FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(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
[ ] 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 0-14099
CONSOLIDATED CAPITAL PROPERTIES VI
(Exact name of small business issuer as specified in its charter)
California 94-2940204
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the Partnership was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes X No___
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 590
Receivables and deposits 192
Restricted escrows 135
Other assets 115
Investment property:
Land $ 916
Buildings and related personal property 9,522
10,438
Less accumulated depreciation (4,473) 5,965
$ 6,997
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 10
Tenant security deposit liabilities 83
Accrued property taxes 98
Other liabilities 91
Mortgage note payable 5,559
Partners' (Deficit) Capital
General partner $ (1)
Special limited partners (77)
Limited partners (181,300 units issued and
outstanding) 1,234 1,156
$ 6,997
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
b)
CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues:
Rental income $ 427 $ 426
Other income 43 35
Total revenues 470 461
Expenses:
Operating 188 191
General and administrative 36 30
Depreciation 109 90
Interest 145 110
Property taxes 41 26
Total expenses 519 447
Net (loss) income $ (49) $ 14
Net (loss) income allocated
to general partner (.2%) $ -- $ --
Net (loss) income allocated
to limited partners (99.8%) (49) 14
$ ( 49) $ 14
Net (loss) income per limited
partnership unit $(0.27) $ 0.08
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
c)
CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited Special
Partnership General Limited Limited
Units Partner Partners Partners Total
<S> <C> <C> <C> <C> <C>
Original capital contributions 181,808 $ 1 $ -- $45,452 $45,453
Partners' (deficit) capital
at December 31, 1999 181,300 $ (1) $ (79) $ 1,285 $ 1,205
Amortization of timing
difference -- -- 2 (2) --
Net loss for the three
months ended March 31, 2000 -- -- -- (49) (49)
Partners' (deficit) capital
at March 31, 2000 181,300 $ (1) $ (77) $ 1,234 $ 1,156
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
d)
CONSOLIDATED CAPITAL PROPERTIES VI
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net (loss) income $ (49) $ 14
Adjustments to reconcile net (loss) income to net
cash (used in) provided by operating activities:
Depreciation 109 90
Amortization of loan costs 3 6
Change in accounts:
Receivables and deposits 33 85
Other assets 15 (1)
Accounts payable (27) 1
Tenant security deposit liabilities 4 --
Accrued property taxes (22) (26)
Other liabilities (128) (1)
Net cash (used in) provided by operating
activities (62) 168
Cash flows from investing activities:
Property improvements and replacements (31) (54)
Net deposits to restricted escrows -- (22)
Net cash used in investing activities (31) (76)
Cash flows from financing activities:
Payments on mortgage notes payable (31) (17)
Loan costs paid (21) --
Distributions paid to partners (2,297) --
Net cash used in financing activities (2,349) (17)
Net (decrease) increase in cash and cash equivalents (2,442) 75
Cash and cash equivalents at beginning of period 3,032 1,862
Cash and cash equivalents at end of period $ 590 $ 1,937
Supplemental disclosure of cash flow information:
Cash paid for interest $ 142 $ 103
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
e)
CONSOLIDATED CAPITAL PROPERTIES VI
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Consolidated
Capital Properties VI (the "Partnership" or "Registrant") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of ConCap Equities, Inc. ("CEI" or the
"General Partner"), all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three month period ended March 31, 2000, are not necessarily
indicative of the results that may be expected for the fiscal year ending
December 31, 2000. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Partnership's Annual Report on
Form 10-KSB for the fiscal year ended December 31, 1999.
Principles of Consolidation
The Partnership's financial statements include the accounts of Colony of
Springdale Associates, Ltd. ("Colony Associates"), which holds fee title to the
Colony of Springdale Apartments. The results of its operations are included in
the Partnership's consolidated financial statements. All interentity
transactions between the Partnership and Colony Associates have been eliminated.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the General Partner. The General Partner does not believe that this transaction
has had or will have a material effect on the affairs and operations of the
Partnership.
Note C - Related Party Transactions
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for payments to affiliates for services and
the reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership. The following expenses were paid or accrued to an affiliate of the
General Partner during the three months ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 21 $ 22
Reimbursement for services of affiliates (included in
investment property and general and administrative
expenses) 18 14
<PAGE>
During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were entitled to receive 5% of gross receipts from the Partnership's
property as compensation for providing property management services. The
Partnership paid to such affiliates approximately $21,000 and $22,000 for each
of the three months ended March 31, 2000 and 1999, respectively.
An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $18,000 and $14,000 for the
three months ended March 31, 2000 and 1999, respectively.
AIMCO and its affiliates currently own 74,044 limited partnership units in the
Partnership representing 40.841% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership of 40.841% of the outstanding units, AIMCO is in a position to
significantly influence all voting decisions with respect to the Registrant.
When voting on matters, AIMCO would in all likelihood vote the Units it acquired
in a manner favorable to the interest of the General Partner because of their
affiliation with the General Partner.
Note D - Commitment
The Partnership is required to maintain working capital reserves for
contingencies of not less than 5% of Net Invested Capital as defined in the
Partnership Agreement. In the event expenditures are made from these reserves,
operating revenue shall be allocated to such reserves to the extent necessary to
maintain the foregoing level. Reserves, consisting of cash and cash equivalents,
tenant security deposits, investments, and reserves for capital improvements and
contingencies, totaling approximately $809,000 are less than the reserve
requirement of approximately $2,070,000 at March 31, 2000. The Partnership
intends to replenish the working capital reserve from cash flow from operations
after consideration of any capital improvement needs of the property.
Note E - Change in Status of Non-Corporate General Partner
During the year ended December 31, 1991, the Partnership Agreement was amended
to convert the General Partner interests held by the non-corporate General
Partner, Consolidated Capital Group II ("CCG"), to that of special limited
partners ("Special Limited Partners"). The Special Limited Partners do not have
a vote and do not have any of the other rights of a Limited Partner except the
right to inspect the Partnership's books and records; however, the Special
Limited Partners retained the economic interest in the Partnership which they
previously owned as general partner.
CEI became the sole general partner of the Partnership effective December 31,
1991. In connection with CCG's conversion, a special allocation of gross income
was made to the Special Limited Partners in order to eliminate its tax basis
negative capital account.
After the conversion, the various Special Limited Partners transferred portions
of their interests to CEI so that CEI now holds a .2% interest in all allocable
items of income, loss and distribution. The differences between the Special
Limited Partners' capital accounts for financial statement and tax reporting
purposes are being amortized to the Limited Partners' capital accounts as the
components of the timing differences which created the balance reverse.
Note F - Distributions
A distribution of approximately $2,297,000 (approximately $2,250,000 to the
limited partners or $12.41 per limited partnership unit) was accrued during
December 1999 and paid in January 2000. This distribution consisted of cash from
operations of approximately $1,175,000 (approximately $1,128,000 to the limited
partners or $6.22 per limited partnership unit) and refinancing proceeds of
approximately $1,122,000 to the limited partners ($6.19 per limited partnership
unit). No distributions were paid during the first quarter of 1999.
Note G - Segment Reporting
Description of the types of products and services from which the reportable
segment derives its revenues:
The Partnership has one reportable segment: residential properties. The
Partnership's residential property segment consists of one apartment complex in
Ohio. The Partnership rents apartment units to tenants for terms that are
typically twelve months or less.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segment are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.
Segment information for the three months ended March 31, 2000 and 1999 (in
thousands) is shown in the tables below. The "Other" column includes Partnership
administration related items and income and expense not allocated to the
reportable segment.
2000 Residential Other Totals
Rental income $ 427 $ -- $ 427
Other income 28 15 43
Interest expense 145 -- 145
Depreciation 109 -- 109
General and administrative expense -- 36 36
Segment loss (28) (21) (49)
Total assets 6,699 298 6,997
Capital expenditures for
investment property 31 -- 31
1999 Residential Other Totals
Rental income $ 426 $ -- $ 426
Other income 18 17 35
Interest expense 110 -- 110
Depreciation 90 -- 90
General and administrative expense -- 30 30
Segment profit (loss) 27 (13) 14
Total assets 6,380 1,915 8,295
Capital expenditures for
investment property 54 -- 54
Note H - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998, the General Partner filed a motion seeking dismissal of the action. In
lieu of responding to the motion, the plaintiffs have filed an amended
complaint. The General Partner filed demurrers to the amended complaint which
were heard February 1999. Pending the ruling on such demurrers, settlement
negotiations commenced. On November 2, 1999, the parties executed and filed a
Stipulation of Settlement, settling claims, subject to final court approval, on
behalf of the Partnership and all limited partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the Superior Court of the State of California, County of San Mateo, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of class plaintiffs' counsel to enter the
settlement. On December 14, 1999, the General Partner and its affiliates
terminated the proposed settlement. Certain plaintiffs have filed a motion to
disqualify some of the plaintiffs' counsel in the action. The General Partner
does not anticipate that costs associated with this case will be material to the
Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Partnership from time to time.
The discussion of the Partnership's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Partnership's business and
results of operation. Accordingly, actual results could differ materially from
those projected in the forward-looking statements as a result of a number of
factors, including those identified herein.
The Partnership's investment property consists of one apartment complex, Colony
of Springdale Apartments, located in Springdale, Ohio. The average occupancy for
the three month periods ended March 31, 2000 and 1999, was 92% and 94%,
respectively.
Results of Operations
The Partnership realized a net loss of approximately $49,000 compared to net
income of approximately $14,000 for each of the three months ended March 31,
2000 and 1999, respectively. The increase in net loss is primarily due to an
increase in total expenses partially offset by an increase in total revenues.
The increase in total expenses is due to increases in interest expense,
depreciation expense, property tax expense, and general and administrative
expenses. The increase in interest expense is due to increased interest paid
during the three months ended March 31, 2000 related to the refinancing of the
Partnership's property during the fourth quarter of 1999 (see discussion below).
The increase in depreciation expense is due to the increase in fixed asset
additions during 1999. Property tax expense increased as a result of the timing
of the receipt of tax bills which effected the accruals recorded for property
taxes. The increase in general and administrative expenses is due to an increase
in professional fees incurred during the first quarter of 2000. Included in
general and administrative expenses at both March 31, 2000 and 1999, are
management reimbursements to the General Partner allowed under the Partnership
Agreement. Costs associated with the quarterly and annual communications with
investors and regulatory agencies and the annual audit required by the
Partnership Agreement are also included. The increase in total revenues resulted
from an increase in other income and a slight increase in rental income due to
an increase in rental rates. Other income increased as a result of increased
lease cancellation fees.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of its investment property to assess the
feasibility of increasing rents, maintaining or increasing occupancy levels and
protecting the Partnership from increases in expenses. As part of this plan, the
General Partner attempts to protect the Partnership from the burden of
inflation-related increases in expenses by increasing rents and maintaining a
high overall occupancy level. However, due to changing market conditions, which
can result in the use of rental concessions and rental reductions to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Partnership had cash and cash equivalents of
approximately $590,000 as compared to approximately $1,937,000 at March 31,
1999. For the three months ended March 31, 2000, cash and cash equivalents
decreased by approximately $2,442,000 from the Partnership's year ended December
31, 1999. The decrease in cash and cash equivalents is due to approximately
$2,349,000 of cash used in financing activities, approximately $31,000 of cash
used in investing activities, and approximately $62,000 of cash used in
operating activities. Cash used in financing activities consisted of
distributions to the partners, loan costs paid, and principal payments made on
the mortgage encumbering the Partnership's property. Cash used in investing
activities consisted of property improvements and replacements. The Partnership
invests its working capital reserves in a money market account.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the property to adequately maintain the physical asset
and other operating needs of the Registrant and to comply with Federal, state,
and local legal and regulatory requirements. Capital improvements planned for
the Partnership's property are discussed below.
During the three month period ended March 31, 2000, the Partnership completed
approximately $31,000 of capital improvements at the property. These
improvements consisted primarily of floor covering replacments and appliance
replacements. These improvements were funded from operating cash flow.
Approximately $177,000 has been budgeted for capital improvements at Colony of
Springdale for the year 2000 consisting primarily of floor coverings, sprinkler
systems, and heating units. Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property. The capital expenditures
will be incurred only if cash is available from operations or from Partnership
reserves. To the extent that such budgeted capital improvements are completed,
the Registrant's distributable cash flow, if any, may be adversely affected at
least in the short term.
The Partnership is required to maintain working capital reserves for
contingencies of not less than 5% of Net Invested Capital as defined in the
Partnership Agreement. In the event expenditures are made from these reserves,
operating revenue shall be allocated to such reserves to the extent necessary to
maintain the foregoing level. Reserves, consisting of cash and cash equivalents,
tenant security deposits, investments, and reserves for capital improvements and
contingencies totaling approximately $809,000 are less than the reserve
requirement of approximately $2,070,000 at March 31, 2000. The Partnership
intends to replenish the working capital reserve from cash flow from operations
after consideration of any capital improvement needs of the property.
On October 25, 1999, the Partnership refinanced the mortgage encumbering Colony
of Springdale Apartments. Interest on the old mortgage was 9.5%. The refinancing
replaced indebtedness of $4,247,000 with a new mortgage in the amount of
$5,600,000. Payments of approximately $46,000 are due on the first day of each
month until the loan matures on December 1, 2019. The lender also required a
repair escrow of approximately $135,000 to be established.
The Partnership's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Partnership. The mortgage
indebtedness of approximately $5,559,000 is amortized over 240 months and
matures December 1, 2019.
A distribution of approximately $2,297,000 (approximately $2,250,000 to the
limited partners or $12.41 per limited partnership unit) was accrued during
December 1999 and paid in January 2000. This distribution consisted of cash from
operations of approximately $1,175,000 (approximately $1,128,000 to the limited
partners or $6.22 per limited partnership unit) and refinancing proceeds of
approximately $1,122,000 to the limited partners ($6.19 per limited partnership
unit). No distributions were paid during the first quarter of 1999. Future cash
distributions will depend on the levels of net cash generated from operations,
the availability of cash reserves and the timing of the debt maturity,
refinancing and/or property sale. The Registrant's distribution policy is
reviewed on an annual basis. No further distributions will be made until the
Partnership's working capital reserves exceed the requirement per the
Partnership Agreement.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek monetary damages and equitable relief,
including judicial dissolution of the Partnership. On June 25, 1998, the General
Partner filed a motion seeking dismissal of the action. In lieu of responding to
the motion, the plaintiffs have filed an amended complaint. The General Partner
filed demurrers to the amended complaint which were heard February 1999. Pending
the ruling on such demurrers, settlement negotiations commenced. On November 2,
1999, the parties executed and filed a Stipulation of Settlement, settling
claims, subject to final court approval, on behalf of the Partnership and all
limited partners who own units as of November 3, 1999. Preliminary approval of
the settlement was obtained on November 3, 1999 from the Superior Court of the
State of California, County of San Mateo, at which time the Court set a final
approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing
the Court received various objections to the settlement, including a challenge
to the Court's preliminary approval based upon the alleged lack of authority of
class plaintiffs' counsel to enter the settlement. On December 14, 1999, the
General Partner and its affiliates terminated the proposed settlement. Certain
plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in
the action. The General Partner does not anticipate that costs associated with
this case will be material to the Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K:
None filed during the quarter ended March 31, 2000.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONSOLIDATED CAPITAL PROPERTIES VI
By: CONCAP EQUITIES, INC.
General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President
and Controller
Date:
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Consolidated
Capital Properties VI 2000 First Quarter 10-QSB and is qualified in its entirety
by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000755908
<NAME> Consolidated Capital Properties VI
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 590
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 10,439
<DEPRECIATION> 4,473
<TOTAL-ASSETS> 6,997
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 5,559
0
0
<COMMON> 0
<OTHER-SE> 1,156
<TOTAL-LIABILITY-AND-EQUITY> 6,997
<SALES> 0
<TOTAL-REVENUES> 427
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 519
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 145
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (49)
<EPS-BASIC> (0.27)<F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
