<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 Q/A
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
FOR QUARTER ENDED JUNE 30, 1995
Commission file number 0-26468
American Retirement Villas Properties II
- ------------------------------------------
(Exact name of Registrant as specified in it's charter)
California 33-0278155
- ------------- -----------
state or other jurisdiction (IRS Employer
Identification Number)
of organization
245 Fischer Avenue, Suite D-1
Costa Mesa, California 92626
- ---------------------- ------
(address of principal executive (zip code)
office)
Registrant's telephone number, (714) 751-7400
including area code ---------------
Indicate by a check mark whether the registrant (1) has filed all the reports
to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934
during the preceding 12 months, (or for such shorter period that the registrant
was required to file reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
----- -----
<PAGE> 2
PART I ITEM 1
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEETS (UNAUDITED)
JUNE 30, 1995 AND DECEMBER 31, 1994
<TABLE>
<CAPTION>
1995 1994
ASSETS UNAUDITED AUDITED
---------------------------------- ----------- -------------
<S> <C> <C>
Properties, at cost (notes 4 and 5)
Land $ 2,902,684 $ 2,902,684
Building and improvements, less
accumulated depreciation of $4,946,127
in 1995 and $3,865,219 in 1994 15,526,145 15,669,092
Leasehold property and improvements,
less accumulated amortization of
$5,398,582 in 1995 and $5,595,821
in 1994 1,125,388 1,764,926
Furniture, fixtures and equipment less
accumulated depreciation of $984,927
in 1995 and $1,108,392 in 1994 847,906 692,250
----------- -----------
Net Properties 20,402,123 21,028,952
Cash and cash equivalents, including restricted
cash of $804,737 in 1995 and $724,494 in 1994 931,687 1,329,594
Other assets 512,403 406,291
----------- -----------
Total assets $21,846,213 $22,764,837
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
Notes Payable (note 5) $ 6,816,815 $ 7,189,166
Accounts payable and accrued expenses 936,937 772,228
Amounts payable to affiliates (note 3) 76,454 494,423
Distribution payable to partners 139,056 544,381
----------- -----------
Total Liabilities 7,969,262 9,000,198
Partners' capital (deficit) (note 2 and 3):
General partners' capital (deficit) 286,680 (162,861)
Limited partners' capital, 34,995 units
outstanding 13,590,271 13,927,500
----------- -----------
Total liabilities and partners' capital $21,846,213 $22,764,837
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 3
PART I ITEM 1
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR QUARTER ENDED JUNE 30, 1995
FOR QUARTER ENDED JUNE 30, 1994
FOR THE SIX MONTHS ENDED JUNE 30, 1995
FOR THE SIX MONTHS ENDED JUNE 30, 1994
<TABLE>
<CAPTION>
QUARTER QUARTER SIX MONTHS SIX MONTHS
ENDED JUNE ENDED JUNE ENDED JUNE ENDED JUNE
30, 1995 30, 1994 30, 1995 30, 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues:
Rent $3,647,896 $3,500,018 $7,344,722 $6,906,186
Assisted living 494,447 432,914 990,126 802,918
Interest 3,923 4,214 7,921 8,375
Other 33,728 54,914 92,442 97,926
---------- ---------- ---------- ----------
Total Revenues 4,179,994 3,992,061 8,435,212 7,815,406
---------- ---------- ---------- ----------
Costs and expenses :
Rental property operations (note 3) 2,222,092 2,152,468 4,463,375 4,239,809
Assisted living (note 3) 215,636 190,553 419,845 368,967
General and administrative (note 3) 435,070 454,062 904,785 931,241
Ground rent (note 4) 286,683 307,987 573,382 593,758
Depreciation and amortization 534,809 695,667 1,061,711 1,387,599
Property taxes 129,413 4,585 257,755 137,465
Advertising 35,985 29,187 67,418 43,541
Interest 147,682 150,837 295,232 299,049
---------- ---------- ---------- ----------
Total costs and expenses 4,007,371 3,985,345 8,043,502 8,001,430
Net Income (loss) 172,623 6,716 391,709 (186,024)
Net Income (loss) to General Partner 1,726 67 3,917 (1,860)
Net Income (loss) to Limited Partner $ 170,897 $ 6,649 $ 387,792 $ (184,164)
========== ========== ========== ==========
Net Income (loss) per Limited Partner
unit $4.88 $0.19 $11.08 $(5.26)
========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 4
PART I ITEM 1
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR SIX MONTHS ENDED JUNE 30, 1995
FOR SIX MONTHS ENDED JUNE 30, 1994
<TABLE>
<CAPTION>
1995 1994
---------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net Income (loss) $ 391,709 $ (186,024)
Adjustments to reconcile net loss
to cash provided by operating activities:
Depreciation and amortization 1,061,711 1,387,599
Change in assets and liabilities:
Increase in other assets (106,112) (198,913)
Increase in accounts payable
and accrued expenses 164,709 119,195
(Decrease) Increase in amounts
payable to affiliates 34,978 76,817
----------- -----------
Total adjustments 1,155,287 1,384,698
Net cash provided by operating activities 1,546,996 1,198,675
----------- -----------
Cash flows from investing activities:
Capital expenditures (288,199) (155,206)
Acquisition of autos (166,196) 0
----------- -----------
Net cash used in investing activities (454,395) (155,206)
----------- -----------
Cash flows from financing activities:
Borrownings on line of credit 375,000 860,000
Principal repayments on line of credit (690,000) (1,110,000)
Principal repayments on notes payable (57,351) (55,226)
Distributions paid (1,118,157) (822,266)
----------- -----------
Net cash used by financing
activities (1,490,509) (1,127,493)
----------- -----------
Net Increase (Decrease) in cash and cash
equivalents (397,907) (84,024)
Cash & cash equivalents at beginning of period 1,329,594 1,171,682
----------- -----------
Cash and cash equivalents at the end of
the period $ 931,687 $ 1,089,999
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
PART I ITEM 1 (CONTINUED)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995
(1) SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference. The financial statements
reflect all adjustments and disclosures which, are in the opinion of
management, necessary for a fair presentation. All such adjustments are of a
normal recurring nature.
Carrying Value of Real Estate
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Restricted Cash
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Loan Fees
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Rental Income
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Income Taxes
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Net Income (Loss) per Limited Partner Unit
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Cash and Cash Equivalents
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
<PAGE> 6
PART I ITEM 1 (CONTINUED)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995
Reclassifications
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(2) ORGANIZATION AND PARTNERSHIP AGREEMENT
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(3) TRANSACTIONS WITH AFFILIATES
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference, except for the following
aditional comments. For the quarter ended June 30, 1995 property management
fees and partnership administration fees of $421,930 and $143,964 respectively
were paid or accrued to the Managing General Partner.
During the quarter ending March 31, 1995, the General Partner made a non-cash
contribution of $452,947 to the Partnership as forgiveness of fees owed to the
General Partner. Such fees had been recognized as expenses by the Partnership
in prior periods.
(4) PROPERTIES
Covina Villa:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Valley View Lodge of Rossmoor:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Retirement Inn of Daly City:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Retirement Inn of Fullerton:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Retirement Inn of Sunnyvale:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
<PAGE> 7
PART I ITEM 1 (CONTINUED)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1995
Retirement Inn of Fremont:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Retirement Inn of Campbell:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Retirement Inn of Burlingame:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Inn at Willow Glen:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Montego Heights Lodge:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(5) NOTES PAYABLE
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(6) ESOP
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
<PAGE> 8
PART I ITEM II
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
(1) LIQUIDITY.
The General Partners expect that the cash to be generated
from operations of all the Registrant's properties will be adequate to pay
operating expenses, make necessary capital improvements, make required principal
reductions, and provide distributions to the Partners. On a long-term basis,
the Registrant's liquidity is sustained primarily from cash flow provided by
operating activities. During the six months ended June 30, 1995, net cash
provided by operating activities was approximately $1,094,049 as compared to
cash provided by operating activities of approximately $1,198,705 for the six
months ended June 30, 1994.
During the six months ended June 30, 1995, the Registrant
used net cash in investing activities of $454,395 compared to $155,206 for the
six months ended June 30, 1994. The Registrant's investing activities consisted
of capital improvements made on its ten properties and the purchase of new
vehicles.
During the six months ended June 30, 1995, the Registrant
used net cash in financing activities of $1,037,562 compared to $1,127,493 for
the six months ended June 30, 1994. The Registrant's financing activities
consisted of principal reduction on notes payable, General Partner capital
contribution and distributions paid to the Partners.
The General Partners are not aware of any trends, other than
national economic conditions, which have had or which may be reasonably expected
to have a material favorable or unfavorable impact on revenues or income from
the operations or sale of properties. The General Partners believe that if the
inflation rate increases they will be able to pass the subsequent increase in
operating expenses onto the residents of the properties by way of higher rental
and Assisted Living rates. The Registrant has long term debt of approximately
$6,816,815 ,as of June 30, 1995. $3,450,760 is due August 1, 2018, $2,826,738 is
due November 1, 2016, $345,333 is due December 1, 1996, $185,000 is due December
31, 1995, $8,984 is due January 1, 1997.
(2) CAPITAL RESOURCES.
Registrant contemplates spending approximately $500,000 for
capital expenditures during 1995 for physical improvements at its ten
facilities. The funds for these improvements should be available from
operations.
There are no known material trends, favorable or unfavorable,
in the Registrant's capital resources, and there is no expected change in the
mix of such resources.
(3) RESULTS OF OPERATIONS.
THREE MONTHS ENDED JUNE 30, 1995 COMPARED WITH THE THREE
MONTHS ENDED JUNE 30, 1994.
Revenue for the three months ended June 30, 1995, and the
three months ended June 30, 1994 includes rental income and Assisted Living
income from all ten properties, interest earned on cash balances and other
revenue. Total revenues for the three months ended June 30, 1995 were
$4,179,994, an increase of approximately 5% over revenues of $3,992,061 for the
three months ended June 30, 1994.
<PAGE> 9
PART I ITEM II (CONTINUED)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The largest component of revenue, rent, increased by
approximately 4% from the three months ended June 30, 1994 to the three months
ended June 30, 1995. The increase in rent was due to an increase in occupancy
of approximately 3% and an increase in rental rates of approximately 3%.
Revenue from Assisted Living increased by approximately 14%
from the three months ended June 30, 1994 to the three months ended June 30,
1995. The increase in Assisted Living was due to aggressive marketing of the
Assisted Living services and the resulting increase in the number of residents
using the program.
Interest and other revenue decreased by over 36% from the
three months ended June 30, 1994 to the three months ended June 30, 1995.
Interest income results from interest earned on cash (continued) deposits. Other
revenue generally includes processing fees and beauty shop revenue.
Sources of revenue for the three months ended June 30, 1995
and June, 1994 are summarized as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, 1995 JUNE 30, 1994
<S> <C> <C>
Rent $3,647,896 $3,500,018
Assisted Living 494,447 432,914
Interest 3,923 4,214
Other 33,728 54,914
---------- ----------
$4,179,994 $3,992,061
========== ==========
</TABLE>
Total cost and expenses for the three months ended June 30,
1995 were $4,007,371, an increase of less than 1% over costs and expenses of
$3,985,345 for the three months ended June 30, 1994.
The largest component of expenses, rental property
operations, consist primarily of property management costs, payroll related
expenses, utilities, food expenses and maintenance and supplies. Rental
property operations expenses increased approximately 3% for the three months
ended June 30, 1994 to the three months ended June 30, 1995.
Assisted Living expenses consist primarily of the related
payroll expense. Assisted living expenses increased by over 13% from the three
months ended June 30, 1994 to the three months ended June 30, 1995. Assisted
Living expenses increased due to the increases in size of the related staff
providing Assisted Living services. This increase corresponds to the increase
in Assisted Living revenue.
<PAGE> 10
PART I ITEM II (CONTINUED)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
General and administrative expenses are comprised of, but not
limited to, costs for accounting, partnership administration, bad debt, data
processing, investor relations, insurance, and professional services. General
and administrative expenses decreased over 4% from the three months ended June
30, 1994 to the three months ended June 30, 1995.
Depreciation and amortization expense decreased by over 23%
from the three months ended June 30, 1994 to the three months ended June 30,
1995. This decrease is due to fixed assets becoming fully depreciated.
Interest expense decreased over 2% for the three months ended
June 30, 1994 compared to the three months ended June 30, 1995, as a result of
less outstanding principal on loans.
Selected costs and expenses for the three months ended June
30, 1995 and June 30, 1994 are summarized as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED THREE MONTHS ENDED
JUNE 30, 1995 JUNE 30, 1994
<S> <C> <C>
Rental Property Operations $2,222,092 $2,152,468
Assisted Living 215,636 190,553
General and Administrative 435,070 454,062
Depreciation and Amortization 534,809 695,667
Property Taxes 129,413 4,585
Interest 147,682 150,837
</TABLE>
SIX MONTHS ENDED JUNE 30, 1995 COMPARED WITH THE SIX MONTHS
ENDED JUNE 30, 1994.
Revenue for the six months ended June 30, 1995, and the six
months ended June 30,1994 includes rental income and Assisted Living revenue
from all ten facilities, interest earned on cash balances and other revenue.
Total revenues for the six months ended June 30, 1995 were $8,435,212 an
increase of approximately 8% over revenues of $7,815,406 for the six months
ended June 30, 1994.
The largest component of revenue, rent, increased by over 6%
from the six months ended June 30, 1994 to the nine months ended September 30,
1995. This increase in rent was due to an increase in occupancy of
approximately 3% and an increase in rental rates of over 3%.
Revenue from Assisted Living increased by over 14% from the
six months ended June 30, 1994 to the six months ended June 30, 1995. The
increase in Assisted Living was due to aggressive marketing of the Assisted
Living services and the resulting increase in the number of residents using the
program.
<PAGE> 11
PART I ITEM II (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Interest and other revenue decreased by approximately 7% from
the six months ended June 30, 1994 to the six months ended June 30, 1995.
Interest income results from interest earned on cash deposits. Other revenue
generally includes processing fees and beauty shop revenue.
Sources of revenue for the six months ended June 30, 1995 and
June 30, 1994 are summarized as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 1995 JUNE 30, 1994
<S> <C> <C>
Rent $7,344,722 $6,906,186
Assisted Living 990,126 802,918
Interest and Other 100,363 106,301
---------- ----------
Total Revenue $8,435,212 $7,815,406
---------- ----------
</TABLE>
Total costs and expenses for the six months ended June 30,
1995 were $8,043,502, an increase of less than 1% over costs and expenses of
$8,001,430 for the six months ended June 30, 1994.
The largest component of expenses, rental property
operations, consist primarily of the property management costs, payroll related
expenses, utilities, food expenses and maintenance and supplies. Rental
property operations expense increased by over 5% from the six months ended June
30, 1994 to the six months ended June 30, 1995. The increase in rental property
operating expenses is primarily due to increased in payroll expenses and
increases in occupancy which generate increases in expenses.
Assisted Living expenses consist primarily of the related
payroll expense. Assisted Living expenses increased by over 14% from the six
months ended June 30, 1994 to the six months ended June 30, 1995. Assisted
Living expenses increased due to the increases in size of the related staff
providing Assisted Living services. This increase corresponds to the increase
in Assisted Living revenue.
General and administrative expenses are comprised of, but not
limited to, costs for accounting, partnership administration, bad debt, data
processing, investor relations, insurance, and professional services. General
and administrative expenses decreased about 3% from the six months ended June
30, 1994 to the six months ended June 30, 1995.
Depreciation and amortization expense decreased by more than
23% from the six months ended June 30, 1994 to the six months ended June 30,
1995. Depreciation and amortization decreased due to a portion of fixed assets
becoming fully depreciated.
Interest expense decreased almost 1% for the six months ended
June 30, 1994 compared to the six months ended June 30, 1995, as a result of
reduced outstanding principal on loans.
<PAGE> 12
PART I ITEM II (CONTINUED)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Selected costs and expenses for the six months ended June 30,
1995 and June 30, 1994 are as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 1995 JUNE 30, 1994
<S> <C> <C>
Rental Property Operations $4,463,375 $4,239,809
Assisted Living 419,845 368,967
General and Administrative 904,785 931,241
Depreciation and Amortization 1,061,711 1,387,599
Property Taxes 257,755 137,465
Interest 295,232 299,049
</TABLE>
<PAGE> 13
PART II
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
ITEM 1 LEGAL PROCEEDINGS
None
ITEM 2 CHANGE IN SECURITIES
None
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
None
ITEM 5 OTHER INFORMATION
A. On May 25, 1995 the Managing General Partner had a name change
from ARV Housing Group, Inc. to ARV Assisted Living, Inc..
B. Form 8-A General Form For Registration of Securities - Filed
July 19, 1995.
ITEM 6 EXHIBITS AND REPORTS ON FORM 8K
A. Exhibit 27 - Financial Data Schedule
B. None
<PAGE> 14
PART II (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES II
(A CALIFORNIA LIMITED PARTNERSHIP)
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.
AMERICAN RETIREMENT VILLAS PROPERTIES II,
A CALIFORNIA LIMITED PARTNERSHIP
By ARV Assisted Living, Inc.
----------------------------
Managing General Partner
Date: January 29, 1996 By /s/ Gary L. Davidson
-----------------------------
Gary L. Davidson
Chairman of the Board
Date: January 29, 1996 By /s/ Graham Espley-Jones
-----------------------------
Graham Espley-Jones
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> APR-1-1995
<PERIOD-END> JUN-30-1995
<CASH> 931,687
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 512,403
<PP&E> 20,402,123
<DEPRECIATION> 11,329,636
<TOTAL-ASSETS> 21,846,213
<CURRENT-LIABILITIES> 7,969,262
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 13,876,951
<TOTAL-LIABILITY-AND-EQUITY> 21,846,213
<SALES> 0
<TOTAL-REVENUES> 4,179,994
<CGS> 0
<TOTAL-COSTS> 3,859,689
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 147,682
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 172,623
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
