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, 1996 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, 1996
and October 31, 1995;
b.) Combined Statements of Income and
Undistributed Earnings For Six Months Ended
April 30, 1996 and 1995;
c.) Combined Statements of Cash Flows for Six
Months Ended April 30, 1996 and 1995;
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, 1996 AND OCTOBER 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
April October
ASSETS 30, 1996 31, 1995
------ -------- --------
(In Thousands
of Dollars)
<S> <C> <C>
Real estate, at cost, net of accumulated depre-
ciation .............................................. $62,053 $62,324
Equipment, at cost, net of accumulated deprecia-
tion of $580,000 and $553,000 ........................ 239 224
Cash ................................................... 374 533
Tenants' security accounts ............................. 988 947
Sundry receivables ..................................... 432 248
Prepaid expenses and other assets ...................... 873 911
Deferred charges, net .................................. 229 348
------- -------
Totals ....................................... $65,188 $65,535
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgages payable .................................. $34,284 $34,598
Note payable - bank .................................. 5,820 5,169
Accounts payable and accrued expenses .............. 248 361
Dividends payable .................................. 546 1,154
Tenants' security deposits ......................... 1,088 1,048
Deferred revenue ................................... 137 257
------- -------
Total liabilities ............................ 42,123 42,587
------- -------
Minority interest ...................................... 2,935 2,959
------- -------
Commitments and contingencies
Shareholders' equity:
Shares of beneficial interest without par
value; 1,560,000 shares authorized;
1,559,788 shares issued and outstanding ............ 19,314 19,314
Undistributed earnings ............................. 816 675
------- -------
Total shareholders' equity ................... 20,130 19,989
------- -------
Totals ...................................... $65,188 $65,535
======= =======
</TABLE>
See Notes to Combined Financial Statements.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
<TABLE>
<CAPTION>
COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
SIX AND THREE MONTHS ENDED APRIL 30, 1996 AND 1995
(Unaudited)
Six Months Three Months
Ended April 30, Ended April 30,
INCOME 1996 1995 1996 1995
------- ------- ------- -------
(In Thousands of Dollars,
Except Per Share Amounts)
<S> <C> <C> <C> <C>
Rental revenue:
Rental income .................. $ 5,935 $ 5,807 $ 2,945 $ 2,902
Real estate taxes reimbursed ... 558 329 166 155
Common area maintenance reim-
bursed ....................... 304 183 119 79
Sundry income .................. 105 71 62 30
------- ------- ------- -------
Totals ................... 6,902 6,390 3,292 3,166
------- ------- ------- -------
Rental expenses:
Operating expenses ............. 1,647 1,424 849 721
Management fees .................. 291 275 150 139
Real estate taxes .............. 1,046 756 397 372
Interest ....................... 1,513 1,538 755 771
Depreciation and amortization .. 791 752 407 377
------- ------- ------- -------
Totals ................... 5,288 4,745 2,558 2,380
------- ------- ------- -------
Income from rental operations ...... 1,614 1,645 734 786
------- ------- ------- -------
Other income (expense):
Interest income ................ 5 4 1 2
Interest expense ............... (227) (235) (116) (144)
General and administrative ..... (123) (126) (68) (66)
------- ------- ------- -------
Totals ................... (345) (357) (183) (208)
------- ------- ------- -------
Income before minority interest .... 1,269 1,288 551 578
Minority interest .................. (36) (47) (7) (23)
------- ------- ------- -------
Net income ......................... $ 1,233 $ 1,241 $ 544 $ 555
======= ======= ======= =======
Earnings per share ................. $ .79 $ .80 $ .35 $ .36
======= ======= ======= =======
<PAGE>
<CAPTION>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
COMBINED STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
SIX AND THREE MONTHS ENDED APRIL 30, 1996 AND 1995
(Unaudited)
Six Months Three Months
Ended April 30, Ended April 30,
1996 1995 1996 1995
------- ------- ------- -------
(In Thousands of Dollars,
Except Per Share Amounts)
<S> <C> <C> <C> <C>
UNDISTRIBUTED EARNINGS
Balance, beginning of period ....... $ 675 $ 1,834 $ 818 $ 1,366
Net income ......................... 1,233 1,241 544 555
Less dividends ..................... (1,092) (1,700) (546) (546)
------- ------- ------- -------
Balance, end of period ............. $ 816 $ 1,375 $ 816 $ 1,375
======= ======= ======= =======
Dividends per share ................ $ .70 $ 1.09 $ .35 $ .35
======= ======= ======= =======
</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, 1996 AND 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
------- -------
(In Thousands
of Dollars)
<S> <C> <C>
Operating activities:
Net income ........................................... $ 1,233 $ 1,241
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization .................... 910 768
Deferred revenue ................................. (120) (100)
Minority interest ................................ 36 47
Changes in operating assets and liabilities:
Tenants' security accounts .................... (41) (24)
Sundry receivables, prepaid expenses and other
assets ....................................... (146) 225
Accounts payable and accrued expenses ......... (113) (11)
Tenants' security deposits .................... 40 28
Other liabilities ............................. (52)
------- -------
Net cash provided by operating activities . 1,799 2,122
------- -------
Investing activities - capital expenditures .............. (535) (365)
------- -------
Financing activities:
Dividends paid ....................................... (1,700) (1,700)
Proceeds from note payable - bank ...................... 651 350
Repayment of mortgages ............................... (314) (300)
Distributions to minority interest ................... (60)
------- -------
Net cash used in financing activities ..... (1,423) (1,650)
------- -------
Net increase (decrease) in cash .......................... (159) 107
Cash, beginning of period ................................ 533 238
------- -------
Cash, end of period ...................................... $ 374 $ 345
======= =======
Supplemental disclosure of cash flow data:
Interest paid ........................................ $ 1,740 $ 1,773
======= =======
</TABLE>
Supplemental schedule of noncash financing activities: Dividends declared but
not paid amounted to $546,000 at April 30, 1996.
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 is engaged in owning residential
and commercial income producing properties located primarily
in New Jersey.
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, 1996 and for the six and three months ended April
30, 1996 and 1995 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, 1995 was derived
from the Trust's audited annual report for 1995.
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>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
Note 1 - Organization and significant accounting policies (continued):
Use of estimates:
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect certain
reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.
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, 1996 and October 31,
1995, 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.
Advertising:
The Company expenses the cost of advertising and promotions
as incurred. Advertising costs charged to operations amounted
to approximately $29,700 and $10,100 for the six months ended
April 30, 1996 and 1995, respectively, and approximately
$17,500 and $5,700 for the three months ended April 30, 1996
and 1995, respectively.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
Note 1 - Organization and significant accounting policies (concluded):
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, 1996 and 1995.
Note 2 - Real estate:
Real estate consists of the following:
<TABLE>
<CAPTION>
Range
of Estimated April October
Useful Lives 30, 1996 31, 1995
------------ -------- --------
(In Thousands
of Dollars)
<S> <C> <C> <C>
Land $21,112 $21,112
Unimproved land 2,471 2,452
Apartment buildings 7-40 years 21,604 21,333
Commercial buildings 25-31.5 years 58 58
Shopping centers 15-50 years 26,872 26,859
Construction in
progress 771 714
------- -------
72,888 72,528
Less accumulated de-
preciation 10,835 10,204
------- -------
Totals $62,053 $62,324
======= =======
</TABLE>
<PAGE>
Note 3 - Mortgages payable:
Mortgages payable consist of the following:
<TABLE>
<CAPTION>
April October
30, 1996 31, 1995
-------- --------
(In Thousands
of Dollars)
<S> <C> <C>
State Mutual Life Assurance Company
of America (A) ................................. $18,216 $18,359
Aetna Life Insurance Company (B) ................. 5,383 5,444
USG Annuity & Life Company (C) ................... 10,419 10,488
United Jersey Bank (D) ........................... 266 307
------- -------
Totals ....................................... $34,284 $34,598
======= =======
</TABLE>
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
Note 3 - Mortgages payable (concluded):
(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 $26,202,000.
(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 $11,939,000.
(C) Payable in monthly installments of $79,655 including
interest at 7.8% through October 2002 at which time the
outstanding balance is due. The mortgage is secured by an
apartment complex in Westwood, New Jersey having a net book
value of approximately $14,999,000.
(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 $644,000. One of the directors of
the bank is a trustee of the Trust.
<PAGE>
Principal amounts (in thousands of dollars) due under the
above obligations in each of the five years subsequent to
April 30, 1996 are as follows:
<TABLE>
<CAPTION>
Year Ending
April 30, Amount
--------- ------
<S> <C> <C>
1997 $ 668
1998 18,310
1999 418
2000 363
2001 396
</TABLE>
Based on borrowing rates for mortgages with similar terms,
the fair value of the mortgage debt is approximately
$33,374,000 at April 30, 1996.
Note 4 - 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.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
Note 5 - Commitments and contingencies:
Leases:
Commercial tenants:
The Trust leases commercial space having a net book value of
approximately $39,237,000 at April 30, 1996 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, 1996 are as follows:
<TABLE>
<CAPTION>
Year Ending April 30, Amount
--------------------- ------
<S> <C> <C>
1997 $ 3,936
1998 3,376
1999 3,019
2000 2,523
2001 2,230
Thereafter 9,398
-------
Total $24,482
=======
</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. In addition, the above
amounts do not include any future minimum rentals to be
received for the shopping center in Franklin Lakes, New
Jersey having a net book value of approximately $1,096,000 at
April 30, 1996. Except for two tenants, management closed the
shopping center on September 1, 1995. Commencement of a
complete refurbishing of the premises is scheduled to begin
during the Fall of 1996 and will take approximately nine
months. The cost of the refurbishing, which has been put out
for bid, is currently anticipated to approximate $6,000,000.
Rental revenue derived from the shopping center was
approximately $71,000 and $105,000 for the six months ended
April 30, 1996 and 1995, respectively, and approximately
$36,000 and $42,000 for the three months ended April 30, 1996
and 1995, respectively. Income from rental operations was
approximately $15,000 and $55,000 for the six months ended
April 30, 1996 and 1995, respectively, and $16,000 and
$21,000 for the three months ended April 30, 1996 and 1995,
respectively.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST
OF NEW JERSEY AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
Note 5 - Commitments and contingencies (concluded):
Leases (concluded):
Commercial tenants (concluded):
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 and three month periods ended April 30,
1996 and 1995 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 ("NJDEP") 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 NJDEP 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
NJDEP 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 6 - 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 $291,000 and $275,000 for the six
months ended April 30, 1996 and 1995, respectively, and
approximately $150,000 and $140,000 for the three months
ended April 30, 1996 and 1995, respectively.
Note 7 - Earnings per share:
Earnings per share, based on the weighted average number of
shares outstanding during each period, are comprised of
ordinary income.
<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 Registrant's audited
financial statements and notes thereto for Fiscal Year Ended October 31, 1995.
Results of Operations
The earnings per share from the Registrant's regular operations were
$0.35 for the Second Quarter of 1996 as compared to $0.36 for the Second Quarter
1995. The decrease reflects the fact the Mid-Atlantic states endured a severe
winter which resulted in increased heating and snow removal costs. In addition,
Registrant is in the process of closing all operations at its Franklin Lakes
Shopping Center (the "Center") for the purpose of razing all present structures
and to erect an enlarged shopping center at the site.
Registrant expects that the closing of the Center will have a negative
impact on the earnings for the period of June, 1996 to June, 1997. The
Registrant continues to expect that its earnings will be decreased by
approximately $0.11 on an annual basis because of the closing of the Center.
Financial Condition
The Registrant continues to generate cash sufficient to meet all of its
regular operational needs. The Registrant does anticipate, however, that it will
borrow against its Line of Credit or secure a mortgage to generate the funds
required to construct the Center and to purchase the center in Patchogue, New
York as hereinafter described in Item 5, Subject C.
<PAGE>
PART II. OTHER INFORMATION
Item 5. Other Information.
a) Status of the Center
The Registrant has entered into a lease agreement with a major food
supermarket chain to lease approximately 42,000 square feet in the new
Center which will have a total of approximately 88,000 square feet of
leasable space. As a result, the Registrant is in the process of
developing construction plans for the new Center.
It was previously reported that construction of the new Center would
start in the Spring or early Summer of 1996 and that it would be open
for operations during the First Quarter of 1997. It is clear that those
dates will not be met.
The Registrant now anticipates that construction will not begin until
the Fall of 1996. The Center should be open for operations in the
Summer of 1997. As a result, the negative impact projected for the
closing of the Center of $0.11 per annum will be extended through the
Summer of 1997.
b) Management
The Registrant is managed by Hekemian & Co., Inc. Hekemian & Co., Inc.
is a closely held corporation with two principal shareholders, Robert
S. Hekemian, Chairman of the Registrant and his brother, Samuel P.
Hekemian. As a closely held entity, both Robert and Samuel Hekemian
have been engaged in discussions concerning an orderly succession for
the firm. The parties have not been able to come to an amicable
agreement. The parties are engaged in litigation. As a result there is
a potential that Hekemian & Co., Inc. would be dissolved. The
Registrant anticipates that management will continue in an orderly
fashion through any successor of Hekemian & Co., Inc. and that there
will be no adverse affect on the operations of the Registrant.
c) Patchogue, New York
The Registrant has entered into a contract to purchase a 65,000 square
foot Pathmark Shopping Center to be constructed in Patchogue, New York
for approximately $11,000,000 including commissions and estimated
professional fees. The Registrant anticipates that it will purchase the
Patchogue center through a joint venture with one or more investors on
a basis where the Registrant would retain full management control. The
contract to purchase the Patchogue center is contingent upon the
construction being completed during January, 1997.
<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: July 8, 1996
/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
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<CASH> 374
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 73,707
<DEPRECIATION> 11,415
<TOTAL-ASSETS> 65,188
<CURRENT-LIABILITIES> 0
<BONDS> 40,104
0
0
<COMMON> 19,314
<OTHER-SE> 816
<TOTAL-LIABILITY-AND-EQUITY> 65,188
<SALES> 0
<TOTAL-REVENUES> 6,902
<CGS> 0
<TOTAL-COSTS> 5,288
<OTHER-EXPENSES> 381
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,233
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,233
<EPS-PRIMARY> .79
<EPS-DILUTED> .79
</TABLE>
