SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
(Mark One)
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 1995
[ ] Transition report under Section 13 or 15(d) of the Exchange Act for the
transition period From to
Commission file number 0-14752.
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
(Exact name of Small Business Issuer as Specified in Its Charter)
DELAWARE 35-1665759
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
14160 Dallas Parkway, Suite 300, Dallas, Texas 75240
(Address of Principal Executive Offices)
(214) 770-5600
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
CAPITAL SENIOR LIVING COMMUNITIES, LP
CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
<CAPTION>
<S> <C> <C>
September 30,
1995 December 31,
ASSETS (Unaudited) 1994
PROPERTY AND EQUIPMENT, net $ 17,624,099 $ 18,598,744
OTHER ASSETS:
Cash and cash equivalents 9,098,359 8,018,471
Cash, restricted 201,711 50,985
Accounts receivable, net of
allowance for doubtful accounts
of $92,323 and $86,049,
respectively 524,466 265,351
Prepaid expenses and other 194,487 127,480
Deferred charges, less accumulated
amortization of $89,123
and $28,300, respectively 360,472 311,296
Investment in limited
partnerships 685,798 0
Total assets $ 28,689,392 $ 27,372,327
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Accrued expenses and other
liabilities $ 1,137,268 $ 1,262,217
Notes payable 2,047,139 2,093,713
Customer deposits 281,416 253,778
Total liabilities 3,465,823 3,609,708
PARTNERS' CAPITAL:
General partner 39,772 25,162
Limited partner 1 1
Beneficial unit certificates,
1,264,000 issued and
outstanding 25,183,796 23,737,456
Total partners' capital 25,223,569 23,762,619
Total liabilities and
partners' capital $ 28,689,392 $ 27,372,327
/TABLE
<PAGE>
<TABLE>
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
<CAPTION>
Three Months ended September 30,
1995 1994
<S> <C> <C>
RENTAL AND OTHER INCOME
Multi-family $ 289,016 $ 284,070
Independent 1,842,676 1,801,104
Assisted Living 404,465 420,853
Nursing 1,111,420 1,027,473
Other 226,057 197,120
3,873,634 3,730,620
INTEREST INCOME 101,906 4,287
INCOME (LOSS) ON INVESTMENT 0 (14,705)
Total income 3,975,540 3,740,202
EXPENSES:
Salaries, wages and benefits 1,471,850 1,442,942
Operating and other
administrative expenses 1,602,948 1,586,090
Depreciation and amortization 450,445 397,361
Total expenses 3,525,243 3,426,393
NET INCOME $ 450,297 $ 313,809
NET INCOME ALLOCATION:
General partner $ 4,503 $ 3,138
Beneficial unit certificate
holders 445,794 310,671
Total $ 450,297 $ 313,809
NET INCOME PER BENEFICIAL UNIT
CERTIFICATE, 1,264,000 issued
and outstanding $ .35 $ .25
/TABLE
<PAGE>
<TABLE>
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
<CAPTION>
Nine Months ended September 30,
1995 1994
<S> <C> <C>
RENTAL AND OTHER INCOME
Multi-family $ 916,069 $ 937,015
Independent 5,330,916 5,271,223
Assisted Living 1,252,901 1,269,312
Nursing 3,461,302 3,042,676
Other 659,416 607,031
11,620,604 11,127,257
INTEREST INCOME 242,056 39,218
INCOME (LOSS) ON INVESTMENT 0 (15,523)
Total income 11,862,660 11,150,952
EXPENSES:
Salaries, wages and benefits 4,348,193 4,293,540
Operating and other
administrative expenses 4,721,950 4,717,717
Depreciation and amortization 1,331,567 1,185,709
Total expenses 10,401,710 10,196,966
NET INCOME $ 1,460,950 $ 953,986
NET INCOME ALLOCATION:
General partner $ 14,610 $ 9,540
Beneficial unit certificate
holders 1,446,340 944,446
Total $ 1,460,950 $ 953,986
NET INCOME PER BENEFICIAL UNIT
CERTIFICATE, 1,264,000
issued and outstanding $ 1.14 $ .75
/TABLE
<PAGE>
<TABLE>
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<CAPTION>
Beneficial
Unit Limited General
Certificates Partner Partner Total
<S> <C> <C> <C> <C>
BALANCE, December 31,
1994 $23,737,456 $1 $25,162 $23,762,619
Net Income 423,129 - 4,274 427,403
BALANCE, March 31,
1995 24,160,585 1 29,436 24,190,022
Net Income 577,417 - 5,833 583,250
BALANCE, June 30,
1995 24,738,002 1 35,269 24,773,272
Net Income 445,794 - 4,503 450,297
BALANCE, September 30,
1995 $25,183,796 $ 1 $39,772 $25,223,569
/TABLE
<PAGE>
<TABLE>
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
<CAPTION>
For the Nine Months
Ended September 30,
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,460,950 $ 953,986
Adjustments to reconcile net
income to net cash provided
by (used in) operating
activities:
Depreciation and
amortization 1,331,567 1,185,709
Loss on investment 0 15,523
Changes in assets and
liabilities, net of
effects of acquisitions:
Cash, restricted (150,726) 0
Accounts receivable (259,115) 66,647
Prepaid expenses and other (67,007) (166,371)
Accrued expenses and other
Liabilities (124,949) 245,106
Customer deposits 27,638 1,578
NET CASH PROVIDED BY
OPERATING ACTIVITIES 2,218,358 2,302,178
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of limited partnership interest 0 4,400,000
Additions to property and equipment (296,098) (141,024)
Investment in limited partnerships (685,798) (435,636)
NET CASH (USED) PROVIDED BY
INVESTING ACTIVITIES (981,896) 3,823,340
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds on loan 0 93,815
Payments on notes payable (46,574)
(166,675)
Deferred loan charges (110,000) 0
NET CASH USED IN
FINANCING ACTIVITIES (156,574) (72,860)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 1,079,888 6,052,658
CASH AND CASH EQUIVALENTS,
Beginning of Period 8,018,471 1,780,051
CASH AND CASH EQUIVALENTS,
End of Period $ 9,098,359 $ 7,832,709
/TABLE
<PAGE>
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Principals of Consolidation
The accompanying consolidated balance sheet, as of September 30, 1995,
includes the accounts of the Partnership and its 99%-owned subsidiary,
Retirement Partnership, Ltd. All significant intercompany accounts and
transactions have been eliminated in consolidation. The 1% minority interest
in Retirement Partnership, Ltd. is not presented separately due to its
immateriality.
The financial information has been prepared in accordance with the
Partnership's customary accounting practices and has not been audited. In the
opinion of management, the information presented reflects all adjustments
necessary for a fair statement of interim results. All such adjustments are
of a normal and recurring nature. The financial statements should be read in
conjunction with the consolidated financial statements and the footnotes
thereto included in the Partnership's annual report filed in Form 10-KSB for
the year ended December 31, 1994.
Property and Equipment
The Partnership provides for depreciation and amortization on property and
equipment using the straight-line method by charges to operations in amounts
to allocate the cost of the property and equipment over their estimated useful
lives.
The carrying value of property and equipment is reviewed if the facts and
circumstances suggest that it may be impaired. As of September 30, 1995, no
reserve for impaired value has been provided.
Cash Equivalents
The Partnership considers investments with original maturities of three months
or less to be cash equivalents.
Revenue Recognition
Revenue from the four retirement living communities and the two multifamily
apartment complexes is recognized in the period in which the unit rental
and/or food services relate.
Revenue from the two Projects (Towne Centre and Canton Regency) which offer
assisted living, intermediate, and skilled health care (in addition to
retirement living), is recognized as services are performed. The Towne Centre
health care center (the "Center") is a provider of services under the Indiana
Medicaid program. Accordingly, the Center is entitled to reimbursement under
the foregoing program at rates which are lower than private pay rates.
Patient service revenue for Medicaid patients is recorded at the reimbursement
rates. The Towne Centre and Canton Regency health care centers (the
"Centers") are also providers of services under the Medicare program.
The Centers are entitled to reimbursement under the foregoing program in
amounts which approximate the lower of cost or charges for caring for these
patients. During the period, the Centers received payments from this program
on an estimated basis. Any differences between estimated and actual
reimbursements are recognized in the subsequent year.
2. COMMITMENTS AND CONTINGENCIES:
The Partnership had $51,711 and $50,985 in certificates of deposit at
September 30, 1995 and December 31, 1994, respectively, restricted for utility
deposits. The certificates of deposit mature one year from the original
purchase date.
In conjunction with the Partnership's increased mortgage loan commitment on
June 30, 1995 (see LIQUIDITY AND CAPITAL RESOURCES), a compensating balance of
$150,000 was established with the mortgage company.
3. TRANSACTIONS WITH RELATED PARTIES:
In accordance with the Partnership Agreement, the general partner, Retirement
Living Communities, L.P. ("RLC"), does not receive any fees from the
Partnership but may be reimbursed by the Partnership for any actual costs and
expenses incurred in connection with the operations of the Partnership. In
addition, an affiliate of RLC is managing the assets of the Partnership.
Partnership expenses incurred by RLC and affiliates, which were expensed by
the Partnership for the third fiscal quarter ended September 30, 1995 and
1994, were approximately $103,927 and $89,632, respectively. Management fees
reimbursed and expensed by the Partnership to RLC and affiliates for the third
fiscal quarter ended September 30, 1995 and 1994, were approximately $247,614
and $244,962, respectively.
In addition, the Partnership has no employees. An affiliate of RLC makes
gross payroll deposits and health insurance premium payments on behalf of the
properties owned by the Partnership, which are reimbursed by the Partnership,
and is required to fund any excess health insurance claims not covered by the
Partnership's health premiums or related insurance policy. Reimbursed gross
payroll deposits and health insurance premiums, which were expensed by the
Partnership during the third fiscal quarter of 1995 and 1994, were
approximately $1,359,297 and $1,321,368, respectively.
In connection with increasing the Partnership's mortgage loan commitment from
$12,000,000 to $17,500,000, an affiliate of RLC received a 2% financing fee of
$110,000 in the third quarter of 1995.
In May 1995, the Partnership contracted with Quality Home Care, Inc., an
affiliate of RLC, to provide nursing services to the assisted living residents
at The Harrison facility. The contract was executed to comply with certain
state regulations. As part of the contract, the Partnership has transferred
its share of assisted living revenues and expenses for The Harrison to Quality
Home Care, Inc. resulting in an approximate decrease of $70,000 in net
annualized profits.
In addition, a 50% partner of RLC is chairman of the board of a bank where the
Partnership holds the majority of its operating cash accounts.
The general partner and managing agent of Healthcare Properties, L.P. and NHP
Retirement Housing Partners I, L.P. is an affiliate of RLC. See Note 4.
4. ACQUISITION AND DISPOSITION OF INVESTMENTS
In November 1993, the Partnership purchased a 72.73% limited partnership
interest in Beck Properties Trophy Club, L.P. for $4,000,000. Beck Properties
Trophy Club, L.P. is a Texas limited partnership formed for the purpose of
acquiring and developing real estate. The Partnership accounted for this
investment on the equity method.
For the nine months ended September 30, 1994, the Partnership contributed
$435,636 in additional capital to Beck Properties Trophy Club, L.P. For the
nine months ended September 30, 1994, the Partnership incurred a $15,523 loss
on this investment. In August 1994, the Partnership sold its interest in Beck
Properties Trophy Club, L.P. for $4,400,000
During the second quarter of 1995, the Partnership purchased a 1.8% limited
partnership interest in Healthcare Properties, L.P. for $91,671. During the
third quarter of 1995, the Partnership purchased additional limited
partnership interests for $63,989, bringing the Partnership's total interest
in Healthcare Properties, L.P. to 3.29%. Healthcare Properties, L.P. is a
portfolio comprised of 11 nursing home facilities.
During the second quarter of 1995, the Partnership purchased 2.3% of the
outstanding pension notes of NHP Retirement Housing Partners I, L.P. for
$420,000. During the third quarter of 1995, the Partnership purchased
additional pension notes for $89,040, bringing the Partnership's total
interest in NHP Retirement Housing Partners I, L.P.'s pension notes to 2.82%.
NHP Retirement Housing Partners I, L.P. is a portfolio comprised of 5
independent living retirement facilities. The pension notes bear simple
interest at 13% per annum. Interest of 7% is paid quarterly, with the
remaining 6% interest deferred. Deferred interest and principal matures on
December 31, 2001. The Partnership accounts for these investments on the cost
method.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
This discussion should be read in conjunction with the financial statements of
Capital Senior Living Communities, L.P. (the "Partnership") included in this
Report.
As of September 30, 1995, the Partnership's assets included four retirement
projects (Harrison, Cottonwood Village, Canton Regency, and Towne Centre), a
multi-family apartment project (Lakeridge Apartments, formerly known as
Village Green II Apartments), a 12% interest in Encore Limited Partnership, a
3.29% limited partnership interest in Healthcare Properties, L.P., 2.82% of
the outstanding pension notes of NHP Retirement Housing Partners I, L.P., and
a 99% interest in Retirement Partnership, Ltd. (the "Partnership Subsidiary"),
which owns a multi-family apartment project (Silver Lakes Apartments, formerly
known as Village Green I Apartments).
Silver Lakes Apartments is pledged as collateral to secure repayment of a
mortgage loan payable to a nonaffiliated mortgage company with an outstanding
balance of $2,047,139 at September 30, 1995. The maturity date on this loan
has been extended to December 1, 1995. The Partnership is currently working
with the mortgage company to refinance the loan.
RESULTS OF OPERATIONS
The Partnership's primary source of funds is net rental income from the
ownership and management of the six real estate projects owned by the
Partnership.
THIRD QUARTER OF 1995 COMPARED WITH THIRD QUARTER OF 1994
Rental and other income for the third fiscal quarter ended September 30, 1995
and 1994 was $3,873,634 and $3,730,620, respectively. Rental and other income
increased 3.8% from the third quarter 1994 to 1995, and was primarily
attributable to higher rents. Interest income for the third fiscal quarter
ended September 30, 1995 and 1994, was $101,906 and $24,287, respectively.
Interest income increased $77,619 from the third quarter ended 1994 to the
third quarter ended 1995 due to additional cash available for investment.
This was a result of cash received from the Partnership's sale of its
investment in the Beck Properties Trophy Club, L.P. in August 1994. Income
from the Partnership's investment in Beck Properties Trophy Club, L.P. was $0
for the third quarter ended September 30, 1995 and $14,705 loss for the third
quarter ended September 30, 1994. There was no income for the third quarter
ended September 30, 1995 since the investment was sold in August 1994.
Operating expenses are maintained by property and by natural expense
classification, but are not allocated by revenue type. Salaries, wages, and
benefits of $1,471,850 were paid by the Partnership for the third fiscal
quarter of 1995. Approximately $1,359,297 of such amount was paid to
affiliates of RLC, Capital Senior Living, Inc. ("CSL") and prior to February
1, 1995, Capital Realty Group Senior Housing, Inc. ("CRGSH"), an affiliate of
RLC, as reimbursement for their direct out-of-pocket costs under the property
management agreements for salaries, wages, and benefits of on-site employees
employed at the properties, with the remainder being contract labor and
reimbursement to Retirement Group for an allocable portion of its home office
employees' salaries and wages for time expended on matters attributable to the
properties. Corresponding payments of salaries and wages for the third fiscal
quarter of 1994 was $1,442,942 (with approximately $1,321,368 paid to CSL and
CRGSH). Salaries, wages, and benefits increased 2.0% from the third quarter
1994 to 1995. Operating and other administrative expenses increased from
$1,586,090 in 1994 to $1,602,948 in 1995, or 1.1%. Depreciation and
amortization for 1995 was $450,445 and $397,361 in 1994. The increase in
depreciation and amortization expense of 13.4% from 1994 to 1995 was due to
additional depreciation on current fixed asset additions and additional
amortization on deferred charges.
FIRST NINE MONTHS OF 1995 COMPARED WITH FIRST NINE MONTHS OF 1994
Rental and other income for the nine months ended September 30, 1995 and 1994
was $11,620,604 and $11,127,257, respectively. Rental and other income
increased 4.4% from the nine months ended September 30, 1994 to 1995, and was
primarily attributable to higher rents. Interest income for the nine months
ended September 30, 1995 and 1994, was $242,056 and $39,218, respectively.
Interest income increased $202,838 from the nine months ended September 30,
1994 to 1995 due to additional cash available for investment. This was a
result of cash received from the Partnership's sale of its investment in the
Beck Properties Trophy Club, L.P. in August 1994. Income from the
Partnership's investment in Beck Properties Trophy Club, L.P. was $0 for the
nine months ended September 30, 1995 and $15,523 loss for the nine months
ended September 30, 1994. There was no income for the nine months ended
September 30, 1995 since the investment was sold in August 1994. Operating
expenses are maintained by property and by natural expense classification, but
are not allocated by revenue type. Salaries, wages, and benefits of
$4,348,193 were paid by the Partnership for the nine months ended September
30, 1995. Approximately $4,007,245 of such amount was paid to CSL and CRGSH,
an affiliate of RLC, as reimbursement for their direct out-of-pocket costs
under the property management agreements for salaries, wages, and benefits of
on-site employees employed at the properties, with the remainder being
contract labor and reimbursement for an allocable portion of its home office
employees' salaries and wages for time expended on matters attributable to the
properties. Corresponding payments of salaries and wages for the nine months
ended September 30, 1994 was $4,293,540 (with approximately $3,965,985 paid to
CSL and CRGSH). The increase in such payments of 1.3% from 1994 to 1995 was
attributable to increased labor costs. Operating and other administrative
expenses increased from $4,717,717 in 1994 to $4,721,950 in 1995, or 0.1%.
Depreciation and amortization for 1995 was $1,331,567 and $1,185,709 in 1994.
The increase in depreciation and amortization expense of 12.3% from 1994 to
1995 was due to additional depreciation on current fixed asset additions and
additional amortization on deferred charges.
The Partnership expects its future operating results will depend in large part
on its operating costs and occupancy levels in its facilities. If the
operating costs increase or occupancy levels decline, the Partnership's
operating results will be adversely affected.
LIQUIDITY AND CAPITAL RESOURCES
The General Partner believes cash and cash equivalents of $9,098,359 at
September 30, 1995 is adequate for the working capital needs of the
Partnership. These reserves will be used to support ongoing working capital
needs, pay existing debt obligations, meet the capital and marketing
improvements necessary to succeed in a competitive atmosphere, and fund future
acquisitions or development of real estate projects.
The Partnership's business is to acquire, hold, operate and sell real
properties. The operations of the Partnership are fully taxable for federal
income tax purposes and require the individual BUC holders to report their
respective shares of any taxable income of the Partnership. Moreover, the
Partnership intends to retain cash flow and does not expect to make cash
distributions to BUC holders in the foreseeable future. Consequently, BUC
holders will be required to pay any tax on their share of Partnership taxable
income with their personal funds. Further, as a result of federal tax law
changes in 1986, BUC holders will not be able to use losses from any other
source, other than "passive activity" losses, to offset their share of the
Partnership's taxable income.
On July 29, 1994, the Partnership obtained a $12,000,000 open end mortgage
loan from a non-affiliated mortgage company, and pledged the Cottonwood,
Harrison, Towne Centre and Canton Regency Retirement Community as collateral.
On June 30, 1995, the Partnership increased its mortgage loan commitment from
$12,000,000 to $17,500,000. The loan expires July 29, 1998. As of September
30, 1995, there have been no advances made to the Partnership on this loan.
The management of the Partnership believes that through improved management of
the properties' operations, the liquidity of the Partnership and the return on
the BUC holder's investment will be maximized. Potential additional sources
of liquidity could include new mortgage financings on one or more of the
existing unencumbered facilities and a potential sale of one or more of the
existing facilities.
PARTNERSHIP PROPERTIES
The following table sets forth summary information concerning the six
income-producing real properties owned by the Partnership:
<TABLE>
Number of Units At Occupancy
Project Name/Location September 30, 1995 09/30/94 09/30/95
<CAPTION>
<S> <C> <C> <C>
Cottonwood Retirement 65 - residential 100% 97%
Community,
Cottonwood, Arizona
The Harrison Retirement 124 - residential 90% 88%
Community
Indianapolis, Indiana
Towne Centre Retirement 147 - residential 96% 96%
Community 34 - assisted living
Merrillville, Indiana 64 - nursing
Canton Regency Retirement 147 - residential 96% 95%
Community 34 - assisted living
Canton, Ohio 50 - nursing
Lakeridge Apartments 136 - residential 92% 92%
Kissimmee, Florida
Silver Lakes Apartments 132 - residential 86% 90%
Kissimmee, Florida
/TABLE
<PAGE>
PART II OTHER INFORMATION
Item 5. Other Information
On August 4, 1995, an Amended and Restated Certificate of Limited
Partnership of RLC, the General Partner of the Partnership, was filed with
the Secretary of State of Indiana. This Amended and Restated Certificate
effected a change of General Partner of RLC. CRGSH resigned as such general
partner, and Capital Retirement Group, Inc. ("Retirement Group") became the
new General Partner of RLC. The beneficial ownership of Retirement Group is
the same as the beneficial ownership of CRGSH, and the same persons are
officers and directors of both corporations.
Item 6. Exhibits and Reports on Form 8-K
No reports on Form 8-K have been filed by the registrant during the
quarter ended September 30, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CAPITAL SENIOR LIVING COMMUNITIES, L.P.
By: RETIREMENT LIVING COMMUNITIES, L.P.
General Partner
By: CAPITAL RETIREMENT GROUP, INC.
General Partner
Date: November 14, 1995 By: \s\ Keith Johannessen
President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated balance sheet at September 30, 1995 and the consolidated statements
of operations and cash flows for the nine months ended September 30, 1995, and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1995
<CASH> 9,300,070
<SECURITIES> 685,798
<RECEIVABLES> 294,034
<ALLOWANCES> (92,323)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 23,984,762
<DEPRECIATION> (6,360,663)
<TOTAL-ASSETS> 28,689,392
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 25,223,569
<TOTAL-LIABILITY-AND-EQUITY> 28,689,392
<SALES> 0
<TOTAL-REVENUES> 3,975,540
<CGS> 0
<TOTAL-COSTS> 3,353,210
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 172,033
<INCOME-PRETAX> 450,297
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 450,297
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
