<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 September 30, 1998 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 _______
--------
1
<PAGE>
Form 10-Q
---------
Wells Real Estate Fund V, L.P.
------------------------------
INDEX
-----
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - September 30, 1998
and December 31, 1997................................ 3
Statements of Income for the Three
Months and the Nine Months Ended September 30, 1998
and 1997............................................. 4
Statement of Partners' Capital
for the Year Ended December 31, 1997,
and the Nine Months Ended September 30, 1998......... 5
Statements of Cash Flows for the Nine Months
Ended September 30, 1998 and 1997.................... 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
</TABLE>
2
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(A GEORGIA PUBLIC LIMITED PARTNERSHIP)
BALANCE SHEETS
<TABLE>
<CAPTION>
Assets September 30, 1998 December 31, 1997
------ ------------------ -----------------
<S> <C> <C>
Investment in joint ventures (Note 2) $ 12,819,424 $ 13,189,076
Cash and cash equivalents 86,220 91,678
Due from affiliates 297,059 305,710
-------------- --------------
Total assets $ 13,202,703 $ 13,586,464
============== ==============
Liabilities and Partners' Capital
---------------------------------
Liabilities:
Partnership distributions payable $ 296,798 $ 288,518
-------------- --------------
Partners' capital:
Limited partners
Class A - 1,559,021 units outstanding 12,905,905 13,297,946
Class B - 141,581 units outstanding 0 0
-------------- --------------
Total partners' capital 12,905,905 13,297,946
-------------- --------------
Total liabilities and partners' capital $ 13,202,703 $ 13,586,464
============== ==============
</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 Nine Months Ended
------------------ -----------------
Sept 30, 1998 Sept 30, 1997 Sept 30, 1998 Sept 30,1997
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
Revenues:
Interest income $ 1,276 $ 2,452 $ 3,718 $ 7,965
Equity in income of joint ventures
(Note 2) 141,002 115,535 548,434 486,668
------- ------- ------- -------
142,278 117,987 552,152 494,633
------- ------- ------- -------
Expenses:
Legal and accounting 473 1,005 13,893 16,101
Computer costs 2,341 3,069 6,195 7,213
Partnership administration 15,343 7,793 38,279 32,970
Amortization of organization costs 0 0 0 1,042
------- ------- ------- -------
18,157 11,867 58,367 57,326
------- ------- ------- -------
Net income $ 124,121 $ 106,120 $ 493,785 $ 437,307
======= ======= ======= =======
Net loss allocated to General Partners $ 0 $ 0 $ 0 $ 0
Net income allocated to Class A Limited $ 124,121 $ 106,120 $ 493,785 $ 437,307
Partners
Net loss allocated to Class B Limited $ 0 $ 0 $ 0 $ 0
Partners
Net income per Class A Limited $ 0.08 $ 0.07 $ 0.32 $ 0.26
Partner Unit
Net loss per Class B Limited Partner $ 0 $ 0 $ 0 $ 0
Unit
Cash distribution per Class A Limited
Partner Unit $ 0.19 $ 0.18 $ 0.57 $ 0.53
</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, 1997 AND THE NINE MONTHS ENDED
SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
Limited Partners Total
-----------------------------------------
Class A Class B General Partners'
------- -------
Units Amount Units Amount Partners Capital
----- ------ ----- ------ -------- -------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, DECEMBER 31, 1996 1,546,416 $13,840,570 154,186 $ 0 $ 0 $13,840,570
Net income (loss) 0 559,801 0 0 0 559,801
Partnership distributions 0 (1,102,425) 0 0 0 (1,102,425)
Class B conversion elections 5,000 0 (5,000) 0 0 0
---------- ----------- -------- ------- ------ -----------
BALANCE, DECEMBER 31, 1997 1,551,416 13,297,946 149,186 0 0 13,297,946
Net income 0 493,785 0 0 0 493,785
Partnership distributions 0 (885,826) 0 0 0 (885,826)
Class B conversion elections 7,605 0 (7,605) 0 0 0
---------- ----------- -------- ------- ------ -----------
BALANCE, SEPTEMBER 30, 1998 1,559,021 $12,905,905 141,581 $ 0 $ 0 $12,905,905
========== =========== ======== ======= ====== ===========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
WELLS REAL ESTATE FUND V, L.P.
(A GEORGIA PUBLIC LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended
-----------------
Sept 30, 1998 Sept 30, 1997
------------- -------------
<S> <C> <C>
Cash flow from operating activities:
Net income $ 493,785 $ 437,307
Adjustments to reconcile net income to net
cash used in operating activities:
Equity in income of joint venture (548,434) (486,668)
Amortization of organization costs 0 1,042
Changes in assets and liabilities:
Prepaids & other assets 0 350
Due to affiliates 0 30,000
Accounts payable 0 (4,482)
--------- ---------
Net cash used in operating
activities (54,649) (22,451)
--------- ---------
Cash flow from investing activities:
Distributions received from joint
ventures 946,007 848,128
Investment in joint ventures (19,270) (119,323)
--------- ---------
Net cash provided by investing
activities 926,737 728,805
--------- ---------
Cash flow from financing activities:
Partnership distributions paid (877,546) (782,961)
--------- ---------
Net decrease in cash and cash
equivalents (5,458) (76,607)
Cash and cash equivalents, beginning of year 91,678 252,283
--------- ---------
Cash and cash equivalents, end of period $ 86,220 $ 175,676
========= =========
Supplemental Schedule of noncash investing
activities - deferred project costs
applied to investing activities $ 0 $ 5,843
========= =========
</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) Summary of Significant Accounting Policies
------------------------------------------
(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 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 September 30, 1998, the Partnership owned interests in the following
properties through its ownership of the foregoing joint ventures: (i) a
four-story office building located in 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, 1997.
7
<PAGE>
(B) 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, 1997.
(2) Investment in Joint Ventures
----------------------------
The Partnership owns interests in five properties through its investment in
joint ventures of which four are office building properties and one is a
retail property. 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,
1997.
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
-------
As of September 30, 1998, the properties owned by the Partnership were 93%
occupied. Gross revenues of the Partnership were $552,152 for the nine
months ended September 30, 1998, as compared to $494,633 for the nine
months ended September 30, 1997. Gross
8
<PAGE>
revenues and net income have increased for the nine months ended September
30, 1998, over 1997 levels due chiefly to increased income from joint
ventures.
Net cash used in operating activities increased for the nine months ended
September 30, 1998 as compared to 1997, due primarily to a decrease in due
to affiliates. The decrease in the change in cash and cash equivalents of
$(76,607) for the nine months ended September 30, 1997, to $(5,458) for the
nine months ended September 30, 1998, was due primarily to the decrease in
investments in joint ventures.
The Partnership made cash distributions to the Limited Partners holding
Class A Units of $.19 per Class A Unit for the three months ended September
30, 1998, as compared to $.18 per Class A Unit for the three months ended
September 30, 1997. No cash distributions were made to the Limited Partners
holding Class B Units or to the General Partners.
The Partnership expects to continue to meet its short-term liquidity
requirements and budget demands generally through net cash provided by
operations which the Partnership believes will continue to be adequate to
meet both operating requirements and distributions to Limited Partners. At
this time, given the nature of the joint ventures in which the Partnership
has invested, there are no know improvements and renovations to the
properties expected to be funded from cash flow operations.
The General Partners have verified that all operational computer systems
are year 2000 compliant. This included systems supporting accounting,
property management and investor services. Also, as part of this review,
all building control systems have been verified as compliant. The current
line of business applications are based on compliant operating systems and
database servers. All of these products are scheduled for additional
upgrades before the year 2000. Therefore, it is not anticipated that the
year 2000 will have significant impact on operations.
Recent Accounting Pronouncements
--------------------------------
Statement of Financial Accounting Standard (SFAF) No. 130, "Reporting
Comprehensive Income", requires certain transactions (e.g., unrealized
gains/losses on available for sale securities) that are not reflected in
net income to be displayed as other comprehensive income. The Statement
also requires an entity to report total comprehensive income (i.e., net
income plus other comprehensive income) for every period in which an income
statement is presented. SFAS No. 130 is effective for annual and interim
periods beginning after December 13, 1997. None of the transactions
required to be reported in other comprehensive income pertain to the
Partnership; consequently, adoption of this statement had no impact on the
partnership's disclosures.
9
<PAGE>
PROPERTY OPERATIONS
- -------------------
As of September 30, 1998, the Partnership owned interests in the following
operational properties:
The Marathon Building/Fund V-VI-VII Joint Venture
- -------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------------ ------------------------------
Sept 30, 1998 Sept 30, 1997 Sept 30, 1998 Sept 30, 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $242,755 $242,754 $728,693 $725,465
-------- -------- -------- --------
Expenses:
Depreciation 87,647 87,647 262,939 262,939
Management & leasing expenses 9,890 9,889 29,670 29,781
Other operating expenses 3,044 3,174 9,785 7,937
-------- -------- -------- --------
100,581 100,710 302,394 300,657
-------- -------- -------- --------
Net income $142,174 $142,044 $426,299 $424,808
======== ======== ======== ========
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 $ 38,213 $ 38,191 $114,602 $114,835
Net Income Allocated to the
Partnership $ 23,402 $ 23,380 $ 70,169 $ 69,923
</TABLE>
Rental income increased slightly for the nine months ended September 30, 1998,
compared to the same period of 1997. Operating expenses increased slightly, due
primarily to accounting and administrative fees increasing, as compared to 1997.
Cash distributions to the Partnership and net income allocated to the
Partnership remained relatively stable for the nine months ended September 30,
1998 and 1997.
10
<PAGE>
IBM Jacksonville /Fund IV - Fund V Joint Venture
- ------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------------ ------------------------------
Sept 30, 1998 Sept 30, 1997 Sept 30, 1998 Sept 30, 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $366,140 $365,993 $1,098,028 $1,098,106
-------- -------- ---------- ----------
Expenses:
Depreciation 79,524 79,545 238,572 238,550
Management & leasing expenses 45,762 51,852 144,239 139,614
Other operating expenses 154,576 177,786 252,853 278,460
-------- -------- ---------- ----------
279,862 309,183 635,664 656,624
-------- -------- ---------- ----------
Net income $ 86,278 $ 56,810 $ 462,364 $ 441,482
======== ======== ========== ==========
Occupied % 94% 100% 94% 100%
Partnership's Ownership % 62.4% 61.9% 62.4% 61.9%
Cash Distribution to Partnership $116,499 $115,967 $ 398,396 $ 400,736
Net Income Allocated to the
Partnership $ 53,824 $ 35,348 $ 288,368 $ 274,316
</TABLE>
Rental income for the IBM Jacksonville remained relatively stable in 1998, as
compared to 1997 while occupancy has decreased. Per their lease, IBM has vacated
approximately 5,700 square feet, but are paying increased rental rates on their
remaining space. Operating expenses decreased slightly in 1998 due primarily to
differences in the prior year estimate of common area maintenance billings to
tenants which have been recorded in 1998. Cash distributions remained relatively
stable for 1998 and 1997. The Partnership contributed cash fundings to the Joint
Venture for construction, which slightly increased the Partnership's ownership
interest in the Fund IV - Fund V Joint Venture.
11
<PAGE>
The Medical Center Property/Fund IV - Fund V Joint Venture
- ----------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------------ ------------------------------
Sept 30, 1998 Sept 30, 1997 Sept 30, 1998 Sept 30, 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental income $128,171 $108,458 $364,210 $296,207
Interest income 5,769 2,448 10,288 7,371
-------- -------- -------- --------
133,940 110,906 374,498 303,578
-------- -------- -------- --------
Expenses:
Depreciation 44,525 41,305 133,573 122,440
Management & leasing expenses 15,819 14,056 46,489 43,753
Other operating expenses 53,244 39,007 133,715 121,059
-------- -------- -------- --------
113,588 94,368 313,777 287,252
-------- -------- -------- --------
Net income $ 20,352 $ 16,538 $ 60,721 $ 16,326
======== ======== ======== ========
Occupied % 82% 82% 82% 82%
Partnership's Ownership % 62.4% 61.9% 62.4% 61.9%
Cash Distribution to Partnership $ 45,487 $ 26,389 $135,646 $ 79,852
Net Income Allocated to the
Partnership $ 12,697 $ 10,290 $ 37,873 $ 10,162
</TABLE>
Rental income, expenses and cash distributions increased for the nine months
ended September 30, 1998, over the same period in 1997, due primarily to an
increase in occupancy level of the property in the second quarter of 1997 and a
correction in the straight line rent calculation in 1997. Expenses increased
in 1998, as compared to 1997, due primarily to the increased occupancy over the
nine months ended September 30, 1998. The Partnership contributed cash fundings
to the Joint Venture for construction, which increased the Partnership's
ownership interest in the Fund IV - Fund V Joint Venture.
12
<PAGE>
The Hartford Building/Fund V - Fund VI Joint Venture
- ----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------------ ------------------------------
Sept 30, 1998 Sept 30, 1997 Sept 30, 1998 Sept 30, 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $179,374 $179,374 $538,124 $538,124
-------- -------- -------- --------
Expenses:
Depreciation 73,005 73,005 219,015 219,015
Management & leasing expenses 7,242 7,772 20,140 23,014
Other operating expenses 4,099 (3,393) 13,887 (15,821)
-------- -------- -------- --------
84,346 77,384 253,042 226,208
-------- -------- -------- --------
Net income $ 95,028 $101,990 $285,082 $311,916
======== ======== ======== ========
Occupied % 100% 100% 100% 100%
Partnership's Ownership % in the
Fund V - Fund VI Joint Venture 46.5% 46.5% 46.5% 46.5%
Cash Distribution to Partnership $ 78,965 $ 82,221 $236,157 $251,347
Net Income Allocated to the
Partnership $ 44,217 $ 47,485 $132,649 $146,377
</TABLE>
Net income decreased and expenses increased for the nine months ended September
30, 1998, as compared to 1997, due primarily to an insurance reimbursement from
the tenant in 1997, which was recorded in other operating expenses.
13
<PAGE>
Stockbridge Village II/Fund V - Fund VI Joint Venture
- -----------------------------------------------------
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------------ ------------------------------
Sept 30, 1998 Sept 30, 1997 Sept 30, 1998 Sept 30, 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $59,070 $ 55,886 $176,958 $175,164
------- -------- -------- --------
Expenses:
Depreciation 25,425 24,580 76,553 68,272
Management & leasing expenses 7,057 11,860 22,731 23,214
Other operating expenses 11,840 21,522 36,033 113,768
------- -------- -------- --------
44,322 57,962 135,317 205,254
------- -------- -------- --------
Net income (loss) $14,748 $ (2,076) $ 41,641 $(30,090)
======= ======== ======== ========
Occupied % 72% 72% 72% 72%
Partnership's Ownership % in the
Fund V - Fund VI Joint Venture 46.5% 46.5% 46.5% 46.5%
Cash Distribution to Partnership $17,880 $ 10,104 $ 52,557 $ 15,470
Net Income (Loss) Allocated to the
Partnership $ 6,863 $ (968) $ 19,376 $(14,110)
</TABLE>
Other operating expenses decreased and net income increased in 1998, as compared
to 1997, due primarily to a bad debt reserve recorded in 1997, for Glenn's Open
Pit Bar-B-Que, which had vacated 4,303 square feet of space as of April 1, 1997.
Efforts are being made to re-lease the space.
14
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM 6 (b). No reports on Form 8-K were filed during the third quarter of
1998.
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: November 10, 1998 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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 86,220
<SECURITIES> 12,819,424
<RECEIVABLES> 297,059
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,202,703
<CURRENT-LIABILITIES> 296,798
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 12,905,905
<TOTAL-LIABILITY-AND-EQUITY> 13,202,703
<SALES> 0
<TOTAL-REVENUES> 552,152
<CGS> 0
<TOTAL-COSTS> 58,367
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 493,785
<INCOME-TAX> 493,785
<INCOME-CONTINUING> 493,785
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 493,785
<EPS-PRIMARY> .32
<EPS-DILUTED> 0
</TABLE>
