<PAGE> 1
UNITED STATED 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 September 30, 1995. . . . . . . .
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 NO.
0-14105
-------------------
MURRAY INCOME PROPERTIES I, LTD.
(Exact Name of Registrant as Specified in its Charter)
TEXAS 75-1946214
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
5550 LBJ FREEWAY, SUITE 675, DALLAS, TEXAS 75240
(Address of principal executive offices) (Zip Code)
(214) 991-9090
(Registrant's Telephone Number, including Area Code)
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> 2
MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- -------------
(unaudited)
<S> <C> <C>
ASSETS
Investment properties, at cost:
Land $ 6,232,801 $ 6,232,801
Buildings and improvements 20,162,131 20,060,761
----------- -----------
26,394,932 26,293,562
Less accumulated depreciation 7,862,461 7,225,381
----------- -----------
Net investment properties 18,532,471 19,068,181
Cash and cash equivalents 1,248,838 1,255,015
Accounts and notes receivable,
net of allowance of $20,375 and
$21,446, in 1995 and 1994, respectively 684,516 655,081
Other assets, at cost, net of accumulated
amortization of $353,743 and $306,266
in 1995 and 1994, respectively 255,837 256,049
----------- -----------
$20,721,662 $21,234,326
=========== ===========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable $ 14,393 $ 20,860
Accrued property taxes 180,771 184,447
Security deposits 174,484 153,563
----------- -----------
Total liabilities 369,648 358,870
----------- -----------
Minority interest in joint venture 1,558,089 1,602,538
----------- -----------
Partners' equity:
General Partners:
Capital contributions 1,000 1,000
Cumulative net earnings 172,669 160,647
Cumulative cash distributions (297,346) ( 275,744)
----------- -----------
(123,677) ( 114,097)
----------- -----------
Limited Partners (28,227 Interests):
Capital contributions, net of offering costs 24,570,092 24,570,092
Cumulative net earnings 8,917,559 8,328,460
Cumulative cash distributions (14,570,049) (13,511,537)
----------- -----------
18,917,602 19,387,015
----------- -----------
Total partners' equity 18,793,925 19,272,918
----------- -----------
$20,721,662 $21,234,326
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
2
<PAGE> 3
MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF EARNINGS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- ---------------------------
1995 1994 1995 1994
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Income:
Rental $674,772 $661,571 $2,066,468 $2,027,236
Interest 18,972 13,353 55,356 34,059
Termination fee income -0- -0- -0- 18,830
-------- -------- ---------- ----------
693,744 674,924 2,121,824 2,080,125
-------- -------- ---------- ----------
Expenses:
Depreciation 212,645 216,007 637,080 645,588
Property operating 200,405 180,820 580,392 541,888
General and administrative 53,650 58,994 211,059 218,491
Bad debt (recovery) (885) -0- 4,171 4,710
-------- -------- ---------- ----------
465,815 455,821 1,432,702 1,410,677
-------- -------- ---------- ----------
Earnings before minority interest 227,929 219,103 689,122 669,448
Minority interest in joint venture's
earnings 30,243 25,254 88,001 81,921
-------- -------- ---------- ----------
Net earnings $197,686 $193,849 $ 601,121 $ 587,527
======== ======== ========== ==========
Earnings per limited partnership
interest $ 6.86 $ 6.73 $ 20.87 $ 20.40
======== ======== ========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
3
<PAGE> 4
MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
General Limited
Partners Partners Total
--------- ----------- -----------
<S> <C> <C> <C>
Nine months ended September 30, 1994:
Balance at December 31, 1993 $(101,640) $19,997,421 $19,895,781
Net earnings 11,751 575,776 587,527
Cash distributions (21,602) (1,058,513) (1,080,115)
--------- ----------- -----------
Balance at September 30, 1994 $(111,491) $19,514,684 $19,403,193
========= =========== ===========
Nine months ended September 30, 1995:
Balance at December 31, 1994 $(114,097) $19,387,015 $19,272,918
Net earnings 12,022 589,099 601,121
Cash distributions (21,602) (1,058,512) (1,080,114)
--------- ----------- -----------
Balance at September 30, 1995 $(123,677) $18,917,602 $18,793,925
========= =========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE> 5
MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
---------------------------------
1995 1994
--------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 601,121 $ 587,527
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Bad debts, net 4,171 4,710
Depreciation 637,080 645,588
Amortization of other assets 47,477 56,091
Minority interest in joint venture's earnings 88,001 81,921
Change in assets and liabilities:
Accounts and notes receivable (33,606) (100,501)
Other assets (47,265) (99,022)
Accounts payable (6,467) (28,310)
Accrued property taxes and security deposits 17,245 32,967
---------- ----------
Net cash provided by operating activities 1,307,757 1,180,971
---------- ----------
Cash flows from investing activities -
additions to investment properties (101,370) (130,942)
Cash flows from financing activities:
Distributions to minority interest in joint venture (132,450) (132,000)
Cash distributions (1,080,114) (1,080,115)
---------- ----------
Net cash used in financing activities (1,212,564) (1,212,115)
---------- ----------
Net decrease in cash and cash equivalents (6,177) (162,086)
Cash and cash equivalents at beginning of period 1,255,015 1,364,545
---------- ----------
Cash and cash equivalents at end of period $1,248,838 $1,202,459
========== ==========
</TABLE>
See accompanying notes to consolidated financial statements.
5
<PAGE> 6
MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. BASIS OF ACCOUNTING
The consolidated financial statements include the accounts of the
Partnership and Tower Place Joint Venture (85% owned by the Partnership). All
significant intercompany balances and transactions have been eliminated in
consolidation.
Rental income is recognized as earned under the leases. Accordingly, the
Partnership accrues rental income for the full period of occupancy using the
straight line method over the related terms. At September 30, 1995 and
December 31, 1994, $487,874 and $463,485 respectively, of accounts receivable
related to such accruals.
Other assets consist primarily of deferred leasing costs which are
amortized using the straight line method over the lives of the related leases.
Depreciation is provided over the estimated useful lives of the respective
assets using the straight line method. The estimated useful lives of the
buildings and improvements range from three to twenty-five years.
The Partnership periodically reevaluates the propriety of the carrying
amounts of investment properties to determine whether current events and
circumstances warrant an adjustment to such carrying amounts. Such evaluations
are performed utilizing annual appraisals performed by independent appraisers
as well as internally developed estimates of expected undiscounted future cash
flows. In the event the carrying value of an individual property exceeds
expected future undiscounted cash flows, the property is written down to the
most recently appraised value. Since inception of the Partnership, none of the
Partnership's properties have required write downs.
No provision for income taxes has been made as the liabilities for such
taxes are those of the individual Partners rather than the Partnership. The
Partnership files its tax return on the accrual basis used for Federal income
tax purposes.
Earnings per limited partnership interest are based upon the limited
partnership interests outstanding at period-end and the net earnings allocated
to the Limited Partners in accordance with the Partnership Agreement.
For purposes of reporting cash flows, the Partnership considers all
certificates of deposit and highly liquid debt instruments with original
maturities of three months or less to be cash equivalents.
2. PARTNERSHIP AGREEMENT
Pursuant to the terms of the Partnership Agreement, net profits or losses
of the Partnership and cash distributions are generally allocated 98% to the
Limited Partners and 2% to the General Partners. Cash distributions from the
sale or refinancing of a property are allocated as follows:
(a) First, all Cash Distributions from Sales or Refinancings shall be
allocated 99% to the Limited Partners and 1% to the Non-corporate
General Partner until the Limited Partners have been returned their
Original Invested Capital from Cash Distributions from Sales or
Refinancings, plus their Preferred Return from Cash Distributions from
Operations or Cash Distributions from Sales or Refinancings, or both.
6
<PAGE> 7
- --------------------------------------------------------------------------------
(b) Next, all Cash Distributions from Sales or Refinancings shall be
allocated 1% to the Non-corporate General Partner and 99% to the
Limited Partners and the General Partners. Such 99% will be allocated
(i) first to the Corporate General Partner in an amount equal to any
unpaid Cash Distributions from Operations subordinated to the Limited
Partners' 7% non-cumulative annual return and (ii) thereafter, 80% to
the Limited Partners and 20% to the General Partners.
Cash Distributions from Sales or Refinancings (other than the 1% of
Cash Distributions from Sales or Refinancings payable to the
Non-corporate General Partner) payable to the General Partners shall
be allocated 62 1/2% to the Non-corporate General Partner and 37 1/2%
to the Corporate General Partner.
3. INVESTMENT PROPERTIES
The Partnership owns and operates Mountain View Plaza, a shopping center
located in Scottsdale, Arizona and Castle Oaks Village, a shopping center
located in Castle Hills (San Antonio), Texas. In addition, the Partnership
owns an 85% interest in Tower Place Joint Venture, a joint venture which owns
Tower Place Festival Shopping Center located in Pineville (Charlotte), North
Carolina. The remaining 15% interest in the joint venture is owned by Murray
Income Properties II, Ltd. ("MIP II"), an affiliated real estate limited
partnership. The Tower Place Joint Venture Agreement provides that the
Partnership will share profits, losses, and cash distributions according to the
Partnership's 85% ownership interest in the joint venture.
4. OTHER
Information furnished in this interim report reflects all adjustments
consisting of normal recurring adjustments, which, in the opinion of
management, are necessary to reflect a fair presentation of the results for the
periods presented.
The financial information included in this interim report as of September
30, 1995 and for the three and nine months ended September 30, 1995 and 1994
has been prepared by management without audit by independent public accountants
who do not express an opinion thereon. The Partnership's annual report
contains audited consolidated financial statements. The notes to the
consolidated financial statements in the Partnership's 1994 annual report are
an integral part of the consolidated financial statements presented herein.
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 1995, the Partnership had cash and cash equivalents of
$1,248,838. Such amounts represent cash generated from operations and working
capital reserves.
Rental income from leases with escalating rental rates is accrued using the
straight line method over the related lease terms. At September 30, 1995 and
December 31, 1994, $487,874 and $463,485, respectively, of accounts receivable
related to such accruals. Accounts receivable also consist of tenant
receivables, receivables for rent collected (but not yet remitted by the
property management companies), and interest receivable on short-term
investments. The increase in accounts receivable of $33,606 from December 31,
1994 to September 30, 1995 is primarily due to an increase in receivables for
rent collected (but not yet remitted by the property management companies) at
Tower Place Festival Shopping Center and Castle Oaks Shopping Center, and
receivables related to the accruals described above at Tower Place Festival
Shopping Center and Mountain View Plaza Shopping Center. As of September 30,
1995 and December 31, 1994, the Partnership had allowances of $20,375 and
$21,446, respectively, for uncollectible accounts receivable.
The decrease of $3,676 in accrued property taxes from December 31, 1994 to
September 30, 1995 is primarily due to the payment of 1994 property taxes for
the Partnership's properties.
During the three months ended September 30, 1995, the Partnership made Cash
Distributions from Operations totalling $360,038 relating to the three month
period ended June 30, 1995. Subsequent to September 30, 1995, the Partnership
made Cash Distributions from Operations of $360,038 relating to the three
months ended September 30, 1995. The distributed funds were derived from the
net cash flow generated from operations of the Partnership's properties and
from interest earned, net of administrative expenses, on funds invested in
short-term money market instruments.
Future liquidity is currently expected to result from cash generated from
the operations of the Partnership's properties (which could be affected
negatively in the event of weakened occupancies, and/or effective rental
rates), interest earned on funds invested in short-term money market
instruments and ultimately through the sale of the Partnership's properties.
8
<PAGE> 9
RESULTS OF OPERATIONS
Rental income increased $39,232 for the nine months ended September 30,
1995 as compared to the same period in 1994. The following information details
the rental income generated, bad debt expense incurred, and average occupancy
for the periods shown for the Partnership's properties.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
1995 1994 1995 1994
-------- -------- ---------- --------
<S> <C> <C> <C> <C>
Mountain View Plaza Shopping Center
Rental income $210,431 $200,003 $ 648,423 $ 608,461
Bad debt expense (recovery) $ ( 383) $ -0- $ 543 $367
Average occupancy 96% 93% 97% 95%
Castle Oaks Village Shopping Center
Rental income $ 62,438 $ 87,969 $ 203,068 $ 269,365
Bad debt expense (recovery) $ 1,680 $ -0- $ 7,947 $ (1,046)
Average occupancy 60% 86% 67% 88%
Tower Place Festival Shopping Center
Rental income $401,903 $373,599 $1,214,977 $1,149,410
Bad debt expense (recovery) $ (2,182) $ -0- $ (4,319) $ 5,389
Average occupancy 96% 93% 96% 91%
</TABLE>
Rental income at Mountain View Plaza increased $39,962 for the nine months
ended September 30, 1995 as compared to the same period in 1994 due to higher
occupancy and increased tenant reimbursements for common area maintenance costs
and real estate taxes.
Occupancy at Mountain View Plaza in Scottsdale, Arizona averaged 96% during
the third quarter, a two percent decrease from the previous quarter. One
tenant who occupied 2,400 square feet vacated its space upon expiration of its
lease. Another tenant who occupied 1,059 square feet also vacated its space
upon expiration of its lease. This space has subsequently been leased and the
new tenant will take occupancy during the fourth quarter. A new tenant who
leased 1,033 square feet took occupancy of its space in August. The shopping
center was painted during the quarter, improving the appearance and drive-by
appeal of the property. As of September 30, Mountain View Plaza was 96%
occupied.
Rental income at Castle Oaks decreased $66,297 for the nine months ended
September 30, 1995 as compared to the same period in 1994 primarily due to a
decrease in occupancy and lower tenant reimbursements for common area
maintenance costs and real estate taxes.
Occupancy at Castle Oaks Village in Castle Hills (San Antonio), Texas
averaged 60% for the quarter, a four percent decrease from the previous
quarter. In August a new lease for 4,500 square feet was signed and the tenant
took occupancy in October. The General Partners are currently negotiating with
a prospective tenant to lease 2,142 square feet; however, there can be no
assurance that these negotiations will result in a signed lease. As of
September 30, Castle Oaks Village was 74% leased.
Rental income at Tower Place increased $65,567 for the nine months ended
September 30, 1995 as compared to the same period in 1994 primarily due to a
increase in occupancy offset by lower tenant reimbursements for common area
maintenance and real estate taxes.
9
<PAGE> 10
Occupancy at Tower Place Festival in Pineville (Charlotte), North Carolina
averaged 96% during the third quarter, unchanged from the previous quarter.
One tenant who occupied 1,050 square feet vacated its space upon expiration of
its lease. This space was subsequently leased to a new tenant who will take
occupancy in November. In August a new lease for 1,610 square feet was signed
and this tenant will take occupancy in the fourth quarter. A tenant who
occupied 2,670 square feet moved to another space within the shopping center
which contains 1,260 square feet. As of September 30, Tower Place Festival was
95% occupied and 98% leased.
Depreciation is provided over the estimated useful lives of the respective
assets using the straight line method. The estimated useful lives of the
buildings and improvements range from three to twenty-five years.
Property operating expenses consist primarily of real estate taxes,
property management fees, insurance costs, utility costs, repair and
maintenance costs, leasing and promotion costs, and amortization of deferred
leasing costs. The increase in property operating expenses of $38,504 for the
nine months ended September 30, 1995 as compared to the same period in 1994 is
primarily due to higher repair and maintenance costs at Tower Place and higher
real estate taxes at Mountain View Plaza. Mountain View Plaza's total
operating expenses increased, with decreases in repair and maintenance costs
being offset by higher real estate taxes and landscaping costs. Castle Oaks'
total operating expenses remained level with decreases in repair and
maintenance costs being offset by increased legal fees incurred in connection
with the bankruptcy of a restaurant tenant. Tower Place's total operating
expenses increased with increases in repair and maintenance costs, property
management fees and utility costs offset by lower legal fees.
General and administrative expenses incurred are related to legal and
accounting expenses, rent, investor services costs, salaries and benefits and
various other costs required for the administration of the Partnership,
including reimbursements of shared direct operating costs to Murray Income
Properties II, Ltd. General and administrative expenses decreased $7,432 for
the nine months ended September 30, 1995 as compared to the same period in 1994
primarily because of lower amortization of organization costs.
Bad debt expenses remained flat for the nine months ended September 30,
1995 as compared to the same period in 1994 with increases at Mountain View
Plaza and Castle Oaks being offset by recoveries at Tower Place.
10
<PAGE> 11
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
<TABLE>
<S> <C>
(a) Exhibits:
3a Agreement of Limited Partnership of Murray Income Properties, Ltd.-84. Reference is made to Exhibit A
of the Prospectus dated May 31, 1984 contained in Amendment No. 2 to Partnership's Form S-11
Registration Statement. (File No. 2-90016)
3b Amended and Restated Certificate and Agreement of Limited Partnership dated as of May 23, 1984.
Reference is made to Exhibit 3b to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3c Amended and Restated Certificate and Agreement of Limited Partnership dated as of June 25, 1984.
Reference is made to Exhibit 3c to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3d Amended and Restated Certificate and Agreement of Limited Partnership dated as of November 27, 1984.
Reference is made to Exhibit 3d to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3e Amended and Restated Certificate and Agreement of Limited Partnership dated as of April 1, 1985.
Reference is made to Exhibit 3e to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3f Amended and Restated Certificate and Agreement of Limited Partnership dated as of November 15, 1989.
Reference is made to Exhibit 3f to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3g Amended and Restated Certificate and Agreement of Limited Partnership dated as of January 10, 1990.
Reference is made to Exhibit 3g to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
27 Financial Data Schedule
(b) Reports on Form 8-K filed during the quarter ended September 30, 1995:
None
</TABLE>
11
<PAGE> 12
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.
MURRAY INCOME PROPERTIES I, LTD.
By: Murray Realty Investors VIII, Inc.
A General Partner
Date: November 9, 1995 By: /s/ Mitchell Armstrong
----------------------------------
Mitchell Armstrong
President
Chief Financial Officer
12
<PAGE> 13
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
3a Agreement of Limited Partnership of Murray Income Properties, Ltd.-84. Reference is made to Exhibit A
of the Prospectus dated May 31, 1984 contained in Amendment No. 2 to Partnership's Form S-11
Registration Statement. (File No. 2-90016)
3b Amended and Restated Certificate and Agreement of Limited Partnership dated as of May 23, 1984.
Reference is made to Exhibit 3b to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3c Amended and Restated Certificate and Agreement of Limited Partnership dated as of June 25, 1984.
Reference is made to Exhibit 3c to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3d Amended and Restated Certificate and Agreement of Limited Partnership dated as of November 27, 1984.
Reference is made to Exhibit 3d to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3e Amended and Restated Certificate and Agreement of Limited Partnership dated as of April 1, 1985.
Reference is made to Exhibit 3e to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3f Amended and Restated Certificate and Agreement of Limited Partnership dated as of November 15, 1989.
Reference is made to Exhibit 3f to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
3g Amended and Restated Certificate and Agreement of Limited Partnership dated as of January 10, 1990.
Reference is made to Exhibit 3g to the 1989 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 31, 1989. (File No. 0-14105)
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MURRAY
INCOME PROPERTIES I, LTD. AND CONSOLIDATED JOINT VENTURE BALANCE SHEET AND
STATEMENT OF EARNINGS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM
10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1995.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 1,248,838
<SECURITIES> 0
<RECEIVABLES> 704,891
<ALLOWANCES> 20,375
<INVENTORY> 0
<CURRENT-ASSETS> 1,933,354
<PP&E> 26,394,932
<DEPRECIATION> 7,862,461
<TOTAL-ASSETS> 20,721,662
<CURRENT-LIABILITIES> 195,164
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 18,793,925
<TOTAL-LIABILITY-AND-EQUITY> 20,721,662
<SALES> 0
<TOTAL-REVENUES> 693,744
<CGS> 0
<TOTAL-COSTS> 413,050
<OTHER-EXPENSES> 0
<LOSS-PROVISION> (885)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 197,686
<INCOME-TAX> 0
<INCOME-CONTINUING> 197,686
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 197,686
<EPS-PRIMARY> 6.86
<EPS-DILUTED> 6.86
</TABLE>
