SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20594
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended April 30, 1995 Commission File No. 2-48728
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
------------------------------------------------------
(exact name of registrant as specified in its charter)
New Jersey 22-1697095
- ------------------------------- -------------------
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
505 Main Street, P.O. Box 667, Hackensack, New Jersey 07602
- -------------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-488-6400
------------
-----------------------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report.
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>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
INDEX
Part I: Financial Information
Item 1: Financial Statements
a.) Combined Balance Sheets for April 30,
1995 and October 31, 1994;
b.) Combined Statements of Income and
Undistributed Earnings For Six Months
Ended April 30, 1995 and 1994;
c.) Combined Statements of Cash Flows for Six
Months Ended April 30, 1995 and 1994;
Item 2: Management's Discussion and Analysis of
Financial Condition and Results of Operations
Part II: Other Information
Item 5. Other Information
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
COMBINED BALANCE SHEETS
APRIL 30, 1995 AND OCTOBER 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
April October
ASSETS 30, 1995 31, 1994
------ -------- --------
(In Thousands
of Dollars)
<S> <C> <C>
Real estate, at cost, net of accumulated depre-
ciation (Notes 3, 4 and 5) ........................... $62,790 $63,176
Equipment, at cost, net of accumulated deprecia-
tion of $521,000 and $491,000 ........................ 213 214
Cash ................................................... 345 238
Tenants' security accounts ............................. 891 867
Sundry receivables ..................................... 177 325
Prepaid expenses and other assets ...................... 524 601
Deferred charges, net .................................. 176 192
------- -------
Totals ....................................... $65,116 $65,613
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Liabilities:
Mortgages payable (Note 4) ......................... $33,719 $34,019
Note payable - bank (Note 5) ......................... 5,778 5,428
Accounts payable and accrued expenses .............. 333 344
Tenants' security deposits ......................... 992 964
Other liabilities .................................... 25 77
Deferred revenue ................................... 37 137
------- -------
Total liabilities ............................ 40,884 40,969
------- -------
Minority interest ...................................... 3,543 3,496
------- -------
Commitments and contingencies (Note 6)
Shareholders' equity:
Shares of beneficial interest without par
value; 2,310,000 (1995) and 1,560,000 (1994)
shares authorized; 1,559,788 shares issued
and outstanding (Note 9) ........................... 19,314 19,314
Undistributed earnings ............................. 1,375 1,834
------- -------
Total shareholders' equity ................... 20,689 21,148
------- -------
Totals ...................................... $65,116 $65,613
======= =======
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
SIX AND THREE MONTHS ENDED APRIL 30, 1995 AND 1994
(Unaudited)
<TABLE>
<CAPTION>
Six Months Three Months
Ended April 30, Ended April 30,
--------------------- ---------------------
INCOME 1995 1994 1995 1994
------ ------- ------- ------- -------
(In Thousands of Dollars,
Except Per Share Amounts)
<S> <C> <C> <C> <C>
Rental revenue:
Rental income (Note 6) ...... $ 5,807 $ 4,509 $ 2,902 $ 2,275
Real estate taxes reimbursed 329 309 155 141
Common area maintenance reim-
bursed .................... 183 233 79 154
Sundry income ............... 71 73 30 3
------- ------- ------- -------
Totals ................ 6,390 5,124 3,166 2,573
------- ------- ------- -------
Rental expenses:
Operating expenses .......... 1,424 1,256 721 663
Management fees (Note 7) ...... 275 222 139 113
Real estate taxes ........... 756 629 372 328
Interest .................... 1,538 1,145 771 571
Depreciation ................ 752 588 377 294
------- ------- ------- -------
Totals ................ 4,745 3,840 2,380 1,969
------- ------- ------- -------
Income from rental operations ... 1,645 1,284 786 604
------- ------- ------- -------
Other income (expense):
Interest income ............. 4 4 2 2
Interest expense ............ (235) (116) (144) (54)
General and administrative .. (126) (92) (66) (46)
------- ------- ------- -------
Totals ................ (357) (204) (208) (98)
------- ------- ------- -------
</TABLE>
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
SIX AND THREE MONTHS ENDED APRIL 30, 1995 AND 1994
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
Six Months Three Months
Ended April 30, Ended April 30,
--------------------- ---------------------
INCOME 1995 1994 1995 1994
------ ------- ------- ------- -------
(In Thousands of Dollars,
Except Per Share Amounts)
<S> <C> <C> <C> <C>
Income before minority interest . 1,288 1,080 578 506
Minority interest ............... (47) (23)
------- ------- -------
Net income ...................... $ 1,241 $ 1,080 $ 555 $ 506
======= ======= ======= =======
Earnings per share (Note 8) ..... $ .80 $ .69 $ .36 $ .32
======= ======= ======= =======
UNDISTRIBUTED EARNINGS
----------------------
Balance, beginning of period .... $ 1,834 $ 1,978 $ 1,366 $ 1,523
Net income ...................... 1,241 1,080 555 506
Less dividends paid ............. (1,700) (1,528) (546) (499)
------- ------- ------- -------
Balance, end of period .......... $ 1,375 $ 1,530 $ 1,375 $ 1,530
======= ======= ======= =======
Dividends paid per share ........ $ 1.09 $ .98 $ .35 $ .32
======= ======= ======= =======
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
COMBINED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED APRIL 30, 1995 AND 1994
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
------- -------
(In Thousands
of Dollars)
<S> <C> <C>
Operating activities:
Net income .......................................... $ 1,241 $ 1,080
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization ................... 768 625
Deferred revenue ................................ (100) (97)
Minority interest ............................... 47
Changes in operating assets and liabilities:
Tenants' security accounts ................... (24) (45)
Sundry receivables, prepaid expenses and other
assets ...................................... 225 13
Accounts payable and accrued expenses ........ (11) (35)
Tenants' security deposits ................... 28 52
Other liabilities ............................ (52) (2)
------- -------
Net cash provided by operating activities 2,122 1,591
------- -------
Investing activities - capital expenditures ............. (365) (111)
------- -------
Financing activities:
Dividends paid ...................................... (1,700) (1,528)
Deferred charges ...................................... (58)
Proceeds (repayments) from note payable - bank ........ 350 (481)
Repayment of mortgages .............................. (300) (187)
------- -------
Net cash used in financing activities .... (1,650) (2,254)
------- -------
Net increase (decrease) in cash ......................... 107 (774)
Cash, beginning of period ............................... 238 928
------- -------
Cash, end of period ..................................... $ 345 $ 154
======= =======
Supplemental disclosure of cash flow data:
Interest paid ....................................... $ 1,773 $ 1,253
======= =======
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
Note 1 - Organization and significant accounting policies:
Organization:
First Real Estate Investment Trust of New Jersey (the
"Trust") was organized November 1, 1961 as a New Jersey
Business Trust.
The Trust has elected to be taxed as a Real Estate
Investment Trust under the provisions of Sections 856-860
of the Internal Revenue Code, as amended. Accordingly,
the Trust does not pay Federal income tax on income
whenever income distributed to shareholders is equal to
at least 95% of real estate investment trust taxable
income. Further, the Trust pays no Federal income tax on
capital gains distributed to shareholders.
The Trust is subject to Federal income tax on
undistributed taxable income and capital gains. The Trust
may make an annual election under Section 858 of the
Internal Revenue Code to apply part of the regular
dividends paid in each respective subsequent year as a
distribution for the immediately preceding year.
Basis of presentation:
The combined financial information included herein as at
April 30, 1995 and for the six and three months ended
April 30, 1995 and 1994 is unaudited and, in the opinion
of the Trust, reflects all adjustments (which include
only normal recurring accruals) necessary for a fair
presentation of the combined financial position as of
that date and the combined results of operations for
those periods. The information in the combined balance
sheet as of October 31, 1994 was derived from the Trust's
audited annual report for 1994.
Principles of combination:
The combined financial statements include the accounts of
the Trust and Westwood Hills, LLC (the "Affiliate"),
which have been combined on the basis of common control.
The Affiliate is a limited liability company that is
40%-owned by the Trust and managed by Hekemian & Co.,
Inc. ("Hekemian"), a company which manages all of the
Trust's properties and in which one of the trustees of
the Trust is the chairman of the board. Certain other
members of the Affiliate are either trustees of the Trust
or their families or officers of Hekemian. The combined
financial statements include 100% of the Affiliate's
assets, liabilities, operations and cash flows with the
60% interest owned by the other members of the Affiliate
reflected as "minority interest." All significant
intercompany accounts and transactions have been
eliminated in combination.
<PAGE>
Cash:
The Trust and its Affiliate maintain their cash in bank
deposit accounts which, at times, may exceed Federally
insured limits. The Trust considers all highly liquid
debt instruments purchased with a maturity of three
months or less to be cash equivalents. At April 30, 1995
and October 31, 1994, the Trust had no cash equivalents.
Depreciation:
Real estate and equipment are depreciated on the
straight-line method by annual charges to operations
calculated to absorb costs of assets over their estimated
useful lives.
Revenue recognition:
Income from leases is recognized on a straight-line basis
regardless of when payment is due. Lease agreements
between the Trust and commercial tenants generally
provide for additional rentals based on such factors as
percentage of tenants' sales in excess of specified
volumes, increases in real estate taxes, Consumer Price
Indices and common area maintenance charges. These
additional rentals are generally included in income when
reported to the Trust, when billed to tenants or ratably
over the appropriate period.
Deferred charges:
Deferred charges consist of mortgage costs and leasing
commissions. Deferred mortgage costs are amortized on the
straight-line method by annual charges to operations over
the terms of the mortgages. Deferred leasing commissions
are amortized on the straight-line method over the terms
of the applicable leases.
Income taxes:
The Affiliate, with the consent of its members, elected
to be treated as a limited liability company under the
applicable sections of the Internal Revenue Code. Under
these sections, income or loss, in general, is allocated
to the members for inclusion in their individual income
tax returns. Accordingly, there is no provision for
income taxes applicable to the operations of the
Affiliate in the accompanying combined financial
statements.
Earnings per share:
Earnings per share are computed based on the weighted
average number of shares outstanding. The weighted
average number of shares outstanding was 1,559,788 for
each of the six and three month periods ended April 30,
1995 and 1994.
<PAGE>
Note 2 - Acquisition:
During May 1994, the Trust became a 40% member of the
Affiliate, a newly formed limited liability company.
On June 2, 1994, the Affiliate consummated the purchase of
Westwood Properties, a residential apartment complex located
in Westwood, New Jersey (the "Apartment Complex"). The cost
of the Apartment Complex was approximately $15,419,000 of
which $5,899,000 was paid in cash and $9,520,000 was
financed by the proceeds of a mortgage.
The following unaudited proforma information (in thousands
of dollars, except per share amounts) shows the results of
operations for the six and three months ended April 30, 1994
as though the Apartment Complex had been acquired at the
beginning of fiscal 1994:
<TABLE>
<CAPTION>
Six Three
Months Months
Ended Ended
April April
30, 1994 30, 1994
-------- --------
<S> <C> <C>
Rental revenue $6,196 $3,112
Rental expenses 4,800 2,458
------ ------
Income from rental operations 1,396 654
Other expenses, net (204) (98)
Minority interest (67) (29)
------ ------
Net income $1,125 $ 527
====== ======
Earnings per share $ .72 $ .34
====== ======
</TABLE>
In addition to combining the historical results of
operations of the Apartment Complex and the Trust, the
unaudited proforma results include adjustments for
depreciation based on the Affiliate's purchase price,
reduced interest income and increased interest expense
related to cash paid and obligations incurred to complete
the transaction.
The unaudited proforma results of operations set forth above
are based on information furnished by the Trust's
management. Such proforma information is not necessarily
indicative of the results that would have occurred had the
acquisition been made at the beginning of fiscal 1994 or of
future results of operations of the combined properties.
<PAGE>
Note 3 - Real estate:
Real estate consists of the following:
<TABLE>
<CAPTION>
Range
of Estimated April October
Useful Lives 30, 1995 31, 1994
--------------- -------- --------
(In Thousands
of Dollars)
<S> <C> <C> <C>
Land $21,112 $21,112
Unimproved land 2,459 2,459
Apartment buildings 7-40 years 20,947 20,749
Commercial buildings 25-31.5 years 58 58
Shopping centers 15-50 years 26,778 26,769
Construction in
progress 883 737
------- -------
72,237 71,884
Less accumulated de-
preciation 9,447 8,708
------- -------
Totals $62,790 $63,176
======= =======
</TABLE>
Note 4 - Mortgages payable:
Mortgages payable consist of the following:
<TABLE>
<CAPTION>
April October
30, 1995 31, 1994
-------- --------
(In Thousands
of Dollars)
<S> <C> <C> <C>
State Mutual Life Assurance Company
of America (A) $18,495 $18,624
Aetna Life Insurance Company (B) 5,502 5,557
United Jersey Bank (C) 9,377 9,455
United Jersey Bank (D) 345 383
------- -------
Totals $33,719 $34,019
</TABLE>
(A) Payable in monthly installments of $160,925
including interest at 9% through August 1997 at
which time the outstanding balance is due. The
mortgage is secured by a shopping center in
Frederick, Maryland having a net book value of
approximately $26,623,000.
(B) Payable in monthly installments of $55,287
including interest at 10% through September 2001
at which time the outstanding balance is due. The
mortgage is secured by a shopping center in
Westwood, New Jersey having a net book value of
approximately $12,122,000.
(C) Payable in monthly principal installments of
$12,989 plus interest at a variable rate through
June 2000 at which time the outstanding balance is
due. The mortgage is secured by the Apartment
Complex in Westwood, New Jersey having a net book
value of approximately $15,214,000. One of the
directors of the bank is a trustee of the Trust.
(D) Payable in monthly installments of $8,555
including interest at 7.625% through March 1999 at
which time the outstanding balance is due. The
mortgage is secured by an apartment building in
Spring Lake, New Jersey having a net book value of
approximately $676,000.
Principal amounts (in thousands of dollars) due under the
above obligations in each of the five years subsequent to
April 30, 1995 are as follows:
<TABLE>
<CAPTION>
Year Ending
April 30, Amount
----------- ------
<S> <C> <C>
1996 $ 632
1997 676
1998 18,305
1999 404
2000 333
</TABLE>
Note 5 - Note payable - bank:
Note payable - bank consists of borrowings under a $20,000,-
000 revolving line of credit agreement with United Jersey
Bank which expires on February 10, 1997. The first $10,000,-
000 of borrowings under the line of credit bear interest at
either the prime rate or the LIBOR rate plus 200 basis
points. Any excess borrowings bear interest at either the
prime rate plus 1/2% or the LIBOR rate plus 250 basis
points. Outstanding borrowings are secured by all of the
Trust's properties except the shopping centers located in
Frederick, Maryland and Westwood, New Jersey and any vacant
land owned by the Trust.
Note 6 - Commitments and contingencies:
Leases:
Commercial tenants:
The Trust leases commercial space having a net book
value of approximately $39,959,000 at April 30, 1995
to tenants for periods of up to twenty years. Most of
the leases contain clauses for reimbursement of real
estate taxes, maintenance, insurance and certain
other operating expenses of the properties. Minimum
rental income (in thousands of dollars) to be
received from noncancelable operating leases in years
subsequent to April 30, 1995 are as follows:
<TABLE>
<CAPTION>
Year Ending
April 30, Amount
----------- -------
<S> <C> <C>
1996 $ 4,310
1997 3,797
1998 3,234
1999 2,878
2000 2,392
Thereafter 12,595
-------
Total $29,206
=======
</TABLE>
The above amounts assume that all leases which expire
are not renewed and, accordingly, neither minimal
rentals nor rentals from replacement tenants are
included. Minimum future rentals do not include
contingent rentals which may be received under
certain leases on the basis of percentage of reported
tenants' sales volume or increases in Consumer Price
Indices. Contingent rentals included in income for
each of the six month periods ended April 30, 1995
and 1994 were not material.
Residential tenants:
Lease terms for residential tenants are usually one
year or less.
Environmental concerns:
A landfill which is considered a superfund site is
located next to a vacant parcel of land which is owned by
the Trust. The New Jersey Department of Environmental
Protection and Energy ("NJDEPE") had advised the Trust
that it was investigating the property for contamination
as a result of the migration of environmentally sensitive
materials from the landfill. In August 1994, the Trust
was advised that, although the soil had not been
environmentally impaired and a clean-up of the property
would not be required, the NJDEPE did determine that the
groundwater in the area of the landfill, including below
the Trust's property, is contaminated as a result of the
activity at the landfill. Accordingly, the NJDEPE is
currently in the process of enforcing remediation of the
groundwater by the responsible parties. As the Trust is
not a responsible party, management anticipates that it
will bear no liability for the cost of the groundwater
remediation.
Note 7 - Management agreement:
The properties owned by the Trust and the Affiliate are
currently managed by Hekemian. The management agreement
requires fees equal to a percentage of rents collected. Such
fees were approximately $275,000 and $222,000 for the six
months ended April 30, 1995 and 1994, respectively and
$139,000 and $113,000 for the three months ended April 30,
1995 and 1994, respectively.
Note 8 - Earnings per share:
Earnings per share, based on the weighted average number of
shares outstanding during each period, are comprised of
ordinary income.
Note 9 - Shares of beneficial interest:
On February 28, 1995, the Trust authorized an additional
750,000 shares of beneficial interest pursuant to a proposed
dividend reinvestment plan (the "Plan"). The Plan was
approved by the Securities and Exchange Commission on April
11, 1995 and is expected to be instituted during the third
quarter of fiscal 1995.
* * *
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION
The following discussion should be read in conjunction with
the attached financial statements and notes thereto, and the Registrants audited
financial statements and notes thereto for Fiscal Year ended October 31, 1994.
Results of Operations
The earnings per share from the Registrant's regular
operations were $.35 for the Second Quarter 1995 as compared to $.32 for the
Second Quarter 1994. The increase reflects additional rental income received
from the same properties held by the Registrant in 1994 together with additional
income received from the Westwood Hills, LLC which was acquired in June 1994.
The earnings for the Second Quarter 1995 are in line with management's
expectations and the Registrant's prior earnings history.
The earnings per share for the first six months of fiscal
1995 was $.80 as opposed to $.69 for the first six months of 1994 reflecting,
primarily, the contribution of Westwood Hills LLC to the income of the
Registrant.
Financial Condition
The Registrant continues to generate sufficient cash to meet
all of its operational needs including all anticipated dividends.
On April 11, 1995 the Registrant's Dividend Re-Investment
and Stock Purchase Plan (the "Plan") was declared effective by the United States
Securities and Exchange Commission. The Registrant is in the process of securing
all necessary approvals from the various states where shareholders of the
Registrant reside in order to activate the Plan. Management anticipates that the
Plan will be in effect for the third quarter 1995 dividend which will be paid in
September, 1995. While Management anticipates that the Plan will make a positive
contribution to the Registrant's cash flow, the extent of that contribution to
the cash flow cannot be determined at the present time because there is no
experience with the Plan; the Registrant cannot estimate the level of
participation in the Plan by its shareholders.
<PAGE>
Part II. Other Information.
ITEM 5. OTHER INFORMATION
A) Franklin Lakes, New Jersey Shopping Center
("Greentree Shopping Plaza" or "Greentree")
The Registrant anticipates that the Greentree Shopping Plaza
will be closed during the month of September, 1995. The construction of the new
center cannot start until all state and local approvals are in place which may
not take place until January, 1996. As a result, the construction of the new
center may not commence until the Spring of 1996. Management now anticipates
that the new center will not be operational until January of 1997. As a result,
from October, 1995 through December, 1996, no income will be received from
Greentree. In addition, the Registrant will incur both construction costs and
normal carrying charges for the property during this period. Management
anticipates that Registrant will finance the construction costs of the new
shopping center by securing a construction mortgage; in addition, Registrant
anticipates that it will secure permanent mortgage financing for the new center.
B) Westwood, New Jersey (the "Westwood Shopping Center")
The Grand Union Company, a major tenant of the Registrant at
the Westwood Shopping Center, continues to make all scheduled rent payments in
accordance with its lease despite its Chapter 11 Bankruptcy filing. There has
been no effort to terminate the lease.
The owner of the project adjacent to the Westwood Shopping
Center who has suffered a discharge from their underground storage tanks has not
pursued its request to gain access to the Registrant's property for testing.
The Registrant knows of no evidence of any contamination to
its property.
C) 8-K
The Registrant filed an 8-K Report on February 17, 1995
which (a) discussed the proposed development of the Greentree Shopping Plaza and
(b) the fact Grand Union Company was a major tenant at the Westwood Shopping
Center and that the Registrant did now know whether the Chapter 11 filed by
Grand Union would impact the lease at Westwood.
The 8-K report filed on February 17, 1995 is incorporated by
reference.
<PAGE>
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.
FIRST REAL ESTATE INVESTMENT
TRUST OF NEW JERSEY
----------------------------
(Registrant)
Date June 8, 1995
---------------
/s/ William R. DeLorenzo, Jr.
----------------------------------
(Signature)*
William R. DeLorenzo, Jr.
Executive Secretary and Treasurer
- ---------------
*Print name and title of the signing officer under his signature.
<PAGE>
SALES OF UNREGISTERED SECURITIES (DEBT OR EQUITY)
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
N O N E
-------
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<CASH> 345,000
<SECURITIES> 0
<RECEIVABLES> 177,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,113,000
<PP&E> 72,971,000
<DEPRECIATION> 9,968,000
<TOTAL-ASSETS> 65,116,000
<CURRENT-LIABILITIES> 1,387,000
<BONDS> 39,497,000
<COMMON> 19,314,000
0
0
<OTHER-SE> 1,375,000
<TOTAL-LIABILITY-AND-EQUITY> 65,116,000
<SALES> 0
<TOTAL-REVENUES> 6,394,000
<CGS> 0
<TOTAL-COSTS> 5,153,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,241,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,241,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,241,000
<EPS-PRIMARY> .80
<EPS-DILUTED> .80
</TABLE>
