<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 10-Q
(MARK ONE)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from_________________ to ______________________
Commission File Number 0-17687
-------
Enstar Income/Growth Program Six-A, L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Georgia 58-1755230
- -------------------------------- -----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
10900 Wilshire Boulevard - 15th Floor
Los Angeles, California 90024
- ---------------------------------------- -----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 824-9990
--------------
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
<PAGE> 2
PART I - FINANCIAL INFORMATION
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED BALANCE SHEETS
================================================
<TABLE>
<CAPTION>
December 31, June 30,
1996* 1997
----------- -----------
(Unaudited)
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 169,400 $ 314,500
Accounts receivable, less allowance of $5,100 and
$6,100 for possible losses 116,100 39,100
Prepaid expenses and other assets 36,800 33,200
Property, plant and equipment, less accumulated
depreciation and amortization of $4,369,400 and $4,630,000 3,881,100 3,651,500
Franchise cost, net of accumulated
amortization of $3,505,100 and $2,374,600 1,421,100 1,255,300
Deferred loan costs and other, net 32,700 27,800
----------- -----------
$ 5,657,200 $ 5,321,400
=========== ===========
LIABILITIES AND PARTNERSHIP CAPITAL
-----------------------------------
LIABILITIES:
Accounts payable $ 454,500 $ 392,900
Due to affiliates 441,500 633,000
Note payable 3,125,000 2,525,000
----------- -----------
TOTAL LIABILITIES 4,021,000 3,550,900
----------- -----------
COMMITMENTS AND CONTINGENCIES
PARTNERSHIP CAPITAL (DEFICIT):
General partners (146,300) (145,000)
Limited partners 1,782,500 1,915,500
----------- -----------
TOTAL PARTNERSHIP CAPITAL 1,636,200 1,770,500
----------- -----------
$ 5,657,200 $ 5,321,400
=========== ===========
</TABLE>
*As presented in the audited financial statements.
See accompanying notes to condensed financial statements.
-2-
<PAGE> 3
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED STATEMENTS OF OPERATIONS
================================================
<TABLE>
<CAPTION>
Unaudited
---------------------------
Three months ended
June 30,
---------------------------
1996 1997
--------- ---------
<S> <C> <C>
REVENUES $ 843,600 $ 900,900
--------- ---------
OPERATING EXPENSES:
Service costs 269,900 305,500
General and administrative expenses 115,800 130,400
General Partner management fees
and reimbursed expenses 126,800 123,900
Depreciation and amortization 412,100 218,600
--------- ---------
924,600 778,400
--------- ---------
OPERATING INCOME (LOSS) (81,000) 122,500
--------- ---------
OTHER INCOME (EXPENSE):
Interest income 3,800 3,900
Interest expense (73,300) (58,500)
Loss on sale of cable assets (1,000) --
--------- ---------
(70,500) (54,600)
--------- ---------
NET INCOME (LOSS) $(151,500) $ 67,900
========= =========
Net income (loss) allocated to General Partners $ (1,500) $ 700
========= =========
Net income (loss) allocated to Limited Partners $(150,000) $ 67,200
========= =========
NET INCOME (LOSS) PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (1.88) $ 0.84
========= =========
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 79,818 79,818
========= =========
</TABLE>
See accompanying notes to condensed financial statements.
-3-
<PAGE> 4
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED STATEMENTS OF OPERATIONS
================================================
<TABLE>
<CAPTION>
Unaudited
------------------------------
Six months ended
June 30,
-------------------------------
1996 1997
----------- -----------
<S> <C> <C>
REVENUES $ 1,694,900 $ 1,806,700
----------- -----------
OPERATING EXPENSES:
Service costs 546,700 604,500
General and administrative expenses 224,700 232,400
General Partner management fees
and reimbursed expenses 238,900 255,100
Depreciation and amortization 815,800 467,500
----------- -----------
1,826,100 1,559,500
----------- -----------
OPERATING INCOME (LOSS) (131,200) 247,200
----------- -----------
OTHER INCOME (EXPENSE):
Interest income 7,200 6,700
Interest expense (155,100) (119,700)
Gain (loss) on sale of cable assets (1,000) 100
----------- -----------
(148,900) (112,900)
----------- -----------
NET INCOME (LOSS) $ (280,100) $ 134,300
=========== ===========
Net income (loss) allocated to General Partners $ (2,800) $ 1,300
=========== ===========
Net income (loss) allocated to Limited Partners $ (277,300) $ 133,000
=========== ===========
NET INCOME (LOSS) PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (3.47) $ 1.67
=========== ===========
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 79,818 79,818
=========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
-4-
<PAGE> 5
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
STATEMENTS OF CASH FLOWS
================================================
<TABLE>
<CAPTION>
Unaudited
---------------------------
Six months ended
June 30,
---------------------------
1996 1997
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(280,100) $ 134,300
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 815,800 467,500
Amortization of deferred loan costs 10,900 7,500
(Gain) loss on sale of cable assets 1,000 (100)
Increase (decrease) from changes in:
Accounts receivable, prepaid expenses and other assets 2,100 80,600
Accounts payable (96,600) (61,600)
--------- ---------
Net cash provided by operating activities 453,100 628,200
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (101,100) (56,200)
Increase in intangible assets (17,100) (18,200)
Proceeds from sale of property, plant and equipment 31,500 100
--------- ---------
Net cash used in investing activities (86,700) (74,300)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to affiliates 178,000 191,500
Deferred loan costs (3,700) (300)
Repayment of debt (250,000) (600,000)
--------- ---------
Net cash used in financing activities (75,700) (408,800)
--------- ---------
INCREASE IN CASH AND CASH EQUIVALENTS 290,700 145,100
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 175,800 169,400
--------- ---------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 466,500 $ 314,500
========= =========
</TABLE>
See accompanying notes to condensed financial statements.
-5-
<PAGE> 6
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
=======================================
1. INTERIM FINANCIAL STATEMENTS
The accompanying condensed interim financial statements for the three
and six months ended June 30, 1997 and 1996 are unaudited. These condensed
interim financial statements should be read in conjunction with the audited
financial statements and notes thereto included in the Partnership's latest
Annual Report on Form 10-K. In the opinion of management, such statements
reflect all adjustments (consisting only of normal recurring adjustments)
necessary for a fair presentation of the results of such periods. The results of
operations for the three and six months ended June 30, 1997 are not necessarily
indicative of results for the entire year.
2. TRANSACTIONS WITH THE GENERAL PARTNERS AND AFFILIATES
The Partnership has a management and service agreement with a wholly
owned subsidiary of the Corporate General Partner (the "Manager") for a monthly
management fee of 5% of revenues, excluding revenues from the sale of cable
television systems or franchises. Management fee expense approximated $45,000
and $90,300 for the three and six months ended June 30, 1997.
In addition to the monthly management fee described above, the
Partnership reimburses the Manager for direct expenses incurred on behalf of the
Partnership and for the Partnership's allocable share of operational costs
associated with services provided by the Manager. All cable television
properties managed by the Corporate General Partner and its subsidiary are
charged a proportionate share of these expenses. Corporate office allocations
and district office expenses are charged to the properties served based
primarily on the respective percentage of basic subscribers or homes passed
(dwelling units within a system) within the designated service areas. The total
amount charged to the Partnership for these services approximated $78,900 and
$164,800 for the three and six months ended June 30, 1997. Management fees and
reimbursed expenses due the Corporate General Partner are non-interest bearing.
The Partnership also receives certain system operating management
services from an affiliate of the Corporate General Partner in addition to the
Manager due to the fact that there are no such employees directly employed by
one of the Partnership's cable systems. The Partnership reimburses the affiliate
for its allocable share of the affiliate's operational costs. The total amount
charged to the Partnership for these costs approximated $12,200 and $23,700 for
the three and six months ended June 30, 1997. No management fee is payable to
the affiliate by the Partnership and there is no duplication of reimbursed
expenses and costs paid to the Manager.
Certain programming services have been purchased through an affiliate
of the Partnership. In turn, the affiliate charges the Partnership for these
costs based on an estimate of what the Corporate General Partner could negotiate
for such programming services for the 15 partnerships managed by the Corporate
General Partner as a group. The Partnership recorded programming fee expense of
$200,000 and $394,000 for the three and six months ended June 30, 1997.
Programming fees are included in service costs in the statements of operations.
-6-
<PAGE> 7
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(CONCLUDED)
=======================================
3. EARNINGS PER UNIT OF LIMITED PARTNERSHIP INTEREST
Earnings and losses per unit of limited partnership interest is based
on the average number of units outstanding during the periods presented. For
this purpose, earnings and losses have been allocated 99% to the Limited
Partners and 1% to the General Partners. The General Partners do not own units
of partnership interest in the Partnership, but rather hold a participation
interest in the income, losses and distributions of the Partnership.
4. RECLASSIFICATIONS
Certain 1996 amounts have been reclassified to conform to the 1997
presentation.
-7-
<PAGE> 8
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
INTRODUCTION
On February 8, 1996, President Clinton signed into law the
Telecommunications Act of 1996 (the "1996 Telecom Act"). This statute
substantially changed the competitive and regulatory environment for
telecommunications providers by significantly amending the Communications Act of
1934, including certain of the rate regulation provisions previously imposed by
the Cable Television Consumer Protection and Competition Act of 1992 (the "1992
Cable Act"). Compliance with those rate regulations has had a negative impact on
the Partnership's revenues and cash flow. The 1996 Telecom Act provides that
certain of the rate regulations will be phased out altogether in 1999. Further,
the regulatory environment will continue to change pending, among other things,
the outcome of legal challenges and Federal Communications Commission (the
"FCC") rulemaking and enforcement activity in respect of the 1992 Cable Act and
the 1996 Telecom Act. There can be no assurance as to what, if any, further
action may be taken by the FCC, Congress or any other regulatory authority or
court, or the effect thereof on the Partnership's business. Accordingly, the
Partnership's historical financial results as described below are not
necessarily indicative of future performance.
This Report includes certain forward looking statements regarding,
among other things, future results of operations, regulatory requirements,
competition, capital needs and general business conditions applicable to the
Partnership. Such forward looking statements involve risks and uncertainties
including, without limitation, the uncertainty of legislative and regulatory
changes and the rapid developments in the competitive environment facing cable
television operators such as the Partnership. In addition to the information
provided herein, reference is made to the Partnership's Annual Report on Form
10-K for the year ended December 31, 1996 for additional information regarding
such matters and the effect thereof on the Partnership's business.
RESULTS OF OPERATIONS
The Partnership's revenues increased from $843,600 to $900,900, or by
6.8%, and from $1,694,900 to $1,806,700, or by 6.6%, for the three and six
months ended June 30, 1997 as compared to the corresponding periods in 1996. Of
the $57,300 increase in revenues for the three months ended June 30, 1997 as
compared to the corresponding period in 1996, $68,600 was due to increases in
regulated service rates that were implemented by the Partnership in the second
and fourth quarters of 1996 and $20,100 was due to the restructuring of The
Disney Channel from a premium channel to a tier channel effective July 1, 1996.
These increases were partially offset by a decrease of $31,400 due to decreases
in the number of subscriptions for basic and premium services. Of the $111,800
increase in revenues for the six months ended June 30, 1997 as compared to the
corresponding period in 1996, $121,500 was due to the increases in regulated
service rates, $38,900 was due to the restructuring of The Disney Channel and
$10,700 was due to an increase in advertising sales revenue. These increases
were partially offset by a decrease of $49,100 due to decreases in the number of
subscriptions for basic and premium services and a $10,200 decrease in other
revenue producing items. As of June 30, 1997, the Partnership had approximately
9,700 homes subscribing to cable service and 2,600 premium service units.
-8-
<PAGE> 9
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONTINUED)
Service costs increased from $269,900 to $305,500, or by 13.2%, and
from $546,700 to $604,500, or by 10.6%, for the three and six months ended June
30, 1997 as compared to the corresponding periods in 1996. Service costs
represent costs directly attributable to providing cable services to customers.
Programming fees and copyright fees accounted for the majority of the increase
in both periods. Programming expense increased primarily as a result of higher
rates charged by program suppliers, and copyright fees increased due to
increases in revenues.
General and administrative expenses increased from $115,800 to
$130,400, or by 12.6%, and from $224,700 to $232,400, or by 3.4%, for the three
and six months ended June 30, 1997 as compared to the corresponding periods in
1996, primarily due to increases in marketing expense. Higher insurance premiums
also accounted for the quarterly increase.
Management fees and reimbursed expenses decreased from $126,800 to
$123,900, or by 2.3%, for the quarter ended June 30, 1997 and increased from
$238,900 to $255,100, or by 6.8%, for the six months ended June 30, 1997 as
compared to the corresponding periods in 1996. Management fees increased in both
periods in direct relation to increased revenues as described above. The
decrease for the three months was due to reimbursable expenses, primarily
allocated telephone and marketing expenses. The increase for the six months was
also due to an increase in reimbursable expenses, principally allocated
personnel costs.
Operating income before income taxes, depreciation and amortization
(EBITDA) is a commonly used financial analysis tool for measuring and comparing
cable television companies in several areas, such as liquidity, operating
performance and leverage. EBITDA as a percentage of revenue decreased from 39.2%
to 37.9% and from 40.4% to 39.6% during the three and six months ended June 30,
1997 compared to the corresponding periods in 1996. The decrease was primarily
due to higher programming fees. EBITDA increased from $331,100 to $341,100, or
by 3.0%, and from $684,600 to $714,700, or by 4.4%, for the three and six months
ended June 30, 1997 as compared to the corresponding periods in 1996. EBITDA
should be considered in addition to and not as a substitute for net income and
cash flows determined in accordance with generally accepted accounting
principles as an indicator of financial performance and liquidity.
Depreciation and amortization expense decreased from $412,100 to
$218,600, or by 47.0%, and from $815,800 to $467,500, or by 42.7%, for the three
and six months ended June 30, 1997 as compared to the corresponding periods in
1996, due to the effect of certain intangible assets becoming fully amortized.
The Partnership generated operating income of $122,500 and $247,200 for
the three and six months ended June 30, 1997 as compared to an operating loss of
$81,000 and $131,200 for the corresponding periods in 1996, primarily due to
decreases in depreciation and amortization expense and increases in revenues as
described above.
Interest expense decreased from $73,300 to $58,500, or by 20.2%, and
from $155,100 to $119,700, or by 22.8%, for the three and six months ended June
30, 1997 as compared to the corresponding periods in 1996, due to lower average
borrowings in the 1997 periods.
-9-
<PAGE> 10
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONCLUDED)
Due to the factors described above, the Partnership generated net
income of $67,900 and $134,300 for the three and six months ended June 30, 1997
as compared with a net loss of $151,500 and $280,100 for the corresponding
periods in 1996.
LIQUIDITY AND CAPITAL RESOURCES
The Partnership's primary objective, having invested its net offering
proceeds in cable systems, is to distribute to its partners all available cash
flow from operations and proceeds from the sale of cable systems, if any, after
providing for expenses, debt service and capital requirements relating to the
expansion, improvement and upgrade of its cable systems. The Partnership
currently relies exclusively on the availability of cash generated from
operations to fund its ongoing expenses, debt service and capital requirements.
In general, these requirements involve expansion, improvement and upgrade of the
Partnership's existing cable systems. The Partnership's capital expenditures are
projected to be $250,000 for 1997. As of the date of this Report, 95% of the
available channel capacity is being utilized in the Partnership's systems that
serve 74% of its customers. In 1998, the Partnership intends to begin the
rebuild of two systems, which together serve 86% of the customers in this group
of systems and 64% of the Partnership's total customer base. The rebuild program
is presently estimated to require aggregate capital expenditures of
approximately $3.0 million. Funding rebuild capital expenditures will require
refinancing the Partnership's term loan agreement and there can be no assurance
that the Partnership will be able to obtain such a refinancing on terms
acceptable to the Partnership.
The Partnership has $2,525,000 outstanding under its term loan
agreement. On December 18, 1996, the Partnership amended its term loan agreement
(the "Amendment") to, among other things, extend the maturity date by 12 months
from December 31, 1996 to December 31, 1997. The Amendment increases the
quarterly principal payments from $250,000 in 1996 to $300,000 through September
30, 1997. The remaining balance of $2,225,000 is due on December 31, 1997. The
Partnership paid a fee of $15,000 for the Amendment. To fund its debt service
payments, the Partnership will be required to defer the payment of a portion of
its 1997 management fees and reimbursable expenses due the Corporate General
Partner. Additionally, the Partnership will defer the payment of certain
programming fees due an affiliate. As of June 30, 1997, the Partnership owed the
Corporate General Partner $249,000 for management fees and reimbursable
expenses, and also owed an affiliate in excess of $247,000 for programming fees.
The amended term loan agreement restricts the Partnership from paying
distributions to the partners during the term of the agreement. The term loan
agreement also contains certain financial tests and other covenants including,
among others, restrictions on incurrence of indebtedness, investments, sale of
assets, acquisitions, and other covenants, defaults and conditions. Management
believes the Partnership was in compliance with its debt covenants as of June
30, 1997.
Management's 1997 cash flow projections indicate that operating cash
flows will not be sufficient to fund the required final debt payment due on
December 31, 1997. Management is in the process of evaluating certain strategies
to meet this obligation, which include refinancing the indebtedness. Among other
things, the Corporate General Partner has engaged in discussions with a number
of possible financing sources regarding the availability and terms of a
replacement bank facility for the Partnership. These discussions have to date
-10-
<PAGE> 11
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
LIQUIDITY AND CAPITAL RESOURCES (CONCLUDED)
not been successful. The Corporate General Partner has generally been advised
that an individual facility of the size needed by the Partnership is too small
to interest most banks which lend to the cable television industry. Accordingly,
on June 6, 1997, the Corporate General Partner and an affiliated partnership
formed Enstar Finance Company, LLC ("EFC"). The Corporate General Partner's
objective is to have EFC obtain a secured bank facility of up to $35 million in
order to provide funds that would in turn be advanced to the Partnership and
certain of the other related partnerships managed by the Corporate General
Partner. Such funds would be used to repay existing bank obligations and other
liabilities of such partnerships and to provide capital to fund future rebuild
and upgrade requirements. Based on discussions with prospective lenders, the
Corporate General Partner believes that this structure, if implemented, will
provide capital to the Partnership that it would not otherwise be able to obtain
on a "stand-alone" basis. Any advances by EFC will be independently
collateralized by the individual partnership borrowers so that no partnership
will be required to accept responsibility for borrowings made to other
partnerships. The Corporate General Partner has received a commitment letter
from two agent banks regarding the terms of a bank facility for EFC, although a
definitive credit agreement has not been executed as of the date of this Report.
The Corporate General Partner presently expects the EFC facility to be completed
in the third quarter and, accordingly, contemplates that a loan will be made by
EFC to the Partnership that will repay the existing facility. Failure of the
Partnership to fund the required December 31, 1997 payment without relief from
the lender will permit the lender to pursue its legal remedies against the
Partnership.
SIX MONTHS ENDED JUNE 30, 1997 AND 1996
Cash provided by operating activities increased by $175,100 in the six
months ended June 30, 1997 from the corresponding period in 1996. Changes in
receivables and prepaid expenses provided $78,500 more cash in the first six
months of 1997 than in the first six months of 1996 due to differences in the
timing of receivable collections and in the payment of prepaid expenses. Cash
generated by Partnership operations increased by $61,600 in the first half of
1997 after adding back non-cash depreciation and amortization charges and losses
on the sale of cable assets or deducting recognized gains on such sales. The
Partnership used $35,000 less cash to pay amounts owed to third party creditors
in the first half of 1997 than in the comparable period of 1996 due to
differences in the timing of payments.
The Partnership used $12,400 less cash in investing activities during
the six months ended June 30, 1997 than in the comparable six months of 1996,
primarily due to a decrease of $44,900 in expenditures for tangible assets,
partially offset by a decrease of $31,400 in proceeds from the sale of
equipment. Expenditures for intangible assets used $1,100 more cash in the 1997
period. Financing activities used $333,100 more cash in the first half of 1997
principally due to an increase of $350,000 in the repayment of debt. Changes in
amounts owed to the Corporate General Partner provided $13,500 more cash in 1997
as compared to the same period in 1996. The Partnership used $3,400 less cash
for the payment of deferred loan costs related to the Partnership's loan
agreement in the first six months of 1997 than in the prior year period.
-11-
<PAGE> 12
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
INFLATION
Certain of the Partnership's expenses, such as those for wages and
benefits, equipment repair and replacement, and billing and marketing generally
increase with inflation. However, the Partnership does not believe that its
financial results have been, or will be, adversely affected by inflation in a
material way.
-12-
<PAGE> 13
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
PART II. OTHER INFORMATION
ITEMS 1-5. Not applicable.
ITEM 6. Exhibits and Reports on Form 8-K
(a) None
(b) No reports on Form 8-K were filed during the quarter
for which this report is filed.
<PAGE> 14
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.
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
a GEORGIA LIMITED PARTNERSHIP
-----------------------------
(Registrant)
By: ENSTAR COMMUNICATIONS CORPORATION
General Partner
Date: August 12, 1997 By: /s/ Michael K. Menerey
-------------------------
Michael K. Menerey,
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AT JUNE 30, 1997, AND THE STATEMENTS OF OPERATIONS FOR THE SIX MONTHS
ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 314,500
<SECURITIES> 0
<RECEIVABLES> 45,200
<ALLOWANCES> 6,100
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 8,281,500
<DEPRECIATION> 4,630,000
<TOTAL-ASSETS> 5,321,400
<CURRENT-LIABILITIES> 1,025,900
<BONDS> 2,525,000
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 5,321,400
<SALES> 0
<TOTAL-REVENUES> 1,806,700
<CGS> 0
<TOTAL-COSTS> 1,559,500
<OTHER-EXPENSES> (6,800)
<LOSS-PROVISION> 23,400
<INTEREST-EXPENSE> 119,700
<INCOME-PRETAX> 134,300
<INCOME-TAX> 0
<INCOME-CONTINUING> 134,300
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 134,300
<EPS-PRIMARY> 1.67
<EPS-DILUTED> 0
</TABLE>
