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 MARCH 31, 1996
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
March 31, 1996 and September 30, 1995 (Unaudited)
(In thousands)
ASSETS
March 31 September 30
Operating investment property:
Land $ 1,400 $ 1,400
Buildings, improvements and equipment 12,514 12,468
--------- ---------
13,914 13,868
Accumulated depreciation (4,648) (4,436)
------------ ---------
9,266 9,432
Cash and cash equivalents 520 129
Tax escrow deposit 192 110
Repair escrow 44 59
Investment in joint venture at equity 177 -
Prepaid and other assets 50 57
Deferred financing costs, net 172 175
------------- ---------
$ 10,421 $ 9,962
========== =======
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $ 77 $ 144
Accrued real estate taxes 168 101
Mortgage interest payable 37 37
Tenant security deposits 58 58
Equity in losses of unconsolidated joint ventures
in excess of investments and advances - 974
Long-term debt 4,885 4,915
Partners' capital 5,196 3,733
--------- -------
$ 10,421 $ 9,962
========= =======
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and six months ended March 31, 1996 and 1995 (Unaudited)
(In thousands, except per Unit data)
Three Months Ended Six Months Ended
March 31, March 31,
1996 1995 1996 1995
---- ---- ---- ----
Revenues:
Rental revenues $ 542 $ 476 $ 1,053 $ 915
Interest and other income 10 3 12 4
-------- ------- -------- ------
552 479 1,065 919
Expenses:
Property operating expenses 304 337 613 653
Interest expense and
related fees 113 112 226 229
Depreciation expense 107 109 212 213
Real estate taxes 33 34 67 63
General and administrative 61 34 121 90
-------- ------- ------- --------
618 626 1,239 1,248
-------- -------- ------- --------
Operating loss (66) (147) (174) (329)
Partnership's share of
unconsolidated ventures'
income (losses) 35 36 (15) 35
Gain on sale of joint
venture investment - - 2,166
-------- -------- ------- --------
Net income (loss) $ (31) $ (111) $ 1,977 $ (294)
========= ======= ======= ========
Net income (loss) per Limited
Partnership Unit $(1.19) $ (4.29) $ 76.17 $ (11.35)
========= ======= ======= ========
Distributions per Limited
Partnership Unit $ 20.00 $ - $ 20.00 $ -
========= ======= ======= ========
The above net income (loss) and cash distributions 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 CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the six months ended March 31, 1996 and 1995 (Unaudited)
(In thousands)
General Limited
Partners Partners
Balance at September 30, 1994 $ (146) $ 4,132
Net loss (3) (292)
------- ---------
Balance at March 31, 1995 $ (149) $ 3,840
====== ========
Balance at September 30, 1995 $ (150) $ 3,883
Cash distributions - (514)
Net income 20 1,957
------ --------
Balance at March 31, 1996 $ (130) $ 5,326
====== ========
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended March 31, 1996 and 1995 (Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
1995 1994
Cash flows from operating activities:
Net income (loss) $ 1,977 $ (295)
Adjustments to reconcile net income (loss) to
net cash used for operating activities:
Gain on sale of joint venture investment (2,166) -
Depreciation expense 212 213
Amortization of deferred financing fees 3 4
Partnership's share of unconsolidated
ventures' income (losses) 15 (35)
Changes in assets and liabilities:
Tax and insurance escrow deposits (82) 100
Prepaid and other assets 7 -
Accounts payable and other liabilities (67) 18
Accrued real estate taxes 67 (63)
Tenant security deposits - 6
------------ ---------
Total adjustments (2,011) 243
------------ ---------
Net cash used for operating activities (34) (52)
----------- ---------
Cash flows from investing activities:
Proceeds received from sale of joint venture investment 1,000 -
Distributions from unconsolidated joint ventures - 412
Additional investments in unconsolidated joint ventures - (41)
Additions to buildings, improvements and equipment (46) (764)
Decrease in repair escrow 15 758
-------------- ----------
Net cash provided by investing activities 969 365
------------- ----------
Cash flows from financing activities:
Distributions to limited partners (514) -
Principal repayments on long-term debt (30) (28)
------------- -----------
Net cash used for financing activities (544) (28)
------------ -----------
Net increase in cash and cash equivalents 391 285
Cash and cash equivalents, beginning of period 129 24
------------ ----------
Cash and cash equivalents, end of period $ 520 $ 309
============ ========
Cash paid during the period for interest $ 223 $ 225
=========== ========
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 March 31, 1996, the Partnership had an investment in one unconsolidated
joint venture (two at March 31, 1995), 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 joint venture 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
made 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 potential
future capital needs of its remaining investments.
<PAGE>
Summarized operating results of the unconsolidated joint ventures for the
three and six months ended March 31, 1996 and 1995 are as follows. The
summary of operations for the six months ended March 31, 1996 includes the
Partnership's share of the Braesridge joint venture's net loss through
December 29, 1995. The summary of operations for the three months ended
March 31, 1996 includes only the Partnership's share of the net income of
the Charter Oak joint venture:
Condensed Combined Summary of Operations
For the three and six months ended March 31, 1996 and 1995 (in thousands):
Three Months Ended Six Months Ended
March 31, March 31,
1996 1995 1996 1995
---- ---- ---- ----
Rental revenues and
expense recoveries $ 583 $1,274 $ 1,897 $2,515
Interest and other income 31 39 91 141
-------- --------- ----------- --------
614 1,313 1,988 2,656
Property operating expenses 257 574 939 1,218
Interest expense 189 427 598 861
Depreciation and amortization 87 167 256 329
Real estate taxes 39 99 140 200
------- ---------- ---------- ---------
572 1,267 1,933 2,608
------- -------- --------- --------
Net income $ 42 $ 46 $ 55 $ 48
======= ========== ========== =========
Net income:
Partnership's share of
combined income $ 36 $ 37 $ 42 $ 38
Co-venturers' share of
combined income 6 9 13 10
--------- ---------- ---------- ----------
$ 42 $ 46 $ 55 $ 48
======== ========== ========== ==========
Reconciliation of Partnership's Share of Operations
For the three and six months ended March 31, 1996 and 1995 (in thousands)
Three Months Ended Six Months Ended
March 31, March 31,
1996 1995 1996 1995
---- ---- ---- ----
Partnership's share of
combined income,
as shown above $ 36 $ 37 $ 42 $ 38
Amortization of excess basis (1) (1) (57) (3)
--------- -------- -------- -------
Partnership's share of
unconsolidated ventures'
income(losses) $ 35 $ 36 $ (15 $ 35
======== ======== ======= =======
3. Operating Investment Property
Operating investment property at March 31, 1996 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 and six months ended March 31, 1996 and 1995 (in thousands):
<PAGE>
Three Months Ended Six Months Ended
March 31, March 31,
1996 1995 1996 1995
---- ---- ---- ----
Property operating expenses:
Salaries and related costs $ 64 $ 74 $ 126 $ 134
Repairs and maintenance 68 83 163 179
Utilities 110 132 210 237
Management fees 22 19 42 37
Administrative and other 40 29 72 66
------ -------- ------- ------
$ 304 $ 337 $ 613 $ 653
====== ======== ====== ======
4. Related Party Transactions
Included in general and administrative expenses for six months ended March
31, 1996 and 1995 is $43,000 and $42,000, 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 both the six months
ended March 31, 1996 and 1995 is $400, representing fees earned by Mitchell
Hutchins Institutional Investors, Inc. for managing the
Partnership's cash assets.
5. Long-term Debt
Long-term debt at March 31, 1996 and September 30, 1995 relates to the
consolidated joint venture, Arlington Towne Oaks Associates, and is
summarized as follows (in thousands):
March 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. $4,885 $4,915
====== ======
6. Contingencies
The Partnership is involved in certain legal actions. At the present time,
the Managing General Partner cannot estimate the impact, if any, of these
matters 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 joint venture 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
distributed approximately $514,000 of the net sale proceeds, or $20 per original
$1,000 investment, in a special distribution to the Limited Partners 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 potential
future capital needs of the Charter Oak and Towne Oaks 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 had
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. Notwithstanding the
increase in the debt obligation, 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
collections 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 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 has been 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 March 31, 1996 from a level of 89% experienced
one year earlier. As the program of planned rental rate increases continues to
be implemented at Towne Oaks, the property is expected to generate excess cash
flow to support the Partnership's operations in the relatively near term.
At March 31, 1996 the Partnership and its consolidated joint venture had
available cash and cash equivalents of $520,000. Such cash and cash equivalents
will be utilized for the Partnership's working capital requirements and, if
necessary, to fund property operating deficits and capital improvements of the
two remaining 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 March 31, 1996
The Partnership reported a net loss of $31,000 for the three-month period
ended March 31, 1996, as compared to a net loss of $111,000 recognized for the
same period in the prior year. This favorable change in net operating results is
the result of an increase of $66,000 in rental revenue at the Towne Oaks
Apartments along with a decrease of $33,000 in property operating expenses
during the three months ended March 31, 1996. The increase in rental revenues
was due to the increase in both occupancy and rental rates discussed further
above. The decrease in property operating expenses was primarily attributable to
a $27,000 decrease in utilities expense.
Due to the sale of the Partnership's interest in the Braesridge joint
venture, the Partnership's share of the unconsolidated joint ventures operations
for the current three-month period includes only the Partnerhship's share of the
operations of the Charter Oak Apartments and is not directly comparable to the
same period in the prior year which includes the results of both Charter Oak and
Braesridge. The Partnership's share of Charter Oak's net income decreased
slightly during the current three-month period, when compared to the same period
in the prior year, primarily due to an increase in property operating expenses.
Six Months Ended March 31, 1996
The Partnership reported net income of $1,977,000 for the six-month period
ended March 31, 1996, as compared to a net loss of $294,000 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. Also contributing
to the favorable change in net operating results was a decrease in the
Partnership's operating loss. Operating loss decreased by $155,000 primarily as
a result of increases in rental revenues from the consolidated Towne Oaks
Apartments. Rental revenues at Towne Oaks increased as a result of increases in
both occupancy levels and rental rates.
The gain on the sale of the Braesridge joint venture interest was partially
offset by an unfavorable change in the the Partnership's share of unconsolidated
ventures' operations for the six months ended March 31, 1996. The Partnership's
share of Braesridge losses increased primarily as a result of the write-off of
the unamortized balance of the Partnership's excess basis in the Braesridge
joint venture due to the sale. An increase in the Partnership's share of Charter
Oak net income during the current six-month period partially offset the increase
in the Braesridge net loss. Charter Oak net income increased primarily as a
result of a decrease in professional fees and mortgage interest expense during
the current six-month period. Professional fees and mortgage interest expense
decreased due to the HUD related refinancing fees incurred during the six months
ended March 31, 1995.
<PAGE>
PART II
Other Information
Item 1. Legal Proceedings
As previously disclosed, Fourth Income Properties Fund, Inc. and Properties
Associates ("PA"), the General Partners of the Partnership, were named as
defendants in a class action lawsuit against PaineWebber Incorporated
("PaineWebber") and a number of its affiliates relating to PaineWebber's sale of
70 direct investment offerings, including the offering of interests in the
Partnership. In January 1996, PaineWebber signed a memorandum of understanding
with the plaintiffs in the class action 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 a 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 unitholders in Paine Webber Income Properties
Four Limited Partnership. Under certain limited circumstances, pursuant to the
Partnership Agreement and other contractual obligations, PaineWebber affiliates
could be entitled to indemnification for expenses and liabilities in connection
with this litigation. At the present time, the General Partners cannot estimate
the impact, if any, of this matter on the Partnership's financial statements,
taken as a whole.
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: May 12, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Partnership's audited financial statements for the quarter ended March 31, 1996
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<CASH> 520
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 806
<PP&E> 14091
<DEPRECIATION> 4648
<TOTAL-ASSETS> 10421
<CURRENT-LIABILITIES> 340
<BONDS> 4885
0
0
<COMMON> 0
<OTHER-SE> 5196
<TOTAL-LIABILITY-AND-EQUITY> 10421
<SALES> 0
<TOTAL-REVENUES> 3231
<CGS> 0
<TOTAL-COSTS> 1013
<OTHER-EXPENSES> 15
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 226
<INCOME-PRETAX> 1977
<INCOME-TAX> 0
<INCOME-CONTINUING> 1977
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1977
<EPS-PRIMARY> 76.17
<EPS-DILUTED> 76.17
</TABLE>
