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 June 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 Number 0-14481
Brauvin Real Estate Fund L.P. 5
(Exact name of registrant as specified in its charter)
Delaware 36-3432071
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
150 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
(312) 443-0922
(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>
BRAUVIN REAL ESTATE FUND L.P. 5
INDEX
Page
PART I Financial Information
Item 1. Financial Statements 3
Consolidated Balance Sheets at June 30, 1995 and
December 31, 1994 4
Consolidated Statements of Operations for the Six
Months Ended June 30, 1995 and 1994 5
Consolidated Statements of Operations for the
Three Months Ended June 30, 1995 and 1994 6
Consolidated Statement of Partners' Capital for
the Period January 1, 1995 to June 30, 1995 7
Consolidated Statements of Cash Flows for the
Six Months Ended June 30, 1995 and 1994 8
Notes to Consolidated Financial Statements 9
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations. 11
PART II Other Information
Item 1. Legal Proceedings 14
Item 2. Changes in Securities 14
Item 3. Defaults Upon Senior Securities 14
Item 4. Submissions of Matters to a Vote of
Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
SIGNATURES 15
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
Except for the December 31, 1994 Consolidated Balance Sheet,
the following Consolidated Balance Sheet as of June 30, 1995,
Consolidated Statements of Operations for the six and three
months ended June 30, 1995 and 1994, Consolidated Statement of
Partners' Capital for the period January 1, 1995 to June 30, 1995
and Consolidated Statements of Cash Flows for the six months
ended June 30, 1995 and 1994 for Brauvin Real Estate Fund L.P. 5
(the "Partnership") are unaudited but reflect, in the opinion
of the management, all adjustments necessary to present fairly
the information required. All such adjustments are of a normal
recurring nature.
These financial statements should be read in conjunction with
the financial statements and notes thereto included in the
Partnership's 1994 Annual Report on Form 10-K.
<PAGE>
BRAUVIN REAL ESTATE FUND L.P. 5
(a Delaware limited partnership)
CONSOLIDATED BALANCE SHEETS
June 30, 1995 December 31, 1994
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents $ 182,947 $ 106,289
Tenant receivables (net of
allowance of $6,156 and
$3,095, respectively ) 51,455 93,422
Escrow and other deposits 61,986 83,199
Other assets 10,466 13,126
Investment in affiliated joint
venture 671,326 712,179
Deposit with title company -- 2,929,581
978,180 3,937,796
Investment in real estate, at cost:
Land 2,411,849 3,716,151
Buildings 10,018,095 15,341,631
12,429,944 19,057,782
Less: accumulated depreciation (2,648,409) (4,103,727)
Total investment in real estate,
net 9,781,535 14,954,055
Total Assets $10,759,715 $18,891,851
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Accounts payable and accrued
expenses $ 109,524 $ 602,607
Due to affiliates 5,886 25,988
Security deposits 37,760 56,772
Note payable -- 2,929,581
Mortgages payable 6,345,275 11,427,743
Total Liabilities 6,498,445 15,042,691
Minority Interest in Sabal Palm 1,020,095 1,019,775
Minority Interest(deficit)in the
Annex of Schaumburg -- (231,115)
Partners' Capital
General Partners (33,432) (35,239)
Limited Partners (9,914.5
limited partnership
units issued and outstanding) 3,274,607 3,095,739
Total Partners' Capital 3,241,175 3,060,500
Total Liabilities and
Partners' Capital $10,759,715 $18,891,851
See notes to consolidated financial statements (unaudited).
<PAGE>
BRAUVIN REAL ESTATE FUND L.P. 5
(a Delaware limited partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 1995 and 1994
(UNAUDITED)
1995 1994
INCOME
Rental $881,232 $952,895
Interest 4,477 2,106
Other, primarily expense reimbursements 185,029 349,604
Total income 1,070,738 1,304,605
EXPENSES
Mortgage and other interest 319,206 578,518
Depreciation 184,974 224,626
Real estate taxes (250,185) 338,400
Repairs and maintenance 23,584 32,636
Other property operating 77,760 128,973
General and administrative 102,873 107,796
Provision for investment property
impairment 2,649,046 --
Total expenses 3,107,258 1,410,949
Loss before affiliated joint
venture participation, minority
interests and extraordinary item (2,036,520) (106,344)
Equity interest in affiliated joint
venture's net loss (40,853) (38,328)
Minority interest's share of Sabal
Palm's net income (56,720) (44,398)
Minority interest's share of Annex's
net (income) loss (231,115) 83,196
Loss before extraordinary item (2,365,208) (105,874)
Extraordinary gain on extinguishment
of Annex debt 2,545,883 --
Net Income (Loss) $ 180,675 $ (105,874)
Net Income (Loss) Per Limited
Partnership Interest
(9,914.5 Units): $18.04 $(10.57)
See notes to consolidated financial statements (unaudited).
<PAGE>
BRAUVIN REAL ESTATE FUND L.P. 5
(a Delaware limited partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 1995 and 1994
(UNAUDITED)
1995 1994
INCOME
Rental $ 357,150 $ 360,991
Interest 2,369 1,072
Other, primarily expense reimbursements 70,523 201,158
Total income 430,042 563,221
EXPENSES
Mortgage and other interest 153,279 298,363
Depreciation 83,547 112,313
Real estate taxes (404,885) 169,200
Repairs and maintenance 20,659 2,104
Other property operating 5,070 59,424
General and administrative 50,459 46,244
Provision for investment property
impairment 2,649,046 --
Total expenses 2,557,175 687,648
Loss before affiliated joint
venture participation,
minority interests and
extraordinary item (2,127,133) (124,427)
Equity interest in affiliated joint
venture's net loss (18,599) (14,573)
Minority interest's share of Sabal
Palm's net income (4,511) (892)
Minority interest's share of the
Annex's net (income) loss (233,753) 59,159
Loss before extraordinary item (2,383,996) (80,733)
Extraordinary gain on extinguishment
of Annex debt 2,545,883 --
Net Income (Loss) $ 161,887 $ (80,733)
Net Income (Loss) Per Limited
Partnership Interest
(9,914.5 Units): $16.16 $(8.06)
See notes to consolidated financial statements (unaudited).
<PAGE>
BRAUVIN REAL ESTATE FUND L.P. 5
(a Delaware limited partnership)
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
For the Period January 1, 1995 to June 30, 1995
(UNAUDITED)
General Limited
Partners Partners Total
BALANCE at January 1, 1995 $(35,239) $3,095,739 $3,060,500
Net income 1,807 178,868 180,675
BALANCE at June 30, 1995 $(33,432) $3,274,607 $3,241,175
See notes to consolidated financial statements (unaudited).
<PAGE>
BRAUVIN REAL ESTATE FUND L.P. 5
(a Delaware limited partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 1995 and 1994
(UNAUDITED)
1995 1994
Cash Flows From Operating Activities:
Net income (loss) $ 180,675 $ (105,874)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Provision for investment
property impairment 2,649,046 --
Extraordinary gain on extinguishment
of Annex debt (2,545,883) --
Equity interest in affiliated joint
venture's net loss 40,853 38,328
Minority interest's share of Sabal
Palm's net income 56,720 44,398
Minority interest's share of the
Annex's net income (loss) 231,115 (83,196)
Provision for doubtful accounts 7,226 (22,431)
Depreciation 184,974 223,367
Amortization 2,390 1,259
Normalized rental revenue 1,130 10,613
Changes in operating assets and liabilities:
Decrease (increase) in tenant
receivables 33,611 (95,968)
Decrease (increase) in other assets 270 (60,553)
Decrease in escrow and other deposits 21,213 --
(Decrease) increase in accounts
payable and accrued expenses (493,083) 61,664
(Decrease) increase in due to
affiliates (20,102) 28,159
(Decrease) increase in tenant
security deposits (19,012) 4,635
Net cash provided by operating
activities 331,143 44,401
Cash Flows From Investing Activities:
Capital expenditures (11,500) --
Cash contribution to joint venture -- (16,800)
Cash distribution to minority
partner-Sabal Palm (56,400) (76,845)
Cash used in investing activities (67,900) (93,645)
Cash Flows From Financing Activities:
Repayment of mortgages (186,585) (57,034)
Repayment of note payable (2,929,581) (22,205)
Decrease in deposit with title company 2,929,581 22,205
Net cash used in financing activities (186,585) (57,034)
Net increase (decrease)
in cash and cash equivalents 76,658 (106,278)
Cash and cash equivalents at
beginning of period 106,289 140,230
Cash and cash equivalents at
end of period $ 182,947 $ 33,952
See notes to consolidated financial statements (unaudited).
<PAGE>
BRAUVIN REAL ESTATE FUND L.P. 5
(a Delaware limited partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(1) BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements
have been prepared in accordance with generally accepted
accounting principles for interim financial information and with
the instructions to Form 10-Q and Article 10 of Regulation S-X.
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 management,
all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.
Operating results for the six month period ended June 30, 1995
are not necessarily indicative of the results that may be
expected for the year ended December 31, 1995. For further
information, refer to the consolidated financial statements and
footnotes thereto included in the Annual Report on Form 10-K for
the year ended December 31, 1994.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reclassifications
Certain amounts in the 1994 financial statements have been
reclassified to conform to the 1995 presentation. This has not
affected the previously reported results of operations.
(3) MORTGAGES PAYABLE
On November 22, 1994, the lender to Crown Point, NationsBank
of Tennessee (the "Lender") exercised the right to call all
amounts due as of March 1, 1995. On March 1, 1995, a Forbearance
Agreement was executed between the Partnership and the Lender
whereas the Lender has agreed to forbear pursuing remedies with
respect to defaults through and including September 1, 1995 (the
"Forbearance Period"). During the Forbearance Period the terms
and conditions will remain unchanged. The General Partners are
pursuing alternative financing. However, there is no assurance
that the General Partners will be successful. If the General
Partners are unsuccessful in their efforts to obtain financing,
the Partnership would sustain a loss upon foreclosure as the
carrying value of the property exceeds the carrying value of the
debt. The financial statements do not reflect any adjustments
that might result from the outcome of this uncertainty. The
carrying value of Crown Point at June 30,1995, approximates
$4,599,000, which exceeds the carrying value of the debt by
approximately $1,378,000 at June 30, 1995.
On August 23, 1994, the Joint Venture filed a voluntary
petition for bankruptcy (Chapter 11) in the United States
Bankruptcy Court in the Northern District of Illinois. On
February 10, 1995, the Bankruptcy Court ordered the dismissal of
the voluntary petition for bankruptcy effectively eliminating the
protection of the property from its creditors. Also on February
10, 1995, AUSA Life Insurance Company ("AUSA") filed a motion for
appointment of a receiver against the Joint Venture. On February
17, 1995 the motion was granted and an order was issued. The
receiver had full power and authority to operate, manage and
conserve the Joint Venture's property (the "Annex") pursuant to
the order. On February 15, 1995, the Joint Venture received an
amended notice of mortgage foreclosure from AUSA. The Joint
Venture had until March 17, 1995 to file an answer to the amended
notice. The Joint Venture did not answer on or before March 17,
1995. On April 3, 1995, a judgment of foreclosure and sale was
entered into against the Joint Venture. A sheriff's sale of the
Annex was held on May 10, 1995 and on May 15, 1995 title was
transferred to AUSA. As a result of these transactions, the
Joint Venture recorded a $2,649,000 provision for investment
property impairment to reduce the Annex property to its estimated
fair market value. In addition, the Joint Venture recorded an
extraordinary gain on the extinguishment of debt in the amount of
$2,546,000, which was the net amount of the $2,350,000 fair
market value of the Annex property and the mortgage payable of
$4,896,000. Additionally, the Joint Venture had a final closing
of its accounting records which resulted in the reversal of
accrued revenue and expenses. The major items reversed were
rental income, $34,000; real estate taxes, $439,000; and
property operating expenses, $64,000.
Also, in connection with the foreclosure of the Annex
property, AUSA repaid the $2,929,581 note payable held by John
Hancock Mutual Life Insurance Company (the "Lender"). In 1986
Stewart Title Company (the "Title Company") assumed
responsibility for making the debt payments on this note payable.
In January 1994, when the note was extended and the
interest rate modified, the Title Company and the Joint Venture
agreed to equally share in the 2.5% interest savings until the
August 1, 1995 maturity. This interest savings plus the monthly
defeasance payments not received since January 1995 will be
netted against payments made by the Title Company for real estate
taxes on the Annex. The repayment of the note payable had no
effect on the Joint Venture since it was recorded as a
deposit to the Title Company and as a note payable to the Lender
in the financial statements.
(4) TRANSACTIONS WITH AFFILIATES
Fees and other expenses paid to the General Partners or its
affiliates for the six months ended June 30, 1995 and 1994, were
as follows:
1995 1994
Management fees $53,525 $88,790
Reimbursable offIce expenses 51,226 50,452
Legal Fees 3,275 417
The Partnership believes the amounts paid to affiliates are
representative of amounts which would have been paid to
independent parties for similar services. The Partnership had
made all payments to affiliates,except for $3,028 for legal
services, as of June 30, 1995.
<PAGE>
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity and Capital Resources
The Partnership intends to satisfy its short-term liquidity
needs through cash reserves, cash flow from the properties and
the refinancing of Crown Point.
On November 22, 1994, the lender to Crown Point, NationsBank
of Tennessee, (the "Lender") exercised the right to call all
amounts due as of March 1, 1995. On March 1, 1995, a Forbearance
Agreement was executed between the Partnership and the Lender
whereas the Lender has agreed to forbear pursuing remedies with
respect to defaults through and including September 1, 1995 (the
"Forbearance Period"). During the Forbearance Period the terms
and conditions will remain unchanged. The General Partners are
pursuing alternative financing. However, there is no assurance
that the General Partners will be successful. If the General
Partners are unsuccessful in their efforts to obtain financing,
the Partnership would sustain a loss upon foreclosure as the
carrying value of the property exceeds the carrying value of the
debt.
On August 23, 1994, the Joint Venture filed a voluntary
petition for bankruptcy (Chapter 11) in the United States
Bankruptcy Court in the Northern District of Illinois. On
February 10, 1995, the Bankruptcy Court ordered the dismissal of
the voluntary petition for bankruptcy effectively eliminating the
protection of the property from its creditors. Also on February
10, 1995, AUSA Life Insurance Company ("AUSA") filed a motion
for appointment of a receiver against the Joint Venture. On
February 17, 1995 the motion was granted and an order was issued.
The receiver had full power and authority to operate, manage and
conserve the Joint Venture's property (the "Annex") pursuant to
the order. On February 15, 1995, the Joint Venture received an
amended notice of mortgage foreclosure from AUSA. The Joint
Venture had until March 17, 1995 to file an answer to the amended
notice. The Joint Venture did not answer on or before March 17,
1995. On April 3, 1995, a judgment of foreclosure and sale was
entered into against the Joint Venture. A sheriff's sale of the
Annex was held on May 10, 1995 and on May 15, 1995 title was
transferred to AUSA. As a result of these transactions, the
Joint Venture recorded a $2,649,000 provision for investment
property impairment to reduce the Annex property to its
estimated fair market value. In addition, the Joint Venture
recorded an extraordinary gain on the extinguishment of debt in
the amount of $2,546,000, which was the net amount of the
$2,350,000 fair market value of the Annex property and the
mortgage payable of $4,896,000. Additionally,the Joint Venture
had a final closing of its accounting records which resulted in
the reversal of accrued revenue and expenses. The major items
reversed were rental income, $34,000; real estate taxes,
$439,000; and property operating expenses, $64,000.
Also, in connection with the foreclosure of the Annex
property, AUSA repaid the $2,929,581 note payable held by John
Hancock Mutual Life Insurance Company (the "Lender"). In 1986
Stewart Title Company (the "Title Company") assumed
responsibility for making the debt payments on this note payable.
In January 1994, when the note was extended and the interest rate
modified, the Title Company and the Joint Venture agreed to
equally share in the 2.5% interest savings until the August 1,
1995 maturity. This interest savings plus the monthly defeasance
payments not received since January 1995 will be netted against
payments made by the Title Company for real estate taxes on the
Annex. The repayment of the note payable had no effect on the
Joint Venture since it was recorded as a deposit to the Title
Company and as a note payable to the Lender in the financial
statements.
Long-term liquidity needs are expected to be satisfied
through modification of the mortgages at more favorable interest
rates and refinancing of the Sabal Palm mortgage when it matures
on February 1, 1997.
The occupancy level at Crown Point at June 30, 1995 was 95%
and at December 31, 1994 was 95%. The Partnership is continuing
to work to sustain the occupancy level of Crown Point. Crown
Point operated at a positive cash flow for the six months ended
June 30, 1995.
Strawberry Fields continued to generate positive cash flow
for the six months ended June 30, 1995. The occupancy level at
Strawberry Fields at June 30, 1995 was 82% compared to 78% at
December 31, 1994.
At Sabal Palm, the Partnership and its joint venture partner
are continuing to work to sustain the occupancy level, which
stood at 99% at June 30, 1995 and 99% at December 31, 1994.
Although the Sabal Palm retail market appears to be overbuilt,
the property has continued to generate positive cash flow since
its acquisition in 1986.
The General Partners of the Partnership expect to distribute
proceeds from operations, if any, and from the sale of real
estate, to Limited Partners in a manner that is consistent with
the investment objectives of the Partnership. Management of the
Partnership believes that cash needs may arise from time to time
which will have the effect of reducing distributions to Limited
Partners to amounts less than would be available from
refinancings or sale proceeds. These cash needs include, among
other things, maintenance of working capital reserves in
compliance with the Agreement as well as payments for major
repairs, tenant improvements and leasing commissions in support
of real estate operations.
Results of Operations - Six Months Ended June 30, 1995 and 1994
(Amounts rounded to 000's)
The Partnership generated net income of $181,000 for the six
months ended June 30, 1995 as compared to a net loss of $106,000
for the six months ended June 30, 1994. The $287,000 increase in
net income resulted primarily from the recording of the
Partnership's share of the extraordinary gain on extinguishment
of the Annex's debt and the final closing of the Joint Venture's
accounting records.
Total income for the six months ended June 30, 1995 was
$1,071,000, as compared to $1,305,000 for the six months ended
June 30, 1994, a decrease of $234,000. This decrease of $234,000
was primarily a result of decreases in the Annex's rental and
other income of $94,000 and $113,000, respectively. The
decreases in rental and other income at the Annex were also
attributable to the comparing of the six months of income in 1994
to four and a half months of income in 1995, in addition to the
final closing of the Joint Venture's accounting records.
Total expenses for the six months ended June 30, 1995 were
$3,107,000,as compared to $1,411,000 in 1994, an increase of
$1,696,000. The $1,696,000 increase in total expenses primarily
resulted from the provision for investment property impairment at
the Annex of $2,649,000. This provision was offset by decreases
in the Annex's mortgage and other interest, real estate taxes and
operating expenses of $254,000, $573,000 and $62,000,
respectively. These decreases were also attributable to the
final closing of the Joint Venture's accounting records upon the
foreclosure and the comparison of six months of expenses in 1994
to four and a half months of expense in 1995.
Results of Operations - Three Months Ended June 30, 1995 and 1994
(Amounts rounded to 000's)
The Partnership generated net income of $162,000 for the
three months ended June 30, 1995 as compared to a net loss of
$81,000 in 1994. The $243,000 increase in net income was
primarily associated with the recording of the Partnership's
share of the extraordinary gain on the extinguishment
of debt on the Annex and the final closing of the Joint Venture's
accounting records.
Total income for the three months ended June 30, 1995 and
1994 was $430,000 and $563,000, respectively, a decrease of
$133,000. This decrease of $133,000 was primarily a result of
decreases at the Annex of $67,000 in rental income and $62,000 in
other income. This decrease in rental and other income can
primarily be attributed to the comparison of three months
of Annex income in 1994 as opposed to one and a half months of
income in 1995. Also contributing to the decrease in total
income is the reversal of accrued income at the Annex as a result
of the final closing of the Joint Venture's accounting records.
Total expenses were $2,557,000 for the three months ended
June 30, 1995 as compared to $688,000 for the same period in
1994. The increase in total expenses of $1,869,000 resulted
primarily from the provision for investment property impairment
of $2,649,000, which was recorded in conjunction with the Annex
foreclosure. The increase in total expenses were due to the
recording of the provision for property impairment at the Annex
and were partially offset by decreases at the Annex in mortgage
and other interest,real estate taxes and operating expenses of
$142,000, $562,000 and $59,000,respectively. These decreases
were the result of the final closing of the Joint Venture's
accounting records upon the foreclosure of the Annex and
the recording of three months of expenses in 1994 as opposed to
one and a half months of expenses in 1995.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings.
None.
ITEM 2. Changes in Securities.
None.
ITEM 3. Defaults Upon Senior Securities.
None.
ITEM 4. Submission Of Matters To a Vote of Security Holders.
None.
ITEM 5. Other Information.
None.
ITEM 6. Exhibits and Reports On Form 8-K.
Exhibit 27. Financial Data Schedule
The Partnership filed the following report on Form 8-K
during the three months ended June 30, 1995:
1. On May 24, 1995, the Partnership filed Form 8-K
dated May 10, 1995, which reported as Item 2, the
disposition of Annex of Schaumburg as a result of
a foreclosure sale.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
BY: Brauvin Ventures, Inc.
Corporate General Partner of
Brauvin Real Estate Fund L.P. 5
BY: /s/ Jerome J. Brault
Jerome J. Brault
Chairman of the Board of
Directors and President
DATE: August 11, 1995
BY: /s/ Thomas J. Coorsh
Thomas J. Coorsh
Chief Financial Officer and Treasurer
DATE: August 11, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 182,947
<SECURITIES> 0 <F1>
<RECEIVABLES> 51,455
<ALLOWANCES> 6,156
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 12,429,944 <F2>
<DEPRECIATION> 2,648,409
<TOTAL-ASSETS> 10,759,715
<CURRENT-LIABILITIES> 0
<BONDS> 6,345,275 <F3>
0
0
<COMMON> 3,241,175 <F4>
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 10,759,715
<SALES> 0
<TOTAL-REVENUES> 1,070,738 <F5>
<CGS> 0
<TOTAL-COSTS> 139,006 <F6>
<OTHER-EXPENSES> 328,688 <F7>
<LOSS-PROVISION> 2,649,046 <F8>
<INTEREST-EXPENSE> 319,206
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 2,545,883
<CHANGES> 0
<NET-INCOME> 180,675
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> "SECURITIES" REPRESENTS INVESTMENT IN JOINT VENTURE
<F2> "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND
BUILDING]
<F3> "BONDS" REPRESENTS MORTGAGES PAYABLE
<F4> "COMMON" REPRESENTS TOTAL PARTNERS CAPITAL
<F5> "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER
INCOME
<F6> "TOTAL COSTS" REPRESENTS TOTAL EXPENSES LESS INTEREST
EXPENSE
AND PROVISION FOR INVESTMENT PROPERTY IMPAIRMENT
<F7> "OTHER EXPENSES" REPRESENTS INTEREST IN JOINT
VENTURES' NET INCOME/LOSS
<F8> "LOSS PROVISION" REPRESENTS PROVISION FOR INVESTMENT
PROPERTY IMPAIRMENT
</FN>
</TABLE>
