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 QUARTER ENDED December 31, 1998
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: 0-12087
PAINE WEBBER INCOME PROPERTIES FIVE LIMITED PARTNERSHIP
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-2780287
-------- ----------
(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 INCOME PROPERTIES FIVE LIMITED PARTNERSHIP
BALANCE SHEETS
December 31, 1998 and September 30, 1998 (Unaudited)
(In thousands)
ASSETS
December 31 September 30
----------- ------------
Investments in joint ventures, at equity $ 1,501 $ 1,507
Cash and cash equivalents 10,248 13,867
Accounts receivable - affiliates - 345
--------- ---------
$ 11,749 $ 15,719
========= =========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable - affiliates $ - $ 878
Accounts payable and accrued expenses 302 72
Partners' capital 11,447 14,769
--------- ---------
$ 11,749 $ 15,719
========= =========
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the three months ended December 31, 1998 and 1997 (Unaudited)
(In thousands)
General Limited
Partner Partners
------- --------
Balance at September 30, 1997 $ (205) $ (982)
Net income 1 21
------- ---------
Balance at December 31, 1997 $ (204) $ (961)
======= =========
Balance at September 30, 1998 $ (45) $ 14,814
Cash distributions - (3,493)
Net income 1 170
------- ---------
Balance at December 31, 1998 $ (44) $ 11,491
======= =========
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FIVE LIMITED PARTNERSHIP
STATEMENTS OF INCOME
For the three months ended December 31, 1998 and 1997 (Unaudited
(In thousands, except per Unit data)
1998 1997
---- ----
Revenues:
Interest and other income $ 137 $ 34
Expenses:
General and administrative 96 67
------- --------
Operating income (loss) 41 (33)
Partnership's share of ventures'
income 130 55
------- --------
Net income $ 171 $ 22
======= ========
Net income per Limited
Partnership Unit $ 4.86 $ 0.61
======= ========
Cash distributions per Limited
Partnership Unit $100.00 $ -
======= ========
The above net income and cash distributions per Limited Partnership Unit are
based upon the 34,928 Units of Limited Partnership Interest outstanding for each
period.
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FIVE LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
For the three months ended December 31, 1998 and 1997 (Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
1998 1997
---- ----
Cash flows from operating activities:
Net income $ 171 $ 22
Adjustments to reconcile net income to
net cash used in operating activities:
Partnership's share of ventures' income (130) (55)
Changes in assets and liabilities:
Accounts receivable - affiliates 345 -
Accounts payable - affiliates (878) -
Accounts payable and accrued expenses 230 3
------- -------
Total adjustments (433) (52)
------- -------
Net cash used in operating activities (262) (30)
Cash flows from investing activities:
Distributions from joint ventures 136 312
Cash flows from financing activities:
Distributions to partners (3,493) -
------- -------
Net (decrease) increase in cash and cash
equivalents (3,619) 282
Cash and cash equivalents, beginning of period 13,867 2,165
------- -------
Cash and cash equivalents, end of period $10,248 $ 2,447
======= =======
See accompanying notes.
<PAGE>
PAINE WEBBER INCOME PROPERTIES FIVE
LIMITED PARTNERSHIP
Notes to 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 September 30, 1998. 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 December 31, 1998 and September 30, 1998 and revenues and
expenses for the three-month periods ended December 31, 1998 and 1997. Actual
results could differ from the estimates and assumptions used.
The Partnership is currently focusing on potential disposition strategies
for the two remaining investments in its portfolio. Although no assurances can
be given, it is currently contemplated that sales of the Partnership's Seven
Trails and Bell Plaza investments are expected to be completed by the end of
calendar year 1999. The sales of the two remaining properties would be followed
by an orderly liquidation of the Partnership.
2. Related Party Transactions
--------------------------
Included in general and administrative expenses for the three-months ended
December 31, 1998 and 1997 is $23,000 and $22,000, respectively, representing
reimbursements to an affiliate of the Managing General Partner for providing
certain financial, accounting and investor communication services to the
Partnership.
Also included in general and administrative expenses for both of the three
months ended December 31, 1998 and 1997 is $1,000, representing fees earned by
an affiliate, Mitchell Hutchins Institutional Investors, Inc., for managing the
Partnership's cash assets.
Accounts receivable - affiliates at September 30, 1998 represented the
Partnership's remaining share of the net sale proceeds and operating cash flow
to be received from Greenbrier Associates subsequent to the sale of the
Greenbrier Apartments (see Note 3). Such amount was received during the quarter
ended December 31, 1998. Accounts payable affiliates at September 30, 1998
represented the co-venturer's remaining share of the net sales proceeds to be
distributed from the sale of the Carriage Hill Village Apartments and adjoining
land. Such amount was distributed during the quarter ended December 31, 1998.
3. Investments in Joint Ventures
-----------------------------
The Partnership has investments in two joint ventures at December 31, 1998
(four at December 31, 1997) which own operating properties as more fully
described in the Partnership's Annual Report. The joint venture investments are
accounted for using the equity method because the Partnership does not have a
voting control interest in the ventures. Under the equity method the assets,
liabilities, revenues and expenses of the joint ventures do not appear in the
Partnership's financial statements. Instead, the investments are carried at cost
adjusted for the Partnership's share of the ventures' earnings and losses and
distributions.
On September 10, 1998, Greenbrier Associates, a joint venture in which the
Partnership had an interest, sold the property known as Greenbrier Apartments
located in Indianapolis, Indiana, to an unrelated third party for $11,850,000.
The Partnership received net proceeds of approximately $5,498,000 after
deducting closing costs of approximately $119,000, closing proration adjustments
of approximately $424,000, the repayment of the existing first mortgage loan of
$5,400,000 and related accrued interest of approximately $26,000 and a payment
of approximately $383,000 to the Partnership's co-venture partner for its share
of the sales proceeds in accordance with the joint venture agreement. As a
result of the sale of the Greenbrier Apartments, the Partnership made a special
distribution of $100 per original $1,000 investment, or approximately
$3,493,000, on October 1, 1998 to unitholders of record as of the September 10,
1998 sale date. The remaining net proceeds from the sale of Greenbrier of
approximately $2,005,000, along with an amount of the Partnership's cash
reserves, were used to help pay off a $4,000,000 demand loan that the
Partnership had obtained from PaineWebber Capital, Inc., an affiliate of the
Managing General Partner, as discussed below.
On September 21, 1998, Randallstown Carriage Hill Associates and Signature
Partners LLC, a joint venture and a limited liability company in which the
Partnership had interests, sold the property known as Carriage Hill Village
Apartments and adjoining land located in Randallstown, Maryland, to unrelated
third parties for an aggregate sale price of $37,350,000. The Partnership
received net proceeds of approximately $8,481,000 after the receipt of a credit
of $1,168,000 for property adjustments and escrows held by the Department of
Housing and Urban Development (HUD) for tenant security deposits, real estate
taxes, property insurance and replacement reserves, and after deducting closing
costs of approximately $757,000, the assumption of the existing first mortgage
loan of $27,298,000 and a payment of approximately $1,982,000 to the
Partnership's co-venture partner for its share of the sales proceeds in
accordance with the joint venture agreement. Of the total proceeds received by
the Partnership, $4 million represented a reimbursement of funds originally
advanced to buy out the selling co-venture partner's interest in the Carriage
Hill joint venture on June 23, 1998. The Partnership had borrowed the $4 million
required to complete the buyout of the selling partner's interest from an
affiliate of the Managing General Partner. The $4 million related party loan was
repaid on September 11, 1998 from a combination of cash reserves and the
Partnership's share of the net proceeds from the sale of the Greenbrier
Apartments. On February 18, 1999, the Partnership received final documentation
from HUD for the assumption of the HUD-insured first mortgage loan by the buyer
of the Carriage Hill property. As a result, a special capital distribution is
expected to be sent to the Limited Partners on March 15, 1999 from the sale of
the Carriage Hill Village Apartments in the amount of approximately $8,383,000,
or $240 per original $1,000 investment.
The following condensed combined summary of operations includes the
operating results of the remaining two joint ventures for the three months ended
December 31, 1998. The condensed combined summary of operations for the three
months ended December 31, 1997 includes the operating results of the four joint
ventures:
CONDENSED COMBINED SUMMARY OF OPERATIONS
For the three months ended December 31, 1998 and 1997
(in thousands)
1998 1997
---- ----
Rental revenues and
expense recoveries $1,187 $2,852
Interest and other income 92 140
------ ------
1,279 2,992
Property operating expenses 399 1,176
Interest expense 405 1,060
Depreciation and amortization 325 697
------ ------
1,129 2,933
------ ------
Net income $ 150 $ 59
====== ======
Net income:
Partnership's share of
combined income $ 130 $ 55
Co-venturers' share of
combined income 20 4
------ ------
$ 150 $ 59
====== ======
<PAGE>
PAINE WEBBER INCOME PROPERTIES FIVE LIMITED PARTNERSHIP
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 September 30, 1998 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
- -------------------------------
The Partnership's two remaining investment properties consist of one
multi-family apartment complex and one retail shopping center. As previously
reported, the Partnership has been focusing on potential disposition strategies
for the remaining investments in its portfolio. Although no assurances can be
given, it is currently contemplated that sales of the Partnership's Seven Trails
and Bell Plaza investments could be completed by the end of calendar year 1999.
The sale of the two remaining properties would be followed by an orderly
liquidation of the Partnership.
On September 10, 1998, Greenbrier Associates, a joint venture in which the
Partnership has an interest, sold the property known as Greenbrier Apartments
located in Indianapolis, Indiana, to an unrelated third party for $11,850,000.
The Partnership received net proceeds of approximately $5,498,000 after
deducting closing costs of approximately $119,000, closing proration adjustments
of approximately $424,000, the repayment of the existing first mortgage loan of
$5,400,000 and related accrued interest of approximately $26,000 and a payment
of approximately $383,000 to the Partnership's co-venture partner for its share
of the sales proceeds in accordance with the joint venture agreement. Because
the first mortgage loan secured by the Greenbrier Apartments was scheduled to
mature on June 29, 1998, the Partnership and its joint venture partner had begun
to review both refinancing and sale opportunities during the latter part of
fiscal 1997. During the first quarter of fiscal 1998, the Partnership and the
co-venturer agreed to initiate a marketing program for the possible sale of the
property. During the second quarter, the Partnership and the co-venturer engaged
a national real estate brokerage firm to market Greenbrier for sale. As part of
the formal marketing campaign, which began in early March, the property was
marketed extensively. Sales packages were distributed to national, regional, and
local prospective purchasers. As a result of these sales efforts, several offers
were received. Management then asked the prospective purchasers to submit best
and final offers. Management subsequently received best and final offers from
five of the prospective buyers. After completing an evaluation of the final
offers and the relative strength of the prospective purchasers, the Partnership
and its co-venture partner selected an offer and negotiated a purchase and sale
agreement. As a result of the sale of Greenbrier Apartments, the Partnership
made a special distribution of $100 per original $1,000 investment, or
approximately $3,493,000, on October 1, 1998 to unitholders of record as of the
September 10, 1998 sale date. The remaining net proceeds from the sale of
Greenbrier of approximately $2,005,000, along with an amount of the
Partnership's cash reserves, were used to help pay off a $4,000,000 demand loan
that the Partnership had obtained from PaineWebber Capital, Inc., an affiliate
of the Managing General Partner, as discussed below.
On September 21, 1998, Randallstown Carriage Hill Associates and Signature
Partners LLC, a joint venture and a limited liability company in which the
Partnership had interests, sold the property known as Carriage Hill Village
Apartments and adjoining land located in Randallstown, Maryland, to unrelated
third parties for an aggregate sale price of $37,350,000. The Partnership
received net proceeds of approximately $8,481,000 after the receipt of a credit
of $1,168,000 for property adjustments and escrows held by the Department of
Housing and Urban Development (HUD) for tenant security deposits, real estate
taxes, property insurance and replacement reserves, and after deducting closing
costs of approximately $757,000, the assumption of the existing first mortgage
loan of $27,298,000 and a payment of approximately $1,982,000 to the
Partnership's co-venture partner for its share of the sales proceeds in
accordance with the joint venture agreement. Of the total proceeds received by
the Partnership, $4 million represented a reimbursement of funds originally
advanced to buy out the selling co-venture partner's interest in the Carriage
Hill joint venture on June 23, 1998. The Partnership had borrowed the $4 million
required to complete the buyout of the selling partner's interest from an
affiliate of the Managing General Partner. The $4 million related party loan was
repaid on September 11, 1998 from a combination of cash reserves and the
Partnership's share of the net proceeds from the sale of the Greenbrier
Apartments.
On June 23, 1998, the Partnership and its original co-venture partner,
JBG/Carriage Hill Village Limited Partnership, purchased the 50% interest of its
other co-venture partner, Signature Carriage Hill Village Apartments Limited
Partnership, in the Randallstown Carriage Hill Associates Joint Venture. The
Partnership had held a 40% interest and the original co-venture partner had held
a 10% interest in the Joint Venture prior to this transaction. The Partnership
contributed $4,048,000 and the original co-venturer contributed $1,012,000 to
complete the purchase of the other partner's interest. After the purchase, the
Partnership held an 80% interest and the original co-venture partner held a 20%
interest. On March 19, 1998, the Partnership was notified by Signature that it
would be exercising the "buy/sell" provision in the Joint Venture agreement.
Under the terms of this provision, this co-venturer, which was admitted to the
Joint Venture as part of a 1988 restructuring transaction, had to propose a
price at which it would either purchase the other partners' interests in the
Venture or agree to the sale of its interest in the Venture to the other
partners. The Partnership and its original co-venture partner in the Carriage
Hill Joint Venture had 45 days to decide whether to sell their interests to the
exercising partner or acquire the interest of the exercising partner at the
specified gross sale price for the Venture's assets of approximately $33.3
million. At an equivalent gross sale price of $33.3 million, the net proceeds to
the Partnership for the sale of its interest would have been approximately
$700,000 after the assumption of the outstanding first mortgage debt of $27.4
million, the exercising partner's preferred investment return of approximately
$5 million and the original co-venturer's share of the proceeds of $200,000.
After a thorough review and analysis, the Partnership and the original
co-venturer notified the exercising partner on May 1, 1998 of their decision to
buy its interest for approximately $5 million in cash.
Because the Partnership believed that improvements in the apartment
segment of the real estate market would allow the Partnership to achieve a
higher net sale price now than may be possible in the future, the Partnership
and its remaining co-venture partner held discussions concerning the near-term
sale of the Carriage Hill Village Apartments immediately after completing the
purchase of the selling partner's interest in June 1998. Subsequently, the
Partnership and its co-venture partner selected a national real estate firm with
a strong background in selling apartments. Preliminary sale materials were then
finalized and extensive sale efforts began in late June 1998. As a result of
those efforts, ten offers were received. After completing an evaluation of the
offers and the relative strength of the prospective purchasers, the Partnership
and its co-venture partner selected an offer. On July 24, 1998, a purchase and
sale agreement was signed and a non-refundable deposit of $100,000 was made by
the prospective purchasers. The Carriage Hill sale allowed the Partnership to
return approximately $3.7 million more in net sale proceeds and property
escrows, after the repayment of the $4,000,000 buyout advance, than the $700,000
the Partnership would have received had it not acquired the selling co-venture
partner's interest. On February 18, 1999, the Partnership received final
documentation from HUD for the assumption of the HUD-insured first mortgage loan
by the buyer of the Carriage Hill property. As a result, a special capital
distribution is expected to be sent to the Limited Partners on March 15, 1999
from the sale of the Carriage Hill Village Apartments in the amount of
approximately $8,383,000, or $240 per original $1,000 investment.
Bell Plaza Shopping Center in Amarillo, Texas, was 97% leased as of
December 31, 1998. The Partnership and its co-venture partner held discussions
during fiscal 1998 concerning potential sale opportunities for the Bell Plaza
property. After extensive discussions, it was agreed that marketing efforts
would begin during fiscal 1999 and would focus on regional buyers of specialty
retail centers like Bell Plaza. These marketing efforts are currently underway.
While Bell Plaza is 97% leased, it was also agreed that the property's leasing
team would actively pursue prospective retailers for the 5,000 square feet of
currently vacant space as well as for the 37,068 square feet under the six
leases that expire over the next twelve months. The largest of the six, a local
theatre operator, has a June 1999 lease expiration and represents 15,050 square
feet of this total. The property's leasing team is also pursuing lease renewals
with these existing tenants.
The occupancy level for the Seven Trails West Apartments, located in St.
Louis, Missouri, averaged 95% for the quarter ended December 31, 1998. The
Partnership and its Seven Trails co-venture partner held discussions during the
fourth quarter of fiscal 1998 concerning potential opportunities for a near-term
sale of this 532-unit multi-family apartment complex, and agreed to market the
property for sale. Subsequent to the fiscal year-end, the Partnership and its
joint venture partner selected a local brokerage firm with a strong background
in selling apartment properties in the St. Louis area. Preliminary sales
materials were prepared and extensive sale efforts began in late November 1998.
The property was marketed to national, regional and local buyers of apartment
properties. As a result of those efforts, over 20 offers were received and 13
prospective purchasers were then requested to submit best and final offers.
These prospective buyers submitted best and final offers, all of which were in
excess of the property's 1997 year-end appraised value. After completing an
evaluation of these offers and the relative strength of the prospective
purchasers, the Partnership and its co-venture partner selected an offer. A
purchase and sale agreement is being negotiated with this prospective buyer.
However, since a sale transaction remains contingent upon, among other things,
the negotiation of a definitive sales agreement and the satisfactory completion
of the buyer's due diligence, there are no assurances that a sale will be
completed.
At December 31, 1998, the Partnership had cash and cash equivalents of
$10,248,000. Such cash includes the net proceeds from the sale of the Carriage
Hill property, as described above. As discussed further above, approximately
$8.4 million of this balance is expected to be distributed to the Limited
Partners on March 15, 1999 as a result of the receipt of the formal approval
from HUD for the assumption of the HUD-insured mortgage loan secured by the
Carriage Hill property. The remainder of such cash and cash equivalents will be
utilized for the working capital requirements of the Partnership, distributions
to the Limited Partners and for future capital contributions, if necessary,
related to the Partnership's remaining joint ventures. The source of future
liquidity and distributions to the partners is expected to be from cash
generated by the Partnership's income-producing properties and from the proceeds
received from the sale or refinancing of such properties or from the sale of the
Partnership's interests in the joint ventures. These sources of liquidity are
expected to be sufficient to meet the Partnership's needs on both a short-term
and long-term basis.
As noted above, the Partnership expects to be liquidated prior to the end
of calendar year 1999. Notwithstanding this, the Partnership believes that it
has made all necessary modifications to its existing systems to make them year
2000 compliant and does not expect that additional costs associated with year
2000 compliance, if any, will be material to the Partnership's results of
operations or financial position.
Results of Operations
Three Months Ended December 31, 1998
- ------------------------------------
The Partnership reported net income of $171,000 for the three months ended
December 31, 1998, as compared to net income of $22,000 for the same period in
the prior year. This increase in net income was due to an increase in the
Partnership's share of ventures' income of $75,000 and a favorable change in the
Partnership's operating income (loss) of $74,000. The increase in the
Partnership's share of ventures' income was mainly due to an increase in
interest and other income at the Seven Trails joint venture and an increase in
rental income and expense reimbursements at Bell Plaza for the current
three-month period. The increase in interest and other income at Seven Trails
was mainly due to new management policies implemented at the property during the
current period which resulted in additional service fee income. In addition,
income increased at Bell Plaza due to additional common area maintenance
reimbursements received in the current three-month period.
The favorable change of $74,000 in the Partnership's operating income
(loss) was the result of an increase in interest and other income of $103,000.
Interest income for the current three-month period was higher due to an increase
in the Partnership's average outstanding cash reserve balances as a result of
the sale of the two properties in September 1998. As discussed above, the
Partnership had been holding $8.4 million of Carriage Hill sale proceeds pending
the receipt of formal approval from HUD for the assumption of the HUD-insured
mortgage loan secured by the Carriage Hill property, which was obtained on
February 18, 1999. The increase in interest income was partially offset by an
increase in general and administrative expenses. The increase in general and
administrative expenses was primarily due to an increase in certain required
professional fees.
<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: NONE
<PAGE>
PAINE WEBBER INCOME PROPERTIES FIVE LIMITED PARTNERSHIP
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 INCOME PROPERTIES FIVE
LIMITED PARTNERSHIP
By: FIFTH INCOME PROPERTIES FUND, INC.
----------------------------------
Managing General Partner
By: /s/ Walter V. Arnold
--------------------
Walter V. Arnold
Senior Vice President and Chief
Financial Officer
Date: February 22, 1999
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Partnership's unaudited financial statements for the quarter ended December 31,
1998 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Sep-30-1999
<PERIOD-END> Dec-31-1998
<CASH> 10,248
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 10,248
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 11,749
<CURRENT-LIABILITIES> 302
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 11,447
<TOTAL-LIABILITY-AND-EQUITY> 11,749
<SALES> 0
<TOTAL-REVENUES> 267
<CGS> 0
<TOTAL-COSTS> 96
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 171
<INCOME-TAX> 0
<INCOME-CONTINUING> 171
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 171
<EPS-PRIMARY> 4.86
<EPS-DILUTED> 4.86
</TABLE>
