<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended June 30, 1997 or
-------------------------------
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
----------------- --------------------
Commission file number 0-21580
--------------------------------------------------------
Wells Real Estate Fund V, L.P.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1936904
- ------------------------------- -----------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification no.)
3885 Holcomb Bridge Road, Norcross, Georgia 30092
- ----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 449-7800
--------------
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
------ -------
<PAGE>
Form 10-Q
---------
Wells Real Estate Fund V, L.P.
------------------------------
INDEX
-----
Page No.
--------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - June 30, 1997
and December 31, 1996.......................... 3
Statements of Income for the Three
Months and the Six Months Ended June 30, 1997
and 1996....................................... 4
Statement of Partners' Capital
for the Year Ended December 31, 1996,
and the Six Months Ended June 30, 1997......... 5
Statements of Cash Flows for the Six Months
Ended June 30, 1997 and 1996................... 6
Condensed Notes to Financial Statements......... 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations...................................... 8
PART II. OTHER INFORMATION......................................... 15
2
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
Assets June 30, 1997 December 31, 1996
------ -------------- -----------------
<S> <C> <C>
Investment in joint ventures (Note 2) $13,450,734 $13,573,803
Cash and cash equivalents 160,733 252,283
Due from affiliates 298,320 258,760
Deferred project costs 0 5,843
Organization costs, less accumulated
amortization of $31,250 in 1997 and
$30,208 in 1996 0 1,042
Prepaid expenses and other assets 0 350
----------- -----------
Total assets $13,909,787 $14,092,081
=========== ===========
Liabilities and Partners' Capital
---------------------------------
Liabilities:
Accounts payable $ 982 $ 4,500
Partnership distribution payable 273,011 247,011
----------- -----------
Total liabilities 273,993 251,511
----------- -----------
Partners' capital:
Limited partners
Class A - 1,551,416 units outstanding 13,635,794 13,840,570
Class B - 149,186 units outstanding 0 0
----------- -----------
Total partners' capital 13,635,794 13,840,570
----------- -----------
Total liabilities and partners'
capital $13,909,787 $14,092,081
=========== ===========
</TABLE>
See accompanying condensed notes to financial statements.
3
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
--------------------------------- ------------------------------------
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Interest income $ 2,453 $ 3,498 $ 5,513 $ 7,130
Equity in income of joint ventures
(Note 2) 208,902 166,361 371,133 311,605
-------- --------- -------- ---------
211,355 169,859 376,646 318,735
Expenses:
Legal and accounting 5,835 16,966 15,096 18,097
Computer costs 1,651 994 4,144 2,055
Partnership administration 13,790 16,679 25,177 32,424
Amortization of organization costs 0 1,562 1,042 3,125
-------- --------- -------- ---------
21,276 36,201 45,459 55,701
-------- --------- -------- ---------
Net income $190,079 $ 133,658 $331,187 $ 263,034
======== ========= ======== =========
Net loss allocated to General Partners $ 0 $ 0 $ 0 $ 0
Net income allocated to Class A
Limited Partners $190,079 $ 286,809 $331,187 $ 568,054
Net loss allocated to Class B Limited
Partners $ 0 $(153,151) $ 0 $(305,020)
Net income per Class A Limited
Partner Unit $ 0.12 $ 0.19 $ 0.21 $ 0.37
Net loss per Class B Limited Partner
Unit $ 0 $ (0.99) $ 0 $ (1.98)
Cash distribution per Class A Limited
Partner Unit $ 0.18 $ 0.15 $ 0.35 $ 0.32
</TABLE>
See accompanying condensed notes to financial statements.
4
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1996 AND THE SIX MONTHS ENDED
JUNE 30, 1997
<TABLE>
<CAPTION>
LIMITED PARTNERS
----------------------------------------------
Class A CLASS B Total
------------------------ -------------------- General Partners'
Units Amount Units Amount Partners Capital
--------- ----------- -------- --------- -------- ------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, DECEMBER 31, 1995 1,541,017 $13,736,181 159,585 $ 604,978 $0 $14,341,159
Net income (loss) 0 1,095,296 0 (589,646) 0 505,650
Partnership distributions 0 (1,006,239) 0 0 0 (1,006,239)
Class B conversion elections 5,399 15,332 (5,399) (15,332) 0 0
--------- ----------- ------- --------- -------- -----------
BALANCE, DECEMBER 31, 1996 1,546,416 13,840,570 154,186 0 0 13,840,570
Net income (loss) 0 331,187 0 0 0 331,187
Partnership distributions 0 (535,963) 0 0 0 (535,963)
Class B conversion elections 5,000 0 (5,000) 0 0 0
--------- ----------- ------- --------- -------- -----------
BALANCE, JUNE 30, 1997 1,551,416 $13,635,794 149,186 $ 0 $0 $13,635,794
========= =========== ======= ========= ======== ===========
</TABLE>
See accompanying condensed notes to financial statements.
5
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(a Georgia Public Limited Partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Six Months Ended
-----------------------------------
June 30, 1997 June 30, 1996
Cash flow from operating activities: ------------- -------------
<S> <C> <C>
Net income $ 331,187 $ 263,034
Adjustments to reconcile net income
to net cash used in operating activities: (371,133) (311,605)
Equity in income of joint venture
Amortization of organization costs 1,042 3,125
Changes in assets and liabilities:
Decrease in prepaids & other assets 350 0
Decrease in accounts payable (3,518) (5,000)
--------- ---------
Net cash used in operating
activities (42,072) (50,446)
--------- ---------
Cash flow from investing activities:
Distributions received from joint
ventures 549,808 540,134
Investment in joint ventures (89,323) (225)
--------- ---------
Net cash provided by investing
activities 460,485 539,909
--------- ---------
Cash flow from financing activities:
Partnership distributions paid (509,963) (507,235)
--------- ---------
Net decrease in cash and cash
equivalents (91,550) (17,772)
Cash and cash equivalents, beginning
of year 252,283 256,180
--------- ---------
Cash and cash equivalents, end of
period $ 160,733 $ 238,408
========= =========
Supplemental Schedule of noncash
investing activities - deferred
project costs applied to investing
activities $ 5,843 $ 0
========= =========
</TABLE>
See accompanying condensed notes to financial statements.
6
<PAGE>
WELLS REAL ESTATE FUND V, L.P
(A Georgia Public Limited Partnership)
Condensed Notes to Financial Statements
(1) Basis of Presentation
---------------------
The financial statements of Wells Real Estate Fund V, L.P. ( the
"Partnership") have been prepared in accordance with instructions to Form
10-Q and do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial statements.
These quarterly statements have not been examined by independent
accountants, but in the opinion of the General Partners, the statements for
the unaudited interim periods presented include all adjustments, which are
of a normal and recurring nature, necessary to present a fair presentation
of the results for such periods. For further information, refer to the
financial statements and footnotes included in the Partnership's Form 10-K
for year ended December 31, 1996.
(a) General
-----------
Wells Real Estate Fund V, L.P. (the "Partnership") is a Georgia public
limited partnership having Leo F. Wells, III and Wells Partners, L.P., as
General Partners. The Partnership was formed on October 25, 1990, for the
purpose of acquiring, developing, owning, operating, improving, leasing,
and otherwise managing for investment purposes income producing commercial
or industrial properties.
On March 6, 1992, the Partnership commenced an offering of up to
$25,000,000 of Class A or Class B limited partnership units ($10.00 per
unit) pursuant to a Registration Statement on Form S-11 filed under the
Securities Act of 1933. The Partnership did not commence active operations
until it received and accepted subscriptions for a minimum of 125,000 units
on April 27, 1992. The offering was terminated on March 3, 1993, at which
time the Partnership had sold 1,520,967 Class A Units and 179,635 Class B
Units representing $17,006,020 of capital contributions by investors who
were admitted to the Partnership as Limited Partners.
The Partnership owns interests in the following properties through its
equity ownership in the following joint ventures; (i) Fund IV and Fund V
Associates, a joint venture between the Partnership and Wells Real Estate
Fund IV, L.P. (the "Fund IV - Fund V Joint Venture"); (ii) Fund V and Fund
VI Associates, a joint venture between the Partnership and Wells Real
Estate Fund VI, L.P. (the "Fund V - Fund VI Joint Venture"); and (iii) Fund
V, Fund VI, and Fund VII Associates, a joint venture between the
Partnership, Wells Real Estate Fund VI, L.P. and Wells Real Estate Fund
VII, L.P. (the "Fund V-VI-VII Joint Venture").
As of June 30, 1997, the Partnership owned interests in the following
properties through its ownership of the foregoing joint ventures: (i) a
four-story office building located in
7
<PAGE>
Jacksonville, Florida ("IBM Jacksonville"), which is owned by the Fund IV -
Fund V Joint Venture; (ii) two substantially identical two-story office
buildings located in Clayton County, Georgia (the "Medical Center"), which
are owned by the Fund IV -Fund V Joint Venture; (iii) a four-story office
building located in metropolitan Hartford, Connecticut (the "Hartford
Building"), which is owned by the Fund V - Fund VI Joint Venture; (iv) two
retail buildings located in Clayton County, Georgia ("Stockbridge Village
II"), which are owned by the Fund V - Fund VI Joint Venture; and (v) a
three-story office building located in Appleton, Wisconsin (the "Marathon
Building"), which is owned by the Fund V-VI-VII Joint Venture. All of the
foregoing properties were acquired on an all cash basis. For further
information regarding these joint ventures and properties, refer to the
Partnership's Form 10-K for the year ended December 31, 1996.
(2) Investment in Joint Ventures
----------------------------
The Partnership owns interests in five properties through its investment in
joint ventures of which four are office buildings and one is a retail
building. The Partnership does not have control over the operations of the
joint ventures; however, it does exercise significant influence.
Accordingly, investment in joint ventures is recorded on the equity method.
For further information, refer to the financial statements and footnotes
included in the Partnership's Form 10-K for the year ended December 31,
1996.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
------------------------------------------------------------------------
RESULTS OF OPERATIONS.
----------------------
The following discussion and analysis should be read in conjunction with
the accompanying financial statements of the Partnership and notes thereto.
This Report contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and 21E of the Securities
Exchange Act of 1934, including discussion and analysis of the financial
condition of the Partnership, anticipated capital expenditures required to
complete certain projects, amounts of cash distributions anticipated to be
distributed to Limited Partners in the future and certain other matters.
Readers of this Report should be aware that there are various factors that
could cause actual results to differ materially form any forward-looking
statement made in this Report, which include construction costs which may
exceed estimates, construction delays, lease-up risks, inability to obtain
new tenants upon expiration of existing leases, and the potential need to
fund tenant improvements or other capital expenditures out of operating
cash flow.
Results of Operations and Changes in Financial Conditions
---------------------------------------------------------
General
-------
Gross revenues of the Partnership were $376,646 for the six months ended
June 30, 1997, as compared to $318,735 for the six months ended June 30,
1996. Gross revenues and net income have increased for the six months
ended June 30, 1997, over 1996 levels due
8
<PAGE>
chiefly to increased income from joint ventures and decreased partnership
administration expenditures.
Expenses of the Partnership decreased from $55,701 for the six months June
30, 1996, to $45,459 for the same period in 1997, due primarily to lower
printing and postage expenditures.
Net cash used in operating activities remained relatively stable for six
months ended June 30, 1997 and 1996. The change in cash and cash
equivalents from $(17,772) for the six months ended June 30, 1996 to
$(91,550) for the six months ended June 30, 1997 was due primarily to the
increase in investments in joint ventures.
The Partnership made cash distributions to the Limited Partners holding
Class A Units of $.18 per Class A Unit for the three months ended June 30,
1997 and $.15 per Class A Unit for the three months ended June 30, 1996. No
cash distributions were made to the Limited Partners holding Class B Units
or to the General Partners.
The Partnership's distributions paid through the second quarter of 1997,
have been paid from cash flow from operations and distributions received
from its equity investments in joint ventures, and the Partnership
anticipates that distributions will continue to be paid on a quarterly
basis from such sources.
The Partnership is unaware of any known demands, commitments, events or
capital expenditures other than that which is required from the normal
operations of its properties that will result in the Partnership's
liquidity increasing or decreasing in a material way. The Partnership
expects to meet liquidity requirements and budget demands through cash flow
from operations.
9
<PAGE>
PROPERTY OPERATIONS
-------------------
As of June 30, 1997, the Partnership owned interests in the following
operational properties:
IBM Jacksonville /Fund IV - Fund V Joint Venture
------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
----------------------------- -----------------------------
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $382,492 $365,993 $748,613 $731,985
Expenses:
Depreciation 79,511 79,296 159,005 158,592
Management & leasing expenses 44,397 49,778 87,762 93,754
Other operating expenses 11,691 66,121 117,174 186,401
-------- -------- -------- --------
135,599 195,195 363,941 438,747
-------- -------- -------- --------
Net income $246,893 $170,798 $384,672 $293,238
======== ======== ======== ========
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund IV - Fund V Joint Venture 62.2% 61.9% 62.2% 61.9%
Cash Distribution to Partnership $157,688 $125,434 $284,769 $244,458
Net Income Allocated to the
Partnership $153,473 $105,682 $238,969 $181,442
</TABLE>
Rental income for the IBM Jacksonville increased in 1997 as compared to
1996 due to rental rate increases. Operating expenses decreased in 1997
primarily due to timing differences in the billing of common area
maintenance reimbursements to tenants. Cash distributions increased for
1997 over 1996 due primarily to decreased expenses and the Partnership's
increased ownership in the Fund IV - Fund V Joint Venture. Cash fundings
to the Joint Venture for construction were contributed by the Partnership
which increased the Partnership's ownership interest and decreased Wells
Fund IV's ownership interest in the Fund IV-Fund V Joint Venture.
10
<PAGE>
The Medical Center Property/Fund IV - Fund V Joint Venture
----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------------ ------------------------------
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 99,181 $105,394 $187,749 $210,580
Interest income 2,284 2,665 4,923 5,741
-------- -------- -------- --------
101,465 108,059 192,672 216,321
-------- -------- -------- --------
Expenses:
Depreciation 41,313 39,882 81,135 79,764
Management & leasing expenses 18,032 13,839 29,697 24,881
Other operating expenses 36,636 71,245 82,052 130,032
-------- -------- -------- --------
95,981 124,966 192,884 234,677
-------- -------- -------- --------
Net income loss $ 5,484 $(16,907) $ (212) $(18,356)
======== ======== ======== ========
Occupied % 81% 69% 81% 69%
Partnership's Ownership % in the
Fund IV - Fund V Joint Venture 62.2% 61.9% 62.2% 61.9%
Cash Distribution to Partnership $ 29,195 $ 17,009 $ 53,463 $ 41,114
Net Income (Loss) Allocated to the
Partnership $ 3,408 $(10,461) $ (128) $(11,358)
</TABLE>
Rental income decreased in 1997 as compared to 1996 due primarily to
adjustments to the straight line rent calculation. Leases are being
actively pursued on the remaining 6,700 rentable square feet of vacant
space. Expenses decreased in 1997 as compared to 1996 levels due primarily
to a timing difference in operating expense billings to tenants.
Cash distributions and net income allocated to the Partnership have
increased over prior year levels due primarily to decreased operating
expenditures of the project. Cash fundings to the Joint Venture for
construction were contributed by the Partnership which increased its
ownership interest in the Fund IV - V Joint Venture.
11
<PAGE>
The Hartford Building/Fund V - Fund VI Joint Venture
----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
----------------------------- ------------------------------
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $179,375 $179,375 $358,750 $358,750
Expenses:
Depreciation 73,002 73,008 146,010 146,016
Management & leasing expenses 7,175 7,175 15,242 14,350
Other operating expenses 4,827 4,649 (12,428) 7,824
-------- -------- -------- --------
85,004 84,832 148,824 168,190
-------- -------- -------- --------
Net income $ 94,371 $ 94,543 $209,926 $190,560
======== ======== ======== ========
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund V - Fund VI Joint Venture 47.0% 47.6% 47.0% 47.6%
Cash Distribution to Partnership $ 79,350 $ 80,449 $169,126 $161,600
Net Income Allocated to the
Partnership $ 44,314 $ 44,963 $ 98,892 $ 90,627
</TABLE>
Net income increased and expenses decreased in 1997 as compared to 1996 due
primarily to an insurance reimbursement from the tenant for prior year's
expenses.
The Partnership's ownership interest in the Fund V - Fund VI Joint Venture
decreased from 47.6% in 1996, to 47.0% in 1997, due to additional fundings
by Wells Fund VI in 1997.
12
<PAGE>
Stockbridge Village II/Fund V - Fund VI Joint Venture
-----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------------ ------------------------------
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 55,942 $50,056 $119,278 $96,517
Expenses:
Depreciation 22,827 19,761 43,692 39,522
Management & leasing expenses 6,440 5,382 11,354 9,979
Other operating expenses 59,890 19,623 92,246 38,798
--------- ------- -------- -------
89,157 44,766 147,292 88,299
--------- ------- -------- -------
Net income (loss) $ (33,215) $ 5,290 $(28,014) $ 8,218
========= ======= ======== =======
Occupied % 66% 61% 66% 61%
Partnership's Ownership % in the
Fund V - Fund VI Joint Venture 47.0% 47.6% 47.0% 47.6%
Cash Distribution to Partnership $ (6,027) $11,509 $ 5,366 $21,894
Net Income (Loss) Allocated to the
Partnership $ (15,596) $ 2,517 $(13,142) $ 3,908
</TABLE>
Rental income increased in 1997, as compared to the same period in 1996,
due primarily to a new tenant occupying 4,969 square feet in February that
increased rental revenue. Net income has decreased in 1997, as compared to
1996, due primarily to a bad debt reserve for Glenn's Open Pit Bar-B-Que
which has vacated 4,303 square feet of space as of April 1, 1997. The
receivable from this tenant has been turned over to lawyers for collection.
Efforts are being made to re-lease the space.
The Partnership's ownership percentage in the Fund V - Fund VI Joint
Venture decreased to 47.0% for 1997, as compared to 47.6% in 1996, due to
additional fundings by Wells Fund VI which increased Wells Fund VI's and
decreased the Partnership's ownership interest in the Fund V - Fund VI
Joint Venture.
13
<PAGE>
The Marathon Building/Fund V-VI-VII Joint Venture
-------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------------ ------------------------------
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $242,755 $242,754 $482,711 $485,508
Expenses:
Depreciation 87,646 87,647 175,292 175,292
Management & leasing expenses 9,890 9,710 19,892 19,420
Other operating expenses 3,635 5,152 4,763 8,850
-------- -------- -------- --------
101,171 102,509 199,947 203,562
-------- -------- -------- --------
Net income $141,584 $140,245 $282,764 $281,946
======== ======== ======== ========
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund V-VI-VII Joint Venture 16.5% 16.5% 16.5% 16.5%
Cash Distribution to Partnership $ 38,116 $ 35,101 $ 76,644 $ 70,441
Net Income Allocated to the
Partnership $ 23,305 $ 23,085 $ 46,543 $ 46,408
</TABLE>
Rental income decreased for the six months ended June 30, 1997, compared to
the same period of 1996, due to a one-time adjustment of straight-line rent
in the first quarter of 1997. A small increase in management and leasing
fees was offset by a decrease in operating expenses, primarily accounting
and administrative fees. Cash distributions to the Partnership increased
for the six months ended June 30, 1997, compared to 1996, due to the
scheduled increased in rent which became effective January 1, 1997.
14
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM 6 (b). No reports on Form 8-K were filed during the second quarter of
1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WELLS REAL ESTATE FUND V, L.P.
Dated: August 8, 1997 By: /s/ Leo F. Wells, III
----------------------------------
Leo F. Wells, III, as Individual
General Partner and as President,
Sole Director and Chief Financial
Officer of Wells Capital, Inc., the
General Partner of Wells Partners, L.P.
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 160,733
<SECURITIES> 13,450,734
<RECEIVABLES> 298,320
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,909,787
<CURRENT-LIABILITIES> 273,993
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 13,635,794
<TOTAL-LIABILITY-AND-EQUITY> 13,909,787
<SALES> 0
<TOTAL-REVENUES> 376,646
<CGS> 0
<TOTAL-COSTS> 45,459
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 331,187
<INCOME-TAX> 331,187
<INCOME-CONTINUING> 331,187
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 331,187
<EPS-PRIMARY> .21
<EPS-DILUTED> 0
</TABLE>
