<PAGE> 1
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, 1995 Commission File No. 0-16701
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
MICHIGAN 38-2702802
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
</TABLE>
280 DAINES STREET, BIRMINGHAM, MICHIGAN 48009
(Address of principal executive offices) (Zip Code)
(810) 645-9261
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.
Yes [ X ] No [ ]
<PAGE> 2
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
INDEX
Page
----
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS 3
Balance Sheets
March 31, 1995 (Unaudited) and
December 31, 1994 3
Statements of Income
Three months ended March 31, 1995
and 1994 (Unaudited) 4
Statements of Cash Flows
Three months ended March 31, 1995
and 1994 (Unaudited) 5
Notes to Financial Statements
March 31, 1995 (Unaudited) 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS 7
PART II OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12
-2-
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
March 31, 1995 Dec. 31, 1994
--------------- ---------------
(Unaudited)
<S> <C> <C>
Properties:
Land $11,562,361 $11,562,361
Buildings And Improvements 47,820,177 47,691,900
Furniture And Fixtures 248,062 246,821
Manufactured Homes 2,363,475 2,430,221
--------------- ---------------
61,994,075 61,931,303
Less Accumulated Depreciation 12,255,802 11,834,802
--------------- ---------------
49,738,273 50,096,501
Cash And Cash Equivalents 1,144,721 1,373,182
Marketable Securities 1,000,000 1,000,000
Mortgage-backed Securities 1,502,250 1,502,250
Unamortized financing costs 996,860 998,958
Investment 500,896 500,896
Other Assets 531,515 622,151
--------------- ---------------
Total Assets $55,414,515 $56,093,938
=============== ===============
LIABILITIES AND PARTNERS' EQUITY
Accounts Payable $111,412 $239,888
Other Liabilities 790,186 816,937
Note Payable 29,821,886 29,786,033
--------------- ---------------
Total Liabilities $30,723,484 $30,842,858
=============== ===============
Partners' Equity
General Partner 210,264 209,153
Unit Holders 24,480,767 25,041,927
--------------- ---------------
Total Partners' Equity 24,691,031 25,251,080
--------------- ---------------
Total Liabilities And
Partners' Equity $55,414,515 $56,093,938
=============== ===============
</TABLE>
See Notes To Financial Statements
3
<PAGE> 4
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31, 1995 March 31, 1994
-------------- -------------
<S> <C> <C>
Income:
Rental Income $2,504,395 $2,427,361
Other 133,382 276,710
-------------- -------------
Total Income $2,637,777 $2,704,071
============== =============
Operating Expenses:
Administrative Expenses
(Including $130,877 And $128,178 In
Property Management Fees Paid To An
Affliate For The Three Months Periods
Ended March 31, 1995 And 1994, Respectively) 709,817 756,684
Property Taxes 206,004 215,427
Utilities 210,691 179,520
Property Operations 240,808 231,555
Depreciation And Amortization 469,000 429,629
Interest 690,320 518,495
-------------- -------------
Total Operating Expenses $2,526,640 $2,331,310
-------------- -------------
Net Income $111,137 $372,761
============= =============
Income Per Unit: $0.03 $0.11
Distribution Per Unit $0.20 $7.00
Weighted Average Number Of Units Of Beneficial
Assignment Of Limited Partnership Interest
Outstanding During The Periods Ending
March 31, 1995 And 1994 3,303,387 3,303,387
</TABLE>
See Notes To Financial Statements
4
<PAGE> 5
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31, 1995 March 31, 1994
--------------- ---------------
<S> <C> <C>
Cash Flows From Operations:
Net Income $111,137 $372,761
Adjustments To Reconcile Net Income To Net Cash
Provided By Operating Activities:
Depreciation 430,000 421,984
Amortization 39,000 7,645
(Increase) Decrease In Other Assets 53,734 (389,302)
Increase (Decrease) In Accounts Payables (92,623) 19,582
Increase (Decrease) In Other Liabilities (26,751) (411,762)
--------------- ---------------
Total Adjustments 403,360 (351,853)
--------------- ---------------
Net Cash Provided By
Operating Activities 514,497 20,909
--------------- ---------------
Cash Flows From Investing Activities:
Capital Expenditures (71,772) (17,966)
--------------- ---------------
Net Cash Provided By (Used In)
Investing Activities (71,772) (17,966)
--------------- ---------------
Cash Flows From Financing Activities:
Distributions To Partners (671,186) (23,119,767)
--------------- ---------------
Net Cash Provided By (Used In)
Financing Activities (671,186) (23,119,767)
--------------- ---------------
Increase (Decrease) In Cash (228,461) (23,116,824)
Cash, Beginning 1,373,182 25,701,460
--------------- ---------------
Cash, Ending $1,144,721 $2,584,636
=============== ===============
</TABLE>
See Notes To Financial Statements
5
<PAGE> 6
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II,
A MICHIGAN LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
March 31, 1995 (Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Presentation:
The balance sheet as of March 31, 1995, the related statements of income and
statements of cash flow for the periods ended March 31, 1995 and 1994 have been
prepared by management, pursuant to the rules and regulations of the Securities
and Exchange Commission, without audit by independent public accountants. In
the opinion of management, all adjustments (consisting of only normal recurring
accruals) necessary for a fair presentation of such financial statements have
been included.
The financial statements and notes are presented as permitted by the rules and
regulations of the Securities and Exchange Commission for Form 10-Q and do not
contain certain information included in the Company's annual financial
statements and notes, which should be consulted.
2. PAYMENTS TO AFFILIATES
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31, 1995 MARCH 31, 1994
-------------- --------------
<S> <C> <C>
Property management fee
to Uniprop, Inc.: $130,877 $128,178
</TABLE>
-6-
<PAGE> 7
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Capital Resources
The Partnership's capital resources consist primarily of its nine manufactured
home communities.
Liquidity
Partnership liquidity is based upon its investment strategy. The properties
owned by the Partnership were anticipated to be held for seven to ten years
after their acquisition, although properties may be disposed of earlier or
later, if, in the opinion of the General Partner, it is in the best interest of
the Partnership to do so.
The cash flow generated by the Partnership's operations during the quarter
ending March 31, 1995 amounted to $580,137. The General Partner has decided to
distribute $671,186, or 4.75%, on annualized basis, to the Unit Holders. The
difference between income generated by operations and cash distributed, or
$91,049, has been funded by using the Partnership's cash reserves. The General
Partner will continue to monitor on-going cash flow generated by the
Partnership's nine properties during the coming quarters. If cash flow
generated is lower than the amount needed to maintain the current distribution
level, the General Partner may elect to reduce the level of future
distributions paid to Unit Holders.
Results of Operations
Overall, as illustrated in the following table, the Partnership's nine
properties reported a combined occupancy of 88.4% (2,943/3,330 sites), versus
88.0% (2,931/3,330) for March 1994. The average monthly homesite rent as of
March 31, 1995 was approximately $309, versus $297, an increase of 4.0% over
March 31, 1994.
-7-
<PAGE> 8
<TABLE>
<CAPTION>
NAME OF TOTAL OCCUPIED OCCUPANCY AVERAGE
COMMUNITY CAPACITY SITES RATE RENT
<S> <C> <C> <C> <C>
Ardmor Village 339 288 85.0% $298
Camelot
Manor 335 318 94.9 282
Country Roads
312 257 82.4 205
Dutch Hills 278 255 91.7 284
El Adobe 371 341 91.9 337
Paradise
Village 611 464 75.9 247
Stonegate
Manor 308 285 92.5 287
Sunshine
Village 356 338 94.9 365
West Valley 420 397 94.5 412
--- --- ---- ---
Total on
3/31/95 3,330 2,943 88.4% $309
Total on
3/31/94 3,330 2,931 88.0% $297
</TABLE>
During the first quarter of 1995, the Partnership generated gross revenues of
$2,637,777, a 2.5% decrease from the $2,704,071 generated in the first quarter
of 1994. The net operating income generated by the Partnership during the
first quarter was $1,270,457, a 3.8% decrease from the $1,320,882 generated for
the first quarter of 1994. Cash flow for the first quarter, after mortgage
debt service and non-recurring items was $580,137, a 27.6% decrease from the
$802,390 generated during the first quarter 1994. The decrease in cash flow
from 1994 to 1995 was due, in part, to $112,774, of interest income earned
during the first quarter of 1994 on proceeds from the December 1993 mortgage
transaction. Also causing a decline in cash flow generated by the Partnership
from 1994 to 1995 was the increase in debt service on the $30,045,000 of first
mortgage debt.
-8-
<PAGE> 9
<TABLE>
<CAPTION>
NET
NAME OF GROSS OPERATING DEBT CASH
COMMUNITY REVENUES INCOME SERVICE FLOW
<S> <C> <C> <C> <C>
Ardmor Village $ 262,610 $ 141,928 $ 67,320 $ 74,608
Camelot
Manor 257,536 148,148 80,187 67,961
Country Roads 142,866 3,774 0 3,774
Dutch Hills 212,406 123,529 59,279 64,250
El Adobe 347,794 228,607 127,058 101,549
Paradise
Village 322,047 13,769 0 13,769
Stonegate
Manor 240,331 140,699 69,273 71,426
Sunshine
Village 363,413 229,193 98,568 130,625
West Valley 475,583 332,223 188,635 143,588
Partnership
Management 13,191 (70,536) 0 (70,536)
Other Non
Recurring -- (20,877) 0 (20,877)
Expenses -------- -------- ----- --------
Qtr. End
3/31/95 $2,637,777 $1,270,457 $690,320 $580,137
Qtr. End
3/31/94 $2,704,071 $1,320,882 $518,492 $802,390
</TABLE>
The Partnership's operating expenses for the first three months of 1995
compared to the same period in 1994, reflect increases in wages, marketing
expenses, taxes and mortgage interest.
-9-
<PAGE> 10
ARDMOR VILLAGE, in Lakeville, Minnesota, reported an occupancy of 85.0%
(288/339 sites) as of March 31, 1995, versus 83.8% as of March 31, 1994. The
average rent was approximately $298 per homesite as of March 31, 1995, versus
$292 as of March 31, 1994. For the first quarter Ardmor Village generated
gross revenues of $262,610, versus $239,305 for the same quarter in 1994. Net
operating income for the quarter was $141,928, versus $133,516 for the same
quarter in 1994. The increase in income results from the property's lower
operating expenses and higher occupancy.
Improvement and maintenance actions undertaken during the quarter involved the
painting of bathrooms in the community center building, installation of new
signage around the community management office, and repairs to fencing and
drainage around the RV/storage area. Also completed in the first quarter were
repairs to several of the community-owned lease homes. Management anticipates
having engineering work and contracts finalized within 30 days for rebuilding
the community roads. The budgeted $250,000 of road work is scheduled to take
three to four months and should be completed by late summer. In addition to
the road work, management has purchased $11,000 of new playground equipment
which should be completely installed and approved for use by late spring.
Management has further enhanced the marketing incentives offered to new home
dealers in an effort to fill remaining vacant homesites during the summer
months. In addition to the incentives, management has two new model homes set
up and offered for sale within the community. According to local home dealers,
sales activity this summer is expected to be significantly better than last
summer due to the stronger economic climate in the Lakeville area.
CAMELOT MANOR, in Grand Rapids, Michigan, reported an occupancy of 94.9%
(318/335 sites) as of March 31, 1995, versus 92.8% as of March 31, 1994. The
current average rent was $282 per homesite as of March 31, 1995, versus $275 as
of March 31, 1994, or an increase of 2.5%. For the first quarter, Camelot
Manor generated gross revenues of $257,536, versus $255,148 for the same
quarter in 1994. Net operating income for the quarter was $148,148, or 19.7%
more than the $123,722 generated in the same quarter of 1994. The higher
income was a result of lower operating expenses and increased occupancy.
Improvement and maintenance actions undertaken during the quarter involved
repairs to the water well, installation of new carpet in the community center
building, and the purchase of new playground equipment. Also budgeted for 1995
is the purchase of a new maintenance truck and upgrading old and damaged
electric pedestals.
The current marketing programs have been very effective in improving occupancy
at Camelot Manor during the last two quarters. As a result, management will
extend the $500 dealer referral incentive program and the first year, $199 per
month lease program for another quarter.
-10-
<PAGE> 11
COUNTRY ROADS, in Jacksonville, Florida, reported and occupancy of 82.4%
(257/312 sites) as of March 31, 1995, versus 79.2% as of March 31, 1994. The
average rent was $205 per homesite as of March 31, 1995, which represents no
increase from the same quarter in 1994. For the first quarter of 1995, Country
Roads generated gross revenues of $142,866, versus $149,079 for the same
quarter in 1994. Net operating income for the quarter was $3,774, versus
$18,275 for the first quarter of 1994. The sharply lower income at the
community was due primarily to higher marketing and non-recurring maintenance
expenses associated with the community-owned lease homes.
Improvement and maintenance actions undertaken during the quarter included
repairs to, and painting of, boundary fencing around the community, sealcoating
roofs on the community-owned lease homes, and replacement of broken concrete
sidewalks and driveways throughout the community. In addition, management has
budgeted approximately $5,000 to pressure wash community-owned lease homes
during the year.
Regional management reported eight new residents moving into the community
during the first quarter. Management believes that the increase in leasing
activity is due to the overall improvement in the Jacksonville housing market.
To further benefit from the improvement in the market, management has started
offering a $1,200 incentive to dealers who move new residents into the
community.
As of March 31, 1995, 52, or 74.3% of the 70 community-owned lease homes were
occupied or held with deposit. In addition, seven of the 52 community-owned
lease homes occupied are leased with an option to purchase.
DUTCH HILLS, in Haslett, Michigan, reported an occupancy of 91.7% (255/278
sites) as of March 31, 1995, versus 91.0% as of March 31, 1994. The current
average rent was $284 per homesite as of March 31, 1995, versus $274 as of
March 31, 1994, or an increase of 3.6%. For the first quarter, Dutch Hills
generated gross revenues of $212,406, versus $208,826 for the same quarter in
1994. Net operating income was $123,529, or 6.3% higher than the $116,235
reported for the same quarter in 1994.
Management has budgeted approximately $37,000 for capital improvements and
equipment at Dutch Hills for 1995. A new tractor, communication radios, and an
office copier were purchased during the first quarter of 1995. Budgeted for
the second quarter is $15,000 for a new roof on the community center building
and additional landscaping around the pool area.
According to regional management at Dutch Hills, the Lansing area housing
market was slow during the first quarter of 1995. However, Dutch Hills did
gain four new residents during the first quarter. New advertising has been
purchased and should help improve leasing activity during the summer sales
season.
EL ADOBE, in Las Vegas, Nevada, reported an occupancy of 91.9% (341/371 sites)
as of March 31, 1995 versus 91.4% as of march 31, 1994. The average rent was
$337 per homesite as of March 31, 1995, versus $318 as of March 31, 1994, or an
increase of
-11-
<PAGE> 12
6.0%. For the first quarter, El Adobe generated gross revenues of $347,794,
versus $327,704 for the same quarter in 1994. Net operating income for the
quarter was $228,607, versus $218,890 in March 1994, or an increase of 4.4%.
The increase in income is due to a higher average monthly rent.
Improvement and maintenance actions undertaken during the quarter focused on
installation of additional landscaping around the community center building and
resurfacing the asphalt on residents' driveways.
Management reported that four new residents moved into El Adobe during the
first quarter, however, five older homes were moved out of the community. In
an effort to become more competitive with area communities, the marketing
incentives offered to home dealers have been increased and additional
advertising has been purchased for the summer months. Management anticipates
reaching 94.0% occupancy by the end of 1995.
PARADISE VILLAGE, in Tampa Florida, reported an occupancy of 75.9% (464/611
sites) as of March 31, 1995, versus 76.3% as of March 31, 1994. The average
rent was $247 per homesite as of March 31, 1995, versus $238 as of March 31,
1994. For the first quarter, Paradise Village generated gross revenues of
$322,047, versus $344,122 in the same quarter of 1994. Net operating income
for the first quarter was $13,769, versus $54,761 for the first quarter in
1994. The decrease in income during the quarter was due to lower occupancy and
the incurrence of repair expenses on the community-owned lease homes.
Improvement and maintenance actions undertaken during the quarter focused on
repairs to the community-owned lease homes. Renovations to the management
office and community center building were also started during the first
quarter. Management has budgeted approximately $65,000 for capital improvements
at Paradise Village for 1995. The most significant amount budgeted is for
road/driveway repairs and tree removal. $26,000 of the budget is for upgrading
and improving the water treatment plant and retention ponds.
As of March 31, 1995, 58, or 55.7% of the 104 community-owned lease homes were
occupied or held with deposit. Of the 58 community-owned homes leased, 13 were
leased with the option to purchase. During the first quarter, management
reported that five new residents moved into the community. However, nine
residents' homes were moved out of the community during the same period. As a
result, the on-site management team was replaced and occupancy for the lease
homes is expected to recover to 80.0% by the end of the second quarter.
STONEGATE MANOR, in Lansing, Michigan, reported an occupancy of 92.5% (285/308
sites) as of March 31, 1995, versus 95.1% as of March 31, 1994. The average
rent was $287 per homesite as of March 31, 1995, versus $278 as of March 31,
1994, or an increase of 3.2%. For the first quarter, Stonegate Manor generated
gross revenues of $240,331, versus $241,435 for the same quarter in 1994. Net
operating income for the quarter was $140,699, versus $132,382 for the same
quarter in 1994. The small increase in income is the result of lower operating
expenses.
-12-
<PAGE> 13
Improvement and maintenance actions undertaken during the quarter were limited
to street repairs and the purchase of new street/directional signs. Management
has budgeted approximately $61,000 of capital improvements for Stonegate Manor
for 1995. Street repairs of $15,000 and concrete curbing of $12,000 are the
largest expenditures. Also budgeted is $5,000 for the purchase and
installation of new gate valves for the water system.
Occupancy at Stonegate Manor has remained unchanged over the past several
quarters. According to our regional management team, the bulk of new home
sales in recent months have been placed on private land. In an effort to
attract a larger percentage of the new home sales acitivity, management has
enhanced marketing incentives and advertising.
SUNSHINE VILLAGE, in Davie, Florida, reported an occupancy of 94.9% (338/356
sites) as of March 31, 1995, versus 96.9% as of March 31, 1994. The average
rent was $365 per homesite as of March 31, 1995, versus $347 as of March 31,
1994, or an increase of 5.2%. For the quarter, Sunshine Village generated
gross revenues of $363,413 versus $359,063, or an increase of 1.2% for the same
quarter in 1994. Net operating income was $229,193, a slight increase from the
$228,208 generated for the same quarter in 1994.
Improvement and maintenance actions undertaken during the quarter involved the
replacement of the roof on the community center and management office
buildings. Also completed during the quarter was the purchase and installation
of new sandblasted signs for the community entrance areas and upgrading of old
electric pedestals. Budgeted for 1995, but not yet completed, is the purchase
of a new $3,000 pool filtering system and $5,100 of concrete work for new
residents' homes scheduled to be moved in during 1995.
The current marketing program involves incentives related to our new model
home, which has been set up and is available for sale within the community.
Management expects sales from this new marketing program to be between seven
and ten homes during 1995.
WEST VALLEY, in Las Vegas, Nevada, reported an occupancy of 94.5% (397/420
sites) as of March 31, 1995, versus 93.6% as of March 31, 1994. The average
rent was $412 per homesite as of March 31, 1995, versus $396 as of March 31,
1994, or an increase of 4.0%. For the first quarter, West Valley generated
gross revenues of $475,583, versus $466,615 for the same quarter in 1994. Net
operating income was $332,223, versus $321,220 for the same quarter in 1994.
Improvement and maintenance actions undertaken during the quarter focused
primarily on $40,000 of budgeted renovations to the interior and exterior of
the community center building. All renovations should be complete by
mid-summer and should significantly improve the appearance of the community
center. Also budgeted for 1995 is $7,500 for bottom resurfacing and
installation of a new heater for the pool.
-13-
<PAGE> 14
Now that the new Jaycees senior community is full, occupancy at West Valley has
started to improve. In fact, many of the older homes of the senior citizens
that were moved into the Jaycees community have been replaced by larger, more
modern, multi-section homes. Given the continued strong Las Vegas market and
its ideal location on Tropicana Avenue, management anticipates occupancy at
West Valley to reach 97.0% by the end of 1995.
MANAGEMENT EXPENSES
Net partnership management expenses paid for the quarter amounted to $70,536.
Expenses of $83,727 (data processing, accounting and legal expenses, appraisals
and wages to employees of the Partnership) were partially offset by income of
$13,191 generated by interest on the Partnership's reserves and transfer fees.
The equivalent figures for the first quarter of last year were $569, $113,343
and $112,774, respectively. The large variance in net management expenses from
1994 to 1995 is related to the interest income earned during the first quarter
of 1994 on proceeds from the December 1993 mortgage transaction.
-14-
<PAGE> 15
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
There were no reports filed on Form 8-K
during the three months ended March 31, 1995.
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.
Uniprop Manufactured Housing Communities
Income Fund II, a Michigan Limited Partnership
BY: Genesis Associates Limited Partnership,
General Partner
BY: Uniprop, Inc.,
its Managing General Partner
By: /s/ Paul M. Zlotoff
Paul M. Zlotoff, President
By: /s/ Gloria A. Koster
Gloria A. Koster
Principal Financial Officer
Dated: May 15, 1995
-15-
<PAGE> 16
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Page
- - ------- ----------- ----
<S> <C> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 1144721
<SECURITIES> 2502250
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2676236
<PP&E> 61994075
<DEPRECIATION> 12255802
<TOTAL-ASSETS> 55414515
<CURRENT-LIABILITIES> 901598
<BONDS> 29821886
<COMMON> 0
0
0
<OTHER-SE> 24691031
<TOTAL-LIABILITY-AND-EQUITY> 55414515
<SALES> 0
<TOTAL-REVENUES> 2637777
<CGS> 0
<TOTAL-COSTS> 1367320
<OTHER-EXPENSES> 430000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 729320
<INCOME-PRETAX> 111137
<INCOME-TAX> 0
<INCOME-CONTINUING> 111137
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 111137
<EPS-PRIMARY> .03<F1>
<EPS-DILUTED> 0
<FN>
<F1>EPS PRIMARY - IN THIS REAL ESTATE LIMITED PARTNERSHIP THE EARNINGS PER SHARE
INDICATES INCOME PER LIMITED PARTNERSHIP UNIT
</FN>
</TABLE>
