Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|X| Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
For the quarterly 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 000-23842
ATEL Cash Distribution Fund V, L.P.
(Exact name of registrant as specified in its charter)
California 94-3165807
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)
235 Pine Street, 6th Floor, San Francisco, California 94104
(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 989-8800
Indicate by a 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 |_|
DOCUMENTS INCORPORATED BY REFERENCE
Report on Form 8-K dated March 29, 1996, filed April 12, 1996 (Commission File
No. 000-23842) is hereby incorporated by reference into Part II hereof.
<PAGE>
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
(Unaudited)
ASSETS
1996 1995
---- ----
Cash and cash equivalents $782,431 $2,401,318
Accounts receivable 2,056,254 2,377,496
Other assets 10,000 10,000
Investments in leases 144,128,475 131,686,535
----------------- -----------------
Total assets $146,977,160 $136,475,349
================= =================
LIABILITIES AND PARTNERS' CAPITAL
Non-recourse debt $32,890,429 $19,129,298
Line of credit 27,203,642 26,292,088
Accounts payable:
Equipment purchases 560,550 14,097
General Partner 342,916 1,026,433
Other 251,269 814,853
Accrued interest expense 150,013 381,631
Deposits due to lessees 124,235 627,508
Unearned operating lease income 699,504 817,306
----------------- -----------------
Total liabilities 62,222,558 49,103,214
Partners' capital:
General Partner 30,036 22,568
Limited Partners 84,724,566 87,349,567
----------------- -----------------
Total partners' capital 84,754,602 87,372,135
----------------- -----------------
Total liabilities and partners' capital $146,977,160 $136,475,349
================= =================
See accompanying notes.
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
INCOME STATEMENTS
THREE MONTH PERIODS ENDED
MARCH 31, 1996 AND 1995
(Unaudited)
Revenues: 1996 1995
---- ----
Leasing activities:
Operating leases $5,048,533 $4,695,880
Direct financing leases 812,981 269,838
Leveraged leases 42,620 88,677
Gain on sales of assets 138,045 333,998
Interest income 14,546 22,339
Other 13,263 2,735
----------------- -----------------
6,069,988 5,413,467
Expenses:
Depreciation and amortization 3,860,496 3,661,436
Interest expense 844,556 146,033
Equipment and incentive management fees to
General Partner 412,874 476,211
Administrative cost reimbursements to General
Partner 74,542 105,613
Provision for losses 60,700 54,135
Professional fees 38,403 40,457
Other 31,599 32,479
----------------- -----------------
5,323,170 4,516,364
----------------- -----------------
Net income $746,818 $897,103
================= =================
Net income:
General Partner $7,468 $8,971
Limited Partners 739,350 888,132
----------------- -----------------
$746,818 $897,103
================= =================
Net income per Limited Partnership Unit $0.06 $0.07
Weighted average number of Units outstanding 12,500,050 12,500,050
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
THREE MONTH PERIOD
ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Limited Partners General
Units Amount Partner Total
<S> <C> <C> <C> <C>
Balance December 31, 1995 12,500,050 $87,349,567 $22,568 $87,372,135
Distributions to limited partners (3,364,351) (3,364,351)
Net income 739,350 7,468 746,818
----------------- ---------------- ----------------- -----------------
Balance March 31, 1996 12,500,050 $84,724,566 $30,036 $84,754,602
================= ================ ================= =================
</TABLE>
See accompanying notes.
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
STATEMENTS OF CASH FLOWS
THREE MONTH PERIODS ENDED
MARCH 31, 1996 AND 1995
Operating activities: 1996 1995
---- ----
Net income $746,818 $897,103
Adjustment to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 3,860,496 3,661,436
Gain on sales of lease assets (138,045) (333,998)
Provision for losses 60,700 54,135
Changes in operating assets and liabilities:
Accounts receivable 321,242 (483,923)
Accounts payable, General Partner (683,517) (758,399)
Accounts payable, other (563,584) 21,527
Deposits due to lessees (503,273) (217)
Accrued interest expense (231,618) 15,826
Unearned operating lease income (117,802) (5,046)
----------------- -----------------
Net cash provided by operations 2,751,417 3,068,444
----------------- -----------------
Investing activities:
Purchases of equipment on operating leases (16,179,635) (4,349,820)
Reduction of net investment in direct
financing leases 270,474 127,910
Proceeds from sales of lease assets 225,764 1,206,823
Reduction of net investment in leveraged
leases 127,314 21,739
Initial direct costs paid to General Partner (122,554) (159,752)
Purchases of equipment on direct financing
leases - (173,585)
----------------- -----------------
Net cash used in investing activities (15,678,637) (3,326,685)
----------------- -----------------
Financing activities:
Borrowings under line of credit 18,096,000 -
Repayments of borrowings under line of credit (17,184,447) -
Proceeds of non-recourse debt 17,968,167 -
Repayments of non-recourse debt (4,207,036) (226,492)
Distributions to Limited Partners (3,364,351) (3,258,075)
Payment of syndication costs to General
Partner - (82,579)
----------------- -----------------
Net cash (used in) provided by financing
activities 11,308,333 (3,567,146)
----------------- -----------------
Net (decrease) increase in cash and
cash equivalents (1,618,887) (3,825,387)
Cash and cash equivalents at beginning
of period 2,401,318 5,956,752
----------------- -----------------
Cash and cash equivalents at end of period $782,431 $2,131,365
================= =================
Supplemental disclosures of cash flow information:
Cash paid during the period for interest $1,076,174 $130,207
================= =================
Supplemental schedule of non-cash transactions:
Operating lease assets reclassified to
direct financing lease assets $2,025,000 $69,388
================= =================
Operating lease assets reclassified
to assets held or sale or lease $5,916
=================
See accompanying notes.
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
1. Summary of significant accounting policies:
Interim financial statements:
The unaudited interim financial statements reflect all adjustments which are, in
the opinion of the general partners, necessary to a fair statement of financial
position and results of operations for the interim periods presented. All such
adjustments are of a normal recurring nature. These unaudited interim financial
statements should be read in conjunction with the most recent report on Form
10K.
2. Organization and partnership matters:
ATEL Cash Distribution Fund V, L.P. (the Partnership), was formed under the laws
of the State of California on September 23, 1992, for the purpose of acquiring
equipment to engage in equipment leasing and sales activities. Contributions in
the aggregate of $600 were received as of October 6, 1992, $100 of which
represented the General Partner's continuing interest, and $500 of which
represented the Initial Limited Partners' capital investment.
Upon the sale of the minimum amount of Units of Limited Partnership interest
(Units) of $1,200,000 and the receipt of the proceeds thereof on March 19, 1993,
the Partnership commenced operations. The Partnership or the General Partner on
behalf of the Partnership, will incur costs in connection with the organization,
registration and issuance of the Units. The amount of such costs to be born by
the Partnership is limited by certain provisions in the Partnership Agreement.
As of November 15, 1994, the Partnership had received subscriptions for
12,500,000 Limited Partnership Units ($125,000,000) in addition to the Initial
Limited Partners' 50 Units. All of those Units were issued and outstanding as of
March 31, 1996.
The Partnership does not make a provision for income taxes since all income and
losses will be allocated to the Partners for inclusion in their individual tax
returns.
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
3. Investment in leases:
The Partnership's investment in leases consists of the following:
<TABLE>
<CAPTION>
Depreciation
Balance Expense or Reclassi- Balance
December 31, Amortization fications or March 31,
1995 Additions of Leases Dispositions 1996
---- --------- --------- --------------- ----
<S> <C> <C> <C> <C> <C>
Net investment in operating
leases $90,328,014 $16,726,088 ($3,571,560) ($2,118,635) $101,363,907
Net investment in direct
financing leases 32,688,774 - (270,474) 2,025,000 34,443,300
Net investment in leveraged
leases 4,854,410 - (127,314) - 4,727,096
Residual value interests 835,760 - - - 835,760
Assets held for sale or lease - - - 5,916 5,916
Reserve for losses (1,021,171) - (60,700) - (1,081,871)
Initial direct costs, net of
accumulated amortization of
$1,497,737 in 1995 and $1,661,666
in 1996 4,000,748 122,554 (288,935) - 3,834,367
==================== ================= ================ ================= =================
$131,686,535 $16,848,642 ($4,318,983) ($87,719) $144,128,475
==================== ================= ================ ================= =================
</TABLE>
Property on operating leases consists of the following:
<TABLE>
<CAPTION>
Balance 1st Quarter Balance
December 31, Reclassifications March 31,
1995 Acquisitions & Dispositions 1996
---- ------------ -------------- ----
<S> <C> <C> <C> <C>
Transportation $34,422,258 $15,656,550 ($2,910,436) $47,168,372
Construction 24,075,113 - - 24,075,113
Mining 15,164,692 - - 15,164,692
Materials handling 17,778,985 243,659 - 18,022,644
Furniture and fixtures 10,475,743 - - 10,475,743
Printing 2,325,000 - - 2,325,000
Food processing 1,826,162 - - 1,826,162
Manufacturing 2,834,155 294,000 - 3,128,155
Office automation 2,076,126 531,879 - 2,608,005
Other 353,612 - - 353,612
----------------- ---------------- ----------------- -----------------
111,331,846 16,726,088 (2,910,436) 125,147,498
Less accumulated depreciation (21,003,832) (3,571,560) 791,801 (23,783,591)
----------------- ---------------- ----------------- -----------------
$90,328,014 $13,154,528 ($2,118,635) $101,363,907
================= ================ ================= =================
</TABLE>
All of the property on leases was acquired in 1993, 1994, 1995 and 1996.
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
3. Investment in leases (continued):
At March 31, 1996, the aggregate amounts of future minimum lease payments are as
follows:
Direct
Year ending Operating Financing
December 31, Leases Leases Total
1996 $15,487,296 $5,548,224 $21,035,520
1997 17,072,146 6,867,303 23,939,449
1998 13,069,319 5,320,024 18,389,343
1999 8,446,212 4,742,621 13,188,833
2000 5,448,694 3,437,422 8,886,116
Thereafter 12,722,848 11,943,790 24,666,638
----------------- ---------------- -----------------
$72,246,515 $37,859,384 $110,105,899
================= ================ =================
4. Non-recourse debt:
Notes payable to financial institutions are due in varying monthly, quarterly
and semi-annual installments of principal and interest. The notes are secured by
assignments of lease payments and pledges of the assets which were purchased
with the proceeds of the particular notes. Interest rates on the notes vary from
6.5% to 10.53%.
Future minimum principal payments of non-recourse debt are as follows:
Year ending
December 31, Principal Interest Total
1996 $3,887,017 $1,634,578 $5,521,595
1997 5,490,085 1,972,239 7,462,324
1998 5,817,643 1,549,647 7,367,290
1999 3,714,965 1,175,427 4,890,392
2000 2,523,026 917,342 3,440,368
Thereafter 11,457,693 5,240,644 16,698,337
----------------- ---------------- -----------------
$32,890,429 $12,489,877 $45,380,306
================= ================ =================
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
5. Related party transactions:
The terms of the Limited Partnership Agreement provide that the General Partner
and/or Affiliates are entitled to receive certain fees for equipment
acquisition, management and resale and for management of the Partnership.
The Limited Partnership Agreement allows for the reimbursement of costs incurred
by the General Partner in providing administrative services to the Partnership.
Administrative services provided include Partnership accounting, investor
relations, legal counsel and lease and equipment documentation. The General
Partner is not reimbursed for services where it is entitled to receive a
separate fee as compensation for such services, such as acquisition and
management of equipment. Reimbursable costs incurred by the General Partner are
allocated to the Partnership based upon actual time incurred by employees
working on Partnership business and an allocation of rent and other costs based
on utilization studies.
Substantially all employees of the General Partner record time incurred in
performing administrative services on behalf of all of the Partnerships serviced
by the General Partner. The General Partner believes that the costs reimbursed
are the lower of (i) actual costs incurred on behalf of the Partnership or (ii)
the amount the Partnership would be required to pay independent parties for
comparable administrative services in the same geographic location and are
reimbursable in accordance with the Limited Partnership Agreement.
The General Partner and/or Affiliates earned fees, commissions and
reimbursements, pursuant to the Limited Partnership Agreement as follows:
1996 1995
---- ----
Reimbursement of other syndication costs $82,579
Acquisition fees equal to 3.5% of the
equipment purchase price, for evaluating
and selecting equipment to be acquired (not
to exceed approximately 4.75% ofGross
Proceeds, included in property on operating
leases) $122,554 159,752
Incentive management fees (computed as
5% of distributions of cash from
operations, as defined in the Limited
Partnership Agreement) and equipment
management fees (computed as 5% of gross
revenues from operating leases, as
defined in the Limited Partnership Agreement
plus 2% of gross revenues from full payout
leases, as defined in the Limited Partnership
Agreement). 412,874 476,211
Administrative costs reimbursed to
General Partner 74,542 105,613
----------------- -----------------
$609,970 $824,155
================= =================
<PAGE>
ATEL CASH DISTRIBUTION FUND V, L.P.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(Unaudited)
6. Partner's capital:
As of March 31, 1995, 12,500,000 Units of Limited Partnership (Units) interest
were issued and outstanding (in addition to the 50 Units issued to the initial
Limited Partners). The Partnership is authorized to issue up to 12,500,000 Units
in addition to those issued to the initial Limited Partners.
The Partnership's Net Profits, Net Losses and Tax Credits are to be allocated
99% to the Limited Partners and 1% to the General Partner.
As more fully described in the Partnership Agreement, available Cash from
Operations and Cash from Sales or Refinancing shall be distributed as follows:
First, 5% of Distributions of Cash from Operations to the General Partner
as Incentive Management Fees.
Second, the balance to the Limited Partners until the Limited Partners have
received aggregate Distributions, as defined, in an amount equal to
their Original Invested Capital, as defined, plus a 10% per annum
cumulative (compounded daily) return on their Adjusted Invested
Capital, as defined.
Third, the General Partner will receive as Incentive Management Fees, the
following:
(A) 10% of remaining Cash from Operations, as defined,
(B) 15% of remaining Cash from Sales or Refinancing, as defined.
Fourth, the balance to the Limited Partners.
7. Line of credit:
The Partnership participates with ATEL and certain of its Affiliates in a
$70,000,000 revolving line of credit with a financial institution that includes
certain financial covenants. The line of credit expires on January 31, 1997.
The current line of credit, when used, is collateralized by (i) specific lease
assets assigned or (ii) all lease receivables and other lease related proceeds
owned by the Partnership, all equipment subject to leases and related insurance
policies and maintenance contracts owned by the Partnership and all deposit
accounts with the lender and all cash on deposit.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Capital Resources and Liquidity
In 1996, the Partnership's primary sources of liquidity were borrowings under
the line of credit, proceeds of non-recourse debt and rents from operating
leases. The liquidity of the Partnership will vary in the future, increasing to
the extent cash flows from leases and proceeds from asset sales exceed expenses,
and decreasing as lease assets are acquired, as distributions are made to the
limited partners and to the extent expenses exceed cash flows from leases and
proceeds from sales of assets.
As another source of liquidity, the Partnership has contractual obligations with
a diversified group of lessees for fixed lease terms at fixed rental amounts. As
the initial lease terms expire the Partnership will re-lease or sell the
equipment. The future liquidity beyond the contractual minimum rentals will
depend on the General Partner's success in re-leasing or selling the equipment
as it comes off lease.
The Partnership participates with the General Partner and certain of its
affiliates in a $70,000,000 revolving line of credit with a financial
institution. The line of credit expires on January 31, 1997.
The current line of credit, when used, is collateralized by (i) specific lease
assets assigned or (ii) all lease receivables and other lease related proceeds
owned by the Partnership, all equipment subject to leases and related insurance
policies and maintenance contracts owned by the Partnership and all deposit
accounts with the lender and all cash on deposit.
The Partnership anticipates reinvesting a portion of lease payments from assets
owned in new leasing transactions. Such reinvestment will occur only after the
payment of all obligations, including debt service (both principal and
interest), the payment of management and acquisition fees to the General Partner
and providing for cash distributions to the Limited Partners.
The Partnership currently has available adequate reserves to meet contingencies,
but in the event those reserves were found to be inadequate, the Partnership
would likely be in a position to borrow against its current portfolio to meet
such requirements. The General Partner envisions no such requirements for
operating purposes, nor have they explored with lenders the possibility of
obtaining loans. There can be no assurance as to the terms of any such financing
or that the Partnership will be able to obtain such loans.
As of March 31, 1996, the Partnership had borrowed $36,697,642 on a non-recourse
basis with remaining unpaid balances of $32,890,429. Borrowings are to be
generally non-recourse to the Partnership, that is, the only recourse of the
lender upon a default by the lessee on the underlying lease will be to the
equipment or corresponding lease acquired with the loan proceeds. As of that
date, the Partnership also had outstanding balances of $27,203,642 on its line
of credit. The General Partner expects that aggregate borrowings in the future
will not exceed 40% of aggregate equipment cost. In any event, the Agreement of
Limited Partnership limits such borrowings to 40% of the total cost of
equipment, in aggregate.
No commitments of capital have been or are expected to be made other than for
the acquisition of additional equipment. Such commitments totaled approximately
$21,615,000 as of May 1, 1996.
If inflation in the general economy becomes significant, it may affect the
Partnership inasmuch as the residual (resale) values and rates on re-leases of
the Partnership's leased assets may increase as the costs of similar assets
increase. However, the Partnership's revenues from existing leases would not
increase, as such rates are generally fixed for the terms of the leases without
adjustment for inflation.
If interest rates increase significantly, the lease rates that the Partnership
can obtain on future leases will be expected to increase as the cost of capital
is a significant factor in the pricing of lease financing. Leases already in
place, for the most part, would not be affected by changes in interest rates.
1996 vs. 1995:
In both 1995 and 1996, the Partnership's primary operating source of cash was
revenues from operating leases. Operating lease revenues have increased from
$4,695,880 in 1995 to $5,048,533 in 1996 as a result of acquisitions of assets
on operating leases since March 1995. At cost, the Partnership's investment in
such assets has increased from $94,245,852 in 1995 to $125,147,498 in 1996.
In 1996, the Partnership's primary sources of cash from investing activities
were rents on direct financing and leveraged leases (accounted for as reductions
in the net investment in such leases) and proceeds from the sales of lease
assets. Cash was used in investing activities for the purchase of operating
lease assets and to pay related acquisition fees to the General Partner. In
1995, the largest such source of cash was the proceeds from the sales of lease
assets. The most significant of these was the sale of a helicopter that had been
leased to Mobil Administrative Services. There were no similar large equipment
sales in the first quarter of 1996. Cash flows from direct financing and
leveraged leases increased from 1995 due to acquisitions of direct finance and
leveraged lease assets over the prior twelve months.
In 1996, the Partnership's primary sources of cash from financing activities
were non-recourse debt proceeds and borrowings under the line of credit. The
largest uses of this cash were repayments of borrowings under the line of credit
and for the purchase of operating lease assets as noted above. In 1995, there
were no financing sources of cash.
Results of operations
1996 vs. 1995:
Operations resulted in net income of $746,818 in 1996 compared to $897,103 in
1995. The Partnership's primary source of revenues is from operating leases.
This is expected to remain true in future periods although the amounts are
expected to increase as a result of equipment acquisitions. Depreciation expense
is the single largest expense of the Partnership and is expected to remain so in
future periods and is expected to increase as more operating lease assets are
acquired. Operating lease revenues and depreciation expense have both increased
as a result of the acquisition of additional operating lease assets over the
previous twelve months. Equipment management fees are based on the Partnership's
rental revenues and are expected to increase in relation to expected increases
in the Partnership's revenues from leases. Incentive management fees are based
on the levels of distributions to limited partners. Interest expense is expected
to increase significantly in future periods as additional transactions are
financed with non-recourse debt and borrowings under the line of credit.
In January 1996, Barney's, Inc. (Barney's), one of the Partnership's lessees,
filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The
Partnership's lease transaction has been financed primarily with non-recourse
debt. In addition, the Partnership holds certain deposits which may accrue to it
in the event of a default. As of December 31, 1995, the Partnership had
established certain reserves with regard to this transaction. The bankruptcy
proceedings are still in the preliminary stages and no additional information
has become available that would require any changes to those reserves through
the end of the first quarter of 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
Inapplicable.
Item 2. Changes In Securities.
Inapplicable.
Item 3. Defaults Upon Senior Securities.
Inapplicable.
Item 4. Submission Of Matters To A Vote Of Security Holders.
Inapplicable.
Item 5. Other Information.
Inapplicable.
Item 6. Exhibits And Reports On Form 8-K.
(a) Documents filed as a part of this report
1. Financial Statements
Included in Part I of this report:
Balance Sheets, March 31, 1996 and December 31, 1995.
Statement of changes in partners' capital for the three
months ended March 31, 1996.
Statements of income for the three month periods ended
March 31, 1996 and 1995.
Statements of cash flows for the three month periods
ended March 31, 1996 and 1995.
Notes to the Financial Statements
2. Financial Statement Schedules
All other schedules for which provision is made in the
applicable accounting regulations of the Securities and
Exchange Commission are not required under the related
instructions or are inapplicable, and therefore have been
omitted.
(b) Report on Form 8-K
Report dated March 29, 1996.
<PAGE>
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.
Date:
May 10, 1995
ATEL CASH DISTRIBUTION FUND V, L.P.
(Registrant)
By: ATEL Financial Corporation
General Partner of Registrant
By: /s/ A. J. BATT
A. J. Batt
President and Chief Executive Officer
of General Partner
By: /s/ DEAN L. CASH
Dean L. Cash
Executive Vice President
of General Partner
By: /s/ F. RANDALL BIGONY
F. Randall Bigony
Principal financial officer
of registrant
By: /s/ DONALD E. CARPENTER
Donald E. Carpenter
Principal accounting
officer of registrant
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 782431
<SECURITIES> 0
<RECEIVABLES> 2056254
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 146977160
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 84754602
<TOTAL-LIABILITY-AND-EQUITY> 146977160
<SALES> 0
<TOTAL-REVENUES> 6069988
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4417914
<LOSS-PROVISION> 60700
<INTEREST-EXPENSE> 844556
<INCOME-PRETAX> 746818
<INCOME-TAX> 0
<INCOME-CONTINUING> 746818
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 746818
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
