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 JUNE 30, 1998
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
June 30, 1998 and September 30, 1997 (Unaudited)
(In thousands)
ASSETS
June 30 September 30
------- ------------
Operating investment property:
Land $ 1,300 $ 1,300
Buildings, improvements and equipment 12,387 12,350
--------- ---------
13,687 13,650
Accumulated depreciation (5,740) (5,352)
--------- ---------
7,947 8,298
Investment in joint venture, at equity 82 -
Cash and cash equivalents 901 995
Tax escrow deposit 239 121
Repair escrow 80 69
Prepaid and other assets 39 59
Deferred financing costs, net 155 161
--------- ---------
$ 9,443 $ 9,703
========= =========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and other liabilities $ 47 $ 340
Accrued real estate taxes 219 116
Mortgage interest payable 36 36
Tenant security deposits 83 81
Losses from unconsolidated joint venture
in excess of investments and advances - 159
Long-term debt 4,727 4,783
Partners' capital 4,331 4,188
--------- ---------
$ 9,443 $ 9,703
========= =========
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and nine months ended June 30, 1998 and 1997 (Unaudited)
(In thousands, except per Unit data)
Three Months Ended Nine Months Ended
June 30, June 30,
----------------- ------------------
1998 1997 1998 1997
---- ---- ---- ----
Revenues:
Rental revenues $ 523 $ 468 $ 1,546 $ 1,355
Interest and other income 96 84 293 283
------- ------ ------- -------
619 552 1,839 1,638
Expenses:
Property operating expenses 345 360 974 1,086
Interest expense and related
fees 109 111 329 334
Depreciation expense 129 112 388 337
Real estate taxes 35 34 105 103
General and administrative 58 53 141 131
------- ------ ------- -------
676 670 1,937 1,991
------- ------ ------- -------
Operating loss (57) (118) (98) (353)
Partnership's share of
unconsolidated venture's
income 78 75 241 274
------- ------ ------- -------
Net income (loss) $ 21 $ (43) $ 143 $ (79)
======= ====== ======= =======
Net income (loss) per Limited
Partnership Unit $ 0.81 $(1.65) $ 5.51 $ (3.04)
======= ====== ======= =======
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 CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the nine months ended June 30, 1998 and 1997 (Unaudited)
(In thousands)
General Limited
Partners Partners
-------- --------
Balance at September 30, 1996 $(141) $ 4,255
Net loss (1) (78)
------ --------
Balance at June 30, 1997 $(142) $ 4,177
===== =======
Balance at September 30, 1997 $(140) $ 4,328
Net income 1 142
----- -------
Balance at June 30, 1998 $(139) $ 4,470
===== =======
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended June 30, 1998 and 1997 (Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
1998 1997
---- ----
Cash flows from operating activities:
Net income (loss) $ 143 $ (79)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation expense 388 337
Amortization of deferred financing fees 6 6
Partnership's share of unconsolidated
venture's income (241) (274)
Changes in assets and liabilities:
Tax and insurance escrow deposits (118) -
Prepaid and other assets 20 33
Accounts payable and other liabilities (293) (3)
Accrued real estate taxes 103 (33)
Mortgage interest payable - (1)
Tenant security deposits 2 16
--------- ---------
Total adjustments (133) 81
--------- ---------
Net cash provided by operating
activities 10 2
--------- ---------
Cash flows from investing activities:
Additions to buildings, improvements and
equipment (37) (11)
Net deposits to repair escrow (11) (12)
--------- ---------
Net cash used in investing activities (48) (23)
--------- ---------
Cash flows from financing activities:
Principal repayments on long-term debt (56) (51)
--------- ---------
Net decrease in cash and cash equivalents (94) (72)
Cash and cash equivalents, beginning of period 995 654
--------- ---------
Cash and cash equivalents, end of period $ 901 $ 582
========= =========
Cash paid during the period for interest $ 323 $ 329
========= =========
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, 1997. 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 June 30, 1998 and September 30, 1997 and revenues and
expenses for the three and nine months ended June 30, 1998 and 1997. Actual
results could differ from the estimates and assumptions used.
As of June 30, 1998, the Partnership had two remaining joint venture
investments, the Charter Oak Apartments (see Note 3) and the Bristol Pointe
Apartments (see Note 4). The Charter Oak property was sold subsequent to the
quarter end, on July 16, 1998. Management of the Partnership is currently
pursuing the possible sale of the final asset and a potential liquidation of the
Partnership which could be accomplished prior to the end of calendar 1998. There
are no assurances, however, that the disposition of the Partnership's remaining
asset and a liquidation of the Partnership will be accomplished within this time
frame.
2. Related Party Transactions
--------------------------
Included in general and administrative expenses for the nine-month periods
ended June 30, 1998 and 1997 is $67,000 and $64,000, 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 of the
nine-month periods ended June 30, 1998 and 1997 is $2,000, representing fees
earned by an affiliate, Mitchell Hutchins Institutional Investors, Inc., for
managing the Partnership's cash assets.
3. Investment in Unconsolidated Joint Venture
------------------------------------------
At June 30, 1998, the Partnership had an investment in one unconsolidated
joint venture, Charter Oak Associates, which owned 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.
Subsequent to the end of the quarter, on July 16, 1998, Charter Oak
Associates sold the property known as the Charter Oak Apartments located in
Creve Coeur, Missouri, to an unrelated third party for $21.4 million. The
Partnership received net proceeds of $8,703,000 after deducting closing costs of
$251,000, closing proration adjustments of $370,000, the repayment of the
existing first mortgage loan of $9,898,000, related accrued interest of $61,000
and a payment of $2,117,000 to the Partnership's co-venture partner for its
share of the sales proceeds in accordance with the joint venture agreement. In
addition to the net sale proceeds, the Partnership will receive its share of the
net cash flow from the operations of Charter Oak through the date of the sale
upon the dissolution of the joint venture, which is expected to occur within the
next 2- to -3 months. The Partnership anticipates that it will distribute all of
the net sales proceeds from the sale of Charter Oak on or before October 15,
1998 after it received final documentation from HUD of its formal approval of
the prepayment of the HUD-insured first mortgage loan which encumbered the
Charter Oak property. The receipt of such approval should be a mere formality.
The Partnership expects to receive HUD approval by mid-September 1998.
<PAGE>
Summarized operating results of the unconsolidated joint venture for the
three and nine months ended June 30, 1998 and 1997 are as follows:
Condensed Summary of Operations
For the three and nine months ended June 30, 1998 and 1997
(in thousands)
Three Months Ended Nine Months Ended
June 30, June 30,
------------------ -----------------
1998 1997 1998 1997
---- ---- ---- ----
Rental revenues and expense
recoveries $ 661 $ 617 $ 1,926 $1,878
Interest and other income 23 23 78 104
------ ------ ------- ------
684 640 2,004 1,982
Property operating expenses 222 210 646 645
Interest expense 182 186 531 559
Depreciation and amortization 150 113 424 336
Real estate taxes 42 42 121 121
------ ------ ------- ------
596 551 1,722 1,661
------ ------ ------- ------
Net income $ 88 $ 89 $ 282 $ 321
====== ====== ======= ======
Net income:
Partnership's share of
net income $ 79 $ 76 $ 243 $ 276
Co-venturer's share of
net income 9 13 39 45
------ ------ ------- ------
$ 88 $ 89 $ 282 $ 321
====== ====== ======= ======
Reconciliation of Partnership's Share of Operations
For the three and nine months ended June 30, 1998 and 1997
(in thousands)
Three Months Ended Nine Months Ended
June 30, June 30,
----------------- -----------------
1998 1997 1998 1997
---- ---- ---- ----
Partnership's share of
net income, as shown above $ 79 $ 76 $ 243 $ 276
Amortization of excess basis (1) (1) (2) (2)
------ ------ ------ ------
Partnership's share of
unconsolidated venture's
income $ 78 $ 75 $ 241 $ 274
====== ====== ====== ======
<PAGE>
4. Operating Investment Property
-----------------------------
Operating investment property at June 30, 1998 and September 30, 1997
represents the land, buildings 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 known as the Bristol Pointe Apartments
(formerly the Towne Oaks Apartments) 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 nine months ended June 30, 1998 and 1997 (in thousands):
Three Months Ended Nine Months Ended
June 30, June 30,
----------------- -----------------
1998 1997 1998 1997
---- ---- ---- ----
Property operating expenses:
Salaries and related costs $ 72 $ 75 $ 230 $ 215
Repairs and maintenance 116 134 278 360
Utilities 107 88 299 312
Management fees 18 22 54 64
Administrative and other 32 41 113 135
------- ------- ------- ------
$ 345 $ 360 $ 974 $1,086
======= ======= ======= ======
5. Long-term Debt
--------------
Long-term debt at June 30, 1998 and September 30, 1997 relates to the
consolidated joint venture, Arlington Towne Oaks Associates, and is summarized
as follows (in thousands):
June 30 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 June 30, 1998
and September 30, 1997. $ 4,727 $ 4,783
======= ========
<PAGE>
PAINE WEBBER INCOME PROPERTIES FOUR LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Information Relating to Forward-Looking Statements
- --------------------------------------------------
The following discussion of financial condition includes forward-looking
statements which reflect management's current views with respect to future
events and financial performance of the Partnership. These forward-looking
statements are subject to certain risks and uncertainties, including those
identified in Item 7 of the Partnership's Annual Report on Form 10-K for the
year ended September 30, 1997 under the heading "Certain Factors Affecting
Future Operating Results", which could cause actual results to differ materially
from historical results or those anticipated. The words "believe", "expect",
"anticipate," and similar expressions identify forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which were made based on facts and conditions as they existed as of
the date of this report. The Partnership undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Liquidity and Capital Resources
- -------------------------------
Subsequent to the end of the third fiscal quarter, on July 16, 1998,
Charter Oak Associates, a joint venture in which the Partnership has an
interest, sold the property known as the Charter Oak Apartments located in Creve
Coeur, Missouri, to an unrelated third party for $21.4 million. The Partnership
received net proceeds of $8,703,000 after deducting closing costs of $251,000,
closing proration adjustments of $370,000, the repayment of the existing first
mortgage loan of $9,898,000, related accrued interest of $61,000 and a payment
of $2,117,000 to the Partnership's co-venture partner for its share of the sales
proceeds in accordance with the joint venture agreement. In addition to the net
sale proceeds, the Partnership will receive its share of the net cash flow from
the operations of Charter Oak through the date of the sale upon the dissolution
of the joint venture, which is expected to occur within the next 2- to -3
months.
As previously reported, during the second quarter of fiscal 1998 the
Partnership and its co-venture partner had selected a local brokerage firm with
a strong background in selling apartment properties in the St. Louis area to
market the Charter Oak property for sale. Subsequent to the end of the second
quarter, a marketing package was prepared and comprehensive sale efforts began
in May 1998. As a result of those efforts, twenty-nine offers to purchase
Charter Oak were received. The prospective purchasers were then requested to
submit best and final offers. Eight of the prospective buyers submitted best and
final offers. After completing an evaluation of these offers and the relative
strength of the prospective purchasers, the Partnership and its co-venture
partner selected an offer. A purchase and sale agreement was negotiated with
this prospective buyer and the sale transaction was closed on July 16, 1998.
Management believed that a current sale of the Charter Oak property was in the
best interests of the Limited Partners due to the exceptionally strong market
conditions that exist at the present time and which resulted in the achievement
of a very favorable selling price. The Partnership anticipates that it will
distribute all of the net sales proceeds from the sale of Charter Oak on or
before October 15, 1998 after it receives final documentation from HUD of its
formal approval of the prepayment of the HUD-insured first mortgage loan which
encumbered the Charter Oak property. The receipt of such approval should be a
mere formality. The Partnership expects to receive HUD approval by mid-September
1998.
Subsequent to the sale of the Charter Oak property, the Partnership's only
remaining real estate asset is its joint venture interest in the Bristol Pointe
Apartments. As previously reported, the Partnership has been in the process of
actively marketing this property for sale with a goal of completing a
liquidation of the Partnership prior to the end of calendar 1998. As discussed
further below, the Bristol Pointe property is currently subject to a signed
purchase and sale agreement. Nonetheless, until the prospective buyer fully
performs under the terms of this contract, there are no assurances that the sale
of the remaining asset and the liquidation of the Partnership will be completed
within this time frame.
During the third quarter of fiscal 1998, occupancy at the Bristol Pointe
Apartments averaged 94%, compared to 95% for the same period in the prior year.
The current occupancy level remains in line with those of competitive properties
in the local market. The strong occupancy at Bristol Pointe is attributable to
an aggressive marketing program involving the use of rental concessions
implemented by the property management team. The program was designed to
increase the number of prospective tenants looking to lease units at the
property and to retain as much of the existing resident base as possible.
Although the local apartment rental market in the greater Dallas, Texas area has
softened recently, 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 in recent quarters. The property's
leasing team signed 40 new leases and renewed an additional 65 leases with
existing tenants during the third quarter. All of the cash flow from operations
at Bristol Pointe have been reinvested in the apartment interior renovation
programs. The interior renovations 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.
During the second quarter of fiscal 1998, the Partnership initiated
discussions with area real estate brokerage firms in order to explore potential
opportunities for selling the Bristol Pointe property and solicited marketing
proposals from three of these firms. After reviewing their respective proposals
and conducting extensive interviews, the Partnership selected a Dallas-based
brokerage firm that is a leading seller of apartment properties. A marketing
package was subsequently finalized, and comprehensive sales efforts began in
early May 1998. As a result of those efforts, eighteen offers were received. The
prospective purchasers were then requested to submit best and final offers.
Seven of the prospective buyers submitted best and final offers. After
completing an evaluation of these offers and the relative strength of the
prospective purchasers, the Partnership selected an offer. A purchase and sale
agreement was negotiated with this unrelated third-party prospective buyer and
the due diligence work was completed on July 24, 1998. The prospective buyer has
made a non-refundable deposit of $150,000 and the Partnership expects to close
on this transaction by August 31, 1998.
At June 30, 1998, the Partnership and its consolidated joint venture had
available cash and cash equivalents of $901,000. 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
remaining joint venture in accordance with the joint venture agreement. 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 the remaining property.
Such sources of liquidity are expected to be sufficient to meet the
Partnership's needs through its expected liquidation date.
Results of Operations
Three Months Ended June 30, 1998
- --------------------------------
The Partnership reported net income of $21,000 for the three months ended
June 30, 1998, as compared to a net loss of $43,000 for the same period in the
prior year. This favorable change in the Partnership's net operating results for
the current three-month period was the result of a decrease in the Partnership's
operating loss of $61,000 and an increase in the Partnership's share of
unconsolidated venture's income of $3,000. The decrease in the Partnership's
operating loss is primarily attributable to an increase in rental revenues at
the consolidated Bristol Pointe Apartments which resulted from higher average
rental rates for the current three-month period. In addition, property operating
expenses at Bristol Pointe decreased for the current three-month period
primarily due to reductions in repairs and maintenance and advertising expenses.
The Partnership's share of unconsolidated venture's income, which reflects
the operations of Charter Oak Associates, increased in the current three-month
period mainly due to an increase in rental revenues. Rental revenues increased
at Charter Oak mainly due to an increase in average occupancy at the property.
The increase in rental revenues was partially offset by increases in property
operating expenses and depreciation expense. Operating expenses increased
primarily due to higher professional fees. Depreciation expense increased as a
result of the ongoing capital improvement program at the property.
Nine Months Ended June 30, 1998
- -------------------------------
The Partnership reported net income of $143,000 for the nine months ended
June 30, 1998, as compared to a net loss of $79,000 for the same period in the
prior year. This favorable change in the Partnership's net operating results for
the current nine-month period was the result of a decrease in the Partnership's
operating loss of $255,000 which was partially offset by a decrease in the
Partnership's share of unconsolidated venture's income of $33,000. The decrease
in the Partnership's operating loss is primarily attributable to an increase in
rental revenues at the consolidated Bristol Pointe Apartments of $191,000. The
increase in rental revenues resulted from improved occupancy and rental rates at
the property for the current nine-month period. In addition, property operating
expenses at Bristol Pointe decreased by $112,000 for the current nine-month
period primarily due to reductions in repairs and maintenance, advertising and
utilities expenses. The increase in rental revenues and the decrease in property
operating expenses was partially offset by an increase in deprecation expense of
$51,000. Depreciation expense increased due to the significant capital additions
which have occurred at Bristol Pointe during fiscal 1997 and 1998.
The Partnership's share of unconsolidated venture's income, which reflects
the operations of Charter Oak Associates, decreased by $33,000 in the current
nine-month period mainly due to an increase in the venture's depreciation
expense of $88,000. Depreciation expense increased as a result of the ongoing
capital improvement program at the Charter Oak property. The increase in
deprecation expense was partially offset by an increase in rental revenues and a
decrease in interest expense. Rental revenues increased mainly as a result of
improved occupancy at Charter Oak compared to the same period in the prior year.
Interest expense decreased due to the regular monthly principal payments made on
the mortgage loan encumbering the property.
<PAGE>
PART II
Other Information
Item 1. Legal Proceedings NONE
Item 2. through 5. NONE
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: NONE
(b) Reports on Form 8-K:
Subsequent to the end of the current fiscal quarter, the Partnership
filed a Current Report on Form 8-K dated July 16, 1998 to report the sale
of the Charter Oak Apartments. Such report is hereby incorporated herein by
reference.
<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: August 7, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Partnership's unaudited financial statements for the quarter ended June 30, 1998
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> JUN-30-1998
<CASH> 901
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,259
<PP&E> 13,769
<DEPRECIATION> 5,740
<TOTAL-ASSETS> 9,443
<CURRENT-LIABILITIES> 385
<BONDS> 4,727
0
0
<COMMON> 0
<OTHER-SE> 4,331
<TOTAL-LIABILITY-AND-EQUITY> 9,443
<SALES> 0
<TOTAL-REVENUES> 2,080
<CGS> 0
<TOTAL-COSTS> 1,608
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 329
<INCOME-PRETAX> 143
<INCOME-TAX> 0
<INCOME-CONTINUING> 143
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 143
<EPS-PRIMARY> 5.51
<EPS-DILUTED> 5.51
</TABLE>
