<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1995
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 0-23886
CRONOS GLOBAL INCOME FUND XV, L.P.
(Exact name of registrant as specified in its charter)
California 94-2966976
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
444 Market Street, 15th Floor, San Francisco, California 94111
(Address of principal executive offices) (Zip Code)
(415) 677-8990
(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. Yes X No .
--- ---
<PAGE> 2
CRONOS GLOBAL INCOME FUND XV, L.P.
REPORT ON FORM 10-Q FOR THE QUARTERLY
PERIOD ENDED JUNE 30, 1995
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets - June 30, 1995 (unaudited) and December 31, 1994 2
Statements of Operations for the three months ended June 30, 1995 and 1994, the six months 3
ended June 30, 1995 and for the period February 22, 1994 (commencement of operations)
to June 30, 1994 (unaudited)
Statements of Cash Flows for the six months ended June 30, 1995 and for the period 4
February 22, 1994 (commencement of operations) to June 30, 1994 (unaudited)
Notes to Financial Statements (unaudited) 5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of 8
Operations
PART II - OTHER INFORMATION
Item 5. Other Materially Important Events 10
Item 6. Exhibits and Reports on Form 8-K 11
</TABLE>
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Presented herein are the Registrant's balance sheets as of
June 30, 1995 and December 31, 1994, statements of operations for the
three months ended June 30, 1995 and 1994, the six months ended
June 30, 1995 and for the period February 22, 1994 (commencement of
operations) to June 30, 1994, and statements of cash flows for the
six months ended June 30, 1995 and for the period February 22, 1994
(commencement of operations) to June 30, 1994.
<PAGE> 4
CRONOS GLOBAL INCOME FUND XV, L.P.
BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
-------- ------------
<S> <C> <C>
Assets
Current assets:
Cash, includes $1,329,358 at June 30, 1995 and $346,553
at December 31, 1994 in interest-bearing accounts $ 1,344,596 $ 1,732,203
Short-term investments 2,525,000 -
Net lease receivables due from Leasing Company
(notes 1 and 2) 1,691,705 1,016,734
----------- -----------
Total current assets 5,561,301 2,748,937
----------- -----------
Container rental equipment, at cost 89,816,284 58,738,731
Less accumulated depreciation 3,578,212 1,419,601
----------- -----------
Net container rental equipment 86,238,072 57,319,130
----------- -----------
Organizational costs, net 1,903,766 1,427,721
----------- -----------
$93,703,139 $61,495,788
=========== ===========
Liabilities and Partners' Capital
Current liabilities:
Due to general partner (notes 1 and 3) $ 1,030,978 $ 1,284,467
Equipment debt 14,911,391 16,534,256
Interest payable 166,121 46,000
Due to manufacturers 5,708,000 1,683,500
----------- -----------
Total current liabilities 21,816,490 19,548,223
----------- -----------
Partners' capital:
General partner 7,713 6,200
Limited partners 71,878,936 41,941,365
----------- -----------
Total partners' capital 71,886,649 41,947,565
----------- -----------
$93,703,139 $61,495,788
=========== ===========
</TABLE>
The accompanying notes are an integral part of this statement
2
<PAGE> 5
CRONOS GLOBAL INCOME FUND XV, L.P.
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
------------------------ Six For the Period February 22,
June 30, June 30, Months Ended (Commencement of Operations)
1995 1994 June 30, 1995 through June 30, 1994
---------- -------- ------------- ----------------------------
<S> <C> <C> <C> <C>
Net lease revenue (notes 1 and 4) $3,173,295 $720,177 $5,606,985 $760,630
Other operating expenses:
Depreciation and amortization 1,284,707 527,035 2,341,491 553,393
Other general and
administrative expenses 39,704 2,528 64,466 4,178
---------- -------- ---------- --------
1,324,411 529,563 2,405,957 557,571
---------- -------- ---------- --------
Earnings from operations 1,848,884 190,614 3,201,028 203,059
Other income (expense):
Interest income 19,245 283 39,911 283
Net gain on disposal of equipment 4,795 478 6,766 478
Interest expense (290,565) - (497,036) -
---------- -------- ---------- --------
(266,525) 761 (450,359) 761
---------- -------- ---------- --------
Net earnings $1,582,359 $191,375 $2,750,669 $203,820
========== ======== ========== ========
Allocation of net earnings:
General partner $ 74,943 $ 4,057 $ 131,449 $ 4,182
Limited partners 1,507,416 187,318 2,619,220 199,638
---------- -------- ---------- --------
$1,582,359 $191,375 $2,750,669 $203,820
========== ======== ========== ========
Limited partners' per unit
share of net earnings $ .42 $ .37 $ .84 $ .55
========== ======== ========== ========
</TABLE>
The accompanying notes are an integral part of this statement
3
<PAGE> 6
CRONOS GLOBAL INCOME FUND XV, L.P.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended For the Period February 22,
June 30, (Commencement of Operations)
1995 through June 30, 1994
---------------- ----------------------------
<S> <C> <C>
Net cash provided by operating activities $ 4,493,834 $ 286,308
Cash flows provided by (used in) investing activities:
Proceeds from sale of container rental equipment 44,593 -
Purchase of container rental equipment (25,926,001) (17,284,096)
Acquisition fees to general partner (1,380,541) (864,525)
------------ ------------
Net cash used in investing activities (27,261,949) (18,148,621)
------------ ------------
Cash flows provided by (used in) financing activities:
Capital contributions 33,096,840 21,475,960
Underwriting commissions (3,309,684) (2,147,506)
Offering and organizational expenses (659,167) (949,042)
Distributions to partners (2,598,741) (92,605)
Borrowings from revolving credit facility 24,968,637 -
Repayments to revolving credit facility (26,591,502) -
Loan origination costs (875) -
------------ ------------
Net cash provided by financing activities 24,905,508 18,286,807
------------ ------------
Net increase in cash and cash equivalents 2,137,393 424,494
Cash and cash equivalents at January 1 1,732,203 100
------------ ------------
Cash and cash equivalents at June 30 $ 3,869,596 $ 424,594
============ ============
Supplemental disclosure for cash flow information:
Cash paid during the period for:
Interest $ 376,915 $ -
============ ============
</TABLE>
The accompanying notes are an integral part of this statement
4
<PAGE> 7
CRONOS GLOBAL INCOME FUND XV, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
JUNE 30, 1995 AND DECEMBER 31, 1994
(1) Summary of Significant Accounting Policies
(a) Nature of Operations
Cronos Global Income Fund XV, L.P. (the "Partnership") is a limited
partnership organized under the laws of the State of California on
August 26, 1993, for the purpose of owning and leasing marine cargo
containers, special purpose containers and container-related
equipment. Cronos Capital Corp. ("CCC") is the general partner and,
with its affiliate Cronos Containers Limited (the "Leasing Company"),
manages and controls the business of the Partnership.
(b) Leasing Company and Leasing Agent Agreement
The Partnership has entered into a Leasing Agent Agreement whereby the
Leasing Company has the responsibility to manage the leasing
operations of all equipment owned by the Partnership. Pursuant to the
Agreement, the Leasing Company is responsible for leasing, managing
and re-leasing the Partnership's containers to ocean carriers and has
full discretion over which ocean carriers and suppliers of goods and
services it may deal with. The Leasing Agent Agreement permits the
Leasing Company to use the containers owned by the Partnership,
together with other containers owned or managed by the Leasing Company
and its affiliates, as part of a single fleet operated without regard
to ownership. Since the Leasing Agent Agreement meets the definition
of an operating lease in Statement of Financial Accounting Standards
(SFAS) No. 13, it is accounted for as a lease under which the
Partnership is lessor and the Leasing Company is lessee.
The Leasing Agent Agreement generally provides that the Leasing
Company will make payments to the Partnership based upon rentals
collected from ocean carriers after deducting direct operating
expenses and management fees to CCC and the Leasing Company. The
Leasing Company leases containers to ocean carriers, generally under
operating leases which are either master leases or term leases (mostly
two to five years). Master leases do not specify the exact number of
containers to be leased or the term that each container will remain on
hire but allow the ocean carrier to pick up and drop off containers at
various locations; rentals are based upon the number of containers
used and the applicable per-diem rate. Accordingly, rentals under
master leases are all variable and contingent upon the number of
containers used. Most containers are leased to ocean carriers under
master leases; leasing agreements with fixed payment terms are not
material to the financial statements. Since there are no material
minimum lease rentals, no disclosure of minimum lease rentals is
provided in these financial statements.
(c) Basis of Accounting
The Partnership utilizes the accrual method of accounting. Revenue is
recognized when earned.
(d) Financial Statement Presentation
These financial statements have been prepared without audit. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
procedures have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and
accompanying notes in the Partnership's latest annual report on Form
10-K.
The interim financial statements presented herewith reflect all
adjustments of a normal recurring nature which are, in the opinion of
management, necessary to a fair statement of the financial condition
and results of operations for the interim periods presented.
5
<PAGE> 8
CRONOS GLOBAL INCOME FUND XV, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(2) Net Lease Receivables Due from Leasing Company
Net lease receivables due from the Leasing Company are determined by
deducting direct operating payables and accrued expenses, base management
fees payable, and reimbursed administrative expenses payable to CCC and
its affiliates from the rental billings payable by the Leasing Company to
the Partnership under operating leases to ocean carriers for the
containers owned by the Partnership. Net lease receivables at June 30,
1995 and December 31, 1994 were as follows:
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
-------- ------------
<S> <C> <C>
Lease receivables, net of doubtful accounts
of $122,528 at June 30, 1995 and $36,173 at
December 31, 1994 $3,820,329 $2,411,847
Less:
Direct operating payables and accrued expenses 1,080,397 491,125
Damage protection reserve 395,511 147,330
Base management fees 343,077 435,866
Reimbursed administrative expenses 309,639 320,792
---------- ----------
$1,691,705 $1,016,734
========== ==========
</TABLE>
(3) Due to General Partner
The amounts due to CCC at June 30, 1995 and December 31, 1994 were as
follows:
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
-------- ------------
<S> <C> <C>
Acquisition fees $1,030,978 $ 928,677
Equipment payable - 355,790
---------- ----------
$1,030,978 $1,284,467
========== ==========
</TABLE>
6
<PAGE> 9
CRONOS GLOBAL INCOME FUND XV, L.P.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(4) Net Lease Revenue
Net lease revenue is determined by deducting direct operating expenses,
management fees and reimbursed administrative expenses to CCC and its
affiliates from the rental revenue billed by the Leasing Company under
operating leases to ocean carriers for the containers owned by the
Partnership. Net lease revenue for the three months ended June 30, 1995
and 1994, the six months ended June 30, 1995 and the period February 22,
1994 (commencement of operations) through June 30, 1994 were as follows:
<TABLE>
<CAPTION>
Three Months Ended
---------------------- Six For the Period February 22,
June 30, June 30, Months Ended (Commencement of Operations)
1995 1994 June 30, 1995 through June 30, 1994
-------- -------- ------------- ----------------------------
<S> <C> <C> <C> <C>
Rental revenue $4,595,970 $888,872 $8,027,950 $947,398
Rental equipment operating expenses 861,598 66,007 1,420,185 74,007
Base management fees 313,305 61,740 561,305 65,837
Reimburse administrative expenses 247,772 40,948 439,475 46,924
---------- -------- ---------- -------
$3,173,295 $720,177 $5,606,985 $760,630
========== ======== ========== =======
</TABLE>
(5) Equipment Purchases
As of June 30, 1995, the Partnership had purchased the following types of
equipment:
<TABLE>
<CAPTION>
Purchased from
Purchased Container Total
Equipment Type from CCC Manufacturers Purchased
-------------- --------- -------------- ---------
<S> <C> <C> <C>
Dry Cargo Containers:
Twenty-foot 8,357 14,222 22,579
Forty-foot 2,884 2,400 5,284
Forty-foot high-cube 397 500 897
Refrigerated Cargo Containers:
Twenty-foot 163 - 163
Forty-foot high-cube 100 - 100
Tank Containers:
24,000-liter 133 32 165
</TABLE>
The aggregate purchase price (excluding acquisition fees) of the equipment
acquired by the Partnership through June 30, 1995 was $85,620,845, of
which $65,001,291 was paid from the Net Proceeds of this offering,
$14,911,391 was paid from the proceeds of a bridge loan obtained by the
Partnership, and $5,708,163 remained payable to equipment manufacturers.
Of this equipment, $39,848,196 thereof had been acquired from CCC and
$45,772,649 thereof had been acquired from third-party container
manufacturers located in Taiwan, South Korea, India, Indonesia, the
People's Republic of China, Italy and the United Kingdom. Equipment
acquired from CCC had been purchased by CCC as new equipment, and was
resold to the Partnership at cost, minus the net revenues earned by CCC in
operating the equipment prior to its resale to the Partnership. At June
30, 1995, the Partnership has committed to purchase from container
manufacturers an additional 100 twenty-foot, 800 forty-foot and 100
forty-foot high-cube dry cargo containers, as well as 200 twenty-foot
refrigerated containers, at an aggregate manufacturers' invoice cost of
approximately $7,544,600.
7
<PAGE> 10
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.
1) Material changes in financial condition between June 30, 1995
and December 31, 1994.
At June 30, 1995, the Registrant had raised $79,126,320 through the
offering of limited partnership interests, from which it had paid
brokerage commissions, reimbursed the General Partner for public offering
expenses, and purchased equipment.
In addition to the Net Proceeds used to purchase equipment from the
General Partner and equipment manufacturers, the Registrant financed the
purchase of additional equipment with proceeds from a $25,000,000 bridge
loan. The loan was obtained on July 22, 1994 from one lending source,
allowing the Registrant to take advantage of equipment purchasing
opportunities. At June 30, 1995, the Registrant had $14,911,391
outstanding under its bridge loan. As of said date, the average annual
interest on monies borrowed under the facility was 7.56% per annum. The
amounts borrowed are secured by the grant of a security interest in all of
the Registrant's assets, including its equipment. Amounts borrowed under
the loan are due on the earlier of the 30th day following the termination
date of the offering or January 14, 1996. The Registrant anticipates
repaying amounts borrowed under the facility with the Net Proceeds from
this offering. Because the units in the Partnership are being offered on a
"best efforts" basis, there is no guarantee that there will be sufficient
Net Proceeds from this offering to fully retire the bridge loan. To the
extent Net Proceeds are insufficient to fully repay the bridge loan, the
General Partner has committed to purchase a sufficient number of
containers from the Registrant to enable the Registrant to do so.
The Registrant expects to accept delivery of new equipment through
November 1995. Substantially all equipment acquisitions in 1995 will be
paid with proceeds from the bridge loan. All Net Proceeds raised during
the remainder of 1995 will be used to repay the bridge loan. Thereafter,
the Registrant expects to reinvest excess cash generated from operations
and equipment disposals in additional new and used equipment.
The Registrant has acquired containers at favorable prices. This fact,
combined with the Registrant's ability to utilize the aforementioned
revolving credit facility to accelerate the build-up of its fleet, should
benefit the Registrant's operations in subsequent periods. At June 30,
1995, the Registrant has committed to purchase from container
manufacturers 100 twenty-foot, 800 forty-foot and 100 forty-foot high-cube
dry cargo containers, as well as 200 twenty-foot refrigerated containers,
at an aggregate manufacturers' invoice cost of approximately $7,544,600.
The Registrant's cash balances as of June 30, 1995 included cash generated
from operations, together with interest earned thereon, and amounts
reserved as working capital. Net lease receivables due from the Leasing
Company are determined by deducting direct operating payables and accrued
expenses, base management fees payable, and reimbursed administrative
expenses payable to CCC and its affiliates from the rental billings
payable by the Leasing Company to the Registrant. During the Registrant's
first year of operations, (February 22, 1994 (commencement of operations)
to December 31, 1994), the General Partner and its affiliates deferred the
payment of all management and reimbursable administrative expenses
deducted from the lease receivables due to the Registrant. At
December 31, 1994, these deferred fees and expenses totaled approximately
$757,000. During the first quarter of 1995, the Registrant paid all
deferred base management fees to the Leasing Company. During the second
quarter of 1995, the Registrant repaid $442,345 of the deferred
reimbursed administrative expenses owed to CCC and the Leasing Company.
At June 30, 1995, the remaining deferred expenses totaled $309,639. The
Registrant expects to pay the remaining deferred reimbursable
administrative expenses during the third quarter of 1995.
8
<PAGE> 11
2) Material changes in the results of operations between the three-month
periods ended June 30, 1995 and 1994, the six month period ended
June 30, 1995 and the period February 22, 1994 (commencement of
operations) to June 30, 1994.
Net lease revenue, other operating expenses, other income and expenses,
and net earnings for the three-month period ended June 30, 1995 increased
significantly over the same period in the prior year, as the Registrant
did not commence operations until February 22, 1994. For the period
January 1, 1995 to June 30, 1995, the Registrant's net earnings were
$2,750,669 and were comprised of net lease revenue, less depreciation and
amortization of $2,341,491 and interest expense of $497,036, as well as
interest income, gain on disposal of equipment and general and
administrative expense. The Registrant will incur interest expense only
during the availability of the revolving credit facility, which will
expire no later than January 1996.
The Registrant's net lease revenue is determined by deducting direct
operating expenses, management fees and reimbursed administrative expenses
from the rental revenues billed by the Leasing Company from the
Registrant's containers. The Registrant's net lease revenue is directly
related to the size of its fleet and the utilization and lease rates of
the equipment owned by the Registrant. Direct operating expenses include
repositioning costs, storage and handling expenses, agent fees and
insurance premiums, as well as provisions for doubtful accounts and repair
costs for containers covered under damage protection plans. Direct
operating costs are affected by the quantity of off-hire containers as
well as the frequency at which the containers are redelivered. During the
build-up phase of the Registrant's fleet, direct operating costs may be
greater if containers purchased directly from container manufacturers
experience an off-hire period while they are marketed and repositioned for
initial lease-out, during which period the Registrant experiences storage,
handling and repositioning costs. At the same time, direct operating costs
may be lessened with respect to containers purchased directly from the
General Partner. Such containers are generally on-hire and, in most cases,
generating revenues at the time of purchase.
The Registrant's fleet size, as measured in twenty-foot equivalent units
("TEU"), and average utilization rates at June 30, 1995 and June 30, 1994
were as follows:
<TABLE>
<CAPTION>
June 30, June 30,
1995 1994
-------- --------
<S> <C> <C>
Fleet size (measured in twenty-foot
equivalent units (TEU))
Dry cargo containers 34,915 13,650
Refrigerated containers 363 44
Tank containers 165 -
Average utilization
Dry cargo containers 88% 88%
Refrigerated containers 100% 100%
Tank containers 92% -
</TABLE>
The utilization rates of the Registrant's fleet are expected to fluctuate
and eventually stabilize, as the Registrant continues its build-up phase
of operations through 1995.
9
<PAGE> 12
PART II - OTHER INFORMATION
Item 5. Other Materially Important Events
Equipment Acquisitions
Pursuant to its undertakings made in its Registration Statement No.
33-69356, Section 7.2 (h) of the Partnership Agreement, the Registrant
had purchased the following types of equipment as of June 30, 1995:
<TABLE>
<CAPTION>
Purchased Registrant's
Purchased from from Container Total Average Cost
Equipment Type the General Partner Manufacturers Purchased Per Container
-------------- ------------------- -------------- --------- -------------
<S> <C> <C> <C> <C>
Dry Cargo Containers:
Twenty-foot 8,357 14,222 22,579 $ 2,356
Forty-foot 2,884 2,400 5,284 $ 3,725
Forty-foot high-cube 397 500 897 $ 3,915
Refrigerated Cargo Containers:
Twenty-foot 163 - 163 $18,458
Forty-foot high-cube 100 - 100 $23,094
Tank Containers:
24,000-liter 133 32 165 $23,652
</TABLE>
The aggregate purchase price (excluding acquisition fees) of the
equipment acquired by the Registrant through June 30, 1995, was
$85,620,845, of which $65,001,291 was paid from the Net Proceeds of
this offering, $14,911,391 was paid from the proceeds of a bridge loan
obtained by the Registrant and remained outstanding as of
June 30, 1995, and $5,708,163 remained payable to equipment
manufacturers. Of this equipment, $39,848,196 thereof had been
acquired from the General Partner and $45,772,649 thereof had been
acquired from third-party container manufacturers located in Taiwan,
South Korea, India, Indonesia, the People's Republic of China, Italy,
and the United Kingdom. Equipment acquired from the General Partner
had been purchased by the General Partner as new equipment, and was
resold to the Registrant at cost, minus the net revenues earned by
the General Partner in operating the equipment prior to its resale to
the Registrant.
All future Net Proceeds will be used first to repay the bridge loan
and, secondly, to purchase additional equipment. If sufficient Net
Proceeds are not raised to repay the bridge loan, the General Partner
has committed to the Registrant to purchase a sufficient number of
containers from the Registrant to enable the Registrant to repay the
bridge loan.
At June 30, 1995, the Registrant has committed to purchase from
container manufacturers an additional 100 twenty-foot, 800 forty-foot
and 100 forty-foot high-cube dry cargo containers, as well as 200
twenty-foot refrigerated containers, at an aggregate manufacturers'
invoice cost of approximately $7,544,600.
10
<PAGE> 13
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 - Financial Data Schedule
(b) In lieu of filing a current report on Form 8-K, the Registrant
has provided in Part II, Item 5 hereof, a description of its
purchase of marine cargo containers during the three-month period
ended June 30, 1995.
11
<PAGE> 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
CRONOS GLOBAL INCOME FUND XV, L.P.
By Cronos Capital Corp.
The General Partner
By /s/ JOHN KALLAS
----------------------------------
John Kallas
Vice President, Chief Financial Officer
Principal Accounting Officer
Date: August 10, 1995
12
<PAGE> 15
EXHIBIT INDEX
Exhibit
No. Description
------- -----------
[S] [C]
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
BALANCE SHEET AT JUNE 30, 1995 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR
THE SIX MONTHS ENDED JUNE 30, 1995 (UNADUTIED) AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED AS PART OF ITS QUARTERLY
REPORT ON FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1995.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 3,869,596
<SECURITIES> 0
<RECEIVABLES> 1,691,705
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5,561,301
<PP&E> 89,816,284
<DEPRECIATION> 3,578,212
<TOTAL-ASSETS> 93,703,139
<CURRENT-LIABILITIES> 21,816,490
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 71,886,649
<TOTAL-LIABILITY-AND-EQUITY> 93,703,139
<SALES> 0
<TOTAL-REVENUES> 5,653,662
<CGS> 0
<TOTAL-COSTS> 2,405,957
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 497,036
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,750,669
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
