<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the quarterly period ended March 31, 1998
[ ] Transition Report Under Section 13 or 15(d) of the Securities
Exchange Act of 1934.
For the transition period from N/A to N/A
Commission File Number 0-28332
BRAUVIN NET LEASE V, INC.
(Exact name of small business issuer in its charter)
Maryland 36-3913066
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
30 North LaSalle Street, Chicago, Illinois 60602
(Address of principal executive offices) (Zip Code)
(312) 443-0922
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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 .
As of May 14, 1998, the registrant had 1,291,507 shares of Common
Stock outstanding.
Transitional Small Business Disclosure Format(check one)
Yes No X .
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
INDEX
PART I - FINANCIAL INFORMATION
Page
Item 1. Consolidated Financial Statements. . . . . . . . . . . . . . 3
Consolidated Balance Sheet at March 31, 1998 . . . . . . . . 4
Consolidated Statements of Operations, for the
three months ended March 31, 1998 and 1997 . . . . . . . . . 5
Consolidated Statements of Cash Flows for the
three months ended March 31, 1998 and 1997 . . . . . . . . . 6
Notes to Consolidated Financial Statements . . . . . . . . . 7
Item 2. Management's Discussion and Analysis or Plan
of Operation . . . . . . . . . . . . . . . . . . . . . . . 14
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .17
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . . .17
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . . .17
Item 4. Submission of Matters to a Vote of Security
Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .17
Item 5. Other Information. . . . . . . . . . . . . . . . . . . . . .17
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .17
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
The following Consolidated Balance Sheet as of March 31, 1998,
Consolidated Statements of Operations for the three months ended
March 31, 1998 and 1997 and Consolidated Statements of Cash Flows
for the three months ended March 31, 1998 and 1997 for Brauvin Net
Lease V, Inc. (the "Fund") are unaudited but reflect, in the
opinion of the management, all adjustments necessary to make the
consolidated financial statements not misleading. All such
adjustments are of a normal recurring nature.
These consolidated financial statements should be read in
conjunction with the financial statements and notes thereto
included in the Fund's 1997 Annual Report on Form 10-KSB.
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
CONSOLIDATED BALANCE SHEET
(Unaudited)
March 31,
1998
ASSETS
Investment in real estate, at cost:
Land $ 3,979,586
Buildings 7,548,856
11,528,442
Less accumulated depreciation (473,677)
Net investment in real estate 11,054,765
Cash and cash equivalents 257,831
Organization costs (net of
accumulated amortization of
$28,583) 6,417
Tenant receivable (net of an
allowance of $8,438) 8,721
Deferred rent receivable 218,206
Total Assets $11,545,940
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued
expenses $ 10,989
Rents received in advance 25,379
Due to affiliates 55,386
Total Liabilities 91,754
Stockholders' Equity:
Preferred stock, $.01 par value,
1,000,000 shares authorized; none issued
Common stock, $.01 par value,
9,000,000 shares authorized;
1,291,507 shares issued
and outstanding 13,027
Additional paid-in capital 11,619,971
Retained earnings (deficit) (178,812)
Total Stockholders' Equity 11,454,186
Total Liabilities and Stockholders'
Equity $11,545,940
See notes to consolidated financial statements.
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31, 1998 and 1997
(Unaudited)
1998 1997
INCOME
Rental $338,454 $ 321,605
Interest and other 2,885 18,314
Total income 341,339 339,919
EXPENSES
Directors fees 4,000 7,001
Advisory fees 43,750 43,750
Management fees 3,007 3,386
General and administrative 18,168 21,698
Bad debt expense 8,438 --
Acquisition costs -- 31,378
Depreciation and amortization 48,969 44,207
Total expenses 126,332 151,420
Net Income $215,007 $188,499
Net Income Per Share
(based on average shares
outstanding of 1,289,464
and 1,297,934, respectively
for the three months ended
March 31, 1998 and 1997) $ 0.17 $ 0.15
See notes to consolidated financial statements.
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 1998 and 1997
(Unaudited)
1998 1997
Cash Flows From Operating Activities:
Net income $ 215,007 $ 188,499
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of organization costs 1,750 1,750
Depreciation 47,219 42,457
Acquisition costs charged off -- 31,378
Provision for doubtful accounts 8,438 --
Change in deferred rent receivables (29,382) (23,945)
Change in prepaid expenses and
deferred acquisition costs -- 3,001
Change in tenant receivables (16,764) 378
Change in accounts payable and
accrued expenses (9,649) (10,923)
Change in due to affiliates 503 4,066
Change in rent received in advance (16,024) 20,885
Net cash provided by operating
activities 201,098 257,546
Cash Flows From Investing Activities:
Purchase of properties -- (1,529,287)
Cash used in investing activities -- (1,529,287)
Cash Flows From Financing Activities:
Issuance of stock, net of liquidations 12,386 35,891
Selling commissions and other
offering costs (31,711) (34,258)
Dividends (227,354) (229,517)
Net cash used in
financing activities (246,679) (227,884)
Net decrease in cash
and cash equivalents (45,581) (1,499,625)
Cash and cash equivalents at
beginning of period 303,412 2,025,100
Cash and cash equivalents at
end of period $257,831 $ 525,475
Supplemental Cash Flow Information:
In 1997, Purchase of properties is net of $3,087 of acquisition
costs paid in 1996 and reclassified to land and building in 1997 in
conjunction with the acquisition of the related properties.
See notes to consolidated financial statements.
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
Brauvin Net Lease V, Inc. (the "Fund") is a Maryland corporation
formed on October 14, 1993, which operates as a real estate
investment trust ("REIT") under federal tax laws. The Fund has
acquired properties that are leased to creditworthy corporate
operators of nationally or regionally established businesses
primarily in the retail and family restaurant sectors. All of the
leases are on a long-term "triple net" basis generally requiring
the corporate tenant to pay both base annual rent with mandatory
escalation clauses and all operating expenses. The Fund acquired
properties subject to leases with a Country Harvest Buffet
Restaurant during the year ended December 31, 1994; an On the
Border Restaurant, a Blockbuster Video, a Chili's Restaurant, a
Just for Feet and a Video Watch during the year ended December 31,
1995; a Pier 1 Imports and a Taylor Rental during the year ended
December 31, 1996; and a Jiffy Lube and Firestone facility during
the year ended December 31, 1997.
The advisory agreement provides for Brauvin Realty Advisors V,
L.L.C. (the "Advisor"), an affiliate of the Fund, to be the advisor
to the Fund. The Fund registered the sale of up to 5,000,000
shares of common stock at $10.00 per share in an initial public
offering filed with the Securities and Exchange Commission
("Registration Statement") and the issuance of 500,000 shares
pursuant to the Fund's dividend reinvestment plan. On August 8,
1994, the Fund sold the minimum 120,000 shares required under its
Registration Statement and commenced its real estate activities.
The offering period for the sale of common stock terminated on
February 25, 1996. At March 31, 1998, the Fund had sold 1,291,507
shares and the gross proceeds raised were $13,299,407, net of
liquidations of $392,340, including $200,000 invested by the
Advisor ("Initial Investment"), before reduction for selling
commissions and other offering costs.
SIGNIFICANT ACCOUNTING POLICIES
Management's Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
Accounting Method
The accompanying consolidated financial statements have been
prepared using the accrual method of accounting.
Rental Income
Rental income is recognized on a straight line basis over the
life of the related leases. Differences between rental income
earned and amounts due per the respective lease agreements are
credited or charged, as applicable, to deferred rent receivable.
Federal Income Taxes
For the year ended December 31, 1998, the Fund intends to be
treated as a REIT under the Internal Revenue Code Sections 856-860.
A REIT will generally not be subject to federal income taxation to
the extent that it distributes at least 95% of its taxable income
to its shareholders and meets certain asset and income tests as
well as other requirements. The REIT continues to qualify as a real
estate investment trust and, accordingly, no provision has been
made for Federal income taxes in the financial statements.
Consolidation of Subsidiary
The Fund owns a 100% interest in one qualified REIT subsidiary,
Germantown Associates, Inc., which owns one Firestone/JiffyLube
property. The accompanying financial statements have consolidated
100% of the assets, liabilities, operations and stockholder's
equity of Germantown Associates, Inc. All significant intercompany
accounts have been eliminated.
Investment in Real Estate
The Fund's rental properties are stated at cost including
acquisition costs. Depreciation is recorded on a straight-line
basis over the estimated economic lives of the properties which
approximate 40 years.
In 1995, the Fund adopted Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-Lived
Assets" (SFAS 121). The Fund has performed an analysis of its
long-lived assets, and the Fund's management determined that there
were no events or changes in circumstances that indicated that the
carrying amount of the assets may not be recoverable at March 31,
1998 or December 31, 1997. Accordingly, no impairment loss has
been recorded in the accompanying financial statements for the
three months ended March 31, 1998 or the year ended December 31,
1997.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid instruments
with an original maturity within three months from date of purchase
and approximate their fair value.
Estimated Fair Value of Financial Instruments
Disclosure of the estimated fair value of financial instruments
is made in accordance with the requirements of Statement of
Financial Accounting Standards No. 107, "Disclosure About Fair
Value of Financial Instruments." The estimated fair value amounts
have been determined by using available market information and
appropriate valuation methodologies. However, considerable
judgement is necessarily required in interpreting market data to
develop estimates of fair value.
The fair value estimates presented herein are based on
information available to management as of March 31, 1998, but may
not necessarily be indicative of the amounts that the Fund could
realize in a current market exchange. The use of different
assumptions and/or estimation methodologies may have a material
effect on the estimated fair value amounts.
The carrying amounts of the following items are reasonable
estimates of fair value: cash and cash equivalents; accounts
payable and accrued expense; rents received in advance; and due to
affiliates.
Organization Costs
Organization costs represent costs incurred in connection with
the organization and formation of the Fund. Organization costs are
amortized over a period of five years using the straight line
method.
(2) RELATED PARTY TRANSACTIONS
The Fund is required to pay certain fees to the Advisor or its
affiliates pursuant to various agreements set forth in the
Prospectus and described below.
Pursuant to the terms of the Selling Agreement, Brauvin
Securities, Inc. ("BSI"), an affiliate of the Advisor, is entitled
to placement charges of 5.50% of the gross proceeds of the Fund's
offering, all of which will be reallowed to placement agents. In
addition, BSI is entitled to a marketing and due diligence expense
allowance fee equal to 0.50% of the gross proceeds to reimburse
marketing and due diligence expenses, some portion of which may be
reallowed to placement agents.
In 1997, pursuant to the terms of the Prospectus, the Advisor was
reimbursed for certain expenses related to the costs of sales and
informational meetings.
Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to a non-accountable expense allowance in an amount equal
to 2.5% of the gross proceeds of the offering.
Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to receive acquisition fees for services rendered in
connection with the selection or acquisition of any property
however designated as real estate commissions, selection fees,
development fees, or any fees of a similar nature. Such
acquisition fees may not exceed the lesser of (a) such compensation
as is customarily charged in arm's-length transactions by others
rendering similar services as an ongoing business in the same
geographic locale and for comparable properties or (b) 3.5% of the
gross proceeds of the Fund's offering. The Fund will also
reimburse the Advisor an amount estimated to be 0.75% of the gross
proceeds of the offering in connection with any expenses attendant
to the acquisition of properties whether or not acquired.
Pursuant to the terms of the Advisory Agreement, the Advisor is
entitled to an annual advisory fee, payable monthly, in an amount
equal to 0.60% of the gross proceeds during the offering. Following
the termination of the offering, the annual advisory fee is an
amount equal to the greater of: (i) .60% of gross proceeds, or
(ii) $175,000.
Pursuant to the terms of the Management Agreement, Brauvin
Management Company ("BMC"), an affiliate of the Advisor, provides
leasing and re-leasing services to the Fund in connection with the
management of Fund's properties. The property management fee
payable to an affiliate of the Advisor shall not exceed the lesser
of: (a) fees which are competitive for similar services in the
geographical area where the properties are located; or (b) 1% of
the gross revenues of each property.
Fees, commissions and other expenses incurred and payable to the
Advisor or its affiliates for the three months ended March 31, 1998
and 1997 were as follows:
1998 1997
Due diligence fees $ -- $ 179
Advisory fees 43,750 43,750
Dividend
reinvestment fees 357 363
Management fees 3,007 3,386
Nonaccountable fees 885 897
Acquisition fees
and expenses -- 28,860
$47,999 $77,435
As of March 31, 1998 the Fund made all payments to affiliates
except for $53,913 for advisory fees, $1,116 for management fees
and $357 for dividend reinvestment fees.
(3) DIVIDENDS
Below is a table summarizing the dividends declared:
Annualized
Declaration Record Payment Dividend
Date(a) Dates Date Rate Amount
5/2/96 1/1/96-3/31/96 5/15/96 7% $216,247
8/1/96 4/1/96-6/30/96 8/15/96 7% 227,068
10/31/96 7/1/96-9/30/96 11/15/96 7% 229,532
1/31/97 10/1/96-12/31/96 2/15/97 7% 229,517
5/8/97 1/1/97-3/31/97 5/15/97 7% 224,034
8/7/97 4/1/97-6/30/97 8/15/97 7% 224,907
11/6/97 7/1/97-9/30/97 11/15/97 7% 227,999
1/29/98 10/1/97-12/31/97 2/15/98 7% 227,354
5/7/98 1/1/98-3/31/98 5/15/98 6.5% 206,711
(a) Dividends were declared on a daily basis.
The dividend reinvestment plan ("Reinvestment Plan") is
available to the stockholders so that stockholders, if they so
elect, may have their distributions from the Fund invested in
shares. The price per share purchased through the Reinvestment
Plan shall equal $10 per share with the purchase of partial shares
allowed. The Fund has registered 200,000 shares for distribution
solely in connection with the Reinvestment Plan. Funds raised
through the Reinvestment Plan will be utilized to: (i) purchase
shares from existing stockholders who have notified the Fund of
their desire to sell their shares or held for subsequent
redemptions; or (ii) purchase additional properties. The
stockholders electing to participate in the Reinvestment Plan will
be charged a service charge, in an amount equal to 1% of their
distributions, which will be paid to an affiliate of the Advisor to
defray the administrative costs of the Reinvestment Plan. At March
31, 1998, there were approximately 43,373 shares purchased through
the Reinvestment Plan and approximately 39,234 shares liquidated.
In order to qualify as a REIT, the Fund is required to distribute
dividends to its Stockholders in an amount at least equal to 95% of
REIT taxable income of the Fund. The Fund intends to make
quarterly distributions to satisfy all annual distribution
requirements.
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of
Operations.
General
Certain statements in this Annual Report that are not historical
fact constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Discussions
containing forward-looking statements may be found in this section
and in the section entitled "Business." Without limiting the
foregoing, words such as "anticipates," "expects," "intends,"
"plans" and similar expressions are intended to identify forward-
looking statements. These statements are subject to a number of
risks and uncertainties, including, without limitation, tenant
defaults which could materially decrease the Fund's rental income.
Actual results could differ materially from those projected in the
forward-looking statements. The Fund undertakes no obligation to
update these forward-looking statements to reflect future events or
circumstances.
Year 2000
In 1997, the Fund initiated the conversion from its existing
accounting software to a program that is year 2000 compliant.
Management has determined that the year 2000 issue will not pose
significant operational problems for its computer system. All
costs associated with this conversion are being expensed as
incurred, and are not material.
Also in 1997, management of the Fund initiated formal
communications with all of its significant third party vendors,
service providers and financial institutions to determine the
extent to which the Fund is vulnerable to those third parties
failure to remedy their own year 2000 issue. There can be no
guarantee that the systems of these third parties will be timely
converted and would not have an adverse effect on the Fund.
Liquidity and Capital Resources
As of March 31, 1998, the Fund had received $11,632,998 in
connection with the sale of shares, net of selling commissions and
other offering costs, including $200,000 paid by the Advisor for a
share of stock as disclosed in the Prospectus and liquidations of
$392,340.
The Fund acquired one property during the year ended December 31,
1994 for $900,000 plus closing costs, acquired five properties
during the year ended December 31, 1995 for $6,511,400 plus closing
costs, acquired two properties during the year ended December 31,
1996 for $2,025,000 plus closing costs and acquired one property
during the year ended December 31, 1997 for $1,450,000 plus closing
costs.
Upon the acquisition of the property purchased during the year
ended December 31, 1997, the Fund has invested all the proceeds of
the offering allocable to investments in real estate. The Fund
has no material capital commitments. In the opinion of management
of the Fund, each property is adequately covered by insurance.
Compliance with 95% REIT taxable income test
The Fund is required, under the Code, to make distributions of
an amount not less than 95% of its REIT taxable income during the
year.
In accordance with the Fund's intent to maintain its
qualification as a REIT under the Code, the Fund intends to manage
its dividend distributions to approximate earnings during the year
to which they relate.
Results of Operations
(Amounts rounded to nearest $000's)
The Fund generated net income of $215,000 for the three months
ended March 31, 1998 as compared to net income of $188,000 for the
same three month period in 1997.
Total income for the three months ended March 31, 1998 was
$341,000 as compared to $340,000 for the same three month period in
1997, an increase of $1,000. The $1,000 increase is result of the
timing of the Fund's last acquisition in January, 1997. As a
result of this acquisition rental income increased $17,000 and
interest and other income decreased $15,000.
For the three months ended March 31, 1998 total expenses were
$126,000 as compared to $151,000 for the same three month period in
1997, a decrease of $25,000. The decrease was due primarily to a
decline of $31,000 in acquisition fees expense as a result of the
January 1997 purchase of the Fund's last property.
The Country Harvest Buffet tenant discontinued its operations in
mid-June 1997 as a result of new competition from a new and larger
buffet restaurant opening in the immediate area. The tenant
continued to pay its rent on a timely basis through the end of
1997. In January, 1998 Country Harvest Buffet Restaurants, Inc.
filed for protection from its creditors under Chapter 11 of the
United States Bankruptcy Code. Country Harvest Buffet has not
notified the Fund of its intentions to either accept or reject this
lease. The Fund had previously identified a sublease for the property.
However, in light of the bankruptcy, the Fund is currently seeking
to take assignment of Country Harvest's position in the original lease,
and thus convert the sublease into a diret lease with the new operator.
The identified tenant is Moon Buffet and will use the facility as a Chinese
buffet restaurant.
The tenant of the On The Border property discontinued its
operations on May 29, 1996. Brinker Texas, L.P., the property's
lease guarantor (and a wholly-owned subsidiary of Brinker
International) has stated its intention to honor the lease and
cooperate with the Fund to cause the property to be reoccupied.
Moreover, the adjacent highway is in the process of being widened
which has resulted in the condemnation of a portion of the frontage
of the parcel. The damages will be paid to HMG/Courtland
Properties (the "Developer"). The Fund will be compensated with an
adjacent piece of land owned by the Developer. The Fund is working
with Brinker International, in order to locate a subtenant for this
location. The Fund does not currently anticipate that this
situation will adversely affect the Fund's cash flow, as rent is
currently being paid on the lease.
<PAGE>
PART II - OTHER INFORMATION
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
On May 15, 1989, B. Allen Aynessazian resigned as Chief Financial Officer.
Mr. Aynessazian is returning to Giordano's Enterprises, a privately held
restaurant concern where he worked from 1989 until 1996, prior to joining
the Fund.
Mr. Aynessazian is being succeeded by Mr. Thomas E. Murphy, age 31.
Mr. Murphy will be the Fund's Principal Accounting Officer and Treasurer.
Mr. Murphy recieved a B.S. degree from Northern Illinois University in
1988. Prior to joining the Brauvin organization he was in the
accounting department of Zell/Merrill Lynch and First Capital Real
Estate Funds where he was responsible for the preparation of the
accounting and financial reporting for several real estate limited
partnerships and corporations. Mr. Murphy is a Certified Public
Accountant and is a member of the Illinois Certified Public Accountants
Society.
ITEM 6. Exhibits and Reports on Form 8-K.
Exhibit 27. Financial Data Schedule
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BRAUVIN NET LEASE V, INC.
BY: /s/ James L. Brault
James L. Brault
Executive Vice President and Secretary
DATE: May 15, 1998
BY: /s/ B. Allen Aynessazian
B. Allen Aynessazian
Chief Financial Officer
DATE: May 15, 1998
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 257,831
<SECURITIES> 0
<RECEIVABLES> 226,927
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 11,528,442 <F1>
<DEPRECIATION> 473,677
<TOTAL-ASSETS> 11,545,940
<CURRENT-LIABILITIES> 91,754
<BONDS> 0
0
0
<COMMON> 11,454,186 <F2>
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 11,545,940
<SALES> 0
<TOTAL-REVENUES> 341,339 <F3>
<CGS> 0
<TOTAL-COSTS> 126,332 <F4>
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 215,007
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1> "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND
BUILDING]
<F2> "COMMON" REPRESENTS TOTAL STOCKHOLDERS EQUITY
<F3> "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER
INCOME
<F4> "TOTAL COSTS" REPRESENTS TOTAL EXPENSES
</FN>
</TABLE>
