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 September 30, 1996Commission 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
SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1996 1995
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 725,418 619,423
Interest, rents and other receivables . . . . . . . . . . . . . . . . 61,577 88,498
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 12,227 35,287
----------- -----------
Total current assets. . . . . . . . . . . . . . . . . . . . . 799,222 743,208
----------- -----------
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 . . . . . . . . . . . . . . . . . . . . 2,747,049 2,529,282
----------- -----------
Total investment property,
net of accumulated depreciation . . . . . . . . . . . . . . 8,784,671 9,002,438
Investment in unconsolidated venture, at equity . . . . . . . . . . . . -- 605,872
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,033 223,818
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,441,872 1,136,563
----------- -----------
$11,257,798 11,711,899
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
Current liabilities:
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,763 37,649
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 22,820 28,252
Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,784 23,796
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . 444,492 592,656
----------- -----------
Total current liabilities . . . . . . . . . . . . . . . . . . 553,859 682,353
----------- -----------
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . 12,374 12,374
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800,000 6,800,000
----------- -----------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 7,366,233 7,494,727
----------- -----------
Partners' capital accounts (deficits):
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . 20,000 20,000
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (254,505) (258,802)
----------- -----------
(234,505) (238,802)
----------- -----------
Limited partners (47,534 interests):
Capital contributions, net of offering costs. . . . . . . . . . . . 10,284,207 10,284,207
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (1,538,423) (2,301,801)
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (4,619,714) (3,526,432)
----------- -----------
4,126,070 4,455,974
----------- -----------
Total partners' capital accounts. . . . . . . . . . . . . . . 3,891,565 4,217,172
----------- -----------
$11,257,798 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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
-------------------------- -------------------------
1996 1995 1996 1995
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . $ 357,911 395,069 1,129,654 1,259,734
Interest income. . . . . . . . . . . . . . . . 36,251 14,853 78,315 47,490
----------- ---------- ---------- ----------
394,162 409,922 1,207,969 1,307,224
----------- ---------- ---------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . 89,982 84,764 273,857 391,606
Depreciation . . . . . . . . . . . . . . . . . 72,923 92,984 217,767 278,952
Property operating expenses. . . . . . . . . . 148,542 205,232 570,951 583,596
Professional services. . . . . . . . . . . . . 705 2,771 47,708 40,092
Amortization of deferred expenses. . . . . . . 13,792 2,944 41,191 8,831
General and administrative . . . . . . . . . . 30,511 26,556 109,826 92,236
Provision for value impairment . . . . . . . . -- 3,500,000 -- 3,500,000
----------- ---------- ---------- ----------
356,455 3,915,251 1,261,300 4,895,313
----------- ---------- ---------- ----------
Operating earnings (loss) . . . . . . . 37,707 (3,505,329) (53,331) (3,588,089)
Partnership's share of income from
operations of unconsolidated venture. . . . . . -- 14,934 15,765 43,304
----------- ---------- ---------- ----------
Net operating earnings (loss) . . . . . 37,707 (3,490,395) (37,566) (3,544,785)
Partnership's share of gain on sale
of interest in unconsolidated venture . . . . . -- -- 805,241 --
----------- ---------- ---------- ----------
Net earnings (loss) . . . . . . . . . . $ 37,707 (3,490,395) 767,675 (3,544,785)
=========== ========== ========== ==========
Net earnings (loss) per limited
partnership interest:
Net operating earnings (loss). . . . $ .71 (66.09) (.71) (67.12)
Partnership's share of gain
on sale of interest in
unconsolidated venture. . . . . . . -- -- 16.77 --
----------- ---------- ---------- ----------
Net earnings (loss) . . . . . . . . . . $ .71 (66.09) 16.06 (67.12)
=========== ========== ========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . . . $ 20.00 -- 23.00 5.00
=========== ========== ========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
<TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
---------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 767,675 (3,544,785)
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,767 278,952
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 41,191 8,831
Partnership's share of operations of
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . (15,765) (43,304)
Partnership's share of gain on sale
of interest in unconsolidated venture . . . . . . . . . . . . . . . . (805,241) --
Provision for value impairment. . . . . . . . . . . . . . . . . . . . . -- 3,500,000
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . . . . . . 26,921 3,981
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,060 (1,792)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,114 8,759
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,432) (2,423)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . (148,164) 170,365
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,988 (65,470)
---------- ----------
Net cash provided by (used in)
operating activities. . . . . . . . . . . . . . . . . . . . . . 127,114 313,114
---------- ----------
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. . . . . . . . . . . . . . . . . . . . . . . . . -- 851,542
Partnership's distributions from
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . . 58,470 102,517
Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . (49,406) (150,445)
---------- ----------
Net cash provided by (used in)
investing activities. . . . . . . . . . . . . . . . . . . . . . 1,377,472 748,614
---------- ----------
Cash flows from financing activities:
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (305,309) (1,032,496)
Distributions to limited partners . . . . . . . . . . . . . . . . . . . . (1,093,282) (237,670)
---------- ----------
Net cash provided by (used in)
financing activities. . . . . . . . . . . . . . . . . . . . . . (1,398,591) (1,270,166)
---------- ----------
Net increase (decrease) in cash and cash equivalents. . . . . . . 105,995 (208,438)
Cash and cash equivalents, beginning of year. . . . . . . . . . . 619,423 630,900
---------- ----------
Cash and cash equivalents, end of period. . . . . . . . . . . . . $ 725,418 422,462
========== ==========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $ 301,601 394,029
========== ==========
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
SEPTEMBER 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 September 30, 1996 and for the nine months ended
September 30, 1996 and 1995 were as follows:
Unpaid at
September 30,
1996 1995 1996
------- ------ -------------
Property management
and leasing fees . . . . . . $28,449 29,160 --
Insurance commissions . . . . 2,583 2,690 --
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 . . . . . . . . . . 33,536 291 27,588
------- ------- ------
$64,568 32,141 27,588
======= ======= ======
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
$306,330 at September 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, 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 recognized a
gain of approximately $805,000 for financial reporting purposes in 1996.
In addition, the Partnership made a distribution of sales proceeds related
to this transaction of $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 September 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 9,280 square feet (11% 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). In October 1996 the tenant took occupancy of this space.
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 September 30,
1996 and for the three and nine months ended September 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 receive
significantly less than 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 decrease in the investment in unconsolidated venture, at equity,
at September 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 escrow deposits at September 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 $270,000 and
the associated interest earned.
The increase in accounts payable at September 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 decrease in accrued real estate taxes at September 30, 1996 as
compared to December 31, 1995 is primarily due to the decrease in assessed
property value for the Fashion Square Shopping Center, which lowered the
property tax liability for this investment property in 1996.
The decrease in rental income for the three and nine months ended
September 30, 1996 as compared to the three and nine months ended September
30, 1995 is due to lower average occupancy at the Fashion Square Shopping
Center in such subsequent periods.
The increase in interest income for the three and nine months ended
September 30, 1996 as compared to the three and nine months ended September
30, 1995 is due to increased interest earned on the higher balance in the
cash collateral account due to the required funding of $30,000 per month.
The decrease in mortgage and other interest for the nine months ended
September 30, 1996 as compared to the nine months ended September 30, 1995
is primarily due to lower letter of credit fees coupled with a decline in
the average floating interest rate (3.8% at September 30, 1996) on the
municipal bonds secured by the Fashion Square Shopping Center.
The decrease in depreciation expense for the three and nine months
ended September 30, 1996 as compared to the three and nine months ended
September 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 amortization of deferred expenses for the three and
nine months ended September 30, 1996 as compared to the three and nine
months ended September 30, 1995 is due to the amortization of deferred
financing costs related to the replacement letter of credit.
The provision for value impairment for the three and nine months ended
September 30, 1995 consists of the $3,500,000 value impairment recorded for
the Fashion Square Shopping Center on September 30, 1995.
The decrease in the Partnership's share of income from operations of
unconsolidated venture for the three and nine months ended September 30,
1996 as compared to the three and nine months ended September 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 interest in unconsolidated
venture for the nine months ended September 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% 79%
2. Miami International Mall
Miami, Florida. . . . . . 89% 91% 90% 94% 94% N/A 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 for December 31, 1992 on Form 10-K (File No. 0-
17699) dated March 19, 1993.
3-B. Amended and Restated Agreement of Limited Partnership is
hereby incorporated herein by reference to the Partnership's report for
December 31, 1992 on Form 10-K (File No. 0-17699) 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 for December 31, 1994
on Form 10-K (File No. 0-17699) 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 for March 31, 1995 on Form 10-Q (File No. 0-
17699) 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 during 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: November 8, 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: November 8, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 725,418
<SECURITIES> 0
<RECEIVABLES> 73,804
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 799,222
<PP&E> 11,531,720
<DEPRECIATION> 2,747,049
<TOTAL-ASSETS> 11,257,798
<CURRENT-LIABILITIES> 553,859
<BONDS> 6,800,000
<COMMON> 0
0
0
<OTHER-SE> 3,891,565
<TOTAL-LIABILITY-AND-EQUITY> 11,257,798
<SALES> 1,129,654
<TOTAL-REVENUES> 1,207,969
<CGS> 0
<TOTAL-COSTS> 829,909
<OTHER-EXPENSES> 157,534
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 273,857
<INCOME-PRETAX> (53,331)
<INCOME-TAX> 0
<INCOME-CONTINUING> (37,566)
<DISCONTINUED> 805,241
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 767,675
<EPS-PRIMARY> 16.06
<EPS-DILUTED> 16.06
</TABLE>
