FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended in Rel. No. 312905, eff. 4/26/93.)
U.S. 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 quarterly period ended June 30, 1996
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period.........to.........
(Amended by Exchange Act Rel. No. 312905, eff. 4/26/93)
Commission file number 0-13104
MRI BUSINESS PROPERTIES FUND, LTD.
(Exact name of registrant as specified in its charter)
California 94-2919856
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
Issuer's phone number
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 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 .
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) MRI BUSINESS PROPERTIES FUND, LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
June 30, September 30,
1996 1995
(Unaudited) (Note)
<S> <C> <C>
Assets
Cash and cash equivalents $ 667 $ 3,795
Receivables and other assets 6,108 474
Deferred costs, net 225 414
Investment Properties
Real estate 14,967 25,239
Accumulated depreciation (5,707) (10,225)
Investment Properties 9,260 15,014
$ 16,260 $ 19,697
Liabilities and Partners' Capital (Deficit)
Liabilities
Accounts payable and accrued liabilities $ 248 $ 528
Due to affiliate -- 50
Mortgage note payable 1,075 1,110
Partners' Capital (Deficit):
General partners (1,111) (1,049)
Limited partners 16,048 19,058
14,937 18,009
$ 16,260 $ 19,697
<FN>
Note: The balance sheet at September 30, 1995, has been
derived from the audited financial statements at
that date but does not include all of the
information and footnotes required by generally
accepted accounting principles for complete
financial statements.
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
b) MRI BUSINESS PROPERTIES FUND, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
For the Nine Months Ended
June 30, June 30,
1996 1995
<S> <C> <C>
Revenues:
Commercial operations $ 2,496 $ 2,446
Hotel lease -- 85
Interest income 82 108
Gain on sale of property 65 2,097
Total revenues 2,643 4,736
Expenses:
Hotel operations -- 59
Commercial operations 1,408 1,402
Depreciation 464 642
Interest 75 308
General and administrative 385 352
Provision for impairment of value -- 2,400
Total expenses 2,332 5,163
Income (loss) before extraordinary item 311 (427)
Extraordinary item:
Gain on extinguishment of debt -- 4,596
Net income $ 311 $ 4,169
Net income allocated to general partners $ 6 $ 1,288
Net income allocated to limited partners 305 2,881
Net income $ 311 $ 4,169
Net income per limited partnership unit:
Income (loss) before extraordinary item $ 3.71 $ (9.69)
Extraordinary item -- 44.76
Net income $ 3.71 $ 35.07
Distribution per limited partnership unit $ 40.35 $ --
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
b) MRI BUSINESS PROPERTIES FUND, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
For the Three Months Ended
June 30, June 30,
1996 1995
<S> <C> <C>
Revenues:
Commercial operations $ 813 $ 795
Interest income 19 45
Gain on disposal of property 65 --
Total revenues 897 840
Expenses:
Commercial operations 497 441
Depreciation 134 171
Interest 25 25
General and administrative 139 102
Provisions for impairment of value -- 2,400
Total expenses 795 3,139
Net income (loss) $ 102 $ (2,299)
Net income (loss) allocated to general partners $ 2 $ (46)
Net income (loss) allocated to limited partners 100 (2,253)
Net income (loss) $ 102 $ (2,299)
Net income (loss) per limited partnership unit: $ 1.22 $ (27.42)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c) MRI BUSINESS PROPERTIES FUND, LTD.
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners' Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 82,158 $ -- $ 82,158 $ 82,158
Partners' (deficit) capital at
September 30, 1995 82,158 $(1,049) $ 19,058 $ 18,009
Distributions paid to partners -- (68) (3,315) (3,383)
Net income for the nine
months ended June 30, 1996 -- 6 305 311
Partners' (deficit) capital at
June 30, 1996 82,158 $(1,111) $ 16,048 $ 14,937
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) MRI BUSINESS PROPERTIES FUND, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
For the Nine Months ended
June 30, June 30,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net income $ 311 $ 4,169
Adjustments to reconcile net income to net
cash provided by operating activities:
Gain on sale of property (65) (2,097)
Extraordinary gain on extinguishment of debt -- (4,596)
Provision for impairment of value -- 2,400
Depreciation 464 642
Amortization 122 100
Provision for doubtful receivables -- 9
Changes in accounts:
Receivables and other assets (473) (110)
Deferred costs (8) (62)
Accounts payable and accrued liabilities (279) (21)
Due to affiliate (50) --
Net cash provided by operating
actitivies 22 434
Cash flows from investing activities
Net proceeds from sale of property 300 26,400
Property improvements and replacements (33) (1,075)
Net cash provided by investing
activities 267 25,325
Cash flows from financing activities:
Repayment of notes payable -- (27,051)
Mortgage notes payable payments (34) (39)
Distribution to partners (3,383) --
Net cash used in financing activities (3,417) (27,090)
Decrease in cash and cash equivalents (3,128) (1,331)
Cash and cash equivalents at beginning of period 3,795 5,031
Cash and cash equivalents at end of period $ 667 $ 3,700
Supplemental disclosure of cash flow information
Interest paid in cash during the period $ 70 $ 1,209
Supplemental disclosure of non-cash investing
activity:
Proceeds receivable on sale of property $ 5,182 $ --
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e) MRI BUSINESS PROPERTIES FUND, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of NPI Equity Investments II, Inc. ("NPI Equity" or
the "Managing General Partner"), all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and nine month periods ended June 30, 1996, are
not necessarily indicative of the results that may be expected for the fiscal
year ending September 30, 1996. For further information, refer to the financial
statements and footnotes thereto included in the Partnership's annual report on
Form 10-K for the year ended September 30, 1995.
Certain reclassifications have been made to the 1995 information to conform
to the 1996 presentation.
Note B - Transactions with Affiliated Parties
MRI Business Properties Fund, Ltd. (the "Partnership") has no employees and
is dependent on its general partner and its affiliates for the management and
administration of all partnership activities. The Partnership Agreement
provides for payments to affiliates for services and as reimbursement of certain
expenses incurred by affiliates on behalf of the Partnership.
The following transactions with affiliates of Insignia Financial Group, Inc.
("Insignia"), National Property Investors, Inc. ("NPI"), and affiliates of NPI
were charged to expense in 1996 and 1995:
<TABLE>
<CAPTION>
For the Nine Months Ended
June 30,
1996 1995
<S> <C> <C>
Reimbursement for services of affiliates (included
in general and administrative expenses) $114,000 $60,000
</TABLE>
For the period from January 19, 1996, to June 30, 1996, the Partnership
insured its properties under a master policy through an agency and insurer
unaffiliated with the Managing General Partner. An affiliate of the Managing
General Partner acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which was later acquired by the agent who
placed the current year's master policy. The current agent assumed the
financial obligations to the affiliate of the Managing General Partner who
received payments on these obligations from the agent. The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Managing General Partner by virtue of the agent's obligations is not
significant.
The managing general partner of the Partnership is Montgomery Realty Company-
83 ("Montgomery"), a California limited partnership of which Fox Realty
Investors ("FRI"), a California general partnership, is the managing general
partner. Effective March 31, 1996, Montgomery Realty Corporation, a California
corporation, withdrew as the co-general partner in Montgomery. The associate
general partner of the Partnership is MRI Associates, Ltd., a California limited
partnership, of which FRI is the general partner, and Two Broadway Associates
II, an affiliate of Merrill Lynch, Pierce, Fenner & Smith, Incorporated, is the
limited partner.
On December 6, 1993, NPI Equity became the managing general partner of FRI.
As a result, NPI Equity became responsible for the operation and management of
the business and affairs of the Partnership and the other investment partnership
sponsored by FRI and/or its affiliates. The Managing General Partner is a
wholly owned subsidiary of NPI.
Pursuant to a series of transactions which closed during the first half of
1996, affiliates of Insignia acquired (i) control of NPI Equity, the managing
general partner of FRI, and (ii) all of the issued and outstanding shares of
stock of Fox Capital Management Corporation ("FCMC"). In connection with these
transactions, affiliates of Insignia appointed new officers and directors of NPI
Equity and FCMC.
Note C - Gain on Sale of Property and Extraordinary Gain on Extinguishment of
Debt
On October 24, 1994, the Partnership sold its Dallas Marriott Quorum Hotel
for $29,815,000. After repayment of the first and second mortgage loan balances
of $22,221,000 (including $170,000 of accrued interest) and $5,000,000,
respectively, deferred interest of $750,000 and closing costs and adjustments of
$515,000, the cash received by the Partnership was $1,329,000. Under the terms
of the agreement, cash in the hotel's bank account of approximately $1,980,000
was retained by the purchaser to be used as a partial repayment of the second
loan. Accrued but unpaid interest of approximately $4,596,000 on the second
loan was forgiven by the lender. The sale resulted in a gain of $2,097,000 and
an extraordinary gain on extinguishment of debt of $4,596,000.
On June 28, 1996, the Partnership sold Norwood Tower Office Building for
$5,725,000. After the payment of closing costs and related expenses of
approximately $243,000, the Partnership received proceeds of $300,000 as of June
30, 1996, and the remaining proceeds of $5,182,000 in July, 1996. This sale
resulted in a gain of $65,000 for financial statement purposes.
Note D - Subsequent Event
On July 24, 1996, the Partnership sold its Mardot II property to an unrelated
third party for $2,600,000. The Partnership received cash of approximately
$2,368,000 in July, 1996.
Note E - Pro Forma Financial Information
The following pro forma consolidated balance sheet as of June 30, 1996, and
the pro forma consolidated statements of operations for the twelve months ended
September 30, 1995, and the nine months ended June 30, 1996, give effect to the
sale of Mardot II. The adjustments related to the pro forma consolidated
balance sheet assume the transaction was consummated at June 30, 1996, while the
adjustments to the pro forma consolidated income statements assume the
transaction was consummated at the beginning of the year presented. The sale
occurred on July 24, 1996.
The pro forma adjustments required are to eliminate the assets, liabilities
and operating activity of Mardot II and to reflect consideration received for
the property.
These pro forma adjustments are not necessarily reflective of the results
that actually would have occurred if the sale had been in effect as of and for
the periods presented or what may be achieved in the future.
PRO FORMA CONSOLIDATED BALANCE SHEET
June 30, 1996
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Assets
Cash and cash equivalents $ 667 $ 2,368 $ 3,035
Deferred costs, net 225 (8) 217
Other assets 6,108 (1) 6,107
Investment properties:
Real estate 14,967 (2,784) 12,183
Accumulated depreciation (5,707) 834 (4,873)
Real estate, net 9,260 (1,950) 7,310
$ 16,260 $ 409 $ 16,669
Liabilities and Partners' Equity
Liabilities
Accrued expenses and other liabilities $ 248 $ (31) $ 217
Mortgage notes payable 1,075 -- 1,075
1,323 (31) 1,292
Partners' Capital 14,937 440 15,377
$ 16,260 $ 409 $ 16,669
</TABLE>
Note E - Pro Forma Financial Information (continued)
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the Year Ended September 30, 1995
(in thousands, except unit data)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
(Audited)
<S> <C> <C> <C>
Revenues:
Commercial operations $ 3,223 $ (368) $ 2,855
Hotel lease 85 -- 85
Interest income 139 -- 139
Gain on sale of properties 2,097 -- 2,097
Total revenues 5,544 (368) 5,176
Expenses:
Hotel operations 78 -- 78
Commercial operations 1,957 (106) 1,851
Interest 333 -- 333
Depreciation 762 (69) 693
General and administrative 471 -- 471
Provision for impairment of value 2,400 -- 2,400
Total expenses 6,001 (175) 5,826
Net loss before extraordinary item (457) (193) (650)
Extraordinary item:
Gain on extinguishment of debt 4,596 -- 4,596
Net income (loss) $ 4,139 $ (193) $ 3,946
Net income (loss) per limited partnership
unit:
Loss before extraordinary item $ (10.05) $ (2.30) $ (12.35)
Extraordinary item 44.76 -- 44.76
Net income (loss) $ 34.71 $ (2.30) $ 32.41
</TABLE>
Note E - Pro Forma Financial Information (continued)
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the Nine Months Ended June 30, 1996
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Revenues:
Commercial operations $ 2,496 $ (275) $ 2,221
Interest income 82 -- 82
Gain on sale of properties 65 -- 65
Total revenues 2,643 (275) 2,368
Expenses:
Commercial operations 1,408 (95) 1,313
Interest 75 -- 75
Depreciation 464 (54) 410
General and administrative 385 -- 385
Total expenses 2,332 (149) 2,183
Net income (loss) $ 311 $ (126) $ 185
Net income (loss) per limited
partnership unit $ 3.71 $ (1.50) $ 2.21
</TABLE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Partnership's investment properties consist of three office buildings, one
office/warehouse complex and one shopping center located in Colorado, Arizona,
Texas, and Georgia. The following table sets forth the average occupancy of the
properties for the nine months ended June 30, 1996 and 1995:
Average
Occupancy
Property 1996 1995
Resource Park West Office Building
Lakewood, Colorado 99% 99%
Priest Office Building
Tempe, Arizona 100% 100%
Mardot II Building
Tempe, Arizona (sold July 24, 1996) 100% 100%
Parkway Village Shopping Center
Atlanta, Georgia 74% 64%
Norwood Tower Office Building
Austin, Texas (sold June 28, 1996) N/A 97%
During fiscal 1994, one of Parkway Village Shopping Center's tenants moved
out. Although this space was temporarily filled by a month-to-month tenant in
early fiscal 1995, this tenant also vacated in April 1995. A portion of this
space has been leased in the 1996 fiscal year.
The Partnership reported net income of approximately $311,000 for the nine
months ended June 30, 1996, versus a net income of approximately $4,169,000 for
the corresponding period of 1995. The decrease in net income can be attributed
to the fact that there was a $2,097,000 gain that was recognized on the sale of
the Marriott Quorum hotel and the corresponding $4,596,000 gain on the
extinguishment of debt related to the same sale. These gains were recognized in
fiscal year 1995. Despite the recognition of these gains, there was a
$2,400,000 impairment of value recognized on Norwood Tower Office Building.
This impairment partially offset the gains. The sale of the Marriott Quorum
Hotel resulted in lower depreciation and interest expense for the nine months
ended June 30, 1996. These decreases, as well as having no impairment of value
recognized in fiscal year 1996, resulted in higher income before extraordinary
items. On June 28, 1996, the Partnership sold Norwood Tower Office Building for
$5,725,000. The Partnership had received $300,000 in proceeds on this sale at
June 30, 1996. In July 1996, the Partnership received the remaining sales
proceeds of approximately $5,182,000. A financial statement gain on the sale of
the building of approximately $65,000 was recognized at June 30, 1996.
For the three month period ended June 30, 1996, the Partnership reported net
income of approximately $102,000 versus a net loss of $2,299,000 for the
corresponding three months of 1995. The increase in net income can be
attributed to the recognition of the $2,400,000 impairment of value on Norwood
Tower Office Building discussed in the preceding paragraph.
As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment properties to
assess the feasibility of increasing rents, maintain or increasing occupancy
levels and protecting the Partnership from increases in expense. As part of this
plan, the Managing General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.
At June 30, 1996, the Partnership had unrestricted cash of approximately
$667,000 as compared to approximately $3,700,000 at June 30, 1995. Net cash
provided by operating activities decreased as compared to June 30, 1995, due to
changes in accounts receivable and other assets in connection with the sale of
Norwood Tower Office Building. The Partnership also recorded an increase in
other assets related to the requirement under Section 444 of the Internal
Revenue Code to deposit funds of $700,000 with the Internal Revenue Service due
to its fiscal year end of September 30. The total deposit with the Internal
Revenue Service will be refunded in fiscal year 1997. Net cash provided by
investing activities decreased due to the proceeds for the sale of the Marriott
Quorum Hotel of $26,400,000 received in 1995. The sale of Norwood Tower Office
Building generated proceeds of approximately $300,000 at June 30, 1996. Net
cash used in financing activities decreased due to the satisfaction in fiscal
1995 of approximately $27,051,000 in mortgages that were encumbering the
Marriott Quorum Hotel. In the second fiscal quarter of 1996, approximately
$3,383,000 was distributed to the limited and general partners.
An affiliate of the Managing General Partner has made available to the
Partnership a credit line of up to $150,000 per property owned by the
Partnership. The Partnership has no outstanding amounts due under this line of
credit. Based on present plans, management does not anticipate the need to
borrow in the near future. Other than cash and cash equivalents, the line of
credit is the Partnership's only unused source of liquidity.
A significant portion of the unoccupied space at Parkway Village Shopping
Center is currently being marketed to potential long term tenants. In addition,
a tenant occupying approximately 41% of Parkway Village Shopping Center may not
renew its lease, which expires on October 31, 1996. The re-leasing of these
spaces might require significant expenditures for tenant installations and
leasing commissions. If the spaces are not re-leased, it will have a
significant negative impact on the Partnership's operations.
The sale of Norwood Tower Office Building was consummated on June 28, 1996 for
a contract sales price of $5,725,000. The Partnership received net proceeds of
approximately $5,482,000 from this sale (including an earnest money deposit of
$300,000). The sale of Mardot II was consummated on July 24, 1996, for
$2,600,000. All of the Partnership's remaining properties are currently under
contract for sale. The sale of Priest Office Building, which is subject to the
purchaser's due diligence review and other customary conditions, is expected to
close during the fourth fiscal quarter of 1996. The sales of Parkway Village
and Resource Park West Office Building, which are subject to the purchaser's due
diligence review and other customary conditions, are expected to close during
the first fiscal quarter of 1997. The contract purchase price for Priest Office
Building, Parkway Village, and Resource Park West Office Building is
approximately $1,675,000, $3,100,000, and $4,025,000 respectively.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the various properties to adequately maintain the
physical assets and other operating needs of the Partnership. Such assets are
currently thought to be sufficient for any near-term needs of the Partnership.
The mortgage indebtedness of $1,075,000 is collateralized by Resource Park West
and has a balloon payment due in January 1999, at which time the property will
either be refinanced or sold. At this time, it appears that the investment
objective of capital growth will not be attained and that a significant portion
of invested capital will not be returned to investors. The extent to which
invested capital is returned to investors is dependent upon the performance of
the Partnership's remaining properties; and the markets in which such properties
are located; and the sales price of the remaining properties. Upon sale of all
properties and termination of the Partnership, the general partners may be
required to contribute certain funds to the Partnership in accordance with the
Partnership Agreement. The Partnership paid approximately $3,383,000 in
distributions to the partners in the first nine months of fiscal year 1996.
Future cash distributions will depend on the levels of net cash generated from
operations, property sales, and the availability of cash reserves. No cash
distributions were made in 1995.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
report.
b) Reports on Form 8-K: None filed during the quarter ended June 30, 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.
MRI BUSINESS PROPERTIES FUND, LTD.
By: MONTGOMERY REALTY COMPANY 83,
its Managing General Partner
By: FOX REALTY INVESTORS,
its Managing General Partner
By: NPI EQUITY INVESTMENTS, II INC.
its managing general partner
By: /s/ William H. Jarrard, Jr.
William H. Jarrard, Jr.
President and Director
By: /s/ Ronald Uretta
Ronald Uretta
Principal Financial Officer
and Principal Accounting Officer
Date: August 14, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from MRI Business
Properties Fund L.P. 1996 Third Quarter 10-Q and is qualified in its entirety by
reference to such 10-Q filing.
</LEGEND>
<CIK> 0000722886
<NAME> MRI BUSINESS PROPERTIES FUND L.P.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> JUN-30-1996
<CASH> 667
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 14,967
<DEPRECIATION> (5,707)
<TOTAL-ASSETS> 16,260
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 1,075
0
0
<COMMON> 0
<OTHER-SE> 14,937
<TOTAL-LIABILITY-AND-EQUITY> 16,260
<SALES> 0
<TOTAL-REVENUES> 2,643
<CGS> 0
<TOTAL-COSTS> 2,332
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 75
<INCOME-PRETAX> 0
<INCOME-TAX> 311
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 311
<EPS-PRIMARY> 3.71<F2>
<EPS-DILUTED> 0
<FN>
<F1>The Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
