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 June 30, 1996 Commission file number 0-17699
IDS/JMB BALANCED INCOME GROWTH, LTD.
(Exact name of registrant as specified in its charter)
Illinois 36-3498972
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive offices) (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. . . 11
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 14
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
JUNE 30, DECEMBER 31,
1996 1995
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 1,780,448 619,423
Interest, rents and other receivables . . . . . . . . . . . . . . . . 89,776 88,498
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 7,477 35,287
----------- -----------
Total current assets. . . . . . . . . . . . . . . . . . . . . 1,877,701 743,208
----------- -----------
Investment property, at cost:
Land . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,781,028 2,781,028
Building and improvements . . . . . . . . . . . . . . . . . . . . . . 8,750,692 8,750,692
----------- -----------
11,531,720 11,531,720
Less accumulated depreciation . . . . . . . . . . . . . . . . . . . . 2,674,126 2,529,282
----------- -----------
Total investment property,
net of accumulated depreciation . . . . . . . . . . . . . . 8,857,594 9,002,438
Investment in unconsolidated venture, at equity . . . . . . . . . . . . -- 605,872
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,467 223,818
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,339,537 1,136,563
----------- -----------
$12,339,299 11,711,899
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
Current liabilities:
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 64,190 37,649
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 22,324 28,252
Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,399 23,796
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . 580,846 592,656
----------- -----------
Total current liabilities . . . . . . . . . . . . . . . . . . 722,759 682,353
----------- -----------
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . 12,374 12,374
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800,000 6,800,000
----------- -----------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 7,535,133 7,494,727
----------- -----------
Partners' capital accounts (deficits):
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . 20,000 20,000
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (258,281) (258,802)
----------- -----------
(238,281) (238,802)
----------- -----------
Limited partners (47,534 interests):
Capital contributions, net of offering costs. . . . . . . . . . . . 10,284,207 10,284,207
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (1,572,726) (2,301,801)
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (3,669,034) (3,526,432)
----------- -----------
5,042,447 4,455,974
----------- -----------
Total partners' capital accounts. . . . . . . . . . . . . . . 4,804,166 4,217,172
----------- -----------
$12,339,299 11,711,899
=========== ===========
<FN>
See accompanying notes to financial statements.
</TABLE>
<TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
-------------------------- -------------------------
1996 1995 1996 1995
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . $ 378,511 411,520 771,743 864,665
Interest income. . . . . . . . . . . . . . . . 21,611 11,623 42,064 32,637
----------- ---------- ---------- ----------
400,122 423,143 813,807 897,302
----------- ---------- ---------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . 95,513 105,892 183,875 217,592
Depreciation . . . . . . . . . . . . . . . . . 71,922 92,984 144,844 185,968
Property operating expenses. . . . . . . . . . 176,925 184,502 422,409 378,364
Professional services. . . . . . . . . . . . . 36,503 22,300 47,003 37,321
Amortization of deferred expenses. . . . . . . 13,699 2,943 27,399 5,887
General and administrative . . . . . . . . . . 34,898 31,256 79,315 65,680
----------- ---------- ---------- ----------
429,460 439,877 904,845 890,812
----------- ---------- ---------- ----------
Operating earnings (loss) . . . . . . . (29,338) (16,734) (91,038) 6,490
Partnership's share of income from
operations of unconsolidated venture. . . . . . (279) 14,744 15,764 28,370
----------- ---------- ---------- ----------
Net operating earnings (loss) . . . . . (29,617) (1,990) (75,274) 34,860
Partnership's share of gain on sale
of unconsolidated venture . . . . . . . . . . . 804,870 -- 804,870 --
----------- ---------- ---------- ----------
Net earnings (loss) . . . . . . . . . . $ 775,253 (1,990) 729,596 34,860
=========== ========== ========== ==========
Net earnings (loss) per limited
partnership interest:
Net operating earnings (loss). . . . $ (.56) (.04) (1.43) .66
Partnership's share of gain
on sale of unconsolidated
venture . . . . . . . . . . . . . . 16.76 -- 16.76 --
----------- ---------- ---------- ----------
Net earnings (loss) . . . . . . . . . . $ 16.20 (.04) 15.33 .66
=========== ========== ========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . . . $ 3.00 2.50 3.00 5.00
=========== ========== ========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
<TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
---------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 729,596 34,860
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,844 185,968
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 27,399 5,887
Partnership's share of operations of
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . (15,764) (28,370)
Partnership's share of gain on sale
of unconsolidated venture . . . . . . . . . . . . . . . . . . . . . . (804,870) --
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . . . . . . (1,278) 23,070
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,810 (78,847)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,541 334
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,928) (2,423)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . (11,810) 14,801
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,603 (60,580)
---------- ----------
Net cash provided by (used in)
operating activities. . . . . . . . . . . . . . . . . . . . . . 148,143 94,700
---------- ----------
Cash flows from investing activities:
Cash proceeds from sale of unconsolidated venture,
net of selling expenses . . . . . . . . . . . . . . . . . . . . . . . . 1,368,408 --
Additions to investment property. . . . . . . . . . . . . . . . . . . . . -- (55,000)
Net sales and maturities (purchases) of
short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . -- 796,725
Partnership's distributions from
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . . 58,098 91,055
Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . (68,048) (150,329)
---------- ----------
Net cash provided by (used in)
investing activities. . . . . . . . . . . . . . . . . . . . . . 1,358,458 682,451
---------- ----------
Cash flows from financing activities:
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (202,974) (930,000)
Distributions to limited partners . . . . . . . . . . . . . . . . . . . . (142,602) (237,670)
---------- ----------
Net cash provided by (used in)
financing activities. . . . . . . . . . . . . . . . . . . . . . (345,576) (1,167,670)
---------- ----------
Net increase (decrease) in cash and cash equivalents. . . . . . . 1,161,025 (390,519)
Cash and cash equivalents, beginning of year. . . . . . . . . . . 619,423 630,900
---------- ----------
Cash and cash equivalents, end of period. . . . . . . . . . . . . $1,780,448 240,381
========== ==========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $ 234,428 109,139
========== ==========
Non-cash investing and financing activities . . . . . . . . . . . . . . . $ -- --
========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996 AND 1995
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1995
which are included in the Partnership's 1995 Annual Report, as certain
footnote disclosures which would substantially duplicate those contained in
such audited financial statements have been omitted from this report.
Capitalized terms used herein, but not defined, have the same meanings as
used in such Annual 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
The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Corporate General Partner
and its affiliates including the reimbursement for salaries and salary-
related expenses of its employees, certain of its officers, and other
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's investments. Fees, commissions and other
expenses required to be paid by the Partnership to the General Partners and
their affiliates as of June 30, 1996 and for the six months ended June 30,
1996 and 1995 were as follows:
Unpaid at
June 30,
1996 1995 1996
-------- ------ ---------
Property management
and leasing fees . . . . . . $ 18,361 19,743 --
Insurance commissions . . . . 686 2,694 --
Reimbursement (at
cost) for out-of-
pocket salary and
salary-related
expenses related
to the on-site
and other costs
for the Partner-
ship and its
investment
property . . . . . . . . . . 22,439 145 19,473
-------- ------- ------
$ 41,486 22,582 19,473
======== ======= ======
According to the terms of the Partnership Agreement, the General
Partners have deferred payment of their distributions of net cash flow from
the Partnership. The cumulative amount of such deferred distributions was
$306,331 at June 30, 1996. All amounts deferred or currently payable do
not bear interest.
JMB/MIAMI
The Partnership was a general partner in JMB/Miami International
Associates ("JMB/Miami"), which owned a 50% partnership interest in West
Dade County Associates ("West Dade"). West Dade owns an interest in the
Miami International Mall. The other partners of JMB/Miami were JMB Income
Properties, Ltd. - XIII and Urban Shopping Centers, L.P. ("Urban"), both of
which are affiliates of the Partnership. Effective as of March 31, 1996,
JMB/Miami was voluntarily dissolved by agreement of its partners and its
50% ownership interest in West Dade and related assets were distributed to
its partners based on their respective ownership percentages. Accordingly,
the Partnership acquired a direct 2.547% ownership interest in West Dade.
On April 8, 1996, the Partnership sold its entire 2.547% interest in West
Dade as described below.
On April 8, 1996, DeBartolo Realty Partnership, L.P. ("DeBartolo"),
the unaffiliated venture partner in West Dade, purchased 100% of the
Partnership's interest (i.e., a 2.547% interest) in West Dade for
$1,368,888 (paid in cash at closing), subject to proration. DeBartolo also
assumed the Partnership's proportionate share of obligations and
liabilities of West Dade from and after March 31, 1996, the effective date
of the transaction. The terms of the sale were determined by arm's-length
negotiations.
In addition, West Dade agreed to indemnify the Partnership generally
from and against claims and liabilities incurred by the Partnership in
connection with West Dade or its property after the effective date of the
sale. As a result of the sale, the Partnership expects to recognize a gain
of approximately $990,000 for Federal income tax purposes and will
recognize a gain of approximately $805,000 for financial reporting purposes
in 1996. In addition, the Partnership expects to make a distribution of
sales proceeds related to this transaction of approximately $20 per
Interest in August 1996.
FASHION SQUARE
In March 1995, the Partnership obtained a replacement irrevocable
direct pay letter of credit with a major institutional lender in the amount
of $7,140,000. The replacement letter of credit required the Partnership
to fund an interest-bearing cash collateral account with an initial deposit
of $840,000 at closing and requires monthly deposits of $30,000 thereafter
until the December 1, 1999 expiration. On a cumulative basis, $60,000 per
annum (although no more than $120,000 in any calendar year) can be drawn
down by the Partnership under certain circumstances (as defined) from the
collateral account for tenant improvements and leasing costs at the Fashion
Square Shopping Center. The Partnership may be required to make additional
deposits to the cash collateral account should the property's net operating
income (as defined) fall below a stipulated level. As of June 30, 1996,
the Partnership was not required to make any additional deposits to the
cash collateral account other than the initial deposit and monthly deposits
discussed above. Such additional deposits can be drawn down by the
Partnership as reimbursement for certain releasing costs incurred at the
property provided the property's net operating income exceeds the
stipulated level for two consecutive quarters. As of the date of this
report, no amounts have been drawn or requested from this account. Upon
expiration of the letter of credit on December 1, 1999, the balance of the
cash collateral account plus interest will revert to the Partnership.
In 1996, leases representing approximately 17% of the leasable square
footage at the Fashion Square Shopping Center are scheduled to expire, of
which leases representing 4,000 square feet (5% of the center's leasable
square footage) have been renewed. In addition, the Partnership has
recently executed a lease representing approximately 2,400 square feet (3%
of the center). The property is 82% leased and the property manager is
actively pursuing replacement tenants for the remaining vacant space. The
costs of lease commissions and tenant improvements incurred prior to tenant
occupancy for the re-leasing of this space will result in a decrease in
cash flow from operations over the near term, to the extent not permitted
to be funded from the collateral cash account. Although the Partnership
has budgeted for re-leasing costs, the market in which the property
operates is extremely competitive, and there is no assurance that the
Partnership will be fully successful in re-leasing this space.
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 June 30, 1996
and for the three and six months ended June 30, 1996 and 1995.
PART 1. 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 certain of the
Partnership's investments.
Due to the current competitive market in which the Fashion Square
Shopping Center operates and in light of the severely depressed real estate
markets which characterized the Partnership's operations during the past
few years, it currently appears that the Partnership's goal of capital
appreciation will not be fully achieved. Although some portion of the
Limited Partners' original capital is expected to be distributed from sales
proceeds, without a dramatic improvement in market conditions relative to
its sole remaining investment property, the Limited Partners will not
receive a full return of their original investment.
The Partnership sold its interest in the Miami International Mall on
April 8, 1996. After reviewing the Fashion Square Shopping Center and the
marketplace in which it operates, the General Partners of the Partnership
expect to be able to conduct an orderly liquidation of this remaining
property as quickly as practicable. Therefore, the affairs of the
Partnership are expected to be wound up no later than December 31, 1999
(sooner if its remaining property is sold in the near term), barring
unforeseen economic developments.
RESULTS OF OPERATIONS
The increase in cash and cash equivalents at June 30, 1996 as compared
to December 31, 1995 is due primarily to the temporary investment of the
cash proceeds of approximately $1,370,000 from the sale of the
Partnership's interest in the Miami International Mall. The Partnership
expects to make a distribution of proceeds, subject to the working capital
requirements of the Partnership, of approximately $20 per $250 Interest in
August 1996.
The decrease in the investment in unconsolidated venture, at equity,
at June 30, 1996 as compared to December 31, 1995 is due to the sale of the
Partnership's interest in the Miami International Mall on April 8, 1996.
The increase in deferred expenses at June 30, 1996 as compared to
December 31, 1995 is due primarily to payment of the annual letter of
credit fee associated with the replacement letter of credit obtained for
the Fashion Square Shopping Center.
The increase in escrow deposits at June 30, 1996 as compared to
December 31, 1995 is due to the required funding in 1996 of the cash
collateral account at the Fashion Square Shopping Center of $180,000 and
the associated interest earned.
The increase in accounts payable at June 30, 1996 as compared to
December 31, 1995 is primarily due to unpaid reimbursements for salaries
and direct expenses of officers and employees of the Corporate General
Partner and its affiliates relating to the administration of the
Partnership and operation of the Partnership's investment properties.
The increase in unearned rents at June 30, 1996 as compared to
December 31, 1995 is due primarily to the timing of receipt of rental
income at the Fashion Square Shopping Center.
The decrease in rental income for the three and six months ended June
30, 1996 as compared to the three and six months ended June 30, 1995 is due
to lower average occupancy at the Fashion Square Shopping Center in such
subsequent periods.
The decrease in mortgage and other interest for the three and six
months ended June 30, 1996 as compared to the three and six months ended
June 30, 1995 is primarily due to lower letter of credit fees coupled with
a decline in the average floating interest rate (4.2% at June 30, 1996) on
the municipal bonds secured by the Fashion Square Shopping Center.
The decrease in depreciation expense for the three and six months
ended June 30, 1996 as compared to the three and six months ended June 30,
1995 is due primarily to the $3,500,000 value impairment recorded for the
Fashion Square Shopping Center on September 30, 1995.
The increase in property operating expenses for the six months ended
June 30, 1996 as compared to the six months ended June 30, 1995 is due
primarily to a provision for doubtful accounts recorded in March 1996 of
$62,000 for amounts billed to tenants at the Fashion Square Shopping Center
deemed uncollectible.
The increase in amortization of deferred expenses for the three and
six months ended June 30, 1996 as compared to the three and six months
ended June 30, 1995 is due to the amortization of deferred financing costs
related to the replacement letter of credit.
The decrease in the Partnership's share of income from operations of
unconsolidated venture for the three and six months ended June 30, 1996 as
compared to the three and six months ended June 30, 1995 is due to the sale
of the Partnership's interest in the Miami International Mall on April 8,
1996.
The Partnership's share of gain on sale of unconsolidated venture for
the three and six months ended June 30, 1996 is due to the sale of the
Partnership's interest in the Miami International Mall on April 8, 1996.
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate physical 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. Fashion Square
Shopping Center
Skokie, Illinois. . . . . 88% 79% 79% 86% 78% 79%
2. Miami International Mall
Miami, Florida. . . . . . 89% 91% 90% 94% 94% N/A
- -------------
<FN>
An "N/A" indicates that the property was not owned by the Partnership at the end of the quarter.
</TABLE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3-A. The Prospectus of the Partnership dated August 6, 1987, the
Partnership's supplement to the Prospectus dated August 1, 1988 and the
supplement dated April 28, 1989 are hereby incorporated herein by reference
to the Partnership's report on Form 10-K (File No. 0-17699) for December
31, 1992 dated March 19, 1993.
3-B. Amended and Restated Agreement of Limited Partnership is
hereby incorporated herein by reference to the Partnership's report on Form
10-K (File No. 0-17699) for December 31, 1992 dated March 19, 1993.
4-A. Assignment Agreement set forth as Exhibit B to the
Prospectus is hereby incorporated by reference to Exhibit 4-A to the
Partnership's report for December 31, 1992 on Form 10-K (File No. 0-17699)
dated March 5, 1993.
4-B. Documents relating to the loan agreement and letter of
credit agreement secured by a non-recourse mortgage on Fashion Square
Shopping Center are incorporated by reference to the Partnership's
Registration Statement on Form S-11 dated August 6, 1987 (as amended) (File
No. 33-12561).
4-C. Letter of credit agreement extension document secured by
non-recourse mortgage in the Fashion Square Shopping Center are hereby
incorporated by reference to the Partnership's report on Form 10-K (File
No. 0-17699) for December 31, 1994 dated March 21, 1995.
4-D. Documents relating to the replacement Irrevocable Direct Pay
Letter of Credit and exhibits thereto and the Reimbursement Agreement and
exhibits thereto dated March 30, 1995, are hereby incorporated by reference
to the Partnership's report on Form 10-Q (File No. 0-17699) for March 31,
1995 dated May 11, 1995.
10-A. Acquisition documents relating to the purchase by the
Partnership of the Fashion Square Shopping Center in Skokie, Illinois (a
suburb north of Chicago) are incorporated by reference to the Partnership's
Registration Statement on Form S-11 dated August 6, 1987 (as amended) (File
No. 33-12561).
27. Financial Data Schedule.
(b) No reports on Form 8-K have been filed since the beginning
of the last quarter of the period covered by this report.
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.
IDS/JMB BALANCED INCOME GROWTH, LTD.
BY: Income Growth Managers, Inc.
(Corporate General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Vice President
Date: August 9, 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: August 9, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 1,780,448
<SECURITIES> 0
<RECEIVABLES> 97,253
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,877,701
<PP&E> 11,531,720
<DEPRECIATION> 2,674,126
<TOTAL-ASSETS> 12,339,299
<CURRENT-LIABILITIES> 722,759
<BONDS> 6,800,000
<COMMON> 0
0
0
<OTHER-SE> 4,804,166
<TOTAL-LIABILITY-AND-EQUITY> 12,339,299
<SALES> 771,743
<TOTAL-REVENUES> 813,807
<CGS> 0
<TOTAL-COSTS> 594,652
<OTHER-EXPENSES> 126,318
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 183,875
<INCOME-PRETAX> (91,038)
<INCOME-TAX> 0
<INCOME-CONTINUING> (75,274)
<DISCONTINUED> 804,870
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 729,596
<EPS-PRIMARY> 15.33
<EPS-DILUTED> 15.33
</TABLE>
