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 0-10304
ANGELES PARTNERS X
(Exact name of small business issuer as specified in its charter)
California 95-3557899
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO 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 past 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 X
CONSOLIDATED BALANCE SHEET
(in thousands, except unit data)
(Unaudited)
March 31, 2000
Assets
Cash and cash equivalents $ 1,143
Receivables and deposits 80
Restricted escrows 47
Other assets 253
Investment properties:
Land $ 312
Buildings and related personal property 9,139
9,451
Less accumulated depreciation (6,744) 2,707
$ 4,230
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 26
Tenant security deposit liabilities 8
Accrued property taxes 21
Other liabilities 121
Notes payable 8,726
Partners' Deficit
General partners $ (238)
Limited partners (18,625 units issued and
outstanding) (4,434) (4,672)
$ 4,230
See Accompanying Notes to Consolidated Financial Statements
b)
ANGELES PARTNERS X
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues:
Rental income $ 569 $ 786
Other income 35 40
Gain on sale of investment property -- 2,673
Total revenues 604 3,499
Expenses:
Operating 209 340
General and administrative 41 49
Depreciation 110 112
Interest 165 239
Property taxes 47 63
Total expenses 572 803
Income before extraordinary item 32 2,696
Extraordinary loss on early extinguishment of debt -- 66
Net income $ 32 $ 2,630
Net income allocated to general partners (1%) $ -- $ 26
Net income allocated to limited partners (99%) 32 2,604
$ 32 $ 2,630
Net income per limited partnership unit:
Income before extraordinary item $ 1.72 $ 143.33
Extraordinary item -- (3.51)
Net income $ 1.72 $ 139.82
See Accompanying Notes to Consolidated Financial Statements
c)
ANGELES PARTNERS X
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 18,714 $ 1 $18,714 $18,715
Partners' deficit at
December 31, 1999 18,625 $ (238) $(4,466) $(4,704)
Net income for the three months
ended March 31, 2000 -- -- 32 32
Partners' deficit
at March 31, 2000 18,625 $ (238) $(4,434) $(4,672)
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d)
ANGELES PARTNERS X
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 $ 32 $ 2,630
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 110 112
Amortization of discounts and loan costs 11 10
Extraordinary loss on early extinguishment of debt -- 66
Gain on sale of investment property -- (2,673)
Change in accounts:
Receivables and deposits 161 56
Other assets (34) (23)
Accounts payable 5 (109)
Tenant security deposit liabilities 1 (18)
Accrued property taxes 11 (87)
Other liabilities (15) (73)
Net cash provided by (used in) operating activities 282 (109)
Cash flows from investing activities:
Property improvements and replacements (114) (47)
Net withdrawals from (deposits to) restricted escrows 43 (24)
Proceeds from sale of investment property -- 5,054
Net cash (used in) provided by investing activities (71) 4,983
Cash flows from financing activities:
Payments on mortgage notes payable (26) (32)
Distributions to partners (130) --
Repayment of notes payable -- (3,627)
Prepayment penalty -- (39)
Net cash used in financing activities (156) (3,698)
Net increase in cash and cash equivalents 55 1,176
Cash and cash equivalents at beginning of period 1,088 1,283
Cash and cash equivalents at end of period $ 1,143 $ 2,459
Supplemental disclosure of cash flow information:
Cash paid for interest $ 131 $ 261
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
ANGELES PARTNERS X
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Angeles Partners
X (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"), all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three month
period 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 consolidated financial statements include all the accounts of the
Partnership and its 99% limited partnership interests in Cardinal Woods
Apartments, Ltd., Carriage AP X Ltd. and Vista AP X, Ltd. The General Partner of
the consolidated partnerships is Angeles Realty Corporation. Angeles Realty
Corporation may be removed as the general partner of the consolidated
partnership by the Registrant; therefore, the consolidated partnerships are
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 - Disposition of Investment Property
On March 1, 1999, Vista Hills Apartments, located in El Paso, Texas, was sold to
an unaffiliated third party for $5,150,000. After closing expenses of
approximately $96,000 the net proceeds received by the Partnership were
approximately $5,054,000. The Partnership used most of the proceeds from the
sale of the property to pay off the debt encumbering the property of
approximately $3,627,000. The sale of the property resulted in a gain on sale of
investment property of approximately $2,673,000 and a loss on early
extinguishment of debt of approximately $66,000 consisting of a prepayment
penalty and the write off of unamortized loan costs. Revenues from Vista Hills
Apartments included in the accompanying consolidated statements of operations
were approximately $229,000 for the three months ended March 31, 1999.
Note D - 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 payments were paid or accrued 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) $ 31 $ 43
Reimbursement of services of affiliates
(included in operating, general and administrative
expenses and investment properties) 63 25
During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were entitled to receive 5% of gross receipts from the Registrant's
properties for providing property management services. The Registrant paid to
such affiliates approximately $31,000 and $43,000 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 $63,000 and $25,000 for the
three months ended March 31, 2000 and 1999, respectively. Included in the
expenses for the three months ended March 31, 2000, is approximately $44,000, in
reimbursements for construction oversight costs. No such costs were incurred for
the three months ended March 31, 1999.
AIMCO and its affiliates currently own 9,196 limited partnership units in the
Partnership representing 49.374% 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 49.374% of the outstanding units, AIMCO is in a position to
significantly 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 E - Segment Information
Description of the types of products and services from which the reportable
segment derives its revenues:
The Partnership has one reportable segment: residential properties. The
Registrant's residential property segment consists of two apartment complexes,
one each located in Alabama and Michigan. 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 $ 569 $ -- $ 569
Other income 30 5 35
Interest expense 165 -- 165
Depreciation 110 -- 110
General and administrative expense -- 41 41
Segment profit (loss) 68 (36) 32
Total assets 3,707 523 4,230
Capital expenditures for
investment properties 114 -- 114
1999 Residential Other Totals
(in thousands)
Rental income $ 786 $ -- $ 786
Other income 30 10 40
Interest expense 239 -- 239
Depreciation 112 -- 112
General and administrative expense -- 49 49
Gain on sale of investment property 2,673 -- 2,673
Extraordinary loss on early
extinguishment of debt 66 -- 66
Segment profit (loss) 2,669 (39) 2,630
Total assets 4,019 2,175 6,194
Capital expenditures for
investment properties 47 -- 47
Note F - 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
operation. 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 two apartment complexes. The
following table sets forth the average occupancy of the Partnership's properties
for the three months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Greentree Apartments 98% 99%
Mobile, Alabama
Carriage Hills Apartments 94% 94%
East Lansing, Michigan
Results of Operations
The Partnership's net income for the three months ended March 31, 2000 and 1999
was approximately $32,000 and $2,630,000, respectively. The decrease in net
income is primarily attributable to the gain on sale of investment property
recognized during 1999 from the sale of Vista Hills Apartments. The gain on sale
of investment property recognized in 1999 was partially offset by the loss on
early extinguishment of debt recognized upon the sale of the property. On March
1, 1999, Vista Hills Apartments, located in El Paso, Texas, was sold to an
unaffiliated third party for $5,150,000. After closing expenses of approximately
$96,000 the net proceeds received by the Partnership were approximately
$5,054,000. The Partnership used most of the proceeds from the sale of the
property to pay off the debt encumbering the property of approximately
$3,627,000. The sale of the property resulted in a gain on sale of investment
property of approximately $2,673,000 and a loss on early extinguishment of debt
of approximately $66,000 consisting of a prepayment penalty and the write-off of
unamortized loan costs.
Excluding the impact of the sale of Vista Hills Apartments and the property's
operating results for 1999, net income for the three months ended March 31, 2000
was approximately $32,000 compared to approximately $55,000 for the three months
ended March 31, 1999. The decrease in net income for the comparable periods is
attributable to an increase in total expenses at the properties. Total revenues
remained relatively constant for the comparable periods. The increase in total
expenses is primarily a result of an increase in depreciation expense, which was
partially offset by decreases in interest and general and administrative
expenses. The increase in depreciation expense is due to an increase in capital
improvements performed at the Partnership's properties during the past two years
to improve the overall appearance and quality of the properties. Interest
expense decreased due to scheduled principal payments, which reduced the
carrying balance of the debt encumbering the properties. Operating and property
tax expenses remained relatively constant for the comparable periods.
General and administrative expenses decreased slightly for the comparable
periods primarily due to a decrease in management reimbursements to the General
Partner allowed under the Partnership Agreement. Also included in general and
administrative expenses 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.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each 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 $1,143,000, compared to approximately $2,459,000 at March 31,
1999. The increase in cash and cash equivalents of approximately $55,000 for the
three months ended March 31, 2000, from the Partnership's calendar year end, is
due to approximately $282,000 of cash provided by operating activities, which
was partially offset by approximately $156,000 of cash used in financing
activities and approximately $71,000 of cash used in investing activities. Cash
used in financing activities consisted of distributions to partners and payments
of principal made on the mortgages encumbering the Registrant's properties. Cash
used in investing activities consisted of property improvements and
replacements, which was partially offset by net withdrawals from escrow accounts
maintained by the mortgage lender. 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 investment properties to adequately maintain the
physical assets and other operating needs of the Registrant and to comply with
Federal, state, local, legal and regulatory requirements. Capital improvements
planned for the Partnership's properties are detailed below.
Greentree Apartments: For 2000 the Partnership has budgeted approximately
$149,000 for capital improvements, consisting primarily of parking lot
improvements, pool upgrades, appliances, major landscaping, roof replacements
and floor covering replacement. The Partnership completed approximately $29,000
in capital expenditures at Greentree Apartments as of March 31, 2000, consisting
primarily of major landscaping and floor covering replacement. These
improvements were funded primarily from operations.
Carriage Hills Apartments: For 2000 the Partnership has budgeted approximately
$43,000 for capital improvements, consisting primarily of floor covering
replacement, major landscaping, and other interior building improvements. The
Partnership completed approximately $85,000 in capital expenditures at Carriage
Hills Apartments as of March 31, 2000, consisting primarily of structural
building improvements, floor covering replacements and lighting improvements.
These improvements were funded from operations and replacement reserves.
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 Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.
The Registrant's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant. The mortgage
indebtedness of approximately $8,726,000, net of discount, matures October 2003
and December 2004 with balloon payments due at maturity. The General Partner
will 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 Registrant will risk losing such properties through
foreclosure.
A distribution of approximately $130,000 was paid during the three months ended
March 31, 2000, which was declared and accrued at December 31, 1999. There were
no distributions to the limited partners during the three months ended March 31,
1999. The Partnership's distribution policy is reviewed on an 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, refinancings and/or property sales. There can be no assurance,
however, that the Partnership will generate sufficient funds from operations,
after required capital improvement expenditures, to permit any additional
distributions to its partners for the remainder of 2000 or subsequent periods.
Distributions may be restricted by the requirements to deposit net operating
income (as defined in the mortgage note) into the Reserve Account until the
Reserve Account is funded in an amount equal to $200 to $400 per apartment unit
for Greentree Apartments for a total of $35,600 to $71,200. As of March 31,
2000, the Partnership has deposits of approximately $37,000 in the reserve
account.
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 attached as an exhibit
to this report.
b) Reports on Form 8-K:
None filed during the quarter ended March 31, 2000.
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 X
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 X 2000 First Quarter 10-QSB and is qualified in its entirety by
reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000317900
<NAME> Angeles Partners X
<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> 1,143
<SECURITIES> 0
<RECEIVABLES> 80
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 9,451
<DEPRECIATION> 6,744
<TOTAL-ASSETS> 4,230
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 8,726
0
0
<COMMON> 0
<OTHER-SE> (4,672)
<TOTAL-LIABILITY-AND-EQUITY> 4,230
<SALES> 0
<TOTAL-REVENUES> 604
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 572
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 165
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32
<EPS-BASIC> 1.72 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
