of six
existing investments; and (e) the purchase of the land underlying Valley West
Mall. These acquisitions were funded by approximately $32,750,000 cash and the
issuance of 27,383 shares of the Company's common stock valued at $10.85 per
share.
In June 1994, the Company also utilized $4,500,000 of cash to prepay
its $8,248,000 mortgage note payable secured by Valley West Mall. This
prepayment resulted in the recognition of an extraordinary gain on
extinguishment of debt of approximately $3,748,000 and a reduction in annual
debt service of approximately $1,076,000. As a result of this transaction, the
Company reduced the carrying value of this investment by approximately
$3,685,000 due to a permanent impairment in its value. In conjunction with the
restructuring of this investment, in August 1994 the Company purchased the
underlying land for $1,500,000 cash and terminated the ground lease, thereby
extinguishing approximately $203,000 of annual ground rental payments.
Material Changes in Results of Operations. The Company's 1994 and
1995 property acquisitions, expansions and redevelopments offset by property
sales resulted in net increases in income from rental properties, operating
expenses of real estate investments, interest on mortgages and
9
<PAGE> 11
depreciation during the quarter and nine months ended September 30, 1995. The
increase in interest expense on mortgages was partially offset by (a) the
refinancing of a mortgage note payable in February 1994 which reduced the
interest rate from 12.625% to 8.125%, (b) the prepayment of the 9.5% mortgage
secured by Valley West Mall in June 1994, (c) the repayment of a $1,750,000
variable rate mortgage in May 1995, (d) the refinancing of a $9,000,000
mortgage in June 1995, reducing the face of the mortgage to $7,500,000 and the
interest rate from 9.75% to 8.375%, (e) the maturity of a 9.5% fully amortized
mortgage note payable in August 1995, and (f) the refinancing of a $12,357,983
mortage in September 1995, reducing the face of the mortgage to $11,376,690 and
the interest rate from 9.357% to 8.194%.
The decrease in interest income during the quarter and nine months
ended September 30, 1995 was primarily the result of the investment of the
remaining proceeds of the Company's 1993 public offerings in December 1994.
During the three- and nine-month periods ended September 30, 1994, the Company
earned approximately $523,000 and $1,946,000, respectively, on short-term
money-market investments.
During the first quarter of 1995, the Company received percentage
rentals totaling $347,000 from its four Wal-Mart investments accounted for as
direct financing leases, an increase of approximately $55,000 over that
received in 1994.
The Company had no borrowings under its bank credit facility during
the nine months ended September 30, 1994, but had average borrowings of
approximately $27,351,000 during the comparable period in 1995. This resulted
in increased interest expense on bank debt for the three- and nine-month
periods ended September 30, 1995.
The increase in general and administrative expenses in 1995 was
primarily due to the costs of increased administrative and property management
personnel as well as increased shareholder relations costs, state franchise
taxes and directors' fees.
Funds from Operations . Funds from operations is defined as net cash
flows from operating activities before changes in accrued assets and
liabilities. Funds from operations totaled $6,622,187 and $5,400,260 for the
three-month periods ended September 30, 1995 and 1994, respectively, and
$20,210,715 and $15,682,588, respectively, for the nine months then ended.
Management believes funds from operations should be considered along with, but
not as an alternative to, net income as defined by generally accepted accounting
principles as a measure of the Company's operating performance. Funds from
operations does not represent cash generated from operating
10
<PAGE> 12
activities in accordance with generally accepted accounting principles and is
not necessarily indicative of cash available to fund cash needs.
During the quarter and nine months ended September 30, 1994, the
Company had an average of approximately $45,500,000 and $65,900,000,
respectively, of the proceeds of the August 1993 equity and debt offerings
invested in short-term money market investments earning an average interest
rate of approximately 4.5% and 3.9%, respectively. This resulted in temporary
dilution in funds from operations in 1994.
11
<PAGE> 13
PART II. OTHER INFORMATION
Item 3. Exhibits and Reports on Form 8-K.
(a) Exhibits.
(27) Financial Data Schedule (for S.E.C. use only)
(b) Reports on Form 8-K. No reports on Form 8-K were filed by the
Company during the quarter ended September 30, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed by the undersigned,
thereunto duly authorized.
<TABLE>
<S> <C>
IRT PROPERTY COMPANY
Date: November 3, 1995 /s/ Donald W. MacLeod
---------------- --------------------------
Donald W. MacLeod
Chairman & President
Date: November 3, 1995 /s/ Thomas H. McAuley
---------------- --------------------------
Thomas H. McAuley
President & Chief Operating
Officer
Date: November 3, 1995 /s/ Mary M. Thomas
---------------- --------------------------
Mary M. Thomas
Executive Vice President &
Chief Financial Officer
</TABLE>
12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF IRT PROPERTY COMPANY AS OF AND FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 4,461
<SECURITIES> 0
<RECEIVABLES> 491
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 13,253
<PP&E> 460,911
<DEPRECIATION> 49,115
<TOTAL-ASSETS> 433,568
<CURRENT-LIABILITIES> 9,007
<BONDS> 233,068
<COMMON> 25,652
0
0
<OTHER-SE> 174,762
<TOTAL-LIABILITY-AND-EQUITY> 433,568
<SALES> 0
<TOTAL-REVENUES> 45,105
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 19,527
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 13,580
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 11,998
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,923
<EPS-PRIMARY> 0.47
<EPS-DILUTED> 0
</TABLE>
