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 period ended April 30, 1997
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 0-18146
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3293754
(State of organization) (IRS Employer Identification
No.)
2 World Trade Center, New York, NY 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212)
392-1054
Former name, former address and former fiscal year, if changed
since last report: not applicable
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
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
CONSOLIDATED BALANCE SHEETS
<CAPTION>
April 30, October 31,
1997 1996
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 3,111,227 $
2,380,612
Real estate:
Land 11,263,904
11,263,904
Buildings and improvements 91,225,076
90,921,733
102,488,980
102,185,637
Accumulated depreciation 26,740,981
25,226,740
75,747,999
76,958,897
Investments in joint ventures 24,716,208
41,727,417
Deferred leasing commissions, net 919,295
938,381
Other assets 1,827,972
2,773,195
$106,322,701
$124,778,502
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued liabilities $ 554,393 $
615,102
Security deposits 150,546
155,356
704,939
770,458
Partners' capital (deficiency):
General partners (8,189,594)
(7,942,412)
Limited partners ($500 per Unit,
534,020 Units issued) 113,807,356
131,950,456
Total partners' capital 105,617,762
124,008,044
$106,322,701
$124,778,502
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and six months ended April 30, 1997 and 1996
<CAPTION>
Three months ended Six
months ended
April 30, April 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenues:
Rental $2,666,219 $2,699,151
$5,511,095 $ 6,141,634
Equity in earnings of joint ventures 577,905
821,610 2,408,927 1,713,667
Interest 96,400 274,562
196,451 607,893
Other 11,386 38,827
40,937 75,100
3,351,910 3,834,150
8,157,410 8,538,294
Expenses:
Property operating 953,826 1,091,414
1,741,260 2,375,473
Depreciation 779,205 721,689
1,531,159 1,562,697
Amortization 87,679 74,536
155,161 134,134
General and administrative 222,529 246,584
516,548 504,224
Loss on impairment of real estate - - -
12,422,872
2,043,239 2,134,223
3,944,128 16,999,400
Net income (loss) $1,308,671 $1,699,927
$4,213,282 $(8,461,106)
Net income (loss) allocated to:
Limited partners $1,177,804 $1,529,934
$3,884,910 $(7,614,995)
General partners 130,867 169,993
328,372 (846,111)
$1,308,671 $1,699,927
$4,213,282 $(8,461,106)
Net income (loss) per Unit of
limited partnership interest $2.21 $2.86
$7.28 $(14.26)
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
Six months ended April 30, 1997
<CAPTION>
Limited General
Partners Partners Total
<S> <C> <C> <C>
Partners' capital (deficiency)
at November 1, 1996 $131,950,456
$(7,942,412) $124,008,044
Net income 3,884,910
328,372 4,213,282
Cash distributions (22,028,010)
(575,554) (22,603,564)
Partners' capital (deficiency)
at April 30, 1997 $113,807,356
$(8,189,594) $105,617,762
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended April 30, 1997 and 1996
<CAPTION>
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 4,213,282 $
(8,461,106)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation 1,531,159
1,562,697
Amortization 155,161
134,134
Equity in earnings of joint ventures (2,408,927)
(1,713,667)
Loss on impairment of real estate -
12,422,872
(Increase) decrease in operating assets:
Deferred expenses (136,074)
(175,145)
Other assets 945,223
975,022
Increase (decrease) in operating liabilities:
Accounts payable and accrued liabilities
(60,709) 26,725
Security deposits (4,810)
27,043
Net cash provided by operating activities
4,234,305 4,798,575
Cash flows from investing activities:
Additions to real estate (320,262)
(247,536)
Investments in joint ventures (362,575)
(348,737)
Distributions from joint ventures 19,782,711
2,660,750
Proceeds from disposition of real estate held for sale
- - 35,256,585
Net cash provided by investing activities
19,099,874 37,321,062
Cash flows from financing activities:
Cash distributions (22,603,564)
(42,505,026)
Increase (decrease) in cash and cash equivalents
730,615 (385,389)
Cash and cash equivalents at beginning of period
2,380,612 4,687,564
Cash and cash equivalents at end of period $
3,111,227 $ 4,302,175
(Continued)
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended April 30, 1997 and 1996
(Continued)
<CAPTION>
1997 1996
<S> <C> <C>
Supplemental disclosure of non-cash investing activities:
Reclassification of real estate held for sale:
Increase to real estate:
Land $
1,023,904
Buildings and improvements
9,215,139
Decrease to real estate held for sale $
10,239,043
See accompanying notes to consolidated financial statements.
</TABLE>
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
Notes to Consolidated Financial Statements
1. The Partnership
Dean Witter Realty Income Partnership III, L.P. (the
"Partnership") is a limited partnership organized under
the laws of the State of Delaware in 1985. The
Partnership's fiscal year ends on October 31.
The financial statements include the accounts of the
Partnership, Part Six Associates and Laurel-Vincent
Place Associates Limited Partnership on a consolidated
basis. The Partnership's interests in Taxter Corporate
park, Tech Park Reston and the partnership which owns
interests in Chesterbrook Corporate Center are
accounted for on the equity method.
The Partnership's records are maintained on the accrual
basis of accounting for financial reporting and tax
reporting purposes.
Net income (loss) per Unit of limited partnership
interest amounts are calculated by dividing net income
(loss) allocated to Limited Partners, in accordance
with the Partnership Agreement, by the weighted average
number of Units outstanding.
In the opinion of management, the accompanying
financial statements, which have not been audited,
include all adjustments necessary to present fairly the
results for the interim period. Except for the losses
on impairment of real estate, such adjustments consist
only of normal recurring accruals.
These financial statements should be read in
conjunction with the annual financial statements and
notes thereto included in the Partnership's annual
report on Form 10-K filed with the Securities and
Exchange Commission for the year ended October 31,
1996. Operating results of interim periods may not be
indicative of the operating results for the entire
year.
2. Real Estate
On December 31, 1996, Technology Park Associates (which
is owned 35% by the Partnership and 65% by Dean Witter
Realty Income Partnership IV, L.P., an affiliated
public partnership), and DW Technology Park II
Associates, L.P. (which is owned by affiliates
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
Notes to Consolidated Financial Statements
of the General Partner) sold the Technology Park Reston
office park (the "Property") to Sprint Communications
Company L.P., the sole tenant at the Property, for a
negotiated sales price of $76.3 million. $51,483,000
of the sales price was allocated to Technology Park
Associates and $24,817,000 was allocated to
DW/Technology Park II Associates, L.P., based on the
relative square footage of the buildings each owned at
the Property. The purchase price was received in cash
at closing. The Partnership received approximately
$17.7 million of such cash, representing its 35% share
of the cash received by Technology Park Associates, net
of closing costs. The Partnership's share ($930,000)
of Technology Park Associates' gain on the sale is
included in equity in earnings of joint ventures. The
Partnership made a distribution of net proceeds from
the sale ($31.55 per Unit) to Limited Partners in
February 1997 representing a return of capital.
In connection with a new lease at Westland Crossing,
the Partnership committed to demolish approximately
20,000 square feet of existing tenant space and to
construct an additional 7,000 square feet of new space
for a PetsMart store at a cost of approximately $1.7
million. Construction is expected to begin during the
third quarter of fiscal 1997 and be complete by the
first quarter of fiscal 1998. The Partnership
anticipates funding the construction costs from cash
reserves and proceeds from future property sales.
3. Related Party Transactions
An affiliate of the Managing General Partner provided
property management services for five properties (eight
properties in 1996) as well as for five buildings at
the Chesterbrook Corporate Center. The Partnership
incurred management fees of approximately $125,000 and
$168,000 for the six months ended April 30, 1997 and
1996, respectively. These amounts are included in
property operating expenses.
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
Notes to Consolidated Financial Statements
Another affiliate of the Managing General partner
performs administrative functions, processes investor
transactions and prepares tax information for the
Partnership. For the six months ended April 30, 1997
and 1996, the Partnership incurred approximately
$319,000 and $335,000, respectively, for these
services. These amounts are included in general and
administrative expenses.
As of April 30, 1997, the affiliates were owed a total
of approximately $59,500 for these services.
4. Litigation
Various public partnerships sponsored by Realty
(including the Partnership and its Managing General
Partner) are defendants in a number of class action
lawsuits pending in state and federal courts. The
complaints allege a variety of claims, including breach
of fiduciary duty, fraud, misrepresentation and related
claims, and seek compensatory and other damages and
equitable relief. The defendants intend to vigorously
defend the actions. It is impossible to predict the
effect, if any, the outcome of these actions might have
on the Partnership's financial statements.
5. Subsequent Distributions
On May 28, 1997, the Partnership paid the second
quarter cash distribution of approximately $4.35 per
Unit to the Limited Partners. The total cash
distribution amounted to $2,581,097, with $2,322,987
distributed to the Limited Partners and $258,110 to the
General Partners.
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Liquidity and Capital Resources
The Partnership raised $267,010,000 in a public
offering of 534,020 Units which was terminated in 1987.
The Partnership has no plans to raise additional
capital.
The Partnership purchased, directly or through a
partnership interest six office properties and five
retail properties. Through April 30, 1997, one office
and three retail properties have been sold. The
Partnership's acquisition program has been completed.
No additional investments are planned.
The economic expansion continues and has provided for a
rebound in the commercial property markets. Employment
growth has pushed up demand for office space. The
steady demand and the limited amount of speculative
office construction has resulted in falling vacancies,
rising rents and increasing property values in many
markets. The northeastern and southeastern sections of
the country continue to improve. The retail sector is
still experiencing uncertainty, with large retailers
with preferred locations continuing to outperform
smaller retailers unable to compete on pricing. This
has continued to result in decreased demand for new and
existing retail space and higher overall vacancies.
The closing of the sale of the Technology Park Reston
office park occurred on December 31, 1996 (see Note 2
to the consolidated financial statements). During the
three- and six-month periods ended April 30, 1997, the
Partnership's aggregate cash flow from operations
decreased compared to 1996 by $136,500 and $546,000,
respectively, as a result of the sale of the property.
The Partnership's operating cash flow from this joint
venture was approximately $1,600,000 in 1996 and
$273,000 during the three- and six-month periods ended
April 30, 1997.
As a result of the sale of the Partnership's
properties, the quarterly distribution rate was
adjusted to $4.35 per Unit, representing an annual
return of approximately 4.75% on the gross offering
proceeds attributable to the Partnership's remaining
investments, beginning with the May 1997 distribution.
The Partnership's liquidity depends upon cash flow from
operations of its properties and expenditures for
building improvements and tenant improvements and
leasing commissions in connection with the leasing of
space. During the three- and six-month periods ended
April 30, 1997, all of the Partnership's properties and
joint venture interests generated positive cash flow
from operations, and the Partnership anticipates that
they will continue to do so in fiscal 1997.
In addition, the Partnership's liquidity has been and
will continue to be affected by the sale of other
properties. The Managing General Partner currently
plans to market for sale the Partnership's office
properties and the two remaining shopping centers in
1997 and 1998, with the objective of completing sales
of all the Partnership office properties by the end of
1998. There is no assurance the Partnership will be
able to achieve these objectives. As the Partnership
has fewer income-producing investments, Partnership
cash from operations will decline, as will Partnership
distributions. The Partnership will also require less
cash reserves to fund capital expenditures and leasing
commissions.
During the six months ended April 30, 1997, the
Partnership's cash flow from operations and
distributions received from its joint ventures exceeded
distributions to investors, capital expenditures,
leasing commissions and contributions to its joint
ventures.
During the six months ended April 30, 1997, the
Partnership incurred approximately $456,000 of tenant
improvements and leasing commissions at the Glenhardie
($139,000) and Holcomb Woods ($317,000) properties.
The Partnership contributed approximately $362,500, its
share of capital expenditures, primarily to the
Chesterbrook joint venture.
As of April 30, 1997, the Partnership has commitments
to fund approximately $400,000 of tenant improvements
and leasing commissions, related to the Holcomb Woods
($120,000) and Glenhardie ($280,000) properties, and to
contribute approximately $350,000 for its share of
capital expenditures and leasing commissions at the
Chesterbrook ($200,000) and Taxter ($150,000) joint
ventures.
In connection with a new lease at Westland Crossing,
the Partnership committed to demolish approximately
20,000 square feet of existing tenant space and to
construct an additional 7,000 square feet of new space
for a PetsMart store at a cost of approximately $1.7
million. Construction is expected to begin during the
third quarter of fiscal 1997 and be complete by the
first quarter of fiscal 1998. The Partnership
anticipates funding the construction costs from cash
reserves and proceeds from future property sales.
The Partnership may incur material capital expenditures
to lease vacant space at the Laurel Lakes Centre
shopping center. The amount of such expenditures is
uncertain at this time. To the extent that the vacant
space at the property is not re-leased, the
Partnership's cash flow will be reduced.
During the remainder of 1997, the Partnership expects
that its cash flow from operations and distributions
received from its joint ventures will exceed
distributions to its investors (other than
distributions of net proceeds from property sales). As
discussed above, the Partnership expects to fund a
portion of capital expenditures, leasing commissions
and contributions to its joint ventures from cash
reserves and proceeds from future property sales in
1997.
Except as discussed herein and in the consolidated
financial statements, the Managing General Partner is
not aware of any trends or events, commitments or
uncertainties that may materially impact liquidity.
Investments in joint ventures decreased during the six
months ended April 30, 1997, primarily due to the
distribution of the net proceeds (approximately $16.8
million) from the sale of the Technology Park Reston
office park.
Other assets decreased during the six months ended
April 30, 1997, primarily due to the amortization of
prepaid real estate taxes (approximately $400,000) and
collection of accrued passthrough income (approximately
$270,000), both of which relate to Laurel Lakes Centre.
On May 28, 1997, the Partnership paid the second
quarter distribution of $4.35 per Unit to the Limited
Partners. The total cash distribution amounted to
$2,581,097 with $2,322,987 distributed to the Limited
Partners and $258,110 to the General Partners.
Operations
Fluctuations in the Partnership's operating results for
the three- and six-month periods ended April 30, 1997
compared to 1996 were primarily attributable to the
following:
Rental revenues decreased during the six months ended
April 30, 1997 primarily due to the absence of rents of
approximately $440,000 from the three shopping centers
sold (the "Shopping Centers Sold") in December 1995.
Rental revenues also decreased at Laurel Lake Centre by
approximately $336,000 primarily due to a decrease in
tenant passthrough income and lower occupancy, and at
Westland Crossing by approximately $218,000 primarily
due to reduced occupancy. These decreases were
partially offset by higher rental income due to the
increases in occupancy at the Glenhardie and Holcomb
Woods properties. No individual factor accounted for a
significant change in rental revenues for the three
months ended April 30, 1997 and 1996.
The decrease/increase in equity in earnings of joint
ventures during the three and six month periods,
respectively, was primarily due to the sale of the
Technology Park Reston office park.
Interest income decreased due to the absence in 1997 of
interest earned on the proceeds from the Shopping
Centers Sold, offset by interest earned in 1997 on the
proceeds from the sale of the Technology Park Reston
office park.
Property operating expenses decreased primarily due to
the absence of approximately $207,000 of operating
expenses from the Shopping Centers Sold, and decreased
building service expenses and other operating expenses
of approximately $184,000 at Laurel Lakes Centre. No
individual factor accounted for a significant change in
property operating expenses for the three months ended
April 30, 1997 and 1996.
In the first quarter of fiscal 1996, the Partnership
recorded losses on impairment of the Glenhardie and
Holcomb Woods properties totaling approximately $12.4
million.
A summary of the markets in which the Partnership's
properties are located and the performance of each
property is as follows:
The office market in suburban Atlanta, the location of
the Business Park at Holcomb Woods, continues to
improve with a current vacancy rate of approximately
3%. The Managing General Partner expects rental rates
to increase moderately in 1997 as the economic
expansion and continued corporate growth has resulted
in increased office occupancies. Several office
projects are in the planning stage of development or
under construction in the market; the Partnership
expects that these projects will have minimal effect on
the Holcomb Woods property. Occupancy at the property
remained at approximately 97%. No significant leases
expire until fiscal 1999.
Market conditions in Valley Forge, Pennsylvania, the
location of the Chesterbrook Corporate Center, continue
to improve. The market vacancy rate remained at
approximately 12%. During the second quarter of 1997,
occupancy at the property remained at approximately
99%. No leases for significant amounts of space expire
before 1999.
Glenhardie Corporate Center III and IV is also located
in Valley Forge, Pennsylvania. During the second
quarter of 1997 occupancy at the property decreased
from approximately 99% to approximately 87% as a result
of Allstate Insurance Co. vacating approximately 17,000
square feet of space and relocating to another office
building in the complex not owned by the Partnership.
No leases for significant amounts of space expire
before 1999.
The overall vacancy level in the office market in
Westchester County, New York remained at approximately
24%, and the west Westchester market, the location of
Taxter Corporate Park, remained approximately 15%
vacant. It is unlikely that the vacant space will be
absorbed in the market for several years. During the
first quarter of 1997, occupancy at the property
remained at 99%. No leases for a significant amount of
space expire before 2001.
Laurel Lakes Centre is located in a suburb of Baltimore
and Washington, D.C., where retail centers continue to
experience lower net rental rates. The market vacancy
rate remained at approximately 16%. Many retailers in
this market continue to experience financial
difficulties. However, the property's design, location
and tenant mix has enabled it to maintain relatively
stable rental rates. During the quarter ended April
30, 1997, occupancy at the property remained at
approximately 80%. The Partnership plans to
consolidate portions of the vacant small shop space at
the center. The Partnership is also attempting to
market approximately 50,000 square feet of space as
"big box" space. Although conversion into "big box"
type space would require additional investment by the
Partnership, the Partnership believes that the
potential for higher rental rates and increased
occupancy levels would increase the property's cash
flow as well as its overall value. No leases for
significant amounts of space expire before 2005.
Westland Crossing is situated outside downtown Detroit
and is in an overbuilt market with a current vacancy
rate of approximately 20%. A significant amount of new
retail space is under construction in this market;
however, the Partnership believes that it will not
compete with the property when complete. During the
second quarter of 1997, occupancy at the property
remained at approximately 53%. As described above, a
lease agreement was signed with PetsMart for
approximately 27,000 square feet of space. Toys R Us,
an anchor tenant, has begun to renovate its space,
which is expected to positively impact the center when
completed during the first quarter of fiscal 1998. The
Partnership continues to look for opportunities to
consolidate vacant small shop space to make room for
larger tenants. No leases for significant amounts of
space expire before 2006.
Inflation
Inflation has been consistently low during the periods
presented in the financial statements and, as a result,
has not had a significant effect on the operations of
the Partnership or its properties.
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
PART II - OTHER INFORMATION
Item 6. Exhibits & Reports on Form 8-K
(a) Exhibits -
An exhibit index has been filed as part of
this
Report on Page E1.
(b) Reports on Form 8-K
- Report dated December 31, 1996
reporting the sale of the Tech Park Reston
office park.
- Report dated April 7, 1997 reporting the
Valuation per Unit of Limited Partnership
interest at October 31, 1996.
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
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.
DEAN WITTER REALTY INCOME
PARTNERSHIP III, L.P.
By: Dean Witter Realty Income
Properties III Inc.
Managing General Partner
Date: June 13, 1997 By: /s/E. Davisson Hardman,
Jr.
E. Davisson Hardman, Jr.
President
Date: June 13, 1997 By: /s/Lawrence Volpe
Lawrence Volpe
Controller
(Principal Financial and
Accounting Officer)
DEAN WITTER REALTY INCOME PARTNERSHIP III, L.P.
Quarter Ended April 30, 1997
Exhibit Index
Exhibit No. Description
27 Financial Data Schedule
E1
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Registrant is a limited partnership which invests in real estate, and real
estate joint ventures. In accordance with industry practice, its balance
sheet is unclassified. For full information, refer to the accompanying
unaudited financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<CASH> 3,111,227
<SECURITIES> 0
<RECEIVABLES> 1,370,822
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 106,322,701<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 105,617,762<F2>
<TOTAL-LIABILITY-AND-EQUITY> 106,322,701<F3>
<SALES> 0
<TOTAL-REVENUES> 8,157,410<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,944,128
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 4,213,282
<INCOME-TAX> 0
<INCOME-CONTINUING> 4,213,282
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,213,282
<EPS-PRIMARY> 7.28<F5>
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net investments
in real estate of $75,747,999, investments in joint ventures of $24,716,208,
net deferred expenses of $919,295 and other assets of $457,150.
<F2>Other Stockholders' Equity represents partners' capital.
<F3>Liabilities include accounts payable and accrued liabilities of $554,393,
and security deposits of $150,546.
<F4>Total revenue includes rent of $5,511,095, equity in earnings of joint
ventures of $2,408,927, interest of $196,451 and other revenues of $40,937.
<F5>Represents net income per Unit of limited partnership interest.
</FN>
</TABLE>
