<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended September 30, 1995
-------------------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from _______________to_______________
Commission file number 0-17576
------------------------------------
WINDSOR PARK PROPERTIES 6, A CALIFORNIA LIMITED PARTNERSHIP
------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
California 33-0299846
-------------------------------- --------------------------------
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
120 W. Grand Avenue, Suite 202, Escondido, California 92025
-------------------------------------------------------------------
(Address of principal executive offices)
(619) 746-2411
-------------------------------------------------------------------
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes (x) No ( )
--- ---
1
<PAGE>
TABLE OF CONTENTS
PART I
------
Page
----
Item 1. Financial Statements 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
PART II
-------
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURE
2
<PAGE>
WINDSOR PARK PROPERTIES 6
-------------------------
(A California Limited Partnership)
BALANCE SHEET
-------------
(unaudited)
<TABLE>
<CAPTION>
September 30, 1995
--------------------
<S> <C>
ASSETS
- - ------
Property held for investment:
Land $ 508,800
Buildings and improvements 3,374,100
Fixtures and equipment 20,000
------------------
3,902,900
Less accumulated depreciation (1,052,200)
------------------
2,850,700
Investments in joint ventures 4,850,800
Cash and cash equivalents 1,431,300
Other assets 139,700
------------------
$ 9,272,500
==================
LIABILITIES AND PARTNERS' EQUITY
- - --------------------------------
Liabilities:
Accounts payable $ 2,900
Accrued liabilities 46,700
Tenant deposits and other liabilities 70,300
Note payable 1,340,000
------------------
1,459,900
------------------
Partners' equity:
Limited partners 7,999,200
General partners (186,600)
------------------
7,812,600
------------------
$ 9,272,500
==================
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
WINDSOR PARK PROPERTIES 6
-------------------------
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
------------------------
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30,
--------------------------------
1995 1994
---------------- ---------------
<S> <C> <C>
REVENUES
- - --------
Rent and utilities $ 132,200 $ 123,900
Equity in earnings of joint ventures 56,600 33,800
Interest 12,300 2,500
Other 2,800 2,300
-------------- --------------
203,900 162,500
-------------- --------------
COSTS AND EXPENSES
- - ------------------
Property operating costs 69,300 74,100
Depreciation and amortization 43,100 42,600
General and administrative:
Related parties 15,900 17,300
Other 12,500 8,900
Interest 6,400
-------------- --------------
147,200 142,900
-------------- --------------
Net income $ 56,700 $ 19,600
============== ==============
Net income - general partners $ 600 $ 200
============== ==============
Net income - limited partners $ 56,100 $ 19,400
============== ==============
Net income per limited partnership unit $ 0.18 $ 0.06
============== ==============
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
WINDSOR PARK PROPERTIES 6
-------------------------
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
------------------------
(unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1995 1994
--------------- --------------
<S> <C> <C>
REVENUES
- - --------
Rent and utilities $ 379,400 $ 356,300
Equity in earnings of joint ventures 182,700 168,400
Interest 18,600 6,500
Other 12,100 10,200
-------------- -------------
592,800 541,400
-------------- -------------
COSTS AND EXPENSES
- - ------------------
Property operating costs 204,100 225,800
Depreciation and amortization 128,700 128,200
General and administrative:
Related parties 49,700 54,300
Other 43,100 38,000
Interest 6,400
-------------- -------------
432,000 446,300
-------------- -------------
Net income $ 160,800 $ 95,100
============== =============
Net income - general partners $ 1,600 $ 1,000
============== =============
Net income - limited partners $ 159,200 $ 94,100
============== =============
Net income per limited partnership unit $ 0.53 $ 0.31
============== =============
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
WINDSOR PARK PROPERTIES 6
-------------------------
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
------------------------
(unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1995 1994
----------------- ------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 160,800 $ 95,100
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 128,700 128,200
Equity in earnings of joint ventures (182,700) (168,400)
Joint ventures' cash distributions 182,700 168,400
Changes in operating assets and liabilities:
Other assets 2,100 13,500
Accounts payable (8,400) (2,100)
Accrued liabilities 17,000 2,900
Tenant deposits and other liabilities 1,800 7,300
---------------- ------------
Net cash provided by operating activities 302,000 244,900
---------------- ------------
Cash flows from investing activities:
Increase in property held for investment (53,900) (6,200)
Investments in joint ventures (2,303,700)
Joint ventures' cash distributions 2,431,900 122,500
---------------- ------------
Net cash provided by investing activities 74,300 116,300
---------------- ------------
Cash flows from financing activities:
Cash distributions (454,500) (454,500)
Repurchase of limited partnership units (14,900) (12,000)
Proceeds from issuance of note payable, net 1,271,500
---------------- ------------
Net cash provided by (used in) financing
activities 802,100 (466,500)
---------------- ------------
Net increase (decrease) in cash and cash
equivalents 1,178,400 (105,300)
Cash and cash equivalents at beginning of
period 252,900 436,200
---------------- ------------
Cash and cash equivalents at end of period $ 1,431,300 $ 330,900
================ ============
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
WINDSOR PARK PROPERTIES 6
-------------------------
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1. BASIS OF PRESENTATION
---------------------
The balance sheet at September 30, 1995 and the related statements of operations
for the three and nine months ended September 30, 1995 and 1994 and the
statements of cash flows for the nine months ended September 30, 1995 and 1994
are unaudited. However, in the opinion of the General Partners, they contain all
adjustments, of a normal recurring nature, necessary for a fair presentation of
such financial statements. Interim results are not necessarily indicative of
results for a full year.
The financial statements and notes are presented as permitted by Form 10-QSB and
do not contain certain information included in the Partnership's annual
financial statements and notes. Certain 1994 amounts have been reclassified to
conform with the 1995 presentation.
NOTE 2. INVESTMENTS IN JOINT VENTURES
-----------------------------
On June 16, 1995, the Partnership and Windsor Park Properties 7, an affiliated
limited partnership, obtained a $3,480,000 loan collateralized by the Carefree
Village manufactured home community, a jointly owned property. The loan is
payable in monthly interest only installments bearing interest at 90 day LIBOR
plus 2.95% (8.86% at September 30, 1995), and is due in June 2002. The
Partnership is contingently liable for the full amount of the loan.
On August 15, 1995, the Partnership purchased a 31% undivided interest in the
Garden Walk manufactured home community located in Palm Beach Gardens, Florida.
The remaining undivided interest in the property was acquired by Windsor Park
Properties 7, a California limited partnership which has the same General
Partners as the Partnership. The Partnership's cost of its 31% undivided
interest was $1,114,000. In connection with the purchase, the Partnership and
Windsor Park Properties 7 obtained a $5,700,000 loan collateralized by the
property. The loan is payable in monthly interest only installments bearing
interest at 90 day LIBOR plus 2.95% (8.86% at September 30, 1995) and is due in
August 2002. The Partnership is contingently liable for the full amount of the
loan.
On September 12, 1995, the Partnership and Windsor Park Properties 5, an
affiliated limited partnership, obtained a $1,550,000 loan collateralized by the
Town and Country Estates manufactured home community, a jointly owned property.
The loan is payable in monthly interest only installments bearing interest at 90
day LIBOR plus 2.95% (8.87% at September 30, 1995), and is due in September
2002. The Partnership is contingently liable for the full amount of the loan.
On September 20, 1995, the Partnership purchased a 41% interest in the Rancho
Margate manufactured home community located in Margate, Florida. The remaining
interests in the property were acquired by Windsor Park Properties 4 and Windsor
Park Properties 5, both California limited partnerships which have the same
General Partners as the Partnership. The Partnership's cost of its 41% interest
was $1,189,700. In connection with the purchase, the Partnership, Windsor Park
Properties 4 and Windsor Park Properties 5 assumed a $3,737,100 loan,
collateralized by the property. The loan is payable in monthly installments and
bears interest at 50% of 6 month LIBOR plus 6.26% until June 2003 (9.29% at
September 30, 1995). Thereafter, the interest rate increases to 50% of 6 month
LIBOR plus 7.26% until the note matures in July 2023. In a separate agreement,
the seller of the property will reimburse the Partnership for any interest
expense which, in total, exceeds 9.1% during the three year period subsequent to
the purchase.
7
<PAGE>
The Partnership's investments in joint ventures consist of undivided interests
in four manufactured home communities at September 30, 1995 and two manufactured
home communities at September 1994. The combined condensed results of
operations of the properties (including the operations of Garden Walk and Rancho
Margate since their date of purchase) for the nine months ended September 30,
1995 and 1994 follows:
<TABLE>
<CAPTION>
1995 1994
------------ ------------
<S> <C> <C>
Total revenues $ 1,661,200 $ 1,380,000
------------ ------------
Expenses:
Property operating 760,000 715,000
Depreciation 317,000 286,600
Interest 179,700
------------ ------------
1,256,700 1,001,600
------------ ------------
Net income $ 404,500 $ 378,400
============ ============
</TABLE>
NOTE 3. NOTE PAYABLE
------------
On September 12, 1995, the Partnership obtained a $1,340,000 loan collateralized
by the Circle K and Chisholm Creek manufactured home communities. The loan is
payable in monthly interest only installments bearing interest at 90 day LIBOR
plus 2.95% (8.87% at September 30, 1995) and is due in September 2002. The
Partnership incurred loan costs of $68,500.
NOTE 4. NET INCOME PER LIMITED PARTNERSHIP UNIT
---------------------------------------
Net income per limited partnership unit is calculated based on the weighted
average number of limited partnership units outstanding during the period and
the net income allocated to the Limited Partners. The weighted average number
of limited partnership units outstanding during the three and nine months ended
September 30, 1995 was 298,128 and 298,427, respectively; and 298,587 and
298,861 for the three and nine months ended September 30, 1994, respectively.
NOTE 5. RELATED PARTY TRANSACTIONS
--------------------------
The General Partners of the Partnership are The Windsor Corporation, a
California corporation, and John A. Coseo, Jr. (Mr. Coseo is also the
president, chief executive officer and the principal stockholder of The Windsor
Corporation.)
The General Partners and their affiliates are entitled to receive various fees
and compensation from the Partnership which are summarized as follows:
Operational Stage
- - -----------------
The Partnership's investment properties were managed by Windsor Asset
Management, Inc. (WAMI), an affiliate of The Windsor Corporation, until November
1994. At that time, WAMI was merged into an independent property management
company. For management services, WAMI received 5 percent of gross property
receipts. During the three and nine months ended September 30, 1994, WAMI
8
<PAGE>
received fees of $6,200 and $18,100, respectively. WAMI received no fees during
the three and nine months ended September 30, 1995.
The net profits, losses, and cash distributions for the Partnership during the
operational stage are allocated 99 percent to the Limited Partners and 1 percent
to the General Partners.
The Partnership reimburses The Windsor Corporation and affiliates for certain
direct expenses, and employee, executive and administrative time, which are
incurred on the Partnership's behalf. The Partnership was charged $18,100 and
$19,300 for such costs during the three months ended September 30, 1995 and
1994, respectively; and $56,700 and $60,800 for the nine months ended September
30, 1995 and 1994, respectively.
Liquidation Stage
- - -----------------
The General Partners receive 1 percent of net income, loss and cash
distributions from the sale or refinancing of Partnership properties. This
participation increases to 15 percent after the Limited Partners have received
their original invested capital plus a 9 percent cumulative, non-compounded
annual return.
During both the three months ended September 30, 1995 and 1994, the General
Partners received cash distributions of $1,500; and $4,500 for both the nine
months ended September 30, 1995 and 1994.
NOTE 6. DISTRIBUTIONS TO LIMITED PARTNERS
---------------------------------
Distributions to limited partners in excess of net income allocated to limited
partners are considered a return of capital. A breakdown of cash distributions
to limited partners for the nine months ended September 30, 1995 and 1994
follows:
<TABLE>
<CAPTION>
1995 1994
------------------ -------------------
Per Per
Amount Unit Amount Unit
--------- ---- ---------- ----
<S> <C> <C> <C> <C>
Net income
- limited partners $ 159,200 $ 0.53 $ 94,100 $ 0.31
Return of capital 290,800 0.98 355,900 1.20
--------- ------ --------- ------
$ 450,000 $ 1.51 $ 450,000 $ 1.51
========= ====== ========= ======
</TABLE>
NOTE 7. SUBSEQUENT EVENT
----------------
On October 11, 1995, the Partnership purchased a 41% interest in the Winter
Haven manufactured home community located in Winter Haven, Florida. The
remaining interests in the property were acquired by Windsor Park Properties 4
and Windsor Park Properties 5, both California limited partnerships which have
the same General Partners as the Partnership. The Partnership's cost of its 41%
interest was approximately $790,200. In connection with the purchase, the
Partnership, Windsor Park Properties 4 and Windsor Park Properties 5 assumed a
$1,641,600 loan, collateralized by the property. The loan is payable in monthly
installments and bears interest at 50% of 6 month LIBOR plus 6.26% until June
2003. Thereafter, the interest rate increases to 50% of 6 month LIBOR plus
7.26% until the note matures in June 2023. In a separate agreement, the seller
of the property will reimburse the Partnership for any interest expense which,
in total, exceeds 9.1% during the three year period subsequent to the purchase.
9
<PAGE>
WINDSOR PARK PROPERTIES 6
-------------------------
(A California Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS
-----------------------------------
Changes in Financial Condition
- - ------------------------------
September 30, 1995 as compared to December 31, 1994
- - ---------------------------------------------------
The Partnership's primary sources of cash during the nine months ended September
30, 1995 were from the operations of its investment properties, cash
distributions from joint ventures and loan proceeds. The primary uses of cash
during the same period were for cash distributions to partners and the purchases
of interests in two investment properties.
On June 16, 1995, the Partnership and Windsor Park Properties 7, an affiliated
limited partnership, obtained a $3,480,000 loan collateralized by the Carefree
Village manufactured home community, a jointly owned property. The loan is
payable in monthly interest only installments bearing interest at 90 day LIBOR
plus 2.95%, and is due in June 2002.
On August 15, 1995, the Partnership purchased a 31% undivided interest in the
Garden Walk manufactured home community located in Palm Beach Gardens, Florida.
The remaining undivided interest in the property was acquired by Windsor Park
Properties 7, a California limited partnership which has the same General
Partners as the Partnership. The Partnership's cost of its 31% undivided
interest was $1,114,000. In connection with the purchase, the Partnership and
Windsor Park Properties 7 obtained a $5,700,000 loan collateralized by the
property. The loan is payable in monthly interest only installments bearing
interest at 90 day LIBOR plus 2.95% and is due in August 2002.
On September 12, 1995, the Partnership obtained a $1,340,000 loan collateralized
by the Circle K and Chisholm Creek manufactured home communities. The loan is
payable in monthly interest only installments bearing interest at 90 day LIBOR
plus 2.95% and is due in September 2002. The Partnership incurred loan costs of
$68,500.
On September 12, 1995, the Partnership and Windsor Park Properties 5, an
affiliated limited partnership, obtained a $1,550,000 loan collateralized by the
Town and Country Estates manufactured home community, a jointly owned property.
The loan is payable in monthly interest only installments bearing interest at
the 90 LIBOR plus 2.95%, and is due in September 2002.
On September 20, 1995, the Partnership purchased a 41% interest in the Rancho
Margate manufactured home community located in Margate, Florida. The remaining
interests in the property were acquired by Windsor Park Properties 4 and Windsor
Park Properties 5, both California limited partnerships which have the same
General Partners as the Partnership. The Partnership's cost of its 41% interest
was $1,189,700. In connection with the purchase, the Partnership, Windsor Park
Properties 4 and Windsor Park Properties 5 assumed a $3,737,100 loan,
collateralized by the property. The loan is payable in monthly installments and
bears interest at 50% of 6 month LIBOR plus 6.26% until June 2003. Thereafter,
the interest rate increases to 50% of 6 month LIBOR plus 7.26% until the loan
matures in July 2023. In a separate agreement, the seller of the property will
reimburse the Partnership for any interest expense which, in total, exceeds 9.1%
during the three year period subsequent to the purchase. The seller has
escrowed $87,000 to satisfy this potential obligation.
On October 11, 1995, the Partnership purchased a 41% interest in the Winter
Haven manufactured home community located in Winter Haven, Florida. The
remaining interests in the property were acquired by Windsor Park Properties 4
and Windsor Park Properties 5, both California limited
10
<PAGE>
partnerships which have the same General Partners as the Partnership. The
Partnership's cost of its 41% interest was approximately $790,200. In
connection with the purchase, the Partnership, Windsor Park Properties 4 and
Windsor Park Properties 5 assumed a $1,641,600 loan, collateralized by the
property. The loan is payable in monthly installments and bears interest at 50%
of 6 month LIBOR plus 6.26% until July 2003. Thereafter, the interest rate
increases to 50% of 6 month LIBOR plus 7.26% until the note matures in June
2023. In a separate agreement, the seller of the property will reimburse the
Partnership for any interest expense which, in total, exceeds 9.1% during the
three year period subsequent to the purchase. The seller has escrowed $20,000
to satisfy this potential obligation.
No further financings or investment property acquisitions are planned by the
General Partners.
The future sources of cash for the Partnership will be provided from property
operations, cash reserves, and ultimately from the sale of property. The future
uses of cash will be for Partnership administration, capital expenditures, cash
distributions to partners and debt service. The General Partners believe that
the future sources of cash are sufficient to meet the working capital
requirements of the Partnership for the foreseeable future.
Results of Operations
- - ---------------------
Three months ended September 30, 1995 as compared to three months ended
- - -----------------------------------------------------------------------
September 30, 1994
- - ------------------
The Partnership realized net income of $56,700 and $19,600 for the three months
ended September 30, 1995 and 1994, respectively. Net income per limited
partnership unit was $0.18 in 1995 compared to $0.06 in 1994.
Rent and utilities revenues increased from $123,900 in 1994 to $132,200 in 1995.
The overall occupancy of the Partnership's two wholly-owned properties remained
level at 90% at both September 30, 1995 and 1994. Rent increases of $11 and $9
per month were implemented at Circle K in May 1995 and May 1994, respectively;
and increases of $5 per month were implemented at Chisholm Creek in both June
1995 and June 1994.
Equity in earnings of joint ventures, which reflects the Partnership's share of
the net income of the Town and County, Carefree, Garden Walk and Rancho Margate
manufactured home communities, was $56,600 and $33,800 for the three months
ended September 30, 1995 and 1994, respectively. These results are not directly
comparable as the interests in Garden Walk and Rancho Margate were purchased in
August 1995 and September 1995, respectively. The increase in 1995 is due to
the purchase of Garden Walk and Rancho Margate, as well as an increase in the
overall occupancy of Town and Country and Carefree. In addition, rent increases
of $10 per month were implemented at Carefree in both September 1995 and
September 1994, and a $12 per month increase was implemented at Town and Country
in May 1995.
Interest income increased from $2,500 in 1994 to $12,300 in 1995 due to higher
cash balances maintained by the Partnership.
The Partnership incurred interest expense of $6,400 in 1995 relating to the loan
obtained in September 1995. No interest expense was incurred in 1994.
Nine months ended September 30, 1995 as compared to nine months ended September
- - -------------------------------------------------------------------------------
30, 1994
- - --------
The Partnership realized net income of $160,800 and $95,100 for the nine months
ended September 30, 1995 and 1994, respectively. Net income per limited
partnership unit was $0.53 in 1995 compared to $0.31 in 1994.
11
<PAGE>
Rent and utilities revenues increased from $356,300 in 1994 to $379,400 in 1995,
for the reasons discussed previously.
Equity in earnings of joint ventures, which reflects the Partnership's share of
the net income of the Town and Country, Carefree, Garden Walk and Rancho Margate
manufactured home communities, was $182,700 and $168,400 for the nine months
ended September 30, 1995 and 1994, respectively. The reasons for this increase
were discussed previously.
Interest income increased from $6,500 in 1994 to $18,600 in 1995 due to higher
cash balances maintained by the Partnership.
Property operating costs decreased from $225,800 in 1994 to $204,100 in 1995 due
mainly to lower promotional expenses incurred at Chisholm Creek, offset by
higher wages and benefits costs.
The Partnership incurred interest expense of $6,400 in 1995 relating to the loan
obtained in September 1995. No interest expense was incurred in 1994.
12
<PAGE>
PART II
-------
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------
a) Exhibits and Index of Exhibits
None
b) Reports on Form 8-K
1) A Form 8-K (dated August 22, 1995) was filed with regards to the
Partnership's acquisition of a 31% undivided interest in the Garden
Walk manufactured home community located in Palm Beach Gardens,
Florida.
The item reported in this current report was Item 2 (acquisition or
disposition of assets).
2) A Form 8-K (dated October 2, 1995) was filed with regards to the
Partnership's acquisition of a 41% interest in the Rancho Margate
manufactured home community located in Margate, Florida.
The item reported in this current report was Item 2 (acquisition or
disposition of assets).
3) A Form 8-K/A (dated October 25, 1995) was filed with regards to the
Partnership's acquisitions of a 31% undivided interest in the
Garden Walk manufactured home community located in Palm Beach
Gardens, Florida, and 41% interests in both the Rancho Margate and
Winter Haven manufactured home communities located in Margate,
Florida and Winter Haven, Florida, respectively.
The items reported in this current report were Item 2 (acquisition
or disposition of assets) and Item 7 (financial statements,
proforma financial information and exhibits).
A summary of the financial information included in the report
follows:
a) Financial Statements and Proforma Financial Information of
Garden Walk Manufactured Home Community.
b) Financial Statements and Proforma Financial Information of
Rancho Margate Manufactured Home Community.
c) Financial Statements and Proforma Financial Information of
Winter Haven Manufactured Home Community.
d) Proforma Financial Information of Windsor Park Properties 6.
13
<PAGE>
SIGNATURE
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
WINDSOR PARK PROPERTIES 6,
A California Limited Partnership
---------------------------------
(Registrant)
By: The Windsor Corporation, General Partner
By /s/John A. Coseo, Jr.
----------------------------------------
JOHN A. COSEO, JR.
Chief Financial Officer
(Principal Accounting Officer)
Date: November 6, 1995
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET OF WINDSOR PARK PROPERTIES 6 AT SEPTEMBER 30, 1995 AND THE RELATED
STATEMENTS OF OPERATIONS AND OF CASH FLOWS FOR THE NINE MONTHS THEN ENDED AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<CASH> 1,431,300
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 3,902,900
<DEPRECIATION> 1,052,200
<TOTAL-ASSETS> 9,272,500
<CURRENT-LIABILITIES> 0
<BONDS> 1,340,000
<COMMON> 0
0
0
<OTHER-SE> 7,812,600<F1>
<TOTAL-LIABILITY-AND-EQUITY> 9,272,500
<SALES> 0
<TOTAL-REVENUES> 592,800
<CGS> 0
<TOTAL-COSTS> 204,100
<OTHER-EXPENSES> 221,500
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,400
<INCOME-PRETAX> 160,800
<INCOME-TAX> 0
<INCOME-CONTINUING> 160,800
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 160,800
<EPS-PRIMARY> 0.53<F2>
<EPS-DILUTED> 0
<FN>
<F1>Limited and general partners equity.
<F2>Net income per limited partnership unit.
</FN>
</TABLE>
