FORM 10-Q--Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
(As last amended in Rel. No. 312905, eff. 4/26/93.)
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, 1996
or
[ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the transition period.........to.........
(Amended by Exch Act Rel No. 312905. eff 4/26/93.)
Commission file number 0-11002
CONSOLIDATED CAPITAL PROPERTIES IV
(Exact name of registrant as specified in its charter)
California 94-2768742
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Registrant's telephone number (864) 239-1000
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 .
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED BALANCE SHEET
(in thousands, except unit data)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
(Unaudited) (Note)
<S> <C> <C>
Assets
Cash and cash equivalents:
Unrestricted $ 7,999 $ 10,865
Restricted - tenant security deposits 667 665
Investments 2,612 2,637
Prepaid expenses and other assets 6,034 6,900
Note and interest receivable 1,145 1,155
Investment Properties:
Land 12,491 12,868
Buildings and personal property 113,264 112,350
125,755 125,218
Less accumulated depreciation (88,475) (86,294)
37,280 38,924
$ 55,737 $ 61,146
Liabilities and Partners' Deficit
Liabilities
Accounts payable and accrued expenses $ 3,422 $ 3,443
Notes and interest payable 72,094 76,336
75,516 79,779
Partners' Deficit
General partner (6,030) (5,951)
Limited partners (342,783 units
outstanding in 1996 and 1995) (13,749) (12,682)
(19,779) (18,633)
$ 55,737 $ 61,146
<FN>
Note: The balance sheet at December 31, 1995, has been derived from the
audited financial statements at that date but does not include all
the information and footnotes required by generally accepted
accounting principles for complete financial statements.
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
b) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 6,737 $ 6,761 $13,385 $13,214
Interest and other income 162 245 375 363
Total revenues 6,899 7,006 13,760 13,577
Expenses:
Property operations 3,499 3,365 6,867 6,463
Depreciation and amortization 1,741 1,570 3,458 3,287
Interest 1,505 1,658 3,032 3,293
Administrative 298 390 825 830
Total expenses 7,043 6,983 14,182 13,873
Income (loss) before
extraordinary items (144) 23 (422) (296)
Extraordinary items:
Gain on refinancing -- -- -- 250
Gain on foreclosure of investment
property -- -- 2,999 --
Net income (loss) $ (144) $ 23 $ 2,577 $ (46)
Net income (loss) allocated to general
partner (4%) $ (6) $ 1 $ 103 $ (2)
Net income (loss) allocated to limited
partners (96%) (138) 22 2,474 (44)
$ (144) $ 23 $ 2,577 $ (46)
Net income (loss) per weighted average
partnership unit:
Income (loss) before extraordinary
items $ (.40) $ .06 $ (1.18) $ (.83)
Extraordinary items -- -- 8.40 .70
Net income(loss) per weighted average
limited partnership unit $ (.40) $ .06 $ 7.22 $ (.13)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
For the Six Months Ended June 30, 1996 and 1995
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited Total
Partnership General Limited Partners'
Units Partner Partners Deficit
<S> <C> <C> <C> <C>
Original capital contributions 343,106 $ 1 $171,553 $171,554
Partners' deficit at
December 31, 1994 342,783 $ (5,866) $(10,649) $(16,515)
Net loss for the six months
ended June 30, 1995 -- (2) (44) (46)
Partners' deficit at
June 30, 1995 342,783 $ (5,868) $(10,693) $(16,561)
Partners' deficit at
December 31, 1995 342,783 $(5,951) $(12,682) $(18,633)
Net income for the six months
ended June 30, 1996 -- 103 2,474 2,577
Distributions to Partners -- (182) (3,541) (3,723)
Partners' deficit at
June 30, 1996 342,783 $(6,030) $(13,749) $(19,779)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 2,577 $ (46)
Adjustments to reconcile net income (loss) to
cash provided by operating activities:
Depreciation and amortization 3,597 3,438
Loss on disposition of investment property 38 --
Extraordinary gains on foreclosure or refinancing (2,999) (250)
Change in accounts:
Tenant security deposits (14) --
Prepaid expenses and other assets 792 (534)
Accounts payable and accrued expenses 3 368
Accrued interest 16 123
Net cash provided by operating activities 4,010 3,099
Cash flows from investing activities:
Property improvements and replacements (2,378) (606)
Purchase of investments -- (5,177)
Proceeds from sale of investments 25 3,852
Deposits to restricted escrows (547) (436)
Receipts from restricted escrows 530 600
Collections on note receivable 19 18
Net cash used in investing activities (2,351) (1,749)
Cash flows from financing activities:
Payments on notes payable (256) (354)
Repayment of notes payable (484) (5,573)
Proceeds from long-term borrowings -- 7,500
Distributions to partners (3,723) --
Loan costs paid (62) (318)
Net cash (used in) provided by
financing activities (4,525) 1,255
Net (decrease) increase in cash and cash equivalents (2,866) 2,605
Cash and cash equivalents at beginning of period 10,865 4,674
Cash and cash equivalents at end of period $ 7,999 $ 7,279
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
Supplemental Disclosures of Cash Flow Information and Non-Cash Activities:
Cash paid for interest was approximately $2,865,000 and $3,073,000 for the six
months ended June 30, 1996 and 1995, respectively.
Foreclosure
During the six months ended June 30, 1996, Metro Centre Office Building was
foreclosed upon by the lender. In connection with this foreclosure, the
following accounts were adjusted by the amounts noted below.
June 30, 1996
(in thousands)
Tenant security deposits remitted to the lender $ (12)
Prepaid expenses and other assets (5)
Buildings and personal property (1,605)
Accumulated depreciation 1,079
Accounts payable and accrued expenses 24
Interest payable 1,021
Notes payable 2,497
Gain on foreclosure of investment property (2,999)
See Accompanying Notes to Consolidated Financial Statements
e) CONSOLIDATED CAPITAL PROPERTIES IV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Consolidated
Capital Properties IV (the "Partnership" or "Registrant") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of the General Partner, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the six months ended June 30, 1996, are
not necessarily indicative of the results that may be expected for the fiscal
year ending December 31, 1996. For further information, refer to the
consolidated financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the fiscal year ended December 31,
1995.
Consolidation
The consolidated financial statements include the Partnership's equity interest
in a joint-venture partnership which owns South Port Apartments. No minority
interest has been reflected for the joint venture partnership because minority
interests are limited to the extent of their equity capital, and losses in
excess of the minority interest equity capital are charged against the
Partnership's interest.
The Partnership's consolidated financial statements include the accounts of its
wholly-owned limited partnerships, certain other majority-owned limited
partnerships and the Partnership's majority interest in a joint venture
partnership. All intercompany transactions have been eliminated.
Presentation of Accounts
Certain reclassifications have been made to the 1995 information to conform to
the 1996 presentation.
Investments
Investments consisting primarily of U.S. Treasury Notes with original maturities
of more than ninety days are considered to be held-to-maturity securities.
Note B - Transactions with Affiliated Parties
The Partnership has paid property management fees based on collected gross
rental revenues for property management services in each of the six months ended
June 30, 1996 and 1995. In late December 1994, an affiliate of the General
Partner assumed day-to-day property management responsibilities for all of the
Partnerships' properties except Lake Forest, Post Ridge and South Port
Apartments. On February 15, 1995, an affiliate of the General Partner assumed
day-to-day property management responsibilities for Lake Forest and Post Ridge
Apartments. Property management fees of approximately $646,000 and $607,000
were paid to affiliates of the General Partner for the six months ended June 30,
1996 and 1995, respectively. These fees are included in operating expenses.
The Limited Partnership Agreement ("Partnership Agreement") provides for a
special management fee equal to 9% of the total distributions made to the
limited partners from cash flow from operations to be paid to the General
Partner for executive and administrative management services. The Partnership
paid approximately $313,000 under this provision of the Partnership Agreement to
affiliates of the General Partner during the six months ended June 30, 1996. No
such fees were paid or accrued during the six months ended June 30, 1995.
The Partnership Agreement also provides for reimbursement to the General Partner
and its affiliates for costs incurred in connection with the administration of
Partnership activities. Reimbursements for services of affiliates of
approximately $309,000 and $434,000 were paid to the General Partner and
affiliates for the six months ended June 30, 1996 and 1995, respectively.
In July 1995, the Partnership began insuring its properties under a master
policy through an agency and insurer unaffiliated with the General Partner. An
affiliate of the General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy. The current agent
assumed the financial obligations to the affiliate of the General Partner who
receives payment on these obligations from the agent. The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
General Partner by virtue of the agent's obligations is not significant.
Note C - Commitments and Contingencies
Commitments
The Partnership is required by the Partnership Agreement to maintain working
capital reserves for contingencies. On September 25, 1995, the partners were
proxied and approved a reduction of the capital reserve requirements to $500 per
apartment unit and $1.00 per square foot of gross leasable commercial space
owned by the Partnership, or approximately $2,129,000. In the event
expenditures are made from these reserves, operating revenue shall be allocated
to such reserves to the extent necessary to maintain the foregoing level. Cash
and cash equivalents, tenant security deposits and investments, totalling
approximately $11,278,000 at June 30, 1996, exceeded the Partnership's reserve
requirements of approximately $2,129,000. Such reserves include approximately
$422,000 of cash and cash equivalents designated for use at the Partnership's
U.S. Department of Housing and Urban Development ("HUD") financed property.
Contingencies
Approximately $2.5 million of nonrecourse mortgage debt secured by the Metro
Centre Office Building, located in Southern California, matured July 1, 1995.
The property had historically encountered difficulty making its scheduled debt
service payments. Since 1985, the property had made quarterly cash flow
payments pursuant to a modified and restructured loan agreement, however,
no payments were made in 1995 or 1996. Given current economic conditions in
Southern California, property operations were not expected to improve
sufficiently to enable the Partnership to refinance the existing
indebtedness under current market conditions. In September 1995, a "Notice of
Default and Election to Sell Under Deed of Trust" was filed by the lender. The
Partnership did not contest this foreclosure notice and the property was
foreclosed on February 7, 1996, resulting in a gain on foreclosure of
approximately $2,999,000 to the Partnership.
Lake Forest Apartments secures a HUD-guaranteed mortgage note and accrued
interest totalling approximately $4,180,000 at June 30, 1996. Post Ridge
Apartments secures a mortgage note and accrued interest totalling approximately
$4,326,000 at June 30, 1996, which was formerly guaranteed by HUD. Operating
cash flow from the Post Ridge Apartments has not supported its scheduled debt
service payments. As a result, in January 1991, the Partnership suspended
scheduled debt service for Post Ridge Apartments and this debt is currently in
default. Since 1991, the Partnership has remitted excess cash flow from the
properties' operations as debt service. During 1995 and 1996, Post Ridge has
made payments to reduce its accrued interest payable from approximately $395,000
at December 31, 1994 to approximately $84,000 at June 30, 1996. On March 28,
1995, this debt was sold to an unaffiliated third party. Accordingly, since the
closing of the sale on May 8, 1995, this debt is no longer regulated by HUD.
The General Partner is currently attempting to refinance the remaining debt on
Post Ridge.
Note D - Note Refinancing
In March of 1995, the General Partner refinanced two nonrecourse mortgage notes
totalling approximately $5.8 million which were secured by the Nob Hill Villa
Apartments. Under the terms of the refinancing agreement, the new $7.5 million
mortgage note bears interest at 9.2% and matures in April 2005. As a result of
the refinancing, the Partnership realized a $250,000 discount on the second
mortgage which resulted in an extraordinary gain on refinancing. Through the
refinancing, a capital improvement reserve of approximately $219,000 was
established and approximately $298,000 in loan costs were incurred. These loan
costs will be amortized over the life of the loan.
Note E - Distributions
In March 1996, the General Partner declared and paid distributions attributable
to cash flow from operations totalling approximately $3,617,000 and
approximately $71,000 representing a return of capital. In conjunction with the
transfer of funds from certain majority-owned sub-tier limited partnerships to
the Partnership, approximately $35,000 was distributed to the general partners
of the majority-owned sub-tier limited partnerships.
Note F - Note Payoff
In February of 1996 the $484,000 balance of the first-lien note secured by the
Point West Apartments, with an original maturity of May 2001, was paid off to
retire debt with interest rates higher than the current market rate.
Note G - Note and Interest Receivable
When the Denbigh Village Apartments was sold in August 1994, the Partnership
accepted a 9% interest-bearing promissory note which matured in March 1996. The
Partnership has negotiated with the purchaser to extend the note until April
1997.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Partnership's investment properties consist of seventeen apartment
complexes. The following table sets forth the average occupancy of the
properties for the six months ended June 30, 1996 and 1995:
Average Occupancy
1996 1995
The Apartments
Omaha, NE 92% 95%
Arbor East Apartments
Nashville, TN 94% 98%
Briar Bay Racquet Club Apartments
Miami, FL 96% 92%
Chimney Hills Apartments
Marietta, GA 95% 96%
Citadel Apartments
El Paso, TX 88% 95%
Citadel Village Apartments
Colorado Springs, CO 98% 97%
Foothill Place Apartments
Salt Lake City, UT 98% 97%
Knollwood Apartments
Nashville, TN 98% 98%
Lake Forest Apartments
Omaha, NE 95% 98%
Nob Hill Villa Apartments
Nashville, TN 96% 98%
Overlook Apartments
Memphis, TN 83% 89%
Point West Apartments
Charleston, SC 82% 90%
Post Ridge Apartments
Nashville, TN 98% 97%
Rivers Edge Apartments
Auburn, WA 96% 92%
South Port Apartments
Tulsa, OK 95% 79%
Stratford Place Apartments
Austin, TX 93% 93%
Village East Apartments
Cimarron Hills, CO 99% 99%
The decrease in occupancy for Arbor East Apartments is due to a combination of
high unemployment and an outflow of tenants who left to purchase homes. The
increase in occupancy for Briar Bay Racquet Club Apartments is due to increased
resident retention efforts at the property. Occupancy for the Citadel
Apartments decreased due to a decline in the El Paso market resulting from
military spending cuts and the re-deployment of military personnel. The re-
deployment has caused increased competition from similar properties in the area.
The decrease in occupancy at the Overlook Apartments is due to increased
competition in the Memphis market resulting from the renovation of surrounding
properties in the area. The decline in occupancy at the Point West Apartments
is indirectly attributable to the closure of the Charleston Naval Base which has
occurred during the past two years and will be completed in 1996. Occupancy at
Rivers Edge Apartments increased due to a strong market in the Auburn area. The
increase in occupancy at South Port Apartments is a result of rental rates being
lowered slightly as well as a tightening of the apartment supply in the Tulsa
market.
The Partnership realized a loss before extraordinary items of approximately
$144,000 for the three months ended June 30, 1996, and $422,000 for the six
months ended June 30, 1996, compared to income before extraordinary items of
$23,000 for the three months ended June 30, 1995, and a loss before
extraordinary items of $296,000 for the six months ended June 30, 1995. For the
three and six months ended June 30, 1996, the increased loss is due primarily to
increases in property operations and depreciation and amortization expense,
mitigated by a decrease in interest expense.
Rental income increased for the three and six months ended June 30, 1996,
compared to the three and six months ended June 30, 1995, due primarily to an
increase in rents, partially offset by increased concessions and a decrease in
occupancy for the six months ended June 30, 1996, at several of the
Partnership's properties as noted above. Interest and other income decreased
for the three months ended June 30, 1996, compared to the three months ended
June 30, 1995, due primarily to the receipt of approximately $61,000 of
dividends on the Partnership's investment in Southmark Preferred Stock in June
of 1995.
Property operations expense increased for the three and six months ended June
30, 1996, compared to the three and six months ended June 30, 1995, due
primarily to increased maintenance expenses in efforts to increase the curb
appeal of several of the Partnership's properties and increased property
management fees due to increased rental revenues. Depreciation and amortization
expense increased for the three and six months ended June 30, 1996, compared to
the three and six months ended June 30, 1995, due primarily to approximately $5
million in fixed asset purchases from June 30, 1995, to June 30, 1996. Interest
expense decreased for the three and six months ended June 30, 1996, compared to
the three and six months ended June 30, 1995, due to several of the
Partnership's properties being refinanced in December 1995, and the Point West
Apartments' first-lien note being paid off as discussed below. Administrative
expenses decreased for the three and six months ended June 30, 1996, compared to
the three and six months ended June 30, 1995, due to decreased expense
reimbursements related primarily to the efforts of the Dallas partnership
administration staff during the management transition period in 1995 partially
offset by a $313,000 special management fee related to the first quarter 1996
distribution.
In February of 1996, the $484,000 balance of the first-lien note secured by the
Point West Apartments, with an original maturity of May 2001, was repaid so that
the Partnership could retire debt with interest rates higher than the current
market rate.
The $2,999,000 extraordinary gain on disposition of investment property realized
in the six months ended June 30, 1996, resulted form the foreclosure of the
Metro Centre Office Building in February of 1996.
The $250,000 gain on refinancing realized during the six months ended June 30,
1995, related to the refinancing of Nob Hill Villa Apartments. Through this
refinancing, a new $7.5 million mortgage note which bears interest at 9.2% and
matures in April 2005, was obtained. As a result of the refinancing, the
Partnership realized a $250,000 discount on the second mortgage resulting in the
extraordinary gain.
When the Denbigh Village Apartments was sold in August 1994, the Partnership
accepted a 9% interest-bearing promissory note which matured in March 1996. The
Partnership has negotiated with the purchaser to extend the note until April
1997.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.
As of June 30, 1996, the Partnership held cash and cash equivalents of
approximately $7,999,000 compared to approximately $7,279,000 at June 30, 1995.
Net cash provided by operating activities increased primarily due to increased
rental revenues, the receipt of an insurance refund, an escrow receipt in 1996
from the refinancing of the debt secured by the Knollwood Apartments in December
of 1995, and the collection of insurance proceeds resulting from a fire at the
Overlook Apartments in December 1995. The fire was covered by insurance and did
not have a material effect on the Partnership. Net cash used in investing
activities increased primarily due to increased property improvements and
replacements, partially offset by reduced proceeds from the sale of investments
in 1996. The Partnership has primarily invested in shorter term cash
equivalents during 1996, rather than longer term securities. Net cash used in
financing activities increased as a result of the distribution to partners in
1996 as well as the lack of refinancing activity in 1996.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and meet other operating needs of the Partnership. Such assets are
currently thought to be sufficient for any near-term needs of the Partnership.
The mortgage indebtedness of approximately $72 million matures at various times
with balloon payments due at maturity, at which time the properties will either
be refinanced or sold. Future cash distributions will depend on the levels of
net cash generated from operations, capital expenditure requirements, property
sales and the availability of cash reserves. During the six months ended June
30, 1996, cash distributions of approximately $3,723,000 were declared and paid.
No cash distributions were made during the six months ended June 30, 1995.
On January 20, 1995, an affiliate of the General Partner, Insignia CCP IV
Acquisition, L.L.C., closed an offer to purchase Units (the "Tender Offer") for
a cash price of $60 per Unit for Limited Partners of record as of December 15,
1994. Approximately 3,370 Limited Partners holding 64,175 Units (18.72% of
total Units) accepted the Tender Offer and sold their Units to Insignia CCP IV
Acquisition, L.L.C. effective January 20, 1995, for an aggregate sales price of
approximately $3.9 million.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
(b) Reports on Form 8-K:
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONSOLIDATED CAPITAL PROPERTIES IV
By: CONCAP EQUITIES, INC.
General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President
By: /s/Robert D. Long, Jr.
Robert D. Long, Jr.
Vice President/CAO
Date: August 8, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Consolidated
Capital Properties IV 1996 Second Quarter 10-Q and is qualified in its
entirety by reference to such 10-Q filing.
</LEGEND>
<CIK> 0000355804
<NAME> CONSOLIDATED CAPITAL PROPERTIES IV
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 7,999
<SECURITIES> 2,612
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 125,755
<DEPRECIATION> 88,475
<TOTAL-ASSETS> 55,737
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 71,597
0
0
<COMMON> 0
<OTHER-SE> (19,779)
<TOTAL-LIABILITY-AND-EQUITY> 55,737
<SALES> 0
<TOTAL-REVENUES> 13,760
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 14,182
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,032
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 2,999
<CHANGES> 0
<NET-INCOME> 2,577
<EPS-PRIMARY> 7.22<F2>
<EPS-DILUTED> 0
<FN>
<F1>The Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
