FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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 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: 0-15329
AMERICA FIRST TAX EXEMPT MORTGAGE FUND 2 LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 47-0699273
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
Suite 400, 1004 Farnam Street, Omaha, Nebraska 68102
(Address of principal executive offices) (Zip Code)
(402) 444-1630
(Registrant's telephone number, including area code)
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
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
AMERICA FIRST TAX EXEMPT MORTGAGE FUND 2 LIMITED PARTNERSHIP
BALANCE SHEETS
<TABLE>
<CAPTION>
Sept. 30, 1995
(Unaudited) Dec. 31, 1994
-------------- --------------
<S> <C> <C>
Assets
Cash and temporary cash investments, at cost which
approximates market value (Note 4) $ 2,197,650 $ 1,969,975
Investment in tax-exempt mortgage loans,
net of allowance for loan losses (Note 5) 31,566,526 31,566,526
Real estate acquired in settlement of loans, net of
accumulated depreciation and valuation allowance (Note 6) 25,939,414 26,770,652
Interest receivable 140,404 189,166
Other assets 34,309 24,112
-------------- --------------
$ 59,878,303 $ 60,520,431
============== ==============
Liabilities and Partners' Capital
Liabilities
Accounts payable (Note 7) $ 635,512 $ 655,824
Distribution payable (Note 3) 331,163 331,163
-------------- --------------
966,675 986,987
-------------- --------------
Partners' Capital
General Partner 7,503 4,750
Beneficial Unit Certificate Holders
($11.23 per BUC in 1995 and $11.35 in 1994) 58,904,125 59,528,694
-------------- --------------
58,911,628 59,533,444
-------------- --------------
$ 59,878,303 $ 60,520,431
============== ==============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
AMERICA FIRST TAX EXEMPT MORTGAGE FUND 2 LIMITED PARTNERSHIP
STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
For the For the For the Nine For the Nine
Quarter Ended Quarter Ended Months Ended Months Ended
Sept. 30, 1995 Sept. 30, 1994 Sept. 30, 1995 Sept. 30, 1994
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Income
Mortgage investment income $ 482,189 $ 525,854 $ 1,670,648 $ 1,818,526
Rental income 1,300,516 1,257,946 3,825,945 3,636,584
Interest income on temporary cash investments 14,307 9,271 40,791 26,093
-------------- -------------- -------------- --------------
1,797,012 1,793,071 5,537,384 5,481,203
-------------- -------------- -------------- --------------
Expenses
General and administrative expenses (Note 7) 208,962 168,752 585,366 516,016
Real estate operating expenses 662,490 659,960 1,696,244 1,831,833
Depreciation 300,364 296,256 897,122 887,331
-------------- -------------- -------------- --------------
1,171,816 1,124,968 3,178,732 3,235,180
-------------- -------------- -------------- --------------
Net income $ 625,196 $ 668,103 $ 2,358,652 $ 2,246,023
============== ============== ============== ==============
Net income allocated to:
General Partner $ 9,256 $ 9,644 $ 32,558 $ 31,334
BUC Holders 615,940 658,459 2,326,094 2,214,689
-------------- -------------- -------------- --------------
$ 625,196 $ 668,103 $ 2,358,652 $ 2,246,023
============== ============== ============== ==============
Net income per BUC $ .1174 $ .1255 $ .4434 $ .4222
============== ============== ============== ==============
</TABLE>
AMERICA FIRST TAX EXEMPT MORTGAGE FUND 2 LIMITED PARTNERSHIP
STATEMENT OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Beneficial Unit
General Certificate
Partner Holders Total
-------------- ---------------- ---------------
<S> <C> <C> <C>
Balance at December 31, 1994 $ 4,750 $ 59,528,694 $ 59,533,444
Net income 32,558 2,326,094 2,358,652
Cash distributions paid or accrued (Note 3)
Income (29,805) (2,053,541) (2,083,346)
Return of capital - (897,122) (897,122)
-------------- ---------------- ---------------
Balance at September 30, 1995 $ 7,503 $ 58,904,125 $ 58,911,628
============== ================ ===============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
AMERICA FIRST TAX EXEMPT MORTGAGE FUND 2 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended
Sept. 30, 1995 Sept. 30, 1994
--------------- ---------------
<S> <C> <C>
Cash flows from operating activities
Net income $ 2,358,652 $ 2,246,023
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation 897,122 887,331
Decrease in interest receivable 48,762 46,051
Increase in other assets (10,197) (748)
Decrease in accounts payable (20,312) (62,283)
--------------- ---------------
Net cash provided by operating activities 3,274,027 3,116,374
Cash flow used in investing activity
Real estate capital improvements (65,884) (28,776)
--------------- ---------------
Cash flow used in financing activity
Distributions paid (2,980,468) (2,980,468)
--------------- ---------------
Net increase in cash and temporary cash investments 227,675 107,130
Cash and temporary cash investments at beginning of period 1,969,975 1,566,037
--------------- ---------------
Cash and temporary cash investments at end of period $ 2,197,650 $ 1,673,167
=============== ===============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
AMERICA FIRST TAX EXEMPT MORTGAGE FUND 2 LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
1. Organization
America First Tax Exempt Mortgage Fund 2 Limited Partnership (the Partnership)
was formed on September 30, 1986, under the Delaware Revised Uniform Limited
Partnership Act for the purpose of acquiring a portfolio of federally
tax-exempt participating first mortgage loans collateralized by
income-producing real estate, including multifamily residential apartments and
commercial properties. The Partnership will terminate on December 31, 2016,
unless terminated earlier under the provisions of the Partnership Agreement.
The General Partner of the Partnership is America First Capital Associates
Limited Partnership Four (AFCA 4).
2. Summary of Significant Accounting Policies
A) Financial Statement Presentation
The financial statements of the Partnership are prepared without audit on
the accrual basis of accounting in accordance with generally accepted
accounting principles. In the opinion of management, all normal and
recurring adjustments necessary to present fairly the financial position
at September 30, 1995, and results of operations for all periods presented
have been made.
B) Investment in Tax-Exempt Mortgage Loans
The Partnership records its investment in tax-exempt mortgage loans at
cost. Accrual of mortgage interest income is excluded from income when,
in the opinion of management, collection of such interest is doubtful.
This interest is recognized as income when it is received.
C) Allowance for Loan Losses
The allowance for loan losses is a valuation reserve which has been
established at a level that management feels is adequate to absorb
potential losses on outstanding loans. The allowance is based upon
management's estimates of discounted future cash flows; however, the
ultimate realized values may vary from the current estimates. These
estimates are periodically reviewed and, as adjustments become necessary,
they are reported in the period in which they become known.
D) Real Estate Acquired in Settlement of Loans
Property acquired through foreclosure, deed in lieu of foreclosure, or
foreclosure in substance is recorded at the lower of the unpaid loan
balance or estimated net realizable value at the date of acquisition. A
valuation allowance is established for subsequent declines in estimated
net realizable value. Estimated net realizable value is determined on a
property-by-property basis.
E) Depreciation
Depreciation of real estate acquired in settlement of loans is based on
the estimated useful life of the property (27 1/2 years) using the
straight-line method.
F) Income Taxes
No provision has been made for income taxes since Beneficial Unit
Certificate (BUC) Holders are required to report their share of the
Partnership's taxable income for federal and state income tax purposes.
G) Temporary Cash Investments
Temporary cash investments are invested in federally tax-exempt securities
purchased with an original maturity of three months or less.
H) Net Income per BUC
Net income per BUC has been calculated based on the number of BUCs
outstanding (5,245,623) for all periods presented.
<PAGE>
3. Partnership Income, Expenses and Cash Distributions
The Partnership Agreement contains provisions for the distribution of Net
Interest Income and Net Residual Proceeds and for the allocation of income and
expenses for tax purposes among AFCA 4 and BUC Holders.
Cash distributions included in the financial statements represent the actual
cash distributions made during each period and the cash distributions accrued
at the end of each period.
4. Partnership Reserve Account
The Partnership maintains a reserve account which totaled $1,577,278 at
September 30, 1995. The reserve account was established to maintain working
capital for the Partnership and is available to supplement distributions to
investors or for any other contingencies related to the ownership of the
mortgage loans, real estate acquired and the operation of the Partnership.
<PAGE>
5. Investment in Tax-Exempt Mortgage Loans
Descriptions of the tax-exempt mortgages owned by the Partnership at September
30, 1995, are as follows:
<TABLE>
<CAPTION>
Base
Number Maturity Interest Carrying
Property Name Location of Units Date Rate(1) Amount
---------------------------------- -------------------- -------- ------------- -------- -----------------
<S> <C> <C> <C> <C> <C>
Performing Loan:
Jackson Park Place Fresno, CA 296 09/01/11 8.5% $ 8,760,000
-----------------
Nonperforming Loans:(2)
Jefferson Place Olathe, KS 352 12/01/10 8.5% 12,800,000
Avalon Ridge Renton, WA 356 09/01/11 8.5% 18,755,000
-----------------
31,555,000
Less allowance for loan losses (8,748,474)
-----------------
22,806,526
-----------------
Balance at September 30, 1995 $ 31,566,526
=================
</TABLE>
(1) In addition to the base interest rate shown, the notes bear additional
contingent interest as defined in each revenue note which, when combined with
the interest shown, is limited to a cumulative, noncompounded amount not
greater than 13% per annum. The Partnership did not receive any additional
contingent interest in 1995.
(2) Nonperforming loans are loans for which the interest is recognized as
income when it is received and is at a rate lower than the base interest
rate. The amount of foregone interest on nonperforming loans for 1995 was
$899,433 ($374,505 for the quarter ended September 30, 1995).
<PAGE>
6. Real Estate Acquired in Settlement of Loans
Real estate acquired in settlement of loans at September 30, 1995, comprised
of the following:
<TABLE>
<CAPTION>
Building
Number and Carrying
Property Name Location of Units Land Improvements Amount
--------------------------------- -------------------- -------- ------------- --------------- -----------------
<S> <C> <C> <C> <C> <C>
Covey at Fox Valley Aurora, IL 216 $ 1,320,000 $ 11,090,000 $ 12,410,000
The Exchange at Palm Bay Palm Bay, FL 72,002(1) 1,150,318 4,755,389 5,905,707
The Park at Fifty Eight Chattanooga, TN 96 135,000 2,553,474 2,688,474
Shelby Heights Bristol, TN 100 175,000 3,275,000 3,450,000
Coral Point Mesa, AZ 336 2,240,000 8,960,000 11,200,000
-----------------
35,654,181
Less accumulated depreciation (6,214,767)
-----------------
29,439,414
Less valuation allowance (3,500,000)
-----------------
Balance at September 30, 1995 $ 25,939,414
=================
</TABLE>
(1) Represents square feet.
7. Transactions with Related Parties
Substantially all of the Partnership's general and administrative expenses are
paid by AFCA 4 or an affiliate and reimbursed by the Partnership. The amount
of such expenses reimbursed to AFCA 4 during 1995 was $418,234 ($130,228 for
the quarter ended September 30, 1995). The reimbursed expenses are presented
on a cash basis and do not reflect accruals made at quarter end.
AFCA 4 received from property owners administrative fees of $8,066 for the
quarter and nine months ended September 30, 1995. Since these fees are not
Partnership expenses, they have not been reflected in the accompanying
financial statements. Pursuant to the Limited Partnership Agreement, AFCA 4
is entitled to an administrative fee from the Partnership in the event the
Partnership becomes the equity owner of a property by reason of foreclosure.
The amount of such fees paid to AFCA 4 during 1995 was $169,650 ($56,550 for
the quarter ended September 30, 1995).
The general partner of the partnership which owns Jefferson Place is
principally owned by an employee of an affiliate of AFCA 4. Such employee has
a nominal interest in the affiliate. AFCA 4 and an affiliated mortgage fund
also own small interests in the general partner. The general partner has an
interest in the property partnership's profits, losses, and cash flow which is
subordinate to the limited partners and the mortgage loan.
An affiliate of AFCA 4 was retained to provide property management services
for Covey at Fox Valley, The Park at Fifty Eight, Shelby Heights, Coral Point,
Jefferson Place and Avalon Ridge. The fees for services provided represent
the lower of (i) costs incurred in providing management of the property, or
(ii) customary fees for such services determined on a competitive basis and
amounted to $278,906 in 1995 ($105,781 for the quarter ended September 30,
1995).
<PAGE>
Item 2.
AMERICA FIRST TAX EXEMPT MORTGAGE FUND 2 LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Liquidity and Capital Resources
The Partnership originally acquired nine tax-exempt mortgage loans, the
proceeds of which were used to provide construction and/or permanent financing
for eight multifamily housing properties and one commercial property. During
1988, one tax-exempt mortgage loan was prepaid in full. At September 30,
1995, the Partnership continued to hold three of these tax-exempt mortgage
loans with a carrying value, net of allowance for loan losses, of $31,566,526
and five real estate properties acquired through foreclosure or deed in lieu
of foreclosure with a depreciated cost, net of a valuation allowance, of
$25,939,414.
The following table shows the various occupancy levels of the properties
financed or owned by the Partnership at September 30, 1995:
<TABLE>
<CAPTION>
Number Percentage
Number of Units of Units
Property Name Location of Units Occupied Occupied
- - - ------------------------------- ----------------------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
Jackson Park Place Fresno, CA 296 292 99%
Jefferson Place Olathe, KS 352 343 97%
Avalon Ridge Renton, WA 356 295 83%
Covey at Fox Valley(1) Aurora, IL 216 212 98%
The Park at Fifty Eight(1) Chattanooga, TN 96 94 98%
Shelby Heights(1) Bristol, TN 100 98 98%
Coral Point(1) Mesa, AZ 336 330 98%
---------- ---------- -----------
1,752 1,664 95%
========== ========== ===========
The Exchange at Palm Bay(1) Palm Bay, FL 72,002(2) 28,687 40%
========== ========== ===========
</TABLE>
(1) Property acquired through foreclosure or deed in lieu of foreclosure.
(2) Represents square feet.
The principal amounts of the tax-exempt mortgage loans do not amortize over
their terms. The tax-exempt mortgage loans provide for the payment of base
interest at a fixed rate. In addition, the Partnership may earn contingent
interest based on a participation in the net cash flow and net sale or
refinancing proceeds from the real estate collateralizing the tax-exempt
mortgage loans. The base interest payments received on the tax-exempt
mortgage loans and net rental income earned on properties owned represent the
principal sources of the Partnership's income and distributable cash. The
Partnership has not received any contingent interest on its mortgage loans
during 1995. The Partnership also earns income on temporary cash investments.
The Partnership may draw on reserves to pay operating expenses or to
supplement cash distributions to Beneficial Unit Certificate (BUC) Holders.
During the quarter ended September 30, 1995, $67,929 of undistributed income
was withdrawn from reserves. During the nine months ended September 30, 1995,
a net amount of $275,306 of undistributed income was placed in reserves. The
total amount held in reserves at September 30, 1995, was $1,577,278. Future
distributions to BUC Holders will depend upon the amount of base and
contingent interest and net rental income the Partnership receives, the size
of reserves established by the Partnership and the extent to which withdrawals
are made from reserves.
<PAGE>
Distributions
Cash distributions paid or accrued per BUC were as follows:
<TABLE>
<CAPTION>
For the Nine For the Nine
Months Ended Months Ended
Sept. 30, 1995 Sept. 30, 1994
--------------- ---------------
<S> <C> <C>
Regular monthly distributions
Income $ .3915 $ .3933
Return of capital .1710 .1692
--------------- ---------------
$ .5625 $ .5625
=============== ===============
Distributions
Paid out of current and prior undistributed cash flow $ .5625 $ .5625
=============== ===============
</TABLE>
Asset Quality
On a regular basis, management reviews each mortgage loan in the Partnership's
portfolio in order to assess its collectibility. Each real estate property
owned by the Partnership is also reviewed in order to assess its net
realizable value. It is the policy of the Partnership to provide a valuation
reserve, if necessary, for potential losses on mortgage loans and real estate
owned. Internal property valuations and reviews performed during the nine
months ended September 30, 1995, indicated that the mortgage loans and real
estate recorded on the balance sheet at September 30, 1995, required no
adjustments to their current carrying amounts.
The overall status of the Partnership's mortgage loans and real estate owned
has generally remained constant since June 30, 1995.
Results of Operations
The tables below compare the results of operations for each period shown.
<TABLE>
<CAPTION>
For the For the Increase
Quarter Ended Quarter Ended (Decrease)
Sept. 30, 1995 Sept. 30, 1994 From 1994
--------------- --------------- ---------------
<S> <C> <C> <C>
Mortgage investment income $ 482,189 $ 525,854 $ (43,665)
Rental income 1,300,516 1,257,946 42,570
Interest income on temporary cash investments 14,307 9,271 5,036
--------------- --------------- ---------------
1,797,012 1,793,071 3,941
--------------- --------------- ---------------
General and administrative expenses 208,962 168,752 40,210
Real estate operating expenses 662,490 659,960 2,530
Depreciation 300,364 296,256 4,108
--------------- --------------- ---------------
1,171,816 1,124,968 46,848
--------------- --------------- ---------------
Net income $ 625,196 $ 668,103 $ (42,907)
=============== =============== ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
For the Nine For the Nine Increase
Months Ended Months Ended (Decrease)
Sept. 30, 1995 Sept. 30, 1994 From 1994
--------------- --------------- ---------------
<S> <C> <C> <C>
Mortgage investment income $ 1,670,648 $ 1,818,526 $ (147,878)
Rental income 3,825,945 3,636,584 189,361
Interest income on temporary cash investments 40,791 26,093 14,698
--------------- --------------- ---------------
5,537,384 5,481,203 56,181
--------------- --------------- ---------------
General and administrative expenses 585,366 516,016 69,350
Real estate operating expenses 1,696,244 1,831,833 (135,589)
Depreciation 897,122 887,331 9,791
--------------- --------------- ---------------
3,178,732 3,235,180 (56,448)
--------------- --------------- ---------------
Net income $ 2,358,652 $ 2,246,023 $ 112,629
=============== =============== ===============
</TABLE>
Mortgage investment income decreased for the quarter ended September 30, 1995,
compared to the same period in 1994 as a result of decreases in the cash flow
of Avalon Ridge of approximately $34,000 and Jefferson Place of approximately
$10,000. These decreases were primarily due to increases in repairs and
maintenance expenses and property improvements. Mortgage investment income
decreased for the nine months ended September 30, 1995, compared to the same
period in 1994 as a result of a decrease in the cash flow of Avalon Ridge of
approximately $152,000. This decrease was primarily due to increases in
repairs and maintenance expenses and property improvements. This decrease was
partially offset by an increase in cash flow of Jefferson Place of
approximately $4,000 which was primarily due to slightly higher overall
occupancy and rental rates.
Rental income increased for the quarter and nine months ended September 30,
1995, compared to the same periods in 1994 due primarily to higher rental
rates on properties acquired by the Partnership in foreclosure. Real estate
operating expenses increased slightly for the quarter ended September 30,
1995, compared to the same period in 1994 due primarily to an overall increase
in expenses. Real estate operating expenses decreased for the nine months
ended September 30, 1995 compared to the same period in 1994 due primarily to
property tax refunds of approximately $244,000 and approximately $8,000
received by Covey at Fox Valley in June and January of 1995, respectively.
This decrease was partially offset by increases in property improvements,
repair and maintenance expenses and salaries expense at Coral Point and slight
increases in overall expenses at the other properties.
The increase in interest income on temporary cash investments for the quarter
and nine months ended September 30, 1995, compared to the same periods in 1994
is primarily attributable to additions made to Partnership reserves during
1994 and 1995 and to slightly higher interest rates.
General and administrative expenses increased for the quarter and nine months
ended September 30, 1995, compared to the same periods in 1994. These
increases were primarily due to increases in salaries and related expenses and
insurance expense which were partially offset by decreases in printing and
investor servicing expenses.
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
4(a) Agreement of Limited Partnership dated October 15, 1986
(incorporated herein by reference to Form 10-K dated
December 31, 1986 filed pursuant to Section 13 or 15(d) of
the Securities Act of 1934 by America First Tax Exempt
Mortgage Fund 2 Limited Partnership (Commission File No.
0-15329)).
4(b) Form of Certificate of Beneficial Unit Certificate
(incorporated herein by reference to Form S-11
Registration Statement filed May 8, 1986 with the
Securities and Exchange Commission by America First Tax
Exempt Mortgage Fund 2 Limited Partnership (Commission
File No. 33-5521)).
10(a) $18,755,000 Washington State Housing Finance Commission
Multifamily Housing Mortgage Revenue Note (Sunpointe
Apartments Projects) Series 1987 (incorporated herein by
reference to Form 10-K dated December 31, 1987 filed
pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 by America First Tax Exempt Mortgage Fund 2
Limited Partnership (Commission File No. 0-15329)).
10(b) Lender Loan Agreement and Indenture of Trust amoung
Washington State Housing Finance Commission, the
Registrant and FirsTier Bank, National Association, dated
September 1, 1987 (incorporated herin by reference to Form
10-K dated December 31, 1987 filed pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 by America
First Tax Exempt Mortgage Fund 2 Limited Partnership
(Commission File No. 0-15329)).
10(c) Construction Loan Agreement between the Registrant and
Sunpointe Associates Limited Partnership, dated September
1, 1987 (incorporated herin by reference to Form 10-K
dated December 31, 1987 filed pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 by America
First Tax Exempt Mortgage Fund 2 Limited Partnership
(Commission File No. 0-15329)).
(b) Form 8-K
The registrant did not file a report on Form 8-K during the
quarter for which this report is filed.
<PAGE>
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.
Dated: November 13, 1995 AMERICA FIRST TAX EXEMPT MORTGAGE
FUND 2 LIMITED PARTNERSHIP
By America First Capital
Associates Limited
Partnership Four, General
Partner of the Registrant
By America First Companies L.L.C.,
General Partner of America First Capital
Associates Limited Partnership Four
By /s/ Michael Thesing
Michael Thesing
Vice President, Secretary,
Treasurer and Chief Financial
Officer (Vice President and Principal
Financial Officer of Registant)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,197,650
<SECURITIES> 31,566,526
<RECEIVABLES> 140,404
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,338,054
<PP&E> 32,154,181
<DEPRECIATION> 6,214,767
<TOTAL-ASSETS> 59,878,303
<CURRENT-LIABILITIES> 966,675
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 58,911,628
<TOTAL-LIABILITY-AND-EQUITY> 59,878,303
<SALES> 0
<TOTAL-REVENUES> 5,537,384
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,178,732
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,358,652
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,358,652
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,358,652
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
