16
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 period ended April 30, 1998
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________.
Commission File Number: 0-13260
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
(Exact name of registrant as specified in governing instrument)
Delaware 13-3174553
(State of organization)(IRS Employer Identification No.)
2 World Trade Center, New York, NY 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212)
392-1054
Former name, former address and former fiscal year, if changed
since last report: not applicable
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
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
CONSOLIDATED BALANCE SHEETS
<CAPTION> April 30,
October 31,
1998 1997
<S> <C>
<C>
ASSETS
Cash and cash equivalents $ 349,050 $
5,974,627
Real estate:
Land
2,312,300 4,942,300
Buildings and improvements 7,170,549
12,736,897
9,482,849
17,679,197
Accumulated depreciation 2,783,509
7,054,850
6,699,340
10,624,347
Real estate held for sale 3,843,092
15,761,239
Deferred leasing commissions, net 154,378
345,238
Other assets 662,665
908,045
$11,708,525
$33,613,496
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued liabilities $ 256,286 $
484,705
Security deposits 616,994
110,788
873,280
595,493
Partners' capital (deficiency):
General partners (4,451,915)
(4,364,301)
Limited partners ($1,000 per Unit, 92,780 Units issued)
15,287,160 37,382,304
Total partners' capital 10,835,245
33,018,003
$11,708,525
$33,613,496
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
CONSOLIDATED INCOME STATEMENTS
Three and six months ended April 30, 1998 and 1997
<CAPTION>
Three months ended
Six months ended
April 30, April 30,
1998 1997 1998 1997
<S> <C> <C> <C>
<C>
Revenues:
Rental $ 412,858 $ 1,651,910 $
1,197,131 $ 3,241,467
Gains on sales of real estate - -
9,295,923 -
Equity in earnings of joint venture - 2,282,329
- - 2,425,949
Interest and other 7,202 44,306
102,190 64,502
420,060 3,978,545
10,595,244 5,731,918
Expenses:
Property operating 188,816 740,602
563,531 1,405,739
Depreciation and amortization 72,355
339,328 142,624 688,063
General and administrative 97,753
112,940 206,453 241,391
358,924 1,192,870
912,608 2,335,193
Net income $ 61,136 $ 2,785,675 $
9,682,636 $ 3,396,725
Net income allocated to:
Limited partners $ 55,022 $ 2,713,367 $
9,643,965 $ 3,263,312
General partners 6,114 72,308
38,671 133,413
$ 61,136 $ 2,785,675 $
9,682,636 $ 3,396,725
Net income per Unit of
Limited partnership interest $0.59
$29.24 $103.94 $35.17
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
Six months ended April 30, 1998
<CAPTION>
Limited General
Partners Partners
Total
<S> <C> <C>
<C>
Partners' capital (deficiency)
at November 1, 1997 $37,382,304
$(4,364,301) $33,018,003
Net income 9,643,965
38,671 9,682,636
Cash distributions (31,739,109)
(126,285) (31,865,394)
Partners' capital (deficiency)
at April 30, 1998 $15,287,160
$(4,451,915) $10,835,245
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended April 30, 1998 and 1997
<CAPTION>
1998 1997
<S> <C>
<C>
Cash flows from operating activities:
Net income $ 9,682,636 $
3,396,725
Adjustments to reconcile net income to net cash
provided by operating activities:
Gains on sales of real estate (9,295,923)
- -
Depreciation and amortization 142,624
688,063
Equity in earnings of joint venture -
(2,425,949)
Increase in operating assets:
Deferred leasing commissions (98,316)
(174,331)
Other assets (485,664)
(308,876)
(Decrease) increase in operating liabilities:
Accounts payable and accrued liabilities (258,419)
(105,969)
Security deposits 506,206
20,216
Net cash provided by operating activities
193,144 1,089,879
Cash flows from investing activities:
Proceeds from disposition of real estate 26,089,585
- -
Additions to real estate (42,912)
(42,313)
Distributions from joint venture -
10,855,353
Investment in joint venture -
(5,559)
Net cash provided by investing activities
26,046,673 10,807,481
Cash flows from financing activities:
Distributions (31,865,394)
(1,845,292)
Decrease in deferred distributions -
(1,233,837)
Net cash used in financing activities (31,865,394)
(3,079,129)
(Decrease) increase in cash and cash equivalents
(5,625,577) 8,818,231
Cash and cash equivalents at beginning of period
5,974,627 2,954,592
Cash and cash equivalents at end of period $ 349,050 $
11,772,823
Supplemental disclosure of non-cash investing activities:
Reclassification of real estate held for sale:
Decrease in real estate:
Land $ 2,630,000 $
- -
Building and improvements 5,609,260
- -
Accumulated depreciation (4,396,168)
- -
Increase in real estate held for sale $ 3,843,092 $
- -
See accompanying notes to consolidated financial statements.
</TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Notes to Consolidated Financial Statements
1. The Partnership
Dean Witter Realty Income Partnership I, L.P. (the
"Partnership") is a limited partnership organized under the
laws of the State of Delaware in 1983. The Partnership's
fiscal year ends on October 31.
The Partnership's interest in the Century Square property
(which was sold in the second quarter of fiscal 1997) was
accounted for on the equity method.
The Partnership's records are maintained on the accrual
basis of accounting for financial reporting and tax
purposes.
Net income per Unit of limited partnership interest amounts
are calculated by dividing net income allocated to the
Limited Partners, in accordance with the Partnership
Agreement, by the weighted average number of Units
outstanding.
In the opinion of management, the accompanying financial
statements, which have not been audited, include all
adjustments necessary to present fairly the results for the
interim period. Except for gains on sales of real estate,
such adjustments consist only of normal recurring accruals.
These financial statements should be read in conjunction
with the annual financial statements and notes thereto
included in the Partnership's annual report on Form 10-K
filed with the Securities and Exchange Commission for the
year ended October 31, 1997. Operating results of interim
periods may not be indicative of the operating results for
the entire year.
2. Sales of Real Estate
On December 8, 1997, the Partnership sold the Carmel Park
property to an unaffiliated party for approximately $17.7
million. The Partnership recognized a gain on this sale of
approximately $6,264,000, which was allocated 100% to the
Limited Partners in accordance with the Partnership
Agreement.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Notes to Consolidated Financial Statements
On December 23, 1997, the Partnership sold the Westwood 10
property to an unaffiliated party for approximately $9.4
million. The Partnership recognized a gain on this sale of
approximately $3,032,000, which was allocated 100% to the
Limited Partners in accordance with the Partnership
Agreement.
On November 26, 1997, the Partnership distributed
approximately $4,538,000 ($48.91 per Unit), the net proceeds
from the October 1997 sale of the Arlington Business Center
property. The distribution was paid 100% to Limited
Partners.
On December 29, 1997, the Partnership distributed
approximately $26,065,000 ($280.93 per Unit), the net
proceeds from the sale of the Carmel Park and Westwood 10
properties. The distribution was paid 100% to the Limited
Partners.
In June 1998, the Partnership entered into an agreement with
an unaffiliated party to sell the Harborgate property for
$8.5 million. The closing of the sale is expected to occur
in July 1998. The net carrying value of the Harborgate
property has been reclassified to real estate held for sale
as of April 30, 1998.
3. Related Party Transactions
An affiliate of the Managing General Partner provided
property management services for the North Lake Plaza,
Carmel Park (sold December 1997) and Westwood 10 (sold
December 1997) properties in 1998; the affiliate managed
five properties in 1997. The Partnership paid the affiliate
management fees of approximately $35,000 and $100,000 for
the six months ended April 30, 1998 and 1997, respectively.
These amounts are included in property operating expenses.
Another affiliate of the Managing General Partner performs
administrative functions, processes certain investor
transactions and prepares tax information for the
Partnership. For the six months ended April 30, 1998 and
1997, the Partnership incurred approximately $89,000 and
$121,000, respectively, for these services. These amounts
are included in general and administrative expenses.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Notes to Consolidated Financial Statements
As of April 30, 1998, the affiliates were owed a total of
approximately $17,000 for these services.
Through January 31, 1995, the General Partners deferred
receipt of distributions aggregating $2,467,674 to which
they were entitled; amounts deferred were charged against
partners' capital and recorded as liabilities to the General
Partner. The Partnership made the final payment of these
distributions ($1,233,837) to the General Partners in the
first quarter of fiscal 1997.
4. Litigation
Various public partnerships sponsored by Dean Witter Realty
Inc. (including the Partnership and its Managing General
Partner) are defendants in purported class action lawsuits
pending in state and federal courts. The complaints allege
a number of claims, including breach of fiduciary duty,
fraud, misrepresentation and related claims, and seek
compensatory and other damages and equitable relief. The
defendants intend to vigorously defend against these
actions. It is impossible to predict the effect, if any,
the outcome of these actions might have on the Partnership's
financial statements.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Partnership raised $92,780,000 in a public offering
which was terminated in 1984. The Partnership has no plans
to raise additional capital.
The Partnership purchased six properties and made one
investment in the partnership which owned the Century Square
property on an all-cash basis. The Partnership's acquisition
program has been completed. No additional investments are
planned.
The 1718 Connecticut property was sold in fiscal 1996. The
Century Square and Arlington Business Center properties were
sold in fiscal 1997. The Westwood 10 and Carmel Park
properties were sold in the first fiscal quarter of 1998. In
June 1998, the Managing General Partner entered into an
agreement to sell the Harborgate office building (see Note 2
to the consolidated financial statements); the sale is
expected to close in July 1998. The Managing General
Partner also expects to market the North Lake Plaza property
for sale during the third fiscal quarter of 1998. However,
there can be no assurance that either property will be sold.
The Partnership stopped receiving cash flow from operations
from the Century Square, Arlington Business Center, Westwood
10 and Carmel Park properties once these properties were
sold; as a result, Partnership cash flow from operations
decreased during the six-months ended April 30, 1998
compared to 1997. Operating cash flow from the Haborgate
property for the six-months ended April 30, 1998, was
approximately $117,000.
The Partnership's liquidity is primarily affected by sales
of the Partnership's properties; as the properties are sold,
the Partnership has fewer income-producing investments,
Partnership cash from operations decreases and Partnership
distributions to investors decline. The Partnership will
also require less cash reserves to fund capital expenditures
and leasing commissions. Future cash distributions will
only be paid from proceeds from the sales of the
Partnership's properties.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
As a result of the decrease in cash flows from operations
caused by the sale of the Westwood 10 and Carmel Park
properties, the Partnership decreased its first quarter 1998
cash distribution (paid February 1998) to $4.53 per Unit.
During the six months ended April 30, 1998, the North Lake
Plaza and Harborgate properties generated positive cash flow
from operations, and it is anticipated that these properties
will continue to do so during the period the Partnership
continues to own them.
During the six months ended April 30, 1998, the Partnership
incurred capital expenditures and leasing commissions of
approximately $140,000, primarily at the Harborgate
property.
During the six months ended April 30, 1998, the
Partnership's distributions to partners (excluding
distributions of sales proceeds) and capital expenditures
exceeded its cash flow from operations. This deficiency was
funded from Partnership cash reserves.
During the second quarter of 1998, the Partnership signed a
new ten-year lease with Nippon Travel Agency Inc. for
approximately 26% of the Harborgate property's space. In
connection with such lease, at April 30, 1998, the
Partnership has commitments to fund approximately $505,000
of capital expenditures and leasing commissions. The lease,
effective May 15, 1998, also provides that Nippon Travel
Agency can occupy its space without paying rent during its
first six months at the property. At April 30, 1998, the
Partnership has commitments to fund up to $400,000 of tenant
improvements in connection with other leases at the
Harborgate property.
The North Lake Plaza property currently has a vacancy rate
of 21%; as a result, the Partnership may incur significant
capital expenditures and leasing commissions to fill the
vacant space.
Because the Partnership currently has minimal cash reserves
and significant commitments to fund capital expenditures in
the near future, the Partnership does not expect to pay any
additional distributions from cash flow from operations.
The Partnership did not pay the second quarter 1998
distribution to investors in May 1998. Also, the
Partnership may use a portion of the expected proceeds from
the sale of the Harborgate property to fund capital
expenditures.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Other assets, deferred leasing commissions and accounts
payable and accrued liabilities decreased in 1998 as a
result of the above-mentioned sales of properties. Security
deposits payable increased in 1998 as a result of the
Partnership's new lease with Nippon Travel Agency Inc.
On November 26, 1997, the Partnership distributed
approximately $4,538,000 ($48.91 per Unit), the net proceeds
from the sale of the Arlington Business Center property.
The distribution was paid 100% to the Limited Partners.
On December 29, 1997, the Partnership distributed
approximately $26,065,000 ($280.93 per Unit), the net
proceeds from the sale of the Carmel Park and Westwood 10
properties. The distribution was paid 100% to the Limited
Partners.
Except as discussed above and in the consolidated financial
statements, the Managing General Partner is not aware of any
trends or events, commitments or uncertanities that may have
a material impact on liquidity.
Operations
Fluctuations in the Partnership's operating results for the
three- and six-month periods ended April 30, 1998 compared
to 1997 were primarily attributable to the following:
During the three- and six-month periods ended April 30,
1998, rental income decreased by $1,242,000 and $1,993,000,
respectively, as a result of the sale of the Arlington
Business Center, Westwood 10 and Carmel Park properties (the
"Sold Properties"). Rental income from the Harborgate and
North Lake properties (the "Remaining Properties") was
$413,000 and $410,000 during the three-month periods in 1998
and 1997, respectively, and $799,000 and $849,000 during the
six-month periods in 1998 and 1997, respectively.
The gains on sales of real estate in fiscal 1998 consisted
of $6,264,000 and $3,032,000 from the December 1997 sales of
the Carmel Park and Westwood 10 properties, respectively.
There was no equity in earnings of joint venture income in
1998. The Partnership's share of the gain on sale of the
Century Square property included in equity in earnings in
1997 was approximately $2.1 million.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Notes to Consolidated Financial Statements
During the three- and six-month periods ended April 30,
1998, property operating expenses decreased by $499,000 and
$798,000, respectively, as a result of the sale of the Sold
Properties. Property operating expenses of the Remaining
Properties were approximately $168,000 and $221,000 during
the three-month periods in 1998 and 1997, respectively and
$364,000 and $408,000 during the six-month periods in 1998
and 1997, respectively.
During the three- and six-month periods ended April 30 1998,
depreciation and amortization expenses decreased by $278,000
and $552,000, respectively, as a result of the sale of the
Sold Properties. Depreciation and amortization expenses of
the Remaining Properties were approximately $72,000 and
$62,000 during the three-month periods in 1998 and 1997,
respectively, and $143,000 and $135,000 during the six-month
periods in 1998 and 1997, respectively.
No individual factor accounted for a significant change in
interest and other revenues and general and administrative
expenses from 1997 to 1998.
A summary of the markets where the Partnership's remaining
properties are located and the performance of each property
is as follows:
Currently, the vacancy rate in the office market in the
SouthBay area of Los Angeles, California, the location of
Harborgate, is approximately 19%, and market rental rates
are stable. There is no new construction in this market.
During the six months ended April 30, 1998, occupancy at the
property remained at 59%. As discussed above, during the
second quarter of 1998, the Partnership signed a new ten-
year lease with Nippon Travel Agency Inc., for approximately
26% of the property's space. U.S. Sprint, who leases
approximately 19% of the space, did not exercise its option
to terminate its lease on its space in 1998; as a result,
its lease expires in 2000. No other significant amounts of
space are scheduled to expire before 2000. The Managing
General Partner has entered into an agreement to sell this
property (see Note 2 to the consolidated financial
statements).
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Altamonte Springs, Florida, the location of the North Lake
Plaza Shopping Center, is a strong retail market.
Currently, the vacancy rate in this market is approximately
7%, and market rental rates are stable. During the six
months ended April 30, 1998, occupancy at the property
remained at 79%. Development of nearby office projects and
the scheduled expansion of North Lake Boulevard (which
borders the shopping center) are anticipated to increase
traffic at the property. The lease for Home Depot (for
approximately 50% of the property's space) expires in 2003.
Home Depot continues to sub-lease its space to Burlington
Coat Factory but remains obligated to pay rent under the
lease. The lease of Marshalls Inc., (for approximately 21%
of the space) is scheduled to expire in 2002.
Inflation
Inflation has been consistently low during the periods
presented in the financial statements and, as a result, has
not had a significant effect on the operations of the
Partnership or its properties.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
On December 27, 1995, a purported class action lawsuit (the
"Grigsby Action") naming various public real estate
partnerships sponsored by Realty (including the Partnership
and its Managing General Partner and Associate General
Partner), Realty, Dean Witter Reynolds Inc. ("DWR") and
others as defendants was filed in Superior Court in
California. The complaint alleged fraud, negligent
misrepresentation, intentional and negligent breach of
fiduciary duty, unjust enrichment and related claims and
sought compensatory and punitive damages in unspecified
amounts and injunctive and other equitable relief. The
defendants removed the case to the United States District
Court for the Southern District of California. Pursuant to
an order of the U.S. District Court for the Southern
District of California entered May 24, 1996, the Grigsby
Action was transferred to the U.S. District Court for the
Southern District of New York. The case was dismissed by
stipulation of the parties dated March 6, 1997 and refiled
and consolidated with the Consolidated Action (as defined
below).
On February 14, 1996, a purported class action lawsuit (the
"Schectman Action") naming various public real estate
partnerships sponsored by Realty (including the Partnership
and its Managing General Partner), Realty, Dean Witter,
Discover & Co. ("DWD") and DWR as defendants was filed in
the Chancery Court of Delaware for New Castle County (the
"Delaware Chancery Court"). On February 23, 1996, a
purported class action lawsuit (the "Dosky Action") naming
various public real estate partnerships sponsored by Realty
(including the Partnership and its Managing General
Partner), Realty, DWD, DWR and others as defendants was
filed in the Delaware Chancery Court. On February 29, 1996,
a purported class action lawsuit (the "Segal Action") naming
various public real estate partnerships sponsored by Realty
(including the Partnership and its Managing General
Partner), Realty, DWD, DWR and others as defendants was
filed in the Delaware Chancery Court. On March 13, 1996, a
purported class action lawsuit (the "Young Action") naming
the partnership, other unidentified limited partnerships,
DWD, DWR and others as defendants was filed in the Circuit
Court for Baltimore City in Baltimore, Maryland. The
defendants removed the Young Action to the United States
District Court for the District of Maryland.
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Thereafter, the Schectman Action, the Dosky Action and the
Segal Action were consolidated in a single action (the
"Consolidated Action") in the Delaware Chancery Court. The
Young Action was dismissed without prejudice. The
plaintiffs in the Young Action joined the Consolidated
Action.
On October 7, 1996, the plaintiffs in the Consolidated
Action filed a First Consolidated and Amended Class Action
Complaint naming various public real estate partnerships
sponsored by Realty (including the Partnership and its
Managing General Partner), Realty, DWD, DWR and others as
defendants. This complaint alleges breach of fiduciary duty
and seeks an accounting of profits, compensatory damages in
an unspecified amount, possible liquidation of the
Partnership under a receiver's supervision and other
equitable relief. The defendants filed a motion to dismiss
this complaint on December 10, 1996.
Item 6. Exhibits & Reports on Form 8-K
(a) Exhibits.
An exhibit index has been filed as part of this
Report on Page E1.
(b) Reports on Form 8-K.
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
DEAN WITTER REALTY INCOME
PARTNERSHIP I, L.P.
By: Dean Witter Realty Income
Properties I Inc.
Managing General Partner
Date: June 12, 1998 By: /s/E. Davisson Hardman, Jr.
E. Davisson Hardman, Jr.
President
Date: June 12, 1998 By: /s/Charles M. Charrow
Charles M. Charrow
Controller
(Principal Financial and
Accounting Officer)
DEAN WITTER REALTY INCOME PARTNERSHIP I, L.P.
Quarter Ended April 30, 1998
Exhibit Index
Exhibit No. Description
27 Financial Data Schedule
E1
[ARTICLE] 5
[LEGEND]
Registrant is a limited partnership which invests in real estate, and real
estate joint ventures. In accordance with industry practice, its balance
sheet is unclassified. For full information, refer to the accompanying
audited financial statements.
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] OCT-31-1998
[PERIOD-END] APR-30-1998
[CASH] 349,050
[SECURITIES] 0
[RECEIVABLES] 662,665
[ALLOWANCES] 0
[INVENTORY] 0
[CURRENT-ASSETS] 0
[PP&E] 0
[DEPRECIATION] 0
[TOTAL-ASSETS] 11,708,525<F1>
[CURRENT-LIABILITIES] 0
[BONDS] 0
[COMMON] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[OTHER-SE] 10,835,245<F2>
[TOTAL-LIABILITY-AND-EQUITY] 11,708,525<F3>
[SALES] 0
[TOTAL-REVENUES] 10,595,244<F4>
[CGS] 0
[TOTAL-COSTS] 0
[OTHER-EXPENSES] 912,608
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 0
[INCOME-PRETAX] 9,682,636
[INCOME-TAX] 0
[INCOME-CONTINUING] 9,682,636
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 9,682,636
[EPS-PRIMARY] 103.94<F5>
[EPS-DILUTED] 0
<FN>
<F1>In addition to cash and receivables, total assets include net investments
in real estate of $6,699,340, real estate held for sale of $3,843,092, and
net deferred leasing commissions of $154,378.
<F2>Represents partners' capital.
<F3>Liabilities include accounts payable and accrued liabilities of
$256,286 and security deposit payables of $616,994.
<F4>Total revenues include rent of $1,197,131, gain on sale of real estate of
$9,295,923, and interest and other revenue of $102,190.
<F5>Represents net income per Unit of limited partnership interest.
</FN>
</TABLE>
