<PAGE> 1
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 QUARTER ENDED MARCH 31, 1996
COMMISSION FILE NUMBER 2-82090
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
A CALIFORNIA LIMITED PARTNERSHIP
I.R.S. EMPLOYER IDENTIFICATION NO. 95-3778627
9090 Wilshire Blvd., Suite 201,
Beverly Hills, CA. 90211
Registrant's Telephone Number,
Including Area Code (310) 278-2191
Securities Registered Pursuant to
Section 12(b) or 12(g) of the Act
NONE
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed with the Commission by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve 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> 2
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 1996
<TABLE>
<S> <C> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets,
March 31, 1996 and December 31, 1995 ......... 1
Consolidated Statements of Operations,
Three Months Ended, March 31, 1996 and 1995... 2
Consolidated Statement of Partners' Deficiency
Three Months Ended March 31, 1996 ............ 3
Consolidated Statements of Cash Flows
Three Months Ended March 31, 1996 and 1995 ... 4
Notes to Consolidated Financial Statements ........... 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation ................... 10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.......................................... 12
Item 6. Exhibits and Reports on Form 8-K .......................... 12
Signatures ......................................................... 13
</TABLE>
<PAGE> 3
REAL ESTATE ASSOCIATES LIMITED VI
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
<TABLE>
<CAPTION>
ASSETS
1996 1995
(Unaudited) (Audited)
------------ ------------
<S> <C> <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2) $ 5,702,296 $ 5,619,146
RENTAL PROPERTY, net of accumulated depreciation
(Notes 1 and 3) 3,352,744 7,285,002
CASH AND CASH EQUIVALENTS (Note 1) 5,613,627 4,895,340
CASH, restricted (Note 1) 84,338 84,338
SHORT TERM INVESTMENTS (NOTE 1) 125,000 125,000
RECEIVABLES FROM LIMITED PARTNERSHIPS (Note 2) 31,000 1,000
OTHER ASSETS 66,217 327,313
------------ ------------
TOTAL ASSETS $ 14,975,222 $ 18,337,139
============ ============
LIABILITIES AND PARTNERS' DEFICIENCY
LIABILITIES:
Mortgage notes payable related to properties (Notes 3 and 7) $ 4,838,167 $ 9,890,564
Notes payable and amounts due for partnership
interests (Notes 4 and 7) 5,795,000 5,795,000
Accrued interest payable (Notes 4 and 7) 5,324,931 5,253,980
Accounts payable 77,959 193,501
Other liabilities 33,425 131,171
------------ ------------
16,069,482 21,264,216
------------ ------------
COMMITMENTS AND CONTINGENCIES (Notes 2, 5 and 6)
PARTNERS' DEFICIENCY:
General partners (362,132) (380,460)
Limited partners (732,128) (2,546,617)
------------ ------------
(1,094,260) (2,927,077)
------------ ------------
TOTAL LIABILITIES AND PARTNERS' EQUITY $ 14,975,222 $ 18,337,139
============ ============
</TABLE>
The accompanying notes are an integral part of
these consolidated financial statements.
1
<PAGE> 4
REAL ESTATE ASSOCIATES LIMITED VI
(A CALIFORNIA LIMITED PARTNERSHIP)
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
RENTAL OPERATIONS:
Revenues $ 440,999 $ 678,959
----------- -----------
Expenses:
Operating 268,437 387,124
Depreciation and amortization (Note 1) 99,430 97,928
Interest 213,735 254,370
----------- -----------
581,602 739,422
----------- -----------
LOSS FROM RENTAL OPERATIONS (140,603) (60,463)
----------- -----------
PARTNERSHIP OPERATIONS:
Interest income 36,205 31,186
----------- -----------
Expenses:
Management fees - general partner (Note 3) 133,872 133,873
General and administrative 103,719 83,128
Interest expense 129,913 129,913
----------- -----------
367,504 346,914
----------- -----------
LOSS FROM PARTNERSHIP OPERATIONS (331,299) (315,728)
----------- -----------
GAIN FROM SALE OF RENTAL PROPERTY (Note 1) 2,050,417 --
EQUITY IN INCOME OF LIMITED PARTNERSHIPS AND
AMORTIZATION OF ACQUISITION COSTS 173,000 93,000
DISTRIBUTIONS FROM LIMITED PARTNERSHIPS
RECOGNIZED AS INCOME (Note 2) 81,302 0
----------- -----------
NET INCOME (LOSS) $ 1,832,817 $ (283,191)
=========== ===========
NET INCOME (LOSS) PER LIMITED PARTNERSHIP
INTEREST (Note 1) $ 109 $ (17)
=========== ===========
</TABLE>
The accompanying notes are an integral part of
these consolidated financial statements.
2
<PAGE> 5
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
CONSOLIDATED STATEMENT OF PARTNERS' DEFICIENCY
THREE MONTHS ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partners Partners Total
----------- ----------- -----------
<S> <C> <C> <C>
PARTNERSHIP INTERESTS,
March 31, 1996 16,810
===========
DEFICIENCY, January 1, 1996 $ (380,460) $(2,546,617) $(2,927,077)
Net income for the three months
ended March 31, 1996 18,328 1,814,489 1,832,817
----------- ----------- -----------
DEFICIENCY, March 31, 1996 $ (362,132) $ (732,128) $(1,094,260)
=========== =========== ===========
</TABLE>
The accompanying notes are an integral part of
these consolidated financial statements.
3
<PAGE> 6
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 1,832,817 $ (283,191)
Adjustments to reconcile net income (loss) to net
cash used in operating activities:
Equity in (income) of limited partnerships
and amortization of acquisition costs (173,000) (93,000)
Depreciation 99,430 97,928
(Increase) decrease in receivables from limited partnerships (30,000) (14,500)
Decrease in other assets 261,096 --
Increase in accrued interest payable 70,951 112,645
(Decrease) increase in accounts payable (115,542) 22,760
Decrease in other liabilities (97,746) --
Gain on sale of rental property (2,050,417) --
----------- -----------
Net cash used in operating activities (202,411) (157,358)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions to limited partnerships recognized as
as a return of capital 89,850 160,940
Decrease in restricted cash 0 --
Capital contribution to investee limited partnership 0 --
Proceeds from sale of rental property 5,883,245 --
----------- -----------
Net cash provided by investing activities 5,973,095 160,940
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of mortgages (5,052,397) --
----------- -----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 718,287 3,582
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,895,340 5,072,944
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 5,613,627 $ 5,076,526
=========== ===========
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:
Cash paid during the year for interest $ 272,697 $ 271,637
=========== ===========
</TABLE>
The accompanying notes are an integral part of
these consolidated financial statements.
4
<PAGE> 7
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL
The information contained in the following notes to the financial
statements is condensed from that which would appear in the audited
annual financial statements; accordingly, the financial statements
included herein should be reviewed in conjunction with the financial
statements and related notes thereto contained in the annual report for
the year ended December 31, 1995 prepared by Real Estate Associates
Limited VI and Subsidiaries (the "Partnership"). National Partnership
Investments Corp. ("NAPICO") is the corporate general partner of the
Partnership. Accounting measurements at interim dates inherently involve
greater reliance on estimates than at year end. The results of
operations for the interim periods presented are not necessarily
indicative of the results for the entire year.
In the opinion of the Partnership, the accompanying unaudited financial
statements contain all adjustments (consisting primarily of normal
recurring accruals) necessary to present fairly the financial position
of the Partnership at March 31, 1996 and the results of operations and
changes in cash flows for the three months then ended.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of Real
Estate Associates Limited VI and its majority-owned general
partnerships. All significant intercompany accounts and transactions
have been eliminated in consolidation.
METHOD OF ACCOUNTING FOR INVESTMENT IN THE UNCONSOLIDATED LIMITED
PARTNERSHIPS
The investments in unconsolidated limited partnerships are accounted for
on the equity method. Acquisition, selection and other costs related to
the acquisition of the projects are capitalized as part of the
investment account.
NET LOSS PER LIMITED PARTNERSHIP INTEREST
Net loss per limited partnership interest was computed by dividing the
limited partners' share of net loss by the number of limited partnership
interests outstanding during the year. The number of limited partnership
interests was 16,810 for the periods presented.
5
<PAGE> 8
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of unrestricted cash and bank
certificates of deposit with maturities of three months or less.
Restricted cash consist of tenants' security and escrow deposits and
mortgage impounds.
SHORT-TERM INVESTMENTS
Short-term investments consit of bank certificates of deposit with
original maturities ranging from more than three months to twelve
months. The fair value of these securities, which have been classified
as held for sale, approximates their carrying value.
INCOME TAXES
No provision has been made for income taxes in the accompanying
financial statements since such taxes, if any, are the liability of the
individual partners.
RENTAL PROPERTY AND DEPRECIATION
Rental property is stated at cost. Depreciation is provided on the
straight-line and accelerated methods over the estimated useful lives of
the buildings and equipment. Pursuant to a purchase agreement in which
the Partnership acquired its interest from withdrawing general partners,
certain rental property was revalued to reflect the purchase price.
Substantially all of the apartment units are leased on a month-to-month
basis.
On February 2, 1996, one of the consolidated general partnerships
(Drexel Park) sold is property for $6,300,000. The property had an
outstanding loan of approximately $5,050,000 and a net book value of
approximately $3,900,000. After payment of closings costs, the
Partnership realized a gain of approximately $2,050,000 and cash of
$837,000.
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
As of March 31, 1996, the Partnership holds limited partnership
interests in 27 local limited partnerships and a general partner
interest in one general partnership. In addition, REAL VI holds a
general partner interest in Real Estate Associates III ("REA III"), a
California general partnership. NAPICO is also a general partner in REA
III. REA III, in turn, holds limited partner interests in seven local
limited partnerships. In total, therefore, the Partnership holds
interests, either directly or indirectly through REA III, in 34 limited
partnerships and one general partnership which own residential rental
projects consisting
6
<PAGE> 9
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIP (CONTINUED)
of 2,832 apartment units. The mortgage loans of these projects are
insured by various governmental agencies.
The Partnership, as a limited partner, is entitled to between 80 percent
and 99 percent of the profits and losses of the limited partnerships it
has invested in directly. The Partnership is also entitled to 99.9
percent of the profits and losses of REA III. REA III holds a 99 percent
interest in each of the limited partnerships in which it has invested.
As of March 31, 1996, the Partnership is obligated, if certain
conditions are met, to invest an additional $90,500 in its investee
partnerships at various times in the future. This amount has not been
recorded as a liability in the accompanying financial statements.
Equity in losses of unconsolidated limited partnerships is recognized in
the financial statements until the limited partnership investment
account is reduced to a zero balance or to a negative amount equal to
further capital contributions required. Losses incurred after the
limited partnership investment account is reduced to zero are not
recognized.
Distributions from the unconsolidated limited partnerships are accounted
for as a return of capital until the investment balance is reduced to
zero. Subsequent distributions received are recognized as income.
The following is a summary of the investment in unconsolidated limited
partnerships as of March 31, 1996:
<TABLE>
<S> <C>
Balance, beginning of period $5,619,146
Equity in income of limited partnerships 202,000
Amortization of acquisition costs (29,000)
Cash distributions recognized as a return of capital (89,850)
----------
Balance, end of period $5,702,296
==========
</TABLE>
The following are unaudited combined estimated statements of operations
for the three months ended March 31, 1996 and 1995 of the unconsolidated
limited partnerships in which the Partnership has investments:
<TABLE>
<CAPTION>
1996 1996
---------- ----------
<S> <C> <C>
Income:
Rental and other $5,143,000 $5,165,000
---------- ----------
Expenses:
Depreciation 882,000 880,000
Interest 1,430,000 1,488,000
Operating expenses 3,446,000 3,206,000
---------- ----------
Total expenses 575,800 5,574,000
---------- ----------
Net loss $ (615,000) $ (409,000)
========== ==========
</TABLE>
7
<PAGE> 10
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIP (CONTINUED)
NAPICO, or one of its affiliates, is the general partner and property
management agent for certain of the limited partnerships included above.
NOTE 3 - MORTGAGE NOTES PAYABLE
The mortgage note outstanding at March 31, 1996 has an interest rate of
9.5 percent per annum, with principal and interest payments due monthly.
The note matures in September 1996 and is in the process of being
refinanced. The Partnership is of the opinion that it will obtain
financing at comparable terms.
The note is collateralized by the underlying rental property.
NOTE 4 - NOTES PAYABLE
Certain of the Partnership's investments involved purchases of
partnership interests from partners who subsequently withdrew from the
operating partnership. The purchase of these interests provides for
additional cash payments of approximately $325,000 based upon specified
events as outlined in the purchase agreements. Such amounts have been
recorded as liabilities. In addition, the Partnership is obligated on
non-recourse notes payable of $5,470,000 which bear interest at 9.5
percent and have principal maturities ranging from December 1996 to
December 2012. The notes and related interest are payable from cash flow
generated from operations of the related rented properties as defined in
the notes. These obligations are collateralized by the Partnership's
investments in the limited partnerships. Unpaid interest equal to
$5,324,931at March 31, 1996, is due at maturity of the notes.
NOTE 5 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER
Under the terms of the Restated Certificate and Agreement of Limited
Partnership, the Partnership is obligated to the corporate general
partner for an annual management fee of approximately .4 percent of the
original invested assets of the limited partnerships. Invested assets
are defined as the costs of acquiring project interests, including the
proportionate amount of the mortgage loans related to the Partnership's
interests in the capital accounts of the respective partnerships. This
fee was approximately $134,000 for the three months ended March 31, 1996
and 1995.
The Partnership reimburses NAPICO for certain expenses. The
reimbursement to NAPICO was $10,932 for the three months ended March 31,
1996 and 1995, and is included in general and administrative expenses.
8
<PAGE> 11
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996
NOTE 6 - CONTINGENCIES
The corporate general partner of the Partnership and the Partnership are
plaintiffs in various lawsuits and have also been named defendants in
other lawsuits arising from transactions in the ordinary course of
business. In the opinion of management and the corporate general
partner, the claims will not result in any material liability to the
Partnership.
NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS
Statement of Financial Accounting Standards No. 107, "Disclosure about
Fair Value of Financial Instruments," requires disclosure of fair value
information about financial instruments, when it is practicable to
estimate that value. The mortgage notes payable are insured by HUD and
are collateralized by the rental properties. The operations generated by
the properties and investee limited partnerships are subject to various
government rules, regulations and restrictions which make it
impracticable to estimate the fair value of the mortgage notes payable
and related accrued interest. The carrying amount of other assets and
liabilities reported on the balance sheets that require such disclosure
approximates fair value due to their short-term maturity.
9
<PAGE> 12
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
MARCH 31, 1996
ITEM 2. MANAGEMENT'S ANALYSIS AND DISCUSSION OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Partnership's primary sources of funds include interest income on
short term investments and distributions from limited partnerships in
which the Partnership has invested. It is not expected that any of the
local limited partnerships in which the Partnership has invested will
generate cash flow sufficient to provide for distributions to limited
partners in any material amount.
The Partnership has committed as of March 31, 1996 to investments in
limited partnerships requiring additional capital contributions of
$90,500. The Partnership normally makes its capital contributions to the
local limited partnerships in stages, over a period of two to five
years, with each contribution due on a specified date, provided that
certain conditions regarding construction or operation of the project
have been fulfilled. The Partnership has no significant commitments once
the capital contributions have been made.
RESULTS OF OPERATIONS
On February 2, 1996, one of the consolidated general partnerships
(Drexel Park) sold is property for $6,300,000. The property had an
outstanding loan of approximately $5,050,000 and a net book value of
approximately $3,900,000. After payment of closings costs, the
Parnterhsip realized a gain of approximately $2,050,000 and cash of
$837,000.
Partnership revenues consist primarily of interest income earned on
certificates of deposit and other temporary investment of funds not
required for investment in local partnerships.
Operating expenses consist primarily of recurring general and
administrative expenses and professional fees for services rendered to
the Partnership. In addition, an annual Partnership management fee in an
amount equal to .5 percent of invested assets is payable to the
corporate general partner. General and administrative expenses are
higher in 1996 than in 1995 primarily because of expenditures for
litigation regarding a dispute with a local partnership general partner.
The Partnership accounts for its investments in the local limited
partnerships on the equity method, thereby adjusting its investment
balance by its proportionate share of the income or loss of the local
limited partnerships. Losses incurred after the limited partnership
investment account is reduced to zero are not recognized.
Distributions received from limited partnerships are recognized as
return of capital until the investment balance has been reduced to zero
or to a negative amount equal to future capital contributions required.
Subsequent distributions received are recognized as income.
10
<PAGE> 13
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
MARCH 31, 1996
ITEM 2. MANAGEMENT'S ANALYSIS AND DISCUSSION OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
RESULTS OF OPERATIONS (CONTINUED)
Except for certificates of deposit and money market funds, the
Partnership's investments are entirely from interests in other limited
and general partnerships owning government assisted projects. Funds
temporarily not required for such investments in projects are invested
providing interest income as reflected in the statement of operations.
These funds can be converted to cash to meet obligations as they arise.
The Partnership intends to continue investing available funds in this
manner.
11
<PAGE> 14
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A CALIFORNIA LIMITED PARTNERSHIP)
MARCH 31, 1996
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The corporate general partner is a plaintiff or defendant in several suits,
including the following related to REAL VI as of March 31, 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) No exhibits are required per the provision of item 7 of regulation
S-K.
12
<PAGE> 15
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(A LIMITED PARTNERSHIP)
MARCH 31, 1996
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.
REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
(a California limited partnership)
By: National Partnership Investments Corp.,
General Partner
Date:
----------------------------------------
By:
----------------------------------------
Bruce Nelson
President
Date:
----------------------------------------
By:
----------------------------------------
Shawn Horwitz
Executive Vice President and
Chief Financial Officer
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
PARTNERSHIP'S STATEMENTS OF EARNINGS AND BALANCE SHEETS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-10-1996
<PERIOD-END> MAR-31-1996
<CASH> 5,697,965
<SECURITIES> 0
<RECEIVABLES> 31,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5,920,182
<PP&E> 5,800,191
<DEPRECIATION> 2,447,447
<TOTAL-ASSETS> 14,975,222
<CURRENT-LIABILITIES> 77,959
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> (1,094,260)
<TOTAL-LIABILITY-AND-EQUITY> 14,975,222
<SALES> 0
<TOTAL-REVENUES> 2,781,923
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 605,458
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 343,648
<INCOME-PRETAX> 1,832,817
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,832,817
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,832,817
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
