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 period ended March 31, 1996
------------------------------------------------------
[ ] 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 33-44413
ICON Cash Flow Partners, L.P., Series E
(Exact name of registrant as specified in its charter)
Delaware 13-3635208
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
600 Mamaroneck Avenue, Harrison, New York 10528-1632
(Address of principal executive offices) (Zip code)
(914) 698-0600
Registrant's telephone number, including area code
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.
[ x] Yes [ ] No
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
PART I - FINANCIAL INFORMATION
The following consolidated financial statements of ICON Cash Flow
Partners, L.P., Series E (the "Partnership") have been prepared pursuant to the
rules and regulations of the Securities and Exchange Commission (the "SEC") and,
in the opinion of management, include all adjustments (consisting only of normal
recurring accruals) necessary for a fair statement of income for each period
shown. Certain information and footnote disclosures normally included in
consolidated financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such SEC rules
and regulations. Management believes that the disclosures made are adequate to
make the information represented not misleading. The results for the interim
period are not necessarily indicative of the results for the full year. These
consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes included in the Partnership's 1995
Annual Report on Form 10-K.
Page 2
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
March 31, 1996
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
The Partnership's portfolio consisted of a net investment in finance
leases, operating leases, financings, leveraged leases and an equity investment
in joint venture of 59%, 24%, 10%, 7% and less than 1% of total investments at
March 31, 1996, respectively, and 69%, 20%, 4%, 7% and less than 1% of total
investments at March 31, 1995, respectively.
For the three months ended March 31, 1996 and 1995, the Partnership leased
or financed equipment with initial costs of $3,227,482 and $1,583,928,
respectively, to 25 and 29 lessees or equipment users, respectively, and
invested $30,550, a 1% interest, in a joint venture with an affiliate in 1995.
The weighted average initial transaction term for each year was 49 and 55
months, respectively.
Results of Operations for the Three Months Ended March 31, 1996 and 1995
Revenues for the three months ended March 31, 1996 were $2,376,287,
representing a decrease of $632,446 or 21% from 1995. The decrease in revenues
resulted primarily from a decrease in finance income of $656,790 or 36%, a
decrease in income from leverage leases of $81,744 or 29% and a decrease in
interest income and other of $11,230 or 9% from 1995. These decreases were
partially offset by an increase in net gain on sales or remarketing of equipment
of $115,938 or 94% and income from equity investment in joint venture of $1,380.
Finance income and income from leveraged leases decreased due to a decrease in
the average size of the finance and leveraged lease portfolios from 1995 to
1996. The decrease in interest income and other resulted from a decrease in
miscellaneous income from 1995 to 1996. Net gain on sales or remarketing of
equipment increased due to an increase in the number of leases maturing, and the
underlying equipment being sold or remarketed, for which the proceeds received
were in excess of the remaining carrying value of the equipment.
Expenses for the three months ended March 31, 1996 were $1,925,330,
representing a decrease of $853,584 or 31% from 1995. The decrease in expenses
resulted primarily from a decrease in interest expense of $410,060 or 33%, a
decrease in amortization of initial direct costs of $187,915 or 43%, a decrease
in management fees of $106,896 or 24%, a decrease in the provision for bad debts
of $100,000 or 100% and a decrease in administrative expense reimbursements of
$54,465 or 26% from 1995. These decreases were partially offset by an increase
in general and administrative expense of $5,517 or 7% and an increase in
minority interest in joint venture of $235 or 18%. Interest expense decreased
due to an increase in the average debt outstanding from 1995 to 1996.
Amortization of initial direct costs, management fees and administrative expense
reimbursements decreased due to a decrease in the average size of the portfolio
from 1995 to
Page 3
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
March 31, 1996
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
1996. As a result of an analysis of delinquency, an assessment of overall risk
and a review of historical loss experience, it was determined that no provision
for bad debts was required for the three months ended March 31, 1996.
Net income for the three months ended March 31, 1996 and 1995 was $450,957
and $229,819, respectively. The net income per weighted average limited
partnership unit was $.73 and $.37 for 1996 and 1995, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the three months ended
March 31, 1996 and 1995 were net cash provided by operations of $6,332,183 and
$3,477,578, respectively, proceeds from sales of equipment of $1,190,114 and
$496,723, respectively, and proceeds from the revolving credit facility of
$780,000 in 1996. These funds were used to purchase equipment, to fund cash
distributions and to make payments on borrowings. The Partnership intends to
continue to purchase additional equipment and to fund cash distributions
utilizing cash provided by operations and proceeds from sales of equipment.
Cash distributions to the limited partners for the three months ended
March 31, 1996 and 1995, which were paid monthly, totaled $1,943,053 and
$1,943,379, respectively, of which $446,447 and $227,521 was investment income
and $1,496,606 and $1,715,858 was a return of capital, respectively. The monthly
annualized cash distribution rate to limited partners for the three months ended
March 31, 1996 and 1995 was 12.75%, of which 2.93% and 1.51% was investment
income and 9.82% and 11.24% was a return of capital, respectively, calculated as
a percentage of each partners' initial capital contribution. The limited partner
distribution per weighted average unit outstanding for the three months ended
March 31, 1996 and 1995 was $3.19 and $3.18, of which $.73 and $.37 was
investment income and $2.46 and $2.81 was a return of capital, respectively.
The Partnership entered into a three year revolving credit agreement (the
"Facility") in January 1995. The maximum amount available under the Facility is
$25,000,000, and at March 31, 1996, the Partnership had $9,875,628 available for
borrowing under the facility, of which $3,900,000 was outstanding.
Page 4
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
March 31, 1996
General Partner's Discussion and Analysis of
Financial Condition and Results of Operations
On April 23, 1996, the Partnership sold its beneficial interest in a trust
which owned towboats and barges that are reflected as the Partnership's
investment in leveraged leases. The sale price was $7,216,689, which resulted in
a net gain of $997,606 after paying expenses related to the sale and $121,679
relating to a residual sharing agreement.
On March 31, 1995, the Partnership and an affiliate, ICON Cash Flow
Partners, L.P. Six ("L.P. Six"), formed ICON Cash Flow Partners L.L.C. II ("ICON
Cash Flow LLC II"), for the purpose of acquiring and managing an aircraft
currently on lease to Alaska Airlines, Inc. The aircraft is a 1987 McDonnell
Douglas MD-83. The Partnership and L.P. Six contributed $30,550 (1%) and
$3,024,450 (99%) of the cash required for such acquisition, respectively, to
ICON Cash Flow LLC II. ICON Cash Flow LLC II acquired the aircraft, assuming
$16,315,997 in non-recourse debt and utilizing contributions received from the
Partnership and L.P. Six. The purchase price of the transaction totaled
$19,370,997. The lease is an operating lease and the lease term expires in March
1997. Profits, losses, excess cash and disposition proceeds are allocated 1% to
the Partnership and 99% to L.P. Six. The Partnership's investment in ICON Cash
Flow LLC II has been reflected as "Equity investment in joint venture."
As of March 31, 1996, except as noted above, there were no known trends or
demands, commitments, events or uncertainties which are likely to have any
material effect on liquidity. As cash is realized from operations, sales of
equipment and borrowings, the Partnership will invest in equipment leases and
financings where it deems it to be prudent while retaining sufficient cash to
meet its reserve requirements and recurring obligations as they become due.
Page 5
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Consolidated Balance Sheets
(unaudited)
March 31, December 31,
1996 1995
Assets
Cash ......................................... $ 5,901,134 $ 5,826,646
------------ ------------
Investment in finance leases
Minimum rents receivable ................... 42,601,915 44,696,273
Estimated unguaranteed residual values ..... 11,753,691 12,388,734
Initial direct costs ....................... 978,454 1,046,622
Unearned income ............................ (6,594,140) (6,988,215)
Allowance for doubtful accounts ............ (725,601) (783,475)
------------ ------------
48,014,319 50,359,939
Investment in operating leases
Equipment at cost .......................... 20,771,628 20,771,628
Initial direct costs ....................... 326,400 408,000
Accumulated depreciation ................... (1,592,567) (1,327,139)
------------ ------------
19,505,461 19,852,489
Investment in financings
Receivables due in installments ............ 9,872,630 10,027,184
Initial direct costs ....................... 46,786 54,798
Unearned income ............................ (1,446,813) (1,496,344)
Allowance for doubtful accounts ............ (356,169) (354,969)
------------ ------------
8,116,434 8,230,669
Net investment in leveraged leases ........... 6,152,932 5,971,629
------------ ------------
Other assets ................................. 624,219 5,232,064
------------ ------------
Equity investment in joint venture ........... 36,825 35,445
------------ ------------
Total assets ................................. $ 88,351,324 $ 95,508,881
============ ============
Liabilities and Partners' Equity
Notes payable - non-recourse ................. 41,712,819 $ 44,415,861
Note payable - non-recourse - securitized .... 3,409,744 4,326,164
Note payable - revolving credit facility ..... 3,900,000 7,400,000
Accounts payable to General Partner
and affiliates, net ........................ 258,993 --
Accounts payable - equipment ................. 4,217,562 1,886,138
Accounts payable - other ..................... 562,993 1,559,564
Security deposits and deferred credits ....... 955,885 1,071,729
Minority interest in joint venture ........... 42,633 41,724
------------ ------------
55,060,629 60,701,180
Page 6
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Consolidated Balance Sheets (continued)
(unaudited)
March 31, December 31,
1996 1995
Commitments and Contingencies
Partners' equity (deficiency)
General Partner .............................. (187,522) (172,405)
Limited partners (609,537 and 609,639 units
outstanding, $100 per unit original
issue price in 1996 and 1995, respectively) 33,478,217 34,980,106
------------ ------------
Total partners' equity ......................... 33,290,695 34,807,701
------------ ------------
Total liabilities and partners' equity ......... $ 88,351,324 $ 95,508,881
============ ============
See accompanying notes to consolidated financial statements.
Page 7
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Consolidated Statements of Operations
For the Three Months Ended March 31,
(unaudited)
1996 1995
---- ----
Revenues
Finance income ........................... $1,150,111 $1,806,901
Rental income ............................ 677,193 677,193
Net gain on sales or remarketing
of equipment ........................... 238,199 122,261
Income from leveraged leases, net ........ 200,517 282,261
Interest income and other ................ 108,887 120,117
Income from equity investment
in joint venture ....................... 1,380 --
---------- ----------
Total revenues ........................... 2,376,287 3,008,733
---------- ----------
Expenses
Interest ................................. 829,234 1,239,294
Management fees - General Partner ........ 331,845 438,741
Depreciation ............................. 265,428 265,428
Amortization of initial direct costs ..... 250,593 438,508
Administrative expense reimbursements
- General Partner ........................ 159,116 213,581
General and administrative ............... 87,608 82,091
Minority interest in joint venture ....... 1,506 1,271
Provision for bad debts .................. -- 100,000
---------- ----------
Total expenses ........................... 1,925,330 2,778,914
---------- ----------
Net income ................................. $ 450,957 $ 229,819
========== ==========
Net income allocable to:
Limited partners ......................... $ 446,447 $ 227,521
General Partner .......................... 4,510 2,298
---------- ----------
$ 450,957 $ 229,819
========== ==========
Weighted average number of limited
partnership units outstanding ............ 609,576 609,684
========== ==========
Net income per weighted average
limited partnership unit ................. $ .73 $ .37
========== ==========
See accompanying notes to consolidated financial statements
Page 8
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Partners' Equity
For the Three Months Ended March 31, 1996 and
the Years Ended December 31, 1995, 1994 and 1993
(unaudited)
Limited Partner
Distributions
Return of Investment Limited General
Capital Income Partners Partner Total
(Per weighted
average unit)
Balance at
December 31, 1992 $ 21,214,015 $ (2,799) $21,211,216
Proceeds from issuance
of limited partnership
units (360,815 units) 36,081,537 - 36,081,537
Sales and
offering expenses (4,871,007) - (4,871,007)
Cash distributions
to partners $ 8.80 $3.03 (5,796,799) (58,637) (5,855,436)
Net income 1,484,577 14,996 1,499,573
------------ --------- -----------
Balance at
December 31, 1993 48,112,323 (46,440) 48,065,883
Cash distributions
to partners $11.27 $2.48 (8,390,043) (78,582) (8,468,625)
Limited partnership
units redeemed
(728 units) (48,490) - (48,490)
Net income 1,511,824 15,271 1,527,095
------------ --------- -----------
Balance at
December 31, 1994 41,185,614 (109,751) 41,075,863
Cash distributions
to partners $10.17 $2.58 (7,773,082) (78,512) (7,851,594)
Page 9
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Partners' Equity (continued)
For the Three Months Ended March 31, 1996 and
the Years Ended December 31, 1995, 1994 and 1993
(unaudited)
Limited Partner
Distributions
Return of Investment Limited General
Capital Income Partners Partner Total
(Per weighted
average unit)
Limited partnership
units redeemed
(45 units) (2,370) - (2,370)
Net income 1,569,944 15,858 1,585,802
------------ --------- -----------
Balance at
December 31, 1995 34,980,106 (172,405) 34,807,701
Cash distributions
to partners $ 2.46 $ .73 (1,943,053) (19,627) (1,962,680)
Limited partnership
units redeemed
(102 units) (5,283) - (5,283)
Net income 446,447 4,510 450,957
---------- -------- ----------
Balance at
March 31, 1996 $ 33,478,217 $(187,522) $33,290,695
============ ========= ===========
See accompanying notes to consolidated financial statements.
Page 10
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows
For the Three Months Ended March 31,
(unaudited)
1996 1995
---- ----
Cash flows from operating activities:
Net income ..................................... $ 450,957 $ 229,819
----------- -----------
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation .................................. 265,428 265,428
Allowance for doubtful accounts ............... (56,674) 44,656
Rental income-assigned operating
lease receivables ........................... (677,193) (677,193)
Finance income portion of receivables
paid directly to lenders by lessees ......... (536,211) (865,339)
Amortization of initial direct costs .......... 250,593 438,508
Net gain on sales or remarketing
of equipment ................................ (238,199) (122,261)
Interest expense on non-recourse
financing paid directly by lessees .......... 420,457 701,397
Interest expense accrued on
non-recourse debt ........................... 369,823 280,928
Collection of principal
- non-financed receivables .................. 2,372,088 3,570,950
Collection of principal - leveraged lease ..... -- 769
Income from leveraged lease, net .............. (200,517) (282,261)
Income from equity investment
in joint venture ............................ (1,380) --
Change in operating assets and liabilities:
Accounts payable to General Partner
and affiliates, net ....................... 258,993 (136,265)
Accounts payable - other .................... (996,571) (225,233)
Security deposits and deferred credits ...... (115,844) (88,960)
Minority interest in joint venture .......... 909 1,273
Other assets ................................ 4,477,625 --
Other, net .................................. 287,899 341,362
----------- -----------
Total adjustments ......................... 5,881,226 3,247,759
----------- -----------
Net cash provided by operating activities ..... 6,332,183 3,477,578
----------- -----------
Cash flows from investing activities:
Proceeds from sales of equipment ............... 1,190,114 496,723
Initial direct costs ........................... (73,796) --
Equipment and receivables purchased ............ (899,481) (1,261,387)
Net cash provided by (used in)
investing activities ........................ 216,837 (764,664)
----------- -----------
Page 11
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows (continued)
For the Three Months Ended March 31,
(unaudited)
1996 1995
---- ----
Cash flows from financing activities:
Proceeds from debt .................... 780,000 --
Redemption of limited partnership units (5,283) --
Cash distributions to partners ........ (1,962,680) (1,963,009)
Principal payments on secured financing (5,286,569)
Net cash used in financing activities (6,474,532) (4,092,423)
----------- -----------
Net increase (decrease) in cash ......... 74,488 (1,379,509)
Cash at beginning of period ............. 5,826,646 6,757,538
----------- -----------
Cash at end of period ................... $ 5,901,134 $ 5,378,029
=========== ===========
See accompanying notes to consolidated financial statements.
Page 12
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Statement of Cash Flows (continued)
Supplemental Disclosures of Cash Flow Information
During the three months ended March 31, 1996 and 1995, non-cash activities
included the following:
1996 1995
---- ----
Principal and interest on direct finance
receivables paid directly
to lenders by lessees ...................... $ 3,303,659 $ 3,676,068
Rental income assigned
operating lease receivable ................. 677,193 677,193
Principal and interest on non-recourse
financing paid directly by lessees ......... (3,980,852) (4,353,261)
Accounts payable - equipment ................. 2,328,000 865,534
Fair value of equipment and receivables
purchased for debt and payables ............ (2,328,000) (865,534)
----------- -----------
$ -- $ --
=========== ===========
Interest expense of $829,234 and $1,239,294 for the three months ended March
31, 1996 and 1995 consisted of: interest expense on non-recourse financing
accrued or paid directly to lenders by lessees of $790,280 and $982,325,
respectively, and other interest of $38,954 and $256,969, respectively.
Page 13
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements
March 31, 1996
(unaudited)
1. Basis of Presentation
The consolidated financial statements included herein should be read in
conjunction with the Notes to Consolidated Financial Statements included in the
Partnership's 1995 Annual Report on Form 10-K and have been prepared in
accordance with the accounting policies stated therein.
2. Redemption of Limited Partnership Units
The General Partner consented to the Partnership redeeming 102 limited
partnership units during the three months ended March 31, 1996. The redemption
amount was calculated following the specific redemption formula as per the
Partnership Agreement. Redeemed units have no voting rights and do not share in
distributions. The Partnership Agreement limits the number of units which can be
redeemed in any one year and redeemed units may not be reissued. Redeemed
limited partnership units are accounted for as a deduction from partners equity.
3. Investment in Joint Ventures
The Partnership Agreement allows the Partnership to invest in joint ventures
with other limited partnerships sponsored by the General Partner provided that
the investment objectives of the joint ventures are consistent with that of the
Partnership.
ICON Cash Flow LLC I
On September 21, 1994, the Partnership and an affiliate, ICON Cash Flow
Partners, L.P. Six ("L.P. Six") formed a joint venture, ICON Cash Flow Partners
L.L.C. I ("ICON Cash Flow LLC I"), for the purpose of acquiring and managing an
aircraft currently on lease to Alaska Airlines, Inc. The aircraft is a 1988
McDonnell Douglas MD-83. The Partnership and L.P. Six contributed $3,730,493
(99%) and $37,682 (1%) of the cash required for such acquisition, respectively,
to ICON Cash Flow LLC I. ICON Cash Flow LLC I acquired the aircraft, assuming
$17,003,454 in non-recourse debt and utilizing contributions received from the
Partnership and L.P. Six. The purchase price of the transaction totaled
$20,771,628. The lease is an operating lease and the lease term expires in March
1997. Profits, losses, excess cash and disposition proceeds are allocated 99% to
the Partnership and 1% to L.P. Six. The Partnership's consolidated financial
statements include 100% of the assets and liabilities of ICON Cash Flow LLC I.
L.P. Six's investment in ICON LLC I has been reflected as "Minority interest in
joint venture."
Page 14
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
Notes to Consolidated Financial Statements
March 31, 1996
(unaudited)
ICON Cash Flow LLC II
On March 31, 1995, the Partnership and an affiliate, L.P. Six, formed ICON
Cash Flow Partners L.L.C. II ("ICON Cash Flow LLC II"), for the purpose of
acquiring and managing an aircraft currently on lease to Alaska Airlines, Inc.
The aircraft is a 1987 McDonnell Douglas MD-83. The Partnership and L.P. Six
contributed $30,550 (1%) and $3,024,450 (99%) of the cash required for such
acquisition, respectively, to ICON Cash Flow LLC II. ICON Cash Flow LLC II
acquired the aircraft, assuming $16,315,997 in non-recourse debt and utilizing
contributions received from the Partnership and L.P. Six. The purchase price of
the transaction totaled $19,370,997. The lease is an operating lease and the
lease term expires in March 1997. Profits, losses, excess cash and disposition
proceeds are allocated 1% to the Partnership and 99% to L.P. Six. The
Partnership's 1% investment in ICON Cash Flow LLC II, which is accounted for
under the equity method, totaled $36,825 at March 31, 1996 and has been
reflected as "Equity investment in joint venture." The General Partner manages
and controls the business affairs of both the Partnership and L.P. Six. As a
result of this common control and the Partnership's ability to influence the
activities of the joint venture, the Partnership's investment in the joint
venture is accounted for under the equity method. Information as to the
financial position and results of operations of ICON LLC II at March 31, 1996 is
summarized below:
March 31, 1996
Assets $18,552,954
Liabilities $14,840,442
Equity $ 3,682,512
===========
Three Months Ended
March 31, 1996
Net income $ 138,017
===========
4. Related Party Transactions
During the three months ended March 31, 1996 and 1995, the Partnership paid
or accrued to the General Partner management fees of $331,845 and $438,741,
respectively, and administrative expense reimbursements of $159,116 and
$213,581, respectively. These fees and reimbursements were charged to
operations.
During the three months ended March 31, 1996 and 1995, the Partnership paid
or accrued to the General Partner acquisition fees of $73,796 and $0,
respectively.
Page 15
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
PART II
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
None
Item 3 - Defaults Upon Senior Securities
None
Item 4 - Submission of Matters to a Vote of Security Holders
None
Item 5 - Other Information
None
Item 6 - Reports and Amendments
The Partnership did not file any Reports of Amendments for the three months
ended March 31, 1996.
Page 16
<PAGE>
ICON Cash Flow Partners, L.P., Series E
(A Delaware Limited Partnership)
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.
ICON Cash Flow Partners, L.P., Series E
File No. 33-44413 (Registrant)
By its General Partner,
ICON Capital Corp.
July 9, 1996 Charles Duggan
_____________ ____________________________________
Date Charles Duggan
Executive Vice President and Chief
Financial Officer
(Principal financial and account officer of
the General Partner of the Registrant)
Page 17
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 5,901,134
<SECURITIES> 0
<RECEIVABLES> 63,365,455
<ALLOWANCES> 1,081,770
<INVENTORY> 224,719
<CURRENT-ASSETS> 0
<PP&E> 20,771,628
<DEPRECIATION> 1,592,567
<TOTAL-ASSETS> 88,351,324
<CURRENT-LIABILITIES> 0
<BONDS> 49,022,563
0
0
<COMMON> 0
<OTHER-SE> 33,290,695
<TOTAL-LIABILITY-AND-EQUITY> 88,351,324
<SALES> 2,376,287
<TOTAL-REVENUES> 2,376,287
<CGS> 517,527
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 578,569
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 829,234
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 450,957
<EPS-PRIMARY> 0.73
<EPS-DILUTED> 0.73
</TABLE>
