SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 0-16773
CLOVER INCOME PROPERTIES, L.P
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
22-2772496
(IRS employer identification no.)
23 WEST PARK AVENUE, MERCHANTVILLE, NEW JERSEY 08109
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (609) 662-1116
----------------------------------------------------------------
Former name, address and former fiscal year, if changed since last report
Indicate by check 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 1 of 21 Pages
CLOVER INCOME PROPERTIES, L.P.
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
CURRENT ASSETS
Cash $ 302,206 $ 292,557
State Tax Refund Receivable - 16,733
------------ ------------
Total current assets 302,206 309,290
------------ ------------
INVESTMENT IN THE WILLOWBROOK JOINT
VENTURE, at equity 4,157,496 4,192,426
OTHER DEFERRED COSTS, less accumulated
amortization of $211,192 and $205,134,
respectively 307,937 313,995
------------ ------------
TOTAL ASSETS $ 4,767,639 $ 4,815,711
============ ============
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable $ 395 $ -
Accrued expenses 43,125 50,250
Due to affiliates - 3,000
------------ ------------
Total current liabilities 43,520 53,250
------------ ------------
PARTNERS' CAPITAL
General partner - -
Limited partners 4,724,119 4,762,461
------------ ------------
Total partners' capital 4,724,119 4,762,461
------------ ------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 4,767,639 $ 4,815,711
============ ============
The accompanying notes are an integral part of these statements.
2
CLOVER INCOME PROPERTIES L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
March 31, 1995 March 31, 1994
REVENUES
Rental income $ - $ 264,124
Other income - 43,035
Interest income 992 1,215
------------ -------------
Total revenues 992 308,374
------------ -------------
EXPENSES
Depreciation and amortization 6,058 64,594
Operating expenses (Including
affiliate transactions of
$-0- and $16,505 for the
three months ended 03/31/95
and 03/31/94, respectively) - 132,795
Professional services 8,396 6,746
General and administrative 6,019 4,106
------------ -------------
Total expenses 20,473 208,241
SHARE OF INCOME FROM THE
WILLOWBROOK JOINT VENTURE 45,527 30,372
------------ -------------
NET INCOME $ 26,046 $ 130,505
============ =============
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 1.69 $ 8.60
============ =============
The accompanying notes are an integral part of these statements.
3
CLOVER INCOME PROPERTIES, L.P.
STATEMENT OF PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(Unaudited)
General Limited
Partner Partners Total
Balance at January 1, 1995 $ - $ 4,762,461 $ 4,762,461
Partners' distributions, $4.25
per limited partnership unit (638) (63,750) (64,388)
Net Income 638 25,408 26,046
---------- ----------- -----------
Balance at March 31, 1995 $ - $ 4,724,119 $ 4,724,119
========== =========== ===========
The accompanying notes are an integral part of these statements.
4
CLOVER INCOME PROPERTIES, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended
March 31, 1995 March 31, 1994
OPERATING ACTIVITIES
Cash received from rentals $ - $ 264,026
Other income received - 10,999
Interest received 992 1,215
Distributions received from The
Willowbrook Joint Venture 80,457 80,457
Cash paid for operating expenses (7,412) (120,324)
-------------- --------------
Net cash provided by operating
activities 74,037 236,373
-------------- --------------
INVESTING ACTIVITIES
Cash Paid for Investment Property - (26,244)
Contributions paid to The
Willowbrook Joint Venture - (1,716)
Net cash (used in) investing activities - (27,960)
-------------- --------------
FINANCING ACTIVITIES
Partners' distributions (64,388) (141,363)
-------------- --------------
NET INCREASE IN CASH 9,649 67,050
CASH, beginning of period 292,557 370,737
-------------- --------------
CASH, end of period $ 302,206 $ 437,787
============== ==============
The accompanying notes are an integral part of these statements.
5
CLOVER INCOME PROPERTIES, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended
March 31, 1995 March 31, 1994
RECONCILIATION OF NET INCOME
TO CASH PROVIDED BY OPERATING ACTIVITIES
NET INCOME $ 26,046 $ 130,505
ADJUSTMENTS
Depreciation and amortization 6,058 64,594
Income from investment in The
Willowbrook Joint Venture (45,527) (30,372)
Distributions received from The
Willowbrook Joint Venture 80,457 80,457
Decrease in prepaid expenses - 13,104
Decrease in rents receivable - 189
Decrease (increase) in other receivables 16,733 (32,036)
Increase in accounts payable 395 10,541
(Decrease) in prepaid rents - (745)
(Decrease) in accrued expenses (7,125) (2,687)
Increase in tenants security deposits - 458
(Decrease) increase in due to affiliates (3,000) 2,365
-------------- ------------
Total adjustments $ 47,991 $ 105,868
-------------- ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 74,037 $ 236,373
============== ============
The accompanying notes are an integral part of these statements.
6
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
Readers of this quarterly report should refer to the Partnership's audited
financial statements as of December 31, 1994, as certain footnote disclosures
which would substantially duplicate those contained in such audited financial
statements have been omitted from this report.
1. INVESTMENT IN THE WILLOWBROOK JOINT VENTURE:
On December 17, 1987, the Partnership acquired a 50% interest in The
Willowbrook Joint Venture (the Joint Venture) for $6,450,000. The Joint
Venture owns the Willowbrook Apartments, a 299-unit mid-rise apartment complex
located in Baltimore, Maryland.
On April 8, 1992, the Partnership and Clover Income Properties II, L.P., an
affiliated partnership, consummated an agreement which was effective April 1,
1992, with Clover Income Properties III, L.P., (CIP III), an affiliated
partnership, pursuant to which CIP III acquired an interest in The Willowbrook
Joint Venture. The Partnership reduced its interest from 50% to 42.91% and
received a distribution of $1,100,000 from the Joint Venture, of which
$1,000,000 was distributed to the limited partners in April 1992. A summary
of the Joint Venture's financial statements is as follows:
For the Three
Months Ended
March 31, 1995
Current Assets $ 361,781
Investment property, net of accumulated depreciation 9,730,231
Other noncurrent assets 1,100
------------
Total assets $ 10,093,112
============
Current liabilities $ 404,233
Capital -
Clover Income Properties, L.P. 3,831,708
Clover Income Properties II, L.P. 3,831,708
Clover Income Properties III, L.P. 2,025,463
------------
7
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
1. INVESTMENT IN THE WILLOWBROOK JOINT VENTURE (continued):
For the Three
Months Ended
March 31, 1995
Total liabilities and capital $ 10,093,112
============
Revenues $ 500,801
Expenses 394,703
------------
Net income $ 106,098
============
The Joint Venture made distributions from operations to the Partnership in the
amount of $80,457 during the first three months of 1995. (Also see Note 3).
The investment in The Willowbrook Joint Venture, at equity of $4,157,496,
includes the Partnership's gain ($325,788) on the sale of 14.18% of its
interest in the Joint Venture before the deduction of $10,758 in expenses
relating to the sale and the write-off of 14.18% of the unamortized deferred
costs ($62,892) related to the initial acquisition of the Joint Venture
interest by the Partnership. Therefore, the amount of the investment, at
equity, reflected here does not correspond to the Partnership's capital
account balance in the Joint Venture.
2. TRANSACTIONS WITH AFFILIATES:
Holly Tree which was sold July 1, 1994, was managed by an affiliate of the
General Partner pursuant to a management agreement which provided for an
annual fee not to exceed 5% of the gross revenues from the Property. The
General Partner and its affiliates were entitled to reimbursement for
administrative services rendered to the Partnership, direct expenses of
Partnership operations and goods and services used by and for the Partnership.
8
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
Management Reimbursable
Fees Costs
Amount payable at January 1, 1995 $ - $ 3,000
Incurred during the three months
ended March 31, 1995 - -
Payments made in 1995 - (3,000)
---------- ------------
Amount payable at March 31, 1995 $ - $ -
========== ============
3. SUBSEQUENT DISTRIBUTION:
In April 1995, the Partnership received a $26,819 distribution from the
Willowbrook Joint Venture. In May 1995, the Partnership made a cash
distribution of $54,750 to the Limited Partners and $559 to the General
Partner.
4. GENERAL:
The financial statements reflect all adjustments which are, in the opinion of
the General Partner, necessary for a fair statement of the results for the
interim period presented. Such adjustments are of a normal recurring nature.
9
THE WILLOWBROOK JOINT VENTURE
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1995
CURRENT ASSETS
Cash $ 278,165 $ 193,081
Prepaid expenses 78,619 136,682
Rents receivable 4,997 868
------------ ------------
Total Current Assets 361,781 330,631
------------ ------------
INVESTMENT PROPERTY, at cost 13,378,885 13,378,885
Less - accumulated depreciation (3,648,654) (3,520,401)
------------ ------------
Net investment property 9,730,231 9,858,484
------------ ------------
OTHER ASSETS
Utility deposit 1,100 1,100
------------ ------------
TOTAL ASSETS $ 10,093,112 $ 10,190,215
============ ============
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable $ 15,598 $ 17,447
Accrued expenses 13,640 26,563
Tenants' security deposits 39,554 40,748
Prepaid rents 9,162 8,936
Due to affiliates 326,279 326,240
------------ ------------
Total current liabilities 404,233 419,934
------------ ------------
PARTNERS'CAPITAL
Clover Income Properties, L.P. 3,831,708 3,866,638
Clover Income Properties II, L.P. 3,831,708 3,866,638
Clover Income Properties III, L.P. 2,025,463 2,037,005
------------ ------------
Total partners' capital 9,688,879 9,770,281
------------ ------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 10,093,112 $ 10,190,215
============ ============
The accompanying notes are an integral part of these statements.
10
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
March 31, 1995 March 31, 1994
REVENUES
Rental income $ 494,733 $ 502,863
Other income 5,584 6,699
Interest income 484 538
------------ ------------
Total revenues 500,801 510,100
------------ ------------
EXPENSES
Depreciation 128,253 127,863
Operating expenses (Including
affiliate transactions of $16,089 and
$31,013 for the three months
ended 3/31/95 and 3/31/94
respectively) 261,502 307,046
Professional services 4,948 2,248
General & administrative - affiliates - 2,163
------------ ------------
394,703 439,320
------------ ------------
NET INCOME $ 106,098 $ 70,780
============ ============
The accompanying notes are an integral part of these statements.
11
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(Unaudited)
Clover Clover Clover
Income Income Income
Properties, Properties Properties
L.P. II, L.P. III, L.P. Total
Balance January 1, 1995 $ 3,866,638 $ 3,866,638 $ 2,037,005 $ 9,770,281
Net income 45,527 45,527 15,044 106,098
Partners' distributions (80,457) (80,457) (26,586) (187,500)
----------- ----------- ----------- -----------
Balance March 31, 1995 $ 3,831,708 $ 3,831,708 $ 2,025,463 $ 9,688,879
=========== =========== =========== ===========
The accompanying notes are an integral part of these statements.
12
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended
March 31, March 31,
1995 1994
OPERATING ACTIVITIES
Cash received from rentals $ 490,830 $ 507,294
Other income received 5,584 6,699
Interest income received 484 538
Cash paid for operating expenses (224,314) (235,955)
------------ ------------
Net cash provided by operating
activities 272,584 278,576
------------ ------------
FINANCING ACTIVITIES
Partners' distributions (187,500) (187,500)
Partners' contributions - 4,000
------------ ------------
Net cash (used in) financing
activities (187,500) (183,500)
------------ ------------
NET INCREASE IN CASH 85,084 95,076
Cash, beginning of period 193,081 178,813
------------ ------------
Cash, end of period $ 278,165 $ 273,889
============ ============
The accompanying notes are an integral part of these statements.
13
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended
March 31, March 31,
1995 1994
RECONCILIATION OF NET INCOME
TO CASH PROVIDED BY OPERATING ACTIVITIES
NET INCOME $ 106,098 $ 70,780
Adjustments
Depreciation 128,253 127,863
Decrease in prepaid expenses 58,063 68,745
(Increase) decrease in rents receivable (4,129) 75
(Decrease) increase in accounts payable (1,849) 9,750
(Decrease) in accrued expenses (12,923) (2,244)
(Decrease) in security deposits (1,194) (163)
Increase in prepaid rents 226 4,356
Increase (decrease) in due to affiliates 39 (586)
------------ ------------
Total adjustments 166,486 207,796
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 272,584 $ 278,576
============ ============
The accompanying notes are an integral part of these statements.
14
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
Readers of this quarterly report should refer to the Joint Venture's audited
financial statements as of December 31, 1994, as certain footnote disclosures
which would substantially duplicate those contained in such audited financial
statements have been omitted from this report.
1. INVESTMENT PROPERTY:
On December 17, 1987, the Joint Venture acquired the Willowbrook Apartments, a
mid-rise apartment complex comprising 299 apartment units contained in eight
five-story buildings. The complex is located in Baltimore, Maryland. The
following is a summary of investment property as of March 31, 1995.
Land $ 1,421,205
Building 10,980,891
Furniture and fixtures 976,789
--------------
13,378,885
Less: Accumulated depreciation (3,648,654)
--------------
$ 9,730,231
==============
2. TRANSACTIONS WITH AFFILIATES:
Effective February 21, 1995, NPI-CL Management, L.P. ("NPI") which is
unaffiliated with the Partners, replaced an affiliate of the Partners as
Property Manager. Until this time, as compensation for property management
services performed by an affiliate of the Partners with respect to the
Property, the affiliate was entitled to a management fee in an amount not to
exceed 5% of gross revenues.
The general partners of CIP, CIP II and CIP III and their affiliates were
entitled to reimbursement for administrative services rendered to the Joint
Venture and direct expenses of operations and goods and services used by and
for the Joint Venture. For the three months ended March 31, 1995, $3,339 of
such costs were incurred by the Joint Venture.
15
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
Management Reimbursable
Fees Costs
Amount payable at January 1, 1995 $ 319,132 $ 7,108
Incurred during three months
ended March 31, 1995 $ 12,750 $ 3,339
Payments made during 1995 (12,750) (3,300)
------------ ------------
Amount payable at
March 31, 1995 $ 319,132 $ 7,147
============ ============
3. SUBSEQUENT DISTRIBUTIONS:
In April, 1995, the Joint Venture paid total distributions of $62,500 to its
partners.
4. GENERAL:
The financial statements reflect all adjustments which are, in the opinion of
the joint venture partners, necessary for a fair statement of results for the
interim periods presented. Such adjustments are of a normal recurring nature.
16
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Financial Condition, Liquidity and Capital Resources
The Partnership's only remaining interest in real estate is a 42.91%
interest in The Willowbrook Joint Venture, a joint venture which owns the
Willowbrook Apartments. Consequently, the Partnership's primary remaining
source of operating cash flow will be distributions from The Willowbrook Joint
Venture.
On March 31, 1995, the Partnership had cash on hand of $302,206, as
compared to $292,557 on December 31, 1994. These funds, along with future
operating cash flow, will be utilized for working capital needs and for
distributions to the Limited Partners.
The Partnership's net cash flow from operations was $74,037 for the
three months ended March 31, 1995 as compared to $236,373 for the same period
in 1994. The decrease in net cash flow from operations over the period was
primarily due to a decrease in cash received from rentals as a result of the
sale of Holly Tree on July 1, 1994.
The Joint Venture's net cash flow from operations was $272,584 for the
three months ended March 31, 1995 as compared to $278,576 for the same period
in 1994. The decrease in cash flow from operations over the period was due to
a decrease in cash received from rentals and other income, partially offset by
a decrease in cash paid for operating expenses.
Cash distributions by the Partnership to the partners with respect to
the quarter ended March 31, 1995 of $64,388 were paid in January 1995. Of the
total amount, $63,750 was distributed to the Limited Partners and $638 was
distributed to the General Partner.
The General Partner believes that the Partnership's current and future
cash flows will be sufficient to meet the Partnership's liquidity
requirements, absent any unanticipated cost increases or adverse market
conditions.
17
As of March 31, 1995, the Partnership had paid all outstanding amounts
owed to Clover and its affiliates.
As of March 31, 1995, The Willowbrook Joint Venture owed a total of
$326,279 to Clover and its affiliates, including $7,147 for reimbursable costs
and $319,132 for accrued property management fees. The payment of such
amounts will be made from The Willowbrook Joint Venture's cash flow when
available and from the proceeds of any sales or refinancing of the assets of
The Willowbrook Joint Venture.
During the first quarter of 1995, The Willowbrook Joint Venture
continued its program instituted in 1993 at The Willowbrook Apartments to
upgrade apartment interiors with new appliances and carpeting, combined with
an aggressive marketing program.
Effective February 21, 1995, the General Partner and certain of its
affiliates entered into an agreement with NPI-CL Management L.P. ("NPI"), an
entity unaffiliated with the Partnership or its General Partner, pursuant to
which NPI began providing day-to-day asset management services for the
Partnership as well as property management services for the Joint Venture.
NPI is an affiliate of National Property Investors, Inc., a diversified real
estate management company with offices in Jericho, New York and Atlanta,
Georgia.
Results of Operations
Three Months Ended March 31, 1995 vs. March 31, 1994
Until the sale of Holly Tree, the Partnership earned revenues primarily
from rental income from the Holly Tree Park Apartments. Revenues from the
Willowbrook Apartments are not included in Partnership revenues.
The Partnership earned interest of $992 for the three months ended March
31, 1995, as compared to $1,215 for the same period in 1994. There was no
other income for the three months ended March 31, 1995 as compared to $43,035
for the same period in 1994. The decrease in other income over the three
month period is primarily due to refunds of state income tax overpayments
received in the first quarter of 1994.
18
There were no operating expenses for the three months ended March 31,
1995 due to the sale of the Holly Tree Apartments in 1994.
The Partnership's income before depreciation and amortization for the
three months ended March 31, 1995 was $32,104 compared to $195,099 for the
same period in 1994. The decrease over the period is primarily the result of
the sale of Holly Tree somewhat offset by increased income from the
Willowbrook Joint Venture.
Rental income for the Willowbrook Apartments, as operated by The
Willowbrook Joint Venture for the three months ended March 31, 1995 was
$494,733 as compared to $502,863 for the same period in 1994. Other income
for the three months ended March 31, 1995 was $5,584 as compared to $6,699
for the same period in 1994. Interest income for the three months ended
March 31, 1995 was $484 as compared to $538 for the same period in 1994. The
decrease in rental income is primarily the result of a decrease in average
rental rates and average occupancy over the period.
The average effective rental rates for the Willowbrook Apartments for
the three months ended March 31, 1995 were $1,787 as compared to $1,808 for
the same period in 1994. The average occupancy for the Willowbrook Apartments
for the three months ended March 31, 1995 was 92.56% as compared to 93.0% for
the same period in 1994.
Operating expenses for the Willowbrook Apartments for the three months
ended March 31, 1995 were $266,502 as compared to $307,046 for the same period
in 1994. The decrease in operating expenses over the period is primarily the
result of decreased utility expense due to the very mild winter in the first
quarter of 1995 as well as slightly decreased salaries and wages.
Additionally, snow removal was $860 in the first quarter 1995, compared to
$9,380 in the same period of 1994.
The Joint Venture's income before depreciation and amortization for the
three months ended March 31, 1995 was $234,351 as compared to $198,643 for
the same period in 1994. The increase in income before depreciation and
amortization in 1995 is primarily the result of decreased operating expenses.
19
PART II-OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
No report on Form 8-K was required to be filed during
the period.
20
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 hereunto duly authorized.
CLOVER INCOME PROPERTIES, L.P.
(Registrant)
By: C.I.P. Management Corp.
By: /S/ Donald N. Love
-------------------------
Donald N. Love, President
By: /S/ Stanley E. Borucki
-----------------------------
Stanley E. Borucki, Treasurer
Date: May 12, 1995
21
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from the
Quarterly Report on Form 10-Q for the quarter ended March 31, 1995 for
Clover Income Properties, L.P. and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 302,206
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 302,206
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,767,639
<CURRENT-LIABILITIES> 43,520
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 4,724,119
<TOTAL-LIABILITY-AND-EQUITY> 4,767,639
<SALES> 0
<TOTAL-REVENUES> 992
<CGS> 0
<TOTAL-COSTS> 20,473
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 26,046
<INCOME-TAX> 0
<INCOME-CONTINUING> 26,046
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 26,046
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
