SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended
September 30, 1996 Commission file #0-16599
JMB MORTGAGE PARTNERS, LTD. - IV
(Exact name of registrant as specified in its charter)
Illinois 36-3426138
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 312/915-1987
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 OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations. . . . . . . . 12
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . . 14
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 15
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB MORTGAGE PARTNERS, LTD. - IV
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1996 1995
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 6,194,084 5,205,597
Interest and other receivables. . . . . . . . . . . . . . . . . . . . 41,975 115,957
------------ ------------
Total current assets. . . . . . . . . . . . . . . . . . . . . 6,236,059 5,321,554
------------ ------------
Mortgage notes receivable (net of allowance for
loan loss of $106,000 in 1996). . . . . . . . . . . . . . . . . . . . 21,963,971 22,069,970
Deferred interest receivable (net of allowance for loan
loss of $436,021 in 1996 and 1995). . . . . . . . . . . . . . . . . . 1,184,954 1,039,161
Investment in unconsolidated ventures, at equity. . . . . . . . . . . . 3,727,338 8,199,483
Deferred costs in connection with mortgage investments. . . . . . . . . 192,829 219,914
------------ ------------
$ 33,305,151 36,850,082
============ ============
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
------------------------------------------
Current liabilities:
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 198,056 180,435
Due to affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . 353,680 256,935
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 15,343 14,971
------------ ------------
Total current liabilities . . . . . . . . . . . . . . . . . . 567,079 452,341
------------ ------------
Commitments and contingencies
Partners' capital accounts:
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,000
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . 1,773,536 1,630,142
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (1,720,389) (1,585,752)
------------ ------------
54,147 45,390
------------ ------------
Limited partners (43,276.25 interests):
Capital contributions, net of offering costs. . . . . . . . . . . . 37,619,348 37,619,348
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . 21,028,085 18,310,364
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (25,963,508) (19,577,361)
------------ ------------
32,683,925 36,352,351
------------ ------------
Total partners' capital accounts. . . . . . . . . . . . . . . 32,738,072 36,397,741
------------ ------------
$ 33,305,151 36,850,082
============ ============
<FN>
See accompanying notes to financial statements.
</TABLE>
<TABLE>
JMB MORTGAGE PARTNERS, LTD. - IV
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
-------------------------- --------------------------
1996 1995 1996 1995
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Interest income . . . . . . . . . . . . . . . . $ 437,888 658,833 1,823,400 1,949,601
----------- ---------- ----------- ----------
Expenses:
Mortgage investment servicing fees. . . . . . . 12,995 14,023 40,736 41,611
Professional services . . . . . . . . . . . . . 15,032 -- 54,378 44,432
Amortization of deferred expenses . . . . . . . 9,028 9,028 27,085 27,085
General and administrative. . . . . . . . . . . 46,775 67,354 182,833 155,446
Provision for loan loss . . . . . . . . . . . . 106,000 -- 106,000 --
----------- ---------- ----------- ----------
189,830 90,405 411,032 268,574
----------- ---------- ----------- ----------
Operating earnings (loss) . . . . . . . 248,058 568,428 1,412,368 1,681,027
Partnership's share of operations
(loss) of unconsolidated ventures . . . . . . . 71,768 (632,428) 467,105 (303,255)
----------- ---------- ----------- ----------
Net operating earnings (loss) . . . . . 319,826 (64,000) 1,879,473 1,377,772
Gain on sale of property by
unconsolidated venture. . . . . . . . . . . . . -- -- 981,643 --
----------- ---------- ----------- ----------
Net earnings (loss) . . . . . . . . . . $ 319,826 (64,000) 2,861,116 1,377,772
=========== ========== =========== ==========
Net earnings (loss) per
limited partnership
interest:
Net operating earnings
(loss) . . . . . . . . . . . . . . . $ 7.39 (2.98) 40.34 27.45
Gain on sale of property
by unconsolidated venture. . . . . . -- -- 22.46 --
----------- ---------- ----------- ----------
$ 7.39 (2.98) 62.80 27.45
=========== ========== =========== ==========
Cash distributions per
limited partnership
interest . . . . . . . . . . . . . . . $ 120.00 13.50 147.57 40.50
=========== ========== =========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
<TABLE>
JMB MORTGAGE PARTNERS, LTD. - IV
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,861,116 1,377,772
Items not requiring cash or cash equivalents:
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 27,085 27,085
Partnership's share of operations of unconsolidated ventures,
net of distributions. . . . . . . . . . . . . . . . . . . . . . . . . 994,810 1,547,482
Gain on sale of property by unconsolidated venture. . . . . . . . . . . (981,643) --
Provision for loan loss . . . . . . . . . . . . . . . . . . . . . . . . 106,000 --
Changes in:
Interest and other receivables. . . . . . . . . . . . . . . . . . . . . . 73,982 65,511
Deferred interest receivable. . . . . . . . . . . . . . . . . . . . . . . (145,793) (247,044)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,621 (5,909)
Due to affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,745 173,814
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 (37,106)
------------ -----------
Net cash provided by (used in) operating activities . . . . . . . 3,050,295 2,901,605
------------ -----------
Cash flows from investing activities:
Net sales and maturities (purchases) of short-term investments. . . . . . -- (634,465)
Distributions from unconsolidated ventures, including cash
proceeds from sale of property. . . . . . . . . . . . . . . . . . . . . 4,458,976 849,335
Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . -- (2,317)
------------ -----------
Net cash provided by (used in) investing activities . . . . . . . 4,458,976 212,553
------------ -----------
Cash flows from financing activities:
Distributions to limited partners . . . . . . . . . . . . . . . . . . . . (6,386,147) (1,752,696)
Distributions to general partners . . . . . . . . . . . . . . . . . . . . (134,637) (189,935)
------------ -----------
Net cash provided by (used in) financing activities . . . . . . . (6,520,784) (1,942,631)
------------ -----------
Net increase (decrease) in cash and cash equivalents. . . . . . . 988,487 1,171,527
Cash and cash equivalents, beginning of year. . . . . . . . . . . 5,205,597 4,337,357
------------ -----------
Cash and cash equivalents, end of period. . . . . . . . . . . . . $ 6,194,084 5,508,884
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $ -- --
============ ===========
Non-cash investing and financing activities . . . . . . . . . . . . . . . $ -- --
============ ===========
<FN>
See accompanying notes to financial statements.
</TABLE>
JMB MORTGAGE PARTNERS, LTD. - IV
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
GENERAL
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.
The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results may differ from such
estimates.
Statement of Financial Accounting Standards No. 121 was adopted by the
Partnership on January 1, 1996.
TRANSACTIONS WITH AFFILIATES
The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Corporate General Partner
and its affiliates including the reimbursement for salaries and salary-
related expenses of its employees, certain of its officers, and other
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's investments. Fees, commissions and other
expenses required to be paid by the Partnership to the General Partners and
their affiliates as of September 30, 1996 and for the nine months ended
September 30, 1996 and 1995 were as follows:
Unpaid at
September 30,
1996 1995 1996
------- ------ -------------
Property management
and leasing fees . . . . . . $ 27,359 24,690 --
Mortgage investment
servicing fees. . . . . . . 40,736 41,611 --
Reimbursement (at cost) for
out-of-pocket expenses
and salaries and salary-
related expenses. . . . . . 49,556 89,843 40,736
-------- ------- ------
$117,651 156,144 40,736
======== ======= ======
The General Partners have deferred payment of approximately $442,000
of their distributions of prior net cash flow from the Partnership at
September 30, 1996 in accordance with the subordination requirements of the
Partnership Agreement. All amounts deferred or currently payable do not
bear interest.
RIVERPOINT CENTER
The Silo Electronic store (12,100 sq. ft.) vacated its space in the
third quarter 1995 and subsequently filed for bankruptcy. The borrower is
pursuing its legal remedies regarding the remaining amounts due. The
borrowers leased the space to the Old Navy Clothing Co. for five years and
rent commenced in July 1996. The borrower had notified the Lenders that it
was experiencing financial difficulties and had approached the Lenders
regarding a loan modification. During the third quarter of 1996, the
Lenders and borrowers finalized a loan modification whereby they reached an
agreement to defer payment of a portion of the scheduled debt service
payments from September 15, 1995 to July 15, 1996. In conjunction with the
modification agreement, the scheduled maturity date of the loan has been
accelerated to December 31, 1997. Finally, the lenders have agreed to
accept at certain dates through June 30, 1997 repayment of the loan at
specified amounts. Since 1992, the Partnership has been recognizing
interest income only as collected. However, as repayment of the loan per
such agreement would yield the Lenders, when paid, an amount less than the
current carrying amount of the loan, the Partnership, as a matter of
prudent accounting practice, has recognized as of July 1, 1996 an
additional provision for loan loss of $106,000. However, there can be no
assurance that the loan will be repaid prior to its revised maturity date
of December 1997 pursuant to such agreement.
During the third quarter, the borrower notified the Lenders that a
tenant which operates a dry cleaning plant at the site has leaked a
chemical associated with the dry cleaning process that can cause
environmental problems if not handled properly. The Lenders have been
advised that the tenant and borrower are currently remediating the problem.
The Lenders do not currently expect that the value of the borrower's
property has been materially impaired.
FRANKLIN FARM VILLAGE CENTER
During July 1996, the Lenders executed an agreement with the borrower
regarding an early repayment of the mortgage loan. Such agreement allowed
the borrower to repay the loan at a predetermined amount prior to November
8, 1996. Pursuant to such agreement, the Lenders received $16,275,000 on
October 30, 1996 as payment in full of all principal and accrued interest
due on the original mortgage loan. Accordingly, the Partnership has
recognized for the nine months ended September 30, 1996 basic and simple
accrued interest of approximately $752,000 based upon the amounts
subsequently received in satisfaction of the loan rather than what would
otherwise have been due under the original loan terms. Although such
repayment is not expected to result in a gain or loss for financial
reporting purposes, the Partnership expects to report a loss on repayment
of approximately $136,000 for Federal income tax reporting purposes in
1996.
CALIBRE POINT APARTMENTS
Calibre Pointe Associates sold the property on May 30, 1996 for
$14,450,000, paid in cash at closing. Calibre Pointe Associates has
recognized a gain of $2,601,265 for financial reporting purposes and
expects to recognize a gain of approximately $2,200,000 for Federal income
tax purposes in 1996. The Partnership has recognized a gain of $981,643
for financial reporting purposes and expects to recognize a gain of
approximately $830,000 for Federal income tax purposes in 1996.
The property was classified as held for sale or disposition as of
January 1, 1996 and therefore has not been subject to continued
depreciation. The accompanying financial statements include approximately
$231,000 and $274,000 of operations of such property for the nine months
ended September 30, 1996 and 1995 (reflected as a component of the
Partnership's share of operations (loss) of unconsolidated ventures). The
property had a net carrying value of approximately $11,580,000 at December
31, 1995.
NORTH RIVERS MARKET SHOPPING CENTER
Occupancy was 83% at September 30, 1996. The manager is aggressively
attempting to lease the vacant space in the center. However, the
competitiveness of the market given the Naval facility closings in the
nearby area is expected to make it difficult to lease space in the center,
thereby extending the period of time it will take to complete the lease-up
of the center and resulting in a decrease in cash flow from operations over
the near-term.
SELECTED FINANCIAL INFORMATION
Pursuant to the requirements of the Securities and Exchange
Commission, the following is a summary of historical income statement
information for the Riverpoint Center and Franklin Farm Village Centers for
the nine months ended September 30, 1996 and 1995. Such properties secure
the participating first mortgage investments made by the Partnership.
1996 1995
---------- ----------
Total revenues . . . . . . . . . . $4,637,216 4,546,665
========== ==========
Net income (loss). . . . . . . . . $ (232,466) (258,359)
========== ==========
ADJUSTMENTS
In the opinion of the Corporate General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of September 30,
1996 and for the three and nine months ended September 30, 1996 and 1995.
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
investments.
During the second quarter some of the Limited Partners in the
Partnership received from an unaffiliated third party an unsolicited tender
offer to purchase up to 2,020 Interests in the Partnership at $425 per
Interest. The Partnership recommended against acceptance of this offer on
the basis that, among other things, the offer price was inadequate. In
June such offer expired with approximately 398 Interests being purchased by
such unaffiliated third party pursuant to such offer. In addition, the
Partnership has, from time to time, received inquiries from other third
parties that may consider making offers for Interests, including requests
for the list of Limited Partners in the Partnership. These inquiries are
generally preliminary in nature. There is no assurance that any other
third party will commence an offer for Interests, the terms of any such
offer or whether any such offer, if made, will be consummated, amended or
withdrawn. The board of directors of JMB Realty Corporation ("JMB") the
corporate general partner of the Partnership, has established a special
committee (the "Special Committee") consisting of certain directors of JMB
to deal with all matters relating to tender offers for Interests in the
Partnership, including any and all responses to such tender offers. The
Special Committee has retained independent counsel to advise it in
connection with any potential tender offers for Interests and has retained
Lehman Brothers Inc. as financial advisor to assist the Special Committee
in evaluating and responding to any additional potential tender offers for
Interests.
After reviewing the properties and competitive market places in the
portfolio, the General Partners of the Partnership expect to be able to
liquidate the remaining assets as quickly as practicable. Therefore, the
affairs of the Partnership are expected to be wound up no later than 1999,
barring unforeseen economic developments.
RESULTS OF OPERATIONS
The decrease in interest and other receivables at September 30, 1996
as compared to December 31, 1995 is primarily due to the timing of
collection of interest on the mortgage loan secured by the Franklin Farm
Village Center.
Deferred interest receivable increased at September 30, 1996 as
compared to December 31, 1995 as a result of the deferral in 1996 of
certain additional interest earned under the terms of the mortgage loan
receivable secured by the Franklin Farm Village Center.
Investment in unconsolidated ventures, at equity decreased at
September 30, 1996 as compared to December 31, 1995 due to the May 30, 1996
sale of the Partnership's interest in Calibre Pointe Apartments.
The increase in amounts due to affiliates at September 30, 1996 as
compared to December 31, 1995 is primarily due to the Partnership's payable
of approximately $312,000 to the other participating lender (Mortgage
Partners, Ltd. - III) representing interest collected by the Partnership
but earned by the participating lender on the loan secured by Franklin Farm
Village Center. Such amount was subsequently remitted to the participating
lender.
The decreases in interest income for the three and nine months ended
September 30, 1996 as compared to the three and nine months ended September
30, 1995 are due to the Partnership recognizing interest income only as
collected on the River Point and Franklin Farm Village Center mortgage
loans.
The increases in professional services for the three and nine months
ended September 30, 1996 as compared to the three and nine months ended
September 30, 1995 are primarily due to expenses incurred in connection
with tender offer matters discussed above.
The increases in general and administrative expenses for the nine
months ended September 30, 1996 as compared to the nine months ended
September 30, 1995 are attributable primarily to the timing of the
recognition of costs for certain outsourcing services, the recognition of
certain prior year reimbursable costs to affiliates of the General Partners
and the timing of the recognition of certain printing costs in 1996.
The increases in Partnership's share of operations (loss) of
unconsolidated ventures for the three and nine months ended September 30,
1996 as compared to the same periods in 1995 are primarily due to the
provision for value impairment recorded at September 30, 1995 at North
Rivers Market (of which the Partnership's share is $770,000).
The gain on sale of property by unconsolidated venture of $981,643 is
due to the May 1996 sale of the Calibre Pointe Apartments.
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate occupancy levels by quarter for the Partnership's investment properties.
<CAPTION>
1995 1996
------------------------------- -------------------------------
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>
1. Calibre Pointe Apartments
Atlanta, Georgia . . . . . . . . . . . . . . . . . . . 98% 90% 98% 96% 99% N/A N/A
2. North Rivers Market Shopping Center
North Charleston, South Carolina. . . . . . . . . . . 80% 80% 80% 88% 85% 83% 83%
<FN>
An "N/A" indicates that the property was not owned by the Partnership at the end of the quarter.
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
3-A. The Prospectus of the Partnership dated July 24, 1985,
as supplemented January 27, 1986, April 29, 1986, June 11, 1986, August 14,
1986, September 27, 1986, September 28, 1987 as filed with the Commission
pursuant to Rules 424(b) and 424(c), is hereby incorporated herein by
reference to Exhibit 3-A to the Partnership's Report for December 31, 1992
on Form 10-K (File No. 0-16599) dated March 19, 1993.
3-B. Amended and Restated Agreement of Limited Partnership
set forth as Exhibit A to the Prospectus, which is hereby incorporated
herein by reference to the Partnership's Registration Statement on Form S-
11 (File No. 33-4036) dated September 18, 1986.
3-C. Acknowledgement of rights and duties of the General
Partners of the Partnership between AGPP Associates, L.P. (a successor
Associated General Partner of the Partnership) and JMB Realty Corporation
as of December 31, 1995 is hereby incorporated herein by reference to the
Partnership's report for June 30, 1996 on Form 10-Q (File No. 0-16599)
dated August 9, 1996.
10-A. Loan documents related to the Partnership's
participation in the funding of a first mortgage loan secured by a first
mortgage on Riverpoint Center Shopping Center located in Chicago, Illinois,
is hereby incorporated herein by reference to the Partnership's Form 8-K
(File No. 33-4036) dated September 5, 1989.
10-B. Loan documents related to the Partnership's
participation in the funding of a first mortgage loan secured by Franklin
Farm Village Shopping Center located in Fairfax County, Virginia, is hereby
incorporated herein by reference to the Partnership's Form 8-K (File No. 0-
16599) dated November 21, 1991.
10-C. First and Second Amendments to the loan documents dated
September 28, 1993 and November 23, 1994, respectively, between
Rosenfeld/Franklin Farm Village Center L.P. and Mortgage Partners, Ltd.-IV,
relating to additional loan amounts, are hereby incorporated herein by
reference to the Partnership's Report for December 31, 1994 on Form 10-K
(File No. 0-16599) dated March 27, 1995.
27. Financial Data Schedule
(b) No reports on Form 8-K have been filed during the last quarter
of the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
JMB MORTGAGE PARTNERS, LTD. - IV
BY: JMB Realty Corporation
(Corporate General Partner)
GAILEN J. HULL
By: Gailen J. Hull, Senior Vice President
Date: November 8, 1996
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.
GAILEN J. HULL
Gailen J. Hull,
Principal Accounting Officer
Date: November 8, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 6,194,084
<SECURITIES> 0
<RECEIVABLES> 41,975
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,236,059
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 33,305,151
<CURRENT-LIABILITIES> 567,079
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 32,738,072
<TOTAL-LIABILITY-AND-EQUITY> 33,305,151
<SALES> 0
<TOTAL-REVENUES> 1,823,400
<CGS> 0
<TOTAL-COSTS> 27,085
<OTHER-EXPENSES> 383,947
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,412,368
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,879,473
<DISCONTINUED> 981,643
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,861,116
<EPS-PRIMARY> 62.80
<EPS-DILUTED> 62.80
</TABLE>
