UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 1996 Commission File Number
2-99673
LINCAM PROPERTIES LTD. SERIES 85
(Exact name of registrant as specified in charter)
Illinois 36-3377785
(State of Organization) (I.R.S. Employer Identification No.)
125 South Wacker Drive, Suite 3100, Chicago, Illinois 60606
(Address of principal executive office)
Registrants's telephone number, including area code: (312) 443-1477
Indicate by check (x) 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
---- ----
Part I.FINANCIAL INFORMATION
Item 1.Financial Statements
LINCAM PROPERTIES LTD. SERIES 85
(a limited partnership)
BALANCE SHEETS
March 31, 1996 and December 31, 1995
(Unaudited)
ASSETS
March 31 December 31
1996 1995
Current assets:
Cash and cash equivalents . . . . . . . . . .$ 451,799 507,111
Prepaid expenses and other. . . . . . . . . . 6,185 150
Receivable from tenant. . . . . . . . . . . . - 66,695
---------- ----------
Total current assets. . . . . . . . . . . . 457,984 573,956
---------- ----------
Note receivable 5,485,000 5,485,000
---------- ----------
Investment properties, at cost (notes 2 and 3):
Land . . . . . . . . . . . . . . . . . . . 2,399,174 2,399,174
Buildings and improvements. . . . . . . . . . 12,017,767 12,016,137
---------- ----------
14,416,941 14,415,311
Less accumulated depreciation . . . . . . . . (3,003,586) (2,920,741)
---------- ----------
Total investment properties,
net of accumulated depreciation 11,413,355 11,494,570
Other assets . . . . . . . . . . . . . . . . . 138,614 156,440
---------- ----------
Total assets. . . . . . . . . . . . . . . .$ 17,494,953 17,709,966
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICITS)
Current liabilities:
Accounts payable. . . . . . . . . . . . . . .$ 35,583 30,906
Accrued expenses. . . . . . . . . . . . . . . 449 -
Funds held for others (note 2). . . . . . . . 40,288 150,879
Accrued real estate taxes . . . . . . . . . . 101,880 118,000
Tenant security deposits. . . . . . . . . . . 30,556 31,211
---------- ----------
Total current liabilities . . . . . . . . . 208,756 330,996
---------- ----------
Partners' capital (deficits) (note 1):
General Partners:
Capital contributions . . . . . . . . . . . 2,000 2,000
Allocated portion of cumulative net income. 105,975 103,112
Cumulative cash distributions . . . . . . . (157,929) (154,139)
---------- ----------
(49,954) (49,027)
---------- ----------
Limited Partners:
Interests of $1,000.
Authorized 40,001 Interests;
issued and outstanding 25,016 Interests. . 22,479,645 22,479,645
Allocated portion of cumulative net income. 10,547,661 10,264,267
Cumulative cash distributions . . . . . . . (15,691,155) (15,315,915)
---------- ----------
17,336,151 17,427,997
---------- ----------
Total partners' capital . . . . . . . . . . 17,286,197 17,378,970
========== ==========
Total liabilities and partners' capital . . .$ 17,494,953 17,709,966
========== ==========
- 2 -
LINCAM PROPERTIES LTD. SERIES 85
(a limited partnership)
STATEMENTS OF OPERATIONS
Three Months Ended March 31, 1996 and 1995
(Unaudited)
1996 1995
Income:
Rental income . . . . . . . . . . . . . $391,579 977,535
Charges to tenant . . . . . . . . . . . 49,548 34,095
Interest income . . . . . . . . . . . . 107,908 110,292
Other income. . . . . . . . . . . . . . 4,792 22,536
---------- ---------
Total income . . . . . . . . . . . . . 553,827 1,144,458
---------- ---------
Expenses:
Property operating expenses . . . . . . 135,197 309,561
Depreciation. . . . . . . . . . . . . . 82,845 155,838
Interest expense. . . . . . . . . . . . - 113,201
Management fees paid to an
affiliate of General Partner 16,174 45,072
Professional services . . . . . . . . . 14,658 19,773
Amortization of deferred expenses . . . - 12,998
General and administrative. . . . . . . 18,696 23,963
---------- ---------
Total expenses . . . . . . . . . . . . 267,570 680,406
---------- ---------
Operating income . . . . . . . . . . . 286,257 464,052
Venture partner's share
of venture's operations - (112,296)
---------- ---------
Net income . . . . . . . . . . . . . . $286,257 351,756
========== =========
Net income per limited
partnership interest $ 11.33 13.92
========== =========
Cash distributions per
limited partnership interest $ 15.00 18.00
========== =========
- 3 -
LINCAM PROPERTIES LTD. SERIES 85
(a limited partnership)
STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1996 and 1995
(Unaudited)
1996 1995
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . $ 286,257 351,756
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation. . . . . . . . . . . . . 82,845 155,838
Amortization. . . . . . . . . . . . . - 12,998
Venture Partner's share of income . . - 112,296
Changes in assets and liabilities:
(Increase) decrease in prepaid expenses
and other current assets . . . . . (6,035) 1,658
Decrease in receivable from tenant . 66,695 53,834
Decrease in other assets . . . . . . 17,826 16,262
Increase (decrease) in accounts payable 4,677 (43,085)
Increase in accrued expenses . . . . 449 -
Decrease in accrued interest payable - (4,244)
Decrease in funds held for others. . (110,591) (100,723)
Increase in amounts due to affiliates - 6,731
Decrease in accrued real estate taxes (16,120) (243,714)
Decrease in tenant security deposits (655) (4,920)
Decrease in unearned income. . . . . - (470)
--------- --------
Total adjustments. . . . . . . . . 39,091 (37,539)
--------- --------
Net cash provided by operating
activities 325,348 314,217
--------- --------
Cash flows from investing activities -
additions to buildings and improvements (1,630) (4,577)
--------- --------
Net cash used in investing activities (1,630) (4,577)
--------- --------
Cash flows from financing activities:
Cash distributions to Limited Partners. (375,240) (450,288)
Cash distributions to General Partners. (3,790) (4,548)
Cash distributions to Venture Partner . - (120,000)
--------- --------
Net cash used in financing activities (379,030) (574,836)
Net decrease in cash and cash equivalents (55,312) (265,196)
Cash and cash equivalents at beginning
of period 507,111 823,430
--------- --------
Cash and cash equivalents
at end of period $ 451,799 558,234
========= ========
- 4 -
LINCAM PROPERTIES LTD. SERIES 85
(a limited partnership)
Notes to Financial Statements
March 31, 1996 and 1995
(Unaudited)
Readers of this quarterly report should refer to the Partnership's audited
financial statements for the fiscal year ended December 31, 1995, which are
included in the Partnership's 1995 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such
audited financial statements have been omitted from this report.
(1) ORGANIZATION AND BASIS OF ACCOUNTING
LincAm Properties Ltd. Series 85 (the "Partnership") is a limited
partnership formed in August 1985 under the Uniform Limited partnership Act
of the state of Illinois. The balance sheets at March 31, 1996 and December
31, 1995 and the statements of operations and cash flows for the three months
ended March 31, 1996 and 1995 have been prepared by Management of the
Partnership and have not been audited by the Partnership's independent
auditors.
Included in the statement of operations and cash flows for the three
months ended March 31, 1995 are the operations of its consolidated joint
venture which was sold on April 12, 1995.
For purposes of reporting cash flows, cash and cash equivalents include
an investment in a money market account and other investments (having daily
availability) at cost which approximates market.
The Partnership records are maintained on the accrual basis of accounting
as adjusted for Federal income tax reporting purposes. The accompanying
financial statements have been prepared from such records after making
appropriate adjustments to reflect the Partnership's accounts in accordance
with generally accepted accounting principles (GAAP). Such adjustments are
not recorded on the records of the Partnership. The net effect of these
items is summarized below:
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
March 31, 1996 March 31, 1995
GAAP TAX GAAP TAX
BASIS BASIS BASIS BASIS
<S> <C> <C> <C> <C>
Total assets. . . . . . $17,494,953 17,069,707 27,950,866 20,135,061
Partners' capital
(deficits):
General Partners . . . $ (49,954) (150,160) (37,992) (155,340)
Limited Partners . . . $17,336,150 15,920,142 18,520,430 15,407,323
Net income:
General Partners . . . $ 2,863 2,853 3,518 3,206
Limited Partners . . . $ 283,394 282,452 348,238 317,374
Net income per limited
partnership interest $ 11.33 11.29 13.92 12.69
</TABLE>
The net income and cash distributions per limited partnership interest,
as presented for the three month period ended March 31, 1996 and 1995 are
based upon the limited partnership interests outstanding at the end of the
periods (25,016).
No provision for Federal income taxes has been made as any liability for
such taxes is that of the partners rather than the Partnership.
- 5 -
LINCAM PROPERTIES LTD. SERIES 85
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 1996 and 1995
(Unaudited)
Management of the Partnership has made a number of estimates and
assumptions relating to the reporting of assets and liabilities and the
disclosure of contingent assets and liabilities to prepare these financial
statements in conformity with generally accepted accounting principles.
Actual results could differ from those estimates.
Losses in carrying values of investment assets are provided by management
when the losses become apparent and the investment asset is considered
impaired. Management evaluates its investment properties at least quarterly
to assess whether any impairment indications are present, comparing
undiscounted future cash flows with the carrying amount of the
asset. If any investment asset is considered impaired, a loss is provided
to reduce the carrying value of the property to its estimated value.
Management believes that no assets are impaired; therefore, no such losses
have been required to be recognized or provided in the accompanying financial
statements.
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets to Be Disposed Of" was issued in March 1995
and is effective for fiscal years beginning after December 15, 1995. The
Statement does not have a material effect on the financial position or
results of operations of the Company.
(2) INVESTMENT PROPERTIES
(a) General
The Partnership has acquired, either directly or through a joint
venture (Note 3), three apartment complexes, a distribution center, and a
warehouse/research facility. One apartment complex was sold in 1993.
Another apartment complex acquired through the joint venture was sold in 1995.
All three properties owned at March 31, 1996 were completed and in operation.
Depreciation on the investment properties acquired has been provided
over the estimated useful lives of five to forty years using the straight-line
method.
Maintenance and repair expenses are charged to operations as
incurred. Expenditures which materially add to the value or utility of the
property or appreciably prolong its useful life are capitalized and
depreciated over their estimated useful lives.
(b) Oak View Apartments
On September 30, 1986, the Partnership acquired the Oak View
Apartments, a recently constructed 124 unit apartment complex located in the
Augusta, Georgia metropolitan area, and title to the approximately twenty
acre parcel of land on which the complex is situated.
The Partnership's purchase price was $3,604,460, excluding closing
costs, fees, reserves and prorations, and was determined by arm's-length
negotiations.
An affiliate of the General Partners manages the apartment complex
for a fee equal to 5% of the gross revenue of the property.
- 6 -
LINCAM PROPERTIES LTD. SERIES 85
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 1996 and 1995
(Unaudited)
(c) 5521 Meadowbrook Court Distribution Center
On January 12, 1987, the Partnership acquired for $2,492,500 an
approximately 50,000 square foot distribution center and the approximately
110,000 square foot parcel of land on which the building is situated. The
property is located at 5521 Meadowbrook Court in Rolling Meadows, Illinois,
and has been leased to Komori America , Inc. since February 11, 1991. Komori
America, Inc. has entered into a thirty-two month lease agreement which
commenced August 16, 1993. Under the terms of the lease the tenant will
occupy approximately 41.67% of the distribution center and pay a
base rent of $4.85 per square foot in year one. The base rent increased to
$4.90 on August 1, 1994. Komori America, Inc. amended their lease effective
February 1, 1994 to occupy an additional 4,167 square feet (8.33%) for $2.75
per square foot.
Komori America, Inc.'s current lease will expire on May 31, 1996 at which
time they will vacate 50% of the distribution center. The Partnership has
contracted with an outside broker to actively market the property for lease
and/or sale.
On January 11, 1994, the Partnership leased the remaining 25,000
square feet of the distribution center to Samsung America, Inc. The
thirty-eight month lease commenced March 6, 1994 and provides for an annual
base rent of $3.75 per square foot in year one. The terms of the lease
provide for three percent annual increases in the base rent. The terms of
the lease also provide that the tenant be responsible for their proportionate
share of all operating expenses, including real estate taxes, during the term
of the lease.
An affiliate of the General Partners manages and provides leasing
services for the distribution center for a fee equal to 6% of the gross
revenue of the property.
(d) Walker's Mark Apartments
On July 29, 1987, the Partnership acquired for $5,950,000 the
Walker's Mark Apartments, a 164 unit apartment complex located in Dallas,
Texas, and title to the approximately seven acre parcel of land on which the
complex is situated.
On August 19, 1993, the Partnership sold this apartment complex for
$6,585,000. The Partnership received $911,617 in cash (after closing costs
and commissions) and a note receivable for $5,485,000 which is secured by
a first mortgage on the property. The Partnership is receiving monthly
payments of interest only, at an annual rate of 7.5% with the note balance
due October 1, 1997. The note may be prepaid without penalty at any time.
Pursuant to the note agreement the buyer is required to deposit with the
seller monthly payments for real estate taxes. At March 31, 1996 and
1995, $40,288 and $25,863, respectively, are recorded as funds held for
others.
(e) 1880 Country Farm Drive Facility
On July 1, 1988, the Partnership acquired a recently completed,
approximately 162,000 square foot office and warehouse/research facility and
title to the approximately 354,000 square foot parcel of land on which the
building is situated. The property is located at 1880 Country Farm Drive in
Naperville, Illinois, and is leased to Babson Bros. for a ten-year lease term
commencing September, 1987. Babson Bros. Co. has two 5-year options to renew
its lease at market rates.
The Partnership's purchase price was $7,840,000 excluding closing
costs, fees, reserves and prorations, and was determined by arm's-length
negotiations.
An affiliate of the General Partners managed the property for a fee
equal to 1% of the gross revenue of the property.
- 7 -
LINCAM PROPERTIES LTD. SERIES 85
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 1996 and 1995
(Unaudited)
(3) VENTURE AGREEMENT - LINCAM BARTON VENTURE
On May 21, 1986, the Partnership entered into a joint venture agreement
with an affiliate of the General Partners of the Partnership to acquire a 60%
interest in Barton Creek Landing Apartments, a 250 unit apartment complex
located in Austin, Texas, and title to the approximately nineteen acre parcel
of land on which the complex is situated. The Partnership
and its venture partner made initial cash capital contributions of $2,496,000
and $1,664,000, respectively, to the joint venture partnership (the "Joint
Venture"), which also received a loan from the Partnership's venture partner
in the amount of $8,750,000. These funds were used to pay the property's
purchase price of $12,500,000. On December 22, 1986, the Joint
Venture replaced the loan with additional equity totalling $8,750,000
contributed to the Joint Venture by the Partnership and its venture partner
in proportion to their respective ownership percentages.
On April 12, 1995, the Joint Venture sold this apartment complex for
$14,871,600 in an all cash transaction. The Partnership received
approximately $8,950,000 in cash distributions from the joint venture which
was used to repay debt (see Note 4 of Notes to Financial Statements) and make
a special distribution of $3,537,616 or a $140 per limited partnership
interest.
(4) NOTE PAYABLE
The Partnership paid the $5,000,000 note which was owed to a bank in
full in April 1995 upon closing of the sale of the Barton Creek Landing
Apartments.
(5) TRANSACTIONS WITH AFFILIATES
Fees, commissions and other expenses required to be paid by the
Partnership to the Corporate General Partner and its affiliates as of and for
the three months ended March 31, 1996 and 1995 are summarized as follows:
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended Unpaid at
March 31, 1996 March 31, 1995 March 31, 1996
<S> <C> <C> <C>
Property management fees $16,174 45,072 449
Reimbursement (at cost) for:
Out-of-Pocket expenses $18,167 17,587 -
======= ======= =====
</TABLE>
(6) ADJUSTMENTS
In the opinion of the Corporate General Partner, all adjustments
necessary for a fair presentation have been made to the accompanying figures
as of March 31, 1996 and 1995 and for the three month periods ended March 31,
1996 and 1995.
- 8 -
Item 2.Management Discussion and Analysis of Results of Financial Condition
and Results of Operations
Liquidity and Capital Resources
On October 23, 1985, the Partnership commenced an offering of $25,000,000
(subject to increase by up to $15,000,000) of Limited Partnership Interests
pursuant to a Registration Statement on Form S-11 under the Securities Act of
1933. The offering of Limited Partnership Interests terminated April 15, 1986.
A total of 25,015 Interests were assigned to the public between October 23,
1985 and May 16, 1986. After deducting selling expenses and other offering
costs, the Partnership had approximately $22,500,000 with which to make
investments in income-producing commercial and residential real property, to
pay legal fees and other costs (including acquisition fees) related to such
investments and to satisfy working capital requirements. A portion of the
proceeds was utilized to acquire the properties owned by the Partnership at
March 31, 1996.
At March 31, 1996, the Partnership and its consolidated joint venture had
cash of $103,739 and short-term investments in asset management accounts of
$348,060, which will be utilized for distributions to partners and for working
capital requirements.
At March 31, 1996 the Partnership has total current assets of $457,984 and
current liabilities of $208,756 and a current ratio of 2.19. Including a
special distribution of the net proceeds from the sale of the Barton Creek
Landing Apartments equal to $140 per limited partnership interest, cash
distributions were $206 per Limited Partnership Interest in 1995. Cash
distributions for 1996 are being made at the annual rate of $60 per Limited
Partnership Interest.
On April 12, 1995, the Joint Venture sold Barton Creek Landing Apartments for
$14,871,600 in an all cash transaction. As described in Notes 3 and 4 of
Notes to Financial Statements, the Partnership received approximately
$9,060,000 in cash of which $5,000,000 was used to retire the Partnership's
bank debt. Of the remaining proceeds, $140 per limited partnership
interest was distributed to the partners via a special distribution. The
remaining cash of approximately $520,000 was used to pay expenses of the sale
or is being used for working capital needs.
In April 1995, the Partnership repaid in full its existing bank debt from the
proceeds of the sale of the Barton Creek Landing Apartments.
As described in Note 2(d) of Notes to Financial Statements the Partnership
sold Walker's Mark Apartments in Dallas, Texas for $6,585,000 on August 19,
1993. The Partnership received $911,617 in cash (net of closing costs) at
closing and a note receivable for $5,485,000. The note provides for monthly
payments of interest only in the amount of $34,281 for 50 months, at which
time the note balance is due. The Partnership used the cash from the sale,
together with working capital reserves, to pay its note payable down to
$5,000,000.
The Corporate General Partner will continue to explore selling each of the
properties at a time when, from the standpoint of maximizing value, it makes
the most sense.
- 9 -
Results of Operations
At March 31, 1996, the Partnership owned three investment properties,
consisting of an apartment complex, a distribution center and a
warehouse/research facility.
The decrease in rental income for the three months ended March 31, 1996
compared to 1995 of approximately $586,000 (59.9%) is primarily due to 1)
less rental income generated at Barton Creek Landing Apartments ($574,500)
due to its being sold in April 1995; and 2) less rental income at Oak View
Apartments ($12,100) due to lower occupancy. The increase in
charges to tenant for the three months ended March 31, 1996 compared to 1995
of approximately $15,500 (45.3%) is primarily due to an increase in real
estate taxes and maintenance expenses which are passed through to the
tenants. Interest income decreased approximately $2,400 (2.2%) for the three
months ended March 31, 1996 compared to 1995. This decrease is primarily
attributable to less interest income earned at the joint venture which was
terminated as of September 30, 1995. Other income decreased approximately
$17,700 (78.7%) for the months ended March 31, 1996 as compared to
1995. This decrease is primarily due to Barton Creek Landing Apartments
being sold in April, 1995. Property operating expenses decreased
approximately $174,400 (56.3%) for the three months ended March 31, 1996
compared to 1995. This decrease of approximately $208,300 is primarily
attributable to Barton Creek Landing Apartments being sold. This decrease
was partially offset by increases in property operating expenses at Oak View
Apartments (approximately $20,900) and at Meadowbrook Court Distribution
Center (approximately $13,800). The decrease in depreciation expense of
approximately $73,000 (46.8%) for the three months ended March 31, 1996
compared to 1995 is primarily attributable to the sale of Barton
Creek Landing Apartments. The decrease in interest expense of $113,201 for
the three months ended March 31, 1996 as compared to 1995 is due to the note
payable being repaid in April, 1995. Management fees paid to an affiliate of
the General Partner decreased approximately $28,900 (64.1%) for the three
months ended March 31, 1996 as compared to 1995. This decrease is primarily
attributable to the sale of Barton Creek Landing Apartments. Professional
services have decreased approximately $5,100 (25.9%) for the three months
ended March 31, 1996 as compared to 1995. This decrease in primarily
due to a decrease in tax and audit fees generated at the joint venture which
is no longer in existence. Early repayment of the note payable caused
amortization of deferred expenses to decrease by approximately $13,000 for
the three months ended March 31, 1996 as compared to March 31, 1995. General
and administrative expenses decreased by approximately $5,300 (22%) for the
three months ended March 31, 1996 as compared to March 31, 1995. This
decrease is primarily due to Barton Creek Landing Apartments being sold.
Operating income for the three months ended March 31, 1996 as compared to
1995 decreased by $195,795 to $286,257 (38.3%) and net income decreased by
$65,499 to $286,257 (18.6%) over the same period.
- 10 -
<TABLE>
OCCUPANCY
<CAPTION>
The following is a listing of approximate occupancy levels by quarter for the partnership's investment properties:
1995 1996
------------------------- -------------------------
at at at at at
3/31 6/30 9/30 12/31 3/31
<S> <C> <C> <C> <C> <C>
Barton Creek Landing Apartments
Austin, Texas . . 96% N/A N/A N/A N/A
Oak View Apartments
Augusta, Georgia. 98% 88% 87% 85% 96%
5521 Meadowbrook Court
Distribution Center
Rolling Meadows, Illinois 100% 100% 100% 100% 100%
1880 Country Farm Drive
Warehouse/Research Facility
Naperville, IL. . 100% 100% 100% 100% 100%
</TABLE>
An "N/A" indicates the property was not owned by the Partnership at the end
of the quarter.
Item 6.Exhibits and Reports on Form 8-K
(a) Exhibits: 27. Financial Data Schedule
(b) Reports on Form 8-K: None
- 11 -
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
LINCAM PROPERTIES LTD. SERIES 85
By: LINCAM PROPERTIES, INC.
Corporate General Partner
Date:May 13, 1996 By: /s/ John E. Allen
John E. Allen
President of Corporate
General Partner
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By: LINCAM PROPERTIES, INC.
Corporate General Partner
Date:May 13, 1996 By: /s/ Gregory T. Mutz
Gregory T. Mutz
Chairman and Director
Principal Executive Officer
Date:May 13, 1996 By: /s/ John E. Allen
John E. Allen
President and Director
Date:May 13, 1996 By: /s/ Charles C. Kraft
Charles C. Kraft, Treasurer
Principal Financial Officer and
Principal Accounting Officer
- 12 -
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 451,799
<SECURITIES> 0
<RECEIVABLES> 5,491,185
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 457,984
<PP&E> 14,416,941
<DEPRECIATION> 3,003,586
<TOTAL-ASSETS> 17,494,953
<CURRENT-LIABILITIES> 208,756
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 17,286,197
<TOTAL-LIABILITY-AND-EQUITY> 17,494,953
<SALES> 0
<TOTAL-REVENUES> 553,827
<CGS> 0
<TOTAL-COSTS> 267,570
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 286,257
<INCOME-TAX> 0
<INCOME-CONTINUING> 286,257
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 286,257
<EPS-PRIMARY> 11.33
<EPS-DILUTED> 11.33
</TABLE>
