<PAGE>
SECURITIES AND EXCHANGE COMMISION
WASHINGTON, D.C. 20549
FORM 10-QSB
(MARK ONE)
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 NUMBER 33-45291
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
DELAWARE 04-3131735
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER ID. NO.)
INCORPORATION OR ORGANIZATION)
ONE INTERNATIONAL PLACE, BOSTON, MA 02110
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (617) 330-8600
INDICATE BY CHECK MARK WHETHER 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 ______
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP FORM 10-QSB JUNE 30, 1997
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
PART I - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT UNIT DATA)
<TABLE>
<CAPTION>
For the Three Month Period For the Six Month Period
Ended June 30, 1997 Ended June 30, 1997
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUES:
Rental income ............................................. $ 2,845 2,531 $ 5,695 $ 5,023
Operating expense and tax escalation
reimbursements ......................................... 145 38 22 203
Interest income........................................... 138 170 271 264
---------- ------------ ----------- -------------
Total Revenues........................................ 3,128 2,739 6,188 5,490
---------- ------------ ----------- --------------
EXPENSES:
Repairs and maintenance................................... 164 183 351 326
Utilities................................................. 262 238 539 509
Payroll................................................... 146 143 293 273
Security ................................................. 104 101 198 175
Lease costs and rental expense............................ 214 205 462 411
Insurance................................................. 36 38 72 75
Real estate and other taxes............................... 349 358 801 736
Management fees .......................................... 149 129 291 303
General and administrative................................ 77 141 185 239
Advertising............................................... 38 50 62 72
Cleaning.................................................. 136 179 266 242
Interest expense.......................................... 1,240 1,124 2,390 2,198
Depreciation and amortization............................. 658 660 1,420 1,271
---------- ------------ ----------- -------------
Total Expenses........................................ 3,573 3,549 7,330 6,830
---------- ------------ ----------- -------------
Net Operating Loss........................................... (445) (810) (1,142) (1,340)
Gain due to refinancing...................................... 1,895 - 1,895 -
---------- ------------ ----------- -------------
Net Income (Loss) before minority interest................... 1,450 (810) 753 (1,340)
Minority interest in (Income) loss........................... (180) 106 (92) 178
---------- ------------ ----------- --------------
Net Income (loss)............................................ $ 1,270 $ (704) $ 661 $ (1,162)
========== ============ =========== =============
NET INCOME (LOSS) ALLOCATED TO
GENERAL PARTNER........................................... $ 127 $ (70) $ 66 $ (116)
========== ============ =========== =============
NET INCOME (LOSS) ALLOCATED TO
INVESTOR LIMITED PARTNERS................................. $ 1,143 $ (634) $ 595 $ (1,046)
========== ============ =========== =============
Net Income (Loss) Per Investor
Limited Partner Unit...................................... $ 4,233.34 $ (2,348.15) $ 2,203.70 $ (3,874.07)
========== ============ =========== ==============
Number of Investor Limited Partner
Units Outstanding......................................... 270 270 270 270
========== ============ =========== =============
See notes to consolidated financial statements
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP FORM 10-QSB JUNE 30, 1997
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1997 AND DECEMBER 31, 1996
(IN THOUSANDS)
</TABLE>
<TABLE>
<CAPTION>
UNAUDITED AUDITED
1997 1996
---- ----
<S> <C> <C>
ASSETS
Building and improvements, net of accumulated
depreciation of $10,926 and $9,676
respectively ............................................... $ 47,975 $ 48,898
Tenant receivables, net of allowance for
doubtful accounts of $4 and $27
respectively ............................................... 99 207
Prepaid expenses and other assets ............................. 170 291
Deferred rents receivable ..................................... 4,202 3,820
Deferred costs, net of accumulated amortization
of $1,127 and $957 respectively ............................. 1,399 1,366
Cash and cash equivalents ..................................... 5,711 8,423
Other restricted cash and cash equivalents .................... 7,671 3,262
Restricted cash collateral .................................... 68 1,447
-------- --------
TOTAL ASSETS ............................................... $ 67,295 $ 67,714
======== ========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Permanent Loan ................................................ 51,158 36,800
Accrued interest payable ...................................... 405 16,378
Prepaid tenant rent ........................................... 296 225
Accounts payable and accrued liabilities ...................... 1,061 491
Due to affiliate .............................................. -- 56
Distribution payable .......................................... 2,727 --
Security deposits ............................................. 504 533
-------- --------
TOTAL LIABILITIES .......................................... 56,151 54,483
-------- --------
Commitments
Minority interest ............................................. 1,124 1,145
-------- --------
Partners' capital (deficit):
General Partner ............................................... (3,961) (4,000)
Limited Partners - 270 units issued and outstanding ........... 13,981 16,086
-------- --------
TOTAL PARTNERS' CAPITAL .................................... 10,020 12,086
-------- --------
TOTAL LIABILITIES AND PARTNERS' CAPITAL .................... $ 67,295 $ 67,714
======== ========
</TABLE>
See notes to consolidated financial statements
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP FORM 10-QSB JUNE 30, 1997
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(IN THOUSANDS)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
-------- ------- -----
<S> <C> <C> <C>
Balance, December 31, 1995 ............ $ 18,744 $ (3,704) $ 15,040
Net loss .............................. (1,046) (116) (1,162)
-------- -------- --------
Balance, June 30, 1996 ................ 17,698 (3,820) 13,878
======== ======== ========
Balance, December 31, 1996 ............ $ 16,086 $ (4,000) $ 12,086
Distribution Payable .................. (2,700) (27) (2,727)
Net Income ............................ 595 66 661
-------- -------- --------
Balance, June 30, 1997 ................ 13,981 (3,961) 10,020
======== ======== ========
See notes to consolidated financial statements
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP FORM 10-QSB JUNE 30, 1997
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(IN THOUSANDS)
</TABLE>
<TABLE>
<CAPTION>
1997 1996
------- -------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss) .......................................................... $ 661 $(1,162)
Minority interest in Income (loss) ......................................... 92 (178)
Adjustments to reconcile net Income (loss) to net cash provided by operating
activities:
Depreciation and amortization ........................................... 1,420 1,271
Bad debt recovery ....................................................... (5) (117)
Changes in operating assets and liabilities:
Decrease in tenant and other receivables .............................. 113 889
Decrease in insurance proceeds receivables ............................ -- 554
Decrease in prepaid expenses and other assets ......................... 120 145
Increase in deferred rents receivable ................................. (382) (133)
(Decrease) increase in accounts payable,
accrued liabilities and security deposits ......................... 542 (2,262)
Decrease in due to affiliates ......................................... (56) (26)
(Decrease) increase in prepaid tenant rent ............................ 71 (154)
(Decrease) increase in accrued interest payable ....................... (1,615) 1,288
------- -------
Net cash provided by operating activities .................................. 961 115
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in restricted cash and cash equivalents ........................... (4,409) (806)
Expenditures for building and improvements ................................. (327) (431)
Deferred costs ............................................................. (203) (87)
------- -------
Net cash used in investing activities ...................................... (4,939) (1,324)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net withdrawals from mortgage escrow ....................................... 1,379 2,202
Distributions paid to minority partner ..................................... (174) --
Minority interest capital contributions received ........................... 61 318
------- -------
Net cash provided by financing activities .................................. 1,266 2,520
------- -------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS........................... (2,712) 1,311
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ............................. 8,423 6,708
------- -------
CASH AND CASH EQUIVALENTS, END OF PERIOD ................................... $ 5,711 $ 8,019
======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest ..................................................... $ 2,110 $ 910
======= =======
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Accrued Distributions to Partners .......................................... $ 2,727 $ --
======= =======
Gain from Refinancing (see note 5) ......................................... $ 1,895 $ --
======= =======
</TABLE>
See notes to consolidated financial statements
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
FORM 10 - QSB JUNE 30, 1997
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL
The accompanying consolidated financial statements, footnotes and
discussions should be read in conjunction with the financial
statements, related footnotes and discussions contained in the
Partnership's Annual Report on form 10-KSB for the year ended December
31, 1996.
The financial information contained herein is unaudited. In the opinion
of management, all adjustments necessary for a fair presentation of
such financial information have been included. All adjustments are of a
normal recurring nature. Certain amounts have been reclassified to
conform to the June 30, 1997 presentation. The balance sheet at
December 31, 1996 was derived from audited financial statements at such
date.
The results of operations for the six months ended June 30, 1997 and
1996 are not necessarily indicative of the results to be expected for
the full year.
2. SETTLEMENT AGREEMENT
In February 1996 the Operating Partnerships settled a lawsuit, which
had commenced in 1993, with Great Western Bank ("Great Western"). The
Operating Partnerships had taken the position that Great Western's
lease is a net lease. Great Western took the position that its lease
was a full service lease. Great Western had withheld operating
escalation charges billed to it during 1994, 1993, and 1992. Unable to
resolve this dispute with Great Western, the Operating Partnerships
commenced legal action against Great Western. Great Western, filed a
counter lawsuit regarding certain lease violations by the Operating
Partnerships. In February 1996, the parties entered into a negotiated
settlement agreement whereby the tenant agreed to pay the Operating
Partnerships approximately $950,000, of which $250,000 was contingent
upon completion of certain building improvements and signage
installation. Their lease was restructured, resulting in higher base
lease rates over the remaining lease term; a reduction in leased space
of approximately 6,000 square feet; and a full service lease with a
1996 base year. The Partnership received the final payment during the
third quarter of 1996.
3. ACCOUNTING CHANGE
On January 1, 1996, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of",
which requires impairment losses to be recognized for long-lived assets
used in operations when indicators of impairment are present and the
undiscounted cash flows are not sufficient to recover the asset's
carrying amount. The impairment loss is measured by comparing the fair
value of the asset to its carrying amount. The adoption of the SFAS had
no effect on the Partnership's financial statements.
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
FORM 10 - QSB JUNE 30, 1997
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
4. RELATED PARTY TRANSACTIONS
Management and leasing fees are paid to an affiliate of the General
Partner and are based on 6% of cash receipts. Fees of $349,000 were
earned by affiliates during the period ending June 30, 1997. For the
period ending June 30, 1996 fees of $303,000 were earned by affiliates.
The Operating Partnerships paid affiliates of the General Partner
$171,000 at June 30, 1997 as reimbursement for various costs incurred
in the ordinary course of operations. At June 30, 1996 $40,000 was owed
to the General Partner.
5. SALE OF THE PERMANENT LOAN
On May 30, 1997, Travelers Insurance Company and an affiliate of the
General Partner purchased the existing mortgage loan encumbering the
Property (the "Loan"). The total outstanding debt balance of $51.1
million payable by the Partnership represents the prior principal
balance of $36,800,000 plus accrued interest payable of $14,358,000.
In connection with the sale of the Loan, the Operating Partnerships
recognized a gain of $1,895,000 for financial reporting purposes,
representing amounts previously accrued under generally accepted
accounting principles using the effective interest method.
The Loan bears interest at 9.5% per annum and requires interest only
payments until July, 1999 when principal payments of $48,660 per month
become due. The loan is scheduled to mature on May 30, 2001.
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
FORM 10 - QSB JUNE 30, 1997
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
This item should be read in conjunction with the financial statements
and other items contained elsewhere in the report.
Liquidity and Capital Resources
The Registrant's sole assets are its approximately 88% interest in each
of Miami Tower Associates Limited Partnership ("Miami Tower") and Miami
Retail Associates Limited Partnership ("Miami Retail"). Miami Tower and
Miami Retail (collectively, the "Operating Partnerships") own a
37-story commercial office building located in Miami, Florida and a
ground floor retail arcade located in the same building, respectively
(the "Property"). The Operating Partnerships generate rental revenue
from the Property and are responsible for the Property's operating
expenses, administrative expenses, debt service and capital
improvements.
The Registrant's primary source of revenue is distributions from the
cash flow of the Operating Partnerships. In June 1997 the Operating
Partnerships made a distribution of $1,227,000 to the Registrant and
$174,000 to the minority partner. The Registrant used cash reserves to
satisfy administrative and other expenses during the six months ended
June 30, 1997. In addition, on July 3, 1997 the Registrant distributed
$10,000 per investment unit which represented a portion of the funds
previously held by the Operating Partnerships as reserves.
The Registrant's level of liquidity, on a consolidated basis, decreased
$2,712,000 during the six months ended June 30, 1997, as compared to
December 31, 1996. This decrease was due to $4,939,000 of cash used in
investing activities which were partially offset by increases of
$1,266,000 in cash provided by financing activities and $961,000 in
cash provided by operating activities. Cash used by investing
activities consisted of a $4,409,000 increase in restricted cash,
$327,000 of additions to building and improvements and $203,000 of
deferred leasing commissions paid. Cash provided by financing
activities consisted of $61,000 of minority interest capital
contributions and $1,379,000 from withdrawals of mortgage escrows
offset by $174,000 in distributions paid to the minority partner.
In addition to unrestricted cash, the Registrant maintains an escrow
account, as required under the loan documents for the debt encumbering
the Property (the "Permanent Loan"). The escrow account was established
to fund certain capital and other approved expenditures, including
leasing costs, and is secured by a letter of credit. The Registrant
maintains a cash collateral account to secure its obligations under the
letter of credit. At June 30, 1997, the balance in this account was
$68,000 (after interest proceeds were transferred to the Registrant's
cash flow account) and appears on the balance sheet as restricted cash
collateral. This balance will be transferred to the Registrant's cash
flow account in the third quarter.
On May 30, 1997, Travelers Insurance Company and an affiliate of the
General Partner purchased the existing mortgage loan encumbering the
Property (the "Loan"). The total outstanding debt balance of $51.1
million payable by the Partnership represents the prior principal
balance of $36,800,000 plus accrued
interest payable of $14,358,000. In connection with the sale of the
Loan, the Operating Partnerships recognized a gain of $1,895,000 for
financial reporting purposes, representing amounts previously accrued
under generally accepted accounting principles using the effective
interest method.
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
FORM 10 - QSB JUNE 30, 1997
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
Liquidity and Capital Resources (continued)
The Loan bears interest at 9.5% per annum and requires interest only
payments until July, 1999 when principal payments of $48,660 per month
become due. The loan is scheduled to mature on May 30, 2001.
At the time of closing Travelers required the Operating Partnerships to
establish escrow accounts for Capital and Leasing improvements, Real
Estate Taxes and Security Deposits. The balances at June 30, 1997 were
$6,094,000, $907,000 and $504,000 respectively.
On October 14, 1994, the Property's fire suppression systems
malfunctioned, causing severe water damage to the Property. The damage
was substantially covered by insurance. During 1995, Miami Tower
settled its insurance claim relating to damage. The insurance carrier
agreed to pay Miami Tower approximately $8,942,000. Under the terms of
Permanent Loan, insurance proceeds were placed into an escrow account
under the control of the RTC. The balance of this escrow amount was
approximately $2,562,000 at the time of the refinancing and was
transferred to the Travelers Capital and Leasing Improvement Escrow
Account.
Results of Operations
The Net Operating Loss, of the Partnership decreased by $198,000 for
the six months ended June 30, 1997, as compared to 1996 as a result of
a $698,000 increase in revenues which was partially offset by an
increase of $500,000 in expenses.
Revenues improved for the six months ended June 30, 1997, as compared
to 1996, due to increases in rental income of $672,000 and other income
of $19,000. Rental revenues increased due to an increase in rental
rates with occupancy increasing slightly to approximately 84%. Other
income was higher due to increases in tenant related extra service
billings.
The following table sets forth the occupancy rates for the six months
ended June 30, 1996 and 1997 and the associated gross rental per square
foot amount (based on generally accepted accounting principles) at the
Property.
AVERAGE ANNUAL TOTAL GROSS
DATE PERCENTAGE OCCUPANCY RATE RENTAL PER SF OF OCCUPIED SPACE
---- ------------------------- -------------------------------
June 30, 1997 83% $20.66
June 30, 1997 84% $23.20
Expenses for the six months ended June 30, 1997, as compared to 1996,
increased due to increases in interest expense ($192,000), depreciation
and amortization ($149,000), real estate taxes ($65,000), lease costs
and rental expense ($51,000), utilities ($30,000), repairs and
maintenance ($25,000), payroll ($20,000), security ($23,000) and
cleaning ($24,000). The increase in interest expense was attributable
to the impact of interest compounding on the mortgage note prior to the
acquisition of the Loan on May 30, 1997. Depreciation and amortization
increased due to an increase in tenant improvements and deferred costs
associated with newly executed leases. A 1995 unfavorable tax
settlement increased real estate taxes in 1997 but was partially offset
by a tax
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
FORM 10 - QSB JUNE 30, 1997
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
Results of Operations (continued)
refund relating to 1996. Lease costs and rental expense increased due
to CPI increases associated with the various leases (ground rent,
lighting and air rights) that are in place. Utilities have increased
due to higher fuel prices coupled with increased consumption. Repairs
and maintenance increased due to higher contract prices and additional
upkeep required in the current year comparative period. Payroll,
security and cleaning increases are higher due to slightly increased
occupancy along with annual price increases. These increases were
partially offset by decreases in general and administrative expense
($54,000), management fees ($12,000), advertising ($10,000) and
insurance ($3,000). G&A decreased due to Great Western legal expenses
incurred during the settlement of 1996. Management fees decreased due
to the receipt of the Great Western receivable in 1996 offset by
increased rent collections in 1997. Advertising was lower due to
signage costs incurred in the second quarter of 1996.
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
FORM 10 - QSB JUNE 30, 1997
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
27. Financial Data Schedule
(b) Reports on Form 8K:
No Reports of Form 8-K were filed during the three months ended June
30, 1997.
<PAGE>
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
FORM 10 - QSB JUNE 30, 1997
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WINTHROP MIAMI ASSOCIATES LIMITED PARTNERSHIP
(Registrant)
BY: ONE INTERNATIONAL ASSOCIATES
LIMITED PARTNERSHIP,
ITS GENERAL PARTNER
BY: ONE INTERNATIONAL, INC.
ITS GENERAL PARTNER
BY: /S/Michael L. Ashner
Michael L. Ashner
Chief Executive Officer
BY: /S/Edward V. Williams
Edward V. Williams
Chief Financial Officer
DATED: August 14, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial
information extracted from audited financial
statements for the six month period ending
June 30, 1997 and is qualified in its
entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000883424
<NAME> WINTHROP MIAMI ASSOCIATES L. P.
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 5,711,000
<SECURITIES> 0
<RECEIVABLES> 4,305,000
<ALLOWANCES> (4,000)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 58,901,000
<DEPRECIATION> (10,926,000)
<TOTAL-ASSETS> 67,295,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 10,020,000
<TOTAL-LIABILITY-AND-EQUITY> 67,295,000
<SALES> 5,917,000
<TOTAL-REVENUES> 6,188,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,847,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,390,000
<INCOME-PRETAX> 661,000
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,234,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 1,895,000
<NET-INCOME> 661,000
<EPS-PRIMARY> 2,204
<EPS-DILUTED> 2,204
</TABLE>
