<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, 2000
[ ] 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 19, 2000, the registrant had 1,297,590 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, 2000 . . . . . . . . 4
Consolidated Statements of Operations, for the
three months ended March 31, 2000 and 1999 . . . . . . . . . 5
Consolidated Statements of Cash Flows for the
three months ended March 31, 2000 and 1999 . . . . . . . . . 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, 2000,
Consolidated Statements of Operations for the three months ended
March 31, 2000 and 1999 and Consolidated Statements of Cash Flows
for the three months ended March 31, 2000 and 1999 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 1999 Annual Report on Form 10-KSB.
<PAGE>
BRAUVIN NET LEASE V, INC.
(a Maryland corporation)
CONSOLIDATED BALANCE SHEET
(Unaudited)
March 31,
2000
ASSETS
Investment in real estate, at cost:
Land $ 3,979,586
Buildings 7,632,199
11,611,785
Less accumulated depreciation (862,339)
Net investment in real estate 10,749,446
Cash and cash equivalents 388,425
Tenant receivables 23,625
Deferred rent receivable 356,638
Total Assets $11,518,134
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued
expenses $ 13,649
Rents received in advance 71,042
Due to affiliates 55,027
Total Liabilities 139,718
Stockholders' Equity:
Preferred stock, $.01 par value,
1,000,000 shares authorized;
none issued --
Common stock, $.01 par value,
9,000,000 shares authorized;
1,296,310 shares issued
and outstanding 12,962
Additional paid-in capital 11,604,565
Retained (deficit) (239,111)
Total Stockholders' Equity 11,378,416
Total Liabilities and Stockholders'
Equity $11,518,134
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, 2000 and 1999
(Unaudited)
2000 1999
INCOME
Rental $339,757 $333,952
Interest and other 4,247 2,945
Total income 344,004 336,897
EXPENSES
Directors fees 4,000 4,000
Advisory fees 43,750 43,750
Management fees 3,289 3,747
General and administrative 18,435 20,919
Bad debt expense 7,852 --
Depreciation and amortization 48,441 49,608
Total expenses 125,767 122,024
Net Income $218,237 $214,873
Net Income Per Share
(based on average shares
outstanding of 1,296,136
and 1,294,643, respectively
for the three months ended
March 31, 2000 and 1999) $ 0.17 $ 0.17
<PAGE>
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, 2000 and 1999
(Unaudited)
2000 1999
Cash Flows From Operating Activities:
Net income $ 218,237 $ 214,873
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of organization costs -- 1,167
Depreciation 48,441 48,441
Provision for doubtful accounts 7,852 --
Changes in:
Tenant receivables (27,551) 173
Deferred rent receivables (6,956) (16,689)
Accounts payable and
accrued expenses (913) (16,136)
Rent received in advance (1,671) 56,075
Due to affiliates 19 (768)
Net cash provided by operating
activities 237,458 287,136
Cash Flows From Financing Activities:
Issuance of stock, net of liquidations (42,000) 21,439
Selling commissions and other
offering costs (29,754) (30,693)
Dividends (237,390) (224,972)
Net cash used in
financing activities (309,144) (234,226)
Net (decrease)increase in cash
and cash equivalents (71,686) 52,910
Cash and cash equivalents at
beginning of period 460,111 321,725
Cash and cash equivalents at
end of period $388,425 $374,635
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, 2000, the Fund had sold 1,296,310
shares and the gross proceeds raised were $12,963,082, net of
liquidations of $547,716, 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, 2000, the Fund intends to be
treated as a REIT under 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, 2000 or December 31,
1999. Accordingly, no impairment loss has been recorded in the
accompanying financial statements for the three months ended March
31, 2000 or the year ended December 31, 1999.
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, 2000, 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.
(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,
2000 and 1999 were as follows:
2000 1999
Advisory fees $43,750 $43,750
Dividend
reinvestment fees -- 330
Management fees 3,289 3,747
Nonaccountable fees -- 816
$47,039 $48,643
As of March 31, 2000 the Fund made all payments to affiliates
except for $53,914 for advisory fees and $1,113 for management
fees.
(3) DIVIDENDS
Below is a table summarizing the dividends declared:
Annualized
Declaration Record Payment Dividend
Date(a) Dates Date Rate Amount
1/29/98 10/1/97-12/31/97 2/15/98 7.0% $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 7.0% 223,602
8/5/99 4/1/99-6/30/99 8/15/99 7.0% 226,660
11/4/99 7/1/99-9/30/99 11/15/99 7.25% 236,848
1/27/00 10/1/99-12/31/99 2/15/00 7.25% 237,390
5/4/00 1/1/00-3/31/00 5/15/00 7.25% 233,673
(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. Prior to the first quarter of 2000, the price per share
purchased through the Reinvestment Plan was $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, 2000, there were approximately 64,512 shares purchased through
the Reinvestment Plan and approximately 54,772 shares liquidated.
In accordance with the Company's original investment objective,
during the first quarter of 2000, the Board of Directors approved
a plan to have the Company's shares listed on the OTC Bulletin
Board under the symbol "yyBNL". Accordingly, the future price of
all additional shares of stock purchased (or redeemed) under the
Reinvestment Plan will now be based on market activity.
Specifically, the Board of Directors approved the Reinvestment
price to be based on the weighted average of actual trades in the
30 days prior to the end of each quarter, or to the extent there is
no activity, the average of the bid/ask price during the period.
The Board of Directors, in their sole discretion, may amend or
suspend the plan at any time they determine, provided that such
amendment or suspension is in the best interest of the Fund.
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 computer information technology systems which support the
Fund consist of a network of personal computers linked to a server
built using hardware and software from mainstream suppliers. These
systems do not have equipment that contains embedded
microprocessors, which may also pose a potential Year 2000 problem.
Additionally, there is no internally generated software coding to
correct as all of the software is purchased and licensed from
external providers.
The Fund utilizes two main software packages that contain date
sensitive information: (i) accounting and (ii) investor relations.
In 1997, a program was initiated and completed to convert from the
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. All
costs associated with these conversions were expensed by the Fund
as incurred, and were not material. Management does not believe
that any further expenditures will be necessary for the systems to
be Year 2000 compliant.
The Fund did not experience any problems with its computer
systems or software as a result of the change from the year 1999 to
the year 2000. Although it is possible that problems may arise in
the future from time to time.
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 have been 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.
The Fund has not experienced any material adverse impact on its
operations or its relationships with tenants, vendors or others.
Liquidity and Capital Resources
As of March 31, 2000, the Fund had received $11,617,527 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
$547,716.
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 $218,000 for the three months
ended March 31, 2000 as compared to net income of $215,000 for the
same three month period in 1999.
Total income for the three months ended March 31, 2000 was
$344,000 as compared to $337,000 for the same three month period in
1999, an increase of $7,000. The $7,000 increase is a result of a
$6,000 increase in rental income and a $1,000 increase in interest
income.
For the three months ended March 31, 2000 total expenses were
$126,000 as compared to $122,000 for the same three month period in
1999, an increase of $4,000. The $4,000 net increase was the
result of an $8,000 increase in bad debt expense off set by a
$3,000 decrease in general and administrative expense and a $1,000
decrease in depreciation expense. Bad debt expense increased during
the period ended March 31, 2000 as a result of the Just For Feet
tenant filing for Chapter 11 bankruptcy protection in November
1999. Since filing for bankruptcy protection, Just For Feet
neglected to pay the December scheduled rent increase per the terms
of the lease, therefore, the Fund has determined that this amount
is uncollectible. Further, in March of 2000, the Fund received
notice that the lease for this property had been purchased by
Footstar. Footstar is operating the property and has continued to
make all ongoing rental payments to the Fund.
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.
<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 19, 2000
BY: /s/Thomas E. Murphy
Thomas E. Murphy
Chief Financial Officer
DATE: May 19, 2000
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 388,425
<SECURITIES> 0
<RECEIVABLES> 380,263
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 11,611,785 <F1>
<DEPRECIATION> 862,339
<TOTAL-ASSETS> 11,518,134
<CURRENT-LIABILITIES> 139,718
<BONDS> 0
0
0
<COMMON> 11,378,416 <F2>
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 11,518,134
<SALES> 0
<TOTAL-REVENUES> 344,004 <F3>
<CGS> 0
<TOTAL-COSTS> 125,767 <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> 218,237
<EPS-BASIC> 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>
