SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter period ended May 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ To _______________
Commission file number 0-11023
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Missouri
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
43-1250566
- --------------------------------------------------------------------------------
(I.R.S. Employer Identification No.)
7701 Forsyth Boulevard, St. Louis, Missouri 63105
- --------------------------------------------------------------------------------
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 863-7700
- --------------------------------------------------------------------------------
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 _____.
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12,13, or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes _____ No _____.
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable
date _______________.
<PAGE>
PART I
ITEM 1 - FINANCIAL STATEMENTS:
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
May 31, November 30,
1996 1995
(Unaudited)
------------- -------------
ASSETS:
Cash .................................. $ 432,904 $ 275,823
Accounts receivable ................... 156,509 186,369
Prepaid expenses and deposits ......... 66,814 69,139
Investment property, at cost:
Land ................................ 1,013,858 1,013,858
Buildings ........................... 12,946,937 12,904,376
------------- -------------
13,960,795 13,918,234
Less accumulated depreciation ....... (6,909,644) (6,702,698)
------------- -------------
7,051,151 7,215,536
Investment property held for sale .............. 3,482,361 3,490,426
Deferred expenses-At amortized cost ............ 77,539 85,696
------------- -------------
$ 11,267,278 $ 11,322,989
============= =============
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
Accounts payable and accrued expenses . $ 102,185 $ 74,635
Refundable tenant deposits ............ 96,917 95,098
Mortgage notes payable ................ 12,575,460 12,628,720
------------- -------------
12,774,562 12,798,453
------------- -------------
Partners' Deficit .............................. (1,507,284) (1,475,464)
------------- -------------
$ 11,267,278 $ 11,322,989
============= =============
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended
--------------------------- ---------------------------
May 31, May 31, May 31, May 31,
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES:
Rental and other income ........... $ 862,924 $ 852,350 $ 1,717,686 $ 1,661,366
Interest .......................... 1,909 867 2,204 1,718
------------ ------------ ------------ ------------
864,833 853,217 1,719,890 1,663,084
------------ ------------ ------------ ------------
EXPENSES:
Interest .......................... 284,771 290,189 569,173 577,268
Depreciation and amortization ..... 123,185 162,791 250,532 329,310
Real estate taxes ................. 110,618 135,129 209,782 259,836
Property management fees paid to
Nooney Krombach Company .......... 45,892 46,049 91,126 89,326
Reimbursement to Nooney Krombach
Company for partnership management
services and indirect expenses ... 10,000 10,000 20,000 20,000
Repairs and maintenance ........... 59,411 41,917 99,203 81,083
Payroll costs ..................... 56,310 51,047 103,440 83,967
Other operating expenses .......... 196,195 153,289 408,454 354,701
------------ ------------ ------------ ------------
886,382 890,411 1,751,710 1,795,491
------------ ------------ ------------ ------------
NET LOSS ................................... $ (21,549) (37,194) (31,820) $ (132,407)
============ ============ ============ ============
NET LOSS PER LIMITED PARTNERSHIP UNIT ...... $ (1.57) $ (2.70) $ (2.32) $ (9.62)
============ ============ ============ ============
PARTNERS' DEFICIT:
Beginning of Period ............... $(1,485,735) $(1,418,842) $(1,475,464) $(1,323,629)
Net Loss .......................... (21,549) (37,194) (31,820) (132,407)
------------ ------------ ------------ ------------
End of Period ..................... $(1,507,284) $(1,456,036) $(1,507,284) $(1,456,036)
============ ============ ============ ============
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
<TABLE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended
------------------------ -----------------------
May 31, May 31, May 31, May 31,
1996 1995 1996 1995
---------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss ................................................ $ (21,549) $ (37,194) $ (31,820) $(132,407)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization ......................... 123,185 162,791 250,532 329,310
Changes in assets and liabilities:
(Increase) Decrease in accounts receivable .......... (20,311) (19,886) 29,860 (3,565)
(Increase) Decrease prepaid expenses and deposits ... (25,691) (9,135) 2,325 (9,941)
Increase in deferred expenses ....................... -0- (8,741) (26,840) (8,741)
(Decrease) Increase in accounts payable
and accrued expenses ............................... (15,890) (18,376) 27,550 (132,910)
(Decrease) Increase in refundable tenant deposits.... (2,319) 1,019 1,819 911
---------- ----------- ---------- ----------
Total Adjustments ................................. 58,974 107,672 285,246 175,064
---------- ----------- ---------- ----------
Net cash provided by operating activities ......... 37,425 70,478 253,426 42,657
---------- ----------- ---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Addition to investment property ............................... (29,048) (55,261) (43,085) (75,704)
---------- ----------- ---------- ----------
Net cash used in investing activities ............ (29,048) (55,261) (43,085) (75,704)
---------- ----------- ---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgage notes payable ............................ (27,505) (25,292) (53,260) (50,539)
---------- ----------- ---------- ----------
Net cash used in financing activities ............... (27,505) (25,292) (53,260) (50,539)
---------- ----------- ---------- ----------
NET (DECREASE) INCREASE IN CASH .................................. (19,128) (10,075) 157,081 (83,586)
CASH, Beginning of period ........................................ 452,032 290,138 275,823 363,649
---------- ----------- ---------- ----------
CASH, End of period .............................................. $ 432,904 $ 280,063 $ 432,904 $ 280,063
========== =========== ========== ==========
CASH, Paid for interest .......................................... $ 284,771 $ 290,189 $ 569,173 $ 577,268
========== =========== ========== ==========
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
THREE AND SIX MONTHS ENDED MAY 31, 1996 AND 1995
NOTE A:
Refer to the Registrant's financial statements for the year ended November 30,
1995, which are contained in the Registrant's Annual Report on Form 10-K, for a
description of the accounting policies which have been continued without change
except as noted below. Also, refer to the footnotes to those statements for
additional details of the Registrant's financial condition. The details in those
notes have not changed except as a result of normal transactions in the interim
or as noted below.
NOTE B:
The financial statements include only those assets, liabilities, and results of
operations of the partners which relate to the business of Nooney Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses attributable to the partners' individual activities. No provision
has been made for federal and state income taxes since these taxes are the
responsibility of the partners. In the opinion of the general partners, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations and changes in
financial position at May 31, 1996 and for all periods presented have been made.
NOTE C:
The Registrant's properties are managed by Nooney Krombach Company, a
wholly-owned subsidiary of Nooney Company. Certain individual general partners
of the Registrant are officers and directors of Nooney Company. Nooney Four
Capital Corp., a general partner, is a 75% owned subsidiary of Nooney Company.
NOTE D:
The loss per limited partnership unit for the three and six months ended May 31,
1996 and May 31, 1995 was computed based on 13,529 units, the number of units
outstanding during the periods.
NOTE E:
In June, the Registrant executed a contract for the sale of Cobblestone Court.
However, there is no assurance that this sale will be finalized. The purchaser
must complete their due diligence and satisfy
all contingencies.
<PAGE>
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Cash on hand as of May 31, 1996 is $432,904, an increase of $157,081 from year
end November 30, 1995. As previously stated in prior quarters financial
information, the increase in cash balances can be attributed to the improved
operations of Woodhollow Apartments. The consistent strengthening of the
multi-family market in the west St. Louis County area over the past 18 months
has created excess cash flow from the operations of the apartment community. The
excess cash flow has been deposited into an established capital reserve to fund
certain deferred capital improvements including new siding, parking lot upgrades
and common area renovations. These improvements to the property will commence in
the current year. Additional capital expenditures by property are as follows:
Leasing Operating Other
Capital Capital Capital Total
------- --------- -------- ---------
Cobblestone Court .................... $ -0- $ -0- $ -0- $ -0-
Woodhollow Apartments ................ -0- 30,600 209,200 239,800
Throughout the remainder of 1996 the Registrant approximates capital
expenditures of $239,800. At Woodhollow Apartments, operating capital is
necessary in 1996 for appliances and carpet and vinyl replacement. In 1996 the
Registrant anticipates spending $150,000 from the capital reserve escrow on new
siding and parking lot upgrades. The remainder of the other capital expenditures
will be for the cost of replacing air conditioning units, signage and the
installation of a wheelchair ramp for accessing the clubhouse. Due to the
pending sale, capital expenditures for Cobblestone Court have not been
considered.
As discussed over the past 9 months, the General Partners have put Cobblestone
Court on the market for sale. The General Partners elected to sell the property
at this time because Cobblestone Court needs to be reconfigured and repositioned
to stay competitive in today's retail environment, and the partnership is not in
a financial position to supply the capital needed for such a project. In
addition, due to the harsh winter, it has become apparent that the building may
need extensive roof repairs. In June the Registrant executed a contract for the
sale of the property. However, there is no assurance that this sale will be
finalized. The purchaser must complete their due diligence and satisfy all
contingencies.
The first mortgage debt secured by Cobblestone Court matured June 28, 1996. The
holder of the first mortgage debt has agreed to extend their mortgage through
September 30, 1996 in order to facilitate
the sale.
Due to the pending sale, the holder of the second mortgage debt on Cobblestone
Court and Woodhollow Apartments has agreed to extend their mortgages through
September 30, 1996. The balance of the loans as of June 30, 1996 were $216,439
and $1,438,039, respectively.
The long term liquidity of the Registrant is dependent on its ability to fund
future capital expenditures and mortgage payments, maintain high occupancy and
negotiate with lenders the renewal and/or refinancing of certain mortgage debt
as it matures. Until such time as real estate market conditions recover and a
profitable sale of Woodhollow Apartments is feasible, the Registrant will
continue to manage the property to achieve its investment objectives.
<PAGE>
Results of Property Operations
The results of operations for the Registrant's properties for the three months
ended May 31, 1996 are detailed in the schedule below. Revenues and expenses of
the Registrant are excluded.
Woodhollow Cobblestone
1996 Apartments Court
---- ---------- -----------
Revenues............................................... $ 588,583 $ 274,389
Expenses............................................... 602,216 268,296
---------- -----------
Net (Loss) Income...................................... $ (13,633) $ 6,093
========== ===========
1995
----
Revenues............................................... $ 526,925 $ 325,121
Expenses............................................... 575,306 306,397
---------- -----------
Net (Loss) Income...................................... $ (48,381) $ 18,724
========== ===========
At Woodhollow Apartments the operations of the apartment community have
significantly improved with revenues increasing approximately 11.70% or $61,658
when compared to the same quarter ended May 31, 1995. Offsetting the increase in
revenues is an increase in expenses of 4.68% or $26,910 when compared to quarter
ended May 31, 1995. The increase in revenues relates to improvement in the
multi-family market in the west St. Louis County. The improving market continues
to put upward pressure in the rental rates resulting in increased revenues. The
increase in rental rates offset the slight decrease in occupancy levels to 94%
at May 31, 1996 from 96% at May 31, 1995. Along with the improving market,
Woodhollow Apartments have seen an increase in corporate unit rental. Revenues
from corporate units increased $21,933 when comparing quarterly results from May
31, 1996 to May 31, 1995. Partially offsetting the revenue increase is an
increase in expenses. Several operating expenses increased during the second
quarter and they are as follows: cleaning ($4,642), corporate unit expenses
($10,029), professional services ($11,478), repairs and maintenance ($13,675),
snow removal ($5,070) and swimming pool costs ($8,761). Offsetting the expense
increases is a decrease in the real estate tax accrual of $26,746. The decrease
in the real estate tax accrual resulted from a law change in the State of
Missouri. During the third quarter of 1995, the State of Missouri passed a law
that reduced Woodhollow Apartment's assessment rate from 32% to 19%.
Cobblestone Court net income for the quarter ended May 31, 1996 and 1995 were
$6,093 and $18,724, respectively. The decrease in net income is attributable to
larger decreases in revenues than the decrease in expenses. The decrease in
revenues relates to decreases in rental income and tax income. The decrease in
rental income relates to a decline in average occupancy of 84% at May 31,
1996 compared to 98% at May 31, 1995. Tax participation income also decreased
due to the decline in tenant occupancy. The decrease in expenses at Cobblestone
Court relates primarily to a decrease in depreciation expense. Under generally
accepted accounting principles when a property is held for sale it may no longer
be depreciated.
<PAGE>
The occupancy levels at the Registrant's properties during the second quarter
decreased at both Cobblestone Court and Woodhollow Apartments. The occupancy
levels at May 31, 1996, 1995 and 1994 are as follows:
Occupancy Rates at May 31,
-------------------------------------------
Property 1996 1995 1994
- --------------------------------- ------ ------ ------
Cobblestone Court................ 84% 98% 97%
Woodhollow Apartments............ 94% 96% 95%
At Cobblestone Court, during the second quarter of 1996, the Registrant renewed
two leases occupying 7,120 square feet and a single tenant formerly occupying
990 square feet moved-out. The net leasing activity reduced occupancy 1% during
the second quarter. The property has two major tenants that occupy approximately
26% and 10% of the available space. Their leases expire in December 2000 and May
1996, respectively. The tenant whose lease expired in May 1996 is occupying the
space on a month-to-month basis until terms can be agreed upon.
At Woodhollow Apartments the occupancy decreased by 2% when comparing February
29, 1996 to May 31, 1996 occupancy levels. Though occupancy has declined during
the second quarter, the overall occupancy remains at high levels. The Registrant
expects this high level of occupancy trend to continue due to the increase in
demand for apartment units in the west St. Louis County area without a
corresponding increase in supply.
1996 Comparisons
For the three and six month period ended May 31, 1996, the Registrant's
consolidated revenues are $864,833 and $1,719,890, respectively. Revenues
increased $11,616 and $56,806 for the three and six month periods ended May 31,
1996 when compared to the same periods ended May 31,
1995.
On a consolidated basis when comparing revenues for the second quarter ended May
31, 1996 to 1995 revenues increased less than 1.36%. However, for the six month
period ended May 31, 1996 revenues increased by approximately 3.42% when
compared to the six month period ended May 31, 1995. The increase in revenues
for the six month period can be attributed to Woodhollow Apartments where the
Registrant saw and increase in revenues of $122,791. The increase in revenues
was offset by a decrease at Cobblestone Court of $61,983. The increase in
revenues, as previously stated, at Woodhollow Apartments is a result of an
improving multi-family market in the west St. Louis County area. The decrease at
Cobblestone Court is a function of a decrease in average occupancy and the
resulting decline in rental revenues. In addition, tax participation income
decreased as a result of tenant occupancy changes. Through tenant move-ins,
move-outs and renewals, their real estate tax base year is adjusted thus either
reducing or eliminating income derived from real estate tax reimbursements.
Consolidated expenses for the three and six month periods ended May 31, 1996 are
$886,382 and $1,751,710, respectively. For the same periods ended May 31, 1995
consolidated expenses were $890,411 and $1,795,491, respectively. For the
quarter ended May 31, 1996 consolidated expenses decreased less than 1% or
$4,029. However, though the consolidated expenses only slightly decreased on an
individual basis significant fluctuations occurred within individual expenses.
Other operating expenses increased $65,663 for the three months ended May 31,
1996 compared to the similar period in 1995. The increase can be attributed to
the following expense categories: repairs and maintenance ($17,494), snow
removal ($12,292), professional fees ($14,655), furniture rental ($10,029),
swimming pool costs ($8,761), administrative costs ($6,322) and cleaning
($4,911). Partially offsetting the aforementioned increases was a significant
decrease in parking lot expenditures ($11,717), depreciation and amortization
($39,606) and real estate taxe ($24,511). Under generally accepted accounting
principles when a property is held for sale it may no longer be depreciated. The
decrease in real estate taxes resulted from a law change in the State of
Missouri. During the third quarter of 1995, the State of Missouri passed a law
that reduced Woodhollow Apartment's assessment rate from 32% to 19%.
<PAGE>
For the six month period ended May 31, 1996 compared to the same period ended
May 31, 1995 consolidated expenses decreased $43,781.The decrease in operating
expenses for the six month period can be attributed to decreases in depreciation
and real estate taxes offset by increases in other operating expenses. The
decrease in depreciation and real estate taxes were caused by the factors
previously discussed when analyzing the quarterly results. The increase in other
operating expenses can be attributed to increases in repairs and maintenance
($18,120), snow removal ($23,927), cleaning ($9,740), furniture rental
($22,466), professional fees ($8,751), swimming pool costs ($8,552), vacancy
expense ($5,858) and insurance ($6,576). Offsetting the increases in the
aforementioned expenses categories was a decrease in parking lot expenditures
($9,623).
1995 Comparisons
As of May 31, 1995, the Registrant's consolidated revenues were $853,217 for the
quarter ended and $1,663,084 for the six month period ended. The revenues have
increased approximately 6.2% for the quarter ended and 4.1% for the six month
period ended when compared to the same periods ended May 31, 1994.
The increase in consolidated revenues for the quarter ended was $49,630 and can
be attributed to an increase in furniture rental income at Woodhollow Apartments
along with increases in rental income, percentage rent income and real estate
tax recovery income at Cobblestone Court. The increase in furniture rental
income is due to the increase in corporate units and their use of rented
furniture. At Cobblestone Court, rental revenues increased due to a
strengthening market resulting in increase rental rates at lease renewals. The
percentage rent increase is attributable to several tenants who were enjoying
prosperous years. The increase in real estate tax recovery income directly
correlates with the increase in real estate tax expense from 1993 to 1994.
Increases in real estate taxes can be directly passed through to the tenants.
For the six month period ended May 31, 1995 when compared to the same period
ended May 31, 1994, consolidated revenues increased $65,868. The causes for the
increases in consolidated revenues for the six month period were similar to
those for the quarterly results with exception to rental revenues at Woodhollow
Apartments. For the six month period rental revenues at Woodhollow Apartments
increased $20,900 when comparing May 31, 1995 to May 31, 1994.
<PAGE>
At May 31, 1995 consolidated expenses were $890,411 for the quarter ended and
$1,795,491 for the six month period ended. For the same periods ended May 31,
1994 consolidated expenses were $948,724 and $1,869,071 for the quarter ended
and six month period ended. The decrease in consolidated expenses for the
quarter ended May 31, 1995 when compared to the same period ended May 31, 1994
relates to interest expense and depreciation and amortization expense. Interest
expense decrease is attributable to the refinancing of the first mortgage debt
on Woodhollow Apartments. To offset the decrease in interest expense due to the
refinancing were increases in interest rates on the Registrant's floating rate
debt. The decrease in depreciation and amortization relates to certain lease
commissions, tenant alterations and building improvements that became fully
amortized during 1994. For the six month period ended consolidated expenses
decreased $73,580 due primarily to decreases in interest expense and
depreciation and amortization expense. The decreases in the aforementioned
categories were offset by an increase in other operating expenses. The cause of
the decreases in interest expense and depreciation and amortization for the six
month period were the same as those for the quarterly results. The increase in
other operating expenses can be attributed to administrative expenses ($15,065),
professional services ($24,619) and parking lot repairs ($10,675) offset by
decreases in insurance expense ($12,245) and expenses at the Registrant level.
Inflation
The effects of inflation did not have a material impact upon the Registrant's
operation in fiscal 1995 and are not expected to materially affect the
Registrant's operations in 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
See Exhibit Index
(b) Reports on Form 8-K
None
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.
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
Dated: July 15, 1996 By: /s/ Gregory J. Nooney, Jr.
-------------------------------------
Gregory J. Nooney, Jr.
General Partner
NOONEY CAPITAL CORPORATION
By: /s/ Gregory J. Nooney, Jr.
-------------------------------------
Gregory J. Nooney, Jr.
Chairman
By: /s/ Patricia A. Nooney
-------------------------------------
Patricia A. Nooney
Senior Vice President and Secretary
BEING A MAJORITY OF DIRECTORS
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
- -------------- ----------------------------------------------------------------
3.1 Amended and Restated Agreement and Certificate of Limited
Partnership dated April 7, 1982, is incorporated by reference
to the Prospectus contained in the Registration Statement on
Form S-11 under the Securities Act of 1933 (File No. 2-76046).
27 Financial Data Schedule (provided for the information of the
Securities and Exchange Commission only)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000700720
<NAME> NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> MAR-01-1996
<PERIOD-END> MAY-31-1996
<CASH> 432,904
<SECURITIES> 0
<RECEIVABLES> 156,509
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 656,227
<PP&E> 13,960,795
<DEPRECIATION> 6,909,644
<TOTAL-ASSETS> 11,267,278
<CURRENT-LIABILITIES> 102,185
<BONDS> 12,575,460
0
0
<COMMON> 0
<OTHER-SE> (1,507,284)
<TOTAL-LIABILITY-AND-EQUITY> 11,267,278
<SALES> 1,717,686
<TOTAL-REVENUES> 1,719,890
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,182,537
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 569,173
<INCOME-PRETAX> (31,820)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (31,820)
<EPS-PRIMARY> (2.32)
<EPS-DILUTED> 0
</TABLE>
