FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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, 1997
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)
Issuer'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)
March 31, December 31,
1997 1996
(Unaudited) (Note)
Assets
Cash and cash equivalents:
Unrestricted $ 9,397 $ 9,239
Restricted - tenant security deposits 649 648
Investments -- 492
Accounts receivable 67 81
Note and interest receivable 1,114 1,124
Escrows for taxes and insurance 818 1,016
Restricted escrows 2,674 2,910
Other assets 2,107 2,140
Investment properties:
Land 12,491 12,491
Buildings and related personal property 116,160 115,637
128,651 128,128
Less accumulated depreciation (93,545) (91,934)
35,106 36,194
$ 51,932 $ 53,844
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 358 $ 644
Tenant security deposits 650 659
Accrued taxes 710 1,105
Other liabilities 851 915
Mortgage notes payable 71,663 71,763
74,232 75,086
Partners' Deficit
General partner (6,131) (6,089)
Limited partners (342,783 units
outstanding in 1997 and 1996) respectively) (16,169) (15,153)
(22,300) (21,242)
$ 51,932 $ 53,844
Note: The balance sheet at December 31, 1996, 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
b) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
1997 1996
Revenues:
Rental income $6,659 $6,406
Other income 442 493
Total revenues 7,101 6,899
Expenses:
Property operations 2,255 2,105
General and administrative 230 527
Maintenance 748 872
Depreciation 1,613 1,717
Interest 1,475 1,527
Property taxes 385 424
Total expenses 6,706 7,172
Income (loss) before extraordinary items 395 (273)
Extraordinary gain on foreclosure -- 2,999
Extraordinary loss on retirement of debt -- (5)
Net income $ 395 $2,721
Net income allocated to
general partners (4%) $ 16 $ 109
Net income allocated to
limited partners (96%) 379 2,612
Net income $ 395 $2,721
Net income (loss) per weighted average
limited partnership unit:
Income (loss) before extraordinary items $ 1.11 $ (.77)
Extraordinary items -- 8.39
Net income per weighted average limited
partnership unit $ 1.11 $ 7.62
See Accompanying Notes to Consolidated Financial Statements
c) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
For the Three Months Ended March 31, 1997 and 1996
(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, 1995 342,783 $(5,951) $(12,682) $(18,633)
Net loss for the three months
ended March 31, 1996 -- 109 2,612 2,721
Distributions to partners -- (182) (3,541) (3,723)
Partners' deficit at
March 31, 1996 342,783 $(6,024) $(13,611) $(19,635)
Partners' deficit at
December 31, 1996 342,783 $(6,089) $(15,153) $(21,242)
Net income for the three months
ended March 31, 1997 -- 16 379 395
Distributions to Partners -- (58) (1,395) (1,453)
Partners' deficit at
March 31, 1997 342,783 $(6,131) $(16,169) $(22,300)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net income $ 395 $ 2,721
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 1,613 1,717
Amortization of loan costs and lease commissions 72 71
Loss on disposition of investment property 33 25
Casualty gain (7) --
Extraordinary gain on foreclosure refinancing -- (2,999)
Extraordinary loss on retirement of debt -- 5
Change in accounts:
Tenant security deposits (1) (11)
Accounts receivable 14 9
Escrows for taxes and insurance 198 617
Other assets (39) 555
Accounts payable (286) (430)
Security deposit liabilities (9) 5
Accrued taxes (395) (343)
Other liabilities (64) (44)
Net cash provided by operating activities 1,524 1,898
Cash flows from investing activities:
Property improvements and replacements (558) (817)
Proceeds from sale of investments 492 --
Deposits to restricted escrows (235) (419)
Receipts from restricted escrows 471 445
Collections of note receivable 10 13
Net insurance proceeds from casualty gain 7 --
Net cash provided by (used in)
investing activities 187 (778)
Cash flows from financing activities:
Payments on notes payable (100) (134)
Repayment of notes payable -- (484)
Distributions to partners (1,453) (3,723)
Prepayment penalties -- (5)
Loan costs -- (35)
Net cash used in financing activities (1,553) (4,381)
Net increase (decrease) in cash and cash
equivalents 158 (3,261)
Cash and cash equivalents at beginning of period 9,239 10,865
Cash and cash equivalents at end of period $ 9,397 $ 7,604
<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 $1,403,000 and $1,404,000 for the three
months ended March 31, 1997 and 1996, respectively.
Foreclosure
In February of 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 (in thousands).
March 31,
1996
Tenant security deposits remitted to the lender $ (12)
Other assets (5)
Buildings and personal property (1,605)
Accumulated depreciation 1,079
Tenant security deposit liability 9
Accrued taxes 15
Interest payable 1,021
Notes payable 2,497
Extraordinary gain on foreclosure of investment property (2,999)
The net book amount of the property approximated its fair value at the date of
foreclosure.
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") 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 ConCap Equities, Inc. (the "General Partner"), all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three months ended
March 31, 1997, are not necessarily indicative of the results that may be
expected for the fiscal year ending December 31, 1997. 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, 1996.
Consolidation
The consolidated financial statements include the Partnership's equity interest
in a joint-venture which owns South Port Apartments. No minority interest has
been reflected for the joint venture 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 certain majority-owned limited partnerships and the Partnership's majority
interest in a joint venture. All intercompany transactions have been
eliminated.
Presentation of Accounts
Certain reclassifications have been made to the 1996 information to conform to
the 1997 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 - RELATED PARTY TRANSACTIONS
The Partnership has no employees and is dependent on the General Partner and
affiliates of Insignia for the management and administration of all of the
partnership activities, as provided in the Partnership Agreement.
The Partnership has paid the property management fees noted below to affiliates
of the General Partner based on collected gross rental revenues ("Rental
Revenues") for property management services in each of the three months ended
March 31, 1997 and 1996, respectively. On February 7, 1996, the Metro Centre
Office Building was foreclosed upon by the lender and affiliates of Insignia
ceased to manage the property. On March 25, 1997, an affiliate of Insignia
assumed day-to-day property management responsibility for South Port Apartments.
Property management fees of approximately $335,000 and $322,000 were paid to
affiliates of the General Partner for the three months ended March 31, 1997, and
1996, 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 provided by operations to be paid to the General
Partner for executive and administrative management services. The Partnership
paid approximately $48,000 and $313,000 under this provision of the Partnership
Agreement to affiliates of the General Partner for the three months ended March
31, 1997 and 1996, respectively. These fees are included in general and
administrative expenses.
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 $162,000 and $157,000 were paid to the General Partner and
affiliates for the three months ended March 31, 1997, and 1996, respectively.
These reimbursements are primarily included in general and administrative
expenses. Included in reimbursements for services of affiliates is
approximately $21,000 and $16,000 for the three months ended March 31, 1997 and
1996, respectively, related to construction oversight costs incurred in
conjunction with capital improvements at several of the Partnership's
properties.
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 - COMMITMENT 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 $2.2 million. During 1996, the
Metro Centre Office Building was foreclosed on by the lender. Accordingly,
the replacement reserve requirement at the remaining residential properties
was reduced to approximately $2.1 million. 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. Reserves, including
unrestricted cash and cash equivalents, tenant security deposits and
investments, totaling approximately $10 million at March 31, 1997, exceeded the
Partnership's reserve requirements of approximately $2.1 million.
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 historically had difficulty making its scheduled debt service
payments, and 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 prevailing
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 action and the property was foreclosed upon on
February 7, 1996, resulting in a gain on foreclosure of approximately $2,999,000
to the Partnership.
NOTE D - DISTRIBUTIONS
In March 1997, the General Partner declared and paid distributions attributable
to cash flow from operations totaling approximately $550,000 and approximately
$903,000 representing a return of capital.
In March 1996, the General Partner declared and paid distributions attributable
to cash flow from operations totaling 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 E - NOTE PAYOFF
In February 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. As a
result of the note pay-off, the Partnership paid approximately $5,000 in
prepayment penalties which resulted in an extraordinary loss on retirement of
debt.
NOTE F - 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 negotiated with the purchaser to extend the note until April 1997.
Subsequent to March 31, 1997, the Partnership's agreement with Denbigh Village
matured and the principle outstanding was not repaid. The Partnership is
currently negotiating with the borrower to extend the terms of the note. A
"Notice of Default" has been filed, and the Partnership has reserved the right
to foreclose on the note.
NOTE G - CASUALTY LOSSES
On January 12, 1997, a severe storm caused extensive wind and flood damage to
Foothill Place. The strong winds damaged plumbing and exterior fencing, ripped
siding from buildings, blew chimney covers off, downed trees and created leaks
in approximately 65 units. The total estimated costs to repair the property are
approximately $161,000.
In February 1997, a fire occurred on one of Foothill Places balconies.
Approximately $11,000 of damage occurred to the balcony, railing, siding, roof,
windows and interior hallway.
The insurance proceeds anticipated to be received less the costs to repair
Foothill Place and the write-off of assets that were replaced, resulted in a net
casualty gain for these events of approximately $7,000.
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 three months ended March 31, 1997 and 1996:
Average Occupancy
1997 1996
The Apartments
Omaha, NE 95% 90%
Arbor East Apartments
Nashville, TN 96% 94%
Briar Bay Racquet Club Apartments
Miami, FL 92% 96%
Chimney Hills Apartments
Marietta, GA 91% 96%
Citadel Apartments
El Paso, TX 94% 85%
Citadel Village Apartments
Colorado Springs, CO 98% 97%
Foothill Place Apartments
Salt Lake City, UT 94% 98%
Knollwood Apartments
Nashville, TN 94% 99%
Lake Forest Apartments
Omaha, NE 93% 96%
Nob Hill Villa Apartments
Nashville, TN 95% 95%
Overlook Apartments
Memphis, TN 85% 85%
Point West Apartments
Charleston, SC 97% 80%
Post Ridge Apartments
Nashville, TN 97% 98%
Rivers Edge Apartments
Auburn, WA 98% 96%
South Port Apartments
Tulsa, OK 91% 96%
Stratford Place Apartments
Austin, TX 89% 94%
Village East Apartments
Cimarron Hills, CO 99% 99%
Occupancy for The Apartments has increased due to capital improvements made at
the property thereby improving its appearance and curbside appeal. The decrease
in occupancy at Chimney Hills is attributable to a significant decline in the
job market after the completion of the 1996 Olympic summer games and the
construction of new multi-family units which increased competition in the
Atlanta market. Occupancy at Citadel Apartments increased due to the property
being located in a military town with increased troops being assigned to the
local base resulting in higher occupancy. The increase at Point West Apartments
is due to interior and exterior building improvements to increase unit appeal
and an overall improvement in the economic strength of the local market. The
decrease at Knollwood Apartments is the result of approximately 11,000 new units
being constructed in the market over the past two years. The property is
currently offering concessions in efforts to increase occupancy. The decrease
in occupancy at South Port is due primarily to the transition of management to
an affiliate of the General Partner. This decrease is expected to be
short-term. The decreased occupancy at Stratford Place is due to increased
competition in the Austin market resulting from the construction of two new
apartment complexes in the area.
The Partnership realized income before extraordinary items of approximately
$395,000 during the three months ended March 31, 1997, compared to a loss before
extraordinary items of $273,000 during the three months ended March 31, 1996.
The increase in income before extraordinary items is due primarily to increases
in rental income and a decrease in general and administrative and maintenance
expenses, partially offset by an increase in property operations expenses.
Rental income increased for the three months ended March 31, 1997, compared to
the three months ended March 31, 1996, due primarily to an increase in rents at
most of the Partnership's properties, partially offset by the occupancy
decreases at several of the Partnership's properties, as discussed above.
Interest and other income decreased for the three months ended March 31, 1997,
compared to the three months ended March 30, 1996, due to smaller cash balances
being available for investment in 1997.
Property operations expenses increased for the three months ended March 31,
1997, compared to the three months ended March 31, 1996, primarily due to
increased utility costs at several properties due to the severity of the winter.
Also, contributing to increased operating costs were higher concessions
resulting from efforts to increase occupancy. Administrative expenses decreased
for the three months ended March 31, 1997, compared to the three months ended
March 31, 1996, due primarily to a decrease in the special 9% management fees on
distributions from operating cash flows. The Partnership distributed
approximately $550,000 and $3,617,000 respectively from operating cash flow
from the three month periods ended March 31, 1997 and 1996, respectively.
Maintenance expense decreased due to extensive repairs made at several of the
properties in 1996 in efforts to increase the curb appeal of the Partnership's
properties. Depreciation expense decreased for the three months ended March 31,
1997, compared to the three months ended March 31, 1996 due to many of the older
assets being in the final year of their depreciable lives. Interest expense
decreased for the three month period ended March 31, 1997 compared to March 31,
1996, due to the refinancing of two of the Partnership's properties in November
of 1996, at lower interest rates.
Included in maintenance expense is approximately $151,000 of major repairs and
maintenance comprised primarily of major landscaping and exterior building
improvements during the three months ended March 31, 1997. During the three
months ended March 31, 1996, approximately $192,000 of major repairs and
maintenance comprised primarily of parking lot repairs and major landscaping
were included in maintenance expense.
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. As a result of the note pay-off, the Partnership paid approximately
$5,000 in prepayment penalties which resulted in an extraordinary loss on
retirement of debt.
The $2,999,000 extraordinary gain on disposition of investment property realized
during the three months ended March 31, 1996, is due to the foreclosure of the
Metro Centre Office Building in February of 1996.
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 negotiated with the purchaser to extend the note until April 1997.
Subsequent to March 31, 1997, the Partnership's agreement with Denbigh Village
matured and the principle outstanding was not repaid. The Partnership is
currently negotiating with the borrower to extend the terms of the note. A
"Notice of Default" has been filed, and the Partnership has reserved the right
to foreclose on the note.
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.
At March 31, 1997, the Partnership held unrestricted cash and cash equivalents
of approximately $9,397,000 compared to approximately $7,604,000 at March 31,
1996. Net cash provided by operating activities decreased primarily due to the
timing of tax payments made from tax and insurance escrows, the receipt in 1996
of an insurance refund from a fire at the Overlook Apartments in December 1995,
and an escrow receipt in 1996 from the refinancing of the debt secured by the
Knollwood Apartments in December of 1995. Net cash provided by investing
activities increased primarily due to proceeds from the sale of Treasury Bills,
fewer property improvements and replacements, as well as fewer deposits to fund
restricted escrows being required. Net cash used in financing activities
decreased as a result of decreased distributions to partners during the three
months ended March 31, 1997 compared to the corresponding period of 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 three months ended
March 31, 1997 and 1996, cash distributions of approximately $1,453,000 and
$3,723,000, respectively, were declared and paid.
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 Partnership
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/ William H. Jarrard, Jr.
William H. Jarrard, Jr.
President
By: /s/ Ronald Uretta
Ronald Uretta
Vice President/Treasurer
Date: May 12, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Consolidated
Capital Properties IV 1997 First 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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 9,397
<SECURITIES> 0
<RECEIVABLES> 67
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 128,651
<DEPRECIATION> 93,545
<TOTAL-ASSETS> 51,932
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 71,663
0
0
<COMMON> 0
<OTHER-SE> (22,300)
<TOTAL-LIABILITY-AND-EQUITY> 51,932
<SALES> 0
<TOTAL-REVENUES> 7,101
<CGS> 0
<TOTAL-COSTS> 6,706
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,475
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 395
<EPS-PRIMARY> 1.11<F2>
<EPS-DILUTED> 0
<FN>
<F1>Partnership has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
