<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, 1999
[ ]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)759-7660
(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, 1999, the registrant had 1,297,106 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, 1999 . . . . . . . . 4
Consolidated Statements of Operations, for the
three months ended March 31, 1999 and 1998 . . . . . . . . . 5
Consolidated Statements of Cash Flows for the
three months ended March 31, 1999 and 1998 . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . .18
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . . .18
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . . .18
Item 4. Submission of Matters to a Vote of Security
Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .18
Item 5. Other Information. . . . . . . . . . . . . . . . . . . . . .18
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .18
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
<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, 1999,
Consolidated Statements of Operations for the three months ended
March 31, 1999 and 1998 and Consolidated Statements of Cash Flows
for the three months ended March 31, 1999 and 1998 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 1998 Annual Report on Form 10-KSB.
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
CONSOLIDATED BALANCE SHEET
(Unaudited)
March 31,
1999
ASSETS
Investment in real estate, at cost:
Land $ 3,979,586
Buildings 7,632,199
11,611,785
Less accumulated depreciation (668,575)
Net investment in real estate 10,943,210
Cash and cash equivalents 374,635
Deferred rent receivable 299,615
Total Assets $11,617,460
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued
expenses $ 8,403
Rents received in advance 82,323
Due to affiliates 56,081
Total Liabilities 146,807
Stockholders' Equity:
Preferred stock, $.01 par value,
1,000,000 shares authorized;
none issued --
Common stock, $.01 par value,
9,000,000 shares authorized;
1,297,106 shares issued
and outstanding 12,971
Additional paid-in capital 11,644,525
Retained (deficit) (186,843)
Total Stockholders' Equity 11,470,653
Total Liabilities and Stockholders'
Equity $11,617,460
See notes to consolidated financial statements.
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31, 1999 and 1998
(Unaudited)
1999 1998
INCOME
Rental $333,952 $ 338,454
Interest and other 2,945 2,885
Total income 336,897 341,339
EXPENSES
Directors fees 4,000 4,000
Advisory fees 43,750 43,750
Management fees 3,747 3,007
General and administrative 20,919 18,168
Bad debt expense -- 8,438
Depreciation and amortization 49,608 48,969
Total expenses 122,024 126,332
Net Income $214,873 $215,007
Net Income Per Share
(based on average shares
outstanding of 1,294,643
and 1,289,464, respectively
for the three months ended
March 31, 1999 and 1998) $ 0.17 $ 0.17
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, 1999 and 1998
(Unaudited)
1999 1998
Cash Flows From Operating Activities:
Net income $ 214,873 $ 215,007
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of organization costs 1,167 1,750
Depreciation 48,441 47,219
Provision for doubtful accounts -- 8,438
Changes in:
Tenant receivables 173 (16,764)
Deferred rent receivables (16,689) (29,382)
Accounts payable and
accrued expenses (16,136) (9,649)
Rent received in advance 56,075 (16,024)
Due to affiliates (768) 503
Net cash provided by operating
activities 287,136 201,098
Cash Flows From Financing Activities:
Issuance of stock, net of liquidations 21,439 12,386
Selling commissions and other
offering costs (30,693) (31,711)
Dividends (224,972) (227,354)
Net cash used in
financing activities (234,226) (246,679)
Net increase (decrease) in cash
and cash equivalents 52,910 (45,581)
Cash and cash equivalents at
beginning of period 321,725 303,412
Cash and cash equivalents at
end of period $374,635 $257,831
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, 1999, the Fund had sold 1,297,106
shares and the gross proceeds raised were $13,420,066, net of
liquidations of $449,037, 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, 1999, 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 Fund 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.
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, 1999 or December 31,
1998. Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the three months ended March
31, 1999 or the year ended December 31, 1998.
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, 1999, 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.
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 the 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,
1999 and 1998 were as follows:
1999 1998
Advisory fees $43,750 $43,750
Dividend
reinvestment fees 330 357
Management fees 3,747 3,007
Nonaccountable fees 816 885
$48,643 $47,999
As of March 31, 1999 the Fund made all payments to affiliates
except for $53,914 for advisory fees, $1,549 for management fees,
and $618 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
5/8/97 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
8/6/98 4/1/98-6/30/98 8/15/98 6.75% 217,606
11/2/98 7/1/98-9/30/98 11/15/98 6.2% 202,531
2/15/99 10/1/98-12/31/98 2/15/99 6.9% 224,972
5/6/99 1/1/99-3/31/99 5/14/99 7% 223,603
(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, 1999, there were approximately 55,438 shares purchased through
the Reinvestment Plan and approximately 42,666 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 Quarterly Report that are not
historical fact constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
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
The "Year 2000" problem concerns the inability of computer
technology systems to correctly identify and process date sensitive
information beyond December 31, 1999. Many computers
automatically add the "19" prefix to the last two digits the
computer reads for the year when date information is needed in
computer software programs. Thus when a date beginning on January
1, 2000 is entered into a computer, the computer may interpret this
date as the year "1900" rather than "2000".
The Fund's computer information technology systems consist of a
network of personal computers linked to a server built using
hardware and software from mainstream suppliers. The Fund does not
own any equipment that contains embedded microprocessors, which may
also pose a potential Year 2000 problem. Additionally, the Fund
has no internally generated software coding to correct as all of
the Fund's software is purchased and licensed from external
providers. These external providers have assured management that
their systems are, or will be, Year 2000 compliant.
The Fund has two main software packages that contain date
sensitive information: (i) accounting and (ii) investor relations.
In 1997, the Fund initiated and completed the conversion from its
existing accounting software to a new software program that is Year
2000 compliant. In 1998, the investor relations software was also
updated to a new software program that is Year 2000 compliant.
Management has determined that the Year 2000 issue will not pose
significant operational problems for its remaining computer
software systems. All costs associated with these conversions are
expensed as incurred, and are not material. Management does not
believe that any further expenditures will be necessary for the
Fund to be Year 2000 compliant. However, additional
personal computers may be purchased from time to time to replace
existing machines.
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.
The most reasonably likely worst case scenario for the Fund with
respect to the Year 2000 issue would be the inability of certain
tenants to timely make their rental payments beginning in January
2000. This could result in the Fund temporarily suffering a
depletion of the Fund's cash reserves as expenses will need to be
paid while the cash flows from revenues are delayed. The Fund has
no formal Year 2000 contingency plan.
Liquidity and Capital Resources
As of March 31, 1999, the Fund had received $11,657,496 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
$449,037.
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, 1999 and 1998.
Total income for the three months ended March 31, 1999 was
$337,000 as compared to $341,000 for the same three month period in
1998, a decrease of $4,000. The $4,000 decrease is a result of a
decrease in rental income of $4,000, primarily associated with a
decline in deferred rental income associated with lease
modifications.
For the three months ended March 31, 1999 total expenses were
$122,000 as compared to $126,000 for the same three month period in
1998, a decrease of $4,000. The $4,000 net decrease was the result
of an $8,000 decrease in bad debt expense as a result of the 1998
bankruptcy of one of the Funds tenants (as described below) and a
$3,000 increase in general and administrative expense.
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. However, prior to this filing, the
Fund agreed to a sublease with another buffet restaurant, Moon
Buffet. To avoid complications of a rejection of the main lease
under bankruptcy law, the Fund agreed to a novation of the main
lease. Moon Buffet opened for business mid-April 1998.
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 re-occupied.
In addition 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 owned by the Fund. Per the purchase contract the
monetary damages from this condemnation were paid to HMG/Courtland
Properties, the developer of the property (the "Developer"). The
Fund was compensated with an adjacent piece of land owned by the
Developer. The Fund is working with Brinker International, in
order to locate a subtenant or purchaser 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. The Fund has a pending sale contract on this
property to an unaffiliated third party in the amount of
approximately $1,533,000. At March 31, 1999 the carry value of
this property was approximately $1,300,000. If this sale is
consummated, it is anticipated that the Fund will actively pursue
the acquisition of an additional property.
<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
None.
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 17, 1999
BY: /s/Thomas E. Murphy
Thomas E. Murphy
Chief Financial Officer
DATE: May 17, 1999
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 374,635
<SECURITIES> 0
<RECEIVABLES> 299,615
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 11,611,785 <F1>
<DEPRECIATION> 668,575
<TOTAL-ASSETS> 11,617,460
<CURRENT-LIABILITIES> 146,807
<BONDS> 0
0
0
<COMMON> 11,470,653 <F2>
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 11,617,460
<SALES> 0
<TOTAL-REVENUES> 336,897 <F3>
<CGS> 0
<TOTAL-COSTS> 122,024 <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> 214,873
<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>
