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, 1998 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 ( )
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
LINCAM PROPERTIES LTD. SERIES 85
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
MARCH 31, 1998 AND DECEMBER 31, 1997
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1998 1997
-------------- ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 562,591 515,064
Prepaid expenses and other. . . . . . . . . . . . . . . . . . . . . . 2,143 356
------------ -----------
Total current assets. . . . . . . . . . . . . . . . . . . . . 564,734 515,420
------------ -----------
Property held for sale, at lower of depreciated cost
or estimated value (notes 1 and 2). . . . . . . . . . . . . . . . . . 2,516,263 2,514,044
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,089 14,339
------------ -----------
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . $ 3,096,086 3,043,803
============ ===========
<PAGE>
LINCAM PROPERTIES LTD. SERIES 85
(A LIMITED PARTNERSHIP)
BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL (DEFICITS)
--------------------------------------------
MARCH 31, DECEMBER 31,
1998 1997
-------------- ------------
Current liabilities:
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,231 33,800
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,394 879
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . 10,500 --
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . 15,089 14,339
------------ -----------
Total current liabilities . . . . . . . . . . . . . . . . . . 46,214 49,018
------------ -----------
Partners' capital (deficits) (note 1):
General Partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,000
Allocated portion of cumulative net income. . . . . . . . . . . . . 107,643 107,092
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (301,961) (301,961)
------------ -----------
(192,318) (192,869)
------------ -----------
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. . . . . . . . . . . . . 10,712,820 10,658,284
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (29,950,275) (29,950,275)
------------ -----------
3,242,190 3,187,654
------------ -----------
Total partners' capital . . . . . . . . . . . . . . . . . . . 3,049,872 2,994,785
------------ -----------
Total liabilities and partners' capital . . . . . . . . . . . $ 3,096,086 3,043,803
============ ===========
</TABLE>
<PAGE>
<TABLE>
LINCAM PROPERTIES LTD. SERIES 85
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<CAPTION>
1998 1997
------------ -----------
<S> <C> <C>
Income:
Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 155,662 172,845
Charges to tenants. . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 32,952
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,392 4,461
Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,470 5,882
----------- ----------
Total income. . . . . . . . . . . . . . . . . . . . . . . . . . . 167,524 216,140
----------- ----------
Expenses:
Property operating expenses . . . . . . . . . . . . . . . . . . . . . . . 68,459 111,361
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 21,899
Management fees paid to the General Partner . . . . . . . . . . . . . . . 8,057 9,239
Professional services . . . . . . . . . . . . . . . . . . . . . . . . . . 13,522 12,773
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . 22,399 23,976
Provision for loss on sale of investment property . . . . . . . . . . . . -- 60,000
----------- ----------
Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . 112,437 239,248
----------- ----------
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . 55,087 (23,108)
----------- ----------
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . $ 55,087 (23,108)
=========== ==========
Net income (loss) per limited partnership unit. . . . . . . . . . $ 2.18 (.91)
=========== ==========
Cash distributions per limited partnership interest . . . . . . . $ -- --
=========== ==========
</TABLE>
<PAGE>
<TABLE>
LINCAM PROPERTIES LTD. SERIES 85
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<CAPTION>
1998 1997
------------ -----------
<S> <C> <C>
Cash flows from (for) operating activities:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,087 (23,108)
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for loss on sale of investment property . . . . . . . . . . . -- 60,000
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 21,899
Changes in assets and liabilities:
Increase in prepaid expenses and other current assets . . . . . . . . (1,787) (4,651)
Increase in accounts receivable . . . . . . . . . . . . . . . . . . . -- (69,473)
(Increase) decrease in other assets . . . . . . . . . . . . . . . . . (750) 347
Decrease in accounts payable . . . . . . . . . . . . . . . . . . . . (17,569) (16,986)
Increase (decrease) in accrued expenses . . . . . . . . . . . . . . . 3,515 (925)
Increase (decrease) in accrued real estate taxes. . . . . . . . . . . 10,500 (27,576)
Increase in tenant security deposits. . . . . . . . . . . . . . . . . 750 10,174
----------- -----------
Total adjustments . . . . . . . . . . . . . . . . . . . . . . . . (5,341) (27,191)
----------- -----------
Net cash provided by (used in) operating activities . . . . . . . 49,746 (50,299)
----------- -----------
Cash flows for investing activities:
Additions to buildings and improvements . . . . . . . . . . . . . . . . . (2,219) (7,378)
Payment of leasing commissions. . . . . . . . . . . . . . . . . . . . . . -- (48,151)
----------- -----------
Net cash used in investing activities . . . . . . . . . . . . . . (2,219) (55,529)
----------- -----------
<PAGE>
LINCAM PROPERTIES LTD. SERIES 85
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS - CONTINUED
1998 1997
------------ -----------
Net increase (decrease) in cash and cash equivalents. . . . . . . . . . . . 47,527 (105,828)
Cash and cash equivalents at beginning of period. . . . . . . . . . . . . . 515,064 350,073
----------- -----------
Cash and cash equivalents at end of period. . . . . . . . . . . . . . . . . $ 562,591 244,245
=========== ===========
</TABLE>
<PAGE>
LINCAM PROPERTIES LTD. SERIES 85
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998 AND 1997
(UNAUDITED)
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1997,
which are included in the Partnership's 1997 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, 1998 and
December 31, 1997 and the statements of operations and cash flows for the
three months ended March 31, 1998 and 1997 have been prepared by Management
of the Partnership and have not been audited by the Partnership's
independent auditors.
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:
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 1998 MARCH 31, 1997
----------------------- --------------------------
GAAP BASIS TAX BASIS GAAP BASIS TAX BASIS
---------- --------- ---------- ---------
Total assets. . . . .$3,096,086 2,974,482 4,917,712 4,961,014
Partners' capital
(deficits):
General Partners. .$ (192,318) (231,899) (175,424) (213,688)
Limited Partners. .$3,242,190 3,193,411 4,914,691 4,996,257
Net income
General Partners. .$ 551 200 (232) 70
Limited Partners. .$ 54,536 19,807 (22,876) 6,980
Net income per
limited partner-
ship interest. . . .$ 2.18 .79 (.91) .28
========== ========= ========== ==========
The net income and cash distributions per limited partnership interest,
as presented for the three month period ended March 31, 1998 and 1997 are
based upon the limited partnership interests outstanding at the end of the
periods (25,016).
<PAGE>
No provision for Federal income taxes has been made as any liability,
for such taxes, is that of the partners rather than the Partnership.
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.
On January 1, 1996, the Partnership adopted Statement of Financial
Accounting Standards (SFAS) No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to Be Disposed Of", which
changes the Partnership's current method of accounting for its real estate
property investments when circumstances indicate that carrying amount of
the property may not be recoverable. Properties held for sale will
continue to be reflected at the lower of historical cost or estimated fair
value less anticipated selling costs. In addition, properties held for
sale will no longer be depreciated.
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.
The 5521 Meadowbrook Court Distribution Center was sold in August,
1997. In anticipation of the sale, the Partnership, in March 1997, made a
provision for loss of $60,000 to reduce the carrying amount of the property
to its estimated value. Management believes that no assets are impaired;
therefore, no other such losses have been required to be recognized or
provided for in the accompanying financial statements.
(2) INVESTMENT PROPERTIES
(A) GENERAL
During the years 1986 through 1988, the Partnership 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. The warehouse/research facility was sold
in September, 1996, and the distribution center was sold in August, 1997.
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.
<PAGE>
(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.
The Partnership has contracted to sell this apartment complex and
the land on which it is located for $3,100,000 in an all cash transaction.
The sale is expected to close in late May, 1998. The Partnership
anticipates receiving approximately $2,890,000 after closing costs,
commissions and prorations and will use these proceeds to make a final
distribution to its partners.
(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.
An affiliate of the General Partners managed the distribution center
for a fee equal to 3% of the gross revenue of the property.
On August 6, 1997, the Partnership sold this facility and the land
on which the building is situated for $2,150,000 in an all cash
transaction. The Partnership received $1,870,720 after closing costs,
prorations and commissions. On September 5, 1997, the Partnership made a
special distribution of $75 per limited partnership interest to its
partners.
(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 was secured by
a first mortgage on the property.
On July 2, 1996, the buyer prepaid the note. The Partnership
distributed the proceeds from collection of this note on October 1, 1996.
(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 Partnership's purchase price was $7,840,000 excluding closing
costs, fees, reserves and prorations, and was determined by arm's-length
negotiations.
<PAGE>
On September 20, 1996, the Partnership sold this facility and the
land on which the building is situated for $6,575,000 in an all cash
transaction. The Partnership received $6,239,950 after closing costs and
commissions. The Partnership used these proceeds and the proceeds from the
collection of the $5,485,000 note from the sale of the Walker's Mark
Apartments to make a special distribution of $450 per limited partnership
interest on October 1, 1996.
(3) 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, 1998 and 1997 are summarized as
follows:
THREE MONTHS ENDED
MARCH 31, UNPAID AT
-------------------- MARCH 31,
1998 1997 1998
------- ------- -------------
Property management fees . . $ 8,057 9,239 --
Reimbursement (at cost) for:
Out-of-Pocket expenses. . . $18,311 20,286 --
======= ====== ====
(4) ADJUSTMENTS
In the opinion of the Corporate General Partner, all adjustments
necessary for a fair presentation have been made to the accompanying
amounts as of March 31, 1998 and 1997 and for the three month periods ended
March 31, 1998 and 1997.
<PAGE>
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 property owned by the Partnership at March 31,
1998.
At March 31, 1998, the Partnership had cash of $99,796 and short-term
investments in asset management accounts of $462,795, which will be
utilized for distributions to partners and for working capital
requirements.
At March 31, 1998, the Partnership has total current assets of $564,734 and
current liabilities of $46,214 and a current ratio of 12.22. Including a
special distribution of the net proceeds from (1) the sale of 1880 Country
Farm Road Facility and (2) the collection of the note receivable equal to
$450 per Limited Partnership Interest, cash distributions increased to $510
per Limited Partnership in 1996. A distribution of $75 per Limited
Partnership Interest from the net sale proceeds at the 5521 Meadowbrook
Court Distribution Center was made during 1997. A final liquidating
distribution will be made soon after the Partnership sells its remaining
asset.
On August 6, 1997, the Partnership sold the 5521 Meadowbrook Court
Distribution Center for $2,150,000 in an all cash transaction. As
described in Note 2(c) of Notes to Financial Statements, the Partnership
received $1,870,720 (net of closing costs). The net proceeds were
distributed to the partners via a special distribution of $75 per Limited
Partnership Interest in September, 1997.
On September 20, 1996, the Partnership sold the 1880 Country Farm Drive
facility for $6,575,000 in an all cash transaction. As described in
Note 2(E) of Notes to Financial Statements, the Partnership received
$6,239,950 (net of closing costs). The Partnership distributed the
majority of these proceeds to the partners via a special distribution on
October 1, 1996.
The Corporate General Partner is continuing to explore selling its
remaining property.
RESULTS OF OPERATIONS
At March 31, 1998, the Partnership owned one investment property,
consisting of an apartment complex located near Augusta, Georgia.
The decrease in rental income for the three months ended March 31, 1998
compared to 1997 of approximately $17,200 (9.9%) is primarily due to no
rental income generated at the Meadowbrook Court Distribution Center due to
its being sold in August 1997 ($34,300). This decrease was partially
offset by an increase in rental income at Oak View Apartments ($17,100) due
to an increase in occupancy.
Changes to tenants have decreased approximately $33,000 for the three
months ended March 31, 1998 as compared to 1997 due to the sale of the
Meadowbrook Court Distribution Center in August 1997.
<PAGE>
Interest income increased approximately $1,900 (43.3%) for the three months
ended March 31, 1998 compared to 1997. This increase is primarily
attributable to increased amounts held in interest bearing short-term asset
management accounts.
Other income remained essentially flat for the three months ended March 31,
1998 as compared to 1997.
Property operating expenses decreased approximately $42,900 (38.5%) for the
three months ended March 31, 1998 compared to 1997. This decrease is
primarily due to decreases in property operating expenses at Oak View
Apartments (approximately $3,700) and at Meadowbrook Court Distribution
Center (approximately $39,200).
The decrease in depreciation expense of approximately $21,900 for the three
months ended March 31, 1998 compared to 1997 is primarily attributable to
no depreciation charged at Oak View Apartments due its being held for sale
in accordance with SFAS No. 121 which was adopted as of July 1, 1997.
Management fees paid to an affiliate of the General Partner decreased
approximately $1,200 (12.8%) for the three months ended March 31, 1998 as
compared to 1997. This decrease is primarily attributable to the sale of
Meadowbrook Court Distribution Center (approximately $2,000). The decrease
was partially offset by an increase in property management fees at Oak View
Apartments (approximately $800) due to the increase in rental income.
Professional services have remained essentially flat for the three months
ended March 31, 1998 as compared to 1997.
General and administration expenses have decreased approximately $1,600
(6.6%) for the three months ended March 31, 1998 as compared to 1997. This
decrease is primarily due to a decrease in overhead charges.
For the three months ended March 31, 1998 net operating income was $55,087
or $2.18 per limited partnership interest.
<PAGE>
<TABLE>
OCCUPANCY
The following is a listing of approximate occupancy levels by quarter for the partnership's investment properties:
<CAPTION>
1997 1998
------------------------------------- ------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Oak View Apartments
Augusta, Georgia. . . . . . 84% 92% 95% 94% 91%
5521 Meadowbrook Court
Distribution Center
Rolling Meadows, Illinois . 100% 100% N/A N/A N/A
<FN>
An "N/A" indicates the property was not owned by the Partnership at the end of the quarter.
</TABLE>
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS: 27. Financial Data Schedule
(b) REPORTS ON FORM 8-K: None
<PAGE>
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 11, 1998 By: /s/ CHARLES C. KRAFT
Charles C. Kraft, Treasurer
Principal Financial Officer and
Principal Accounting Officer
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 11, 1998 By: /s/ GREGORY T. MUTZ
Gregory T. Mutz
Chairman and Director
Principal Executive Officer
Date: May 11, 1998 By: /s/ JOHN E. ALLEN
John E. Allen
President and Director
Date: May 11, 1998 By: /s/ CHARLES C. KRAFT
Charles C. Kraft, Treasurer
Principal Financial Officer and
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 562,591
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 564,734
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,096,086
<CURRENT-LIABILITIES> 46,214
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 3,049,872
<TOTAL-LIABILITY-AND-EQUITY> 3,096,086
<SALES> 0
<TOTAL-REVENUES> 167,524
<CGS> 0
<TOTAL-COSTS> 112,437
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 55,087
<INCOME-TAX> 0
<INCOME-CONTINUING> 55,087
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 55,087
<EPS-PRIMARY> 2.18
<EPS-DILUTED> 2.18
</TABLE>
