<PAGE> 1
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 Quarterly Period Ended June 30, 1996
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 #0-21606
Inland Capital Fund, L.P.
(Exact name of registrant as specified in its charter)
Delaware #36-3767977
(State or other jurisdiction (I.R.S. Employer Identification Number)
of incorporation or organization)
2901 Butterfield Road, Oak Brook, Illinois 60521
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 630-218-8000
N/A
----------------------------------------------
(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> 2
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Balance Sheets
June 30, 1996 and December 31, 1995
(unaudited)
Assets
------
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Current assets:
Cash and cash equivalents (Note 1).............. $ 767,481 708,979
Investments in marketable securities (Note 1)... 1,500,000 2,000,000
Accrued interest and other receivables.......... 27,228 41,062
Deposits and other assets....................... 946 1,279
----------- ----------
Total current assets.......................... 2,295,655 2,751,320
Investment properties and improvements
(including acquisition fees paid to
Affiliates of $1,418,902) (Notes 3 and 4)....... 26,598,377 26,130,416
Deferred organization costs (net of accumulated
amortization of $13,688 and $12,229 at June 30,
1996 and December 31, 1995, respectively)
(Note 1)........................................ 893 2,352
----------- ----------
Total assets...................................... $28,894,925 28,884,088
=========== ==========
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE> 3
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Balance Sheets
(continued)
June 30, 1996 and December 31, 1995
(unaudited)
Liabilities and Partners' Capital
---------------------------------
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Current liabilities:
Accounts payable................................ $ 26,282 29,277
Accrued real estate taxes....................... 72,395 77,815
Due to Affiliates (Note 2)...................... 1,610 26,531
Unearned income................................. 19,764 27,431
----------- ----------
Total current liabilities..................... 120,051 161,054
----------- ----------
Partners' capital (Notes 1 and 2):
General Partner:
Capital contribution.......................... 500 500
Cumulative net income......................... 12,617 12,097
----------- ----------
13,117 12,597
----------- ----------
Limited Partners:
Units of $1,000. Authorized 60,000 Units,
32,397.11 Units outstanding (net of offering
costs of $4,466,765, of which $3,488,574 was
paid to Affiliates).......................... 27,930,343 27,930,343
Cumulative cash distributions................. (646,474) (646,334)
Cumulative net income......................... 1,477,888 1,426,428
----------- ----------
28,761,757 28,710,437
----------- ----------
Total Partners' capital....................... 28,774,874 28,723,034
----------- ----------
Total liabilities and Partners' capital........... $28,894,925 28,884,088
=========== ==========
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE> 4
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Operations
For the three and six months ended June 30, 1996 and 1995
(unaudited)
<TABLE>
<CAPTION>
Three months Six months
ended ended
June 30, June 30,
-------- --------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Income:
Sale of investment property (Notes
1 and 3)....................... $ - 285,512 - 285,512
Interest income.................. 32,810 59,105 67,065 108,370
Rental income.................... 73,583 64,748 141,462 114,579
--------- ------- ------- -------
106,393 409,365 208,527 508,461
--------- ------- ------- -------
Expenses:
Cost of investment property sold. - 221,078 - 221,078
Professional services to
Affiliates..................... 6,683 5,795 13,004 16,605
Professional services to
non-affiliates................. 1,775 1,871 26,220 21,671
General and administrative
expenses to Affiliates......... 6,260 7,383 15,165 14,814
General and administrative
expenses to non-affiliates..... 4,761 4,410 8,601 8,759
Marketing expenses to Affiliates. 2,199 8,012 12,771 21,349
Marketing expenses to
non-affiliates................. 4,976 4,192 10,297 7,396
Land operating expenses to
Affiliates..................... 15,959 15,414 31,918 30,967
Land operating expenses to
non-affiliates................. 12,231 22,815 37,112 43,755
Depreciation..................... - - - 1,653
Amortization of deferred
organization costs............. 730 730 1,459 1,458
--------- ------- ------- -------
55,574 291,700 156,547 389,505
--------- ------- ------- -------
Net income......................... $ 50,819 117,665 51,980 118,956
========= ======= ======= ========
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE> 5
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Operations
(continued)
For the three and six months ended June 30, 1996 and 1995
(unaudited)
<TABLE>
<CAPTION>
Three months Six months
ended ended
June 30, June 30,
-------- --------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net income allocated to:
General Partner.................. $ 508 532 520 545
Limited Partners................. 50,311 117,133 51,460 118,411
========= ======= ====== =======
Net income..................... $ 50,819 117,665 51,980 118,956
========= ======= ====== =======
Net income allocated to the one
General Partner Unit............. $ 508 532 520 545
========= ======= ====== =======
Net income allocated to Limited
Partners per weighted average
Limited Partnership Units
of 32,397.11..................... $ 1.55 3.62 1.59 3.66
========= ======= ====== =======
</TABLE>
See accompanying notes to financial statements.
-5-
<PAGE> 6
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Cash Flows
For the six months ended June 30, 1996 and 1995
(unaudited)
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income...................................... $ 51,980 118,956
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization of deferred organization costs... 1,459 1,458
Depreciation.................................. - 1,653
Gain on sale of land and building............. - (64,434)
Changes in assets and liabilities:
Accrued interest and other receivables...... 13,834 (12,127)
Deposits and other assets................... 333 (8,943)
Accounts payable............................ (2,995) (9,950)
Accrued real estate taxes................... (5,420) 12,302
Due to Affiliates........................... (24,921) (2,613)
Unearned income............................. (7,667) 6,985
--------- ---------
Net cash provided by operating activities......... 26,603 43,287
--------- ---------
Cash flows from investing activities:
Sale (purchase) of marketable securities, net... 500,000 (250,000)
Purchase of and additions to investment
properties.................................... (467,961) (706,271)
Proceeds from sale of investment properties..... - 285,512
--------- ---------
Net cash provided by (used in) investing
activities...................................... 32,039 (670,759)
--------- ---------
Cash flows from financing activities:
Distributions paid.............................. (140) (109)
--------- ---------
Net cash used in financing activities............. (140) (109)
--------- ---------
Net increase (decrease) in cash and cash
equivalents..................................... 58,502 (627,581)
Cash and cash equivalents at beginning of period.. 708,979 2,722,009
--------- ---------
Cash and cash equivalents at end of period........ $ 767,481 2,094,428
========= =========
</TABLE>
See accompanying notes to financial statements.
-6-
<PAGE> 7
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
June 30, 1996
(unaudited)
Readers of this Quarterly Report should refer to the Partnership's audited
financial statements for the fiscal year ended December 31, 1995, which are
included in the Partnership's 1995 Annual Report, as certain footnote
disclosures which would substantially duplicate those contained in such audited
financial statements have been omitted from this Report.
(1) Organization and Basis of Accounting
InLand Capital Fund, L.P. (the "Partnership") was organized on June 21, 1991 by
the filing of a Certificate of Limited Partnership under the Revised Uniform
Limited Partnership Act of the State of Delaware. On December 13, 1991, the
Partnership commenced an Offering of 60,000 Limited Partnership Units pursuant
to a Registration under the Securities Act of 1933. The Amended and Restated
Agreement of Limited Partnership (the "Partnership Agreement") provides for
Inland Real Estate Investment Corporation to be the General Partner. On April
30, 1992, the Partnership received and accepted subscriptions for the minimum
offering of 2,500 Units. Offering proceeds were subsequently released from
escrow and were available for use by the Partnership and additional Limited
Partners have been admitted. On August 23, 1993, the Partnership terminated its
Offering of Units. Subscriptions for a total of 32,399.28 Units have been
received from the public at $1,000 per Unit resulting in $32,399,282 in gross
offering proceeds, not including the General Partner's capital contribution of
$500. All of the holders of these Units have been admitted to the Partnership.
As of June 30, 1996, the Partnership has repurchased a total of 2.174 Units for
$2,174 from various Limited Partners through the Units Repurchase Program.
Under this program, Limited Partners may under certain circumstances have their
Units repurchased for an amount equal to their Invested Capital.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates.
Deferred organization costs are amortized over a 60-month period. Offering
costs have been offset against the Limited Partners' capital accounts.
The Partnership considers all highly liquid investments purchased with a
maturity of three months or less to be cash equivalents and are carried at
cost, which approximates fair value because of the relative short maturity of
these instruments.
Investments purchased with a maturity of three months or more are considered to
be investments in marketable securities and are carried at cost, which
approximates fair value.
-7-
<PAGE> 8
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
June 30, 1996
(unaudited)
Investment properties held by the Partnership are carried at the lower of
aggregate cost or net realizable value. Periodically, the Partnership reviews
the portfolio and if the parcels suffer an impairment in value which is deemed
to be other than temporary, the parcels would be reduced to their net
realizable value through the direct write-off method. Through June 30, 1996,
there were no such impairments.
For vacant land parcels and parcels with insignificant buildings and
improvements, the Partnership uses the area method of allocation, which
approximates the relative sales method of allocation, whereby a per acre price
is used as the standard allocation method for land purchases and sales. The
total cost of the parcel is divided by the total number of acres to arrive at a
per acre price. Repair and maintenance expenses are charged to operations as
incurred.
No provision for Federal income taxes has been made as the liability for such
taxes is that of the Partners rather than the Partnership.
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets to Be Disposed Of" was issued in March 1995 and
is effective for fiscal years beginning after December 15, 1995. This
pronouncement is not expected to have a material effect on the financial
position or results of operations of the Partnership when adopted in 1996.
In the opinion of management, the financial statements contain all the
adjustments necessary, which are of a normal recurring nature, to present
fairly the financial position and results of operations for the period
presented herein. Results of interim periods are not necessarily indicative of
results to be expected for the year.
(2) Transactions with Affiliates
The General Partner and its Affiliates are entitled to reimbursement for
salaries and expenses of employees of the General Partner and its Affiliates
relating to the administration of the Partnership. Such costs are included in
professional services to Affiliates and general and administrative expenses to
Affiliates, of which $1,610 and $6,417 was unpaid as of June 30, 1996 and
December 31, 1995, respectively.
-8-
<PAGE> 9
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
June 30, 1996
(unaudited)
The General Partner is entitled to receive Asset Management Fees equal to one-
quarter of 1% of the original cost to the Partnership of undeveloped land
annually, limited to a cumulative total over the life of the Partnership of 2%
of the land's original cost to the Partnership. Such fees of $31,918 and
$30,967 have been incurred and are included in land operating expenses to
Affiliates for the six months ended June 30, 1996 and 1995, respectively, of
which $0 and $15,738 was unpaid as of June 30, 1996 and December 31, 1995,
respectively.
An Affiliate of the General Partner performed marketing and advertising
services for the Partnership's land investments and was reimbursed (as set
forth under terms of the Partnership Agreement) for direct costs, of which $0
and $4,376 was unpaid as of June 30, 1996 and December 31, 1995, respectively.
An Affiliate of the General Partner performed property upgrades, rezoning,
annexation and other activities to prepare the Partnership's land investments
for sale and was reimbursed (as set forth under terms of the Partnership
Agreement) for direct costs. Such fees of $11,666 and $8,674 have been
incurred for the six months ended June 30, 1996 and 1995, respectively, and are
included in investment properties, all of which have been paid.
-9-
<PAGE> 10
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
(3) Investment Properties
All of the Partnership's investment properties are located in the collar
counties surrounding the Chicago metropolitan area. The following real
property investments are owned by the Partnership as of June 30, 1996:
<TABLE>
<CAPTION>
Gross Initial Costs Costs
Acres Purchase/ ------------------------------------------ Capitalized Costs of
Parcel Location: Purchased Sales Original Acquisition Total Subsequent to Property
# County /(Sold) Date Costs Costs Costs Acquisition Sold
- ------ --------- --------- ---------- ------------ ----------- ------- ------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Kendall 108.8960 07/22/92 $ 707,566 57,926 765,492 51,671 -
2 McHenry 201.0000 11/09/93 2,020,314 122,145 2,142,459 186,300 196,473
(17.742) 08/02/95
3 Will 34.0474 03/04/94 1,235,830 88,092 1,323,922 9,711 -
4 Will 86.9195 03/30/94 1,778,820 143,817 1,922,637 38,144 -
5 LaSalle 190.9600 04/01/94 532,000 18,145 550,145 59,352 -
6 DeKalb 59.0800 05/11/94 670,207 58,373 728,580 459,861 -
7 Kendall 200.8210 07/28/94 1,506,158 82,999 1,589,157 17,454 -
8 Kendall 133.0000 08/17/94 1,300,000 106,949 1,406,949 2,879 -
9 LaSalle 335.9600 08/30/94 993,441 79,329 1,072,770 62,079 -
10 Kendall 223.7470 09/16/94 2,693,025 205,660 2,898,685 21,499 -
10A(a) Kendall 7.0390 09/16/94 206,975 15,806 222,781 1,327 221,078
(7.0390) 04/21/95
11 Kane 123.0000 09/26/94 1,353,000 75,551 1,428,551 3,989 -
12 Kendall 110.2530 09/28/94 600,001 51,220 651,221 9,094 -
13 LaSalle 352.7390 10/06/94 1,032,666 91,117 1,123,783 19,833 -
14 Kendall 134.7760 10/26/94 1,000,000 81,674 1,081,674 4,406 -
15 McHenry 169.5400 10/31/94 2,900,000 79,196 2,979,196 62,105 -
16 McHenry 207.0754 11/30/94 1,760,256 101,388 1,861,644 63,021 -
17 LaSalle 236.4400 12/07/94 1,060,286 74,735 1,135,021 244 -
18 Kendall 386.9900 11/02/95 934,993 126,329 1,061,322 - -
----------- --------- ---------- --------- -------
$24,285,539 1,660,450 25,945,989 1,072,969 417,551
=========== ========= ========== ========= =======
</TABLE>
<TABLE>
<CAPTION>
Total
Remaining Current
Costs of Year Gain
Parcel Location: Parcels at On Sale
# County 6/30/96 Recognized
- ------ --------- ---------- ----------
<S> <C> <C> <C>
1 Kendall 817,163 -
2 McHenry 2,132,286 -
3 Will 1,333,633 -
4 Will 1,960,781 -
5 LaSalle 609,497 -
6 DeKalb 1,188,441 -
7 Kendall 1,606,611 -
8 Kendall 1,409,828 -
9 LaSalle 1,134,849 -
10 Kendall 2,920,184 -
10A(a) Kendall - -
11 Kane 1,432,540 -
12 Kendall 660,315 -
13 LaSalle 1,143,616 -
14 Kendall 1,086,080 -
15 McHenry 3,041,301 -
16 McHenry 1,924,665 -
17 LaSalle 1,135,265 -
18 Kendall 1,061,322 -
---------- ----------
26,598,377 -
========== ==========
</TABLE>
-10-
<PAGE> 11
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
June 30, 1996
(unaudited)
(3) Investment Properties (continued)
(a) Included in the purchase of Parcel 10 was a house and several outbuildings,
located on approximately seven acres, which was sold on April 21, 1995.
(b) Reconciliation of real estate owned:
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Balance at January 1,........................... $26,130,416 25,033,665
Additions during period:
Acquisitions.................................... - 1,061,322
Improvements.................................... 467,961 456,010
----------- ----------
26,598,377 26,550,997
Sales during period............................. - 420,581
----------- ----------
Balance at end of period........................ $26,598,377 26,130,416
=========== ==========
</TABLE>
(c) Reconciliation of accumulated depreciation:
<TABLE>
<CAPTION>
1996 1995
---- ----
<S> <C> <C>
Balance at January 1,........................... - 1,377
Depreciation expenses........................... - 1,653
Sales during period............................. - (3,030)
----------- ----------
Balance at end of period........................ $ - -
=========== ==========
</TABLE>
(4) Farm Rental Income
The Partnership has determined that all leases relating to the farm parcels are
operating leases. Accordingly, rental income is reported when earned.
As of June 30, 1996, the Partnership had farm leases of generally one year in
duration, for approximately 2,873 acres of the approximately 3,278 acres owned.
-11-
<PAGE> 12
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
On December 13, 1991, the Partnership commenced an Offering of 60,000 Limited
Partnership Units ("Units") at $1,000 per Unit, pursuant to a Registration
Statement on Form S-11 under the Securities Act of 1933. On August 23, 1993,
the Partnership terminated its Offering of Units. Subscriptions for a total of
32,399.28 Units have been received from the public at $1,000 per Unit resulting
in $32,399,282 in gross offering proceeds, not including the General Partner's
capital contribution of $500. All of the holders of these Units have been
admitted to the Partnership. Inland Real Estate Investment Corporation is the
General Partner. The Limited Partners of the Partnership will share in their
portion of benefits of ownership of the Partnership's real property investments
according to the number of Units held.
The Partnership used $25,945,989 of gross offering proceeds to purchase, on an
all-cash basis, eighteen parcels of land and one building. These investments
include the payment of the purchase price, acquisition fees and acquisition
costs of such properties. One of the parcels was purchased during 1992, one
during 1993, fifteen during 1994 and one during 1995. As of June 30, 1996, the
Partnership has had two sales transactions through which it has disposed of the
building and approximately twenty-five acres of the 3,302 acres originally
owned. As of June 30, 1996, cumulative distributions to the Limited Partners
have totalled $646,474 (which represents a return of Invested Capital, as
defined the Partnership Agreement). Through June 30, 1996, the Partnership has
used $1,072,969 of working capital reserve for rezoning and other activities
and such amount is included in investment properties.
The Partnership's capital needs and resources will vary depending upon a number
of factors, including the extent to which the Partnership conducts rezoning and
other activities relating to utility access, the installation of roads,
subdivision and/or annexation of land to a municipality, changes in real estate
taxes affecting the Partnership's land, and the amount of revenue received from
leasing. As of June 30, 1996, the Partnership owns, in whole or in part, all
eighteen of its original parcels, all of which are leased to local farmers and
are generating sufficient cash flow from farm leases to cover property taxes
and insurance.
At June 30, 1996, the Partnership had cash, cash equivalents and investments in
marketable securities of $2,267,481, of which approximately $183,000 is
reserved for the repurchase of Units through the Unit Repurchase Program. The
remaining $2,084,481 is available, upon maturity, to be used for Partnership
expenses and liabilities, cash distributions to partners, and other activities
with respect to some or all of its land parcels. The Partnership plans to
maximize its parcel sales effort in anticipation of rising land values.
-12-
<PAGE> 13
The Partnership plans to enhance the value of its land through pre-development
activities such as rezoning, annexation and land planning. The Partnership has
already been successful in, or is in the process of pre-development activity on
a majority of the Partnership's land investments. Parcel 2, annexed to the
village of McHenry and zoned for a business park, has improvements underway and
sites are being marketed to potential buyers. Parcel 4, zoned for a variety of
business uses, has two separate contracts pending the buyer's due diligence.
Parcel 6, annexed to the village of DeKalb and zoned for twenty-five large,
residential lots, has completed the road into the subdivision and the lots are
being marketed to homebuilders and individuals. Parcels 15 and 16 have been
annexed to the village of Huntley and zoned for residential and commercial
development.
Results of Operations
As of June 30, 1996, the Partnership owned eighteen parcels of land consisting
of 3,278 acres. Of the 3,278 acres owned, approximately 2,873 acres are
tillable and leased to local farmers and are generating sufficient cash flow to
cover property taxes, insurance and other miscellaneous expenses. The sale of
investment property income and the cost of investment property sold recorded
for the three and six months ended June 30, 1995 is a result of the sale of the
house and outbuildings located on approximately seven acres of Parcel 10 on
April 21, 1995. The increase in rental income for the three and six months
ended June 30, 1996, as compared to the three and six months ended June 30,
1995, is due to the annual increase in lease amounts from tenants. The increase
in land operating expenses to Affiliates for the three and six months ended
June 30, 1996, as compared to the three and six months ended June 30, 1995, is
due to the Partnership purchasing its final parcel, Parcel 18, in November
1995. The decrease in land operating expenses to non-affiliates for the three
and six months ended June 30, 1996, as compared to the three and six months
ended June 30, 1995, is due to decreases in real estate taxes. The decrease in
depreciation six months ended June 30, 1996, as compared to the six months
ended June 30, 1995, is due to the sale of the house and outbuildings located
on Parcel 10 during April 1995.
Interest income decreased for the three and six months ended June 30, 1996, as
compared to the three and six months ended June 30, 1995, due to the
Partnership using the remaining available capital to purchase its final parcel,
Parcel 18, in November 1995. The Partnership completed the purchase of its land
portfolio in 1995, and anticipates that income in future years will be earned
from leasing the land and sales of investment properties rather than income
from short-term investments.
Professional services to Affiliates decreased for the six months ended June 30,
1996, as compared to the six months ended June 30, 1995, due to decreases in
in-house legal and accounting services required by the Partnership.
Professional services to non-affiliates increased for the six months ended June
30, 1996, as compared to the six months ended June 30, 1995, due to increases
in outside legal and other professional fees.
-13-
<PAGE> 14
Marketing expenses to Affiliates decreased for the three and six months ended
June 30, 1996, as compared to the three and six months ended June 30, 1995, due
to a decrease in expenses relating to marketing and advertising the
Partnership's land investments. Marketing expenses to non-affiliates increased
for the three and six months ended June 30, 1996, as compared to the three and
six months ended June 30, 1995, due to advertising and travel expenses relating
to marketing the land portfolio to prospective purchasers.
PART II
Items 1 through 6(b) are omitted because of the absence of conditions under
which they are required.
-14-
<PAGE> 15
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.
INLAND CAPITAL FUND, L.P.
By: Inland Real Estate Investment Corporation
General Partner
/S/ ROBERT D. PARKS
By: Robert D. Parks
Chairman
Date: August 12, 1996
/S/ PATRICIA A. CHALLENGER
By: Patricia A. Challenger
Senior Vice President
Date: August 12, 1996
/S/ CYNTHIA M. HASSETT
By: Cynthia M. Hassett
Principal Financial Officer and
Principal Accounting Officer
Date: August 12, 1996
-15-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 767,481
<SECURITIES> 1,500,000
<RECEIVABLES> 27,228
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,295,655
<PP&E> 26,598,377
<DEPRECIATION> 0
<TOTAL-ASSETS> 28,894,925
<CURRENT-LIABILITIES> 120,051
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 28,774,874
<TOTAL-LIABILITY-AND-EQUITY> 28,894,925
<SALES> 0
<TOTAL-REVENUES> 208,527
<CGS> 0
<TOTAL-COSTS> 69,030
<OTHER-EXPENSES> 87,517
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 51,980
<INCOME-TAX> 0
<INCOME-CONTINUING> 51,980
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 51,980
<EPS-PRIMARY> 1.59
<EPS-DILUTED> 1.59
</TABLE>
