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, 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 #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 60523
(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-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Balance Sheets
June 30, 1997 and December 31, 1996
(unaudited)
Assets
------
1997 1996
Current assets: ---- ----
Cash and cash equivalents (Note 1).............. $ 591,601 581,693
Investments in marketable securities (Note 1)... 174,800 1,077,802
Accrued interest and other receivables.......... 15,038 4,903
Other current assets............................ 5,716 2,702
------------ ------------
Total current assets.............................. 787,155 1,667,100
Other assets...................................... 104,452 -
Investment properties and improvements, at cost
(including acquisition fees paid to Affiliates
of $1,417,664 and $1,418,902 at June 30, 1997
and December 31, 1996, respectively) (Notes 1,
3 and 4)........................................ 28,110,566 27,714,600
------------ ------------
Total assets...................................... $29,002,173 29,381,700
============ ============
See accompanying notes to financial statements.
-2-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Balance Sheets
(continued)
June 30, 1997 and December 31, 1996
(unaudited)
Liabilities and Partners' Capital
---------------------------------
1997 1996
Current liabilities: ---- ----
Accounts payable................................ $ 33,081 474,058
Accrued real estate taxes....................... 68,028 73,031
Due to Affiliates (Note 2)...................... 16,313 6,451
Unearned income................................. 22,408 30,528
------------ ------------
Total current liabilities......................... 139,830 584,068
------------ ------------
Partners' capital (Notes 1 and 2):
General Partner:
Capital contribution.......................... 500 500
Cumulative net income......................... 12,661 13,040
------------ ------------
13,161 13,540
Limited Partners: ------------ ------------
Units of $1,000. Authorized 60,000 Units,
32,372.11 and 32,377.11 Units outstanding
at June 30, 1997 and December 31, 1996,
respectively (net of offering costs of
$4,466,765, of which $3,488,574 was paid
to Affiliates)................................ 27,905,843 27,910,743
Cumulative cash distributions................. (646,668) (646,474)
Cumulative net income......................... 1,590,007 1,519,823
------------ ------------
28,849,182 28,784,092
------------ ------------
Total Partners' capital........................... 28,862,343 28,797,632
------------ ------------
Total liabilities and Partners' capital........... $29,002,173 29,381,700
============ ============
See accompanying notes to financial statements.
-3-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Operations
For the three and six months ended June 30, 1997 and 1996
(unaudited)
Three months Six months
ended ended
June 30, June 30,
-------- --------
1997 1996 1997 1996
Income: ---- ---- ---- ----
Sale of investment property (Notes
1 and 3)....................... $ 129,176 - 129,176 -
Rental income.................... 68,670 73,583 146,506 141,462
Interest income.................. 13,112 32,810 29,020 67,065
Other income..................... - - 28,000 -
---------- ---------- ---------- ----------
210,958 106,393 332,702 208,527
---------- ---------- ---------- ----------
Expenses:
Cost of investment property sold. 21,462 - 21,462 -
Professional services to
Affiliates..................... 5,727 6,683 19,574 13,004
Professional services to
non-affiliates................. 18,666 1,775 43,771 26,220
General and administrative
expenses to Affiliates......... 5,204 6,260 13,087 15,165
General and administrative
expenses to non-affiliates..... 4,411 4,761 9,686 8,601
Marketing expenses to Affiliates. 17,702 2,199 49,731 12,771
Marketing expenses to
non-affiliates................. 20,980 4,976 35,014 10,297
Land operating expenses to
Affiliates..................... 15,955 15,959 31,914 31,918
Land operating expenses to
non-affiliates................. 15,692 12,231 38,658 37,112
Amortization of deferred
organization costs............. - 730 - 1,459
---------- ---------- ---------- ----------
125,799 55,574 262,897 156,547
---------- ---------- ---------- ----------
Net income......................... $ 85,159 50,819 69,805 51,980
========== ========== ========== ==========
See accompanying notes to financial statements.
-4-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Operations
(continued)
For the three and six months ended June 30, 1997 and 1996
(unaudited)
Three months Six months
ended ended
June 30, June 30,
-------- --------
1997 1996 1997 1996
Net income allocated to: ---- ---- ---- ----
General Partner.................. $ (225) 508 (379) 520
Limited Partners................. 85,384 50,311 70,184 51,460
---------- ---------- ---------- ----------
Net income......................... $ 85,159 50,819 69,805 51,980
========== ========== ========== ==========
Net income (loss) allocated to the
one General Partner Unit......... $ (225) 508 (379) 520
========== ========== ========== ==========
Net income allocated to Limited
Partners per weighted average
Limited Partnership Units
(32,372.11 and 32,397.11 for the
three months ended June 30, 1997
and 1996, respectively and
32,373.74 and 32,397.11 for the
six months ended June 30, 1997
and 1996, respectively).......... $ 2.64 1.55 2.17 1.59
========== ========== ========== ==========
See accompanying notes to financial statements.
-5-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Cash Flows
For the six months ended June 30, 1997 and 1996
(unaudited)
1997 1996
Cash flows from operating activities: ---- ----
Net income...................................... $ 69,805 51,980
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Amortization of deferred organization costs... - 1,459
Gain on sale of land.......................... (107,714) -
Changes in assets and liabilities:
Accrued interest and other receivables...... (10,135) 13,834
Other current assets........................ (3,014) 333
Accounts payable............................ (440,977) (2,995)
Accrued real estate taxes................... (5,003) (5,420)
Due to Affiliates........................... 9,862 (24,921)
Unearned income............................. (8,120) (7,667)
Net cash provided by (used in) operating ------------ ------------
activities...................................... (495,296) 26,603
------------ ------------
Cash flows from investing activities:
Sale (purchase) of marketable securities, net... 903,002 500,000
Additions to investment properties.............. (417,428) (467,961)
Other assets.................................... (104,452) -
Proceeds from sale of investment properties..... 129,176 -
------------ ------------
Net cash provided by investing activities......... 510,298 32,039
------------ ------------
Cash flows from financing activities:
Repurchase of Limited Partnership Units......... (4,900) -
Distributions paid.............................. (194) (140)
------------ ------------
Net cash used in financing activities............. (5,094) (140)
------------ ------------
Net increase in cash and cash equivalents......... 9,908 58,502
Cash and cash equivalents at beginning of period.. 581,693 708,979
------------ ------------
Cash and cash equivalents at end of period........ $ 591,601 767,481
============ ============
See accompanying notes to financial statements.
-6-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
June 30, 1997
(unaudited)
Readers of this Quarterly Report should refer to the Partnership's audited
financial statements for the fiscal year ended December 31, 1996, which are
included in the Partnership's 1996 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 ("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. The Offering terminated on August 23, 1993, with total sales of
32,399.28 Units, 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. 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. As of June 30, 1997, the Partnership has repurchased and
canceled a total of 27.174 Units for $26,675 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.
Offering costs have been offset against the Limited Partners' capital accounts.
The Partnership considers all highly liquid investments purchased with an
original maturity of three months or less to be cash equivalents.
Investments purchased with an original maturity of three months or more are
considered to be investments in marketable securities.
-7-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
June 30, 1997
(unaudited)
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.
The Partnership adopted Statement of Financial Accounting Standards No. 121
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets
to be Disposed of" ("SFAS 121") as required in the first quarter of 1996. SFAS
121 requires that the Partnership record an impairment loss on its property to
be held for investment whenever its carrying value cannot be fully recovered
through estimated undiscounted future cash flows from their operations and
sale. The amount of the impairment loss to be recognized would be the
difference between the property's carrying value and the property's estimated
fair value. The adoption of SFAS 121 did not have any effect on the
Partnership's financial position, results of operations or liquidity.
The Partnership is required to pay a withholding tax to the Internal Revenue
Service with respect to a Partner's allocable share of the Partnership's
taxable net income, if the Partner is a foreign person. The Partnership will
first pay the withholding tax from the distributions to any foreign person, and
to the extent that the tax exceeds the amount of distributions withheld, or if
there have been no distributions to withhold, the excess will be accounted for
as a distribution to the foreign person. Future withholding tax payments will
be made every April, June, September and December.
No provision for Federal income taxes has been made as the liability for such
taxes is that of the Partners rather than the Partnership.
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.
-8-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
June 30, 1997
(unaudited)
(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 and general and administrative expenses to Affiliates, of
which $358 and $6,451 were unpaid as of June 30, 1997 and December 31, 1996,
respectively.
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 $31,914 and
$31,918 have been incurred and are included in land operating expenses to
Affiliates for the six months ended June 30, 1997 and 1996, respectively, of
which $15,955 were unpaid as of June 30, 1997.
An Affiliate of the General Partner performed sales marketing and advertising
services for the Partnership and was reimbursed (as set forth under terms of
the Partnership Agreement) for direct costs. Such costs of $49,731 and $12,771
have been incurred and are included in marketing expenses to Affiliates for the
six months ended June 30, 1997 and 1996, respectively, all of which have been
paid.
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 salaries and direct costs. The Affiliate did not take a profit
on any project. Such costs of $10,085 have been incurred for the six months
ended June 30, 1997 and are included in investment properties, all of which
have been paid.
-9-
<TABLE> INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
(3) Investment Properties
<CAPTION>
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, 1997:
Total
Gross Initial Costs Costs Remaining Current
Acres Purchase/ -------------------------------------- Capitalized Costs of Costs of Year Gain
Parcel Location: Purchased Sales Original Acquisition Total Subsequent to Property Parcels at On Sale
# County /(Sold) Date Costs Costs Costs Acquisition Sold 6/30/97 Recognized
- ------ --------- --------- ---------- ------------ ------------ ------------ -------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Kendall 108.8960 07/22/92 $ 707,566 57,926 765,492 75,013 - 840,505 -
2 McHenry 201.0000 11/09/93 2,020,314 122,145 2,142,459 1,290,023 196,473 3,236,009 -
(17.742) 08/02/95
3 Will 34.0474 03/04/94 1,235,830 88,092 1,323,922 16,378 - 1,340,300 -
4 Will 86.9195 03/30/94 1,778,820 143,817 1,922,637 196,955 21,462 2,098,130 107,714
(.8700) 06/07/97
5 LaSalle 190.9600 04/01/94 532,000 18,145 550,145 62,719 - 612,864 -
6 DeKalb 59.0800 05/11/94 670,207 58,373 728,580 477,806 - 1,206,386 -
7 Kendall 200.8210 07/28/94 1,506,158 82,999 1,589,157 19,871 - 1,609,028 -
8 Kendall 133.0000 08/17/94 1,300,000 106,949 1,406,949 3,392 - 1,410,341 -
9 LaSalle 335.9600 08/30/94 993,441 79,329 1,072,770 108,173 - 1,180,943 -
10 Kendall 223.7470 09/16/94 2,693,025 205,660 2,898,685 21,856 - 2,920,541 -
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 4,289 - 1,432,840 -
12 Kendall 110.2530 09/28/94 600,001 51,220 651,221 30,249 - 681,470 -
13 LaSalle 352.7390 10/06/94 1,032,666 91,117 1,123,783 20,856 - 1,144,639 -
14 Kendall 134.7760 10/26/94 1,000,000 81,674 1,081,674 4,656 - 1,086,330 -
15 McHenry 169.5400 10/31/94 2,900,000 79,196 2,979,196 136,519 - 3,115,715 -
16 McHenry 207.0754 11/30/94 1,760,256 101,388 1,861,644 135,963 - 1,997,607 -
17 LaSalle 236.4400 12/07/94 1,060,286 74,735 1,135,021 494 - 1,135,515 -
18 Kendall 386.9900 11/02/95 934,993 126,329 1,061,322 81 - 1,061,403 -
------------ ------------ ------------ -------------- ------------ ------------ -----------
$24,285,539 1,660,450 25,945,989 2,606,620 439,013 28,110,566 107,714
============ ============ ============ ============== ============ ============ ===========
</TABLE>
-10-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
June 30, 1997
(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:
1997 1996
---- ----
Balance at January 1,........................... $27,714,600 26,130,416
Additions during period......................... 417,428 1,584,184
Sales during period............................. (21,462) -
------------ ------------
Balance at end of period........................ $28,110,566 27,714,600
============ ============
(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, 1997, the Partnership had farm leases of generally one year in
duration, for approximately 2,834 acres of the approximately 3,277 acres owned.
-11-
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Certain statements in this "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and elsewhere in this quarterly report on
Form 10-Q constitute "forward-looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. These forward-
looking statements involve known and unknown risks, uncertainties and other
factors which may cause the Partnership's actual results, performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements. These
factors include, among other things, federal, state or local regulations;
adverse changes in general economic or local conditions; inability of borrower
to meet financial obligations; uninsured losses; and potential conflicts of
interest between the Partnership and its Affiliates, including the General
Partner.
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. The Offering
terminated on August 23, 1993, with total sales of 32,399.28 Units, 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. 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, 1997, the
Partnership has had multiple 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, 1997, cumulative distributions to the Limited
Partners have totaled $646,668 (which represents a return of Invested Capital,
as defined the Partnership Agreement). Through June 30, 1997, the Partnership
has used $2,606,620 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, 1997, the Partnership owns, in whole or in part, all
eighteen of its original parcels, the majority of which are leased to local
farmers and are generating sufficient cash flow from farm leases to cover
property taxes and insurance.
-12-
At June 30, 1997, the Partnership had cash, cash equivalents and investments in
marketable securities of $766,401, of which approximately $167,700 is reserved
for the repurchase of Units through the Unit Repurchase Program. The remaining
$598,701 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.
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 improvements underway and sites are being marketed to
potential buyers, of which one site consisting of .87 acres was sold to a hotel
chain on June 7, 1997. (See Note 3 of the Notes to Financial Statements.)
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, 1997, the Partnership owned eighteen parcels of land consisting
of approximately 3,277 acres. Of the 3,277 acres owned, approximately 2,834
acres are tillable and leased to local farmers and are generating sufficient
cash flow to cover property taxes, insurance and other miscellaneous property
expenses. The sale of investment property income and cost of investment
property sold for the three and six months ended June 30, 1997 is the result of
the sale of .87 acres of Parcel 4 on June 6, 1997. The increase in rental
income for the six months ended June 30, 1997, as compared to the six months
ended June 30, 1996, is due to annual increases in lease amounts from tenants.
The increase in other income for the six months ended June 30, 1997, as
compared to the six months ended June 30, 1996, is due primarily to the
Partnership receiving a non-refundable deposit on a land sale which did not
occur. The increase in land operating expenses to non-affiliates for the three
months and six ended June 30, 1997, as compared to the three and six months
ended June 30, 1996, is due primarily to an increase in real estate taxes.
This increase was partially offset by a decrease in repair and maintenance and
insurance expenses.
Interest income decreased for the three and six months ended June 30, 1997, as
compared to the three and six months ended June 30, 1996, due primarily to the
Partnership utilizing its working capital reserve to fund pre-development
activity on its land parcels.
Professional services to Affiliates increased for the six months ended June 30,
1997, as compared to the six months ended June 30, 1996, due to an increase in
legal services required by the Partnership. This increase was partially offset
by a decrease in accounting services required by the Partnership. Professional
services to non-affiliates increased for the three and six months ended June
30, 1997, as compared to the three and six months ended June 30, 1996, due to
increases in outside legal, accounting and other professional fees.
-13-
General and administrative expenses to Affiliates decreased for the three and
six months ended June 30, 1997, as compared to the three and six months ended
June 30, 1996, due to a decrease in investor services expenses. This decrease
was partially offset by an increase in data processing expenses. General and
administrative expenses to non-affiliates increased for the six months ended
June 30, 1997, as compared to the six months ended June 30, 1996, due to
increases in printing and postage expenses. This increase was partially offset
by a decrease in the Illinois Replacement Tax paid in 1997.
Marketing expenses to Affiliates increased for the three and six months ended
June 30, 1997, as compared to the three and six months ended June 30, 1996, due
to increases in expenses relating to marketing and advertising the
Partnership's land investments for sale. Marketing expenses to non-affiliates
increased for the three and six months ended June 30, 1997, as compared to the
three and six months ended June 30, 1996, due to an increase in advertising and
travel expenses relating to marketing the land portfolio to prospective
purchasers.
PART II - Other Information
Items 1 through 5 are omitted because of the absence of conditions under which
they are required.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
(27) Financial Data Schedule
(b) Reports on Form 8-K:
None
-14-
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 11, 1997
/S/ PATRICIA A. CHALLENGER
By: Patricia A. Challenger
Senior Vice President
Date: August 11, 1997
/S/ KELLY TUCEK
By: Kelly Tucek
Principal Financial Officer and
Principal Accounting Officer
Date: August 11, 1997
-15-
<TABLE> <S> <C>
<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> 591601
<SECURITIES> 174800
<RECEIVABLES> 15038
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 787155
<PP&E> 28110566
<DEPRECIATION> 0
<TOTAL-ASSETS> 29002173
<CURRENT-LIABILITIES> 139830
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 28862343
<TOTAL-LIABILITY-AND-EQUITY> 29002173
<SALES> 129176
<TOTAL-REVENUES> 332702
<CGS> 21462
<TOTAL-COSTS> 70572
<OTHER-EXPENSES> 170863
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 69805
<INCOME-TAX> 0
<INCOME-CONTINUING> 69805
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 69805
<EPS-PRIMARY> 2.17
<EPS-DILUTED> 2.17
</TABLE>
