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 QUARTERLY PERIOD ENDED MARCH 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to .
Commission File Number : 0-13129
PAINE WEBBER INCOME PROPERTIES SIX LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 04-2829686
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
265 Franklin Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-8118
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.
PAINE WEBBER INCOME PROPERTIES SIX LIMITED PARTNERSHIP
BALANCE SHEETS
March 31, 1995 and September 30, 1994
(Unaudited)
ASSETS
March 31 September 30
Investments in joint ventures, at equity $ 6,738,124 $7,468,887
Cash and cash equivalents 2,965,545 2,566,872
$ 9,703,669 $10,035,759
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable - affiliates $ 9,474 $ 9,474
Accrued expenses and other liabilities 17,944 20,122
Partners' capital 9,676,251 10,006,163
$ 9,703,669 $10,035,759
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the six months ended March 31, 1995 and 1994
(Unaudited)
General Limited
Partners Partners
Balance at September 30, 1993 $(1,321,395) $12,410,776
Net loss (1,154) (108,531)
BALANCE AT MARCH 31, 1994 $(1,322,549) $12,302,245
Balance at September 30, 1994 $(1,332,790) $11,338,953
Cash distributions (6,379) (600,000)
Net income 2,908 273,559
BALANCE AT MARCH 31, 1995 $(1,336,261)$ 11,012,512
See accompanying notes.
PAINE WEBBER INCOME PROPERTIES SIX LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
For the three and six months ended March 31, 1995 and 1994
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
1995 1994 1995 1994
REVENUES:
Interest and other income $ 43,845 $ 14,651 $78,622 $27,745
Recovery of provision for
possible investment loss - - 200,000 -
43,845 14,651 278,622 27,745
EXPENSES:
Cost of holding investment
in 150 Broadway Office
Building - - - 200,000
Management fees 22,074 - 44,148 -
General and administrative 61,711 137,785 130,676 207,179
83,785 137,785 174,824 407,179
Operating income (loss) (39,940) (123,134) 103,798 (379,434)
Partnership's share of
ntures' income 189,634 142,392 172,669 269,749
NET INCOME (LOSS) $ 149,694 $19,258 $276,467 $(109,685)
Net income (loss) per
Limited Partnership Unit $ 2.47 $ 0.32 $ 4.56 $(1.81)
Cash distributions per Limited
Partnership Unit $ 5.00 $ - $ 10.00 $ -
The above net income (loss) and cash distributions per Limited Partnership Unit
are based upon the 60,000 Units of Limited Partnership Interest outstanding for
each period.
See accompanying notes.
PAINE WEBBER INCOME PROPERTIES SIX LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
For the six months ended March 31, 1995 and 1994
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
1995 1994
Cash flows from operating activities:
Net income (loss) $ 276,467 $ (109,685)
Adjustments to reconcile net income (loss) to
net cash used for operating activities:
Partnership's share of ventures' income (172,669) (269,749)
Recovery of provision for possible
investment loss (200,000) -
Changes in assets and liabilities:
Deposits and other assets - 2,504
Accounts payable - affiliates - (39,624)
Accrued expenses and other liabilities (2,178) (11,993)
Total adjustments (374,847) (318,862)
Net cash used for operating activities (98,380) (428,547)
Cash flows from investing activities:
Distributions from joint ventures 903,432 799,709
Proceeds from sale of investment
in 150 Broadway Office Building 200,000 -
Net cash provided by investing activities 1,103,432 799,709
Cash flows from financing activities:
Cash distributions to partners (606,379) -
Net increase in cash and cash equivalents 398,673 371,162
Cash and cash equivalents, beginning of period 2,566,872 1,491,240
Cash and cash equivalents, end of period $2,965,545 $1,862,402
See accompanying notes.
1. General
The accompanying financial statements, footnotes and discussion should be
read in conjunction with the financial statements and footnotes contained in
the Partnership's Annual Report for the year ended September 30, 1994.
In the opinion of management, the accompanying consolidated financial
statements, which have not been audited, reflect all adjustments necessary to
present fairly the results for the interim period. All of the accounting
adjustments reflected in the accompanying interim financial statements are of
a normal recurring nature.
2.Investments in Unconsolidated Joint Ventures
At March 31, 1995 and 1994, the Partnership has investments in three joint
ventures which own operating investment properties, as discussed further in
the Annual Report. The joint ventures are accounted for on the equity method
because the Partnership does not have a voting control interest in the
ventures. Under the equity method the ventures are carried at cost adjusted
for the Partnership's share of the venture's earnings and losses and
distributions.
Summarized operations of the three joint ventures for the three and six
months ended March 31, 1995 and 1994 are as follows:
CONDENSED COMBINED SUMMARY OF OPERATIONS
For the three and six months ended March 31, 1995 and 1994
Three Months Ended Six Months Ended
March 31, March 31,
1995 1994 1995 1994
Rental revenues and
expense recoveries $2,179,000 $2,296,000 $4,424,000 $4,580,000
Interest and other income 69,000 5,000 75,000 39,000
2,248,000 2,301,000 4,499,000 4,619,000
Property operating expenses 659,000 763,000 1,528,000 1,559,000
Interest expense 861,000 865,000 1,728,000 1,733,000
Depreciation and
amortization 538,000 531,000 1,070,000 1,057,000
2,058,000 2,159,000 4,326,000 4,349,000
NET INCOME $190,000 $142,000 $173,000 $270,000
Net income:
Partnership's share
of combined income $190,000 $142,000 $173,000 $270,000
Co-venturers' share
of combined income - - - -
$190,000 $142,000 $173,000 $270,000
3.Related Party Transactions
Included in general and administrative expenses for the six months ended
March 31, 1995 and 1994 is $60,804 and $61,275, respectively, representing
reimbursements to an affiliate of the Managing General Partner for providing
certain financial, accounting and investor communication services to the
Partnership.
Also included in general and administrative expenses for the six months
ended March 31, 1995 and 1994 is $3,598 and $2,046, respectively,
representing fees earned by Mitchell Hutchins Institutional Investors, Inc.
for managing the Partnership's cash assets.
In conjunction with the reinstatement of regular quarter distributions to
partners, effective for the third quarter of fiscal 1994, the Adviser earned
asset management fees of $44,148 for the six months ended March 31, 1995.
Accounts payable - affiliates at March 31, 1995 and September 30, 1994
consist of management fees of $9,474 at both dates payable to the Adviser.
4.Investment in 150 Broadway Office Building
As discussed further in the Annual Report, the Partnership's notes
receivable secured by the 150 Broadway Office Building were restructured as
part of the borrower's plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code. Under the terms of the plan, which was approved by the
bankruptcy court and declared effective on June 15, 1993, the Partnership
received a new second mortgage loan in the principal amount of $6 million,
with base interest at 4.75% per annum, in satisfaction of its prior second
mortgage and promissory note in the combined face amount of approximately
$15 million. The terms of the plan required the Partnership to fund, by way
of a separate note, an initial amount of $800,000 to pay past due real
estate taxes and to establish an escrow reserve of $200,000 prior to
December 31, 1993 for future cash flow shortfalls of the property. This
escrow reserve was funded in the first quarter of fiscal 1994. Under the
terms of the agreement, if the first mortgagee makes withdrawals from the
escrow to cover any monthly debt service shortfalls, the Partnership would
be required to replenish the escrow on a quarterly basis or it would forfeit
its second mortgage position.
Subsequent to the final execution of the settlement plan, due to the
uncertainty which existed with regard to the future collection of amounts
owed under the terms of the Partnership's restructured $6 million second
mortgage loan, management determined that it would be appropriate to account
for the investment in the 150 Broadway Office Building on the cost method.
Accordingly, the Partnership recorded a provision for possible uncollectible
amounts of $2,000,000 in fiscal 1993 to write off the remaining carrying
value of the original notes receivable received from the sale of the
Partnership's joint venture interest. The cost basis of the Partnership's
investment in the 150 Broadway Office Building was established at $800,000
as of September 30, 1993, which represented the amount of the additional
investment required to affect the bankruptcy court settlement plan in fiscal
1993. Under the cost method, any amounts received as interest on the note
or advances will be recorded as income when received. Any advances required
to maintain the Partnership's investment interest in the 150 Broadway Office
Building will be recorded as an expense in the period paid.
At the present time, the value of the 150 Broadway Office Building is
estimated to be well below the balance of the $26 million first mortgage
loan which is senior to the Partnership's claims. Given the likelihood that
large capital advances would be required to keep the first mortgage loan
current and avoid foreclosure, management concluded, during fiscal 1994,
that it would not be prudent to fund any further advances related to this
investment. In light of these circumstances and the resulting uncertainty
that the Partnership would realize any amounts from its investment interest
in 150 Broadway, the Partnership recorded an allowance for possible
investment loss of $800,000 to fully reserve the remaining carrying value of
the investment as of September 30, 1994. Management's discussions with the
borrower concerning the current and future operations of the 150 Broadway
property during fiscal 1994 resulted in an offer to purchase the
Partnership's second mortgage loan position. During the quarter ended
December 31, 1994, the Partnership agreed to assign its second mortgage
interest to an affiliate of the borrower in return for a payment of
$400,000. Subsequently, the borrower was unable to perform under the terms
of this agreement and the Partnership agreed to reduce the required cash
compensation to $300,000. During the current quarter, the Partnership
received $200,000 of the agreed upon sale proceeds. The remaining $100,000
is to be funded into escrow upon the final execution of the sale and
assignment agreement. The $200,000 received to date is non-refundable in
the event that the sale is not consummated. The Partnership recorded a
recovery of provision for possible investment loss in the amount of $200,000
to reflect the non-refundable cash proceeds received during the second
quarter. An additional recovery of $100,000 would be recorded upon the
successful completion of the sale and assignment transaction.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
As previously reported, a revised plan of reorganization related to the 150
Broadway bankruptcy proceedings was approved by the bankruptcy court during
fiscal 1993 and became effective on June 15, 1993. Under the final terms of the
plan, which was jointly proposed by the Partnership and the borrower, the
Partnership agreed to restructure its second mortgage loan position. The
Partnership received a new second mortgage loan in the principal amount of $6
million, with base interest at 4.75% per annum, in satisfaction of its prior
second mortgage and promissory note in the combined face amount of approximately
$15 million. The terms of the plan required the Partnership to fund, by way of
a separate note, an initial amount of $800,000 to pay past due real estate taxes
and to establish an escrow reserve of $200,000 prior to December 31, 1993 for
future cash flow shortfalls of the property. This escrow reserve was funded in
the first quarter of fiscal 1994. Under the terms of the agreement, if the
first mortgagee makes withdrawals from the escrow to cover any monthly debt
service shortfalls, the Partnership would be required to replenish the escrow on
a quarterly basis or it would forfeit its second mortgage position. The
expectation at the time this plan was negotiated and approved was that the
borrower would be able to lease the first two or three floors in the building to
one or more prominent retailers at rental rates sufficient to stabilize the
property's cash flow position at or near the breakeven level after debt service.
Leases at this level would also have increased the property's current market
value and increased the likelihood that the Partnership would benefit from the
eventual improvement in the office leasing segment. Unfortunately, the borrower
has not been successful in executing this strategy. After marketing the retail
space for over 2 years, during the quarter ended December 31, 1994 a lease with
a large financial institution was executed for the second and third floors.
However, the rental terms are significantly below the original expectations, and
the property is still projected to incur significant deficits for the next
several years. While the building was 82% leased at March 31, 1995, office
leases continue to expire and they are either renewed or replaced at
substantially lower rents.
At the present time, the value of the 150 Broadway Office Building is
estimated to be well below the balance of the $26 million first mortgage loan
which is senior to the Partnership's claims. Given the likelihood that large
capital advances would be required over the next several years to keep the first
mortgage loan current and avoid foreclosure, management concluded, during fiscal
1994, that it would not be prudent to fund any further advances related to this
investment. In light of these circumstances and the resulting uncertainty that
the Partnership would realize any amounts from its investment interest in 150
Broadway, the Partnership recorded an allowance for possible investment loss of
$800,000 to fully reserve the remaining carrying value of the investment as of
September 30, 1994. Management's discussions with the borrower concerning the
current and future operations of the 150 Broadway property during fiscal 1994
resulted in an offer to purchase the Partnership's second mortgage loan
position. The borrower is willing to put additional funds at risk, in part to
defer a substantial income tax liability which would be due upon foreclosure.
During the quarter ended December 31, 1994, the Partnership had agreed to assign
its second mortgage interest to an affiliate of the borrower in return for a
payment of $400,000. Subsequently, the borrower was unable to perform under the
terms of this agreement and the Partnership agreed to reduce the required cash
compensation to $300,000. During the current quarter, the Partnership received
$200,000 of the agreed upon sale proceeds. The remaining $100,000 is to be
funded into escrow upon the final execution of the sale and assignment agreement
and will be released when the borrower obtains formal approval of the
transaction from the first mortgage holder. The $200,000 received to date is
non-refundable in the event that the sale is not consummated. The approval of
this sale and assignment transaction by the first mortgage holder would
terminate the Partnership's interest in, and any obligations related to, the 150
Broadway Office Building.
The Partnership's portfolio of joint venture investment properties
continues to perform strongly, as evidenced by the occupancy levels which
remained in the mid 90's for all three operating properties. High occupancy
levels have been maintained at the Hurstbourne and Regent's Walk apartment
complexes despite gradual rent increases which have been implemented. The
performances of the Hurstbourne and Regent's Walk properties reflect the
continued gradual improvement in the multi-family residential market throughout
the country. Management continues to reinvest a portion of the cash flow from
both properties in capital improvements aimed at maintaining curb appeal and
maximizing appreciation potential. The performance of the Mall Corners Shopping
Center reflects the strong location of this property in its suburban Atlanta
marketplace. The shopping center was 93% leased as of March 31, 1995. During
fiscal 1994, a medical office tenant occupying 19,000 square feet, or
approximately 7% of the net leasable space at Mall Corners, informed management
of the joint venture of its intention to vacate its space upon the expiration of
its lease in October 1994 in order to relocate to its own building. During the
quarter ended December 31, 1994, this space was repositioned for retail use and
a lease for 12,000 square feet was executed with a patio furniture and related
accessories retailer. Management is actively marketing the remaining 7,000
square feet of its space to several retail tenants in addition to actively
marketing the other 13,000 square feet of vacant shop space at the center.
Regent's Walk Apartments is encumbered by a nonrecourse first mortgage loan
with a balance of $8,390,000. The mortgage loan which was scheduled to mature
on May 1, 1995 has been extended without fees or other charges to mature on June
30, 1995. In addition, the debt secured by the Mall Corners Shopping Center,
with an outstanding principal balance of approximately $17,521,000 as of
December 31, 1994, is scheduled to mature on December 1, 1995. Management is
considering new financing sources which would enable the respective ventures to
repay, in full, these maturing obligations. Funds in the debt markets for
financing real estate transactions have become more plentiful in the last 12 -
15 months. While loan underwriting criteria are much stricter than at the time
of the Partnership's inception, management does not anticipate any problems in
finding adequate replacement financing for these debt obligations given the
favorable loan to value and debt service coverage ratios both properties
demonstrate. The current interest rate on the Regent's Walk debt is 9% per
annum. In light of the recent increase in market interest rates, the venture
may experience a slight increase in its financing costs upon the completion of a
refinancing transaction. However, barring a significant further increase in
rates in the third quarter of fiscal 1995, management would not expect the
Regent's Walk refinancing to have a significant impact on the Partnership's
present cash flow levels. The current interest rate on the Mall Corners debt is
11.5% per annum. If interest rates do not increase significantly between now
and the time that this refinancing transaction is completed (most likely during
the first quarter of fiscal 1996), the venture could realize a modest decrease
in its financing costs subsequent to the refinancing.
At March 31, 1995, the Partnership had available cash and cash equivalents
of approximately $2,966,000. Such cash and cash equivalents will be utilized
for Partnership requirements such as the payment of operating expenses and the
funding of future operating deficits or capital improvements at the joint
ventures, if necessary, as required by the respective joint venture agreements,
and for distributions to the partners. The source of future liquidity and
distributions to the partners is expected to be from cash generated from the
operations of the Partnership's income-producing investment properties, and
proceeds from the sale or refinancing of the remaining investment properties.
Such sources are expected to be sufficient to meet the Partnership's needs on
both a short-term and long-term basis. As discussed further above, the
Partnership no longer expects to fund deficits in connection with the investment
in the 150 Broadway Office Building. In light of this fact, and with the
Partnership's other operating property investments performing well and producing
excess cash flow distributions which are more than sufficient to cover the
Partnership's ongoing operating expenses, the Managing General Partner
reinstated a program of regular quarterly distributions to Partners during
fiscal 1994. The first of such distribution payments was made in August 1994
for the quarter ended June 30, 1994. Payments to the Limited Partners are being
made based on an annual return of 2% on original invested capital.
RESULTS OF OPERATIONS
Three Months Ended March 31, 1995
The Partnership reported net income of approximately $150,000 for the three
months ended March 31, 1995, as compared to net income of approximately $19,000
for the same period in the prior year. This favorable change in net operating
results is the result of a decrease in operating loss and an increase in the
Partnership's share of ventures' income. Operating loss decreased by
approximately $83,000 in the current three-month period mainly as a result of a
decline in general and administrative expenses due to certain costs incurred in
connection with an independent valuation of the Partnership's operating
properties that occurred in the previous year. Additionally, interest income
increased, when compared to the prior period, as a result of higher average cash
reserve balances and increased interest rates.
The Partnership's share of ventures' income increased by approximately
$47,000 for the current quarter. This increase resulted from a decrease in
property operating costs which was partially offset by a decrease in rental
revenues. Property operating costs decreased mainly as a result of a decrease
in utilities expense at two of the three properties as a result of the unusually
mild winter. Additionally, repairs and maintenance expenses decreased at the
Hurstbourne Apartments in the current period. The decrease in rental income of
approximately $117,000 is primarily attributable to the temporary decrease in
occupancy at Mall Corners, as discussed further above.
Six Months Ended March 31, 1995
The Partnership reported net income of approximately $276,000 for the six
months ended March 31, 1995, as compared to a net loss of approximately $110,000
for the same period in the prior year. This change in the Partnership's net
operating results was mainly the result of certain transactions involving the
Partnership's interest in the 150 Broadway Office Building. In March 1993, the
Partnership funded the $200,000 escrow reserve account required under the terms
of the bankruptcy settlement agreement, as discussed further above. The
Partnership's accounting policy for its investment in 150 Broadway resulted in
any advances being recorded as an expense in the period paid. In the quarter
ended December 31, 1994, the Partnership recorded a recovery of provision for
possible investment loss, in the amount of $200,000, to reflect the cash
proceeds received in the current quarter related to the proposed sale of the
Partnership's interest in 150 Broadway, which had been fully reserved as of
September 30, 1994. An additional recovery of $100,000 would be recorded upon
the successful completion of the sale and assignment transaction discussed
further above.
The favorable changes in the Partnership's net operating results related to
the 150 Broadway investment were partially offset by an unfavorable change in
the Partnership's share of ventures' income of approximately $97,000 in the
current six-month period. This unfavorable change in the Partnership's share of
ventures' operations was partly a result of an increase in operating expenses at
Mall Corners due to a tenant litigation settlement of $30,000. Also
contributing to the change in the Partnership's share of ventures' operations
was a decrease in rental income at Mall Corners, of approximately $171,000, due
to the temporary decrease in occupancy discussed further above.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
In November 1994, a series of purported class actions (the "New York
Limited Partnership Actions") were filed in the United States District Court for
the Southern District of New York concerning PaineWebber Incorporated's sale and
sponsorship of various limited partnership investments, including those offered
by the Partnership. The lawsuits were brought against PaineWebber Incorporated
and Paine Webber Group Inc. (together "PaineWebber"), among others, by allegedly
dissatisfied partnership investors. In March 1995, after the actions were
consolidated under the title In re PaineWebber Limited Partnership Litigation,
the plaintiffs amended their complaint to assert claims against a variety of
other defendants, including Sixth Income Properties Fund, Inc., an affiliate of
PaineWebber and the Managing General Partner in the Partnership.
The amended complaint in the New York Limited Partnership Actions alleges
that, in connection with the sale of interests in Paine Webber Income Properties
Six LP, PaineWebber and Sixth Income Properties Fund, Inc. (1) failed to provide
adequate disclosure of the risks involved; (2) made false and misleading
representations about the safety of the investments and the Partnership's
anticipated performance; and (3) marketed the Partnership to investors for whom
such investments were not suitable. The plaintiffs, who purport to be suing on
behalf of all persons who invested in Paine Webber Income Properties Six LP,
also allege that following the sale of the partnership interests, PaineWebber
and Sixth Income Properties Fund, Inc. misrepresented financial information
about the Partnership's value and performance. The amended complaint alleges
that PaineWebber and Sixth Income Properties Fund, Inc. violated the Racketeer
Influenced and Corrupt Organizations Act ("RICO") and the federal securities
laws. The plaintiffs seek unspecified damages, including reimbursement for all
sums invested by them in the partnerships, as well as disgorgement of all fees
and other income derived by PaineWebber from the limited partnerships. In
addition, the plaintiffs also seek treble damages under RICO. The defendants'
time to move against or answer the complaint has not yet expired.
Pursuant to provisions of the Partnership Agreement and other contractual
obligations, under certain circumstances the Partnership may be required to
indemnify Sixth Income Properties Fund, Inc. and its affiliates for costs and
liabilities in connection with this litigation. The Managing General Partner
intends to vigorously contest the allegations of the action, and believes that
the action will be resolved without material adverse effect on the Partnership's
financial statements, taken as a whole.
Item 2. through 5. NONE
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: NONE
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed by the registrant during the quarter
for which this report is filed.
PAINE WEBBER INCOME PROPERTIES SIX LIMITED PARTNERSHIP
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
PAINE WEBBER INCOME PROPERTIES SIX
LIMITED PARTNERSHIP
By: Sixth Income Properties Fund, Inc.
Managing General Partner
By: /s/ Walter V. Arnold
Walter V. Arnold
Senior Vice President and Chief
Financial Officer
Dated: May 12, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Partnership's interim financial statements for the six months ended March 31,
1995 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<CASH> 2,965,545
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,965,545
<PP&E> 6,738,124
<DEPRECIATION> 0
<TOTAL-ASSETS> 9,703,669
<CURRENT-LIABILITIES> 27,418
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 9,676,251
<TOTAL-LIABILITY-AND-EQUITY> 9,703,669
<SALES> 0
<TOTAL-REVENUES> 451,291
<CGS> 0
<TOTAL-COSTS> 174,824
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 276,467
<INCOME-TAX> 0
<INCOME-CONTINUING> 276,467
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 276,467
<EPS-PRIMARY> 4.56
<EPS-DILUTED> 4.56
</TABLE>
