<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
<TABLE>
(Mark One)
<S> <C>
[x] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 1999
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____________________ to ______________
</TABLE>
Commission File Number: 0-15714
JONES CABLE INCOME FUND 1-C, LTD.
- --------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado 84-1010419
- --------------------------------------------------------------------------------
State of organization I.R.S. employer I.D. #
c/o Comcast Corporation
1500 Market Street, Philadelphia, PA 19102-2148
-----------------------------------------------
Address of principal executive office
(215) 665-1700
-----------------------------
Registrant's telephone number
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>
JONES CABLE INCOME FUND 1-C, LTD.
---------------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED BALANCE SHEETS
-------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
ASSETS 1999 1998
------ ------------ -------------
<S> <C> <C>
CASH $ 117,712 $ 118,938
TRADE RECEIVABLES, less allowance for doubtful
receivables of $1,709 and $2,507 at June 30, 1999
and December 31, 1998, respectively 8,460 8,676
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 5,884,003 5,763,293
Less- accumulated depreciation (3,556,644) (3,331,334)
----------- -----------
2,327,359 2,431,959
Franchise costs and other intangible assets, net of accumulated
amortization of $3,934,080 and $3,793,620 at June 30, 1999
and December 31, 1998, respectively 693,013 833,473
----------- -----------
Total investment in cable television properties 3,020,372 3,265,432
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 95,253 450,504
----------- -----------
Total assets $ 3,241,797 $ 3,843,550
=========== ===========
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated balance sheets.
2
<PAGE>
JONES CABLE INCOME FUND 1-C, LTD.
---------------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED BALANCE SHEETS
-------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
LIABILITIES AND PARTNERS' CAPITAL 1999 1998
--------------------------------- ------------- -------------
<S> <C> <C>
LIABILITIES:
Debt $ 2,410,376 $ 2,417,756
Accounts payable and accrued liabilities 289,390 1,287,365
Subscriber prepayments 35,844 32,076
------------ ------------
Total liabilities 2,735,610 3,737,197
------------ ------------
MINORITY INTEREST IN JOINT VENTURE 242,891 83,879
------------ ------------
PARTNERS' CAPITAL:
General Partner-
Contributed capital 1,000 1,000
Accumulated earnings 114,851 112,443
Distributions (113,443) (113,443)
------------ ------------
2,408 -
------------ ------------
Limited Partners-
Net contributed capital (85,059 units outstanding at
June 30, 1999 and December 31, 1998) 34,909,262 34,909,262
Accumulated earnings 10,531,331 10,292,917
Distributions (45,179,705) (45,179,705)
------------ ------------
260,888 22,474
------------ ------------
Total liabilities and partners' capital $ 3,241,797 $ 3,843,550
============ ============
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated balance sheets.
3
<PAGE>
JONES CABLE INCOME FUND 1-C, LTD.
---------------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
---------------------------------- -------------------------------
1999 1998 1999 1998
---------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES $ 587,663 $3,137,020 $ 1,195,013 $ 6,246,930
COSTS AND EXPENSES:
Operating expenses 353,486 1,681,411 725,418 3,613,725
Management fees and allocated overhead
from General Partner 54,691 352,162 128,483 697,002
Depreciation and amortization 198,520 1,080,899 397,044 2,173,449
--------- --------- ---------- -----------
OPERATING INCOME (LOSS) (19,034) 22,548 (55,932) (237,246)
--------- --------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest expense (30,192) (258,007) (80,766) (402,286)
Gain on sale of cable television system - - - 12,638,349
Other, net 575,935 (43,835) 536,532 (93,568)
--------- --------- ---------- -----------
Total other income (expense), net 545,743 (301,842) 455,766 12,142,495
--------- --------- ---------- -----------
CONSOLIDATED INCOME (LOSS) 526,709 (279,294) 399,834 11,905,249
MINORITY INTEREST IN
CONSOLIDATED (INCOME) LOSS (209,470) 111,076 (159,012) (4,734,717)
--------- --------- ---------- -----------
NET INCOME (LOSS) $ 317,239 $ (168,218) $ 240,822 $ 7,170,532
========= ========= ========== ===========
ALLOCATION OF NET INCOME (LOSS):
General Partner $ 3,172 $ (1,682) $ 2,408 $ 2,033
========= ========= ========== ===========
Limited Partners $ 314,067 $ (166,536) $ 238,414 $ 7,168,499
========= ========= ========== ===========
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT $ 3.69 $ (1.96) $ 2.80 $ 84.27
========= ========= ========== ===========
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 85,059 85,059 85,059 85,059
========= ========= ========== ===========
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated statements.
4
<PAGE>
JONES CABLE INCOME FUND 1-C, LTD.
---------------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
<TABLE>
<CAPTION>
For the Six Months Ended
June 30,
----------------------------------
1999 1998
------------ -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 240,822 $ 7,170,532
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 397,044 2,173,449
Gain on sale of cable television system - (12,638,349)
Minority interest in consolidated income 159,012 4,734,717
Decrease (increase) in trade receivables 216 (25,876)
Decrease (increase) in deposits, prepaid expenses
and deferred charges 323,977 (410,330)
Decrease in accounts payable, accrued liabilities
and subscriber prepayments (994,207) (745,012)
------------ -----------
Net cash provided by operating activities 126,864 259,131
------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net (120,710) (870,592)
Proceeds from sale of cable television system, net of
brokerage fee - 20,865,000
------------ -----------
Net cash provided by (used in) investing activities (120,710) 19,994,408
------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings - 1,018,892
Repayment of debt (7,380) (10,270,114)
Distribution to Venture Partner - (4,374,700)
Distributions to Limited Partners - (6,625,300)
------------ -----------
Net cash used in financing activities (7,380) (20,251,222)
------------ -----------
Increase (decrease) in cash (1,226) 2,317
Cash, beginning of period 118,938 454,501
------------ -----------
Cash, end of period $ 117,712 $ 456,818
============ ===========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 81,699 $ 499,181
============ ===========
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated statements.
5
<PAGE>
JONES CABLE INCOME FUND 1-C, LTD.
---------------------------------
(A Limited Partnership)
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
(1) This Form 10-Q is being filed in conformity with the SEC requirements for
unaudited financial statements and does not contain all of the necessary
footnote disclosures required for a complete presentation of the Balance Sheets
and Statements of Operations and Cash Flows in conformity with generally
accepted accounting principles. However, in the opinion of management, this data
includes all adjustments, consisting only of normal recurring accruals,
necessary to present fairly the financial position of Jones Cable Income Fund 1-
C, Ltd. (the "Partnership") at June 30, 1999 and December 31, 1998 and its
results of operations for the three and six month periods ended June 30, 1999
and 1998 and its cash flows for the six month periods ended June 30, 1999 and
1998. Results of operations for these periods are not necessarily indicative of
results to be expected for the full year.
The accompanying consolidated financial statements include 100 percent of
the accounts of the Partnership and those of Jones Cable Income Fund 1-B/C
Venture (the "Venture") reduced by the 40 percent minority interest in the
Venture owned by Jones Cable Income Fund 1-B, Ltd. ("Fund 1-B"). All
interpartnership accounts and transactions have been eliminated. The Venture
owned and operated the cable television system serving Myrtle Creek, Oregon (the
"Myrtle Creek System") until its sale on July 30, 1999. Jones Intercable, Inc.,
a publicly held Colorado corporation, is the "General Partner" and manages the
Partnership and the Venture.
On April 7, 1999, Comcast Corporation ("Comcast") completed the acquisition
of a controlling interest in the General Partner. As of April 7, 1999, Comcast
owned approximately 12.8 million shares of the General Partner's Class A Common
Stock and approximately 2.9 million shares of the General Partner's Common
Stock, representing approximately 37% of the economic interest and 47% of the
voting interest in the General Partner. Also on that date, Comcast contributed
its shares in the General Partner to Comcast's wholly owned subsidiary, Comcast
Cable Communications, Inc. ("Comcast Cable"). The approximately 2.9 million
shares of Common Stock of the General Partner owned by Comcast represents
approximately 57% of the outstanding Common Stock, which class of stock is
entitled to elect 75% of the Board of Directors of the General Partner. As a
result of this transaction, the General Partner is now a consolidated public
company subsidiary of Comcast Cable.
Also on April 7, 1999, the bylaws of the General Partner were amended to
establish the size of the General Partner's Board of Directors as a range from
eight to thirteen directors and the board was reconstituted so as to have eight
directors and the following directors of the General Partner resigned: Robert E.
Cole, Josef J. Fridman, James J. Krejci, James B. O'Brien, Raphael M. Solot,
Robert Kearney, Howard O. Thrall, Siim Vanaselja, Sanford Zisman and Glenn R.
Jones. In addition, Donald L. Jacobs resigned as a director elected by the
holders of Class A Common Stock and was elected by the remaining directors as a
director elected by the holders of Common Stock. The remaining directors elected
the following persons to fill the vacancies on the board created by such
resignations: Ralph J. Roberts, Brian L. Roberts, John R. Alchin, Stanley Wang
and Lawrence S. Smith. All of the newly elected directors, with the exception of
Mr. Jacobs, are officers of Comcast. Also on April 7, 1999, the following
executive officers of the General Partner resigned: Glenn R. Jones, James B.
O'Brien, Ruth E. Warren, Kevin P. Coyle, Cynthia A. Winning, Elizabeth M.
Steele, Wayne H. Davis and Larry W. Kaschinske. The following persons were
appointed as executive officers of the General Partner on April 7, 1999: Ralph
J. Roberts, Brian L. Roberts, Lawrence S. Smith, John R. Alchin and Stanley
Wang.
Comcast is principally engaged in the development, management and
operation of broadband cable networks and in the provision of content through
programming investments. Comcast Cable is principally engaged in the
development, management and operation of broadband cable networks. The address
of Comcast's principal office is 1500 Market Street, Philadelphia, Pennsylvania
19102-2148, which is also now the address of the General Partner's principal
office. The address of Comcast Cable's principal office is 1201 Market Street,
Suite 2201, Wilmington, Delaware 19801.
(2) On July 30, 1999, the Venture sold the Myrtle Creek System to an
unaffiliated party for a sales price of $10,000,000, subject to customary
closing adjustments. This sale was approved by the holders of a majority of
the limited partnership interests in a vote conducted by the General
Partner in June and July 1999. From the sale proceeds, the Venture paid a
$250,000 brokerage fee to The Intercable Group, Ltd. ("The Intercable
Group"), a subsidiary of the General Partner, representing 2.5 percent of
the sales price, for acting as a broker in the transaction, repaid the
outstanding balance on the Venture's credit facility of $2,400,000, and
deposited $500,000 into an interest-bearing indemnity escrow account. The
Venture will settle working capital adjustments and, based upon financial
information as of June 30, 1999, the remaining net sale proceeds of
approximately $6,500,000 will be distributed 60 percent to the Partnership
and 40 percent to Fund 1-B. The Partnership will receive approximately
$3,915,000 and Fund 1-B will receive approximately $2,585,000 of such
distribution. The Partnership, in turn, will create a reserve to cover the
administrative expenses of the Partnership and then it will distribute the
balance to the limited partners of the Partnership. This distribution is
expected to be made in the third quarter of 1999. Because this distribution
to the limited partners of the Partnership together with all prior
distributions will not return the amount initially contributed by the
limited partners to the Partnership plus the limited partners' liquidation
preference provided by the Partnership's limited partnership agreement, the
General Partner of the Partnership will not receive a general partner
distribution from the Myrtle Creek System's sale proceeds.
For a period of one year following the closing date, $500,000 of the sale
proceeds will remain in escrow as security for the Venture's agreement to
indemnify the purchaser under the asset purchase agreement. The Venture's
primary exposure, if any, will relate to the representations and warranties made
about the Myrtle Creek System in the asset purchase agreement. Any amounts
remaining from this indemnity escrow account and not claimed by the buyer at the
end of the one-year escrow period plus interest earned on the escrowed funds
will be returned to the Venture. From this amount, the Venture will pay its
remaining liabilities and the Venture will then distribute the balance, if any,
to its partners. From its share of this distribution, the Partnership will
retain funds necessary to cover the administrative expenses of the Partnership
and it will distribute the balance, if any, to the limited partners.
Although the sale of the Myrtle Creek System represented the sale of the
only remaining operating asset of the Venture, and the Partnership's interest in
the Venture represents its only asset, the Venture and the Partnership will not
be dissolved until all proceeds from escrow have been distributed.
6
<PAGE>
(3) On January 9, 1998, the Venture sold the cable television system serving
Clearlake and Lakeport, California (the "Clearlake System") to an unaffiliated
party. The Venture repaid a portion of its indebtedness, settled working capital
adjustments, deposited $300,000 into an indemnity escrow account and distributed
the remaining net sale proceeds to the Partnership and Fund 1-B. The indemnity
escrow period expired on January 9, 1999, and all of the $300,000 indemnity
escrow amount plus $14,977 of interest was returned to the Venture. The Venture
has distributed these funds 60 percent to the Partnership and 40 percent to Fund
1-B. The Partnership used its portion of these proceeds to repay a portion of
its remaining liabilities, therefore no distribution of these funds was made to
the limited partners.
(4) The General Partner manages the Partnership and the Venture and receives a
fee for its services equal to 5 percent of the gross revenues of the Venture,
excluding revenues from the sale of cable television systems or franchises.
Management fees paid to the General Partner by the Venture for the three and six
month periods ended June 30, 1999 were $29,383 and $59,751, respectively,
compared to $156,851 and $312,347, respectively, for the similar 1998 periods.
The Venture reimburses the General Partner for certain allocated overhead
and administrative expenses. These expenses represent the salaries and related
benefits paid for corporate personnel, rent, data processing services and other
corporate facilities costs. Such personnel provide engineering, marketing,
administrative, accounting, legal and investor relations services to the
Venture. Such services, and their related costs, are necessary to the
operations of the Venture and would have been incurred by the Venture if it was
a stand alone entity. Allocations of personnel costs are based primarily on
actual time spent by employees of the General Partner with respect to each
entity managed. Remaining expenses are allocated based on the pro rata
relationship of the Venture's revenues to the total revenues of all systems
owned or managed by the General Partner and certain of its subsidiaries.
Systems owned by the General Partner and all other systems owned by partnerships
for which Jones Intercable, Inc. is the general partner are also allocated a
proportionate share of these expenses. The General Partner believes that the
methodology of allocating overhead and administrative expenses is reasonable.
Overhead and administrative expenses allocated to the Venture by the General
Partner for the three and six month periods ended June 30, 1999 were $25,308 and
$68,732, respectively, compared to $195,311 and $384,655, respectively, for the
similar 1998 periods.
7
<PAGE>
JONES CABLE INCOME FUND 1-C, LTD.
---------------------------------
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
- -------------------
The Partnership owns a 60 percent interest in the Venture and Fund 1-B owns
a 40 percent interest in the Venture. The accompanying financial statements
include 100 percent of the accounts of the Partnership and those of the Venture
reduced by Fund 1-B's 40 percent minority interest in the Venture.
On July 30, 1999, the Venture sold the Myrtle Creek System to an
unaffiliated party for a sales price of $10,000,000, subject to customary
closing adjustments. This sale was approved by the holders of a majority of the
limited partnership interests in a vote conducted by the General Partner in June
and July 1999. From the sale proceeds, the Venture paid a $250,000 brokerage
fee to The Intercable Group, Ltd. ("The Intercable Group"), a subsidiary of the
General Partner, representing 2.5 percent of the sales price, for acting as a
broker in the transaction, repaid the outstanding balance on the Venture's
credit facility of $2,400,000, and deposited $500,000 into an interest-bearing
indemnity escrow account. The Venture will settle working capital adjustments
and, based upon financial information as of June 30, 1999, the remaining net
sale proceeds of approximately $6,500,000 will be distributed 60 percent to the
Partnership and 40 percent to Fund 1-B. The Partnership will receive
approximately $3,915,000 and Fund 1-B will receive approximately $2,585,000 of
such distribution. The Partnership, in turn, will create a reserve to cover the
administrative expenses of the Partnership and then it will distribute the
balance to the limited partners of the Partnership. This distribution is
expected to be made in the third quarter of 1999. Because this distribution to
the limited partners of the Partnership together with all prior distributions
will not return the amount initially contributed by the limited partners to the
Partnership plus the limited partners' liquidation preference provided by the
Partnership's limited partnership agreement, the General Partner of the
Partnership will not receive a general partner distribution from the Myrtle
Creek System's sale proceeds.
For a period of one year following the closing date, $500,000 of the sale
proceeds will remain in escrow as security for the Venture's agreement to
indemnify the purchaser under the asset purchase agreement. The Venture's
primary exposure, if any, will relate to the representations and warranties made
about the Myrtle Creek System in the asset purchase agreement. Any amounts
remaining from this indemnity escrow account and not claimed by the buyer at the
end of the one-year escrow period plus interest earned on the escrowed funds
will be returned to the Venture. From this amount, the Venture will pay its
remaining liabilities and the Venture will then distribute the balance, if any,
to its partners. From its share of this distribution, the Partnership will
retain funds necessary to cover the administrative expenses of the Partnership
and it will distribute the balance, if any, to the limited partners.
Although the sale of the Myrtle Creek System represented the sale of the
only remaining operating asset of the Venture, and the Partnership's interest in
the Venture represents its only asset, the Venture and the Partnership will not
be dissolved until all proceeds from escrow have been distributed.
On January 9, 1998, the Venture sold the cable television system serving
Clearlake and Lakeport, California (the "Clearlake System") to an unaffiliated
party. The Venture repaid a portion of its indebtedness, settled working
capital adjustments, deposited $300,000 into an indemnity escrow account and
distributed the remaining net sale proceeds to the Partnership and Fund 1-B.
The indemnity escrow period expired on January 9, 1999, and all of the $300,000
indemnity escrow amount plus $14,977 of interest was returned to the Venture.
The Venture has distributed these funds 60 percent to the Partnership and 40
percent to Fund 1-B. The Partnership used it's portion of these proceeds to
repay a portion of its remaining liabilities, therefore no distribution of these
funds was made to the limited partners.
During the first six months of 1999, capital expenditures within the Myrtle
Creek System totaled approximately $120,710. These expenditures were for the
construction of service drops to subscribers' homes. Funding for these
expenditures was provided by cash on hand and cash generated from operations.
Capital
8
<PAGE>
expenditures made in 1999 were used to maintain the value of the Myrtle Creek
System until its sale on July 30, 1999. Funding for these expenditures was
provided by cash on hand and cash generated from operations. The Venture was
obligated to conduct its business in the ordinary course until the Myrtle Creek
System's sale.
Because the Venture has sold all of its assets and further distributions,
if any, will be made to the limited partners of record as of the closing date of
the sale of the Venture's last remaining cable television system, new limited
partners would not be entitled to any distributions from the Partnership and
transfers of limited partnership interests would have no economic or practical
value. The General Partner therefore has determined, in accordance with the
authority granted to it under Section 3.5 of the Partnership's limited
partnership agreement, that it will not process any transfers of limited
partnership interests in the Partnership during the remainder of the
Partnership's term.
RESULTS OF OPERATIONS
- ---------------------
Due to the Myrtle Creek System sale on July 30, 1999, which was the
Venture's last remaining operating asset, a discussion of results of operations
would not be meaningful. The Venture and the Partnership will be liquidated and
dissolved upon the final distribution of any amounts remaining in the interest-
bearing indemnity escrow account.
9
<PAGE>
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The sale of the Venture's Myrtle Creek System was subject to the approval
of the holders of a majority of the limited partnership interests of the
Partnership. Limited partners of record at the close of business on June 1,
1999, were entitled to notice of, and to participate in, this vote of limited
partners. Following are the results of the vote of the limited partners for the
system sale:
<TABLE>
<CAPTION>
No. of
Interests Approved Against Abstained Did Not Vote
Entitled to -------------------------------------------------------------------------
Vote No. % No. % No. % No. %
----------- ---- --- --- --- --- --- --- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Myrtle Creek System 85,059 48,313 56.8 365 .43 1,288 1.51 35,093 41.26
</TABLE>
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
Report on Form 8-K dated April 7, 1999, filed on April 15, 1999,
reported that on April 7, 1999, Comcast Corporation completed the
acquisition on a controlling interest in the General Partner.
10
<PAGE>
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.
JONES CABLE INCOME FUND 1-C, LTD.
BY: JONES INTERCABLE, INC.
General Partner
By: /S/ Lawrence S. Smith
----------------------------
Lawrence S. Smith
Principal Accounting Officer
By: /S/ Joseph J. Euteneuer
----------------------------
Joseph J. Euteneuer
Vice President
(Authorized Officer)
Dated: August 16, 1999
11
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 117,712
<SECURITIES> 0
<RECEIVABLES> 8,460
<ALLOWANCES> (1,709)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 5,884,003
<DEPRECIATION> (3,556,644)
<TOTAL-ASSETS> 3,241,797
<CURRENT-LIABILITIES> 325,234
<BONDS> 2,410,376
0
0
<COMMON> 0
<OTHER-SE> 506,187
<TOTAL-LIABILITY-AND-EQUITY> 3,241,797
<SALES> 0
<TOTAL-REVENUES> 1,195,013
<CGS> 0
<TOTAL-COSTS> 1,250,945
<OTHER-EXPENSES> (536,532)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 80,766
<INCOME-PRETAX> 240,822
<INCOME-TAX> 0
<INCOME-CONTINUING> 240,822
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 240,822
<EPS-BASIC> 2.80
<EPS-DILUTED> 2.80
</TABLE>
