SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
For the Quarter Ended: March 31, 2000
Commission file number: 0-19838
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
(Exact Name of Small Business Issuer as Specified in its Charter)
State of Minnesota 41-1677062
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1300 Minnesota World Trade Center, St. Paul, Minnesota 55101
(Address of Principal Executive Offices)
(651) 227-7333
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) 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
Transitional Small Business Disclosure Format:
Yes No [X]
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
INDEX
PART I. Financial Information
Item 1. Balance Sheet as of March 31, 2000 and December 31, 1999
Statements for the Periods ended March 31, 2000 and 1999:
Income
Cash Flows
Changes in Partners' Capital
Notes to Financial Statements
Item 2. Management's Discussion and Analysis
PART II.Other Information
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
BALANCE SHEET
MARCH 31, 2000 AND DECEMBER 31, 1999
(Unaudited)
ASSETS
2000 1999
CURRENT ASSETS:
Cash and Cash Equivalents $ 918,038 $ 835,832
Receivables 27,373 27,373
----------- -----------
Total Current Assets 945,411 863,205
----------- -----------
INVESTMENTS IN REAL ESTATE:
Land 5,764,703 5,764,703
Buildings and Equipment 10,185,520 10,185,520
Property Acquisition Costs 7,255 5,269
Accumulated Depreciation (1,665,815) (1,578,302)
----------- -----------
Net Investments in Real Estate 14,291,663 14,377,190
----------- -----------
Total Assets $15,237,074 $15,240,395
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Payable to AEI Fund Management, Inc. $ 79,690 $ 23,346
Distributions Payable 362,883 362,702
Unearned Rent 11,625 0
----------- -----------
Total Current Liabilities 454,198 386,048
----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General Partners (33,727) (33,013)
Limited Partners, $1,000 Unit Value;
30,000 Units authorized; 21,152 Units issued;
20,651 outstanding 14,816,603 14,887,360
----------- -----------
Total Partners' Capital 14,782,876 14,854,347
----------- -----------
Total Liabilities and Partners' Capital $15,237,074 $15,240,395
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
STATEMENT OF INCOME
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
2000 1999
INCOME:
Rent $ 474,379 $ 477,781
Investment Income 10,794 9,410
----------- -----------
Total Income 485,173 487,191
----------- -----------
EXPENSES:
Partnership Administration - Affiliates 63,099 65,734
Partnership Administration and Property
Management - Unrelated Parties 27,493 26,951
Depreciation 87,513 85,802
----------- -----------
Total Expenses 178,105 178,487
----------- -----------
OPERATING INCOME 307,068 308,704
GAIN ON SALE OF REAL ESTATE 0 151,045
----------- -----------
NET INCOME $ 307,068 $ 459,749
=========== ===========
NET INCOME ALLOCATED:
General Partners $ 3,071 $ 4,598
Limited Partners 303,997 455,151
----------- -----------
$ 307,068 $ 459,749
=========== ===========
NET INCOME PER LIMITED PARTNERSHIP UNIT
(20,651 and 20,768 weighted average Units
outstanding in 2000 and 1999, respectively) $ 14.72 $ 21.92
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 307,068 $ 459,749
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation 87,513 85,802
Gain on Sale of Real Estate 0 (151,045)
Decrease in Receivables 0 349
Increase in Payable to
AEI Fund Management, Inc. 56,344 77,611
Increase in Unearned Rent 11,625 14,149
----------- -----------
Total Adjustments 155,482 26,866
----------- -----------
Net Cash Provided By
Operating Activities 462,550 486,615
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in Real Estate (1,986) (4,833)
Proceeds from Sale of Real Estate 0 447,892
----------- -----------
Net Cash Provided By (Used For)
Investing Activities (1,986) 443,059
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in Distributions Payable 181 (4,436)
Distributions to Partners (378,539) (378,545)
----------- -----------
Net Cash Used For
Financing Activities (378,358) (382,981)
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 82,206 546,693
CASH AND CASH EQUIVALENTS, beginning of period 835,832 884,555
----------- -----------
CASH AND CASH EQUIVALENTS, end of period $ 918,038 $ 1,431,248
=========== ===========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE PERIODS ENDED MARCH 31
(Unaudited)
Limited
Partnership
General Limited Units
Partners Partners Total Outstanding
BALANCE, December 31, 1998 $(32,375) $14,950,621 $14,918,246 20,767.92
Distributions (3,785) (374,760) (378,545)
Net Income 4,598 455,151 459,749
--------- ----------- ----------- ----------
BALANCE, March 31, 1999 $(31,562) $15,031,012 $14,999,450 20,767.92
========= =========== =========== ==========
BALANCE, December 31, 1999 $(33,013) $14,887,360 $14,854,347 20,651.42
Distributions (3,785) (374,754) (378,539)
Net Income 3,071 303,997 307,068
--------- ----------- ----------- ----------
BALANCE, March 31, 2000 $(33,727) $14,816,603 $14,782,876 20,651.42
========= =========== =========== ==========
The accompanying Notes to Financial Statements are an integral
part of this statement.
</PAGE>
<PAGE>
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
(1) The condensed statements included herein have been prepared
by the Partnership, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission, and
reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results of
operations for the interim period, on a basis consistent with
the annual audited statements. The adjustments made to these
condensed statements consist only of normal recurring
adjustments. Certain information, accounting policies, and
footnote disclosures normally included in financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant
to such rules and regulations, although the Partnership
believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that
these condensed financial statements be read in conjunction
with the financial statements and the summary of significant
accounting policies and notes thereto included in the
Partnership's latest annual report on Form 10-KSB.
(2) Organization -
AEI Net Lease Income & Growth Fund XIX Limited Partnership
(Partnership) was formed to acquire and lease commercial
properties to operating tenants. The Partnership's
operations are managed by AEI Fund Management XIX, Inc.
(AFM), the Managing General Partner. Robert P. Johnson, the
President and sole shareholder of AFM, serves as the
Individual General Partner and an affiliate of AFM, AEI Fund
Management, Inc. (AEI) performs the administrative and
operating functions for the Partnership.
The terms of the Partnership offering call for a
subscription price of $1,000 per Limited Partnership Unit,
payable on acceptance of the offer. The Partnership
commenced operations on May 31, 1991 when minimum
subscriptions of 1,500 Limited Partnership Units
($1,500,000) were accepted. The offering terminated
February 5, 1993 when the extended offering period expired.
The Partnership received subscriptions for 21,151.928
Limited Partnership Units ($21,151,928).
Under the terms of the Limited Partnership Agreement, the
Limited Partners and General Partners contributed funds of
$21,151,928, and $1,000, respectively. During operations,
any Net Cash Flow, as defined, which the General Partners
determine to distribute will be distributed 90% to the
Limited Partners and 10% to the General Partners; provided,
however, that such distributions to the General Partners
will be subordinated to the Limited Partners first receiving
an annual, noncumulative distribution of Net Cash Flow equal
to 10% of their Adjusted Capital Contribution, as defined,
and, provided further, that in no event will the General
Partners receive less than 1% of such Net Cash Flow per
annum. Distributions to Limited Partners will be made pro
rata by Units.
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(2) Organization - (Continued)
Any Net Proceeds of Sale, as defined, from the sale or
financing of properties which the General Partners determine
to distribute will, after provisions for debts and reserves,
be paid in the following manner: (i) first, 99% to the
Limited Partners and 1% to the General Partners until the
Limited Partners receive an amount equal to: (a) their
Adjusted Capital Contribution plus (b) an amount equal to
12% of their Adjusted Capital Contribution per annum,
cumulative but not compounded, to the extent not previously
distributed from Net Cash Flow; (ii) any remaining balance
will be distributed 90% to the Limited Partners and 10% to
the General Partners. Distributions to the Limited Partners
will be made pro rata by Units.
For tax purposes, profits from operations, other than
profits attributable to the sale, exchange, financing,
refinancing or other disposition of property, will be
allocated first in the same ratio in which, and to the
extent, Net Cash Flow is distributed to the Partners for
such year. Any additional profits will be allocated in the
same ratio as the last dollar of Net Cash Flow is
distributed. Net losses from operations will be allocated
98% to the Limited Partners and 2% to the General Partners.
For tax purposes, profits arising from the sale, financing,
or other disposition of property will be allocated in
accordance with the Partnership Agreement as follows: (i)
first, to those partners with deficit balances in their
capital accounts in an amount equal to the sum of such
deficit balances; (ii) second, 99% to the Limited Partners
and 1% to the General Partners until the aggregate balance
in the Limited Partners' capital accounts equals the sum of
the Limited Partners' Adjusted Capital Contributions plus an
amount equal to 12% of their Adjusted Capital Contributions
per annum, cumulative but not compounded, to the extent not
previously allocated; (iii) third, the balance of any
remaining gain will then be allocated 90% to the Limited
Partners and 10% to the General Partners. Losses will be
allocated 98% to the Limited Partners and 2% to the General
Partners.
The General Partners are not required to currently fund a
deficit capital balance. Upon liquidation of the
Partnership or withdrawal by a General Partner, the General
Partners will contribute to the Partnership an amount equal
to the lesser of the deficit balances in their capital
accounts or 1% of total Limited Partners' and General
Partners' capital contributions.
(3) Investments in Real Estate -
Through December 31, 1999, the Partnership sold 57.9926% of
the HomeTown Buffet restaurant in Tucson, Arizona, in five
separate transactions to unrelated third parties. The
Partnership received total net sale proceeds of $1,002,998
which resulted in a total net gain of $316,215. The total
cost and related accumulated depreciation of the interests
sold was $746,589 and $59,806, respectively. For the three
months ended March 31, 1999, the net gain was $151,045.
AEI NET LEASE INCOME & GROWTH FUND XIX LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Continued)
(3) Investments in Real Estate - (Continued)
On September 28, 1999, the Partnership purchased a 47%
interest in a Marie Callender's restaurant in Henderson,
Nevada for $804,911. The property is leased to Marie
Callender Pie Shops, Inc. under a Lease Agreement with a
primary term of 15 years and annual rental payments of
$75,905.
The Partnership has incurred net costs of $7,255 related to
the review of potential property acquisitions which have
been capitalized and will be allocated to properties
acquired in future periods.
The Partnership owns a 33.0% interest in a Media Play retail
store which was leased to The Musicland Group, Inc. (MGI)
under a Lease Agreement with a primary term of 18 years and
annual rental payments of $135,482. MGI experienced
financial difficulties and was aggressively restructuring
its organization. As part of the restructuring, the
Partnership and MGI reached an agreement in December, 1996
in which MGI would buy out and terminate the Lease Agreement
by making a payment of $800,000, which is equal to
approximately two years' rent. The Partnership's share of
such payment was $264,000. A specialist in commercial
property leasing has been retained to locate a new tenant
for the property. While the property is vacant, the
Partnership is responsible for the real estate taxes and
other costs required to maintain the property.
In the third quarter of 1999, the Partnership abandoned a
Red Line Burger property in order to avoid ongoing expenses.
The remaining Red Line Burger property is vacant and listed
for sale or lease. The Partnership recorded a real estate
impairment, equal to the net book value of the properties in
1997. The abandonment of the property did not have a
material effect on the Partnership's cash flow or financial
statements.
In December, 1998, Gulf Coast Restaurants, Inc. (GCR), the
lessee of the Applebee's restaurant in Covington, Louisiana,
filed for reorganization. GCR is continuing to make the
lease payments to the Partnership under the supervision of
the bankruptcy court while they develop a reorganization
plan. If the Lease is assumed, GCR must comply with all
Lease terms and any unpaid rent must be paid. If the Lease
is rejected, GCR will be required to return possession of
the property to the Partnership and past due amounts will be
dismissed and the Partnership will be responsible for re-
leasing the property. At December 31, 1999, GCR owed
$27,373 for rent due prior to the date of the filing for
reorganization. An analysis of the operating statements of
this property indicate that it is generating profits. It is
management's belief that the Lease will be assumed by GCR,
that any adjustments to the Lease will be immaterial to the
Partnership, and that, ultimately the property will be
purchased by a different operator, approved by the
bankruptcy court, at a price exceeding the property's book
value.
(4) Payable to AEI Fund Management, Inc. -
AEI Fund Management, Inc. performs the administrative and
operating functions for the Partnership. The payable to AEI
Fund Management represents the balance due for those
services. This balance is non-interest bearing and
unsecured and is to be paid in the normal course of
business.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS
Results of Operations
For the three months ended March 31, 2000 and 1999, the
Partnership recognized rental income of $474,379 and $477,781,
respectively. During the same periods, the Partnership earned
investment income of $10,794 and $9,410, respectively.
The Partnership owns a 33.0% interest in a Media Play
retail store which was leased to The Musicland Group, Inc. (MGI)
under a Lease Agreement with a primary term of 18 years and
annual rental payments of $135,482. MGI experienced financial
difficulties and was aggressively restructuring its organization.
As part of the restructuring, the Partnership and MGI reached an
agreement in December, 1996 in which MGI would buy out and
terminate the Lease Agreement by making a payment of $800,000,
which is equal to approximately two years' rent. The
Partnership's share of such payment was $264,000. A specialist
in commercial property leasing has been retained to locate a new
tenant for the property. While the property is vacant, the
Partnership is responsible for the real estate taxes and other
costs required to maintain the property.
In the third quarter of 1999, the Partnership abandoned a
Red Line Burger property in order to avoid ongoing expenses. The
remaining Red Line Burger property is vacant and listed for sale
or lease. The Partnership recorded a real estate impairment,
equal to the net book value of the properties in 1997. The
abandonment of the property did not have a material effect on the
Partnership's cash flow or financial statements.
In December, 1998, Gulf Coast Restaurants, Inc. (GCR), the
lessee of the Applebee's restaurant in Covington, Louisiana,
filed for reorganization. GCR is continuing to make the lease
payments to the Partnership under the supervision of the
bankruptcy court while they develop a reorganization plan. If
the Lease is assumed, GCR must comply with all Lease terms and
any unpaid rent must be paid. If the Lease is rejected, GCR will
be required to return possession of the property to the
Partnership and past due amounts will be dismissed and the
Partnership will be responsible for re-leasing the property. At
December 31, 1999, GCR owed $27,373 for rent due prior to the
date of the filing for reorganization. An analysis of the
operating statements of this property indicate that it is
generating profits. It is management's belief that the Lease
will be assumed by GCR, that any adjustments to the Lease will be
immaterial to the Partnership, and that, ultimately the property
will be purchased by a different operator, approved by the
bankruptcy court, at a price exceeding the property's book value.
During the three months ended March 31, 2000 and 1999, the
Partnership paid Partnership administration expenses to
affiliated parties of $63,099 and $65,734, respectively. These
administration expenses include costs associated with the
management of the properties, processing distributions, reporting
requirements and correspondence to the Limited Partners. During
the same periods, the Partnership incurred Partnership
administration and property management expenses from unrelated
parties of $27,493 and $26,951, respectively. These expenses
represent direct payments to third parties for legal and filing
fees, direct administrative costs, outside audit and accounting
costs, taxes, insurance and other property costs.
As of March 31, 2000, the Partnership's annualized cash
distribution rate was 7.5%, based on the Adjusted Capital
Contribution. Distributions of Net Cash Flow to the General
Partners were subordinated to the Limited Partners as required in
the Partnership Agreement. As a result, 99% of distributions and
income were allocated to Limited Partners and 1% to the General
Partners.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Inflation has had a minimal effect on income from
operations. It is expected that increases in sales volumes of
the tenants due to inflation and real sales growth, will result
in an increase in rental income over the term of the leases.
Inflation also may cause the Partnership's real estate to
appreciate in value. However, inflation and changing prices may
also have an adverse impact on the operating margins of the
properties' tenants which could impair their ability to pay rent
and subsequently reduce the Partnership's Net Cash Flow available
for distributions.
Liquidity and Capital Resources
During the three months ended March 31, 2000, the
Partnership's cash balances increased $82,206 as the Partnership
distributed less cash to the Partners than it generated from
operating activities. Net cash provided by operating activities
decreased from $486,615 in 1999 to $462,550 in 2000 as the result
of net timing differences in the collection of payments from the
lessees and the payment of expenses.
The major components of the Partnership's cash flow from
investing activities are investments in real estate and proceeds
from the sale of real estate. During the three months ended
March 31, 1999, the Partnership generated cash flow from the sale
of real estate of $447,892. During the three months ended March
31, 2000 and 1999, the Partnership expended $1,986 and $4,833,
respectively, to invest in real properties (inclusive of
acquisition expenses), as the Partnership continued to reinvest
the cash generated from property sales.
Through December 31, 1999, the Partnership sold 57.9926%
of the HomeTown Buffet restaurant in Tucson, Arizona, in five
separate transactions to unrelated third parties. The
Partnership received total net sale proceeds of $1,002,998 which
resulted in a total net gain of $316,215. The total cost and
related accumulated depreciation of the interests sold was
$746,589 and $59,806, respectively. For the three months ended
March 31, 1999, the net gain was $151,045.
On September 28, 1999, the Partnership purchased a 47%
interest in a Marie Callender's restaurant in Henderson, Nevada
for $804,911. The property is leased to Marie Callender Pie
Shops, Inc. under a Lease Agreement with a primary term of 15
years and annual rental payments of $75,905.
The Partnership's primary use of cash flow is distribution
and redemption payments to Partners. The Partnership declares
its regular quarterly distributions before the end of each
quarter and pays the distribution in the first week after the end
of each quarter. The Partnership attempts to maintain a stable
distribution rate from quarter to quarter. Redemption payments
are paid to redeeming Partners in the fourth quarter of each
year.
The Partnership may acquire Units from Limited Partners
who have tendered their Units to the Partnership. Such Units may
be acquired at a discount. The Partnership is not obligated to
purchase in any year more than 5% of the number of Units
outstanding at the beginning of the year. In no event shall the
Partnership be obligated to purchase Units if, in the sole
discretion of the Managing General Partner, such purchase would
impair the capital or operation of the Partnership.
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
During 1999, nine Limited Partners redeemed a total of
116.5 Partnership Units for $77,316 in accordance with the
Partnership Agreement. The Partnership acquired these Units
using Net Cash Flow from operations. In prior years, a total of
twenty-four Limited Partners redeemed 384 Partnership Units for
$285,000. The redemptions increase the remaining Limited
Partners' ownership interest in the Partnership.
The continuing rent payments from the properties, together
with cash generated from property sales, should be adequate to
fund continuing distributions and meet other Partnership
obligations on both a short-term and long-term basis.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions
of the Private Securities Litigation Reform Act of 1995
The foregoing Management's Discussion and Analysis
contains various "forward looking statements" within the meaning
of federal securities laws which represent management's
expectations or beliefs concerning future events, including
statements regarding anticipated application of cash, expected
returns from rental income, growth in revenue, taxation levels,
the sufficiency of cash to meet operating expenses, rates of
distribution, and other matters. These, and other forward
looking statements made by the Partnership, must be evaluated in
the context of a number of factors that may affect the
Partnership's financial condition and results of operations,
including the following:
<BULLET> Market and economic conditions which affect
the value of the properties the Partnership owns and
the cash from rental income such properties generate;
<BULLET> the federal income tax consequences of rental
income, deductions, gain on sales and other items and
the affects of these consequences for investors;
<BULLET> resolution by the General Partners of
conflicts with which they may be confronted;
<BULLET> the success of the General Partners of
locating properties with favorable risk return
characteristics;
<BULLET> the effect of tenant defaults; and
<BULLET> the condition of the industries in which the
tenants of properties owned by the Partnership operate.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no material pending legal proceedings to which
the Partnership is a party or of which the Partnership's
property is subject.
ITEM 2. CHANGES IN SECURITIES
None.
PART II - OTHER INFORMATION
(Continued)
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits -
Description
27 Financial Data Schedule for period
ended March 31, 2000.
b. Reports filed on Form 8-K - None.
SIGNATURES
In accordance with the requirements of the Exchange Act,
the Registrant has caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Dated: May 5, 2000 AEI Net Lease Income & Growth Fund XIX
Limited Partnership
By: AEI Fund Management XIX, Inc.
Its: Managing General Partner
By: /s/ Robert P. Johnson
Robert P. Johnson
President
(Principal Executive Officer)
By: /s/ Mark E. Larson
Mark E. Larson
Chief Financial Officer
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000868740
<NAME> AEI NET LEASE INCOME & GROWTH FUND XIX LTD PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 918,038
<SECURITIES> 0
<RECEIVABLES> 27,373
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 945,411
<PP&E> 15,957,478
<DEPRECIATION> (1,665,815)
<TOTAL-ASSETS> 15,237,074
<CURRENT-LIABILITIES> 454,198
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 14,782,876
<TOTAL-LIABILITY-AND-EQUITY> 15,237,074
<SALES> 0
<TOTAL-REVENUES> 485,173
<CGS> 0
<TOTAL-COSTS> 178,105
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 307,068
<INCOME-TAX> 0
<INCOME-CONTINUING> 307,068
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 307,068
<EPS-BASIC> 14.72
<EPS-DILUTED> 14.72
</TABLE>
