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, 1995
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OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
EXCHANGE ACT OF 1934.
For the transition period from to
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Commission file number 0-13349
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BALCOR REALTY INVESTORS-84
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Illinois 36-3215399
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2355 Waukegan Road
Bannockburn, Illinois 60015
---------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 267-1600
--------------
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>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
BALANCE SHEETS
June 30, 1995 and December 31, 1994
(Unaudited)
ASSETS
1995 1994
-------------- --------------
Cash and cash equivalents $ 973,075 $ 1,311,019
Certificate of deposit - restricted 700,000
Escrow deposits 1,851,887 2,501,015
Accounts and accrued interest receivable 569,176 880,932
Prepaid expenses 603,778 33,795
Deferred expenses, net of accumulated
amortization of $1,067,584 in 1995 and
$952,643 in 1994 1,198,170 1,353,111
-------------- --------------
5,196,086 6,779,872
-------------- --------------
Investment in real estate:
Land 18,056,596 18,397,507
Buildings and improvements 123,843,880 130,982,523
-------------- --------------
141,900,476 149,380,030
Less accumulated depreciation 56,374,839 57,774,549
-------------- --------------
Investment in real estate, net
of accumulated depreciation 85,525,637 91,605,481
-------------- --------------
$ 90,721,723 $ 98,385,353
============== ==============
LIABILITIES AND PARTNERS' DEFICIT
Loans payable - affiliate $ 9,098,202 $ 12,153,202
Accounts payable 260,996 328,647
Due to affiliates 161,357 197,822
Accrued liabilities, principally real
estate taxes 1,026,784 1,201,714
Security deposits 579,887 582,347
Mortgage notes payable 106,934,310 112,812,222
Mortgage notes payable - affiliate 1,910,002 1,967,211
-------------- --------------
Total liabilities 119,971,538 129,243,165
Affiliate's participation in joint venture (309,997)
Partners' deficit (140,000 Limited
Partnership Interests issued and
outstanding (29,249,815) (30,547,815)
-------------- --------------
$ 90,721,723 $ 98,385,353
============== ==============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
-------------- --------------
Income:
Rental and service $ 14,111,983 $ 15,489,535
Interest on short-term investments 84,010 27,277
-------------- --------------
Total income 14,195,993 15,516,812
-------------- --------------
Expenses:
Interest on mortgage notes payable 4,522,718 5,697,479
Interest on short-term loans 331,744 267,355
Depreciation 1,964,989 2,309,810
Amortization of deferred expenses 154,941 282,896
Property operating 4,835,914 5,925,890
Real estate taxes 1,039,791 1,429,988
Property management fees 695,768 772,285
Administrative 501,871 524,817
-------------- --------------
Total expenses 14,047,736 17,210,520
-------------- --------------
Income (loss) before gain on sale of
property, affiliate's participation in
(income) loss from joint venture and
extraordinary item 148,257 (1,693,708)
Gain on sale of property 1,814,970
Affiliate's participation in (income) loss
from joint venture (755,586) 108,945
-------------- --------------
Income (loss) before extraordinary item 1,207,641 (1,584,763)
Extraordinary item:
Gain on forgiveness of debt 90,359
-------------- --------------
Net income (loss) $ 1,298,000 $ (1,584,763)
============== ==============
Income (loss) before extraordinary item
allocated to General Partner $ 12,076 $ (15,848)
============== ==============
Income (loss) before extraordinary item
allocated to Limited Partners $ 1,195,565 $ (1,568,915)
============== ==============
Income (loss) before extraordinary item
per Limited Partnership Interest
(140,000 issued and outstanding) $ 8.54 $ (11.21)
============== ==============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the six months ended June 30, 1995 and 1994
(Unaudited)
(Continued)
1995 1994
-------------- --------------
Extraordinary item allocated to
General Partner $ 904 None
============== ==============
Extraordinary item allocated to
Limited Partners $ 89,455 None
============== ==============
Extraordinary item per Limited Partnership
Interest (140,000 issued and outstanding) $ 0.64 None
============== ==============
Net income (loss) allocated to General
Partners $ 12,980 $ (15,848)
============== ==============
Net income (loss) allocated to Limited
Partners $ 1,285,020 $ (1,568,915)
============== ==============
Net income (loss) per Limited Partnership
Interest (140,000 issued and outstanding) $ 9.18 $ (11.21)
============== ==============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the quarters ended June 30, 1995 and 1994
(Unaudited)
1995 1994
-------------- --------------
Income:
Rental and service $ 7,094,586 $ 7,856,310
Interest on short-term investments 26,971 13,296
-------------- --------------
Total income 7,121,557 7,869,606
-------------- --------------
Expenses:
Interest on mortgage note payable 2,224,541 2,904,290
Interest on short-term loans 149,444 155,276
Depreciation 971,365 1,156,711
Amortization of deferred expenses 64,136 99,478
Property operating 2,551,811 3,096,091
Real estate taxes 517,287 643,788
Property management fees 348,294 394,445
Administrative 281,544 293,475
-------------- --------------
Total expenses 7,108,422 8,743,554
-------------- --------------
Income (loss) before affiliate's
participation in loss from joint venture 13,135 (873,948)
Affiliate's participation in loss
from joint venture 101,104
-------------- --------------
Net income (loss) $ 13,135 $ (772,844)
============== ==============
Net income (loss) allocated to General
Partners $ 131 $ (7,729)
============== ==============
Net income (loss) allocated to Limited
Partners $ 13,004 $ (765,115)
============== ==============
Net income (loss) per Limited Partnership
Interest (140,000 issued and outstanding) $ 0.09 $ (5.47)
============== ==============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
-------------- --------------
Operating activities:
Net income (loss) $ 1,298,000 $ (1,584,763)
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Extraordinary item:
Gain on forgiveness of debt (90,359)
Gain on sale of property (1,814,970)
Affiliate's participation in income
(loss) from joint venture 755,586 (108,945)
Depreciation of properties 1,964,989 2,309,810
Amortization of deferred expenses 154,941 282,896
Deferred interest on note receivable (131,475)
Net change in:
Escrow deposits 247,957 551,120
Accounts and accrued interest
receivable 311,756 (237,402)
Prepaid expenses (569,983)
Accounts payable (67,651) (812,938)
Due to affiliates (36,465) 228,941
Accrued liabilities (174,930) (277,195)
Security deposits (2,460) 32,392
-------------- --------------
Net cash provided by operating
activities 1,976,411 252,441
-------------- --------------
Investing activities:
Redemption of certificate of deposit -
restricted 700,000
Proceeds from sale of property 6,140,000
Payment of selling costs (210,175)
--------------
Net cash provided by investing activities 6,629,825
--------------
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
for the six months ended June 30, 1995 and 1994
(Unaudited)
(Continued)
1995 1994
-------------- --------------
Financing activities:
Capital contribution by joint venture
partner - affiliate $ 4,953
Distributions to joint venture partner -
affiliate $ (445,589) (9,370)
Proceeds from loan payable - affiliate 479,592
Repayment of loan payable - affiliate (3,055,000)
Proceeds from issuance of mortgage
notes payable 8,828,700
Repayment of mortgage notes payable (5,058,226) (8,088,169)
Repayment of mortgage notes payable -
affiliate (287,099)
Principal payments on purchase price,
promissory and mortgage notes payable (729,327) (731,641)
Principal payments on mortgage notes
payable - affiliate (57,209) (30,993)
Payment of deferred expenses (198,136)
Payment of financing escrows (113,250)
Release of financing escrows 401,171
-------------- --------------
Net cash used in financing activities (8,944,180) (145,413)
-------------- --------------
Net change in cash and cash equivalents (337,944) 107,028
Cash and cash equivalents at beginning
of period 1,311,019 736,429
-------------- --------------
Cash and cash equivalents at end of period $ 973,075 $ 843,457
============== ==============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
1. Accounting Policy:
In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the six months and quarter
ended June 30, 1995, and all such adjustments are of a normal and recurring
nature.
2. Interest Expense:
During the six months ended June 30, 1995 and 1994, the Partnership incurred
interest expense on mortgage notes payable to non-affiliates of $4,426,699 and
$5,282,516 and paid interest expense of $4,426,699 and $5,344,445,
respectively.
3. Transactions with Affiliates:
Fees and expenses paid and payable by the Partnership to affiliates during the
six months and quarter ended June 30, 1995 are:
Paid
----------------------
Six Months Quarter Payable
----------- -------- --------
Reimbursement of expenses to
the General Partner, at cost: $276,425 $276,425 $15,214
During the six months ended June 30, 1995, the Partnership repaid $3,055,000 of
the General Partner loan. As of June 30, 1995, the Partnership had loans
totaling $9,098,202 from the General Partner with accrued interest payable on
these loans totaling $146,143. During the six months ended June 30, 1995 and
1994, the Partnership incurred interest expense of $331,744 and $267,355 and
paid interest expense of $254,164 and $254,456 on these loans, respectively.
Interest expense is computed at the American Express Company cost of funds rate
plus a spread to cover administrative costs. As of June 30, 1995, this rate was
6.542%.
As of June 30, 1995, the Partnership had junior loans outstanding from BREHI
relating to the Chestnut Ridge Phase II and Woodland Hills apartment complexes
in the aggregate amount of $1,910,002 with accrued interest payable on these
loans totaling $71,254. During 1994, the Partnership also had mortgage loans
outstanding from BREHI relating to the Ridgepoint Hill and Ridgepoint View
apartment complexes. These loans were repaid when the properties were sold in
August 1994. During the six months ended June 30, 1995 and 1994, the
Partnership incurred interest expense on these affiliate loans of $96,019 and
$414,963 and paid interest expense of $54,388 and $828,956 respectively.
4. Property Sale:
In February 1995, Pinebrook Apartments, which was owned by a joint venture
consisting of the Partnership and an affiliate, was sold in a cash sale for
$6,140,000. From the proceeds of the sale, $5,058,226 was paid to the third
<PAGE>
party mortgage holders in full satisfaction of the first, second and fourth
mortgage loans, as well as a brokerage commission and other closing costs. The
basis of the property was $4,114,855, which is net of accumulated depreciation
of $3,364,699. For financial statement purposes, the Partnership recognized a
gain of $1,814,970 from the sale of this property, of which $780,279 was the
affiliate minority joint venture partner's share. Total proceeds received from
the sale of this property were $871,599, of which $422,115 was the minority
joint venture partner's share.
5. Subsequent Event:
In July 1995, the Partnership sold the Drayton Quarter Apartments in an all
cash sale for $6,250,000. From the proceeds of the sale, the Partnership paid
$4,775,677 to the third party mortgage holder in full satisfaction of the first
mortgage loan, as well as other closing costs. The Partnership received
$1,074,318 of net sale proceeds. The basis of the property was $4,080,166,
which is net of accumulated depreciation of $2,351,749. The Partnership will
recognize a gain of approximately $1,770,000 in its third quarter 1995
financial statements.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS
Balcor Realty Investors-84 (the "Partnership") was formed in 1982 to invest
in and operate income-producing real property. The Partnership raised
$140,000,000 from sales of Limited Partnership Interests and utilized these
proceeds to acquire twenty-three real property investments and a minority
joint venture interest in one additional property. To date, six properties
have been sold, including the Drayton Quarter Apartments which was sold
during July 1995, and titles to five properties, including the property in
which the Partnership held a minority joint venture interest, have been
relinquished through foreclosure. The Partnership continues to operate the
thirteen remaining properties.
Inasmuch as the management's discussion and analysis below relates
primarily to the time period since the end of the last fiscal year,
investors are encouraged to review the financial statements and the
management's discussion and analysis contained in the annual report for
1994 for a more complete understanding of the Partnership's financial
position.
Operations
----------
Summary of Operations
---------------------
The Partnership sold two properties in August 1994 and one additional
property in February 1995. As a result of these transactions and improved
property operations at several of the Partnership's remaining properties,
the Partnership generated net income during the six months and quarter
ended June 30, 1995 as compared to net losses in the same periods in 1994.
Further discussion of the Partnership's operations is summarized below.
1995 Compared to 1994
---------------------
The Partnership sold the Ridgepoint Hill and Ridgepoint View apartment
complexes in August 1994 and the Pinebrook Apartments in February 1995.
These sales resulted in decreases in rental and service income, interest
expense on mortgage notes payable, depreciation, property operating
expenses, real estate taxes and property management fees during the six
months and quarter ended June 30, 1995 as compared to same periods in 1994.
In addition, the Partnership recognized a gain on the sale of the Pinebrook
Apartments during the six months ended June 30, 1995.
All thirteen of the Partnership's remaining properties experienced improved
occupancy and/or higher rental rates in 1995 which resulted in increased
rental and service income and property management fees and partially offset
the decreases from the three property sales.
Due to higher average cash balances and higher interest rates on short-term
interest bearing instruments, interest income on short-term investments
<PAGE>
increased during the six months and quarter ended June 30, 1995 as compared
to the same periods in 1994.
Due to increases in interest rates during 1995, interest expense on
short-term loans increased during the six months ended June 30, 1995 as
compared to the same period in 1994.
The March 1994 refinancing of the Chestnut Ridge Phase II mortgage loan and
the August 1994 sale of the Ridgepoint Hill and Ridgepoint View apartment
complexes resulted in the full amortization during 1994 of deferred
expenses related to the prior loans. This resulted in a decrease in
amortization expense during the six months and quarter ended June 30, 1995
as compared to the same periods in 1994.
Higher repair and maintenance expenditures incurred during 1994, which
included roof and structural repairs as well as landscaping at the Canyon
Sands, Courtyards of Kendall, Creekwood and Quail Lakes apartment complexes
contributed to the decrease in property operating expenses during the six
months and quarter ended June 30, 1995 as compared to the same periods in
1994.
During 1993, the Partnership recognized real estate tax expense for the
Ridgetree Phase I Apartments that was less than the amount subsequently
paid during 1994. The additional expense was recognized during 1994 and
resulted in a further decrease in real estate tax expense during the six
months ended June 30, 1995 as compared to the same period in 1994.
The gain recognized in connection with the sale of the Pinebrook Apartments
resulted in affiliate's participation in income from joint venture during
the six months ended June 30, 1995 as compared to a loss during the same
period in 1994.
During 1995, the Partnership recognized an extraordinary gain on
foregiveness of debt of $90,359 in connection with the settlement reached
with the seller of certain of the Partnership's properties.
Liquidity and Capital Resources
-------------------------------
The cash position of the Partnership decreased as of June 30, 1995 as
compared to December 31, 1994. The Partnership received cash from its
operating activities which consisted primarily of cash flow generated from
property operations which was partially offset by the payment of
administrative expenses and interest expense on short-term loans. The
Partnership also received cash from its investing activities relating to
the redemption of a restricted certificate of deposit and the sale of the
Pinebrook Apartments. A portion of the proceeds received from the sale was
used in its financing activities to repay the related mortgage notes and to
make a distribution to the affiliated joint venture partner for its share
of the proceeds. Additional financing activities consisted primarily of
the repayment of a portion of the loan from the General Partner, principal
payments on mortgage notes payable and a partial release of financing
escrows.
The Partnership owes approximately $9,244,000 to the General Partner at
June 30, 1995 in connection with the funding of operating deficits and
borrowings needed for loan refinancings. These loans are expected to be
<PAGE>
repaid from available cash flow from future property operations, and from
proceeds received from the disposition or refinancing of the Partnership's
real estate investments, prior to any distributions to Limited Partners.
Although an affiliate of the General Partner has, in certain circumstances,
provided mortgage loans for certain properties to the Partnership, there
can be no assurance that loans of this type will be available from either
an affiliate or the General Partner in the future. The General Partner may
continue to provide additional short-term loans to the Partnership or to
fund working capital needs or property operating deficits, although there
is no assurance that such loans will be available. Should such short-term
loans not be available, the General Partner will seek alternative third
party sources of financing working capital. However, the current economic
environment and its impact on the real estate industry make it unlikely
that the Partnership would be able to secure financing from third parties
to fund working capital needs or operating deficits. Should additional
borrowings be needed and not be available either through the General
Partner or third parties, the Partnership may be required to dispose of
some of its properties to satisfy these obligations.
The Partnership classifies the cash flow performance of its properties as
either positive, a marginal deficit or a significant deficit, each after
consideration of debt service payments unless otherwise indicated. A
deficit is considered to be significant if it exceeds $250,000 annually or
20% of the property's rental and service income. The Partnership defines
cash flow generated from its properties as an amount equal to the
property's revenue receipts less property related expenditures, which
include debt service payments. For the six months
ended June 30, 1995, thirteen of the fourteen remaining properties owned by
the Partnership generated positive cash flow and one generated a marginal
cash flow deficit. For the six months ended June 30, 1994, of these
fourteen properties, twelve generated positive cash flow and two generated
marginal cash flow deficits. In addition, for the six months ended June
30, 1994, the Pinebrook Apartments, which was sold in February 1995,
generated positive cash flow. The Courtyards of Kendall Apartments
improved from a marginal deficit during the six months ended June 30, 1994
to positive cash flow during the six months ended June 30, 1995 due to
slightly higher rental income and decreased property operating expense.
While the cash flow of certain of the Partnership's properties has
improved, the General Partner continues to pursue a number of actions aimed
at improving the cash flow of the Partnership's properties including
refinancing of mortgage loans, improving property operating performance,
and seeking rent increases where market conditions allow. As of June 30,
1995, the occupancy rates of the Partnership's properties ranged from 92%
to 99%. Despite improvements during 1994 and 1995 in the local economies
and rental markets where certain of the Partnership's properties are
located, the General Partner believes that continued ownership of many of
the properties is in the best interests of the Partnership in order to
maximize potential returns to Limited Partners. As a result, the
Partnership will continue to own these properties for longer than the
holding period for the assets originally described in the prospectus.
Each of the Partnership's properties is owned through the use of
third-party mortgage loan financing and, therefore, the Partnership is
subject to the financial obligations required by such loans. As a result
of the General Partner's efforts to obtain loan refinancings, as well as
<PAGE>
the repayment of certain loans with proceeds from property sales and cash
reserves, the Partnership has no third party financing which matures prior
to 1997.
The Pinebrook Apartments was owned by Pinebrook Investors, a joint venture
consisting of the Partnership and an affiliate. In February 1995, Pinebrook
Investors sold the property in a cash sale for $6,140,000. From the
proceeds, Pinebrook Investors paid $5,058,226 to the third party mortgage
holders in full satisfaction of the first, second and fourth mortgage
loans. Additionally, Pinebrook Investors paid $716,729 in full satisfaction
of the third mortgage note payable to Pinebrook Limited Partnership, a
separate joint venture consisting of the Partnership and the affiliate.
Total proceeds received from this transaction were $871,599, of which
$449,484 was the Partnership's share. See Note 4 of Notes to Financial
Statements for additional information.
In July 1995, the Partnership sold the Drayton Quarter Apartments in an all
cash sale for $6,250,000. From the sale proceeds, the Partnership paid
$4,775,677 to the third party mortgage holder in full satisfaction of the
first mortgage loan, as well as other closing costs. The Partnership
received $1,074,318 of net sale proceeds. See Note 5 of Notes to Financial
Statements for additional information.
A certificate of deposit of $700,000 had been pledged as additional
collateral for the mortgage loan relating to the Canyon Sands Apartments.
In March 1995, the certificate was released to the Partnership.
Inflation has several types of potentially conflicting impacts on real
estate investments. Short-term inflation can increase real estate operating
costs which may or may not be recovered through increased rents depending
on general or local economic conditions. In the long-term, inflation will
increase operating costs and replacement costs and may lead to increased
rental revenues and real estate values.
<PAGE>
BALCOR REALTY INVESTORS-84
(An Illinois Limited Partnership)
PART II - OTHER INFORMATION
Item 5. Other Information
-------------------------
As previously described, on March 10, 1995, the Partnership executed an
agreement to sell the Drayton Quarter Apartments for a sale price of
$6,250,000. The sale closed on July 25, 1995. From the proceeds of the
sale the Partnership repaid the first mortgage loan, which had an
outstanding principal balance of $4,775,677, and received $1,074,318 of net
sales proceeds.
Item 6. Exhibits and Reports on Form 8-K
-----------------------------------------
(a) Exhibits:
(4) Form of Subscription Agreement, previously filed as Exhibit 4.1 to
Amendment No. 1 to the Registrant's Registration Statement on Form S-11
dated December 16, 1983 (Registration No. 2-86317) and Form of Confirmation
regarding Interests in the Registrant set forth as Exhibit 4.2 to the
Registrant's Report on Form 10-Q for the quarter ended June 30, 1992
(Commission File No. 0-13349) are incorporated herein by reference.
(27) Financial Data Schedule of the Registrant for the six month period
ending June 30, 1995 is attached hereto.
(b) Reports on Form 8-K: No reports were filed on Form 8-K during the
quarter ended June 30, 1995.
<PAGE>
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.
BALCOR REALTY INVESTORS-84
By: /s/Thomas E. Meador
-----------------------------
Thomas E. Meador
President and Chief Executive Officer
(Principal Executive Officer) of Balcor
Partners-XV, the General Partner
By: /s/Brian D. Parker
-----------------------------
Brian D. Parker
Senior Vice President, and Chief
Financial Officer (Principal Accounting
and Financial Officer) of Balcor
Partners-XV, the General Partner
Date: August 11, 1995
----------------------------
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 973
<SECURITIES> 0
<RECEIVABLES> 569
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3998
<PP&E> 141900
<DEPRECIATION> 56375
<TOTAL-ASSETS> 90722
<CURRENT-LIABILITIES> 11127
<BONDS> 108844
<COMMON> 0
0
0
<OTHER-SE> (29250)
<TOTAL-LIABILITY-AND-EQUITY> 90722
<SALES> 0
<TOTAL-REVENUES> 14196
<CGS> 0
<TOTAL-COSTS> 6571
<OTHER-EXPENSES> 2622
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4854
<INCOME-PRETAX> 1208
<INCOME-TAX> 0
<INCOME-CONTINUING> 1208
<DISCONTINUED> 0
<EXTRAORDINARY> 90
<CHANGES> 0
<NET-INCOME> 1298
<EPS-PRIMARY> 9.18
<EPS-DILUTED> 9.18
</TABLE>
