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 DECEMBER 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to .
Commission File Number: 0-10980
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 04-2738053
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
265 Franklin Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-8118
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 .
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
December 31, 1995 and September 30, 1995 (Unaudited)
(In thousands)
ASSETS
December 31 September 30
Operating investment property:
Land $ 1,400 $ 1,400
Buildings, improvements and equipment 12,493 12,468
--------- ---------
13,893 13,868
Accumulated depreciation (4,542) (4,436)
--------- ---------
9,351 9,432
Cash and cash equivalents 1,053 129
Tax escrow deposit 152 110
Repair escrow 40 59
Investment in joint venture at equity 146 -
Prepaid and other assets 52 57
Deferred financing costs, net 174 175
-------- -------
$ 10,968 $ 9,962
======== =======
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $ 88 $ 144
Accrued real estate taxes 135 101
Mortgage interest payable 37 37
Tenant security deposits 63 58
Equity in losses of unconsolidated joint ventures
in excess of investments and advances - 974
Long-term debt 4,900 4,915
Partners' capital 5,745 3,733
-------- -------
$ 10,968 $ 9,962
======== =======
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the three months ended December 31, 1995 and 1994 (Unaudited)
(In thousands)
General Limited
Partners Partners
Balance at September 30, 1994 $ (146) $ 4,132
Net loss (2) (181)
------ --------
Balance at December 31, 1994 $ (148) $ 3,951
====== ========
Balance at September 30, 1995 $ (150) $ 3,883
Net income 20 1,992
------- --------
Balance at December 31, 1995 $ (130) $ 5,875
====== ========
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended December 31, 1995 and 1994 (Unaudited)
(In thousands, except per Unit data)
1995 1994
Revenues:
Rental revenues $ 449 $ 373
Interest and other income 65 67
------- ------
514 440
Expenses:
Property operating expenses 309 316
Interest expense and related fees 113 115
Depreciation expense 105 106
Real estate taxes 34 29
General and administrative 61 56
------- ------
622 622
------- ------
Operating loss (108) (182)
Partnership's share of unconsolidated
ventures' losses (46) (1)
Gain on sale of joint venture investment 2,166 -
-------- --------
Net income (loss) $ 2,012 $ (183)
======== ========
Net income (loss) per Limited Partnership Unit $ 77.52 $ (7.06)
======= =======
The above net income (loss) per Limited Partnership Unit is based upon the
25,698 Units of Limited Partnership Interest outstanding for each period.
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended December 31, 1995 and 1994 (Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
1995 1994
Cash flows from operating activities:
Net income (loss) $ 2,012 $ (183)
Adjustments to reconcile net income (loss) to
net cash used for operating activities:
Gain on sale of joint venture investment (2,166) -
Depreciation expense 105 106
Amortization of deferred financing fees 2 2
Partnership's share of unconsolidated
ventures' losses 46 1
Changes in assets and liabilities:
Tax and insurance escrow deposits (42) 17
Prepaid and other assets 5 1
Accounts payable and other liabilities (56) 22
Accrued real estate taxes 34 29
Tenant security deposits 5 3
Total adjustments (2,067) 181
-------- -------
Net cash used for operating activities (55) (2)
Cash flows from investing activities:
Proceeds received from sale of joint venture investment 1,000 -
Distributions from unconsolidated joint ventures - 200
Additional investments in unconsolidated joint ventures - (41)
Additions to buildings, improvements and equipment (25) (744)
Decrease in repair escrow 19 745
-------- -------
Net cash provided by investing activities 994 160
Cash flows from financing activities:
Principal repayments on long-term debt (15) (14)
-------- -------
Net increase in cash and cash equivalents 924 144
Cash and cash equivalents, beginning of period 129 24
-------- -------
Cash and cash equivalents, end of period $ 1,053 $ 168
========= ========
Cash paid during the period for interest $ 111 $ 113
========= ========
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
(Unaudited)
1. General
The accompanying financial statements, footnotes and discussion should be
read in conjunction with the financial statements and footnotes contained in
the Partnership's Annual Report for the year ended September 30, 1995.
In the opinion of management, the accompanying financial statements, which
have not been audited, reflect all adjustments necessary to present fairly
the results for the interim period. All of the accounting adjustments
reflected in the accompanying interim financial statements are of a normal
recurring nature.
2. Investments in Unconsolidated Joint Ventures
At December 31, 1995, the Partnership had investments in one unconsolidated
joint venture (two at December 31, 1994), Charter Oak Associates, which owns
an operating investment property as more fully described in the
Partnership's Annual Report. The unconsolidated joint venture is accounted
for on the equity method in the Partnership's financial statements because
the Partnership does not have a voting control interest in the venture.
Under the equity method, the assets, liabilities, revenues and expenses of
the joint venture do not appear in the Partnership's financial statements.
Instead, the investment is carried at cost adjusted for the Partnership's
share of the venture's earnings, losses and distributions.
On December 29, 1995, the Partnership sold its interest in the Braesridge
Apartments property to its co-venture partner. As previously reported, the
Partnership and its co-venture partner had been marketing Braesridge
Apartments for sale and, as part of a marketing effort coordinated by a
national brokerage firm, had received several offers from third party
prospective purchasers. During the first quarter of fiscal 1996, an
agreement was reached to sell the Partnership's interest in the Braesridge
joint venture to the co-venture partner at a net sale price of $1,000,000.
The purchase contract was signed in October 1995 and required the co-venture
partner to make a $200,000 non-refundable escrow deposit and to close the
transaction by January 16, 1996. On December 29, 1995, the transaction
closed and the Partnership received the additional $800,000. The Partnership
plans to make a special distribution of $513,960, or $20 per original $1,000
investment to the Limited Partners on February 15, 1996 from the proceeds of
this transaction. The remaining net sale proceeds of $486,040 are being
retained by the Partnership for Partnership reserves and to fund any
potential capital needs of its remaining investments.
<PAGE>
Summarized operating results of the unconsolidated joint ventures for the
three months ended December 31, 1995 and 1994 are as follows. The summary of
operations for the three months ended December 31, 1995 includes the
Partnership's share of the Braesridge joint venture's net loss through
December 29, 1995:
Condensed Combined Summary of Operations
For the three months ended December 31, 1995 and 1994 (in thousands)
1995 1994
Rental revenues and
expense recoveries $1,314 $1,241
Interest and other income 61 102
------ ------
1,375 1,343
Property operating expenses 682 644
Interest expense 409 434
Depreciation and amortization 169 162
Real estate taxes 101 101
------ ------
1,361 1,341
------- ------
Net income $ 14 $ 2
======= ======
Net income:
Partnership's share of
combined income $ 11 $ 1
Co-venturers' share of
combined income 3 1
------- ------
$ 14 $ 2
======= =======
Reconciliation of Partnership's Share of Operations
For the three months ended December 31, 1995 and 1994 (in thousands)
1995 1994
Partnership's share of
combined income,
as shown above $ 11 $ 1
Amortization of excess basis (57) (2)
------ -------
Partnership's share of
unconsolidated ventures' losses $ (46) $ (1)
====== =======
3. Operating Investment Property
Operating investment property at December 31, 1995 and September 30, 1995
represents the land, buildings and equipment of Arlington Towne Oaks
Associates, a joint venture in which the Partnership has a controlling
interest, as described below.
As discussed further in the Annual Report, during fiscal 1991 the
Partnership's co-venture partner in Arlington Towne Oaks Associates withdrew
from the venture and assigned its interest to the Managing General Partner of
the Partnership in return for a release from any further obligations. As a
result, the Partnership assumed full control over the affairs of the joint
venture. Accordingly, the accompanying financial statements present the
financial position and results of operations of the joint venture on a
consolidated basis. The joint venture owns and operates a 320-unit apartment
complex in Arlington, Texas.
The Partnership is utilizing a local, unaffiliated property management
company to operate the property under the direction of the Managing General
Partner. The following is a summary of property operating expenses for the
three months ended December 31, 1995 and 1994 (in thousands):
1995 1994
Property operating expenses:
Salaries and related costs $ 62 $ 60
Repairs and maintenance 95 96
Utilities 100 105
Management fees 20 18
Administrative and other 32 37
------ --------
$ 309 $ 316
====== ========
4. Related Party Transactions
Included in general and administrative expenses for three months ended
December 31, 1995 and 1994 is $21,000 and $25,000, respectively,
representing reimbursements to an affiliate of the Managing General Partner
for providing certain financial, accounting and investor communication
services to the Partnership.
Also included in general and administrative expenses for the three months
ended December 31, 1995 and 1994 is $200 and $300, respectively,
representing fees earned by Mitchell Hutchins Institutional Investors, Inc.
for managing the Partnership's cash assets.
5. Long-term Debt
Long-term debt at December 31, 1995 and September 30, 1995 relates to the
consolidated joint venture, Arlington Towne Oaks Associates, and is
summarized as follows (in thousands):
December 31 September 30
9.08% mortgage note due March 1, 2019,
payable in monthly installments of
$42, including interest, collateralized
by the Towne Oaks operating
investment property. $4,900 $4,915
====== ======
6. Contingencies
The Partnership is involved in certain legal actions. The Managing General
Partner believes these actions will be resolved without material adverse
effect on the Partnership's financial statements, taken as a whole.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
On December 29, 1995, the Partnership sold its interest in the Braesridge
Apartments property to its co-venture partner. As reported in the Annual Report,
the Partnership and its co-venture partner had been marketing Braesridge
Apartments for sale and, as part of a marketing effort coordinated by a national
brokerage firm, had received several offers from third party prospective
purchasers. During the first quarter, an agreement was reached to sell the
Partnership's interest in the Braesridge joint venture to the co-venture partner
at a net sale price of $1,000,000, which provided more net proceeds to the
Partnership than any of the third-party offers. This net sale price for the
Partnership's equity interest reflects the deduction of the outstanding first
mortgage loan amount from an agreed upon effective sale price of $11,750,000,
which was supported by the most recent independent appraisal of the property.
The purchase contract was signed in October 1995 and required the co-venture
partner to make a $200,000 non-refundable escrow deposit and to close the
transaction by January 16, 1996. On December 29, 1995, the transaction closed
and the Partnership received the additional $800,000. The Partnership will
distribute approximately $514,000 of the net sale proceeds, or approximately $20
per original $1,000 investment, in a special distribution to the Limited
Partners to be made on February 15, 1996. The remaining net sale proceeds of
approximately $486,000 will be retained by the Partnership for Partnership
reserves and to fund any potential capital needs of the Charter Oak and Towne
Oak investments.
The Partnership acquired its interest in Braesridge in September 1982 for
an equity investment of $6,900,000. The property was originally secured by a
first mortgage loan of $8,500,000. In the years that followed, there was
significant overbuilding and a severe real estate recession. These factors, in
combination with a weakened Texas economy, put considerable downward pressure on
occupancy levels, rental rates and property values during the latter half of the
1980s, and was a trend that continued through the early 1990s. Due to this
severe real estate downturn, the value of the Braesridge Apartments decreased to
approximately one-half of its debt principal. As part of its efforts to recover
some portion of the Partnership's original investment, management was able to
complete several debt restructurings beginning in the late 1980's. These debt
workouts were structured so that a major portion of the monthly debt service
could be supported from property operations. The difference between the modified
interest rate payments and the actual debt service payments to the lender was
added to loan principal. This allowed the Partnership to retain its ownership
position in the property during deteriorating economic conditions. The effect of
these interest accruals was an increase in the amount of the first mortgage loan
during the period covered by the modification agreements to an amount of
approximately $10 million. However, these successful workouts prevented the
property from being foreclosed upon by the lender.
The recovery of the real estate markets for multi-family apartment
properties across the country over the past 2-to-3 years had allowed Braesridge
to achieve historically high occupancy levels and record levels of rental
collection in fiscal 1994 and 1995. However, the high occupancy levels in the
Houston apartment market over the past two years, combined with significantly
increased rental rates, are now sufficient to justify the construction of new
apartment units which could limit Braesridge's future performance. Because of
the potential for apartment development and the possible adverse impact on the
future operations of Braesridge, management believed that this was the
appropriate time to sell the interest in the property and recover a small
portion of the Partnership's original investment.
Due to the fiscal 1996 sale of the interest in the Braesridge joint
venture, which represented 31% of the Partnership's original investment
portfolio, for an amount which is substantially lower than the Partnership's
original investment in Braesridge, combined with the fiscal 1991 foreclosure
loss of the Yorktown investment, which represented 16% of the Partnership's
original investment portfolio, the Partnership will be unable to return the full
amount of the original capital contributed by the Limited Partners. The amount
of capital which will be returned will depend upon the proceeds received from
the final liquidation of the two remaining investments. The amount of such
proceeds will ultimately depend upon the value of the underlying investment
properties at the time of their final disposition, which cannot presently be
determined. The improving market conditions referred to above for multi-family
apartment properties, combined with the significant capital improvement programs
which are in the process of being implemented at both of the two remaining
investment properties, may result in favorable opportunities to sell the
Partnership's remaining investments within the next 2-to-3 years. The
implementation of capital improvements made possible by the recent refinancings
of the Charter Oak and Towne Oaks properties, as discussed further below, are
expected to support management's ability to increase rents and add value to
these properties in the near term. Accordingly, management will likely defer
engaging in any concerted sales efforts with respect to Charter Oak and Towne
Oaks for at least the next 12-to-18 months until the respective capital
improvement programs are substantially completed and the effects of the
improvements are fully reflected in the rental rate structures for the apartment
units.
As part of the refinancing of the mortgage loan secured by the Towne Oaks
Apartments in fiscal 1994, the joint venture was required to establish an escrow
account for a replacement reserve and other capital repairs. The balance of
these restricted reserves totalled approximately $1.5 million at the time of the
loan closing. Subsequent to the refinancing, the Partnership has implemented a
program to use these funds, along with cash flow from property operations, to
repair and upgrade the Towne Oaks Apartments property. To date, over $1.8
million of capital expenditures have been incurred to complete the installation
and painting of new exterior siding on all buildings and to begin the process of
upgrading the apartment interiors. The exterior portion of the capital
improvement program is completed, and apartment interiors are being upgraded on
a turnover basis, which will continue over the next 3 years until all of the
units have been upgraded. The property improvements were necessary in order to
improve the average occupancy levels and rental rates at this 20-year old
facility, which had declined during fiscal 1993 and 1994 due to competitive
conditions existing in the property's Arlington, Texas submarket. The initial
impact of the renovation program is reflected in the property's occupancy level
which had increased to 94% as of December 31, 1995 from a level of 87%
experienced one year earlier. The Partnership hired a new management firm to
oversee the implementation of the property rehabilitation program and to manage
the day-to-day operations of the apartment complex under the direction of the
Managing General Partner. Management is confident that the capital improvement
program will allow the property to remain competitive in its marketplace.
Further increases in occupancy levels and rental rates are expected throughout
fiscal 1996. As planned rental rate increases are implemented, the property
should begin to generate excess cash flow to support the Partnership's
operations.
At December 31, 1995 the Partnership and its consolidated joint venture had
available cash and cash equivalents of $1,053,000. Such cash and cash
equivalents include the proceeds from the sale of the Braesridge joint venture
interest, as discussed above, of which approximately $514,000 will be
distributed to the Limited Partners on February 15, 1996. The remaining balance
of the Partnership's cash reserves will be utilized for its working capital
requirements and, if necessary, to fund property operating deficits and capital
improvements of the joint ventures in accordance with the respective joint
venture agreements. The source of future liquidity and distributions to the
partners is expected to be through cash generated from operations of the
Partnership's investment properties and proceeds from the sale or refinancing of
such properties.
Results of Operations
Three Months Ended December 31, 1995
The Partnership reported net income of $2,012,000 for the three-month
period ended December 31, 1995, as compared to a net loss of $183,000 recognized
for the same period in the prior year. This favorable change in net operating
results is a result of the sale of the Braesridge joint venture interest on
December 29, 1995, as discussed further above. The Partnership accounted for its
investment in the Braesridge joint venture using the equity method because the
Partnership did not have voting control interest in the venture. Under the
equity method, the investment in a joint venture is carried at cost adjusted for
the Partnership's share of the venture's earnings or losses and distributions.
Despite recovering less than 15% of its original cash investment in Braesridge,
the Partnership recognized a gain of $2,166,000 in connection with the sale of
its venture interest because the losses recorded in prior years under the equity
method exceeded the Partnership's initial investment amount.
<PAGE>
The gain on the sale of the Braesridge joint venture interest was partially
offset by an increase in the Partnership's share of unconsolidated ventures'
losses during the quarter ended December 31, 1995 due to the write-off of the
unamortized balance of the Partnership's excess basis in the Braesridge joint
venture in the current period. The combined net operating results of the two
unconsolidated joint ventures actually improved slightly in the current period.
The Partnership's share of Braesridge's net loss for the period October 1, 1995
through December 29, 1995 was $70,000 more than the loss for the first quarter
in the prior year mainly due to an increase in repairs and maintenance expenses.
This was offset by an increase in Charter Oak's net income of $80,000 during the
current quarter compared to the same period in the prior year. This increase in
the venture's net income was primarily a result of an increase in rental
revenues due to improvement in both occupancy and rental rates.
<PAGE>
PART II
Other Information
Item 1. Legal Proceedings
In November 1994, a series of purported class actions (the "New York
Limited Partnership Actions") were filed in the United States District Court for
the Southern District of New York concerning PaineWebber Incorporated's sale and
sponsorship of 70 limited partnership investments, including those offered by
the Partnership. The lawsuits were brought against PaineWebber Incorporated and
Paine Webber Group Inc. (together "PaineWebber"), among others, by allegedly
dissatisfied partnership investors. In March 1995, after the actions were
consolidated under the title In re PaineWebber Limited Partnership Litigation,
the plaintiffs amended their complaint to assert claims against a variety of
other defendants, including Fourth Income Properties Fund, Inc. and Properties
Associates ("PA"), which are the General Partners of the Partnership and
affiliates of PaineWebber. On May 30, 1995, the court certified class action
treatment of the claims asserted in the litigation.
The amended complaint in the New York Limited Partnership Actions alleges
that, in connection with the sale of interests in PaineWebber Income Properties
Four Limited Partnership, PaineWebber, Fourth Income Properties Fund, Inc. and
PA (1) failed to provide adequate disclosure of the risks involved; (2) made
false and misleading representations about the safety of the investments and the
Partnership's anticipated performance; and (3) marketed the Partnership to
investors for whom such investments were not suitable. The plaintiffs, who
purport to be suing on behalf of all persons who invested in PaineWebber Income
Properties Four Limited Partnership, also allege that following the sale of the
partnership interests, PaineWebber, Fourth Income Properties Fund, Inc. and PA
misrepresented financial information about the Partnership's value and
performance. The amended complaint alleges that PaineWebber, Fourth Income
Properties Fund, Inc. and PA violated the Racketeer Influenced and Corrupt
Organizations Act ("RICO") and the federal securities laws. The plaintiffs seek
unspecified damages, including reimbursement for all sums invested by them in
the partnerships, as well as disgorgement of all fees and other income derived
by PaineWebber from the limited partnerships. In addition, the plaintiffs also
seek treble damages under RICO.
In January 1996, PaineWebber signed a memorandum of understanding with the
plaintiffs in the New York Limited Partnership Actions outlining the terms under
which the parties have agreed to settle the case. Pursuant to that memorandum of
understanding, PaineWebber irrevocably deposited $125 million into an escrow
fund under the supervision of the United States District Court for the Southern
District of New York to be used to resolve the litigation in accordance with a
definitive settlement agreement and plan of allocation which the parties expect
to submit to the court for its consideration and approval within the next
several months. Until a definitive settlement and plan of allocation is approved
by the court, there can be no assurance what, if any, payment or non-monetary
benefits will be made available to investors in Paine Webber Income Properties
Four Limited Partnership. Pursuant to provisions of the Partnership Agreement
and other contractual obligations, under certain circumstances the Partnership
may be required to indemnify Fourth Income Properties Fund, Inc., PA and their
affiliates for costs and liabilities in connection with this litigation.
Management has had discussions with representatives of PaineWebber and, based on
such discussions, the Partnership does not believe that PaineWebber intends to
invoke the aforementioned indemnifications in connection with the settlement of
this litigation.
Item 2. through 5.
NONE
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: NONE
(b) Reports on Form 8-K:
On January 16, 1996, a Current Report on Form 8-K was filed reporting the
sale of the Partnership's interest in the Braesridge Apartments on December 29,
1995.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PAINE WEBBER INCOME PROPERTIES FOUR
LIMITED PARTNERSHIP
By: FOURTH INCOME PROPERTIES FUND, INC.
Managing General Partner
By:/s/ Walter V. Arnold
Walter V. Arnold
Senior Vice President and Chief
Financial Officer
Date: February 13, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the Partnership's audited financial
statements for the 3 months ended December 31, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> DEC-31-1995
<CASH> 1,053
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,297
<PP&E> 14,039
<DEPRECIATION> 4,542
<TOTAL-ASSETS> 10,968
<CURRENT-LIABILITIES> 323
<BONDS> 4,900
<COMMON> 0
0
0
<OTHER-SE> 5,745
<TOTAL-LIABILITY-AND-EQUITY> 10,968
<SALES> 0
<TOTAL-REVENUES> 2,680
<CGS> 0
<TOTAL-COSTS> 509
<OTHER-EXPENSES> 46
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 113
<INCOME-PRETAX> 2,012
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,012
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,012
<EPS-PRIMARY> 77.52
<EPS-DILUTED> 77.52
</TABLE>
