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
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SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
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, 1997 and September 30, 1996 (Unaudited)
(In thousands)
ASSETS
March 31 September 30
-------- ------------
Operating investment property:
Land $ 1,300 $ 1,300
Buildings, improvements and equipment 11,853 11,842
--------- --------
13,153 13,142
Less: accumulated depreciation (5,102) (4,877)
--------- --------
8,051 8,265
Investment in unconsolidated joint
venture, at equity 167 -
Cash and cash equivalents 622 654
Tax escrow deposit 67 121
Repair escrow 61 53
Prepaid and other assets 46 59
Deferred financing costs, net 164 168
---------- --------
$ 9,178 $ 9,320
========== ========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $ 118 $ 105
Accrued real estate taxes 48 115
Mortgage interest payable 36 37
Tenant security deposits 79 65
Equity in losses of unconsolidated joint venture
in excess of investments and advances - 32
Long-term debt 4,819 4,852
Partners' capital 4,078 4,114
---------- --------
$ 9,178 $ 9,320
========== ========
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and six months ended March 31, 1997 and 1996 (Unaudited)
(In thousands, except per Unit data)
Three Months Ended Six Months Ended
March 31, March 31,
------------------- -------------------
1997 1996 1997 1996
---- ---- ---- ----
Revenues:
Rental revenues $ 533 $ 542 $1,048 $1,053
Interest and other income 10 10 38 12
------- ------- ------ ------
543 552 1,086 1,065
Expenses:
Property operating expenses 430 304 726 613
Interest expense and related fees 111 113 223 226
Depreciation expense 113 107 225 212
Real estate taxes 34 33 69 67
General and administrative 46 61 78 121
------- ------- ------- ------
734 618 1,321 1,239
------- ------- ------- ------
Operating loss (191) (66) (235) (174)
Partnership's share of
unconsolidated ventures'
income (losses) 91 35 199 (15)
Gain on sale of joint venture
investment - - - 2,166
------- ------- -------- -------
Net income (loss) $ (100) $ (31) $ (36) $ 1,977
======= ======= ======== =======
Net income (loss) per Limited
Partnership Unit $ (3.85) $ (1.19) $ (1.39) $ 76.17
======= ======= ======== =======
Cash distributions per Limited
Partnership Unit $ - $ 20.00 $ - $ 20.00
======= ======= ======== =======
The above net income (loss) and cash distributions per Limited Partnership
Unit are 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, 1997 and 1996 (Unaudited)
(In thousands)
General Limited
Partners Partners
-------- --------
Balance at September 30, 1995 $ (150) $ 3,883
Cash distributions - (514)
Net income 20 1,957
------ --------
Balance at March 31, 1996 $ (130) $ 5,326
====== ========
Balance at September 30, 1996 $ (141) $ 4,255
Net income - (36)
------ --------
Balance at March 31, 1997 $ (141) $ 4,219
====== ========
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended March 31, 1997 and 1996 (Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $ (36) $ 1,977
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities:
Gain on sale of joint venture investment - (2,166)
Depreciation expense 225 212
Amortization of deferred financing fees 4 3
Partnership's share of unconsolidated
ventures' income (losses) (199) 15
Changes in assets and liabilities:
Tax and insurance escrow deposits 54 (82)
Prepaid and other assets 13 7
Accounts payable and other liabilities 13 (67)
Accrued real estate taxes (67) 67
Mortgage interest payable (1) -
Tenant security deposits 14 -
------- -------
Total adjustments 56 (2,011)
------- -------
Net cash provided by (used in) operating
activities 20 (34)
------- -------
Cash flows from investing activities:
Proceeds received from sale of joint venture investment - 1,000
Additions to buildings, improvements and equipment (11) (46)
Net (deposits to) withdrawals from repair escrow (8) 15
------- -------
Net cash (used in) provided by investing
activities (19) 969
------- -------
Cash flows from financing activities:
Distributions to limited partners - (514)
Principal repayments on long-term debt (33) (30)
------- -------
Net cash used in financing activities (33) (544)
------- -------
Net (decrease) increase in cash and cash equivalents (32) 391
Cash and cash equivalents, beginning of period 654 129
------- -------
Cash and cash equivalents, end of period $ 622 $ 520
======= =======
Cash paid during the period for interest $ 220 $ 223
======= =======
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, 1996. 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.
The accompanying financial statements have been prepared on the accrual
basis of accounting in accordance with generally accepted accounting
principles which require management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities as of March 31, 1997 and September 30,
1996 and revenues and expenses for the three and six months ended March 31,
1997 and 1996. Actual results could differ from the estimates and
assumptions used.
2. Related Party Transactions
Included in general and administrative expenses for the six-month periods
ended March 31, 1997 and 1996 is $42,000 and $43,000, 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 six months
ended March 31, 1997 and 1996 is $900 and $400, respectively, representing
fees earned by an affiliate, Mitchell Hutchins Institutional Investors,
Inc., for managing the Partnership's cash assets.
3. Investments in Unconsolidated Joint Ventures
At March 31, 1997 and September 30, 1996, the Partnership had an investment
in one unconsolidated joint venture, Charter Oak Associates, which owns an
operating investment property as more fully described in the Partnership's
Annual Report. Prior to December 29, 1995, the Partnership had owned
interests in two unconsolidated ventures. On December 29, 1995, the
Partnership assigned its interest in the Braesridge Apartments joint venture
to an affiliate of the co-venture partner for net cash proceeds of
$1,000,000. 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 were retained by the Partnership for Partnership reserves and to
fund potential future capital needs of its remaining investments. The
unconsolidated joint ventures are accounted for on the equity method in the
Partnership's financial statements because the Partnership does not have a
voting control interest in the ventures. 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.
<PAGE>
Summarized operating results of the unconsolidated joint ventures for the
three and six months ended March 31, 1997 and 1996 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:
Condensed Combined Summary of Operations
For the three and six months ended March 31, 1997 and 1996
(in thousands)
Three Months Ended Six Months Ended
March 31, March 31,
------------------- -----------------
1997 1996 1997 1996
---- ---- ---- ----
Rental revenues and
expense recoveries $ 623 $ 583 $1,261 $1,897
Interest and other income 45 31 81 91
------ ------ ------ ------
668 614 1,342 1,988
Property operating expenses 221 257 435 939
Interest expense 186 189 373 598
Depreciation and amortization 110 87 223 256
Real estate taxes 41 39 79 140
------ ------ ------ ------
561 572 1,110 1,933
------ ------ ------ ------
Net income $ 107 $ 42 $ 232 $ 55
====== ====== ====== ======
Net income:
Partnership's share of
combined income $ 92 $ 36 $ 200 $ 42
Co-venturers' share of
combined income 15 6 32 13
------ ------ ------ ------
$ 107 $ 42 $ 232 $ 55
====== ====== ====== ======
Reconciliation of Partnership's Share of Operation
For the three and six months ended March 31, 1997 and 1996
(in thousands)
Three Months Ended Six Months Ended
March 31, March 31,
------------------ -----------------
1997 1996 1997 1996
---- ---- ---- ----
Partnership's share of
combined income, as shown above $ 92 $ 36 $ 200 $ 42
Amortization of excess basis (1) (1) (1) (57)
------ ------ ------ ------
Partnership's share of
unconsolidated ventures'
income (losses) $ 91 $ 35 $ 199 $ (15)
====== ====== ====== ======
<PAGE>
4. Operating Investment Property
Operating investment property at March 31, 1997 and September 30, 1996
represents the land, buildings, improvements and equipment of Arlington Towne
Oaks Associates, a joint venture in which the Partnership has a controlling
interest. 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 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 known as the Bristol Pointe Apartments (formerly
Towne Oaks Apartments).
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, 1997 and 1996 (in thousands):
Three Months Ended Six Months Ended
March 31, March 31,
--------------------- ------------------
1997 1996 1997 1996
---- ---- ---- ----
Property operating expenses:
Salaries and related costs $ 73 $ 64 $ 140 $ 126
Repairs and maintenance 145 68 226 163
Utilities 120 110 224 210
Management fees 21 22 42 42
Administrative and other 71 40 94 72
------- ------- ----- ------
$ 430 $ 304 $ 726 $ 613
======= ======= ===== ======
5. Long-term Debt
Long-term debt at March 31, 1997 and September 30, 1996 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 Bristol
Pointe operating investment
property. The fair value of
this note payable
approximated its carrying
value as of March 31, 1997
and September 30, 1996. $ 4,819 $ 4,852
======= =======
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
- -------------------------------
As discussed further in the Annual Report, on December 29, 1995 the
Partnership assigned its interest in the Braesridge Apartments joint venture to
an affiliate of its co-venture partners for net cash proceeds of $1,000,000.
This net sale price for the Partnership's equity interest reflected the
deduction of the outstanding first mortgage loan and certain co-venture partner
operating loans from an agreed upon effective sale price of $11,750,000, which
was supported by the most recent independent appraisal of the property. 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 were retained by the Partnership to increase cash reserves maintained
to fund working capital requirements and potential future capital needs of the
two remaining real estate investments. Due to the fiscal 1996 sale of the
Partnership's interest in the Braesridge joint venture, which represented 31% of
the original investment portfolio, for an amount which was substantially lower
than the Partnership's investment in the joint venture, combined with the fiscal
1991 foreclosure loss of the Yorktown investment, which represented 16% of the
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 liquidation of the two Partnership's 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.
Occupancy at the Partnership's two remaining multi-family apartment
properties, Bristol Pointe (formerly Towne Oaks) and Charter Oak, averaged 88%
and 89%, respectively, for the second quarter of fiscal 1997 compared to 87% and
94%, respectively, for the prior quarter. The small increase in occupancy at
Bristol Pointe is attributable to an aggressive marketing program involving the
use of rental concessions implemented by the new property management team.
Although the local apartment rental market in the greater Dallas, Texas area has
softened in recent months, improvements made to the unit interiors at Bristol
Pointe over the past two years and other recent improvements made to the
property in conjunction with the new marketing program have increased
prospective tenant traffic at Bristol Pointe dramatically during the current
quarter. Management is cautiously optimistic that this increase in prospective
tenant traffic at Bristol Pointe will result in additional occupancy gains in
future quarters. Cash flow from the Bristol Pointe property continues to be
applied to the program begun in fiscal 1995 to upgrade the apartment interiors
on a turnover basis. This work is scheduled to continue over approximately the
next 2 years until all of the units have been upgraded. The interior upgrades
range from repainting and carpet replacement, where needed, to the complete
retrofit of the fixtures, cabinets, heating and air conditioning equipment and
the replacement of all appliances in each unit. Other capital improvement work
planned at Bristol Pointe during the second half of fiscal 1997 includes a
resurfacing of the property's parking lot. Management is currently reviewing
cost estimates for completing this work. At Charter Oak, refinancing reserves
continue to be used as part of a program to upgrade individual units and the
property as a whole. As with Bristol Pointe, the work to renovate the individual
apartment units is being done on a turnover basis and will continue until all of
the units have been upgraded. The upgraded units are generating additional
rental rates of $50 to $165 per month, depending on the type of unit. The
decline in occupancy at Charter Oak for the quarter ended March 31, 1997 is
attributable mainly to a loss of tenants to the single-family home market and to
a seasonal decline in prospective tenant traffic.
Over the past 18 months, development activity for multi-family properties
in many markets, including the greater Dallas area in which the Bristol Pointe
Apartments is located, has increased significantly. The general increase in
development activity may be an indication that market values for multi-family
properties are nearing their peak for the current market cycle. To date, Charter
Oak has not experienced a significant increase in the supply of apartment units
in its sub-market, but management continues to monitor this situation closely.
As a result of the current market conditions, management will likely explore the
market for potential sales opportunities for the Charter Oak and Bristol Pointe
properties in the near term. Depending on the availability of favorable sales
opportunities for the two remaining properties, the Partnership could be
positioned for a possible liquidation within the next 2-to-3 years. There are no
assurances, however, that the Partnership will be able to achieve the sale of
its remaining assets within this time frame.
At March 31, 1997, the Partnership and its consolidated joint venture had
available cash and cash equivalents of $622,000. 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. Such sources of liquidity are expected to be sufficient to meet the
Partnership's needs through its expected liquidation within the next 2- to-3
years.
Results of Operations
Three Months Ended March 31, 1997
- ---------------------------------
The Partnership reported a net loss of $100,000 for the three months ended
March 31, 1997, as compared to a net loss of $31,000 for the same period in the
prior year. This increase in the Partnership's net loss for the current
three-month period is a result of an increase in the Partnership's operating
loss of $125,000, which was partially offset by an increase in the Partnership's
share of unconsolidated ventures' income of $56,000. The increase in the
Partnership's operating loss is primarily attributable to an increase in
property operating expenses at the consolidated Bristol Pointe Apartments.
Property operating expenses at Bristol Pointe increased primarily due to
increases in repairs and maintenance, advertising and administrative expenses
stemming from the new management team's marketing efforts to improve the
property's appearance and increase occupancy.
The Partnership's share of unconsolidated ventures' income for the three
months ended March 31, 1996 and 1997 includes only the operations of Charter Oak
Associates, which owns and operates the Charter Oak Apartments. The
Partnership's share of unconsolidated ventures' income increased in the current
three-month period mainly due to an increase in rental income at Charter Oak as
well as a decline in property operating expenses. Rental income increased during
the current three-month period due to an increase in rental rates achieved over
the past fifteen months. Property operating expenses decreased due to declines
in salaries, repairs and maintenance and professional fees which were partially
offset by higher depreciation expense resulting from the ongoing capital
improvement program at the property.
Six Months Ended March 31, 1997
- -------------------------------
The Partnership reported a net loss of $36,000 for the six-month period
ended March 31, 1997 as compared to net income of $1,977,000 for the same period
in the prior year. This unfavorable change is a result of the $2,166,000 gain
recognized by the Partnership from the sale of the Braesridge joint venture on
December 29, 1995 and a $61,000 increase in the Partnership's operating loss
which were partially offset by a favorable change of $214,000 in the
Partnerships' share of unconsolidated ventures' income (losses). 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 in the first quarter of fiscal 1996 because the losses and
distributions recorded in prior years under the equity method had exceeded the
Partnership's investments in the venture.
The Partnership's operating loss increased primarily due to an increase in
property operating expenses at the consolidated Bristol Pointe Apartments for
the current six-month period which was partially offset by an increase in
interest and other income and a decrease in general and administrative expenses.
Property operating expenses at Bristol Pointe increased primarily due to an
increase in repairs and maintenance, advertising and administrative expenses
related to the new marketing program referred to above. Interest and other
income increased by $26,000 for the current six-month period largely due to an
increase in the Partnership's average invested cash reserve balance as a result
of the retention of a portion of the Braesridge sale proceeds, as discussed
further above. General and administrative expenses decreased by $43,000 mainly
due to a reduction in certain required professional services for the six months
ended March 31, 1997.
The Partnership's share of unconsolidated ventures' operations for the six
months ended March 31, 1997 improved in comparison to the same period in the
prior year due to the inclusion of the net loss attributable to the operations
of the Braesridge joint venture through the date of the sale in the prior period
results. The Partnership's share of unconsolidated ventures' income in the
current six-month period includes only the operations of Charter Oak Associates,
which owns and operates the Charter Oak Apartments. The Partnership's share of
the operations of the Charter Oak joint venture improved by $54,000 for the
current six-month period primarily due an increase in rental revenues and a
reduction in property operating expenses which were partially offset by higher
non-cash depreciation charges. Rental revenues increased due to increases in
rental rates over the past 18 months. Depreciation expense increased primarily
due to the ongoing capital improvement program at the property.
<PAGE>
PART II
Other Information
Item 1. Legal Proceedings
As previously disclosed, the Partnership's General Partners 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
various limited partnership investments and REIT stocks, including those offered
by 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. On July 17, 1996,
PaineWebber and the class plaintiffs submitted a definitive settlement agreement
which provides for the complete resolution of the class action litigation,
including releases in favor of the Partnership and PWPI, and the allocation of
the $125 million settlement fund among investors in the various partnerships and
REITs at issue in the case. As part of the settlement, PaineWebber also agreed
to provide class members with certain financial guarantees relating to some of
the partnerships and REITs. The details of the settlement are described in a
notice mailed directly to class members at the direction of the court. A final
hearing on the fairness of the proposed settlement was held in December 1996,
and in March 1997 the court announced its final approval of the settlement. As
part of the settlement agreement, PaineWebber has agreed not to seek
indemnification from the related partnerships and real estate investment trusts
at issue in the litigation (including the Partnership) for any amounts that it
is required to pay under the settlement. Based on the settlement agreement
discussed above covering all of the outstanding unitholder litigation,
management does not expect that the resolution of this matter will have a
material impact 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:
No reports on Form 8-K have been filed by the registrant during the quarter
for which this report is filed.
<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 13, 1997
<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,
1997 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-30-1997
<PERIOD-END> MAR-31-1997
<CASH> 622
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 796
<PP&E> 13,320
<DEPRECIATION> 5,102
<TOTAL-ASSETS> 9,178
<CURRENT-LIABILITIES> 281
<BONDS> 4,819
0
0
<COMMON> 0
<OTHER-SE> 4,078
<TOTAL-LIABILITY-AND-EQUITY> 9,178
<SALES> 0
<TOTAL-REVENUES> 1,285
<CGS> 0
<TOTAL-COSTS> 1,098
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 223
<INCOME-PRETAX> (36)
<INCOME-TAX> 0
<INCOME-CONTINUING> (36)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (36)
<EPS-PRIMARY> (1.39)
<EPS-DILUTED> (1.39)
</TABLE>
