FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] 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 0-9704
ANGELES PARTNERS IX
(Exact name of small business issuer as specified in its charter)
California 95-3417137
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the 12 months (or for such shorter period
that the Partnership was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
ANGELES PARTNERS IX
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
<TABLE>
<CAPTION>
Assets
<S> <C> <C>
Cash and cash equivalents $ 1,126
Receivables and deposits 204
Restricted escrows 249
Other assets 457
Investment properties:
Land $ 3,083
Buildings and related personal property 37,175
40,258
Less accumulated depreciation (27,014) 13,244
$ 15,280
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 364
Tenant security deposit liabilities 128
Accrued property taxes 173
Other liabilities 268
Mortgage notes payable 19,225
Partners' Deficit
General partner $ (225)
Limited partners (19,975 units issued and
outstanding) (4,653) (4,878)
$ 15,280
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
b)
ANGELES PARTNERS IX
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues:
Rental income $ 1,908 $ 1,886
Other income 83 81
Total revenues 1,991 1,967
Expenses:
Operating 839 781
General and administrative 63 83
Depreciation 536 528
Interest 420 426
Property taxes 107 148
Total expenses 1,965 1,966
Net income $ 26 $ 1
Net income allocated to general partner (1%) $ -- $ --
Net income allocated to limited partners (99%) 26 1
$ 26 $ 1
Net income per limited partnership unit $ 1.30 $ .05
See Accompanying Notes to Consolidated Financial Statements
c)
ANGELES PARTNERS IX
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 20,000 $ 1 $ 20,000 $ 20,001
Partners' deficit at
December 31, 1999 19,975 $ (225) $ (4,679) $ (4,904)
Net income for the three months
ended March 31, 2000 -- -- 26 26
Partners' deficit
at March 31, 2000 19,975 $ (225) $ (4,653) $ (4,878)
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d)
ANGELES PARTNERS IX
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 26 $ 1
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 536 528
Amortization of loan costs and discounts 27 25
Change in accounts:
Receivables and deposits 250 120
Other assets (75) (112)
Accounts payable 46 (51)
Tenant security deposit liabilities 10 3
Accrued property taxes (50) (104)
Other liabilities (75) 7
Net cash provided by operating activities 695 417
Cash flows from investing activities:
Property improvements and replacements (747) (107)
Net (deposits to) withdrawals from restricted escrows (63) 88
Net cash used in investing activities (810) (19)
Cash flows used in financing activities:
Payments on mortgage notes payable (72) (64)
Net (decrease) increase in cash and cash equivalents (187) 334
Cash and cash equivalents at beginning of period 1,313 799
Cash and cash equivalents at end of period $1,126 $1,133
Supplemental disclosure of cash flow information:
Cash paid for interest $ 392 $ 401
Supplemental disclosure of non-cash activity:
Property improvements and replacements included in
accounts payable $ 200 $ --
At December 31, 1999 property improvements and replacements and accounts payable
were adjusted by approximately $396,000.
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
ANGELES PARTNERS IX
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Angeles Partners
IX (the "Partnership" or "Registrant") have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of Angeles Realty Corporation (the "General Partner" or "ARC"),
all adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. Operating results for the three
months ended March 31, 2000, are not necessarily indicative of the results that
may be expected for the year ending December 31, 2000. For further information,
refer to the consolidated financial statements and footnotes thereto included in
the Partnership's Annual Report on Form 10-KSB for the year ended December 31,
1999.
Principles of Consolidation
The financial statements include all of the accounts of the Partnership and its
99% owned partnership. The general partner of the consolidated partnership is
Angeles Realty Corporation. Angeles Realty Corporation may be removed as the
general partner of the consolidated partnership by the Registrant; therefore,
the consolidated Partnership is controlled and consolidated by the Registrant.
All significant interpartnership balances have been eliminated.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the General Partner. The General Partner does not believe that this transaction
has had or will have a material effect on the affairs and operations of the
Partnership.
Note C - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for (i) certain payments to affiliates for
services and (ii) reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership.
The following amounts were paid to the General Partner and its affiliates for
the three months ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in
operating expenses) $101 $ 99
Reimbursement for services of affiliates
(included in investment properties, operating
expenses and general and administrative expenses) 64 55
During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were entitled to receive 5% of gross receipts from all of the
Registrant's properties for providing property management services. The
Registrant paid to such affiliates approximately $101,000 and $99,000 for the
three months ended March 31, 2000 and 1999, respectively.
An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $64,000 and $55,000 for the
three months ended March 31, 2000 and 1999, respectively. Included in these
expenses for the three months ended March 31, 2000, is approximately $23,000 for
construction oversight reimbursements. No such costs were incurred for the three
months ended March 31, 1999.
AIMCO and its affiliates currently own 11,986 limited partnership units in the
Partnership representing 60.005% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership of 60.005% of the outstanding units, AIMCO is in a position to
influence all voting decisions with respect to the Registrant. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the General Partner because of their affiliation
with the General Partner.
Note D - Segment Information
Description of the types of products and services from which the reportable
segment derives its revenue:
The Partnership has one reportable segment: residential property. The
Partnership's residential property segment consists of five apartment complexes
located in Texas (2) and Alabama (3). The Partnership rents apartment units to
tenants for terms that are typically twelve months or less.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segment are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.
Factors management used to identify the enterprise's reportable segment:
The Partnership's reportable segment consists of investment properties that
offer similar products and services. Although each of the investment properties
is managed separately, they have been aggregated into one segment as they
provide services with similar types of products and customers.
Segment information for the three months ended March 31, 2000 and 1999, is shown
in the tables below. The "Other" column includes partnership administration
related items and income and expense not allocated to the reportable segment.
2000 Residential Other Totals
(in thousands)
Rental income $ 1,908 $ -- $ 1,908
Other income 81 2 83
Interest expense 420 -- 420
Depreciation 536 -- 536
General and administrative expense -- 63 63
Segment income (loss) 87 (61) 26
Total assets 15,202 78 15,280
Capital expenditures for
investment properties 551 -- 551
1999 Residential Other Totals
(in thousands)
Rental income $ 1,886 $ -- $ 1,886
Other income 77 4 81
Interest expense 426 -- 426
Depreciation 528 -- 528
General and administrative expense -- 83 83
Segment profit (loss) 80 (79) 1
Total assets 14,683 459 15,142
Capital expenditures for
investment properties 107 -- 107
Note E - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998, the General Partner filed a motion seeking dismissal of the action. In
lieu of responding to the motion, the plaintiffs have filed an amended
complaint. The General Partner filed demurrers to the amended complaint which
were heard February 1999. Pending the ruling on such demurrers, settlement
negotiations commenced. On November 2, 1999, the parties executed and filed a
Stipulation of Settlement, settling claims, subject to final court approval, on
behalf of the Partnership and all limited partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the Superior Court of the State of California, County of San Mateo, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of class plaintiffs' counsel to enter the
settlement. On December 14, 1999, the General Partner and its affiliates
terminated the proposed settlement. Certain plaintiffs have filed a motion to
disqualify some of the plaintiffs' counsel in the action. The General Partner
does not anticipate that costs associated with this case will be material to the
Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operations. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment properties consist of five apartment complexes. The
following table sets forth the average occupancy of the properties for the three
months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Pines of Northwest Crossing Apartments 97% 97%
Houston, Texas
Panorama Terrace Apartments 94% 97%
Birmingham, Alabama
Forest River Apartments 98% 95%
Gadsden, Alabama
Village Green Apartments 95% 96%
Montgomery, Alabama
Rosemont Crossing Apartments 95% 93%
San Antonio, Texas
The General Partner attributes the increase in occupancy at Forest River
Apartments, to management's aggressive marketing campaign to attract new
tenants. The General Partner attributes the decrease in occupancy at Panorama
Terrace Apartments to the competitive market of the apartment industry in the
Birmingham area.
Results of Operations
The Partnership's net income for the three months ended March 31, 2000 and 1999
was approximately $26,000 and $1,000, respectively. The increase in net income
is due to an increase in total revenues. Total revenues increased primarily due
to an increase in rental income. The increase in rental income is due primarily
to increases in the average rental rates at all five of the Partnership's
investment properties and an increase in occupancy at Forest River Apartments
and Rosemont Crossing Apartments which more than offset the decrease in
occupancy at Panorama Terrace Apartments and Village Green Apartments.
The decreases in interest, property tax and general and administrative expenses,
were partially offset by an increase in operating expense which resulted in
total expenses remaining relatively constant. The decrease in interest expense
is due to scheduled principal payments made on the properties respective
mortgages. General and administrative expenses decreased primarily due to a
decrease in management reimbursements to the General Partner allowed under the
Partnership Agreement and, to a lesser extent, a decrease in legal costs, which
included the Partnership's portion of settlement costs disclosed in previous
quarters. Included in general and administrative expense at both March 31, 2000
and 1999 are costs associated with the quarterly and annual communications with
investors and regulatory agencies and the annual audit required by the
Partnership Agreement are also included.
The increase in operating expenses is due primarily to an increase in
maintenance expense. The increase in maintenance expense is due primarily to
insurance proceeds received during 1999 that exceeded the expenses relating to a
casualty at The Pines of Northwest Crossing Apartments and fire damage at
Panorama Terrace Apartments. Depreciation expense and interest expense remained
relatively constant for the comparable periods.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of its investment properties to assess
the feasibility of increasing rents, maintaining or increasing occupancy levels
and protecting the Partnership from increases in expenses. As part of this plan,
the General Partner attempts to protect the Partnership from the burden of
inflation-related increases in expenses by increasing rents and maintaining a
high overall occupancy level. However, due to changing market conditions, which
can result in the use of rental concessions and rental reductions to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Partnership had cash and cash equivalents of
approximately $1,126,000 compared to approximately $1,133,000 at March 31, 1999.
The decrease in cash and cash equivalents of approximately $187,000 for the
three months ended March 31, 2000, from the Partnership's calendar year end, is
due to approximately $810,000 of cash used in investing activities and
approximately $72,000 of cash used in financing activities, which was partially
offset by approximately $695,000 of cash provided by operating activities. Cash
used in investing activities consisted of property improvements and replacements
and to a lesser extent net deposits to escrow accounts maintained by the
mortgage lender. Cash used in financing activities consisted of payments of
principal made on the mortgages encumbering the Registrant's properties. The
Partnership invests its working capital reserves in money market accounts.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the various properties to adequately maintain the
physical assets and other operating needs of the Partnership and to comply with
Federal, state, and local, legal and regulatory requirements. Capital
improvements planned for each of the Partnership's properties are detailed
below.
Pines of Northwest Crossing Apartments: For 2000 the Partnership has budgeted
approximately $144,000 for capital improvements, consisting primarily of
plumbing improvements, and floor covering, appliances, and air conditioning
replacements. The Partnership completed approximately $50,000 in capital
expenditures at The Pines of Northwest Crossing Apartments as of March 31, 2000,
consisting primarily of floor covering and appliance replacements. These
improvements were funded primarily from operations.
Panorama Terrace Apartments: For 2000 the Partnership has budgeted approximately
$477,000 for capital improvements, consisting primarily of exterior painting,
parking lot improvements, floor covering and appliance replacements, roof
impairments and major landscaping. The Partnership completed approximately
$398,000 in capital expenditures at Panorama Terrace Apartments as of March 31,
2000, consisting primarily of roof improvements, major landscaping, exterior
painting and parking lot upgrades. These improvements were funded primarily from
operations.
Forest River Apartments: For 2000 the Partnership has budgeted approximately
$99,000 for capital improvements, consisting primarily of floor covering,
appliances, and air conditioning replacements. The Partnership completed
approximately $24,000 in capital expenditures at Forest River Apartments as of
March 31, 2000, consisting primarily of floor covering and appliance
replacements. These improvements were funded primarily from operations and
replacement reserves.
Village Green Apartments: For 2000 the Partnership has budgeted approximately
$134,000 for capital improvements, consisting primarily of floor covering,
appliances and air conditioning replacement and plumbing improvements. The
Partnership completed approximately $36,000 in capital expenditures at Village
Green Apartments as of March 31, 2000, consisting primarily of floor covering
replacements, appliances, and HVAC improvements. These improvements were funded
primarily from operations.
Rosemont Crossing Apartments: For 2000 the Partnership has budgeted
approximately $530,000 for capital improvements, consisting primarily of floor
covering, cabinet replacements, appliances and interior and exterior building
improvements. The Partnership completed approximately $43,000 in capital
expenditures at Rosemont Crossing Apartments as of March 31, 2000, consisting
primarily of major landscaping. These improvements were funded primarily from
operations.
The additional capital expenditures will be incurred only if cash is available
from operations and Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Partnership's distributable cash flow,
if any, may be adversely affected at least in the short term.
The Partnership's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Partnership. The mortgage
indebtedness of approximately $19,225,000, net of discounts, is amortized over
periods ranging from approximately 29 to 30 years with balloon payments due in
2002 and 2003. The General Partner may attempt to refinance such indebtedness
and/or sell the properties prior to such maturity dates. If the properties
cannot be refinanced or sold for a sufficient amount, the Partnership will risk
losing such properties through foreclosure.
No cash distributions were paid to the partners during the three months ended
March 31, 2000 and 1999. The Partnership's distribution policy is reviewed on a
semi-annual basis. Future cash distributions will depend on the levels of net
cash generated from operations, the availability of cash reserves, and the
timing of the debt maturities, property sales and/or refinancings. There can be
no assurance, however, that the Partnership will generate sufficient funds from
operations after required capital improvement expenditures, to permit
distributions to its partners in 2000 or subsequent periods. In addition, the
Partnership may be restricted from making distributions if the amount in the
reserve account maintained by the mortgage lender is less than $400 per
apartment unit at Forest River Apartments, Rosemont Crossing Apartments and The
Pines of Northwest Crossing Apartments for a total of approximately $351,000. As
of March 31, 2000 the balance in the reserve account is approximately $177,000.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek monetary damages and equitable relief,
including judicial dissolution of the Partnership. On June 25, 1998, the General
Partner filed a motion seeking dismissal of the action. In lieu of responding to
the motion, the plaintiffs have filed an amended complaint. The General Partner
filed demurrers to the amended complaint which were heard February 1999. Pending
the ruling on such demurrers, settlement negotiations commenced. On November 2,
1999, the parties executed and filed a Stipulation of Settlement, settling
claims, subject to final court approval, on behalf of the Partnership and all
limited partners who own units as of November 3, 1999. Preliminary approval of
the settlement was obtained on November 3, 1999 from the Superior Court of the
State of California, County of San Mateo, at which time the Court set a final
approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing
the Court received various objections to the settlement, including a challenge
to the Court's preliminary approval based upon the alleged lack of authority of
class plaintiffs' counsel to enter the settlement. On December 14, 1999, the
General Partner and its affiliates terminated the proposed settlement. Certain
plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in
the action. The General Partner does not anticipate that costs associated with
this case will be material to the Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) No reports on Form 8-K were filed during the quarter ended
March 31, 2000.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
ANGELES PARTNERS IX
By: Angeles Realty Corporation
Its General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President and
Controller
Date: May 12, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Partners IX 2000 First Quarter 10-QSB and is qualified in its entirety by
reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000313499
<NAME> Angeles Partners IX
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,126
<SECURITIES> 0
<RECEIVABLES> 204
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 40,258
<DEPRECIATION> 27,014
<TOTAL-ASSETS> 15,280
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 19,225
0
0
<COMMON> 0
<OTHER-SE> (4,878)
<TOTAL-LIABILITY-AND-EQUITY> 15,280
<SALES> 0
<TOTAL-REVENUES> 1,991
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,965
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 420
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 26
<EPS-BASIC> 1.30 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
