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 March 31, 2000
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
March 31, 2000 and December 31, 1999
(unaudited)
Assets
------
2000
1999
Current assets: ----
- ----
Cash and cash equivalents (Note 1).............. $ 235,448
288,022
Accounts and accrued interest receivable
(Note 5)...................................... 94,823
82,119
Other current assets............................ 779
1,837
------------ -
- -----------
Total current assets.............................. 331,050
371,978
------------ -
- -----------
Other assets...................................... 47,554
47,554
Mortgage loan receivable (Note 5)................. 400,000
400,000
Investment properties and improvements
(including acquisition fees paid to Affiliates
of $1,076,390 at March 31, 2000 and December
31, 1999) (Notes 1 and 3)....................... 22,747,531
22,674,818
------------ -
- -----------
Total assets...................................... $23,526,135
23,494,350
============
============
See accompanying notes to financial statements.
-2-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Balance Sheets
(continued)
March 31, 2000 and December 31, 1999
(unaudited)
Liabilities and Partners' Capital
---------------------------------
2000
1999
Current liabilities: ----
- ----
Accounts payable................................ $ 37,392
75,366
Accrued real estate taxes....................... 67,496
53,194
Due to Affiliates (Note 2)...................... 48,520
27,698
Unearned income................................. 125,593
74,537
------------ -
- -----------
Total current liabilities......................... 279,001
230,795
------------ -
- -----------
Deferred gain on sale of investment properties
(Note 5)........................................ 2,805
2,805
Partners' capital (Notes 1 and 2):
General Partner:
Capital contribution.......................... 500
500
Cumulative cash distributions................. (259,418)
(259,418)
Cumulative net income......................... 274,512
274,676
------------ -
- -----------
15,594
15,758
Limited Partners: ------------ -
- -----------
Units of $1,000. Authorized 60,000 Units,
32,349 Units outstanding (net of offering
costs of $4,466,765, of which $3,488,574
was paid to Affiliates)..................... 27,884,346
27,884,346
Cumulative net income......................... 5,916,095
5,932,352
Cumulative cash distributions................. (10,571,706)
(10,571,706)
------------ -
- -----------
23,228,735
23,244,992
------------ -
- -----------
Total Partners' capital........................... 23,244,329
23,260,750
------------ -
- -----------
Total liabilities and Partners' capital........... $23,526,135
23,494,350
============
============
See accompanying notes to financial statements.
-3-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Operations
For the three months ended March 31, 2000 and 1999
(unaudited)
2000
1999
Income: ----
- ----
Sale of investment properties (Notes 1 and 3)... $ -
2,746,932
Rental income (Note 4).......................... 71,251
56,206
Interest income................................. 11,747
33,751
------------ -
- -----------
82,998
2,836,889
Expenses: ------------ -
- -----------
Cost of investment properties sold.............. -
1,422,749
Professional services to Affiliates............. 8,547
11,748
Professional services to non-affiliates......... 25,335
22,590
General and administrative expenses to
Affiliates.................................... 7,759
11,129
General and administrative expenses to
non-affiliates................................ 19,922
9,988
Marketing expenses to Affiliates................ 2,228
7,607
Marketing expenses to non-affiliates............ 7,532
21,948
Land operating expenses to Affiliates........... 12,605
12,780
Land operating expenses to non-affiliates....... 15,491
20,668
------------ -
- -----------
99,419
1,541,207
------------ -
- -----------
Net income (loss)................................. $ (16,421)
1,295,682
============
============
Net income (loss) allocated to:
General Partner................................. (164)
(285)
Limited Partners................................ (16,257)
1,295,967
------------ -
- -----------
Net income (loss)................................. $ (16,421)
1,295,682
============
============
Net loss allocated to the one General Partner
Unit............................................ $ (164)
(285)
============
============
Net income (loss) per Unit allocated to Limited
Partners per weighted average Limited
Partnership Units (32,349 and 32,352 for
the three months ended March 31, 2000 and 1999,
respectively)................................... $ (.50)
40.06
============
============
See accompanying notes to financial statements.
-4-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Statements of Cash Flows
For the three months ended March 31, 2000 and 1999
(unaudited)
2000
1999
Cash flows from operating activities: ----
- ----
Net income (loss)............................... $ (16,421)
1,295,682
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Gain on sale of investment properties........... -
(1,324,183)
Changes in assets and liabilities:
Accounts and accrued interest receivable.... (12,704)
(15,603)
Other current assets........................ 1,058
1,379
Accounts payable............................ (37,974)
3,112
Accrued real estate taxes................... 14,302
2,604
Due to Affiliates........................... 20,822
10,600
Unearned income............................. 51,056
60,805
------------ -
- -----------
Net cash provided by operating activities......... 20,139
34,396
------------ -
- -----------
Cash flows from investing activities:
Other assets.................................... -
(37,256)
Additions to investment properties.............. (72,713)
(95,840)
Proceeds from sale of investment properties..... -
2,746,932
Net cash provided by (used in) investing ------------ -
- -----------
activities...................................... (72,713)
2,613,836
Net increase (decrease) in cash and cash ------------ -
- -----------
equivalents..................................... (52,574)
2,648,232
Cash and cash equivalents at beginning of period.. 288,022
569,663
------------ -
- -----------
Cash and cash equivalents at end of period........ $ 235,448
3,217,895
============
============
See accompanying notes to financial statements.
-5-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
March 31, 2000
(unaudited)
Readers of this Quarterly Report should refer to the
Partnership's audited
financial statements for the fiscal year ended December 31,
1999, which are
included in the Partnership's 1999 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. 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 March 31, 2000, the Partnership has
repurchased and
canceled a total of 50.17 Units for $48,172 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.
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.
-6-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 2000
(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 $14,120 and $878 was unpaid as of March 31, 2000 and
December 31, 1999,
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 $12,605 and
$12,780 have been incurred and are included in land
operating expenses to
Affiliates for the three months ended March 31, 2000 and 1999,
respectively, of
which $12,605 and $0 was unpaid as of March 31, 2000 and
December 31, 1999,
respectively.
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
$2,228 and $7,607
have been incurred and are included in marketing expenses to
Affiliates for the
three months ended March 31, 2000 and 1999, respectively, of
which $2,288 and
$0 was unpaid as of March 31, 2000 and December 31, 1999,
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 salaries and direct costs. The Affiliate did not
take a profit
on any project. Such costs of $30,511 and $32,961 have been
incurred for the
three months ended March 31, 2000 and 1999, respectively, and
are included in
investment properties, of which $19,507 and $26,820 was unpaid as
of March 31,
2000 and December 31, 1999, respectively.
-7-
<TABLE> INLAND
CAPITAL FUND, L.P.
(a limited
partnership)
Notes to
Financial Statements
(continued)
(3) Investment Properties
<CAPTION>
Total
Gross Initial Costs
Costs Cumulative 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 03/31/00 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 83,942 - 849,434 -
2 McHenry 201.0000 11/09/93 2,020,314 122,145
2,142,459 1,774,040 942,483 2,974,016 -
(17.7420) 08/02/95
(8.6806) Var 1997
(1.9290) Var 1998
(13.5030) Var 1999
3 Will 34.0474 03/04/94 1,235,830 88,092
1,323,922 37,857 1,361,779 - -
(34.0474) 02/04/99
4 Will 86.9195 03/30/94 1,778,820 143,817
1,922,637 418,859 261,286 2,080,210 -
(2.3050) Var 1997
(3.3600) Var 1998
(1.0331) 08/19/99
5 LaSalle 190.9600 04/01/94 532,000 18,145
550,145 69,391 619,536 - -
(2.0600) 04/08/98
(188.9000) 10/07/99
6 DeKalb 59.0800 05/11/94 670,208 58,372
728,580 486,869 1,215,449 - -
(4.9233) Apr 1998
(54.1567) 07/23/98
7 Kendall 200.8210 07/28/94 1,506,158 82,999
1,589,157 29,388 - 1,618,545 -
8 Kendall 133.0000 08/17/94 1,300,000 106,949
1,406,949 10,011 - 1,416,960 -
9 LaSalle 335.9600 08/30/94 993,441 79,329
1,072,770 114,308 - 1,187,078 -
10 Kendall 223.7470 09/16/94 2,693,025 205,660
2,898,685 56,032 38,989 2,915,728 -
(2.9770) 11/03/99
10A(a) Kendall 7.0390 09/16/94 206,975 15,806
222,781 1,327 224,108 - -
(7.0390) 04/21/95
11 Kane 123.0000 09/26/94 1,353,000 75,551
1,428,551 15,404 - 1,443,955 -
12 Kendall 110.2530 09/28/94 600,001 51,220
651,221 77,371 - 728,592 -
------------ ------------ --
- ---------- -------------- ------------ ------------ ------------
Subtotal 15,597,338 1,106,011
16,703,349 3,174,799 4,663,630 15,214,518 -
-8-
-8-
INLAND CAPITAL
FUND, L.P.
(a limited
partnership)
Notes to
Financial Statements
(continued)
(3) Investment Properties (continued)
Total
Gross Initial Costs
Costs Cumulative 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 03/31/00 Recognized
- ------ --------- --------- ---------- ------------ ------------ --
- ---------- -------------- ------------ ------------ ------------
Subtotal 15,597,338 1,106,011
16,703,349 3,174,799 4,663,630 15,214,518 -
13 LaSalle 352.7390 10/06/94 1,032,666 91,117
1,123,783 22,723 1,146,506 - -
(10.0000) 07/27/98
(342.7390) 08/31/98
14 Kendall 134.7760 10/26/94 1,000,000 81,674
1,081,674 10,179 85,960 1,005,893 -
(10.6430) 05/21/99
15 McHenry 169.5400 10/31/94 2,900,000 79,196
2,979,196 260,053 - 3,239,249 -
16 McHenry 207.0754 11/30/94 1,760,256 101,388
1,861,644 252,622 - 2,114,266 -
17 LaSalle 236.4400 12/07/94 1,060,286 74,735
1,135,021 38,584 - 1,173,605 -
18 Kendall 386.9900 11/02/95 934,993 126,329
1,061,322 501 1,061,823 - -
(386.9900) 08/31/98
------------ ------------ --
- ---------- -------------- ------------ ------------ ------------
$24,285,539 1,660,450
25,945,989 3,759,461 6,957,919 22,747,531 -
============ ============
============ ============== ============ ============ ============
</TABLE>
-9-
-9-
INLAND CAPITAL FUND, L.P.
(a limited partnership)
Notes to Financial Statements
(continued)
March 31, 2000
(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 in April
1995.
(b) Reconciliation of investment properties and improvements
owned:
March 31,
December 31,
2000
1999
------------- -
- -----------
Balance at January 1,........................... $ 22,674,818
24,946,536
Additions during period......................... 72,713
330,834
Sales during period............................. -
(2,602,552)
------------- -
- -----------
Balance at end of period........................ $ 22,747,531
22,674,818
=============
============
(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 March 31, 2000, the Partnership had farm leases of
generally one year in
duration, for approximately 1,943 acres of the approximately 2,209
acres owned.
(5) Mortgage Loan Receivable
As a result of the sale of the remaining acres of Parcel 6 for a
sales price of
$1,125,000 on July 7, 1998, the Partnership received a mortgage
loan receivable
of $1,125,000 and recorded a deferred gain on sale of $7,889.
The deferred
gain will be recognized over the life of the related mortgage
loan receivable
as principal payments are received, of which $5,084 has been
recognized as of
March 31, 2000. Of the $1,125,000 mortgage loan receivable
received, $725,000
accrued interest at 9% per annum and had a maturity date of
November 30, 1998
(extended from September 30, 1998). The remaining $400,000
accrues interest at
9% per annum and has a maturity date of July 7, 2001, at which
time all accrued
interest, as well as principal, is due. As of March 31, 2000,
accrued interest
receivable totaled $89,720.
-10-
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
March 31, 2000,
the Partnership has had multiple sales transactions through
which it has
disposed of the building and approximately 1,093 acres of
the 3,302 acres
originally owned. As of March 31, 2000, cumulative
distributions to the
Limited Partners have totaled $10,571,706 (which represents
a return of
Invested Capital, as defined the Partnership Agreement).
Through March 31,
2000, the Partnership has used $3,759,461 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 March 31, 2000, the Partnership owns, in
whole or in part,
thirteen of its original eighteen 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.
-11-
At March 31, 2000, the Partnership had cash and cash equivalents
of $235,448 of
which approximately $169,400 is reserved for the repurchase of
Units through
the Unit Repurchase Program. The remaining amount 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 one phase of
improvements
complete and sites are being marketed to potential buyers, of
which 25 of the
190 lots were sold as of March 31, 2000. (See Note 3 of the Notes
to Financial
Statements.) 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 6, 1997,
another site
consisting of 1.435 acres was sold to a combination gas
station/convenient
store on August 12, 1997, a third site consisting of 1.5 acres
was sold to a
national fast-food chain on August 13, 1998, a fourth site
consisting of 1.86
acres was sold to a different national fast-food chain on October
16, 1998 and
a fifth site consisting of 1.033 acres was sold to a national
discount tire
retailer on August 19, 1999. (See Note 3 of the Notes to Financial
Statements.)
Parcels 15 and 16 have been annexed to the village of Huntley
and zoned for
residential and commercial development. The Partnership sold
a portion of
Parcels 10 and 14 and the remaining acres of Parcels 3 and 5 to
unaffiliated
third-parties. (See Note 3 of the Notes to Financial Statements.)
Results of Operations
Income from the sale of investment properties and the cost
of investment
properties sold for the three months ended March 31, 1999 is the
result of the
sale of approximately 36 acres, including the sale of Parcel 3
on February 4,
1999 and two additional lots of Parcel 2 on February 12, 1999.
(See Note 3 of
the Notes to Financial Statements.) There were no sales
of investment
properties for the three months ended March 31, 2000.
As of March 31, 2000, the Partnership owned thirteen parcels of
land consisting
of approximately 2,209 acres. Of the 2,209 acres owned,
approximately 1,943
acres are tillable and leased to local farmers and are
generating sufficient
cash flow to cover property taxes, insurance and other
miscellaneous property
expenses. Rental income increased for the three months ended
March 31, 2000,
as compared to the three months ended March 31, 1999, due to
the increase in
annual lease amounts from tenants.
Interest income decreased for the three months ended March
31, 2000, as
compared to the three months ended March 31, 1999, due primarily
to a decrease
in interest income earned on overnight investments. There
was less cash
available to invest due to the $2,000,000 distribution to the
limited partners
on December 3, 1999.
-12-
Professional services to Affiliates decreased for the three
months ended March
31, 2000, as compared to the three months ended March 31,
1999, due to a
decrease in accounting services required by the Partnership.
Professional
services to non-affiliates increased for the three months ended
March 31, 2000,
as compared to the three months ended March 31, 1999, due to
an increase in
accounting fees.
General and administrative expenses to Affiliates decreased
for the three
months ended March 31, 2000, as compared to the three months
ended March 31,
1999, due to a decrease in investor services expenses.
General and
administrative expenses to non-affiliates increased for the three
months ended
March 31, 2000, as compared to the three months ended March
31, 1999, due
primarily to an increase in the Illinois Replacement Tax.
Marketing expenses to Affiliates and non-affiliates decreased
for the three
months ended March 31, 2000, as compared to the three months
ended March 31,
1999, due to decreases in marketing, advertising and travel
expenses relating
to marketing the land portfolio to prospective purchasers.
Land operating expenses to non-affiliates decreased for the three
months ended
March 31, 2000, as compared to the three months ended March 31,
1999, due to
decreases in utilities and real estate tax expenses.
PART II - Other Information
Items 1 through 5(b) 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
-13-
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: May 11, 2000
/S/ PATRICIA A. DELROSSO
By: Patricia A. DelRosso
Senior Vice President
Date: May 11, 2000
/S/ KELLY TUCEK
By: Kelly Tucek
Principal Financial Officer and
Principal Accounting Officer
Date: May 11, 2000
-14-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 235448
<SECURITIES> 0
<RECEIVABLES> 94823
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 331050
<PP&E> 22747531
<DEPRECIATION> 0
<TOTAL-ASSETS> 23526135
<CURRENT-LIABILITIES> 279001
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 23244329
<TOTAL-LIABILITY-AND-EQUITY> 23526135
<SALES> 0
<TOTAL-REVENUES> 82998
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 99419
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (16241)
<INCOME-TAX> 0
<INCOME-CONTINUING> (16241)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (16241)
<EPS-BASIC> (.50)
<EPS-DILUTED> (.50)
</TABLE>
