FORM 10-QSB-QUARTERLY OR TRANSITIONAL REPORT UNDER
SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-16210
ANGELES INCOME PROPERTIES, LTD. 6
(Exact name of small business issuer as specified in its charter)
California 95-4106139
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
Issuer's telephone number
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
ANGELES INCOME PROPERTIES. LTD. 6
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
September 30, 1997
Assets
Cash and cash equivalents:
Unrestricted $ 2,606
Restricted--tenant security deposits 80
Accounts receivable, net of an allowance of $114 212
Escrow for taxes 521
Restricted escrows 273
Other assets 898
Investment properties:
Land $ 6,066
Buildings and related personal property 30,732
36,798
Less accumulated depreciation (8,604) 28,194
$ 32,784
Liabilities and Partners' Capital
Liabilities
Accounts payable $ 74
Tenant security deposits 111
Accrued taxes 335
Other liabilities 586
Notes payable 25,226
Partners'(Deficit) Capital
General partner $ (340)
Limited partners (47,384 units issued and
47,314 outstanding) 6,792 6,452
$ 32,784
See Accompanying Notes to Consolidated Financial Statements
b) ANGELES INCOME PROPERTIES, LTD. 6
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 1,752 $ 2,237 $ 5,418 $ 7,252
Other income 80 84 350 345
Total revenues 1,832 2,321 5,768 7,597
Expenses:
Operating 646 769 1,833 2,389
General and administrative 109 113 300 311
Maintenance 228 223 521 683
Depreciation 261 344 771 1,103
Interest 538 1,016 1,796 3,049
Property taxes 180 423 605 1,103
Bad debt (recovery) expense, net (67) 23 (45) 254
Total expenses 1,895 2,911 5,781 8,892
Loss before loss on disposal of
property and casualty gain (63) (590) (13) (1,295)
Loss on sale of property -- (3,068) -- (3,068)
Casualty gain -- -- -- 144
Loss before extraordinary item (63) (3,658) (13) (4,219)
Extraordinary gain on
extinguishment of debt -- 10,467 -- 10,467
Net (loss) income $ (63) $ 6,809 $ (13) $ 6,248
Net (loss) income allocated
to general partner (1%) $ (1) $ 68 $ -- $ 62
Net (loss) income allocated
to limited partners (99%) (62) 6,741 (13) 6,186
Net (loss) income $ (63) $ 6,809 $ (13) $ 6,248
Per limited partnership unit:
(Loss) income before extraordinary item $ (1.31) $(76.44) $ (.27) $(88.16)
Extraordinary gain on
extinguishment of debt -- 218.72 -- 218.72
Net (loss) income $ (1.31) $142.28 $ (.27) $130.56
<FN>
See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>
c) ANGELES INCOME PROPERTIES, LTD. 6
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 47,384 $ 1 $ 47,384 $ 47,385
Partners' (deficit) capital at
December 31, 1996 47,314 $ (340) $ 6,805 $ 6,465
Net loss for the nine months
ended September 30, 1997 -- -- (13) (13)
Partners' (deficit) capital at
September 30, 1997 47,314 $ (340) $ 6,792 $ 6,452
<FN>
See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>
d) ANGELES INCOME PROPERTIES, LTD. 6
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net (loss) income $ (13) $ 6,248
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 771 1,103
Amortization of discounts, loan costs
and leasing commissions 122 114
Bad debt (recovery) expense, net (45) 254
Extraordinary gain on extinguishment of debt -- (10,467)
Loss on disposal of property -- 3,068
Casualty gain -- (144)
Change in accounts:
Restricted cash (1) 127
Accounts receivable 112 (145)
Escrows for taxes 143 (141)
Other assets (110) (49)
Accounts payable (72) (87)
Tenant security deposit liabilities (3) (129)
Accrued taxes 27 (449)
Other liabilities 240 501
Net cash provided by (used in) operating activities 1,171 (196)
Cash flows from investing activities:
Property improvements and replacements (194) (366)
Deposits to restricted escrows (54) (39)
Withdrawals from restricted escrows 53 74
Insurance proceeds -- 144
Net cash used in investing activities (195) (187)
Cash flows from financing activities:
Proceeds from long-term borrowing -- 505
Payments on notes payable (222) (240)
Proceeds from sale of investment property -- 8,864
Repayment of long-term notes -- (8,400)
Net cash (used in) provided by financing activities (222) 729
Net increase in unrestricted cash and cash equivalents 754 346
Unrestricted cash and cash equivalents at
beginning of period 1,852 1,447
Unrestricted cash and cash equivalents at
end of period $ 2,606 $ 1,793
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,474 $ 2,488
Supplemental disclosure of non-cash financing
activities:
Mortgage debt forgiven upon sale of investment property $ -- $ 10,467
Interest on notes transferred to principal $ 423 $ --
<FN>
See Accompanying Notes to Consolidated Financial Statements
</FN>
</TABLE>
e) ANGELES INCOME PROPERTIES, LTD. 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements of Angeles Income Properties,
Ltd. 6 (the "Partnership" or the "Registrant") have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of Angeles Realty Corporation II (the "General Partner"), all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three and nine
month periods ended September 30, 1997, are not necessarily indicative of the
results that may be expected for the fiscal year ending December 31, 1997. For
further information, refer to the financial statements and footnotes thereto
included in the Partnership's annual report on Form 10-KSB for the fiscal year
ended December 31, 1996.
Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.
NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for payments to affiliates for services and
as reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership. The following payments were made to the General Partner and
affiliates during each of the nine month periods ended September 30, 1997 and
1996:
1997 1996
(in thousands)
Property management fees (included in
operating expenses) $ 251 $ 333
Reimbursement for services of affiliates
(includes approximately $5,000 and $2,000 in
construction oversight costs for the periods
ended September 30, 1997 and 1996, respectively) 166 202
For the period from January 1, 1996, to August 31, 1997, the Partnership insured
its properties under a master policy through an agency and insurer unaffiliated
with the General Partner. An affiliate of the General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which was later acquired by the agent who placed the master policy. The
agent assumed the financial obligations to the affiliate of the General Partner
who receives payment on these obligations from the agent. The amount of the
Partnership's insurance premiums that accrued to the benefit of the affiliate of
the General Partner by virtue of the agent's obligations was not significant.
In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited
partnership was organized to acquire and hold the obligations evidencing the
working capital loan previously provided to the Partnership by Angeles Capital
Investments, Inc. ("ACII"). Angeles Corporation ("Angeles")is the 99% limited
partner of AAP and Angeles Acceptance Directives, Inc.("AAD"), an affiliate of
the General Partner, was, until April 14, 1995, the 1% general partner of AAP.
On April 14, 1995, as part of a settlement of claims between affiliates of the
General Partner and Angeles, AAD resigned as general partner of AAP and
simultaneously received a 1/2% limited partner interest in AAP. An affiliate of
Angeles now serves as the general partner of AAP. Total indebtedness was
$446,000 plus accrued interest of $208,000 at September 30, 1997, with monthly
interest only payments at prime plus 2%. Principal is to be paid the earlier of
i) the availability of funds, ii) the sale of one or more properties owned by
the Partnership, or iii) September 1, 1999. Total interest expense for this
loan was $35,000 and $34,000 for the nine months ended September 30, 1997 and
1996, respectively.
Angeles Mortgage Investment Trust ("AMIT") currently holds notes receivable from
the Partnership in the aggregate amount of $4,727,000, secured by the
Partnership's investment properties known as LaSalle Warehouse, Mesa Dunes
Mobile Home Park, Wakonda Shopping Center and Town & Country Shopping Center.
Total interest expense on this financing was $472,000 and $337,000 for the nine
months ended September 30, 1997 and 1996, respectively.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. The terms of the Class B Shares provide that
they are convertible, in whole or in part, into Class A Shares on the basis of 1
Class A Share for every 49 Class B Shares (however, in connection with the
settlement agreement described in the following paragraph, MAE GP has agreed not
to convert the Class B Shares so long as AMIT's option is outstanding). These
Class B Shares entitle MAE GP to receive 1% of the distributions of net cash
distributed by AMIT(however, in connection with the settlement agreement
described in the following paragraph, MAE GP has agreed to waive it's right to
receive dividends and distributions so long as AMIT's option is outstanding).
These Class B Shares also entitle MAE GP to vote on the same basis as Class A
Shares, providing MAE GP with approximately 39% of the total voting power of
AMIT (unless and until converted to Class A Shares, in which case the percentage
of the vote controlled represented by the shares held by MAE GP would
approximate 1.3% of the vote). Between the date of acquisition of these shares
(November 24, 1992) and March 31, 1995, MAE GP declined to vote these shares.
Since that date, MAE GP voted its shares at the 1995 and 1996 annual meetings in
connection with the election of trustees and other matters. MAE GP has not
exerted and continues to decline to exert any management control over or
participate in the management of AMIT. Subject to the terms of the proxy
described below, MAE GP may choose to vote these shares as it deems appropriate
in the future. In addition, Liquidity Assistance L.L.C., an affiliate of the
General Partner and an affiliate of Insignia Financial Group, Inc. ("Insignia"),
which provides property management and partnership administration services to
the Partnership, owns 96,800 Class A Shares of AMIT at September 30, 1997. These
Class A Shares represent approximately 2.2% of the total voting power of AMIT.
As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B shares owned by it. This option can be exercised
at the end of 10 years or when all loans made by AMIT to partnerships
affiliated with MAE GP as of November 9, 1994 (which is the date of execution
of a definitive Settlement Agreement) have been paid in full, but in no event
prior to November 9, 1997. In connection with such settlement, AMIT delivered
to MAE GP cash in the sum of $250,000 at closing (which occurred April 14, 1995)
as payment for the option. If and when the option is exercised, AMIT will be
required to remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option and as part of the settlement,
MAE GP executed an irrevocable proxy in favor of AMIT, the result of which is
that MAE GP is permitted to vote the Class B Shares on all matters except those
involving transactions between AMIT and MAE GP affiliated borrowers or the
election of any MAE GP affiliate as an officer or trustee of AMIT. On those
matters, MAE GP is obligated to deliver to the AMIT trustees, in their capacity
as trustees of AMIT, proxies with regard to the Class B Shares instructing such
trustees to vote said Class B Shares in accordance with the vote of the majority
of the Class A Shares voting to be determined without consideration of the votes
of "Excess Class A Shares" (as defined in Section 6.13 of the Declaration of
Trust of AMIT).
On April 3, 1997, Insignia and AMIT entered into a non-binding agreement in
principle contemplating, among other things, a business combination of AMIT and
Insignia Properties Trust, an entity owned 98% by Insignia and its affiliates
("IPT"). On July 18, 1997, IPT, Insignia and MAE GP entered into a definitive
merger agreement pursuant to which (subject to shareholder approval and certain
other conditions, including the receipt by AMIT of a fairness opinion from its
investment bankers) AMIT would be merged with and into IPT, with each Class A
Share and Class B Share being converted into 1.625 and 0.0332 common shares of
IPT, respectively. The foregoing exchange ratios are subject to adjustment to
account for dividends paid by AMIT from January 1, 1997, and dividends paid by
IPT from February 1, 1997. It is anticipated that Insignia (and its affiliates)
and MAE GP (and its affiliates) would own approximately 53.1% and 2.3%,
respectively, of post-merger IPT when this transaction is consummated.
NOTE C - RESTRUCTURE OF DEBT SECURED BY LASALLE WAREHOUSE
The General Partner successfully negotiated a restructure of the mortgage
indebtedness to AMIT, which was secured by the LaSalle Warehouse, during the
first quarter of 1997. The terms of the restructure include adding previously
accrued interest of $423,000 to the principal balance, interest will accrue at
the rate of 11.5% per annum and the note is due December 31, 2003.
Additionally, AMIT was been granted a second mortgage on the Wakonda Shopping
Center and the Town & Country Shopping Center as additional security on this
loan. Subsequent to September 30, 1997, LaSalle Warehouse was sold, and the
mortgage balance of approximately $1,334,000 was paid from the sales proceeds
(see "Note E").
NOTE D - SALE OF HAWTHORNE WORKS BUSINESS CENTER
On July 23, 1996, a sales contract was executed by the General Partner for the
sale of Hawthorne Works Business Center. The sales price was $9,150,000, which
was substantially less than the $17,645,000 in debt plus accrued interest that
was secured by this property. This indebtedness was non-recourse to the
Partnership. Net sales proceeds of $8,864,000 were used as partial satisfaction
of the indebtedness secured by the property and the unsatisfied portion resulted
in a $10,467,000 extraordinary gain on early extinguishment of debt, as well as
a $3,068,000 loss on sale of the property.
NOTE E - SUBSEQUENT EVENT - SALE OF LASALLE WAREHOUSE
On October 8, 1997, the Partnership sold LaSalle Warehouse, located in Las
Vegas, Nevada to an unaffiliated party. The sales price of the property was
$1,300,000, and the Partnership received approximately $13,000 after payment of
closing costs and the payoff of mortgage indebtedness secured by this property.
The General Partner believed it was in the best interest of the Partnership to
sell this property.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The Partnership's investment properties consist of three commercial properties,
three apartment complexes and two mobile home parks. The following table sets
forth the average occupancy of the properties for each of the nine months ended
September 30, 1997 and 1996:
Average
Occupancy
Property 1997 1996
Lazy Hollow Apartments
Columbia, Maryland (1) 92% 94%
Homestead Apartments
East Lansing, Michigan (2) 92% 94%
Whispering Pines Mobile Home Park
Lantana, Florida 94% 96%
LaSalle Warehouse
Las Vegas, Nevada (3) 100% 100%
Casa Granada Apartments
Harlingen, Texas (4) 93% 94%
Mesa Dunes Mobile Home Park
Mesa, Arizona (5) 89% 87%
Wakonda Shopping Center
Des Moines, Iowa (6) 83% 90%
Town & Country Shopping Center
Cedar Rapids, Iowa (7) 82% 95%
(1) The decrease in occupancy at Lazy Hollow Apartments is due to increased
rental rates, which have motivated tenants to seek housing elsewhere.
(2) Occupancy at Homestead Apartments is low during summer but begins to
increase in the fall due to the college student market. Also slightly
impacting occupancy are increased rental rates.
(3) LaSalle Warehouse was sold subsequent to September 30, 1997.
(4) The decrease in occupancy at Casa Granda Apartments is due to new apartment
complexes opening in the area, resulting in increased competition.
(5) Occupancy at Mesa Dunes Mobile Home Park is cyclical with low occupancy
during the summer months due to unfavorably hot weather.
(6) Wakonda Shopping Center is located in a stable, mature, residential area.
The property has had difficulty attracting retail tenants, due in part to a
local enclosed mall.
(7) The decrease in occupancy at Town & Country Shopping Center is due to the
move out of two large tenants. One tenant that had occupied approximately
13,000 square feet of space moved out and ceased business in the Cedar
Rapids area. The second tenant that had occupied approximately 19,000
square feet of space purchased an area competitor and moved operations to
that location.
For the three and nine months ended September 30, 1997, the Partnership realized
a net loss of approximately $63,000 and approximately $13,000, respectively,
versus net income of approximately $6,809,000 and approximately $6,248,000 for
the three and nine months ended September 30, 1996, respectively. The decrease
in net income is due primarily to the approximate $10,467,000 extraordinary gain
on early extinguishment of debt, offset somewhat by the approximate $3,068,000
loss on sale, both of which are the result of the sale of the Hawthorne Works
Business Center in July 1996 (See "Note D"). As a result of the sale, the
Partnership realized decreases in rental income and the following expenses:
operating, maintenance, depreciation, interest and property tax. Other than
fluctuations relating to the sale, the Partnership experienced other variances
in expenses. Operating expenses increased due to an increase in concessions and
incentives, along with other property related expenses in an effort to increase
occupancy at Whispering Pines Mobile Home Park. Interest expense increased as a
result of the default interest accruing on the debt secured by LaSalle Warehouse
until it was cured in the first quarter of 1997 (See "Note C" regarding the
restructure of this mortgage debt). Bad debt expense can be attributed to the
General Partner's evaluation of certain past due amounts from tenants of
Whispering Pines Mobile Home Park, Town & Country Shopping Center and Wakonda
Shopping Center. These past due amounts were deemed uncollectible and were
therefore reserved.
During 1995, a fire broke out in a warehouse space at the Hawthorne Works
Business Center damaging approximately 5,000 square feet of warehouse space. The
General Partner did not repair the damaged area and the entire amount of
insurance proceeds received, or $144,000, was sent to the mortgage holder and
applied towards the outstanding accrued interest on the debt secured by this
property.
Included in maintenance expense at September 30, 1997, is approximately $104,000
of major repairs and maintenance, mainly comprised of exterior building
improvements, parking lot repairs and major landscaping. At September 30, 1996,
maintenance expense included approximately $116,000 of major repairs and
maintenance, mainly comprised of parking lot repairs, major landscaping,
swimming pool repairs and exterior building improvements.
The General Partner continues to monitor the rental market environment at each
of its investment properties to assess the feasibility of increasing rents, to
maintain or increase the occupancy level and to protect the Partnership from
increases in expenses. The General Partner expects to be able, at a minimum, to
continue protecting the Partnership from the burden of inflation-related
increases in expenses by increasing rents and maintaining high overall occupancy
level. However, rental concessions and rental reductions needed to offset
softening market conditions could affect the ability to sustain such a plan.
At September 30, 1997, the Partnership held unrestricted cash and cash
equivalents of approximately $2,606,000 versus approximately $1,793,000 at
September 30, 1996. Net cash provided by operating activities increased during
the nine months ended September 30, 1997, compared to the nine months ended
September 30, 1996, due primarily to improved property operations, an increase
in accrued taxes and a decrease in accounts receivable and escrow for taxes.
Net cash used in investing activities increased primarily due to the receipt of
$144,000 in insurance proceeds from the fire at Hawthorne Works Business Center
in 1996, partially offset by a decrease in property improvements and
replacements. Net cash used in financing activities for the nine months ended
September 30, 1997, resulted from payments on notes payables, which decreased
from the corresponding period of 1996. Net cash provided by financing
activities for the nine months ended September 30, 1996, resulted from proceeds
from the sale of Hawthorne Works Business Center, offset somewhat by the re-
payment of the associated debt.
During the first quarter of 1997, the mortgage debt secured by LaSalle Warehouse
was restructured (See "Note C"). Subsequent to September 30, 1997, the
Partnership sold LaSalle Warehouse and the net proceeds from the sale were
applied to the outstanding debt to AMIT. In addition, as part of the
restructure, the Partnership allowed AMIT a second mortgage on the Wakonda
Shopping Center and the Town & Country Shopping Center. As mentioned
previously, this investment property was sold subsequent to September 30, 1997.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the various properties to adequately maintain the
physical assets, meet mortgage obligations, and other operating needs of the
Partnership. Such assets are currently thought to be sufficient for any near-
term needs of the Partnership. At September 30, 1997, the mortgage debt, in the
amount of approximately $25,226,000, has maturity dates ranging from September
1999 to July 2019. Future cash distributions will depend on the levels of net
cash generated from operations, refinancings, property sales, and the
availability of cash reserves. There were no cash distributions during the nine
months ended September 30, 1997 or 1996.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits -
Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
report.
b) Reports on Form 8-K:
None filed during the quarter ended September 30, 1997.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
ANGELES INCOME PROPERTIES, LTD. 6
By: Angeles Realty Corporation II
General Partner
By: /s/ Carroll D. Vinson
Carroll D. Vinson
President
By: /s/ Robert D. Long
Robert D. Long
Vice President/CAO
Date: November 13, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Income Properties, Ltd. 6 1997 Third Quarter 10-QSB and is qualified in its
entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000812564
<NAME> ANGELES INCOME PROPERTIES, LTD. 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 2,606
<SECURITIES> 0
<RECEIVABLES> 212
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 36,798
<DEPRECIATION> 8,604
<TOTAL-ASSETS> 32,784
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 25,226
0
0
<COMMON> 0
<OTHER-SE> 6,452
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 5,768
<CGS> 0
<TOTAL-COSTS> 5,781
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,796
<INCOME-PRETAX> (13)
<INCOME-TAX> 0
<INCOME-CONTINUING> (13)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (13)
<EPS-PRIMARY> (.27)<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
