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 March 31, 1996 Commission file #0-17708
CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XVII
(Exact name of registrant as specified in its charter)
Illinois 36-3467497
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive office) (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. . . 10
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . . 11
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 12
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CARLYLE REAL ESTATE LIMITED PARTNERSHIP-XVII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1996 1995
------------ ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 4,767,340 4,856,276
Interest, rents and other receivables . . . . . . . . . . . . . . . . 153,350 204,518
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 14,867 14,867
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,138 163,011
------------ -----------
Total current assets. . . . . . . . . . . . . . . . . . . . . 5,100,695 5,238,672
------------ -----------
Investment properties, at cost:
Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,835,602 4,835,602
Buildings and improvements. . . . . . . . . . . . . . . . . . . . . . 21,409,996 21,397,235
------------ -----------
26,245,598 26,232,837
Less accumulated depreciation . . . . . . . . . . . . . . . . . . . . (4,254,722) (4,076,379)
------------ -----------
Total investment properties,
net of accumulated depreciation . . . . . . . . . . . . . . 21,990,876 22,156,458
------------ -----------
Investment in unconsolidated venture, at equity . . . . . . . . . . . . 379,019 410,294
Note receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,133 128,914
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,618 488,710
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . . 316,679 316,864
------------ -----------
$ 28,372,020 28,739,912
============ ===========
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
Current liabilities:
Current portion of long-term debt . . . . . . . . . . . . . . . . . . $ 323,693 323,589
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . 62,421 9,243
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 276,690 277,297
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . 91,612 348,998
------------ -----------
Total current liabilities . . . . . . . . . . . . . . . . . . 754,416 959,127
------------ -----------
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 302,500 302,500
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . 59,951 59,951
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,818,731 16,895,434
------------ -----------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 17,935,598 18,217,012
Venture partner's subordinated equity in venture. . . . . . . . . . . . 76,526 75,213
Partners' capital accounts (deficits):
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . 20,000 20,000
Cumulative cash distributions . . . . . . . . . . . . . . . . . . (213,122) (213,122)
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . (279,922) (276,410)
------------ -----------
(473,044) (469,532)
------------ -----------
Limited partners (34,220.16336 Interests):
Capital contributions, net of offering costs. . . . . . . . . . . 29,696,495 29,696,495
Cumulative cash distributions . . . . . . . . . . . . . . . . . . (12,341,712) (12,341,712)
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . (6,521,843) (6,437,564)
------------ -----------
10,832,940 10,917,219
------------ -----------
Total partners' capital accounts (deficits) . . . . . . . . . 10,359,896 10,447,687
------------ -----------
$ 28,372,020 28,739,912
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XVII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
<CAPTION>
1996 1995
------------ -----------
<S> <C> <C>
Income:
Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 897,083 947,301
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,090 80,992
----------- ----------
966,173 1,028,293
----------- ----------
Expenses:
Mortgage and other interest . . . . . . . . . . . . . . . . . . . . . 362,627 376,383
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,343 178,254
Property operating expenses . . . . . . . . . . . . . . . . . . . . . 318,821 281,572
Professional services . . . . . . . . . . . . . . . . . . . . . . . . 33,000 35,007
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . 42,742 41,916
Management fees to corporate general partner. . . . . . . . . . . . . -- 9,506
General and administrative. . . . . . . . . . . . . . . . . . . . . . 85,843 58,039
----------- ----------
1,021,376 980,677
----------- ----------
Operating earnings (loss). . . . . . . . . . . . . . . . . . . . (55,203) 47,616
Partnership's share of operations
of unconsolidated ventures. . . . . . . . . . . . . . . . . . . . . . (31,275) (14,075)
Venture partner's share of
venture's operations. . . . . . . . . . . . . . . . . . . . . . . . . (1,313) (887)
----------- ----------
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . $ (87,791) 32,654
=========== ==========
Net earnings (loss) per limited partnership
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2.47) .92
=========== ==========
Cash distributions per limited partnership
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -- 4.00
=========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XVII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (87,791) 32,654
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,343 178,254
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . 42,742 41,916
Partnership's share of operations of unconsolidated ventures. . . . . 31,275 14,075
Venture partner's share of venture's operations . . . . . . . . . . . 1,313 887
Changes in:
Interest, rents and other receivables . . . . . . . . . . . . . . . . . 51,168 (665)
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 8,897
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,127) (1,347)
Notes receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,781 11,605
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . . . 185 8,703
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,178 10,863
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . (607) 10,910
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . . (257,386) (225,924)
------------ -----------
Net cash provided by (used in) operating activities . . . . . . . 23,074 90,828
------------ -----------
Cash flows from investing activities:
Net sales and maturities (purchases) of short-term investments. . . . . . -- (3,655,338)
Additions to investment properties. . . . . . . . . . . . . . . . . . . . (12,761) (140)
Partnership's distributions from unconsolidated ventures. . . . . . . . . -- 23,368
Partnership's contributions to unconsolidated ventures. . . . . . . . . . -- (995)
Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . (22,650) --
------------ -----------
Net cash provided by (used in) investing activities . . . . . . . (35,411) (3,633,105)
------------ -----------
Cash flows from financing activities:
Principal payments on long-term debt. . . . . . . . . . . . . . . . . . . (76,599) (70,189)
Distributions to limited partners . . . . . . . . . . . . . . . . . . . . -- (136,874)
Distributions to general partners . . . . . . . . . . . . . . . . . . . . -- --
------------ -----------
Net cash provided by (used in) financing activities . . . . . . . (76,599) (207,063)
------------ -----------
Net increase (decrease) in cash and cash equivalents . . . . . . (88,936) (3,749,340)
Cash and cash equivalents, beginning of year. . . . . . . . . . . 4,856,276 4,943,718
------------ -----------
Cash and cash equivalents, end of period. . . . . . . . . . . . . $ 4,767,340 1,194,378
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $ 363,234 365,473
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XVII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996 AND 1995
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the year ended December 31, 1995 which are
included in the Partnership's 1995 Annual Report on Form 10-K (File No. 0-
17708) filed on March 25, 1996, 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 could differ from those
estimates.
Statement of Financial Accounting Standards No. 121 was adopted by the
Partnership on January 1, 1996.
TRANSACTIONS WITH AFFILIATES
Fees, commissions and other expenses required to be paid by the
Partnership (and its consolidated venture) to the General Partners and
their affiliates as of March 31, 1996 and for the three months ended March
31, 1996 and 1995 are as follows:
Unpaid at
March 31,
1996 1995 1996
------- ------- -------------
Property management fees. . . $16,418 18,593 --
Management fees to
corporate general partner. . -- 9,506 --
Reimbursement (at cost) for
out-of-pocket expenses and
salaries and salary-related
expenses . . . . . . . . . . 8,322 10,744 42,661
------- ------- -------
$24,740 38,843 42,661
======= ======= =======
18 CENTRAL SHOPPING CENTER
In connection with the 1993 loan modification and extension,
commencing in 1994 the Partnership is required to deposit 95% of the "net
cash flow" (as defined) from the property up to $750,000 and 47.5% in
excess of such amount in a collateral account to be used for the payment of
tenant improvement costs, leasing commissions, other capital expenditures
and operating deficits (as of the date of this report, $93,750 was
deposited and no amounts have been funded from this account). In addition,
the property requires certain capital and major repair projects, including
roof replacement, to be completed over the next several years which are
currently expected to commence in 1996. These costs, which are estimated
to be approximately $200,000, are currently expected to be paid out of the
Partnership's working capital and cash flow from the Partnership's other
investment properties. The Partnership is actively pursuing replacement
tenants for the remaining vacant space. In 1997, tenant leases
representing approximately 25,000 square feet (approximately 29% of the
portion of the center owned by the Partnership) expire. Not all of these
leases are expected to renew. This may result in increased vacancy and/or
significant re-leasing costs for the property with a resulting adverse
effect on property cash flow.
Due to the uncertainty of the Partnership's ability to recover the net
carrying value of the 18 Central Shopping Center through future operations
or sale, the Partnership made a provision for value impairment on such
investment property of $2,638,820. Such provision at December 31, 1994 was
recorded to reduce the carrying value of the investment property to the
then outstanding balance of the non-recourse debt.
PALM DESERT TOWN CENTER
Occupancy at the portion of the shopping center in which the
Partnership owns an interest decreased to 91%, down from 93% in the
previous quarter. Sales at the center have been negatively impacted during
the last several quarters by new competition in the Center's trade area.
The Center will continue to be subject to increased competition from new
developments that are expected to be opening in the vicinity in the near
future. The property is operating at an approximately break even level.
The joint venture is considering a possible expansion of the mall and
restructuring of the ground lease and loan. In the event that the joint
venture decides to proceed, the Partnership would utilize funds in reserve
to pay for its share of costs.
HOUSTON INDUSTRIAL PROPERTIES
During the quarter, the aggregate occupancy of the five industrial
buildings decreased to 98%, down from 100% due to 12,300 square feet
vacated at the Silber #1 location. The buildings are producing cash flow
for the Partnership. The Partnership is actively pursuing replacement
tenants for the vacated space.
INVESTMENT IN UNCONSOLIDATED VENTURE
Summary financial information for Palm Desert for the three months
ended March 31, 1996 and 1995 is as follows:
1996 1995
---------- ----------
Total income . . . . . . $2,728,079 2,692,797
Expenses applicable to
operating income . . . 3,028,290 3,080,933
---------- ----------
Net loss . . . . . . . . $ 300,211 388,136
========== ==========
Partnership's share
of loss. . . . . . . . $ 31,275 14,075
========== ==========
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 March 31,
1996 and for the three months ended March 31, 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 18 Central Shopping
Center.
After reviewing the remaining properties and the marketplaces in which
they operate, the General Partners of the Partnership expect to be able to
conduct an orderly liquidation of its remaining investment portfolio as
quickly as practicable. Therefore, the affairs of the Partnership are
expected to be wound up no later than December 31, 1999 (sooner if the
properties are sold in the near term), barring unforeseen economic
developments. Although the Partnership expects to distribute sale proceeds
from the disposition of the Partnership's remaining assets, aggregate
distributions received by Limited Partners over the entire term of the
Partnership will receive significantly less than their original investment.
However, in connection with sales or other dispositions (including a
transfer of title to a lender) of the properties (or interests therein)
owned by the Partnership or its ventures, the Limited Partners may be
allocated substantial gain for Federal income tax purposes regardless of
whether any proceeds are distributable from such sales or other
dispositions.
RESULTS OF OPERATIONS
The decrease in investment in unconsolidated venture, at equity at
March 31, 1996 as compared to December 31, 1995 is primarily due to the
Partnership's share of operating losses at the Palm Desert investment
property.
The increase in accounts payable at March 31, 1996 as compared to
December 31, 1995 and the increase in general and administrative expenses
for the three months ended March 31, 1996 as compared to the previous year
is primarily due to the accrual of certain out-of-pocket expenses and
salaries and salary-related expenses to be reimbursed to the Corporate
General Partner which remain unpaid.
The decrease in rental income for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995 is primarily due
to decreased occupancy at the Houston Property (Silber #1).
The increase in property operating expenses for the three months ended
March 31, 1996 as compared to the three months ended March 31, 1995 is
primarily due to recording a reserve for certain tenant accounts
receivables at the 18 Central Shopping and an increase in snow removal
costs resulting from severe winter weather experienced at the 18 Central
Shopping Center property. A special snow assessment was billed and
recovered from the tenants.
The increase in Partnership's share of operations of unconsolidated
venture for the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995 is primarily due to the Partnership's venture
partner at Palm Desert Shopping Center completing its obligation to fund
deficits, resulting in a change in the profit and loss allocations which
commenced in 1995.
<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. Palm Desert Town Center
Palm Desert, California. . . 97% 96% 93% 93% 91%
2. 18 Central Shopping Center
East Brunswick, New Jersey . 91% 82% 82% 91% 92%
3. Minimax #2,
Houston, Texas . . . . . . . 100% 100% 100% 100% 100%
4. Minimax #3,
Houston, Texas . . . . . . . 100% 100% 100% 100% 100%
5. 1801 West Belt
Houston, Texas . . . . . . . 100% 100% 100% 100% 100%
6. Pine Forest #17
Houston, Texas . . . . . . . 100% 100% 100% 100% 100%
7. Silber #1
Houston, Texas . . . . . . . 100% 100% 100% 100% 93%
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
3 and
4-A. The Amended and Restated Agreement of Limited
Partnership set forth as Exhibit A to the Prospectus and the Assignment
Agreement set forth as Exhibit B to the Prospectus, copies of which are
hereby incorporated by reference to Exhibit 3 and Exhibit 4-A to the
Partnership's report on Form 10-K for December 31, 1992 (File No. 0-17708)
dated March 19, 1993.
4-B.
through
4-D. Copies of documents relating to certain purchase money
notes secured by Minimax 2, Minimax 3 and 1801 West Belt are hereby
incorporated by reference to Exhibits 4-B through 4-D to the Partnership's
report for December 31, 1992 on Form 10-K (File No. 0-17708) dated March
19, 1993.
4-E. Copy of documents relating to the mortgage loan
secured by Pine Forest #17 are hereby incorporated by reference to Exhibit
4-E to the Partnership's report for December 31, 1992 on Form 10-K (File
No. 0-17708) dated March 19, 1993.
4-F. Copy of document relating to the conditional consent
letter agreement secured by the 18 Central Shopping Center are hereby
incorporated by reference to Exhibit 4-F to the Partnership's report for
December 31, 1992 on Form 10-K (File No. 0-17708) dated March 19, 1993.
4-G. Copy of documents relating to mortgage loan secured by
Silber #1 is hereby incorporated by reference to Exhibit 4-G to the
Partnership's report for December 31, 1993 on Form 10-K (File No. 0-17708)
dated March 25, 1994.
4-H. Copy of document relating to the modification of the
mortgage loan secured by 18 Central Shopping Center is hereby incorporated
by reference to Exhibit 4-H to the Partnership's report for December 31,
1993 on Form 10-K (File No. 0-17708) dated March 25, 1994.
10-A. Copy of Agreement together with certain documents
relating to purchase of an interest in Palm Desert Town Center, Palm
Desert, California is hereby incorporated herein by reference to Post-
Effective Amendment No. 4 to the Partnership's Registration Statement on
Form S-11 (File No. 33-9607) dated February 28, 1989.
10-B. Copy of Agreement together with certain documents
relating to the purchase of the 18 Central Shopping Center, East Brunswick,
New Jersey is hereby incorporated herein by reference to Post-Effective
Amendment No. 7 to the Partnership's Registration Statement on Form S-11
(File No. 33-9607) dated July 31, 1989.
10-C. Copy of Purchase and Sale Agreement together with the
Lease Guarantee Agreement for Minimax 2, Minimax 3 and 1801 West Belt are
hereby incorporated by reference to Exhibit 10-C to the Partnership's
report for December 31, 1992 on Form 10-K (File No. 0-17708) dated March
19, 1993.
10-D. Copy of Purchase and Sale Agreement for the
acquisition of Pine Forest #17 is hereby incorporated by reference to
Exhibit 10-D to the Partnership's report for December 31, 1992 on Form 10-K
(File No. 0-17708) dated March 19, 1993.
10-E. Copies of Limited Partnership Agreement and Formation
of Partnership Agreement relating to JMB/Warehouse Associates are hereby
incorporated by reference to Exhibit 10-E to the Partnership's report for
December 31, 1992 on Form 10-K (File No. 0-17708) dated March 19, 1993.
10-F. Copy of Purchase and Sale Agreement for the
acquisition of Silber #1 is hereby incorporated by
reference to Exhibit 10-G to the Partnership's report for December 31, 1993
on Form 10-K (File No. 0-17708) dated March 25, 1994.
27. Financial Data Schedule
(b) The following reports on Form 8-K were filed since the
beginning of the last quarter of the period covered by this report.
None
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.
CARLYLE REAL ESTATE LIMITED PARTNERSHIP - XVII
BY: JMB Realty Corporation
(Corporate General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Date: May 10, 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: May 10, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 4,767,340
<SECURITIES> 0
<RECEIVABLES> 333,355
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5,100,695
<PP&E> 26,245,598
<DEPRECIATION> 4,254,722
<TOTAL-ASSETS> 28,372,020
<CURRENT-LIABILITIES> 754,416
<BONDS> 16,818,731
<COMMON> 0
0
0
<OTHER-SE> 10,359,896
<TOTAL-LIABILITY-AND-EQUITY> 28,372,020
<SALES> 897,083
<TOTAL-REVENUES> 966,173
<CGS> 0
<TOTAL-COSTS> 539,906
<OTHER-EXPENSES> 118,843
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 362,627
<INCOME-PRETAX> (55,203)
<INCOME-TAX> 0
<INCOME-CONTINUING> (87,791)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (87,791)
<EPS-PRIMARY> (2.47)
<EPS-DILUTED> (2.47)
</TABLE>
