FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 of 15(d)
of the Securities Exchange Act of 1934
For quarter ended June 30, 1996 Commission file number 33-9881
NATIONAL HEALTHCARE L.P.
(Exact name of registrant as specified in its Charter)
Delaware 62-1292855
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
100 Vine Street
Murfreesboro, TN 37130
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code (615) 890-2020
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.
Yes x No
(2) Has been subject to such filing requirements for the past 90
days.
Yes x No
8,423,996 units were outstanding as of July 31, 1996.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
<TABLE>
NATIONAL HEALTHCARE L.P.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
(in thousands) (in thousands)
<S> <C> <C> <C> <C>
REVENUES:
Net patient revenues $ 81,078 $ 75,489 $161,685 $ 148,811
Other revenues 10,921 9,794 22,946 20,228
Net revenues 91,999 85,283 184,631 169,039
COSTS AND EXPENSES:
Salaries, wages and benefits 50,137 46,652 102,006 91,418
Other operating 30,023 26,413 58,814 53,246
Depreciation and amortization 3,135 3,679 6,170 7,313
Interest 2,697 3,953 6,169 8,304
Total costs and expenses 85,992 80,697 173,159 160,281
NET INCOME $ 6,007 $ 4,586 $ 11,472 $ 8,758
EARNINGS PER UNIT:
Primary $ .70 $ .58 $ 1.34 $ 1.12
Fully diluted $ .62 $ .51 $ 1.18 $ .98
WEIGHTED AVERAGE UNITS OUTSTANDING:
Primary 8,586,893 7,853,833 8,578,654 7,836,131
Fully diluted 10,518,688 9,852,988 10,527,339 9,853,724
CASH DISTRIBUTIONS PAID PER UNIT $ .52 $ .42 $ 1.04 $ .84
NET INCOME ALLOCABLE TO PARTNERS:
General Partners $ 60 $ 46 $ 115 $ 88
Limited Partners 5,947 4,540 11,357 8,670
$ 6,007 $ 4,586 $ 11,472 $ 8,758
</TABLE>
The accompanying notes to interim condensed consolidated financial statements
are an integral part of these statements.
<PAGE>
NATIONAL HEALTHCARE L.P.
<TABLE>
CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
<CAPTION>
June 30 December 31
1996 1995
(unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 1,671 $ 4,835
Cash held by trustees 3,079 1,721
Marketable securities 16,718 1,514
Accounts receivable, less allowance for
doubtful accounts of $4,889 and $4,079 44,783 47,285
Notes receivable 2,699 2,538
Loan participation agreements 5,167 27,579
Inventory at lower of cost (first-in,
first-out method) or market 3,579 3,075
Prepaid expenses and other assets 977 893
Total current assets 78,673 89,440
PROPERTY AND EQUIPMENT AND ASSETS UNDER
ARRANGEMENT WITH OTHER PARTIES:
Property and equipment at cost 176,776 165,265
Less accumulated depreciation and
amortization (42,809) (38,265)
Assets under arrangement with other parties 24,921 29,921
Net property, equipment and assets under
arrangement with other parties 158,888 156,921
OTHER ASSETS:
Bond reserve funds, mortgage replacement
reserves and other deposits 708 1,789
Unamortized financing costs 1,796 1,937
Notes receivable 99,256 86,178
Notes receivable from National 11,922 12,271
Minority equity investments and other 9,863 6,955
Total other assets 123,545 109,130
$ 361,106 $355,491
</TABLE>
The accompanying notes to consolidated financial statements are an integral
part of these consolidated balance sheets.
<PAGE>
NATIONAL HEALTHCARE L.P.
<TABLE>
CONSOLIDATED BALANCE SHEETS
(in thousands)
LIABILITIES AND CAPITAL
<CAPTION>
June 30 December 31
1996 1995
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Current portion of long-term debt $ 8,652 $ 8,558
Trade accounts payable 9,497 6,142
Accrued payroll 20,123 23,876
Amount due to third-party payors 3,670 9,800
Accrued interest 1,071 1,822
Other current liabilities 9,021 8,849
Total current liabilities 52,034 59,047
LONG-TERM DEBT, less current portion 111,291 100,871
DEBT SERVICED BY OTHER PARTIES, LESS
CURRENT PORTION 36,260 40,771
MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES 809 812
COMMITMENTS, CONTINGENCIES AND GUARANTEES
SUBORDINATED CONVERTIBLE NOTES 29,314 30,000
DEFERRED INCOME 15,325 15,091
PARTNERS' CAPITAL:
General partners 1,318 1,290
Limited partners 114,755 107,609
Total partners' capital 116,073 108,899
$361,106 $355,491
</TABLE>
The accompanying notes to consolidated financial statements are an integral
part of these consolidated balance sheets.
<PAGE>
NATIONAL HEALTHCARE L.P.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
1996 1995
(in thousands)
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income $11,472 $ 8,758
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 5,785 7,075
Provision for doubtful accounts 1,140 1,320
Amortization of intangibles and deferred charges 638 435
Amortization of deferred income (130) (255)
Equity in earnings of unconsolidated investments (107) (154)
Distributions from unconsolidated investments 180 205
Changes in assets and liabilities:
(Increase) Decrease in accounts receivable 1,362 (2,948)
Increase in inventory (504) (149)
(Increase) Decrease in prepaid expenses
and other assets (84) 808
Increase (Decrease) in trade accounts payable 3,355 (13,087)
Decrease in accrued payroll (3,753) (1,619)
Increase (Decrease) in amounts due to third
party payors (6,130) 1,188
Decrease in accrued interest payable (746) (502)
Increase in other current liabilities 172 4,029
12,650 5,104
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Additions to and acquisitions of property and
equipment, net (11,592) (10,772)
Investment in long-term notes receivable and loan
participation agreements (15,132) (22,331)
Collection of long-term notes receivable and loan
participation agreements 24,654 34,651
(Increase) Decrease in minority equity investments
and other (2,850) 1,405
(Increase) Decrease in debt and equity securities (15,395) 2,361
(20,315) 5,314
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Proceeds from debt issuance 13,311 5,699
Decrease (Increase) in cash held by trustee (1,358) 75
Increase (Decrease) in minority interest
in subsidiaries (3) 11
Increase (Decrease) in bond reserve funds, mortgage
replacement reserves and other deposits 1,081 (33)
Issuance of partnership units 571 --
Collection of receivables 3,340 753
Payments on debt (3,639) (1,888)
Cash distributions to partners (8,708) (6,562)
Increase in financing costs (94) (355)
4,501 (2,300)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,164) 8,118
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,835 1,442
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,671 $ 9,560
<PAGE>
Supplemental Information:
Cash payments for interest expense $ 6,920 $ 8,805
The accompanying notes to consolidated financial statements are an integral
part of these consolidated statements.
<PAGE>
NATIONAL HEALTHCARE L.P.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30
1996 1995
(in thousands)
During the six months ended June 30, 1996, NHC
was released from its liability on debt serviced
by others by the respective lenders
Debt serviced by other parties $(3,841) $ --
Assets under arrangement with other parties 3,841 --
During the six months ended June 30, 1996, $686,000
of convertible subordinated debentures were converted
into 45,112 units of NHC's partnership units:
Convertible subordinated debentures (686) --
Financing costs 1 --
Accrued interest (5) --
Partner's capital 690 --
<PAGE>
NATIONAL HEALTHCARE L.P.
<TABLE>
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(dollars in thousands)
<CAPTION>
Receivables Unrealized Total
Number of From Sale of Gains(Losses) General Limited Partners'
Units Units on Securities Partners Partners Capital
<S> <C> <C> <C> <C> <C> <C>
BALANCE AT 12/31/95 8,353,114 $(26,196) $ 345 $1,290 $133,460 $108,899
Net income -- -- -- 115 11,357 11,472
Collection of
receivables -- 3,340 -- -- -- 3,340
Units sold 24,270 -- -- -- 571 571
Units in conversion of
convertible debentures
to partnership units 45,112 -- -- -- 690 690
Unrealized losses on
securities -- -- (191) -- -- (191)
Cash distributions
($1.04 per unit) -- -- -- (87) (8,621) (8,708)
BALANCE AT 6/30/96 8,422,496 $(22,856) $ 154 $1,318 $137,457 $116,073
BALANCE AT 12/31/94 7,826,165 $(14,697) $ 480 $1,095 $114,128 $101,006
Net income -- -- -- 88 8,670 8,758
Collection of
receivables -- 753 -- -- -- 753
Units sold 736 -- -- -- -- --
Unrealized losses on
securities -- -- (167) -- -- (167)
Cash distributions
($.84 per unit) -- -- -- (65) (6,497) (6,562)
BALANCE AT 6/30/95 7,826,901 $(13,944) $ 313 $1,118 $116,301 $103,788
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of these consolidated statements.
<PAGE>
Note 1 - CONSOLIDATED FINANCIAL STATEMENTS:
The financial statements for the six months ended June 30,
1996 and 1995, which have not been examined by independent public
accountants, reflect, in the opinion of management, all
adjustments necessary to present fairly the data for such
periods. The results of the operations for the six months ended
June 30, 1996 are not necessarily indicative of the results that
may be expected for the entire fiscal year ended December 31,
1996. The interim condensed balance sheet at December 31, 1995
is taken from the audited financial statements at that date. The
interim condensed financial statements should be read in
conjunction with the consolidated financial statements, including
the notes thereto, for the periods ended December 31, 1995,
December 31, 1994, and December 31, 1993.
Note 2 - OTHER REVENUES:
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
(in thousands) (in thousands)
Revenue from managed centers $ 7,943 $ 6,257 $16,284 $12,890
Guarantee fees 185 212 365 447
Advisory fee from NHI 797 797 1,594 1,594
Earnings on securities 64 28 125 394
Equity in earnings of
unconsolidated investments (59) 61 101 151
Interest income 1,133 1,889 2,722 3,414
Other 858 550 1,755 1,338
$10,921 $ 9,794 $22,946 $20,228
Revenues from managed centers include management fees and
interest income on notes receivable from the managed centers.
"Other" revenues include non-health care related earnings.
Note 3 - INVESTMENT IN MARKETABLE SECURITIES:
Statement of Financial Accounting Standards ("SFAS") No. 115
"Accounting for Certain Investments in Debt and Equity
Securities" was issued by the Financial Accounting Standards
Board effective for fiscal years beginning after December 15,
1993. As required by SFAS 115, securities are classified as
trading, held-to-maturity or available for sale. Trading
securities are bought and held principally for the purpose of
selling them in the near term. Securities are classified as
held-to-maturity when the Company has both the positive intent
and ability to hold them to maturity. All other securities are
classified as available for sale. NHC considers its investments
<PAGE>
in marketable securities as available for sale securities and
unrealized gains and losses are recorded in partners' capital in
accordance with SFAS 115.
Partners' capital for the periods ended June 30, 1996 and
1995 was decreased by approximately $191,000 and $167,000,
respectively, to reflect the net unrealized investment loss on
marketable securities without stated maturities classified as
available for sale.
Proceeds from the sale of investments in debt and equity
securities for the period ended June 30, 1995 were $2,696,000,
resulting in gross investment gains of $336,000 realized on these
sales. Realized gains and losses from securities sales are
determined on the specific identification of the securities. The
adoption of SFAS 115 did not have a material effect on NHC's
financial position or results of operations.
Note 4 - GUARANTEES:
In order to obtain management agreements and to facilitate
the construction or acquisition of certain health care centers
which NHC manages for others, NHC has guaranteed some or all of
the debt (principal and interest) on those centers. For this
service NHC charges an annual guarantee fee of 1% to 2% of the
outstanding principal balance guaranteed, which fee is in
addition to NHC's management fee. The principal amounts
outstanding under the guarantees is approximately $76,605,000
(net of available debt service reserves) at variable and fixed
interest rates with a weighted average of 4.4% at June 30, 1996.
Item 2. Management's Discussion and Analysis of Financial
Conditions and Results of Operations
Overview
National HealthCare L.P. (NHC, or the Company) operates and
manages 99 long-term health care centers with 12,750 beds in nine
states. NHC provides nursing care as well as ancillary therapy
services to patients in a variety of settings including long-term
care nursing centers, managed care specialty units, subacute care
units, Alzheimer's care units, homecare programs, and facilities
for assisted living. NHC also operates retirement centers.
Results of Operations
Three Months Ended June 30, 1996 Compared to Three Months Ended
June 30, 1995.
<PAGE>
Results for the three month period ended June 30, 1996
include a 31% increase over the same period in 1995 in net
income, a 22% increase in fully diluted earnings per unit, and an
8% increase in net revenues.
The increased revenues for the quarter reflect the continued
growth of operations. Compared to the quarter a year ago, NHC
has increased the number of owned or leased long-term care beds
from 6,406 beds to 6,469 beds. The number of long-term care beds
managed for others has increased from 6,044 beds to 6,281 beds.
The number of homecare locations has increased from 28 locations
to 31 locations. Also contributing to increased revenues are
improvements in both private pay and third party payor rates.
Revenues also improved during 1996 due to increased emphasis
on managed care services. The Company has signed managed care
contracts with private insurance companies to provide subacute
care to their insurees, offering a less expensive alternative to
acute care and rehabilitative hospitals. NHC also now has a
network of case managers to assure appropriate placement and
payment for subacute patients in the NHC system.
Revenues from management services, which are included in the
Statements of Income in Other Revenues, increased 26.9% in 1996
from $6.3 million to $7.9 million due to the increased number of
beds being managed for others, increased management fees, and
increased interest income from higher principal amounts and
interest rates on floating rate and fixed rate loans to managed
centers. Management fees are generally based upon a percentage
of net revenues of the managed center and therefore tend to
increase as a facility matures and as prices rise in general.
Total costs and expenses for the 1996 second quarter
increased $5.3 million or 6.6% to $86.0 million from $80.7
million. Salaries, wages and benefits, the largest operating
costs of this service company, increased $3.5 million or 7.5% to
$50.1 million from $46.7 million. Other operating expenses
increased $3.6 million or 13.7% to $30.0 million for the 1996
second quarter compared to $26.4 million in the 1995 period.
Depreciation and amortization decreased 14.8% to $3.1 million.
Interest costs decreased $1.3 million or 31.8% to $2.7 million
from $4.0 million for last year.
Increases in salaries, wages and benefits are attributable
to the increase in staffing levels due to long-term care bed
additions, homecare expansions, and the increased emphasis on
rehabilitative services. Also contributing to higher costs of
labor are inflationary increases for salaries and the associated
benefits.
<PAGE>
Operating costs have increased due to the increased number
of beds in operation, the expansion of homecare services, the
expansion of rehabilitative and managed care services, the growth
in management services provided to others, and due to the
increase in rent expense as explained below.
Depreciation expense and interest expense both decreased
compared to the quarter a year ago due primarily to capital
transactions which occurred in late 1995. During December 1995,
National Health Investors ("NHI") prepaid debt on which NHC had
also been obligated in the amount of $20,544,000. In addition,
NHC was released from its obligation on approximately $25,324,000
of debt which had been transferred to NHI in 1991. Since NHC is
no longer obligated on transferred debt in the amount of
$45,868,000, debt serviced by other parties and assets under
arrangement with other parties were both reduced by $45,868,000.
The leases with NHI provide that NHC shall continue to make
non-obligated debt service rent payments equal to the debt
service including principal and interest on the obligated debt
which was prepaid and from which NHC has been released as a
direct obligor. As a result, other operating expenses are
increased by the amount of the rent payments, depreciation is
decreased by the amount of depreciation formerly charged on
assets under arrangement with other parties and interest expense
is decreased by the amount of interest expense formerly
associated with the debt serviced by other parties.
The total census at owned and leased centers for the quarter
averaged 92.9% compared to an average of 93.0% for the same
quarter a year ago.
Six Months Ended June 30, 1996 Compared to Six Months Ended June
30, 1995.
Results for the six month period ended June 30, 1996 include
a 31% increase over the same period in 1995 in net income, a 20%
increase in fully diluted earnings per unit, and a 9% increase in
net revenues.
The increased revenues for the six months this year reflect
the continued growth of operations. Compared to the six month
period a year ago, NHC has increased the number of owned, leased,
and managed long-term care beds by 300 beds from 12,450 beds to
12,750 beds. The number of homecare locations has increased from
28 locations to 31 locations and includes for the first time the
offering of services in the state of South Carolina. Also
contributing to increased revenues are improvements in both
private pay and third party payor rates.
<PAGE>
Revenues also improved during 1996 due to increased emphasis
on rehabilitative and managed care services. The Company has
signed managed care contracts with private insurance companies to
provide subacute care to their insurees, offering a less
expensive alternative to acute care and rehabilitative hospitals.
NHC also now has a network of case managers to assure appropriate
placement and payment for subacute patients in the NHC system.
Revenues from management services, which are included in the
Statements of Income in Other Revenues, increased 26.3% for the
six month period in 1996 compared to the same period in 1995 from
$12.9 million to $16.3 million due to the increased number of
beds being managed for others, increased management fees, and
increased interest income from higher principal amounts and
interest rates on floating rate and fixed rate loans to managed
centers. Management fees are generally based upon a percentage
of net revenues of the managed center and therefore tend to
increase as a facility matures and as prices rise in general.
Total costs and expenses for the 1996 six month period
increased $12.9 million or 8.0% to $173.2 million from $160.3
million. Salaries, wages and benefits, the largest operating
costs of this service company, increased $10.6 million or 11.6%
to $102.0 million from $91.4 million. Other operating expenses
increased $5.6 million or 10.5% to $58.8 million for the 1996
second quarter compared to $53.2 million in the 1995 period.
Depreciation and amortization decreased 15.6% to $6.2 million.
Interest costs decreased $2.1 million or 25.7% to $6.2 million
from $8.3 million for last year.
Increases in salaries, wages and benefits are attributable
to the increase in staffing levels due to long-term care bed
additions, homecare expansions, and the increased emphasis on
rehabilitative services. Also contributing to higher costs of
labor are inflationary increases for salaries and the associated
benefits.
Operating costs have increased due to the increased number
of beds in operation, the opening of two new assisted living
projects, the expansion of homecare services, the expansion of
rehabilitative and managed care services, the growth in
management services provided to others, and due to the increase
in rent expense as explained below.
Depreciation expense and interest expense both decreased
compared to the six months a year ago due primarily to capital
transactions which occurred in 1995. During December 1995,
National Health Investors, ("NHI") prepaid debt on which NHC had
also been obligated in the amount of $20,544,000. In addition,
NHC was released from its obligation on approximately $25,324,000
of debt which had been transferred to NHI in 1991. Since NHC is
no longer obligated on transferred debt in the amount of
$45,868,000, debt serviced by other parties and assets under
arrangement with other parties was reduced by $45,868,000.
<PAGE>
The leases with NHI provide that NHC shall continue to make
non-obligated debt service rent payments equal to the debt
service including principal and interest on the obligated debt
which was prepaid and from which NHC has been released as a
direct obligor. As a result, other operating expenses are
increased by the amount of the rent payments, depreciation is
decreased by the amount of depreciation formerly charged on
assets under arrangement with other parties and interest expense
is decreased by the amount of interest expense formerly
associated with the debt serviced by other parties.
The total census at owned and leased centers for the six
months averaged 93.2% compared to an average of 93.0% for the
same six months a year ago.
Liquidity and Capital Resources
During the first six months of 1996, the Company generated
net cash of $12.7 million from operating activities, $24.7
million from the collection of long-term notes receivable, $13.3
million debt proceeds, $0.6 million from the issuance of
partnership units, and $3.3 million from the collection of
receivables. Of these funds, $11.6 million was used for
additions to and acquisitions of property and equipment; $15.1
million for investment in long-term notes receivable and loan
participation agreements; $3.6 million for payments on debt; and
$8.7 million for cash distributions to partners. Cash and cash
equivalents decreased $3.2 million during the quarter.
At June 30, 1996, the Company's ratio of long-term
obligations to convertible debt and capital is 1.0 to 1. NHC's
convertible debt converts into units of limited partnership
interest at $15.21 per unit - the units closed at $37.625 per
unit on the American Stock Exchange the last trading day of this
quarter.
The ratio of current assets to current liabilities is 1.5 to
1. Working capital is $26.6 million. The Company is currently
considering long-term and short term financing options. These
financial resources with anticipated funds from future operations
are expected to be adequate to enable the Partnership to meet its
working capital requirements and expansion goals.
Development
During the first six months of 1996, the Company added a net
total of 58 licensed long-term care beds, all of which are owned
or leased. Additionally, 152 assisted living units in two newly
constructed projects were opened, 68 units of which are owned by
the Company and 84 units of which are owned by a joint venture in
which the Company is a owner and for which the Company acts as
manager.
<PAGE>
Currently, NHC has 1,136 beds under development at 22 owned,
leased or managed health care centers in various locations.
These beds are either under construction or a Certificate of Need
has been received from the appropriate state agency authorizing
the construction of additional centers or beds.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is subject to claims and suits in the
ordinary course of business. While there are several
worker's compensation and personal liability claims and
other suits presently in the court system, management
believes that the ultimate resolution of all pending
proceedings will not have any material adverse effect
on the Company or its operations.
Item 2. Changes in Securities. Not applicable
Item 3. Defaults Upon Senior Securities. None
Item 4. Submission of Matters to Vote of Security Holders.
None
Item 5. Other Information. None
Item 6. Exhibits and Reports on Form 8-K.
(a) List of exhibits - Exhibit 27 - Financial Data
Schedule (for SEC purposes only)
(b) Reports on Form 8-K - none required
<PAGE>
SIGNATURES
Pursuant to the requirements of the Security Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
NATIONAL HEALTHCARE L.P.
(Registrant)
Date August 12, 1996 S/Richard F. LaRoche, Jr.
Richard F. LaRoche, Jr.
Secretary
Date August 12, 1996 S/Donald K. Daniel
Donald K. Daniel
Vice President and Controller
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 4,750
<SECURITIES> 16,718
<RECEIVABLES> 57,538
<ALLOWANCES> (4,889)
<INVENTORY> 3,579
<CURRENT-ASSETS> 78,673
<PP&E> 201,697
<DEPRECIATION> (42,809)
<TOTAL-ASSETS> 361,106
<CURRENT-LIABILITIES> 52,034
<BONDS> 176,865
0
0
<COMMON> 0
<OTHER-SE> 116,073
<TOTAL-LIABILITY-AND-EQUITY> 361,106
<SALES> 0
<TOTAL-REVENUES> 184,631
<CGS> 0
<TOTAL-COSTS> 173,159
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,140
<INTEREST-EXPENSE> 6,169
<INCOME-PRETAX> 11,472
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,472
<EPS-PRIMARY> 1.34
<EPS-DILUTED> 1.18
</TABLE>
