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 quarterly period ended March 31, 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: 0-15837
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of Registrant as specified in its charter)
California 33-0202964
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 South El Camino Real, Suite 1100
San Mateo, California 94402
(Address of principal executive offices) (Zip Code)
(415) 343-9300
(Registrant's telephone number)
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
Total number of units outstanding as of March 31, 1997: 35,727,572
Page 1 of 17
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
<S> <C> <C>
Assets
Investments in real estate:
Rental property, net of accumulated depreciation
of $6,353 and $6,183 at March 31, 1997 and
December 31, 1996, respectively $ 12,231 $ 12,397
Rental property held for sale, net 3,917 3,917
Rental property held pending foreclosure 3,381 3,375
-------------- --------------
Net real estate investments 19,529 19,689
Cash and cash equivalents 1,543 1,121
Note receivable 2,000 2,000
Accounts receivable, net 163 119
Deferred financing costs and other fees,
net of accumulated amortization of
$1,259 and $1,219 at March 31, 1997
and December 31, 1996, respectively 395 435
Other assets 254 125
-------------- --------------
Total assets $ 23,884 $ 23,489
============== ==============
</TABLE>
- continued -
Page 2 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets - continued
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
<S> <C> <C>
Liabilities and Partners' Equity (Deficit)
Liabilities:
Notes payable - secured $ 16,282 $ 16,325
Participating notes:
Notes issued and outstanding 4,591 4,591
Accrued interest, thereon 5,263 5,125
Less: Notes held in trust (3,288) (3,288)
Accrued interest, thereon (3,739) (3,650)
-------------- --------------
Net due to noteholders 2,827 2,778
Accounts payable and accrued expenses 499 448
Interest payable 850 769
Other liabilities 63 65
-------------- --------------
Total liabilities 20,521 20,385
-------------- --------------
Partners' equity (deficit):
General Partner (393) (396)
Limited Partners, 35,727,572 equity units
outstanding at March 31, 1997 and
December 31, 1996 3,756 3,500
-------------- --------------
Total partners' equity 3,363 3,104
-------------- --------------
Total liabilities and partners' equity $ 23,884 $ 23,489
============== ==============
</TABLE>
See accompanying notes to financial statements.
Page 3 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Operations
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
1997 1996
<S> <C> <C>
Revenue:
Rental income $ 2,023 $ 1,989
Interest and other income 123 109
--------------- ---------------
Total revenue 2,146 2,098
--------------- ---------------
Expenses:
Operating, including $477 and $460 paid
to affiliates in the three months ended
March 31, 1997 and 1996, respectively 1,149 1,132
Interest 452 432
Depreciation and amortization 184 295
General and administrative, including $73
and $70 paid to affiliates in the three
months ended March 31, 1997 and 1996, respectively 102 103
--------------- ---------------
Total expenses 1,887 1,962
--------------- ---------------
Income before extraordinary item 259 136
Extraordinary item:
Gain from Participating Notes purchased --- 570
--------------- ---------------
Net income $ 259 $ 706
=============== ===============
Net income per equity unit:
Before extraordinary item $ 0.01 $ ---
Extraordinary item --- 0.02
--------------- ---------------
Total $ 0.01 $ 0.02
=============== ===============
Weighted average number of equity units
outstanding during the period used to
compute net income per equity unit 35,727,572 35,742,572
=============== ===============
See accompanying notes to financial statements.
</TABLE>
Page 4 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Partners' Equity (Deficit)
For the three months ended March 31, 1997 and 1996
(in thousands)
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
<S> <C> <C> <C>
Balance at December 31, 1996 $ (396) $ 3,500 $ 3,104
Net income 3 256 259
------------- ------------ -------------
Balance at March 31, 1997 $ (393) $ 3,756 $ 3,363
============= ============ =============
Balance at December 31, 1995 $ (397) $ 3,390 $ 2,993
Net income 7 699 706
------------- ------------ -------------
Balance at March 31, 1996 $ (390) $ 4,089 $ 3,699
============= ============ =============
</TABLE>
See accompanying notes to financial statements.
Page 5 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Cash Flows
(in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net income $ 259 $ 706
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 184 295
Amortization of loan fees, included in interest expense 26 8
Gain on Participating Notes purchased --- (570)
Changes in certain assets and liabilities:
Accounts receivable (44) (8)
Deferred financing costs and other fees --- (20)
Other assets (129) (132)
Accounts payable and accrued expenses 51 39
Interest payable 130 69
Other liabilities (2) 2
Payable to affiliate --- 15
---------- ----------
Net cash provided by operating activities 475 404
---------- ----------
Cash flows from investing activities:
Additions to real estate (10) (31)
---------- ----------
Net cash used for investing activities (10) (31)
---------- -----------
Cash flows from financing activities:
Notes payable principal payments (43) (26)
Borrowings on secured notes payable --- 1,100
Buy-back of Participating Notes-discounted --- (1,165)
---------- ----------
Net cash used for financing activities (43) (91)
---------- ----------
Net increase in cash and cash equivalents 422 282
Cash and cash equivalents at beginning of period 1,121 591
----------- ---------
Cash and cash equivalents at end of period $ 1,543 $ 873
=========== =========
- continued -
</TABLE>
Page 6 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Cash Flows - continued
(in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
1997 1996
<S> <C> <C>
Supplemental disclosure of cash flow information:
Cash paid for interest $ 296 $ 661
=========== ===========
Supplemental disclosure of noncash transactions:
Reduction of accrued interest payable resulting
from purchase of Participating Notes at discount $ --- $ 870
=========== ===========
</TABLE>
See accompanying notes to financial statements.
Page 7 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
March 31, 1997
(Unaudited)
Note 1. THE PARTNERSHIP
In the opinion of Glenborough Corporation, the managing general partner, the
accompanying unaudited financial statements contain all adjustments (consisting
of only normal accruals) necessary to present fairly the financial position of
Outlook Income Fund 9, a California Limited Partnership, (the "Partnership") as
of March 31, 1997 and December 31, 1996, and the related statements of
operations, changes in partners' equity and cash flows for the three months
ended March 31, 1997 and 1996.
Management intends to present a plan of Partnership liquidation for an investor
vote in 1997. The carrying value of the investments in real estate at March 31,
1997 does not purport to represent the ultimate sales price the Partnership will
realize from the disposition of these assets nor are the amounts reflected in
the accompanying financial statements intended to represent the ultimate amount
to be distributed to partners if the plan is adopted.
Basis of Accounting - The accompanying financial statements have been prepared
on the accrual basis of accounting in accordance with generally accepted
accounting principles under the presumption that the Partnership will continue
as a going concern. As discussed above, management intends to present a plan of
Partnership liquidation for an investor vote in 1997. However, the liquidation
proceeds and the timing thereof are not currently estimable, nor is approval of
such plan assured. Accordingly, the accompanying financial statements do not
provide for any adjustments relating to the aforementioned plan of liquidation
if it is adopted.
Reclassifications - Certain 1996 balances have been reclassified to conform with
the current year presentation.
Note 2. REFERENCE TO 1996 AUDITED FINANCIAL STATEMENTS
These unaudited financial statements should be read in conjunction with the
Notes to Financial Statements included in the 1996 audited financial statements.
Note 3. TRANSACTIONS WITH AFFILIATES
In accordance with the Limited Partnership Agreement, Glenborough Corporation
and Glenborough Hotel Group (collectively "Glenborough") are compensated for
management services. Included in operating expenses for the three months ended
March 31, 1997 and 1996, are the following amounts paid to Glenborough:
Page 8 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
March 31, 1997
(Unaudited)
1997 1996
------ -----
Property management fees $ 34,000 $ 36,000
Property salaries (reimbursed) 40,000 36,000
Hotel management fees 69,000 67,000
Hotel salaries (reimbursed) 334,000 321,000
------------- -------------
$ 477,000 $ 460,000
============= =============
The Partnership also reimburses Glenborough for expenses incurred for services
provided to the Partnership such as accounting, investor services, data
processing, duplicating and office supplies, legal and administrative services
and the actual costs of goods and materials used for or by the Partnership.
Glenborough was reimbursed $73,000 and $70,000 by the Partnership for such
expenses during the three months ended March 31, 1997 and 1996, respectively.
Such amounts are included in general and administrative expenses in the
accompanying statements of operations.
As of March 31, 1997, GPA Ltd., a partnership with the same general partner as
the Partnership, purchased 1,386,746 limited partnership units (a 4% interest)
from an unaffiliated limited partner for $106,000. In April, 1997, Glenborough
Partners purchased an additional 256,000 units from the same limited partner for
$18,000.
Note 4. SUBSEQUENT EVENTS
Notes Payable
On April 24, 1997, the Partnership refinanced two loans into a $4,300,000 loan
with an unaffiliated third party secured by the Country Suites by Carlson-Tempe
hotel property. The loan has an interest rate of prime plus one (9.5% at March
31, 1997) and requires monthly interest only payments until March 31, 1999, at
which time all principal and interest will be due and payable.
Foreclosure
The Partnership discontinued debt service payments effective January 1997 on the
Country Suites by Carlson - Memphis property (a 121 - suite hotel located in
Memphis, Tennessee), due to the continued insufficient funds generated from
operations to cover debt service. On March 14, 1997, the Partnership received a
Notice of Foreclosure. On April 4, 1997 the property was foreclosed upon by the
lender. The Country Suites by Carlson - Memphis property is classified as rental
property held pending foreclosure on the Partnership's March 31, 1997 and
December 31, 1996 balance sheets.
Page 9 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
March 31, 1997
(Unaudited)
The following pro forma financial statements represent the Partnership's balance
sheet and statement of operations as of and for the three months ended March 31,
1997 and for the year ended December 31, 1996, as if the foreclosure of the
Country Suites by Carlson - Memphis hotel had occurred on January 1, 1996,
respectively.
Pro forma Balance Sheet
As of March 31, 1997
(in thousands, except units outstanding)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Assets
Investments in real estate:
Rental property, net $ 12,231 $ --- $ 12,231
Rental property held for sale, net 3,917 --- 3,917
Rental property held pending foreclosure 3,381 (3,381) ---
------------- ------------- -------------
Net real estate investments 19,529 (3,381) 16,148
Cash and cash equivalents 1,543 (89) 1,454
Note receivable 2,000 --- 2,000
Accounts receivable, net 163 (43) 120
Deferred financing costs and other fees, net 395 (12) 383
Other assets 254 (27) 227
------------- ------------- -------------
Total assets $ 23,884 $ (3,552) $ 20,332
============= ============== =============
</TABLE>
Page 10 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
March 31, 1997
(Unaudited)
Pro forma Balance Sheet - continued
As of March 31, 1997
(in thousands, except units outstanding)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Liabilities and Partners' Equity (Deficit)
Liabilities:
Notes payable $ 16,282 $ (3,468) $ 12,814
Participating notes:
Notes issued and outstanding 4,591 --- 4,591
Accrued interest, thereon 5,263 --- 5,263
Less: Notes held in trust (3,288) --- (3,288)
Accrued interest, thereon (3,739) --- (3,739)
------------- ------------- -------------
Net due to noteholders 2,827 --- 2,827
Accounts payable and accrued expenses 499 (131) 368
Interest payable 850 (78) 772
Other liabilities 63 --- 63
------------- ------------- -------------
Total liabilities 20,521 (3,677) 16,844
Partners' equity (deficit):
General Partner (393) 1 (392)
Limited Partners, 35,727,572 equity units
outstanding 3,756 124 3,880
------------- ------------- -------------
Total partners' equity 3,363 125 3,488
------------- ------------- -------------
Total liabilities and partners' equity $ 23,884 $ (3,552) $ 20,332
============= ============= =============
</TABLE>
Page 11 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
March 31, 1997
(Unaudited)
Pro forma Statement of Operations
For the three months ended March 31, 1997
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Revenue:
Rental income $ 2,023 $ (357) $ 1,666
Interest and other income 123 --- 123
------------- ------------- -------------
Total revenue 2,146 (357) 1,789
------------- -------------- -------------
Expenses:
Operating 1,149 (313) 836
Interest 452 (78) 374
Depreciation and amortization 184 (2) 182
General and administrative 102 --- 102
------------- ------------- -------------
Total expenses 1,887 (393) 1,494
------------- ------------- -------------
Net income $ 259 $ 36 $ 295
============= ============= =============
Net income per equity unit $ 0.01 $ --- $ 0.01
============= ============= =============
Weighted average number of equity units
outstanding during the period used to
compute net income per equity unit 35,727,572 35,727,572 35,727,572
============= ========== =============
</TABLE>
Page 12 of 17
<PAGE>
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Financial Statements
March 31, 1997
(Unaudited)
Pro forma Statement of Operations
For the year ended December 31, 1996
(in thousands, except per unit amounts and units
outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Revenue:
Rental income $ 7,208 $ (1,854) $ 5,354
Interest and other income 478 --- 478
------------- ------------- -------------
Total revenue 7,686 (1,854) 5,832
------------- -------------- -------------
Expenses:
Operating 4,646 (1,483) 3,163
Interest 1,811 (311) 1,500
Depreciation and amortization 1,147 (225) 922
General and administrative 419 --- 419
------------- ------------- -------------
Total expenses 8,023 (2,019) 6,004
------------- ------------- -------------
Net income (loss) before extraordinary item (337) 165 (172)
Extraordinary item:
Gain from Participating Notes purchase 448 --- 448
------------- ------------- -------------
Net income $ 111 $ 165 $ 276
============= ============= =============
Net income (loss) per Equity unit:
Before extraordinary item $ (0.01) $ --- $ ---
Extraordinary item 0.01 --- 0.01
------------- ------------- -------------
Net income per equity unit $ --- $ --- $ 0.01
============= ============= =============
Weighted average number of equity units
outstanding during the period used to
compute net income per equity unit 35,727,572 35,727,572 35,727,572
============= ========== =============
</TABLE>
Page 13 of 17
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
INTRODUCTION
The following discussion addresses the Partnership's financial condition at
March 31, 1997 and its results of operations for the three months ended March
31, 1997 and 1996. This information should be read in conjunction with the
Partnership's audited December 31, 1996 Consolidated Financial Statements, notes
thereto and other information contained elsewhere in this report.
LIQUIDITY AND CAPITAL RESOURCES
Outlook Income Fund 9 was formed to invest in improved, income-producing real
estate with the following objectives: (i) preserve and protect capital, (ii)
provide substantially tax-sheltered distributions to Equity Unit holders, and
(iii) offer the potential for appreciation in value.
At March 31, 1997, the Partnership's cash balance was $1,543,000. The remainder
of the Partnership's assets consist primarily of its investments in real
properties which total $19,529,000 at March 31, 1997.
As of March 31, 1997, the Partnership owned the following properties: Lake Mead
Estates Apartments (a 160 unit apartment complex in Las Vegas, Nevada), Bryant
Lake Business Center: Phases I, II and III (a 171,743 square foot commercial
center in Eden Prairie, Minnesota), Country Suites by Carlson - Memphis (a 121
suite hotel in Memphis, Tennessee) and Country Suites by Carlson - Tempe (a 139
suite hotel in Tempe, Arizona).
Due to continued insufficient funds generated from operations to cover debt
service, the Partnership discontinued the payment of debt service on the loan
secured by the Country Suites by Carlson - Memphis property in January 1997. On
March 14, 1997, the Partnership received a Notice of Foreclosure on the Country
Suites by Carlson - Memphis property and the property was foreclosed upon by the
bank on April 4, 1997. The Country Suites by Carlson - Memphis property is
classified as rental property held pending foreclosure on the Partnership's
March 31, 1997 and December 31, 1996 balance sheets.
On March 13, 1997, the Partnership entered into a purchase and sale agreement
with an unaffiliated third party for the sale of Lake Mead Estates Apartment
complex. The sale is expected to close escrow in June 1997 for a purchase price
of $5,000,000. With the proceeds from the sale, the Partnership would payoff the
related debt on the property and pay the Noteholders their portion of the
principal and stated interest related to the Lake Mead Estates Apartments
property. The remaining proceeds will be used to replenish cash reserves. The
Lake Mead Estates Apartment property is classified as rental property held for
sale on the Partnership's March 31, 1997 and December 31, 1996 balance sheets.
On April 24, 1997, the Partnership refinanced two loans into a $4,300,000 loan
with an unaffiliated third party secured by the Country Suites by Carlson-Tempe
hotel property. The loan has an interest rate of prime plus one (9.5% at March
31, 1997) and requires monthly interest only payments until March 31, 1999, at
which time all principal and interest will be due and payable.
Page 14 of 17
<PAGE>
Other assets increased $129,000, or 103%, from December 31, 1996 to March 31,
1997 primarily due to the increase in property tax impounds paid in accordance
with the respective loan agreements.
Management intends to present a plan of liquidation for an investor vote in
1997. The carrying value of the investments in real estate at March 31, 1997
does not purport to represent the ultimate sales price the Partnership will
realize from the disposition of these assets nor are the amounts reflected in
the accompanying financial statements intended to represent the ultimate amount
to be distributed to partners if the plan is adopted.
Based on the pro forma financial information, hereby incorporated by reference
to the Notes to the Financial Statements included in Item 1 of this Form 10-Q,
management believes that the Partnership's available cash together with cash
generated from operations and net proceeds upon the eventual sales of the
properties will be sufficient to finance the cash requirements of the
Partnership.
RESULTS OF OPERATIONS
Rental revenue remained consistent for the three month period ending March 31,
1997 compared to the same period in 1996. The following is a comparison of
occupancy (and average daily room rates for the hotels) of the properties
currently owned by the Partnership at March 31, 1997 and 1996:
Occupancy Level
Percentage
1997 1996
Lake Mead Estates 98% 93%
Bryant Lake Phases I and II 92% 100%
Bryant Lake Phase III 100% 100%
Country Suites - Memphis 52% 69%
Average Daily Room Rate $62.62 $55.30
Country Suites - Tempe 92% 94%
Average Daily Room Rate $86.38 $73.02
Interest and other income increased $14,000 or 13% when comparing the three
months ended March 31, 1997 to the same three months in 1996 primarily due to a
$12,000 payment received in 1997 in connection with a settlement from a former
tenant of the Bryant Lake Phase I property.
Operating expenses remained consistent for the quarter ending March 31, 1997
compared to the same quarter in 1996.
The increase in interest expense of $20,000, or 46%, when comparing the three
months ended March 31, 1997 to the three months ended March 31, 1996 is
primarily due to additional interest bearing borrowings obtained in 1996.
The decrease in depreciation and amortization of $111,000 from March 31, 1996 to
March 31, 1997 is a direct result of ceasing depreciation, effective January 1,
1997, on the Partnership's properties that are classified as held for sale and
held pending foreclosure.
General and administrative expenses remained consistent for the three month
period ended March 31, 1997 compared to the same period in 1996.
Page 15 of 17
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
#27 - Financial Data Schedule
(b) Reports on Form 8-K.
Registrant filed a Current Report on Form 8-K, dated
April 21, 1997, reporting that on March 14, 1997, Outlook
Income Fund 9, a California Limited Partnership (the
Registrant), received a Notice of Foreclosure on the Country
Suites by Carlson - Memphis property, a 121-suite hotel
located at 4300 American Way in Memphis, Tennessee. On April
4, 1997 the property was foreclosed upon by the lender.
Page 16 of 17
<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.
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
By: Glenborough Corporation,
a California corporation
Its Managing General Partner
Date: May 15, 1997 By: /s/ Terri Garnick
------------------
Terri Garnick
Chief Financial Officer
Page 17 of 17
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000801449
<NAME> Outlook Income Fund 9
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1.000
<CASH> 1,543
<SECURITIES> 0
<RECEIVABLES> 169
<ALLOWANCES> 6
<INVENTORY> 0
<CURRENT-ASSETS> 1,960
<PP&E> 25,882
<DEPRECIATION> (6,353)
<TOTAL-ASSETS> 23,884
<CURRENT-LIABILITIES> 562
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,363
<TOTAL-LIABILITY-AND-EQUITY> 23,884
<SALES> 0
<TOTAL-REVENUES> 2,146
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,435
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 452
<INCOME-PRETAX> 259
<INCOME-TAX> 0
<INCOME-CONTINUING> 259
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 259
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
