UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended September 30, 1997
-----------------------------------------------------------
[ ] 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 0-27822
---------------------------------------------------------
ICON Cash Flow Partners, L.P., Series B
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3518939
- --------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
600 Mamaroneck Avenue, Harrison, New York 10528
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
(914) 698-0600
- --------------------------------------------------------------------------------
Registrant's telephone number, including area code
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.
[ x] Yes [ ] No
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Balance Sheets
(unaudited)
<TABLE>
September 30, December 31,
1997 1996
Assets
<S> <C> <C>
Cash .................................................. $ 266,585 $ 123,486
----------- -----------
Investment in finance leases
Minimum rents receivable ........................... 1,414,089 1,319,810
Estimated unguaranteed residual values ............. 270,647 202,614
Unearned income .................................... (259,622) (174,980)
Allowance for doubtful accounts .................... (50,555) (74,557)
----------- -----------
1,374,559 1,272,887
----------- -----------
Investment in financings
Receivables due in installments .................... 972,910 1,377,159
Unearned income .................................... (125,690) (209,095)
Allowance for doubtful accounts .................... (42,826) (47,798)
----------- -----------
804,394 1,120,266
----------- -----------
Equity investment in joint venture .................... 208,845 351,012
----------- -----------
Investment in operating leases
Equipment, at cost ................................. 119,662 119,662
Accumulated depreciation ........................... (119,562) (119,562)
----------- -----------
100 100
----------- -----------
Other assets .......................................... 17,717 19,692
----------- -----------
Total assets .......................................... $ 2,672,200 $ 2,887,443
=========== ===========
Liabilities and Partners' Equity
Note payable - recourse ............................... $ 1,178,987 $ --
Notes payable - non-recourse .......................... -- 265,154
Accounts payable to General Partner and affiliates, net 117,892 178,991
Accounts payable - other .............................. 163,800 131,148
Security deposits and deferred credits ................ 43,572 10,354
----------- -----------
1,504,251 585,647
----------- -----------
Commitments and Contingencies
Partners' equity (deficiency)
General Partner ..................................... (160,293) (148,954)
Limited partners (199,800 units outstanding,
$100 per unit original issue price) .............. 1,328,242 2,450,750
----------- -----------
Total partners' equity ................................ 1,167,949 2,301,796
----------- -----------
Total liabilities and partners' equity ................ $ 2,672,200 $ 2,887,443
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Statements of Operations
(unaudited)
<TABLE>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1997 1996 1997 1996
Revenues
<S> <C> <C> <C> <C>
Net gain on sales or
remarketing of equipment ......... $ 86,828 $ 24,737 $ 129,348 $ 153,968
Finance income ..................... 67,812 77,247 213,051 237,067
Interest income and other .......... 16,448 3,345 36,628 22,572
Income from equity investment
in joint venture ................. 2,586 4,952 12,241 21,211
--------- --------- --------- ---------
Total revenues ..................... 173,674 110,281 391,268 434,818
--------- --------- --------- ---------
Expenses
Interest ........................... 28,531 9,896 81,474 38,895
General and administrative ......... 12,559 27,664 49,218 92,191
Administrative expense reimbursement
- General Partner ................ 8,256 12,924 32,150 38,840
Amortization of initial direct costs -- -- -- 5
Management fees - General Partner .. -- -- -- (228,906)
--------- --------- --------- ---------
Total expenses ..................... 49,346 50,484 162,842 (58,975)
--------- --------- --------- ---------
Net income ............................ $ 124,328 $ 59,797 $ 228,426 $ 493,793
========= ========= ========= =========
Net income allocable to:
Limited partners ................... $ 123,085 $ 59,199 $ 226,142 $ 488,855
General Partner .................... 1,243 598 2,284 4,938
--------- --------- --------- ---------
$ 124,328 $ 59,797 $ 228,426 $ 493,793
========= ========= ========= =========
Weighted average number of limited
partnership units outstanding ...... 199,800 199,800 199,800 199,800
========= ========= ========= =========
Net income per weighted average
limited partnership unit ........... $ .62 $ .30 $ 1.13 $ 2.45
========= ========= ========= =========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Statements of Changes in Partners' Equity
For the Nine Months Ended September 30, 1997 and
the Years Ended December 31, 1996, 1995 and 1994
(unaudited)
<TABLE>
Limited Partner Distributions
Return of Investment Limited General
Capital Income Partners Partner Total
(Per weighted average unit)
<S> <C> <C> <C> <C> <C>
Balance at
December 31, 1993 $ 6,301,055 $(110,101) $ 6,190,954
Cash distributions
to partners $ 7.07 $ 1.93 (1,800,000) (18,182) (1,818,182)
Net income 386,136 3,900 390,036
----------- --------- -----------
Balance at
December 31, 1994 4,887,191 (124,383) 4,762,808
Cash distributions
to partners $ 5.89 $ 3.11 (1,799,763) (18,180) (1,817,943)
Limited partnership
units redeemed
(200 units) (3,967) - (3,967)
Net income 621,599 6,279 627,878
----------- --------- -----------
Balance at
December 31, 1995 3,705,060 (136,284) 3,568,776
Cash distributions
to partners $ 6.28 $ 2.72 (1,798,200) (18,164) (1,816,364)
Net income 543,890 5,494 549,384
----------- --------- -----------
Balance at
December 31, 1996 2,450,750 (148,954) 2,301,796
Cash distributions
to partners $ 5.62 $ 1.13 (1,348,650) (13,623) (1,362,273)
Net income 226,142 2,284 228,426
----------- --------- -----------
Balance at
September 30, 1997 $ 1,328,242 $(160,293) $ 1,167,949
=========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Statements of Cash Flows
For the Nine Months Ended September 30,
(unaudited)
<TABLE>
1997 1996
---- ----
Cash flows provided by operating activities:
<S> <C> <C>
Net income .................................................. $ 228,426 $ 493,794
----------- -----------
Adjustments to reconcile net income to net cash
provided by operating activities:
Finance income portion of receivables paid
directly to lenders by lessees ........................ (7,297) (45,325)
Amortization of initial direct costs ..................... -- 5
Net gain on sales or remarketing of equipment ............ (129,348) (153,968)
Interest expense on non-recourse financing paid
directly by lessees ................................... 3,798 38,895
Collection of principal - non-financed receivables ....... 595,748 447,925
Income from equity investment in joint venture ........... (12,241) (21,211)
Distribution from investment in joint venture ............ 154,408 369,089
Changes in operating assets and liabilities:
Allowance for doubtful accounts ....................... (28,974) 8,354
Accounts payable to General Partner and affiliates, net (61,099) (243,251)
Accounts payable - other .............................. 32,652 (58,250)
Security deposits and deferred credits ................ 33,218 (89,653)
Other assets .......................................... (1,925) (18,796)
Other, net ............................................ 52,626 91,310
----------- -----------
Total adjustments .................................... 631,566 325,124
----------- -----------
Net cash provided by operating activities ................ 859,992 818,918
----------- -----------
Cash flows from investing activities:
Proceeds from sales of equipment ............................ 288,985 455,743
Equipment and receivables purchased ......................... (822,592) (523,964)
----------- -----------
Net cash used in investing activities .................... (533,607) (68,221)
----------- -----------
Cash flows from financing activities:
Proceeds from note payable - recourse ....................... 1,500,000 --
Principal payments on note payable - recourse ............... (321,013) --
Cash distributions to partners .............................. (1,362,273) (1,362,273)
----------- -----------
Net cash used in financing activities .................... (183,286) (1,362,273)
----------- -----------
Net increase (decrease) in cash ................................ 143,099 (611,576)
Cash, beginning of period ...................................... 123,486 860,530
----------- -----------
Cash, end of period ............................................ $ 266,585 $ 248,954
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Statements of Cash Flows (continued)
(unaudited)
Supplemental Disclosures of Cash Flow Information
During the nine months ended September 30, 1997 and 1996, non-cash
activities included the following:
1997 1996
---- ----
Principal and interest on direct finance
receivables paid directly to lenders by lessees $ 268,952 $ 403,428
Principal and interest on non-recourse financing
paid directly by lessees ........................ (268,952) (403,428)
Decrease in notes payable non-recourse
due to terminations ........................... -- (44,572)
Increase (decrease) in security deposits
and deferred credits .......................... -- 44,572
--------- ---------
$ $
========= =========
Interest expense of $81,474 and $38,895 for the nine months ended
September 30, 1997 and 1996 consisted of interest expense on non-recourse
financing accrued or paid directly to lenders by lessees of $3,798 and $38,895
respectively, and interest expense on note payable recourse of $77,676 and $0,
respectively.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Notes to Financial Statements
September 30, 1997
(unaudited)
1. Basis of Presentation
The financial statements of ICON Cash Flow Partners, L.P., Series B (the
"Partnership") have been prepared pursuant to the rules and regulations of the
Securities and Exchange Commission (the "SEC") and, in the opinion of
management, include all adjustments (consisting only of normal recurring
accruals) necessary for a fair statement of income for each period shown.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to such SEC rules and regulations.
Management believes that the disclosures made are adequate to make the
information represented not misleading. The results for the interim period are
not necessarily indicative of the results for the full year. These financial
statements should be read in conjunction with the financial statements and notes
included in the Partnership's 1996 Annual Report on Form 10-K.
2. Investment in Joint Venture
The Partnership Agreement allows the Partnership to invest in joint
ventures with other limited partnerships sponsored by the General Partner
provided that the investment objectives of the joint ventures are consistent
with that of the Partnership.
On February 3, 1995, the Partnership and two affiliates, ICON Cash Flow
Partners, L.P., Series C ("Series C"), and ICON Cash Flow Partners L.P. Six
("L.P. Six") formed ICON Asset Acquisition L.L.C. I ("ICON Asset Acquisition
LLC") as a special purpose limited liability company. ICON Asset Acquisition LLC
was formed for the purpose of acquiring, managing and securitizing a portfolio
of leases. The Partnership, Series C and L.P. Six contributed $1,000,000 (8.93%
interest), $1,500,000 (13.39% interest) and $8,700,000 (77.68% interest),
respectively, to ICON Asset Acquisition LLC. On February 17, 1995, ICON Asset
Acquisition LLC purchased an existing portfolio of leases. The purchase price of
the portfolio totaled $27,854,266, and the underlying equipment consists of
graphic arts and printing equipment. On September 5, 1995, ICON Asset
Acquisition LLC securitized substantially all of its portfolio and became the
beneficial owner of a trust and the Prudential Insurance Company of America
("Prudential") the lender to the trust. On January 28, 1997, ICON Asset
Acquisition LLC re-financed its outstanding $7,780,000 obligation to Prudential
with proceeds it received from a loan from ICON Cash Flow Partners, L.P., Series
E ("Series E"), an affiliate of the Partnership.
On September 19, 1997, ICON Asset Acquisition LLC sold its entire
investment in leases to L.P. Six for $6,819,996. The proceeds from the sale were
used to pay off its obligation ($4,730,328 at September 19, 1997) to Series E.
The remaining proceeds will be distributed to the Partnership, Series C and L.P.
Six upon final liquidation of the remaining net assets of ICON Asset Acquisition
LLC.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Notes to Financial Statements - Continued
Information as to the financial position and results of operations of ICON Asset
Acquisition LLC as of and for the nine months ended September 30, 1997 is
summarized below:
September 30, 1997
Assets $ 2,906,511
==============
Liabilities $ 567,824
==============
Equity $ 2,338,687
==============
Nine Months Ended
September 30, 1997
Net income $ 137,067
==============
3. Amendment to Partnership Agreement
The Partnership's Reinvestment Period expired on November 15, 1995, five
years after the Final Closing Date. The General Partner distributed a Definitive
Consent Statement to the Limited Partners to solicit approval of two amendments
to the Partnership Agreement. These amendments were agreed to and are effective
from and after November 15, 1995. The amendments: (1) extend the Reinvestment
Period for a maximum of four additional years and likewise delay the start and
end of the Liquidation Period, and (2) eliminate the Partnership's obligation to
pay the General Partner $220,000 of the $347,000 accrued and unpaid management
fees as of November 15, 1995, and additional management fees which would
otherwise accrue during the present Liquidation Period. The portion of the
accrued and unpaid management fees that would be payable to the General Partner
($127,000) will be deferred until the limited partners have received their
cumulative unpaid distribution, or the difference between 14% and 9%.
4. Related Party Transactions
For the nine months ended September 30, 1997, no management fees were
accrued or paid to the General Partner. For the nine months ended September 30,
1996, due to the approval of the amendments as discussed in Note 3, the
Partnership reversed accrued and unpaid management fees in the amount of
$228,906. For the nine months ended September 30, 1997 and 1996, the Partnership
accrued or paid to the General Partner administrative expense reimbursements of
$32,150 and $38,840, respectively, which were charged to operations. The payment
of remaining management fees have been deferred and, as of September 30, 1997,
$127,000 in management fees have been accrued but not paid.
The Partnership, and two affiliates, Series C and L.P. Six, formed a joint
venture, ICON Asset Acquisition LLC (See Note 2 for additional information
relating to the joint venture).
There were no acquisition fees paid or accrued by the Partnership for the
nine months ended September 30, 1997 and 1996, respectively.
5. Notes Payable Recourse
On February 13, 1997, the Partnership borrowed $1,500,000 from a bank
pursuant to a four year term loan agreement. The agreement grants a security
interest in certain Partnership lease rental payments and collateral relating to
a specified group of leases and financing transactions. The note bears interest
at 9%, and is payable in monthly installments. The principal balance outstanding
at September 30, 1997 totaled $1,178,978.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
September 30, 1997
Item 2. General Partner's Discussion and Analysis of Financial Condition and
Results of Operations
The Partnership's portfolio consisted of a net investment in finance
leases, financings, equity investment in joint venture and operating leases of
58%, 34%, 8% and less than 1% of total investments at September 30, 1997,
respectively, and 49%, 39%, 12% and less than 1% of total investments at
September 30, 1996, respectively.
Results of Operations
Three Months Ended September 30, 1997 and 1996
Revenues for the three months ended September 30, 1997 were $173,674,
representing an increase of $63,393 or 57% from 1996. The increase in revenues
was attributable to an increase in net gain on sales or remarketing of equipment
of $62,091 or 251% and an increase in interest income of $13,103 or 392% from
1996. Results were also affected by a decrease in finance income of $9,435 or
12% and a decrease from income from joint venture and other of $2,366 or 48%
from 1996. The net gain on sales or remarketing of equipment increased due to an
increase in the number of leases maturing, and the underlying equipment being
sold or remarketed, for which the proceeds received were in excess of the
remaining carrying value of the equipment. The increase in income and other
resulted from an increase in the average cash balance and an increase in the
collection of late charges from 1996 to 1997. Finance income decreased due to a
decrease in the average size of the portfolio from 1996 to 1997. The decrease in
income from equity investment in joint venture resulted from a decrease in the
average size of the portfolio under investment and the sale of the Partnership's
investment in the joint venture.
Expenses for the three months ended September 30, 1997 were $49,346,
representing a decrease of $1,138 or 2% from 1996. The decrease in expenses was
primarily attributable to a decrease in general and administrative expense of
$15,105 or 55% and a decrease in administrative expense reimbursements of $4,668
or 36%. These decreases were offset by an increase in interest expense of
$18,635 or 188%. The increase in interest expense resulted from an increase in
the average debt outstanding from 1996 to 1997. General and administrative
expense decreased due to a decrease in the legal fees and service charges.
Administrative expense reimbursements decreased due to a decrease in the average
size of the portfolio from 1996 to 1997.
Net income for the three months ended September 30, 1997 and 1996 was
$124,328 and $59,797, respectively. The net income per weighted average limited
partnership unit was $.62 and $.30 for 1997 and 1996, respectively.
Nine Months Ended September 30, 1997 and 1996
For the nine months ended September 30, 1997 and 1996, the Partnership
leased or financed equipment with an initial cost of $822,592 and $523,964,
respectively, to 10 and 17 lessees or equipment users, respectively. The
weighted average initial transaction term relating to these transactions was 37
and 55 months, respectively.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
Revenues for the nine months ended September 30, 1997 were $391,268,
representing a decrease of $43,550 or 100% from 1996. The decrease in revenues
was attributable to a decrease in net gain on sales or remarketing of equipment
of $24,620 or 16%, a decrease in finance income of $24,016 or 10% and a decrease
in income from equity investment in joint venture of $8,970 or 40% from 1996.
The results were also affected by an increase in interest income of $14,056 or
62%. Net gain on sales or remarketing of equipment decreased due to a decrease
in the total number of leases maturing and the underlying equipment being sold
or remarketed for which the proceeds received were in excess of the remaining
carrying value of the equipment. The decrease in finance income resulted from a
decrease in the average size of the portfolio from 1996 to 1997. The decrease in
income from equity investment in joint venture resulted from a decrease in the
average size of the portfolio under investment and the sale of the Partnership's
investment in the joint venture. The increase in interest income and other
resulted from an increase in the collection of late charges.
Expenses for the nine months ended September 30, 1997 were $162,842,
representing an increase of $221,817 from 1996. The increase in expenses
resulted primarily from the reversal of management fees of $228,906 for the nine
months ended September 30, 1996. The increase in expenses also resulted from an
increase in interest expense of $42,579 or 109%. These increases were partially
offset by a decrease in general and administrative expense of $42,973 or 47%,
and a decrease in administrative expense reimbursements of $6,690 or 17%.
Interest expense increased due to an increase in the average debt outstanding
from 1996 to 1997. Administrative expense reimbursements decreased due to a
decrease in the average size of the portfolio from 1996 to 1997. General and
administrative expenses decreased due to a decrease in legal fees, postage and
service related expenses.
Net income for the nine months ended September 30, 1997 and 1996 was
$228,426 and $493,793, respectively. The net income per weighted average limited
partnership unit was $1.13 and $2.45 for 1997 and 1996, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the nine months ended
September 30, 1997 and 1996 were net cash provided by operations of $859,992 and
$818,918, respectively, proceeds from sales of equipment of $288,985 and
$455,743, respectively, and proceeds from borrowings of $1,500,000 in 1997.
These funds were used to make payments on borrowings, fund cash distributions
and purchase equipment. The Partnership intends to continue to purchase
additional equipment, fund cash distributions and service outstanding debt
utilizing cash accumulated from prior periods, cash from operations, proceeds
from sales of equipment.
Cash distributions to limited partners for the nine months ended September
30, 1997 and 1996, which were paid monthly, totaled $1,348,650, of which
$226,142 and $488,855 was investment income and $1,122,508 and $859,795 was a
return of capital, respectively. The monthly annualized cash distribution rate
to limited partners was 9.00% for 1997 and 1996, of which 1.67% and 3.24% was
investment income and 7.33% and 5.76% was a return of capital, respectively,
calculated as a percentage of each partner's initial capital contribution. The
limited partner distribution per weighted average unit outstanding for the nine
months ended September 30, 1997 and 1996 was $6.75, of which $1.13 and $2.45 was
investment income and $5.62 and $4.30 was a return of capital, respectively.
On February 13, 1997, the Partnership borrowed $1,500,000 from a bank
pursuant to a four year term loan agreement. The agreement grants a security
interest in certain Partnership lease rental payments and collateral relating to
a specified group of leases and financing transactions. The note bears interest
at 9%, and is payable in monthly installments. The principal balance outstanding
at September 30, 1997 totaled $1,178,978.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
The Partnership's Reinvestment Period expired on November 15, 1995, five
years after the Final Closing Date. The General Partner distributed a Definitive
Consent Statement to the Limited Partners to solicit approval of two amendments
to the Partnership Agreement. These amendments were approved and became
effective November 15, 1995. The amendments: (1) extend the Reinvestment Period
for a maximum of four additional years and likewise delay the start and end of
the Liquidation Period, and (2) eliminate the Partnership's obligation to pay
the General Partner $220,000 of the $347,000 accrued and unpaid management fees
as of November 15, 1995, and $171,000 of additional management fees which would
otherwise accrue during the present Liquidation Period. The portion of the
accrued and unpaid management fees that would be payable to the General Partner,
($127,000) will be deferred until the limited partners have received their
cumulative unpaid distribution, or the difference between 14% and 9%.
As of September 30, 1997, except as noted above, there were no known
trends or demands, commitments, events or uncertainties which are likely to have
any material effect on liquidity. As cash is realized from operations, sales of
equipment and borrowings, the Partnership will invest in equipment leases and
financings where it deems it to be prudent while retaining sufficient cash to
meet its reserve requirements and recurring obligations as they become due.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
No reports or Form 8-K were filed by the Partnership during the quarter ended
September 30, 1997.
<PAGE>
ICON Cash Flow Partners, L.P., Series B
(A Delaware Limited Partnership)
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.
ICON CASH FLOW PARTNERS, L.P., SERIES B
File No. 33-28145 (Registrant)
By its General Partner,
ICON Capital Corp.
November 14, 1997 /s/ Gary N. Silverhardt
- ----------------- ---------------------------------------------
Date Gary N. Silverhardt
Executive Vice President and Chief
Financial Officer
(Principal financial and account officer of
the General Partner of the Registrant)
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<NAME> ICON Cash Flow Partners, L.P., Series B
<CIK> 0000849278
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 266,585
<SECURITIES> 0
<RECEIVABLES> 2,272,334
<ALLOWANCES> 93,381
<INVENTORY> 17,717
<CURRENT-ASSETS> * 0
<PP&E> 119,662
<DEPRECIATION> 119,562
<TOTAL-ASSETS> 2,672,200
<CURRENT-LIABILITIES> ** 0
<BONDS> 1,178,987
0
0
<COMMON> 0
<OTHER-SE> 1,167,949
<TOTAL-LIABILITY-AND-EQUITY> 2,672,200
<SALES> 391,268
<TOTAL-REVENUES> 391,268
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 81,368
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 81,474
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 228,426
<EPS-PRIMARY> 1.13
<EPS-DILUTED> 1.13
<FN>
* The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
** The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
</FN>
</TABLE>
