UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM 10-Q
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _____ to ________.
Commission File Number: 0-10995
PAINE WEBBER GROWTH PROPERTIES LP
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-2772109
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
265 Franklin Street, Boston, Massachusetts 02110
- ------------------------------------------ -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-8118
--------------
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>
PAINE WEBBER GROWTH PROPERTIES LP
CONSOLIDATED BALANCE SHEETS
September 30, 1997 and March 31, 1997 (Unaudited)
(In thousands)
ASSETS
September 30 March 31
------------ --------
Investments in unconsolidated joint
ventures, at equity $ 120 $ 304
Cash and cash equivalents 869 4,118
-------- --------
$ 989 $ 4,422
======== ========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses $ 30 $ 39
Other liabilities - 4
Partners' capital 959 4,379
-------- --------
$ 989 $ 4,422
======== ========
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the six months ended September 30, 1997 and 1996 (Unaudited)
(In thousands)
General Limited
Partners Partners
-------- --------
Balance at March 31, 1996 $ (6) $ 5,323
Cash distributions (2) (157)
Net loss - (12)
-------- ---------
Balance at September 30, 1996 $ (8) $ 5,154
======= =========
Balance at March 31, 1997 $ (16) $ 4,395
Cash distributions (3) (3,672)
Net income 2 253
------- ---------
Balance at September 30, 1997 $ (17) $ 976
======= =========
See accompanying notes.
<PAGE>
PAINE WEBBER GROWTH PROPERTIES LP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and six months ended September 30, 1997 and 1996 (Unaudited)
(In thousands, except per Unit data)
Three Months Ended Six Months Ended
September 30, September 30,
------------------- ------------------
1997 1996 1997 1996
---- ---- ---- ----
Revenues:
Rental income $ - $ 498 $ - $1,002
Reimbursements from
affiliates 49 47 91 88
Interest and other income 13 36 71 69
----- ------- ----- ------
62 581 162 1,159
Expenses:
Property operating expenses - 219 - 485
Depreciation - 168 - 334
Interest expense - 146 - 291
Real estate taxes - 55 - 112
Management fees 19 8 31 16
General and administrative 68 57 114 100
----- ------- ----- ------
87 653 145 1,338
----- ------- ----- ------
Operating income (loss) (25) (72) 17 (179)
Venture partner's share of
consolidated venture's
operations - 1 - 2
Partnership's share of
unconsolidated ventures'
income 48 61 238 165
----- ------- ----- ------
Net income (loss) $ 23 $ (10) $ 255 $ (12)
====== ======= ===== ======
Net income (loss) per
Limited Partnership Unit $ 0.78 $ (0.34) $ 8.65 $(0.41)
====== ======= ====== ======
Cash distributions per
Limited Partnership Unit $ 6.73 $ 2.69 $125.77 $ 5.38
====== ======= ======= ======
The above net income (loss) and cash distributions per Limited Partnership
Unit are based upon the 29,194 Units of Limited Partnership Interest outstanding
during each period.
See accompanying notes.
<PAGE>
PAINE WEBBER GROWTH PROPERTIES LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended September 30, 1997 and 1996 (Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
1997 1996
---- ----
Cash flows from operating activities:
Net income (loss) $ 255 $ (12)
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Reimbursements from affiliates (91) (88)
Venture partner's share of consolidated venture's
operations - (2)
Partnership's share of unconsolidated ventures'
income (238) (165)
Depreciation - 334
Amortization of deferred loan costs - 9
Changes in assets and liabilities:
Real estate tax and insurance escrow deposit - 85
Accounts receivable - (1)
Other assets - 47
Accounts payable and accrued expenses (9) (104)
Accrued interest payable - 28
Advances from consolidated venture - (250)
Other liabilities (4) (2)
Tenant security deposits - (2)
------- ------
Total adjustments (342) (111)
------- ------
Net cash used in operating activities (87) (123)
------- ------
Cash flows from investing activities:
Distributions from unconsolidated joint ventures 513 128
Net deposits to capital improvement and replacement
escrow - 53
Additions to operating investment property - (70)
------- ------
Net cash provided by investing activities 513 111
------- ------
Cash flows from financing activities:
Principal payments on mortgage note payable - (38)
Distributions to partners (3,675) (159)
------- ------
Net cash used in financing activities (3,675) (197)
------- ------
Net decrease in cash and cash equivalents (3,249) (209)
Cash and cash equivalents, beginning of period 4,118 1,323
------- ------
Cash and cash equivalents, end of period $ 869 $1,114
======= ======
Cash paid during the period for interest $ - $ 254
======= ======
See accompanying notes.
<PAGE>
PAINE WEBBER GROWTH PROPERTIES LP
Notes to Consolidated Financial Statements
(Unaudited)
1. General
-------
The accompanying financial statements, footnotes and discussion should be
read in conjunction with the financial statements and footnotes contained in the
Partnership's Annual Report for the year ended March 31, 1997. In the opinion of
management, the accompanying financial statements, which have not been audited,
reflect all adjustments necessary to present fairly the results for the interim
period. All of the accounting adjustments reflected in the accompanying interim
financial statements are of a normal recurring nature.
The accompanying financial statements have been prepared on the accrual
basis of accounting in accordance with generally accepted accounting principles
which requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets
and liabilities as of September 30, 1997 and March 31, 1997 and revenues and
expenses for each of the three and six-month periods ended September 30, 1997
and 1996. Actual results could differ from the estimates and assumptions used.
2. Related Party Transactions
--------------------------
The Partnership accrues as income reimbursements due from certain of the
joint ventures for the Partnership's management fees and certain out-of-pocket
expenses, as specified in the respective joint venture agreements. Such
reimbursements totalled $91,000 and $88,000 for the six months ended September
30, 1997 and 1996, respectively.
The Adviser earns management fees equal to approximately 10% of the
Distributable Cash generated by the Partnership, as defined, subject to certain
limitations. Such management fees totalled $31,000 and $16,000 for the six
months ended September 30, 1997 and 1996, respectively.
Included in general and administrative expenses for the six months ended
September 30, 1997 and 1996 is $47,000 and $41,000, respectively, representing
reimbursements to an affiliate of the Managing General Partner for providing
certain financial, accounting and investor communication services to the
Partnership.
The Partnership uses the services of an affiliate, Mitchell Hutchins
Institutional Investors, Inc. ("Mitchell Hutchins") for the managing of cash
assets. Mitchell Hutchins earned fees of $4,000 and $2,000 (included in general
and administrative expenses) for managing the Partnership's cash assets during
the six months ended September 30, 1997
and 1996, respectively.
3. Investments in Unconsolidated Joint Ventures
--------------------------------------------
The Partnership had investments in four unconsolidated joint ventures at
September 30, 1997 and 1996. Three of the unconsolidated joint ventures own and
operate residential apartment complexes. As discussed further in the Annual
Report, one unconsolidated joint venture (Parkwoods) had owned and operated a
residential apartment complex until the property was completely destroyed by a
fire in October of 1991. On April 15, 1994, this venture sold the land at the
former site of the Parkwoods apartment complex to an affiliate of the
Partnership's co-venture partner for $4,750,000. Despite the sale of the
remaining real property, the Parkwoods joint venture has not been liquidated to
date due to certain outstanding legal matters related to the aforementioned
fire.
The unconsolidated joint ventures are accounted for on the equity method
in the Partnership's financial statements because the Partnership does not have
a voting control interest in these ventures. Under the equity method the
investments are carried at cost adjusted for the Partnership's share of the
venture's earnings, losses and distributions. The Partnership's policy is to
recognize its share of ventures' operations three months in arrears.
Summarized operations of the unconsolidated joint ventures, for the
periods indicated, are as follows:
<PAGE>
CONDENSED COMBINED SUMMARY OF OPERATIONS
For the three and six months ended June 30, 1997 and 1996
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
1997 1996 1997 1996
---- ---- ---- ----
Rental revenues $1,212 $1,151 $2,425 $2,345
Interest and other income 31 24 60 50
------ ------ ------ ------
1,243 1,175 2,485 2,395
Property operating expenses 625 520 1,161 1,045
Interest expense 356 392 696 785
Depreciation 215 204 394 408
------ ------ ------ ------
1,196 1,116 2,251 2,238
------ ------ ------ ------
Net income $ 47 $ 59 $ 234 $ 157
====== ====== ====== ======
Net income:
Partnership's share of
combined income (losses $ 48 $ 61 $ 238 $ 165
Co-venturers' share of
combined income (losses) (1) (2) (4) (8)
------ ------ ------ ------
$ 47 $ 59 $ 234 $ 157
====== ====== ====== ======
4. Sale of Operating Investment Property
-------------------------------------
The Partnership had a controlling interest in one joint venture, Nob Hill
Partners, which owned Nob Hill Apartments, a 368-unit apartment complex located
in San Antonio, Texas. As explained further in the Annual Report, during fiscal
1993 the Partnership assumed control over the affairs of the joint venture as a
result of the withdrawal of the co-venture partner and the assignment of its
remaining interest to First PW Growth Properties, Inc., the Managing General
Partner of the Partnership. Accordingly, the accompanying financial statements
for fiscal 1997 present the financial position, results of operations and cash
flows of this joint venture on a consolidated basis. The joint venture had a
year-end of December 31 for both tax and financial reporting purposes.
Accordingly, the Partnership's policy was to report the operating results of the
consolidated joint venture on a three-month lag.
Management began to market the Nob Hill Apartments property for sale
during the spring of 1995. During fiscal 1997, a purchase and sale agreement was
signed with a prospective buyer for a purchase price of $10 million. In October
1996, the terms of the agreement were amended to reflect a reduction in the
purchase price to $9.5 million as a result of certain required repair work at
the property. The transaction closed on February 7, 1997, and the Partnership
received net proceeds from the sale of approximately $2.3 million. In addition,
the venture had excess working capital of approximately $360,000 at the time of
the sale. All of the net proceeds and excess working capital were distributed to
the Partnership in accordance with the terms of the Nob Hill joint venture
agreement. While the sale had been executed and control of the property had been
transferred to the buyer on February 7, 1997, the sale remained contingent upon
receiving the consent of the Secretary of Housing and Urban Development ("HUD")
to the sale of the property because of the assumption of the loan by the
purchaser. Such final approval was received on June 9, 1997. As a result, the
Partnership made a special distribution to the Limited Partners of approximately
$3,357,000, or $115 per original $1,000 Unit, on June 13, 1997. Of this amount,
$90.65 represented the net proceeds and excess working capital from the sale of
the Nob Hill Apartments and $24.35 represented a distribution of Partnership
reserves which exceeded expected future requirements.
The following is a summary of property operating expenses for the
consolidated Nob Hill joint venture for the three and six months ended June 30,
1996 (in thousands):
Three Months Ended Six Months Ended
June 30, 1996 June 30, 1996
------------------ ------------------
Repairs and maintenance $ 33 $ 78
Utilities 32 70
Management fees 21 42
Insurance 16 31
Administrative and other 117 264
------- ------
$ 219 $ 485
======= ======
<PAGE>
PAINE WEBBER GROWTH PROPERTIES LP
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Information Relating to Forward-Looking Statements
- --------------------------------------------------
The following discussion of financial condition includes forward-looking
statements which reflect management's current views with respect to future
events and financial performance of the Partnership. These forward-looking
statements are subject to certain risks and uncertainties, including those
identified in Item 7 of the Partnership's Annual Report on Form 10-K for the
year ended March 31, 1997 under the heading "Certain Factors Affecting Future
Operating Results", which could cause actual results to differ materially from
historical results or those anticipated. The words "believe", "expect",
"anticipate," and similar expressions identify forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which were made based on facts and conditions as they existed as of
the date of this report. The Partnership undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Liquidity and Capital Resources
- -------------------------------
As previously reported, as a result of increases in apartment development
activity in the local market as well as the assumable financing obtained in
September 1993, management began to market the Nob Hill Apartments property for
sale during the spring of 1995. During fiscal 1997, a purchase and sale
agreement was signed with a prospective buyer for a purchase price of $10
million. In the third quarter of fiscal 1997, the terms of the agreement were
amended to reflect a reduction in the purchase price to $9.5 million as a result
of certain required repair work at the property. The transaction closed on
February 7, 1997, and the Partnership received net proceeds from the sale of
approximately $2.3 million. In addition, the venture had excess working capital
of approximately $360,000 at the time of the sale. All of the net proceeds and
excess working capital were distributed to the Partnership in accordance with
the terms of the Nob Hill joint venture agreement. While the sale had been
executed and control of the property had been transferred to the buyer on
February 7, 1997, the sale remained contingent upon receiving the consent of the
Secretary of Housing and Urban Development ("HUD") to the sale of the property
because of the assumption of the loan by the purchaser. Such final approval was
received on June 9, 1997. As a result, the Partnership made a special
distribution to the Limited Partners of approximately $3,357,000, or $115 per
original $1,000 Unit, on June 13, 1997. Of this amount, $90.65 represented the
net proceeds and excess working capital from the sale of the Nob Hill Apartments
and $24.35 represented a distribution of Partnership reserves which exceeded
expected future requirements. Subsequent to the Nob Hill special distribution,
the Partnership's distribution rate was increased from 3% to 5% per annum on a
Limited Partner's remaining capital account of $538 per original $1,000 Unit for
the distribution paid on August 15, 1997 for the quarter ended June 30, 1997.
The reasons for the increase in the distribution rate are the improved cash flow
being generated by the Tantra Lake Apartments and the fact that nearly all of
Nob Hill's operating cash flow for the past several years had been used at the
property for repairs and improvements.
The sale of the Nob Hill Apartments has positioned the Partnership for a
possible liquidation within the next 2-to-3 years. The Partnership has ownership
interests in three remaining apartment properties located in the markets of
Boulder, Colorado (Tantra Lake), greater Dallas, Texas (Chisholm Place) and
Stockton, California (Grouse Run). Management's hold versus sell decisions for
its remaining investments will continue to be based upon an assessment of the
best expected overall returns to the Limited Partners. The Boulder market
remains strong at the present time due to a history of healthy population
growth, a stable employment base and an established public policy to limit new
apartment construction. As previously reported, the Partnership received some
unsolicited interest from prospective buyers for the Tantra Lake Apartments
during fiscal 1997. Since that time, management has initiated discussions with
area real estate brokerage firms in order to define potential strategies for
marketing the Partnership's interest in Tantra Lake. While exploring potential
sale opportunities, management has also decided that certain physical
improvements should be made to increase the market value of the property prior
to a sale. During the second quarter, the property's management team began a
project to paint the entire exterior of the property. In addition to the
painting project, bids for additional landscaping, re-sealing the parking areas,
clubhouse improvements and other projects are under review. The primary
objective is to undertake projects that will have the greatest impact on value
and, at the same time, will allow the Partnership to continue to maximize the
cash flow from the property. Any sale of the Tantra Lake Apartments would likely
be followed by sales of Chisholm Place and Grouse Run.
Despite the ongoing development of several new apartment communities in
the vicinity of Chisholm Place, the property continues to outperform the local
market. Chisholm Place had an average occupancy level of 99% for the quarter
ended September 30, 1997. Because of the consistently high occupancy levels, the
leasing team at Chisholm Place does not offer concessions and has been able to
increase rental rates. During the second quarter, the average monthly rental
rate increased from $780 to $789 per apartment unit. The occupancy level at the
Grouse Run Apartments in Stockton, California, averaged 96% for the quarter
ended September 30, 1997, which is 1% above the average occupancy level of the
preceding quarter. This increase is attributable to a strong leasing month in
September as college students returned to schools in the Stockton area. During
September, the occupancy level at Grouse Run reached 99%. There has been a small
improvement in the demand for apartments in the Stockton market in recent
months, and although this additional demand has not translated into higher
rental rates, the property's leasing team has been able to minimize concessions
compared to previous years. The average monthly rental rate is currently $539
per unit which is unchanged from six months ago. General economic conditions in
California continue to improve, and many cities around the state, including
Sacramento, are experiencing benefits from this growth; however, the effects of
the economic recovery have not yet extended to the more remote Stockton market.
Property improvements during the second quarter included balcony repairs and new
safeguards for the electrical system.
As previously reported, management had filed for a refund of approximately
$450,000 in costs incurred to secure the necessary building permits which were
obtained prior to the sale of the land underlying the former Parkwoods
Apartments from a federal agency responsible for administering federal aid in
connection with the 1991 Oakland fire. An agreement was reached during the
second quarter of fiscal 1996 to a release schedule for money previously funded
by the Parkwoods joint venture to pay for building permits. The joint venture
received a partial refund of such expenses totalling approximately $146,000 in
December 1995. However, the federal agency has subsequently denied the joint
venture's claim for a refund of the remaining $300,000 in costs incurred.
Management believes that the joint venture is entitled to a full refund of the
costs incurred and has appealed the agency's decision. Presently, there are no
assurances that any amounts will be recovered. Accordingly, no receivable for
any such amounts has been reflected in the joint venture's financial statements.
Furthermore, if the appeal is denied, it is possible that the venture might be
required to pay back the $146,000 which it previously received. The outcome of
this uncertainty cannot presently be determined.
At September 30, 1997, the Partnership had available cash and cash
equivalents of approximately $869,000. Such cash and cash equivalents, along
with future cash flow distributions from the Partnership's operating properties,
will be used for the working capital needs of the Partnership, for the funding
of the Partnership's share of capital improvements or operating deficits of the
investment properties, if necessary, and for distributions to the partners. Such
sources of liquidity are expected to be adequate to cover the Partnership's
needs on both a short-term and long-term basis. The source of future liquidity
and distributions to the partners is expected to be through proceeds received
from the sales or refinancings of the three remaining investment properties.
Results of Operations
Three Months Ended September 30, 1997
- -------------------------------------
The Partnership reported net income of $23,000 for the three-month period
ended September 30, 1997, as compared to a net loss of $10,000 for the same
period in the prior year. The favorable change in net operating results is
mainly due to a $47,000 decrease in the Partnership's operating loss which was
partially offset by a $13,000 decrease in the Partnership's share of
unconsolidated ventures' income. The decrease in the Partnership's operating
loss is primarily due to the February 1997 sale of the consolidated Nob Hill
Apartments, as discussed further above. Due to the sale of the Nob Hill
Apartments on February 7, 1997, the Partnership reported operations of the
consolidated venture from January 1, 1997 through the date of the sale in the
consolidated fiscal 1997 operating results. It is the Partnership's policy to
report significant lag-period transactions in the period in which they occur.
The operating results for the three months ended September 30, 1996 reflect an
operating loss of $74,000 from the consolidated Nob Hill joint venture. A
decrease in the Partnership's interest income of $7,000 and increases of $11,000
in both general and administrative expenses and management fees partially offset
the decrease in the operating loss resulting from the Nob Hill sale. Interest
and other income decreased due to the distribution of the Partnership's excess
reserves on June 13, 1997, as discussed further above. General and
administrative expenses increased due to the timing of certain required
professional fees when compared to the same period in the prior year. Management
fees increased due to an increase in distributable cash which resulted from the
increase in the Partnership's distribution rate, as discussed further above.
The Partnership's share of unconsolidated ventures' income decreased
mainly due to a $105,000 increase in combined property operating expenses for
the current three-month period. Property operating expenses increased mainly due
to increases in repairs and maintenance costs at Tantra Lake and Chisholm Place
and changes in the timing of certain required professional fees at Tantra Lake
and Grouse Run as compared to the same period in the prior year.
<PAGE>
Six Months Ended September 30, 1997
- -----------------------------------
The Partnership reported net income of $255,000 for the six-month period
ended September 30, 1997, as compared to a net loss of $12,000 for the same
period in the prior year. The favorable change in net operating results is
mainly due to a $196,000 favorable change in the Partnership's operating income
(loss) and a $73,000 increase in the Partnership's share of unconsolidated
ventures' income. The favorable change in the Partnership's operating income
(loss) is due to the sale of the Nob Hill Apartments in February of 1997, as
discussed above. The operating results for the six months ended September 30,
1996 reflect an operating loss from the consolidated Nob Hill joint venture of
$176,000.
The Partnership's share of unconsolidated ventures' income increased mainly
due to an $85,000 increase in the net income of the Tantra Lakes joint venture.
The increase in net income at Tantra Lakes was mainly due to an increase in
rental income of $47,000 and a decrease in interest expense of $87,000. Rental
income increased due to an increase in average monthly rental rates as well as
an increase in the average occupancy level, when compared to the same period in
the prior year. The venture's mortgage interest expense decreased due to the
August 1996 refinancing of Tantra Lake's mortgage loan which significantly
reduced the venture's annual debt service, as discussed further in the Annual
Report. An increase in property operating expenses at the Grouse Run joint
venture partially offset the improved results of the Tantra Lake venture for the
current six-month period. The increase in property operating expenses at Grouse
Run was mainly the result of changes in the timing of certain required
professional fees as compared to the same period in the prior year.
<PAGE>
PART II
Other Information
Item 1. Legal Proceedings NONE
Item 2. through 5. NONE
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: NONE
(b) Reports on Form 8-K: No reports on Form 8-K have been filed by the
registrant during the quarter for which this report is filed.
<PAGE>
PAINE WEBBER GROWTH PROPERTIES LP
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.
PAINE WEBBER GROWTH PROPERTIES LP
By: FIRST PW GROWTH PROPERTIES, INC.
Managing General Partner
By: /s/ Walter V. Arnold
--------------------
Walter V. Arnold
Senior Vice President and
Chief Financial Officer
Date: November 10, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Partnership's audited financial statements for the six months ended September
30, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<CASH> 869
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 869
<PP&E> 120
<DEPRECIATION> 0
<TOTAL-ASSETS> 989
<CURRENT-LIABILITIES> 30
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 959
<TOTAL-LIABILITY-AND-EQUITY> 989
<SALES> 0
<TOTAL-REVENUES> 400
<CGS> 0
<TOTAL-COSTS> 145
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 255
<INCOME-TAX> 0
<INCOME-CONTINUING> 255
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 255
<EPS-PRIMARY> 8.65
<EPS-DILUTED> 8.65
</TABLE>
