<PAGE>
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 March 31, 2000 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 0-14463
----------------------------------------------------------
WELLS REAL ESTATE FUND I
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1565512
- -------------------------------------------------- ---------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
6200 The Corners Pkwy., Norcross, Georgia 30092
- -------------------------------------------------- ---------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 449-7800
---------------------------
________________________________________________________________________________
(Former name, former address, and former fiscal year, if changed since last
report)
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>
FORM 10-Q
WELLS REAL ESTATE FUND I
(A Georgia Public Limited Partnership)
INDEX
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets--March 31, 2000 and December 31, 1999 3
Consolidated Statements of Operations for the Three Months Ended
March 31, 2000 and 1999 4
Consolidated Statements of Partners' Capital for the Three Months
Ended March 31, 2000 and the Year Ended December 31, 1999 5
Consolidated Statements of Cash Flows for the Three Months Ended
March 31, 2000 and 1999 6
Condensed Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 8
PART II. OTHER INFORMATION 16
</TABLE>
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<PAGE>
WELLS REAL ESTATE FUND I
(A Georgia Public Limited Partnership)
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------ ------------
<S> <C> <C>
ASSETS:
Real estate, at cost:
Land $ 2,894,193 $ 2,894,193
Building and improvements, less accumulated depreciation of
$8,654,883 in 2000 and $8,399,454 in 1999 11,073,323 11,313,057
------------ ------------
Total real estate assets 13,967,516 14,207,250
------------ ------------
Investment in joint ventures (Note 2) 6,147,621 6,200,073
Cash and cash equivalents 1,732,364 1,670,343
Due from affiliates 98,315 145,762
Deferred lease acquisition costs 126,642 131,071
Accounts receivable 283,756 275,220
Prepaid expenses and other assets 93,607 91,457
------------ ------------
8,482,305 8,513,926
------------ ------------
Total assets $ 22,449,821 $ 22,721,176
============ ============
LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:
Accounts payable $ 77,703 $ 23,004
Due to affiliates 1,684,314 1,686,651
Refundable security deposits 91,765 93,112
Partnership distribution payable 312,855 328,511
Minority interest 101,365 102,727
------------ ------------
Total liabilities 2,268,002 2,234,005
------------ ------------
Partners' capital:
Limited partners:
Class A--98,716 units outstanding 20,181,819 20,487,171
Class B--42,568 units outstanding 0 0
------------ ------------
Total partners' capital 20,181,819 20,487,171
------------ ------------
Total liabilities and partners' capital $ 22,449,821 $ 22,721,176
============ ============
</TABLE>
See accompanying condensed notes to financial statements.
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<PAGE>
WELLS REAL ESTATE FUND I
(A Georgia Public Limited Partnership)
CONSOLIDATED statements of operations
<TABLE>
<CAPTION>
Three Months Ended
-------------------------------
March 31, March 31,
2000 1999
------------ ------------
<S> <C> <C>
REVENUES:
Rental income $ 393,795 $ 335,499
Interest income 22,710 11,947
Equity in income of joint ventures (Note 2) 65,919 77,812
------------ ------------
482,424 445,258
------------ ------------
EXPENSES:
Management and leasing fees 39,498 30,773
Lease acquisition costs 3,818 429
Operating costs--rental properties, net of tenant reimbursements 153,751 200,159
Depreciation 255,429 254,375
Legal and accounting 12,336 5,184
Computer expenses 1,868 2,435
Partnership administration 12,096 20,243
Minority interest 494 95
------------ ------------
479,290 513,693
------------ ------------
NET INCOME (LOSS) $ 3,134 $ (68,435)
============ ============
NET INCOME (LOSS) ALLOCATED TO CLASS A LIMITED PARTNERS $ 3,134 $ (68,435)
============ ============
NET LOSS ALLOCATED TO CLASS B LIMITED PARTNERS $ 0 $ 0
============ ============
NET INCOME (LOSS) PER CLASS A LIMITED PARTNER UNIT $ 0.03 $ (0.69)
============ ============
NET LOSS PER CLASS B LIMITED PARTNER UNIT $ 0.00 $ 0.00
============ ============
CASH DISTRIBUTION PER CLASS A LIMITED PARTNER UNIT $ 3.12 $ 0.00
============ ============
</TABLE>
See accompanying condensed notes to financial statements.
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<PAGE>
WELLS REAL ESTATE FUND I
(A Georgia Public Limited Partnership)
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1999
AND FOR THE THREE MONTHS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
Limited Partners Total
-------------------------------------------------
Class A Class B Partners'
------------------------- --------------------
Units Amounts Units Amounts Capital
======= =========== ======= ======= ===========
<S> <C> <C> <C> <C> <C>
BALANCE, December 31, 1998 98,716 $21,233,579 42,568 $ 0 $21,233,579
Net loss 0 (101,904) 0 0 (101,904)
Partnership distribution 0 (644,504) 0 0 (644,504)
------- ----------- ------- ------- -----------
BALANCE, December 31, 1999 98,716 20,487,171 42,568 0 20,487,171
Net income 0 3,134 0 0 3,134
Partnership distributions 0 (308,486) 0 0 (308,486)
------- ----------- ------- ------- -----------
BALANCE, March 31, 2000 98,716 $20,181,819 42,568 $ 0 $20,181,819
======= =========== ======= ======= ===========
</TABLE>
See accompanying condensed notes to financial statements.
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<PAGE>
WELLS REAL ESTATE FUND I
(A Georgia Public Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
------------------------------
March 31, March 31,
2000 1999
============= =============
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 3,134 $ (68,435)
------------- -------------
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Equity in income of joint ventures (65,919) (77,812)
Minority interest 494 (95)
Depreciation 255,429 254,375
Accrued management and leasing fees (2,831) 15,913
Changes in assets and liabilities:
Accounts receivable (8,536) 19,022
Prepaids and other assets (2,150) (38,859)
Due from affiliates 0 0
Deferred income 0 0
Accounts payable and refundable security deposits 53,352 58,996
Due to affiliates 3,066 4,204
------------- -------------
Total adjustments 232,905 235,744
------------- -------------
Net cash provided by operating activities 236,039 167,309
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions received from joint ventures 165,820 83,222
Investment in real estate (15,695) (15,502)
------------- -------------
Net cash provided by investing activities 150,125 67,720
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Partnership distributions paid (324,143) (0)
------------- -------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 62,021 235,030
CASH AND CASH EQUIVALENTS, beginning of year 1,670,343 969,081
------------- -------------
CASH AND CASH EQUIVALENTS, end of period $ 1,732,364 $ 1,204,111
============= =============
</TABLE>
See accompanying condensed notes to financial statements.
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<PAGE>
WELLS REAL ESTATE FUND I
(A Georgia Public Limited Partnership)
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
Wells Real Estate Fund I (the "Partnership") is a Georgia public limited
partnership having Leo F. Wells, III and Wells Capital, L.P., a Georgia
corporation, as General Partners. The Partnership was formed on April 26,
1984, for the purpose of acquiring, developing, constructing, owning,
operating, improving, leasing, and otherwise managing for investment
purposes income producing commercial properties.
On September 6, 1984, the Partnership commenced a public offering of its
limited partnership units pursuant to a Registration Statement filed on
Form S-11 under the Securities Act of 1933. The Partnership terminated its
offering on September 5, 1986, and received gross proceeds of $35,321,000
representing subscriptions from 4,895 Limited Partners, composed of two
classes of limited partnership interests, Class A and Class B limited
partnership units.
The Partnership owns equity interest in the following joint ventures: (i)
Wells-Baker Associates, a joint venture between Fund I and Wells &
Associates Joint Venture, (ii) Fund I-Fund II Tucker; and (iii) Fund I, II,
II0-OW, VI, and VII.
As of March 31, 2000, the Partnership owned directly or through its
ownership in joint ventures, interests in the following properties: (i)
Paces Pavilion/The Howell Mill Road Property, a medical office building
located in Atlanta, Georgia, owned by the Partnership; (ii) The Crowe's
Crossing Property, a shopping center located in DeKalb County, Georgia,
owned by the Partnership; (iii) The Black Oak Plaza Property, a shopping
center located in Knoxville, Tennessee, owned by the Partnership; (iv) The
Peachtree Place Property, two commercial office buildings located in
Atlanta, Georgia, owned by Fund I and Wells & Associates Joint Venture; (v)
Heritage Place at Tucker Property, a retail shopping and commercial office
complex located in Tucker, Georgia, owned by Fund I-Fund II Tucker; and
(vi) The Cherokee Commons, a shopping center located in Cherokee County,
Georgia, owned by Fund I, II, II-OW, VI, and VII Joint Venture. All of the
foregoing properties were acquired on an all cash basis.
(b) Basis of Presentation
The consolidated financial statements include the accounts of the
Partnership and Wells-Baker. The Partnership's interest in Wells-Baker was
approximately 90% at March 31, 2000 and December 31, 1999. All significant
intercompany balances have been eliminated in consolidation. Minority
interest represents the interest of Wells and Associates, Inc., an
affiliate of the general partners, in Wells-Baker. At March 31, 2000 and
1999, Wells and Associates, Inc.'s interest in Wells-Baker was
approximately 10%.
The consolidated financial statements of the Partnership have been prepared
in accordance with instructions to Form 10-Q and do not include all of the
information and footnotes required by generally
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<PAGE>
accepted accounting principles for complete financial statements. These
quarterly statements have not been examined by independent accountants, but
in the opinion of the General Partners, the statements for the unaudited
interim periods presented include all adjustments, which are of a normal
and recurring nature, necessary to present a fair presentation of the
results for such periods. For further information, refer to the financial
statements and footnotes included in the Partnership's Form 10-K for the
year ended December 31, 1999.
2. INVESTMENT IN JOINT VENTURES
The Partnership owned interests in two properties as of March 31, 2000,
through its investments in joint ventures. The Partnership does not have
control over the operations of the joint ventures; however, it does
exercise significant influence. Accordingly, investment in the joint
ventures is recorded using the equity method. The Wells-Baker Associate
joint venture is consolidated with Fund I since the ownership is 89.95%
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with
the accompanying financial statements of the Partnership and notes thereto.
This report contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including discussion and analysis of the financial
condition of the Partnership, anticipated capital expenditures required to
complete certain projects, amounts of cash distributions anticipated to be
distributed to Limited Partners in the future, and certain other matters.
Readers of this report should be aware that there are various factors that
could cause actual results to differ materially from any forward-looking
statements made in this report, which include construction costs which may
exceed estimates, construction delays, lease-up risks, inability to obtain
new tenants upon the expiration of existing leases, and the potential need
to fund tenant improvements or other capital expenditures out of operating
cash flow.
1. RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL CONDITIONS
General
Revenues of the Partnership were $482,424 for the three months ended March
31, 2000 as compared to $445,258 for the three months ended March 31, 1999.
The increase for 2000 over 1999 was due primarily to increased rental
income from all the properties owned by the Partnership and to increased
interest income.
Expenses of the Partnership were $479,290 for the period ended March 31,
2000, as compared to $513,693 for the three months ended March 31, 1999.
The decrease in expenses for 2000 over 1999 was due primarily to decreased
operating costs of the Partnership's properties. As a result, net income
increased to $3,134 for the three months ended March 31, 2000, as compared
to a loss of $68,435 for the same period of 1999.
Net cash provided by operating activities increased from $167,309 for the
three months ended March 31, 1999 to $236,039 at March 31, 2000, due
primarily to the increase in net income. Distributions from joint ventures
increased from $83,222 for the three months ended March 31, 1999 to
$145,762 for the
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<PAGE>
same period of 2000. Distributions to limited partners resumed in the third
quarter of 1999. Cash and cash equivalents increased from $1,204,111 in
1999 to $1,732,364 in 2000.
The Partnership made cash distributions of $3.12 to the Limited Partners
holding Class A Units for the three months ended March 31, 2000. There were
no cash distributions to the Limited Partners holding Class A Units for the
three months ended March 31, 1999. No cash distributions were made to the
Limited Partners holding Class B Units or to the General Partners for the
three months ended March 31, 2000 and 1999. The Partnership's distributions
payable for the first quarter of 2000 are being paid from net cash from
operations and from distributions received from its investments in joint
ventures, and the Partnership anticipates that distributions will continue
to be paid on a quarterly basis from such sources. The Partnership expects
to meet liquidity requirements and budget demands through cash flows.
The Partnership had reserved all operating cash flow generated during the
first and second quarters of 1999 and all of 1998 which would otherwise be
available for distribution to Limited Partners to fund the proposed
reconfiguration of the interior of the Paces Pavilion Building. The lease
with Hospital Corporation of America ("HCA") expired December 31, 1996 and
as of March 31, 2000 the building is only 16.2% leased. Management has
hired an outside firm and hopes to enter into leases in the near future. It
is anticipated that the cost to refit the interior of the building will be
approximately $1.2 million. Therefore, to meet these requirements, the
Partnership reserved all distributions for 1998 and the first and second
quarters of 1999 and will apply such amounts to fund the reconfiguration of
the interior of this property.
The Partnership has recently made the decision to begin selling its
properties. At this time, four properties have been identified that will be
offered for sale within the next several months. The Partnership's goal is
to have all Fund I properties sold by the end of 2002. As the properties
are sold, all proceeds will be returned to the Limited Partners in
accordance with the Partnership's prospectus. Management estimates that the
fair market value of each of the properties exceeds the carrying value of
the corresponding real estate assets; consequently, no impairment loss has
been recorded. In the event that the net sales proceeds are less than the
carrying value of the property sold, the Partnership would recognize a loss
on the sale. Management is not contractually or financially obligated to
sell any of its properties, and it is management's current intent to fully
realize the Partnership's investment in real estate. The success of the
Partnership's future operations and the ability to realize investment in
its assets will be dependent on the Partnership's ability to maintain
rental rates, occupancy and an appropriate level of operating expenses in
future years. Management believes that the steps that it is taking will
enable the Partnership to realize its investment in its assets.
-9-
<PAGE>
2. PROPERTY OPERATIONS
As of March 31, 2000, the Partnership owned interest in the following
properties:
Paces Pavilion/Howell Mill Road Property-Fund I
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
============= =============
<S> <C> <C>
Revenues:
Rental income $ 27,158 $ 16,426
------------- -------------
Expenses:
Depreciation 64,161 64,160
Management and leasing expenses 1,650 1,006
Other operating expenses 56,941 82,465
------------- -------------
122,752 147,631
------------- -------------
Net loss $ (95,594) $ (131,205)
============== =============
Occupied percentage 16.2% 12.6%
============== =============
Partnership's ownership percentage 100% 100%
============== =============
Cash generated to the Partnership $ 0 $ 0
============== =============
Net loss generated to the Partnership $ (95,594) $ (131,205)
============== =============
</TABLE>
Rental rates increased significantly for the three months ended March 31, 2000,
as compared to the three months ended March 31, 1999, due to a tenant that moved
in at the end of May 1999. Operating expenses decreased significantly, due to a
decrease in association dues for the property.
Currently, there are three tenants occupying the premises. Management has hired
an outside firm to engage a tenant for the 26,000 square feet of the 32,000
square foot building and hopes to enter into a lease for this space in the near
future.
-10-
<PAGE>
Crowe's Crossing Property-Fund I
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
============= =============
<S> <C> <C>
Revenues:
Rental income $ 189,961 $ 178,657
------------- -------------
Expenses:
Depreciation 104,441 104,413
Management and leasing expenses 20,480 14,528
Other operating expenses 47,451 73,864
------------- -------------
172,372 192,805
------------- -------------
Net income (loss) $ 17,589 $ (14,148)
============= =============
Occupied percentage 96% 91%
============= =============
Partnership's ownership percentage 100% 100%
============= =============
Cash generated to the Partnership $ 137,154 $ 63,849
============= =============
Net income (loss) generated to the Partnership $ 17,589 $ (14,148)
============= =============
</TABLE>
Rental income, net income, and management and leasing fees increased for the
three months ended March 31, 2000 as compared to the same period last year due
to increased occupancy. Other operating expenses decreased due to an increase in
common area maintenance billings to tenants. Tenants are billed an estimated
amount for the current year common area maintenance which is then reconciled the
following year and the difference billed to the tenant.
-11-
<PAGE>
Black Oak Plaza Property-Fund I
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
============= =============
<S> <C> <C>
Revenues:
Rental income $ 109,410 $ 107,357
Interest income 229 318
------------- -------------
109,639 107,675
------------- -------------
Expenses:
Depreciation 66,694 66,829
Management and leasing expenses 11,921 11,428
Other operating expenses 15,455 14,520
------------- -------------
94,070 92,777
------------- -------------
Net income $ 15,569 $ 14,898
============= =============
Occupied percentage 70% 71%
============= =============
Partnership's ownership percentage 100% 100%
============= =============
Cash generated to the Partnership $ 55,829 $ 95,777
============= =============
Net income generated to the Partnership $ 15,569 $ 14,898
============= =============
</TABLE>
Rental income increased for the three months ended March 31, 2000 as compared to
March 31, 1999 even though occupancy decreased by 1% due to underestimated
straight line rent adjustment in 1999.
Cash distributions to the Partnership decreased for the three months ended March
31, 2000, as compared to March 31, 1999, due to increases in lease acquisition
fees and capital expenditures.
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<PAGE>
Peachtree Place Property-Fund I and Wells & Associates Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
============= =============
<S> <C> <C>
Revenues:
Rental income $ 64,743 $ 53,059
Interest income 8 8
------------- -------------
64,751 53,067
------------- -------------
Expenses:
Depreciation 20,133 18,973
Management and leasing expenses 7,224 4,239
Other operating expenses 32,482 28,910
------------- -------------
59,839 52,122
------------- -------------
Net income $ 4,912 $ 945
============= =============
Occupied percentage 92% 74%
============= =============
Partnership's ownership percentage 89.95% 89.95%
============= =============
Cash generated to the Partnership $ 16,604 $ 6,044
============= =============
Net income generated to the Partnership $ 4,418 $ 850
============= =============
</TABLE>
Rental income increased for the quarter ending March 31, 2000, as compared to
the same period for 1999, due to increased occupancy. Operating expenses
increased from $28,910 in 1999 to $32,482 in 2000, due to increased appraisal
and legal fees. Cash distributions and net income increased in 2000, as compared
to 1999, due primarily to increased rental income.
-13-
<PAGE>
Heritage Place at Tucker Property/Fund I-Fund II Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
============= =============
<S> <C> <C>
Revenues:
Rental income $ 337,144 $ 336,859
Interest income 142 136
------------- -------------
337,286 336,995
------------- -------------
Expenses:
Depreciation 122,336 108,796
Management and leasing expenses 28,578 44,484
Other operating expenses 129,039 95,544
------------- -------------
279,953 248,824
------------- -------------
Net income $ 57,333 $ 88,171
============= =============
Occupied percentage 88% 91%
============= =============
Partnership's ownership percentage 55.1% 55.1%
============= =============
Cash distributions to the Partnership $ 53,290 $ 89,381
============= =============
Net income allocated to the Partnership $ 31,590 $ 48,573
============= =============
</TABLE>
Rental income remained relatively stable even though there was a decrease in the
occupancy level of the property. This was due to an adjustment in straight line
rent. Total expenses increased in 2000, as compared to 1999, due primarily to
increased depreciation expense, property taxes and repairs to the air condition
system. Cash distributions decreased in 2000, as compared to 1999, due to
capital improvements of approximately $100,000 for repairs to the air
conditioning system funded from cash flows.
-14-
<PAGE>
Cherokee Commons/Fund I, II, II-OW, VI, and VII Joint Venture
<TABLE>
<CAPTION>
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
============= =============
<S> <C> <C>
Revenues:
Rental income $ 242,861 $ 227,383
Interest income 7 20
------------- -------------
242,868 227,403
------------- -------------
Expenses:
Depreciation 110,562 110,112
Management and leasing expenses 16,355 26,135
Other operating expenses (26,968) (30,556)
------------- -------------
99,949 105,691
------------- -------------
Net income $ 142,919 $ 121,712
============= =============
Occupied percentage 97% 96%
============= =============
Partnership's ownership percentage 24% 24%
============= =============
Cash distributions to the Partnership $ 65,084 $ 59,083
============= =============
Net income allocated to the Partnership $ 34,333 $ 29,239
============= =============
</TABLE>
Rental income increased in 2000, as compared to 1999, due to increased occupancy
and increased rental revenue rates. Management and leasing expenses decreased in
2000, as compared to 1999, due to increased leasing commissions for 1999 and a
catch-up of 1998 management fees in 1999. Other operating expenses remain
negative for 2000 and 1999 due to timing differences in the billing of common
area maintenance to tenants. Tenants are billed an estimate amount for the
current year common area maintenance which is then reconciled in the following
year and the difference billed to the tenant.
-15-
<PAGE>
PART II. OTHER INFORMATION
ITEM 6 (b.) No reports on Form 8-K were filed during the first quarter of 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
WELLS REAL ESTATE FUND I
(Registrant)
Dated: May 11, 2000 By /s/ Leo F. Wells, III
---------------------
Leo F. Wells, III, as Individual
General Partner and as President
and Chief Financial Officer
of Wells Capital, Inc.
-16-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,732,364
<SECURITIES> 6,147,621
<RECEIVABLES> 382,071
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 93,607
<PP&E> 22,622,399
<DEPRECIATION> 8,654,883
<TOTAL-ASSETS> 22,449,821
<CURRENT-LIABILITIES> 2,268,002
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 20,181,819
<TOTAL-LIABILITY-AND-EQUITY> 22,449,821
<SALES> 0
<TOTAL-REVENUES> 482,424
<CGS> 0
<TOTAL-COSTS> 479,290
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,134
<INCOME-TAX> 3,134
<INCOME-CONTINUING> 3,134
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,134
<EPS-BASIC> .03
<EPS-DILUTED> 0
</TABLE>
