SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended
September 30, 1997 Commission file number 0-8469
JMB INCOME PROPERTIES, LTD. - IV
(Exact name of registrant as specified in its charter)
Illinois 36-2857658
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 312/915-1987
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>
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . 3
Item 2. Management's Discussion and
Analysis of Financial Condition and
Results of Operations. . . . . . . . . . . . . . 10
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . 13
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
ASSETS
------
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1997 1996
------------- ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 5,357,355 4,552,403
Rents and other receivables . . . . . . . . . . . . . . . . . . . . 138,369 338,189
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . 41,081 21,226
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . 173,207 19,343
------------ -----------
Total current assets. . . . . . . . . . . . . . . . . . . . . 5,710,012 4,931,161
------------ -----------
Investment property:
Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 429,000
Buildings and improvements. . . . . . . . . . . . . . . . . . . . . -- 15,982,136
------------ -----------
-- 16,411,136
Less accumulated depreciation . . . . . . . . . . . . . . . . . . . -- 11,287,627
------------ -----------
Total investment property, net of accumulated depreciation. . -- 5,123,509
Investment property held for sale or disposition. . . . . . . . . . . 4,851,001 --
------------ -----------
Total investment property . . . . . . . . . . . . . . . . . . 4,851,001 5,123,509
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 17,283 46,138
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . 209,397 287,194
------------ -----------
$ 10,787,693 10,388,002
============ ===========
<PAGE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
SEPTEMBER 30, DECEMBER 31,
1997 1996
------------- ------------
Current liabilities:
Current portion of long-term debt . . . . . . . . . . . . . . . . . $ 495,789 460,108
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . 69,168 54,208
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . 10,153 12,300
Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . 95,940 79,546
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . 141,327 --
------------ -----------
Total current liabilities . . . . . . . . . . . . . . . . . . 812,377 606,162
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . 17,595 20,845
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . 820,107 820,107
Long-term debt, less current portion. . . . . . . . . . . . . . . . . 1,998,330 2,374,762
------------ -----------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 3,648,409 3,821,876
Venture partner's equity in venture . . . . . . . . . . . . . . . . . 1,374,604 1,149,211
Partners' capital accounts (deficits):
General partners:
Cumulative net earnings (loss). . . . . . . . . . . . . . . . . . 2,354,267 2,347,312
Cumulative cash distributions . . . . . . . . . . . . . . . . . . (3,640,853) (3,640,853)
------------ -----------
(1,286,586) (1,293,541)
------------ -----------
Limited partners (20,005 interests):
Capital contributions, net of offering costs. . . . . . . . . . . 17,996,292 17,996,292
Cumulative net earnings (loss). . . . . . . . . . . . . . . . . . 40,036,265 39,695,455
Cumulative cash distributions . . . . . . . . . . . . . . . . . . (50,981,291) (50,981,291)
------------ -----------
7,051,266 6,710,456
------------ -----------
Total partners' capital accounts. . . . . . . . . . . . . . . 5,764,680 5,416,915
------------ -----------
$ 10,787,693 10,388,002
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
-------------------------- --------------------------
1997 1996 1997 1996
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income . . . . . . . . . . . . . . . . $ 731,415 995,019 2,173,214 2,992,069
Interest income . . . . . . . . . . . . . . . 59,358 47,042 167,925 192,105
----------- ---------- ---------- ----------
790,773 1,042,061 2,341,139 3,184,174
----------- ---------- ---------- ----------
Expenses:
Mortgage and other interest . . . . . . . . . 62,920 74,448 199,245 231,120
Depreciation. . . . . . . . . . . . . . . . . 88,944 92,549 274,136 278,836
Property operating expenses . . . . . . . . . 400,663 367,173 1,134,100 1,201,435
Professional services . . . . . . . . . . . . -- 17,500 56,752 44,993
Amortization of deferred expenses . . . . . . 11,437 14,001 34,312 42,002
General and administrative. . . . . . . . . . 20,767 21,470 69,436 65,336
----------- ---------- ---------- ----------
584,731 587,141 1,767,981 1,863,722
----------- ---------- ---------- ----------
Operating earnings (loss) . . . . . . 206,042 454,920 573,158 1,320,452
Venture partner's share of
venture's operations. . . . . . . . . . . . . (73,008) (163,380) (225,393) (467,067)
----------- ---------- ---------- ----------
Net earnings (loss) . . . . . . . . . $ 133,034 291,540 347,765 853,385
=========== ========== ========== ==========
Net earnings (loss) per limited
partnership interest. . . . . . . . $ 6.52 14.29 17.04 41.81
=========== ========== ========== ==========
Cash distributions per limited
partnership interest. . . . . . . . $ -- -- -- 130.00
=========== ========== ========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 347,765 853,385
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,136 278,837
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 34,312 42,002
Venture partner's share of venture's operations . . . . . . . . . . . . 225,393 467,067
Changes in:
Rents and other receivables . . . . . . . . . . . . . . . . . . . . . . 199,820 (90,080)
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,855) (6,529)
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . (153,864) (153,864)
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . . 77,797 (23,024)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,960 40,574
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,147) (2,570)
Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,394 (2,792)
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . . 141,327 141,205
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . (3,250) 1,250
----------- -----------
Net cash provided by (used in) operating activities . . . . . . . 1,152,788 1,545,461
----------- -----------
Cash flows from investing activities:
Additions to investment properties. . . . . . . . . . . . . . . . . . . . (1,628) --
Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . (5,457) (1,524)
----------- -----------
Net cash provided by (used in) investing activities . . . . . . . (7,085) (1,524)
----------- -----------
Cash flows from financing activities:
Principal payments on long-term debt. . . . . . . . . . . . . . . . . . . (340,751) (308,451)
Distributions to limited partners . . . . . . . . . . . . . . . . . . . . -- (2,600,650)
Distributions to general partners . . . . . . . . . . . . . . . . . . . . -- (354,337)
Distributions to venture partner. . . . . . . . . . . . . . . . . . . . . -- (977,762)
----------- -----------
Net cash provided by (used in) financing activities . . . . . . . (340,751) (4,241,200)
----------- -----------
<PAGE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
1997 1996
----------- -----------
Net increase (decrease) in cash and cash equivalents. . . . . . . 804,952 (2,697,265)
Cash and cash equivalents, beginning of year. . . . . . . . . . . 4,552,403 6,822,336
----------- -----------
Cash and cash equivalents, end of period. . . . . . . . . . . . . $ 5,357,355 4,125,071
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $ 201,392 233,690
=========== ===========
Non-cash investing and financing activities . . . . . . . . . . . . . . . $ -- --
=========== ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1996
which are included in the Partnership's 1996 Annual Report, as certain
footnote disclosures which would substantially duplicate those contained in
such audited financial statements have been omitted from this report.
The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reported period. Actual results could differ from those
estimates.
The Partnership adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed of" ("SFAS 121") as required in the first
quarter of 1996. The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell such property and active marketing activity has commenced or is
expected to commence in the near term. In accordance with SFAS 121, any
properties identified as "held for sale or disposition" are no longer
depreciated. As of September 30, 1997, the Partnership and its
consolidated venture have committed to plans to sell or dispose of their
remaining investment property. Accordingly, the consolidated property has
been classified as held for sale or disposition in the accompanying
consolidated financial statements as of the date of such plan's adoption.
The results of operations, net of venture partners' share, for the property
and for properties sold or disposed of in the past two years were $401,276
and $870,865, respectively, for the nine months ended September 30, 1997
and 1996.
During the second quarter of 1997, Statements of Financial Accounting
Standards No. 128 ("Earnings per Share") and No. 129 ("Disclosure of
Information about Capital Structure") were issued. As the Partnership's
capital structure only has general and limited partnership interests, the
Partnership does not expect any significant impact on its consolidated
financial statements upon adoption of these standards when required at the
end of 1997.
TRANSACTIONS WITH AFFILIATES
Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of September
30, 1997 and for the nine months ended September 30, 1997 and 1996 were as
follows:
<PAGE>
Unpaid at
September 30,
1997 1996 1997
-------- ------- -------------
Property management
and leasing fees. . . . . . $127,957 135,811 --
Insurance commissions . . . . 9,573 9,140 --
Reimbursement (at cost) for
out-of-pocket expenses. . . 154 264 --
-------- ------- ------
$137,684 145,215 --
======== ======= ======
HUNTSVILLE (PARKWAY CITY MALL)
As of September 30, 1997, occupancy of the shopping center was 75%. In
addition, approximately 12% of the shopping center was occupied by tenants
occupying space on a temporary basis. One of the center's tenants,
Yeilding's, vacated its approximate 24,000 square foot store in November
1996 pursuant to a bankruptcy petition filed under Chapter 7 of the
bankruptcy code on October 8, 1996. The joint venture executed a lease
with Castner Knott Market Centre Store which opened in October 1997 in the
space formerly occupied by Yeilding's. On July 7, 1997, a major tenant of
the center, Montgomery Ward's, occupying approximately 75,000 square feet
or 18% of the center, filed a petition for protection under Chapter 11 of
the bankruptcy code. In October 1997, the joint venture received
notification that Montgomery Ward intends to close its store at the center
on or before December 31, 1997. Under the provisions of the bankruptcy
code, Ward's currently has until March 5, 1998 to assume or reject its
lease and will continue to pay rent pursuant to its original lease
agreement. The joint venture is reviewing its options with respect to the
Ward's lease.
Parkway City Mall is one of the two malls serving the Huntsville
metropolitan area. Several years ago, another shopping center developer
announced plans for a proposed third mall which, if built, would
significantly impact the market share of the Parkway City Mall.
Additionally, several department stores, some of which currently have
stores at the Parkway City Mall, had announced their intention to open
stores at the proposed third mall. The potential development of the third
mall has, for several years, had a substantial adverse effects on
Huntsville's ability to market the Parkway City Mall for lease or sale.
Recently, however, the joint venture has approached a potential joint
venture buyer, a venturer of which may include the developer contemplating
the proposed third mall, with a proposal whereby such buyer would purchase
and redevelop the Parkway City Mall rather than such third mall. Pending
such negotiations, which are preliminary in nature, such developer has
suspended their development of such third mall. In addition, the joint
venture continues its negotiations with certain of the existing department
stores at the Parkway City Mall to open new stores in conjunction with a
potential redevelopment of the shopping center. There can be no assurance
that a sale or redevelopment of the shopping center will be completed.
There are a number of factors that may affect the timing of a sale and
the sale price that will ultimately be achieved for the Parkway City Mall,
including, among other things, the following: potential increased
competition from new retailers in the area, the relative attractiveness of
retail properties for investment purposes, conditions for retailing
generally, interest rates, the actual operations of the Parkway City Mall,
tenant bankruptcies, the continued operation and success of anchor
department store tenants, the quality of existing tenants and the ability
to retain such existing tenants and attract new tenants at the Parkway City
Mall. As a result, there is no assurance as to what price will ultimately
be obtained upon a sale of the Parkway City Mall or the timing of such a
sale.
<PAGE>
ADJUSTMENTS
In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of September 30,
1997 and for the three and nine months ended September 30, 1997 and 1996.
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
remaining investment.
During 1996 and 1997, some of the Limited Partners in the Partnership
received from unaffiliated third parties unsolicited tender offers to
purchase up to 4.9% of the Interests in the Partnership at prices ranging
from between $150 and $225 per Interest. The Partnership recommended
against acceptance of these offers on the basis that, among other things,
the offer prices were inadequate. Such offers have expired with the
exception of one which is currently scheduled to expire in November, 1997.
As of the date of this report, the Partnership is aware that 9.10% of the
Interests in the Partnership have been purchased by such unaffiliated third
parties either pursuant to such tender offers or through negotiated
purchases. In addition, it is possible that other offers for Interests may
be made by unaffiliated third parties in the future, although there is no
assurance that any other third party will commence an offer for Interests,
the terms of any such offer or whether any such offer, if made, will be
consummated, amended or withdrawn. The board of directors of JMB Realty
Corporation ("JMB") the managing general partner of the Partnership, has
established a special committee (the "Special Committee") consisting of
certain directors of JMB to deal with all matters relating to tender offers
for Interests in the Partnership, including any and all responses to such
tender offers. The Special Committee has retained independent counsel to
advise it in connection with any potential tender offers for Interests and
has retained Lehman Brothers Inc. as financial advisor to assist the
Special Committee in evaluating and responding to these and any additional
potential tender offers for Interests.
At September 30, 1997, the Partnership and its consolidated venture
had cash and cash equivalents of approximately $5,357,000, of which
approximately $1,076,000 represents the joint venture partner's share of
undistributed cash flow from operations of Huntsville. The remaining funds
of approximately $4,281,000 are available for distributions to partners,
tenant improvements, leasing commissions, cash incentives to major
department stores and other capital expenditures at the Partnership's
remaining investment property and for working capital requirements.
The General Partners expect to conduct an orderly liquidation as
quickly as practicable. The affairs of the Partnership are expected to be
wound up no later than December 31, 1999 (sooner if the last remaining
property is sold in the near term), barring unforeseen economic
developments.
RESULTS OF OPERATIONS
The increase in cash and cash equivalents at September 30, 1997 as
compared to December 31, 1996 is primarily due to cash flow generated from
property operations at the Parkway City Mall which has been retained by the
venture as described in the notes.
The decrease in rents and other receivables at September 30, 1997 as
compared to December 31, 1996 is primarily due to timing of rental receipts
at the Parkway City Mall.
<PAGE>
The increase in escrow deposits and the corresponding increase in
accrued real estate taxes at September 30, 1997 as compared to December 31,
1996 is primarily due to the timing of payment of real estate taxes related
to the Parkway City Mall.
The decrease in accrued rents receivable at September 30, 1997 as
compared to December 31, 1996 is primarily due to the write off of Camelot
Music's balance, as the tenant vacated the Parkway City Mall on February 1,
1997 prior to the expiration of their lease pursuant to its filing for
protection under Federal bankruptcy laws.
The decrease in rental income for the three and nine months ended
September 30, 1997 as compared to the three and nine months ended September
30, 1996 is primarily due to a decrease in base rents and in recoverable
operating expenses due to a decrease in occupancy in 1997 at the Parkway
City Mall primarily as a result of Yeilding's closing its approximately
24,000 square foot store in October 1996 and Castner Knott Market Centre
Store not opening until October 1997.
The increase in interest income for the three months ended September
30, 1997 as compared to the three months ended September 30, 1996 is
primarily due to increased average invested cash balances as a result of
cash generated by the Parkway City investment property. The decrease in
interest income for the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996 is primarily due to lower average
invested cash balances resulting from the May 1996 distribution of
accumulated cash reserves to the partners as discussed in the notes to
consolidated financial statements included in the Partnership's 1996 Annual
Report.
The increase in property operating expenses for the three months ended
September 30, 1997 as compared to the three months ended September 30, 1996
is primarily due to an increase in administrative and other operating
costs. The decrease in property operating expenses for the nine months
ended September 30, 1997 as compared to the nine months ended September 30,
1996 is primarily due to decreases in bad debt and advertising expense,
partially offset by an increase in payroll expense at the Parkway City
Mall.
The decrease in venture partner's share of venture operations for the
three and nine months ended September 30, 1997 as compared to the three and
nine months ended September 30, 1996 is primarily due to the decreases of
rental and interest income, discussed above, at the Parkway City Mall.
<PAGE>
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate occupancy levels by quarter for the Partnership's remaining
investment property:
<CAPTION>
1996 1997
------------------------------------- ------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Parkway City Mall
Huntsville, Alabama . . . 84% 82% 84% 75% 74% 74% 75%
</TABLE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3-A.* The Prospectus of the Partnership dated July 26, 1976,
as supplemented August 19, 1976, September 16, 1976, and September 21,
1976, filed with the Commission pursuant to Rules 424(b) and 424(c), is
hereby incorporated herein by reference.
3-B.* Amended and Restated Agreement of Limited Partnership
set forth as Exhibit A to the Prospectus, and which agreement is hereby
incorporated herein by reference.
4. Mortgage Note between Huntsville Mall Associates and
New York Life Insurance Company, dated November 19, 1976, secured by the
Parkway City Mall in Huntsville, Alabama is hereby incorporated herein by
reference to the Partnership's Prospectus filed on Form S-11 (File No. 2-
55624) dated July 26, 1976.
10. Acquisition documents including the venture agreement
relating to the purchase by the Partnership of an interest in the Parkway
City Mall in Huntsville, Alabama are hereby incorporated herein by
reference to the Partnership's Prospectus on Form S-11 (File No. 2-55624)
dated July 26, 1976.
27. Financial Data Schedule
--------------------
* Previously filed as Exhibits 3-A and 3-B, respectively,
to the Partnership's Report for December 31, 1992 on Form 10-K (File No. 0-
8469) dated March 19, 1993.
(b) No reports on Form 8-K have been filed during the last quarter
of the period covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JMB INCOME PROPERTIES, LTD. - IV
BY: JMB Realty Corporation
(Managing General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Date: November 12, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.
By: GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date: November 12, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 5,357,355
<SECURITIES> 0
<RECEIVABLES> 352,657
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5,710,012
<PP&E> 4,851,001
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,787,693
<CURRENT-LIABILITIES> 812,377
<BONDS> 1,998,330
<COMMON> 0
0
0
<OTHER-SE> 5,764,680
<TOTAL-LIABILITY-AND-EQUITY>10,787,693
<SALES> 2,173,214
<TOTAL-REVENUES> 2,341,139
<CGS> 0
<TOTAL-COSTS> 1,442,548
<OTHER-EXPENSES> 126,188
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 199,245
<INCOME-PRETAX> 573,158
<INCOME-TAX> 0
<INCOME-CONTINUING> 347,765
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 347,765
<EPS-PRIMARY> 17.04
<EPS-DILUTED> 17.04
</TABLE>
