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 0-10412
NATIONAL PROPERTY INVESTORS 4
(Exact name of small business issuer as specified in its charter)
California 13-3031722
(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 preceding 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___
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
NATIONAL PROPERTY INVESTORS 4
BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 1,255
Receivables and deposits 838
Restricted escrows 220
Other assets 420
Investment property:
Land $ 1,980
Buildings and related personal property 25,358
27,338
Less accumulated depreciation (20,281) 7,057
$ 9,790
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 12
Tenant security deposit liabilities 350
Other liabilities 429
Mortgage note payable 19,300
Partners' Deficit
General partner $ (350)
Limited partners (60,005 units
issued and outstanding) (9,951) (10,301)
$ 9,790
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
b)
NATIONAL PROPERTY INVESTORS 4
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues:
Rental income $ 1,672 $ 1,643
Other income 61 78
Total revenues 1,733 1,721
Expenses:
Operating 551 538
General and administrative 52 177
Depreciation 278 248
Interest 372 372
Property taxes 134 122
Total expenses 1,387 1,457
Net income $ 346 $ 264
Net income allocated
to general partner (1%) $ 3 $ 3
Net income allocated
to limited partners (99%) 343 261
$ 346 $ 264
Net income per limited
partnership unit $ 5.72 $ 4.35
Distribution per limited
partnership unit $ -- $ 33.95
See Accompanying Notes to Financial Statements
<PAGE>
c)
NATIONAL PROPERTY INVESTORS 4
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 60,005 $ 1 $ 30,003 $ 30,004
Partners' deficit at
December 31, 1999 60,005 $ (353) $(10,294) $(10,647)
Net income for the three months
ended March 31, 2000 -- 3 343 346
Partners' deficit at
March 31, 2000 60,005 $ (350) $ (9,951) $(10,301)
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
d)
NATIONAL PROPERTY INVESTORS 4
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 $ 346 $ 264
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation 278 248
Amortization of loan costs 19 19
Change in accounts:
Receivables and deposits (185) 9
Other assets 101 89
Accounts payable (23) 44
Tenant security deposit liabilities (12) (4)
Other liabilities (185) 7
Net cash provided by operating activities 339 676
Cash flows from investing activities:
Net (deposits to) withdrawals from restricted escrows (47) 271
Property improvements and replacements (104) (53)
Net cash (used in) provided by investing activities (151) 218
Cash flows used in financing activities:
Distribution to partners (551) (2,058)
Net decrease in cash and cash equivalents (363) (1,164)
Cash and cash equivalents at beginning of period 1,618 3,418
Cash and cash equivalents at end of period $ 1,255 $ 2,254
Supplemental disclosure of cash flow information:
Cash paid for interest $ 354 $ 354
</TABLE>
Distributions to partners were accrued at December 31, 1999 and paid in January
2000.
See Accompanying Notes to Financial Statements
<PAGE>
e)
NATIONAL PROPERTY INVESTORS 4
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements of National Property Investors 4
(the "Partnership" or the "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 NPI Equity Investments, Inc. ("NPI Equity" or the "Managing
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 fiscal year ending
December 31, 2000. For further information, refer to the financial statements
and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB
for the fiscal year ended December 31, 1999.
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 Managing General Partner. The Managing 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 Managing General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for payments to
affiliates for services and for reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following transactions with
affiliates of the Managing General Partner were incurred during the three month
periods ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 86 $ 86
Reimbursement for services of affiliates (included in
investment property and general and administrative and
operating expenses) 26 26
Partnership management fee (included in other liabilities
and general and administrative expense) -- 42
Non-accountable reimbursement (included in general
and administrative expenses) -- 100
During the three months ended March 31, 2000, and 1999, affiliates of the
Managing General Partner were entitled to receive 5% of gross receipts from the
Partnership's property for providing property management services. The
Partnership paid to such affiliates approximately $86,000 for both three month
periods ended March 31, 2000, and 1999, respectively.
Affiliates of the Managing General Partner received reimbursements of
accountable administrative expenses amounting to approximately $26,000 for both
of the three month periods ended March 31, 2000, and 1999.
For services relating to the administration of the Partnership and operation of
the Partnership's property, the Managing General Partner is entitled to receive
payment for the non-accountable expenses up to a maximum of $100,000 per year
based upon the number of Partnership units sold, subject to certain limitations.
The Managing General Partner was entitled to receive $100,000 for such services
in 1999, which was paid during the three month period ended March 31, 1999. No
such fee was paid for the period ended March 31, 2000.
In addition to the amounts discussed above, as compensation for services
rendered in managing the Partnership, the Managing General Partner is entitled
to receive Partnership management fees in conjunction with distributions of cash
from operations, subject to certain limitations. Approximately $42,000 of fees
were paid in January 1999 in conjunction with the operating distribution made at
that time. No such fee was due during the three month period ended March 31,
2000.
The Managing General Partner has made available to the Partnership a $300,000
line of credit. At the present time, the Partnership has no outstanding amounts
due under this line of credit. Based on present plans, the Managing General
Partner does not anticipate the need to borrow in the near future. Other than
cash and cash equivalents, the line of credit is the Partnership's only unused
source of liquidity.
AIMCO and its affiliates currently own 43,188 limited partnership units in the
Partnership representing 71.974% 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 71.974% 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 Managing General Partner because of their
affiliation with the Managing General Partner. However, with respect to 26,466
units, Insignia Properties, LP is required to vote such Units: (i) against any
increase in compensation payable to the Managing General Partner or to
affiliates; and (ii) on all other matters submitted by it or its affiliates, in
proportion to the votes cast by non-tendering unitholders. Except for the
foregoing, no other limitations are imposed on Insignia Properties, L.P.'s
ability to influence voting decisions with respect to the Partnership.
Note D - Distribution to Partners
Cash distributions from operations of approximately $2,058,000 were paid during
the three months ended March 31, 1999, of which approximately $2,037,000 was
paid to the limited partners ($33.95 per limited partnership unit). At December
31, 1999, a distribution payable of approximately $551,000 (approximately
$545,000 to the limited partners or $9.08 per limited partnership unit) was
accrued and subsequently paid in January 2000.
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: a residential property. The
Partnership's residential property segment consists of one apartment complex in
Pennsylvania. 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 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:
Segment information for the three month periods ended March 31, 2000 and 1999,
is shown in the tables below (in thousands). The "Other" column includes
Partnership administration related items and income and expense not allocated to
the reportable segment.
2000 Residential Other Totals
Rental income $ 1,672 $ -- $ 1,672
Other income 59 2 61
Interest expense 372 -- 372
Depreciation 278 -- 278
General and administrative expense -- 52 52
Segment profit (loss) 396 (50) 346
Total assets 9,745 45 9,790
Capital expenditures for investment
property 104 -- 104
1999 Residential Other Totals
Rental income $ 1,643 $ -- $ 1,643
Other income 57 21 78
Interest expense 372 -- 372
Depreciation 248 -- 248
General and administrative expense -- 177 177
Segment profit (loss) 420 (156) 264
Total assets 9,006 2,068 11,074
Capital expenditures for investment
property 53 -- 53
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 Managing 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 Managing 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 Managing 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 Managing 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
Managing General Partner does not anticipate that costs associated with this
case will be material to the Partnership's overall operations.
Estate of Harry Schubert v. National Property Investors 4, Civil Action No.
97-09129, Court of Common Pleas of Bucks County, Pennsylvania. During 1998, the
Plaintiff brought action against the Partnership alleging that as the result of
carbon monoxide and methane poisoning due to a malfunctioning heating unit in
the deceased's apartment at the Partnership's property, the decedent lost
consciousness for several hours, suffered respiratory arrest and suffered other
pains and injuries. The Plaintiff alleges breach of contract, fraud, violations
of the Unfair Trade Practices and Consumer Protection Law and negligence. This
matter is currently in the preliminary stages of discovery. The Partnership
intends to vigorously defend this matter.
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.
<PAGE>
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 Partnership from time to time.
The discussion of the Partnership'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 Partnership'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 property consists of one apartment complex, Village
of Pennbrook Apartments, located in Falls Township, Pennsylvania. The average
occupancy was 95% and 96% for the three month periods ended March 31, 2000, and
1999, respectively.
Results of Operations
The Partnership realized net income of approximately $346,000 and $264,000 for
the three month periods ended March 31, 2000 and 1999, respectively. The
increase in net income is attributable to an increase in total revenues and a
decrease in total expenses. The increase in total revenues is primarily the
result of increased average rental rates. The decrease in total expenses is due
to a decrease in general and administrative expenses partially offset by
increases in depreciation and operating expenses. The decrease in general and
administrative expenses is primarily due to the decrease in the Partnership
management fee and non-accountable reimbursement associated with the
distribution from operations during the first quarter of 1999. The increase in
depreciation is the result of property improvements and replacements at
Pennbrook during the past year. The increase in operating expense is
attributable to an increase in maintenance expense due primarily to snow removal
expenses at Pennbrook during the three month period ended March 31, 2000.
Included in general and administrative expenses for the three months ended March
31, 2000 and 1999, are reimbursements to the Managing General Partner allowed
under the Partnership Agreement associated with its management of the
Partnership. 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 Managing General
Partner monitors the rental market environment of its investment property 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 Managing 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
Managing General Partner will be able to sustain such a plan.
Capital Resources and Liquidity
At March 31, 2000, the Partnership had cash and cash equivalents of
approximately $1,255,000 as compared to approximately $2,254,000 at March 31,
1999. For the three months ended March 31, 2000, cash and cash equivalents
decreased approximately $363,000 from the Partnership's year ended December 31,
1999. This decrease was due to approximately $551,000 of cash used in financing
activities and approximately $151,000 of cash used in investing activities
partially offset by approximately $339,000 of cash provided by operating
activities. Cash used in financing activities consisted of a distribution paid
to partners during the first quarter of 2000. Cash used in investing activities
consisted of property improvements and replacements and net deposits to
restricted escrows held by the mortgage lender. The Partnership invests its
working capital reserves in a money market account.
The Managing General Partner has extended to the Partnership a $300,000 line of
credit. At the present time, the Partnership has no outstanding amounts due
under this line of credit. Based on present plans, the Managing General Partner
does not anticipate the need to borrow in the near future. Other than cash and
cash equivalents, the line of credit is the Partnership's only unused source of
liquidity.
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 property 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. Approximately $273,000 has been
budgeted for capital improvements at Village of Pennbrook during the year 2000,
consisting primarily of floor covering replacements, appliances, heating units,
and parking lot improvements. During the three months ended March 31, 2000, the
Partnership completed approximately $104,000 of capital improvements at Village
of Pennbrook consisting primarily of appliance replacements, structural
improvements, water heater replacements, and carpet and vinyl replacement. These
capital improvements were funded from operating cash flows. Additional
improvements may be considered and will depend on the physical condition of the
property as well as replacement reserves and anticipated cash flows generated by
the property. The capital improvements will be incurred only if cash is
available from operations or from 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 $19,300,000 consists of monthly interest only payments of
approximately $118,000 at a stated rate of 7.33%. The mortgage matures on
November 1, 2003, with the principal due on the maturity date. The Managing
General Partner will attempt to refinance such indebtedness and/or sell the
property prior to such maturity date. If the property cannot be refinanced or
sold for a sufficient amount, the Partnership will risk losing such property
through foreclosure.
Cash distributions from operations of approximately $2,058,000 were paid during
the three months ended March 31, 1999, of which approximately $2,037,000 was
paid to the limited partners ($33.95 per limited partnership unit). At December
31, 1999, a distribution payable of approximately $551,000 (approximately
$545,000 to the limited partners or $9.08 per limited partnership unit) was
accrued and subsequently paid in January 2000.
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
maturity, refinancing, and/or property sale. There can be no assurance, however,
that the Partnership will generate sufficient funds from operations after
required capital improvements to permit further distributions to its partners in
the remainder of 2000 or subsequent periods.
<PAGE>
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 Managing 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 I - Financial Information, Item I. 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
Managing 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
Managing 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 Managing 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 Managing
General Partner does not anticipate that costs associated with this case will be
material to the Partnership's overall operations.
Estate of Harry Schubert v. National Property Investors 4, Civil Action No.
97-09129, Court of Common Pleas of Bucks County, Pennsylvania. During 1998, the
Plaintiff brought action against the Partnership alleging that as the result of
carbon monoxide and methane poisoning due to a malfunctioning heating unit in
the deceased's apartment at the Partnership's property, the decedent lost
consciousness for several hours, suffered respiratory arrest and suffered other
pains and injuries. The Plaintiff alleges breach of contract, fraud, violations
of the Unfair Trade Practices and Consumer Protection Law and negligence. This
matter is currently in the preliminary stages of discovery. The Partnership
intends to vigorously defend this matter.
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) Reports on Form 8-K:
None 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.
NATIONAL PROPERTY INVESTORS 4
By: NPI EQUITY INVESTMENTS, INC.
Managing 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:
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from National
Property Investors IV 2000 First Quarter 10-QSB and is qualified in its entirety
by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000318508
<NAME> National Property Investors IV
<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> 1,255
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 27,338
<DEPRECIATION> 20,281
<TOTAL-ASSETS> 9,790
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 19,300
0
0
<COMMON> 0
<OTHER-SE> (10,301)
<TOTAL-LIABILITY-AND-EQUITY> 9,790
<SALES> 0
<TOTAL-REVENUES> 1,733
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,387
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 372
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 346
<EPS-BASIC> 5.72 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
