<PAGE>
UNITED STATES 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 March 31, 1995
--------------
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 1-9876
------
WEINGARTEN REALTY INVESTORS
---------------------------
(Exact name of registrant as specified in its charter)
Texas 74-1464203
----- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2600 Citadel Plaza Drive, P. O. Box 924133, Houston, Texas 77292-4133
- ---------------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 866-6000
--------------
- --------------------------------------------------------------------------------
(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 .
------- -------
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes . No .
-------- --------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. As of May 11, 1995, there were
26,367,799 common shares of beneficial interest of Weingarten Realty Investors,
$.03 par value, outstanding.
<PAGE>
PART 1
FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
WEINGARTEN REALTY INVESTORS
STATEMENTS OF CONSOLIDATED INCOME
(UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1995 1994
------- -------
<S> <C> <C>
Revenues:
Rentals............................................... $29,698 $26,810
Interest (including amounts from related parties of
$684 in 1995 and $654 in 1994)....................... 1,460 1,478
Equity in earnings of real estate joint ventures
and partnerships..................................... 384 331
Other................................................. 550 270
------- -------
Total............................................... 32,092 28,889
------- -------
Expenses:
Depreciation and amortization......................... 7,027 6,255
Operating............................................. 4,923 4,510
Ad valorem taxes...................................... 4,230 3,728
Interest.............................................. 3,414 2,258
General and administrative............................ 1,275 1,277
------- -------
Total............................................... 20,869 18,028
------- -------
Income from Operations................................. 11,223 10,861
Gain (loss) on sales of property....................... 141 (270)
------- -------
Net Income............................................. $11,364 $10,591
======= =======
Net Income per Common Share............................ $.43 $.41
======= =======
Cash Dividends Declared per Common Share............... $.60 $.57
======= =======
Weighted Average Number of Common Shares
Outstanding........................................... 26,368 25,974
======= =======
</TABLE>
See notes to consolidated financial statements.
2
<PAGE>
WEINGARTEN REALTY INVESTORS
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
----------- -------------
(Unaudited)
<S> <C> <C>
ASSETS
------
Property............................................ $ 753,066 $ 735,134
Accumulated depreciation............................ (197,265) (191,427)
--------- ---------
Property - net.................................... 555,801 543,707
Investment in Real Estate Joint Ventures and
Partnerships....................................... 9,414 9,442
--------- ---------
Total......................................... 565,215 553,149
Mortgage Bonds and Notes Receivable from:
Affiliate (net of deferred gain of $16,235)....... 26,284 25,112
Real Estate Joint Ventures and Partnerships....... 13,678 13,590
Marketable Debt Securities (Held-to-Maturity)....... 49,508 49,906
Unamortized Debt and Lease Costs.................... 17,611 16,997
Accrued Rent and Accounts Receivable (net of
allowance for doubtful accounts of $1,256 in 1995
and $1,007 in 1994)................................ 7,572 14,367
Cash and Cash Equivalents........................... 3,021 3,295
Other............................................... 5,569 5,621
--------- ---------
Total................................. $ 688,458 $ 682,037
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Debt................................................ $ 252,833 $ 229,597
Accounts Payable and Accrued Expenses............... 14,359 26,512
Other............................................... 2,271 2,535
--------- ---------
Total............................................. 269,463 258,644
--------- ---------
Shareholders' Equity:
Preferred shares of beneficial interest-par value,
$0.03 per share; shares authorized: 10,000;
shares issued and outstanding: none
Common shares of beneficial interest - par value,
$0.03 per share; shares authorized: 150,000;
shares issued and outstanding: 26,368 in 1995
and 1994......................................... 791 791
Capital surplus................................... 418,204 422,602
--------- ---------
Shareholders' equity.......................... 418,995 423,393
--------- ---------
Total................................. $ 688,458 $ 682,037
========= =========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
WEINGARTEN REALTY INVESTORS
STATEMENTS OF CONSOLIDATED CASH FLOWS
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1995 1994
-------- --------
<S> <C> <C>
Cash Flows from Operating Activities:
Net income.............................................. $ 11,364 $ 10,591
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization....................... 7,027 6,255
Real estate joint ventures and partnerships:
Equity in earnings............................... (384) (331)
Cash distributions............................... 245 196
(Gain) loss on sales of property.................... (141) 270
Amortization of direct financing leases............. 171 147
Net effect of changes in operating accounts......... (6,227) (6,033)
Other, net.......................................... 18 9
-------- --------
Net cash provided by operating activities........ 12,073 11,104
-------- --------
Cash Flows from Investing Activities:
Property acquisitions and development................... (19,622) (16,504)
Notes Receivable:
Advances............................................ (1,455) (2,088)
Collections......................................... 239 432
Proceeds from sales of property......................... 184 698
Investment in real estate joint ventures and
partnerships........................................... (26) (150)
Other................................................... 624 597
-------- --------
Net cash used in investing activities............ (20,056) (17,015)
-------- --------
Cash Flows from Financing Activities:
Proceeds from issuance of:
Debt................................................ 24,000 24,550
Common shares of beneficial interest................ 61
Principal payments of debt.............................. (369) (3,529)
Dividends paid.......................................... (15,821) (14,842)
Other................................................... (101) (29)
-------- --------
Net cash provided by financing activities........ 7,709 6,211
-------- --------
Net increase (decrease) in cash and cash equivalents...... (274) 300
Cash and cash equivalents at January 1.................... 3,295 3,226
-------- --------
Cash and cash equivalents at March 31..................... $ 3,021 $ 3,526
======== ========
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
WEINGARTEN REALTY INVESTORS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
1. INTERIM FINANCIAL STATEMENTS
The consolidated financial statements included in this report are
unaudited, except for the balance sheet as of December 31, 1994. In the
opinion of the Registrant, all adjustments necessary for a fair
presentation of such financial statements have been included. Such
adjustments consisted of normal recurring items. Interim results are not
necessarily indicative of results for a full year.
The consolidated financial statements and notes are presented as permitted
by Form 10-Q, and do not contain certain information included in the
Company's annual financial statements and notes.
2. DEBT
The Company's debt consists of the following:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
--------- ------------
<S> <C> <C>
Permanent trust-deed and mortgage notes
payable to 2014 at 6.0% to 10.5%,
primarily with insurance companies........... $ 52,522 $ 53,036
Notes payable under revolving credit
agreement.................................... 139,000 145,000
Reverse repurchase agreements, due daily
and collateralized by $49.5 million
of marketable debt securities................ 46,200 16,200
Industrial revenue bonds to 2014 at 6.8%
to 7.2% at March 31, 1995.................... 7,746 7,772
Obligations under capital leases.............. 6,028 6,048
Other......................................... 1,337 1,541
-------- --------
Total....................................... $252,833 $229,597
======== ========
</TABLE>
At March 31, 1995, the variable interest rates for notes payable under the
revolving credit agreement and the reverse repurchase agreements were 6.6%
and 6.7%, respectively. The Company has three interest rate swap contracts
with an aggregate notional amount of $40 million. Such contracts, which
expire through 2004, fix a portion of the Company's variable rate debt at
an effective interest rate of 8.1%.
At March 31, 1995, property under direct financing leases and other
property with carrying values aggregating approximately $293 million,
together with current and future rentals from these properties and leases,
were pledged as collateral for certain of the Company's debt.
5
<PAGE>
The company's debt can be summarized as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
--------- ------------
<S> <C> <C>
As to interest rate:
Fixed rate debt (including amounts fixed
through interest rate swaps)................ $101,692 $102,278
Variable rate debt........................... 151,141 127,319
-------- --------
Total..................................... $252,833 $229,597
======== ========
As to collateralization:
Secured debt................................. $113,724 $ 84,284
Unsecured debt............................... 139,109 145,313
-------- --------
Total..................................... $252,833 $229,597
======== ========
</TABLE>
3. PROPERTY
The Company's property consists of the following:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
--------- ------------
<S> <C> <C>
Land........................................... $126,969 $121,773
Land under development......................... 48,064 50,537
Buildings and improvements..................... 552,183 539,862
Construction in-progress....................... 16,170 13,111
Property under direct financing leases......... 9,680 9,851
-------- --------
Total...................................... $753,066 $735,134
======== ========
</TABLE>
4. CARRYING CHARGES CAPITALIZED
During the periods shown, the following carrying charges were capitalized:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1995 1994
---- ----
<S> <C> <C>
Interest......................................... $784 $217
Ad valorem taxes................................. 122 36
---- ----
Total........................................ $906 $253
==== ====
</TABLE>
6
<PAGE>
5. CHANGES IN OPERATING ACCOUNTS
The effect of changes in the operating accounts on cash flows from
operating activities is as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------
1995 1994
-------- --------
<S> <C> <C>
Decrease (increase) in:
Accrued rent and accounts receivable.............. $ 6,225 $ 5,620
Other assets - primarily unamortized lease costs.. (1,345) (898)
Decrease in accounts payable and accrued expenses
(excluding amounts applicable to construction
in-progress)....................................... (11,107) (10,755)
-------- --------
Net change in operating accounts.............. $ (6,227) $ (6,033)
======== ========
</TABLE>
7
<PAGE>
PART 1
FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
BUSINESS ENVIRONMENT
During this quarter, the Company renewed or released 376,000 square feet of
retail space comprising 108 leases at average net rental rates 7.4% higher than
the rentals previously received on those same spaces. Retail sales on the same
store basis for the Company's portfolio were up slightly for the first quarter
of 1995 as compared to the same quarter of the prior year. Occupancy as of March
31, 1995 for shopping centers stands at 92%, down slightly from 93% at year end
and the first quarter of the prior year. The total portfolio remained constant
at 92% from December 31, 1994.
Acquisitions and new development added nearly 450,000 square feet to the
Company's portfolio during the first quarter. A 323,000 square foot shopping
center located in Albuquerque was purchased in March, the Company's third center
in this market. Presently, six additional properties are under contract or
letter of intent, however there is no assurance that these transactions will be
completed.
In January of 1995, the Company completed the second phases of two of its
recently developed shopping centers, adding 122,000 square feet of retail space
to the portfolio. Construction is ongoing at two additional new developments of
the Company. Both of these high profile shopping centers are scheduled for
completion in late 1995, and will add nearly 300,000 square feet to the
portfolio. The combined cost of these two new developments will approximate $40
million.
FUNDS FROM OPERATIONS
The Company considers funds from operations to be an alternate measure of the
performance of an equity REIT since such measure does not recognize depreciation
and amortization expenses, other than amortization of debt issue costs, as
operating expenses. Management believes that reductions for these charges are
not meaningful in evaluating income-producing real estate, which historically
has not depreciated. The National Association of Real Estate Investment Trusts
defines funds from operations as net income plus depreciation and amortization
(excluding amortization of debt issue costs), less gains and losses on sales of
properties. Funds from operations do not represent cash flows from operations
as defined by generally accepted accounting principles and should not be
considered as an alternative to net income as an indicator of the Company's
operating performance or to cash flows as a measure of liquidity.
Funds from operations increased to $18.2 million for the first quarter of 1995,
as compared to $17.1 million for the same period of 1994. Of this increase, $.3
million was non-recurring lease cancellation income. The remainder of the
increase relates primarily to the impact of the Company's acquisitions and new
developments during the past 12 months and, to a lesser degree, the activity at
its existing retail properties and an increase in occupancy in its industrial
portfolio.
8
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
The Company anticipates that cash flows from operating activities will continue
to provide adequate capital for all dividend payments in accordance with REIT
requirements, and that cash on hand, borrowings under its existing credit
facility, and the use of project financing as well as other debt and equity
alternatives will provide the necessary capital to achieve growth. Cash flow
from operating activities as reported in the Statements of Consolidated Cash
Flows increased to $12.1 million for the first three months of 1995, from $11.1
million for the same period of 1994, primarily due to the acquisition and
development of additional income-producing properties during the past year.
The Company's Board of Trust Managers approved an increase in the quarterly
dividend per common share from $.57 to $.60, effective this first quarter of
1995. The percentage of funds from operations paid out in cash dividends, or
dividend payout ratio, was 87.0% and 86.4% for the first quarters of 1995 and
1994, respectively. The Company currently intends to maintain a conservative
dividend payout ratio to further enhance the Company's capital structure.
The Company's capital structure at March 31, 1995 remained very strong. The
debt to total market capitalization of 22% at March 31, 1995 was up slightly
from 19% at December 31, 1994, but still well below the average of over 40% for
all equity REITs. Total debt outstanding increased to $252.8 million at quarter
end from $229.6 million at December 31, 1994. This increase was primarily due
to the previously mentioned acquisition in March of 1995 and the Company's
ongoing development efforts. These capital needs were financed through an
increase in reverse repurchase agreements collateralized by the Company's
investment in government securities.
In February of this quarter, the Company filed a $200 million shelf registration
with the Securities and Exchange Commission, which allows for the issuance of
debt or equity. The Company is currently examining its alternatives for fixed
rate debt, as it currently has no intentions of issuing additional common equity
at this time. In March of 1995, the Company exercised its option to fix the
term and rate of a loan agreement with an insurance company. This twenty year,
$28 million loan, bearing interest at 8.22%, was funded in April. The proceeds
were used to reduce revolving credit debt. Subsequent to quarter end, the
Company added another bank to the syndicate which provides the unsecured
revolving credit facility, increasing the amount available from $150 million to
$200 million.
The funding of the $28 million loan, the proceeds of which were used to reduce
amounts outstanding under the revolving credit facility, and the expansion of
the facility to $200 million have increased the amounts currently available
under the revolving credit facility to fund future growth to over $90 million.
Additionally, the Company has a substantial number of operating properties which
are currently free of debt or other restrictions, thereby providing a collateral
base for future borrowings.
The Company has protection against interest rate increases through fixed rate
loans and interest rate swap agreements on $101.7 million of the total debt
outstanding at March 31, 1995. The funding of the fixed rate loan in April has
reduced this exposure to rate increases by an additional $28 million. For the
quarter ended March 31, 1995, total debt costs averaged 7.3% as compared to 6.5%
for the same period of the prior year. This increase is primarily a result of
increases in market interest rates over the last 12 months.
9
<PAGE>
RESULTS OF OPERATIONS
QUARTER ENDED MARCH 31, 1995
Net income increased to $11.4 million, or $.43 per share, from $10.6 million, or
$.41 per share, for the first quarter of 1995 as compared with the same quarter
of 1994. Of this increase, $.3 million, or $.01 per share, represents the
impact of non-recurring lease cancellation income. The remainder of the
increase relates primarily to the Company's acquisitions and new developments
during the past 12 months.
Rental revenues were $29.7 million for 1995, as compared to $26.8 million for
1994, representing an increase of approximately $2.9 million or 10.8%. This
increase relates primarily to acquisitions and new development and, to a lesser
degree, the activity at the Company's existing retail properties and an increase
in the occupancy of its industrial portfolio.
Interest expense increased $1.2 million to $3.4 million in 1995, from $2.3
million in 1994. This increase was due to an increase in average debt
outstanding between periods, from $152.6 million in 1994 to $235.3 million in
1995, and an increase in the average interest rate during the quarter from 6.5%
in 1994 to 7.3% in 1995, due primarily to increases in the market rate. These
increases were partially offset by an increase in the amount of interest
capitalized to projects under development from $.2 million in 1994 to $.8
million in 1995. The increase in interest capitalized results from significant
construction activity at two of the Company's new development projects.
The increases in depreciation and amortization, operating expenses and ad
valorem taxes were primarily the result of the Company's acquisition and new
development programs.
10
<PAGE>
PART II
OTHER INFORMATION
ITEM 1. THROUGH 3. - NONE
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
At the regular Annual Meeting of Shareholders of Weingarten Realty
Investors held on April 27, 1995, the following matters were submitted
to a vote of security holders:
(a) The election of the following trust managers to serve until the
next Annual Meeting of Shareholders or until their successors have
been elected and qualified: Stanford Alexander, Andrew M.
Alexander, Martin Debrovner, Melvin A. Dow, Stephen A. Lasher,
Joseph W. Robertson, Jr., Douglas W. Schnitzer, Marc J. Shapiro
and J. T. Trotter.
APPROVED - 23,466,093 shares were voted in favor and 69,792 shares
were withheld.
(b) Ratification of the appointment of Deloitte & Touche LLP,
independent certified public accountants, as the Company's
auditors for the year ending December 31, 1995.
APPROVED - 23,442,433 shares were voted in favor, 30,708 shares
were voted against and 61,447 shares abstained from
voting.
(c) The amendment of the 1988 Share Option Plan of the Company to
increase the number of shares available thereunder from 500,000 to
700,000.
APPROVED - 22,896,566 shares were voted in favor, 499,298 shares
were voted against and 139,420 shares abstained from
voting.
ITEM 5. NONE
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits (numbered in accordance with Item 601 of Regulation S-K)
(11) A statement of computation of earnings per common share.
(12) A statement of computation of ratios of earnings and funds
from operations to fixed charges.
(27) Article 5 Financial Data Schedule (EDGAR filing only).
(b) Reports on Form 8-K
No reports on Form 8-K have been filed by the Registrant during the
quarter for which this report is filed.
11
<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.
WEINGARTEN REALTY INVESTORS
---------------------------
(Registrant)
BY: /s/ Stanford Alexander
--------------------------
Stanford Alexander
Chairman/Chief Executive Officer
(Principal Executive Officer)
BY: /s/ Stephen C. Richter
---------------------------
Stephen C. Richter
Vice President/Financial
Administration and Treasurer
(Principal Accounting Officer)
DATE: May 12, 1995
------------
12
<PAGE>
EXHIBIT 11
WEINGARTEN REALTY INVESTORS
COMPUTATION OF EARNINGS PER COMMON SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1995 1994
-------- --------
<S> <C> <C>
SIMPLE EARNINGS PER SHARE:
Weighted Average Common Shares Outstanding............... 26,368 25,974
======= =======
Simple Earnings Per share............................ $ .43 $ .41
======= =======
PRIMARY EARNINGS PER SHARE (NOTE A):
Weighted Average Common Shares Outstanding............... 26,368 25,974
Shares Issuable from Assumed Conversion of
Common Share Options Granted and Outstanding............ 12 127
------- -------
Weighted Average Common Shares Outstanding, as Adjusted.. 26,380 26,101
======= =======
Primary Earnings Per Share........................... $ .43 $ .41
======= =======
FULLY DILUTED EARNINGS PER SHARE (NOTE A):
Weighted Average Common Shares Outstanding............... 26,368 25,974
Shares Issuable from Assumed Conversion of
Common Share Options Granted and Outstanding............ 12 127
------- -------
Weighted Average Common Shares Outstanding, as Adjusted.. 26,380 26,101
======= =======
Fully Diluted Earnings Per Share..................... $ .43 $ .41
======= =======
EARNINGS FOR SIMPLE, PRIMARY AND FULLY DILUTED
COMPUTATION:
Earnings................................................ $11,364 $10,591
======= =======
</TABLE>
- ---------------
Note A: This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
13
<PAGE>
EXHIBIT 12
WEINGARTEN REALTY INVESTORS
COMPUTATION OF RATIOS OF EARNINGS
AND FUNDS FROM OPERATIONS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------
1995 1994
--------- --------
<S> <C> <C>
Net income.............................................. $11,364 $10,591
Add:
Portion of rents representative of the interest factor.. 164 114
Interest on indebtedness................................ 3,414 2,258
Amortization of debt cost............................... 31 54
------- -------
Net income as adjusted.................................. $14,973 $13,017
======= =======
Fixed charges:
Interest on indebtedness................................ $ 3,414 $ 2,258
Capitalized interest.................................... 784 217
Amortization of debt cost............................... 31 54
Portion of rents representative of the interest factor.. 164 114
------- -------
Fixed charges........................................... $ 4,393 $ 2,643
======= =======
RATIO OF EARNINGS TO FIXED CHARGES...................... 3.41 4.93
======= =======
Net income.............................................. $11,364 $10,591
Depreciation and amortization........................... 6,997 6,255
(Gain) loss on sales of property........................ (141) 270
------- -------
Funds from operations................................... 18,220 17,116
Interest on indebtedness................................ 3,414 2,258
------- -------
Funds from operations (as adjusted)..................... $21,634 $19,374
======= =======
RATIO OF FUNDS FROM OPERATIONS TO FIXED CHARGES......... 4.92 7.33
======= =======
</TABLE>
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Weingarten
Realty Investors' quarterly report for the period ended March 31, 1995.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 3,021
<SECURITIES> 49,508
<RECEIVABLES> 8,828
<ALLOWANCES> 1,256
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 753,066
<DEPRECIATION> 197,265
<TOTAL-ASSETS> 688,458
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 791
0
0
<OTHER-SE> 418,204
<TOTAL-LIABILITY-AND-EQUITY> 688,458
<SALES> 0
<TOTAL-REVENUES> 32,092
<CGS> 0
<TOTAL-COSTS> 9,153
<OTHER-EXPENSES> 8,302
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,414
<INCOME-PRETAX> 11,223
<INCOME-TAX> 0
<INCOME-CONTINUING> 11,223
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,364
<EPS-PRIMARY> .43
<EPS-DILUTED> 0
</TABLE>
