UNITED STATES
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 fiscal quarter ended
June 30, 1996.
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission file number 33-83216-01
-----------------------
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(Exact name of registrant as specified in its charter)
Delaware 94-3209289
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Market, Steuart Street Tower
Suite 900, San Francisco, CA 94105-1301
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (415) 974-1399
-----------------------
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
Class Outstanding at August 4, 1996
Member A 4,999,581
Member B 1
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
-------------------------------------
<S> <C> <C>
Assets:
Equipment held for operating leases $ 38,123,897 $ 36,139,950
Less accumulated depreciation (5,882,309 ) (2,869,535 )
-------------------------------------
Net equipment 32,241,588 33,270,415
Cash and cash equivalents 40,839,958 6,803,946
Restricted cash -- 6,315,548
Investment in unconsolidated special purpose entities 19,989,632 14,596,206
Accounts receivable, net of allowance for doubtful accounts
of $1,973 in 1996 and $7,835 in 1995 1,195,254 797,097
Prepaid expenses 394,171 416,515
Organization and offering costs, net of accumulated amortization
of $89,598 in 1996 and $45,732 in 1995 352,539 389,289
-------------------------------------
Total assets $ 95,013,142 $ 62,589,016
=====================================
LIABILITIES AND MEMBERS' EQUITY
Liabilities:
Accounts payable and accrued expenses $ 185,749 $ 664,686
Due to affiliates 59,450 387,197
Prepaid deposits and reserves for repairs 171,226 135,409
-------------------------------------
Total liabilities 416,425 1,187,292
Subscriptions in escrow -- 6,259,500
Members' equity:
Class A Members (4,999,581 Units at June 30, 1996 and
2,831,388 Units at December 31, 1995) 94,596,717 54,836,617
Class B Member -- 305,607
-------------------------------------
Total Members' Equity 94,596,717 55,142,224
-------------------------------------
Total liabilities and members' equity $ 95,013,142 $ 62,589,016
=====================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For the three months For the six months
ended June 30, ended June 30,
1996 1995 1996 1995
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Revenues:
Lease revenue $ 2,116,842 $ 360,497 $ 4,274,019 $ 360,497
Interest and other income 445,360 33,237 700,726 33,237
---------------------------------------------------------------------
Total revenues 2,562,202 393,734 4,974,745 393,734
Expenses:
Depreciation and amortization 1,550,845 464,322 3,056,640 464,322
Management fees to affiliate 142,870 18,025 256,556 18,025
Repairs and maintenance 242,813 49,268 523,286 49,268
Interest expense -- 101,710 8,902 101,710
Insurance expense to affiliate 2,106 5,000 4,212 5,000
Insurance expense 44,294 -- 132,349 --
Marine equipment operating expenses 219,087 5,260 476,636 5,260
General and administrative
expenses to affiliates 161,869 8,568 213,718 8,568
Other general and administrative
expenses 73,073 6,921 154,043 6,921
---------------------------------------------------------------------
Total expenses 2,436,957 659,074 4,826,342 659,074
---------------------------------------------------------------------
Equity in net loss of unconsolidated
special purpose entities (17,775 ) -- (65,421 ) --
---------------------------------------------------------------------
Net income (loss) $ 107,470 $ (265,340 ) $ 82,982 $ (265,340 )
=====================================================================
Partners' share of net income (loss):
Members A $ (84,172 ) $ (262,686 ) $ (108,415 ) $ (262,686 )
Member B 191,642 (2,654 ) 191,397 (2,654 )
---------------------------------------------------------------------
Total $ 107,470 $ (265,340 ) $ 82,982 $ (265,340 )
=====================================================================
Net income (loss) per Depositary Unit
(4,999,581 and 438,451 Units,
respectively, at June 30, 1996 and 1995) $ (0.02 ) $ N/A $ (0.02 ) $ N/A
=====================================================================
Cash distributions $ 2,375,648 $ 21,725 $ 3,999,465 $ 21,725
=====================================================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
STATEMENT OF CHANGES IN MEMBERS' EQUITY For
the period from December 31, 1994 to June 30, 1996
<TABLE>
<CAPTION>
Class A Class B Total
---------------------------------------------------------
<S> <C> <C> <C>
Members' equity at December 31, 1994 $ 100 $ -- $ 100
Members' capital contributions 56,627,660 9,536,106 66,163,766
Syndication costs -- (9,101,085 ) (9,101,085 )
Net loss (611,811 ) (6,180 ) (617,991 )
Distributions (1,179,332 ) (123,234 ) (1,302,566 )
---------------------------------------------------------
Members' equity at December 31, 1995 54,836,617 305,607 55,142,224
Members' capital contributions 43,363,860 5,053,254 48,417,114
Syndication costs -- (5,046,138 ) (5,046,138 )
Net income (loss) (108,415 ) 191,397 82,982
Distributions (3,495,345 ) (504,120 ) (3,999,465 )
---------------------------------------------------------
Members' equity at June 30, 1996 $ 94,596,717 $ -- $ 94,596,717
=========================================================
</TABLE>
See accompanying notes to financial
statements.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
STATEMENT OF CASH FLOWS
For the six months ended June 30,
<TABLE>
<CAPTION>
1996 1995
----------------------------------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 82,982 $ (265,340 )
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 3,056,640 464,322
Loss from unconsolidated special purpose
entities in excess of cash received 3,674,187 --
Changes in operating assets and liabilities:
Accounts receivable, net (398,157 ) (252,142 )
Prepaid expenses 22,344 --
Accounts payable and accrued expenses (478,937 ) 98,531
Due to affiliates (327,747 ) 35,023
Prepaid deposits and reserves for repairs 35,817 --
----------------------------------------
Net cash provided by operating activities 5,667,129 80,394
----------------------------------------
Investing activities:
Payments for purchase of equipment (1,983,947 ) (27,220,349 )
Equipment purchased and placed in unconsolidated
special purpose entities (9,067,613 ) --
----------------------------------------
Net cash used in investing activities (11,051,560 ) (27,220,349 )
----------------------------------------
Financing activities:
Proceeds from notes payable -- 14,591,453
Due to affiliates -- 3,956,300
Cash distributions to Class A Members (3,495,345 ) (21,725 )
Cash distributions to Class B Member (504,120 ) --
Class A members capital contribution 43,363,860 8,768,920
(Decrease) increase in subscriptions in escrow (6,259,500 ) 8,394,799
Decrease (increase) in restricted cash from subscriptions
in escrow, net 6,315,548 (8,414,883 )
----------------------------------------
Cash provided by financing activities 39,420,443 27,274,864
----------------------------------------
Cash and cash equivalents:
Net increase in cash and cash equivalents 34,036,012 134,909
Cash and cash equivalents at beginning of period 6,803,946 100
----------------------------------------
Cash and cash equivalents at end of period $ 40,839,958 $ 135,009
========================================
Supplemental information:
Interest paid $ 8,902 $ 42,714
========================================
Non cash items:
Syndication and offering costs paid by Class B Member $ 5,053,254 $ 3,580,028
========================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
1. Basis of Preparation
Organization
Professional Lease Management Income Fund I, L.L.C., a Delaware Limited
Liability Company (Fund I or the Company) was formed on August 22, 1994.
The Company's offering became effective on January 23, 1996. On May 13,
1996, the Company ceased its offering after subscriptions were accepted for
5,000,000 Class A Units ($100,000,000).
At June 30, 1996, the Class B Member had capital contributions of
$14,589,360 representing the cash payments for organization and syndication
costs. Syndication costs of $14,147,223 are recorded as a reduction to
Class B Member's equity.
2. Opinion of Management
In the opinion of the management of PLM Financial Services, Inc. (FSI), the
Manager, the accompanying unaudited financial statements contain all
adjustments necessary, consisting primarily of normal recurring accruals,
to present fairly the financial position of Fund I or the Company as of
June 30, 1996, the statements of operations for the three and six months
ended June 30, 1996 and 1995, the statements of changes in partners'
capital for the period from December 31, 1994 to June 30, 1996, and the
statements of cash flow for the six months ended June 30, 1996 and 1995.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted from the accompanying financial
statements. For further information, reference should be made to the
financial statements and notes thereto included in the Partnership's Annual
Report on Form 10-K for the year ended December 31, 1995, on file at the
Securities and Exchange Commission.
3. Investment in Unconsolidated Special Purpose Entities
During the six months ended June 30, 1996, the Company purchased a 20%
beneficial interest in a trust which owns five Boeing 737-200 aircraft for
$5.6 million, and a 50% interest in a marine vessel for $3.4 million (a
deposit of $0.4 million was lodged in December of 1995). The remaining
interests are owned by affiliated partnerships.
The Company accounts for investments in unconsolidated special purpose
entities using the equity method.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
3. Investment in Unconsolidated Special Purpose Entities (continued)
The net investments in unconsolidated special purpose entities include the
following jointly-owned equipment (and related assets and liabilities):
<TABLE>
<CAPTION>
June 30, December 31,
% Ownership Equipment 1996 1995
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
33% Two trusts consisting of:
Three 737-200A Stage II
commercial aircraft
Two aircraft engines
Portfolio of rotable components $ 8,058,097 $ 10,109,664
14% Trust consisting of seven 737-200A
Stage II commercial aircraft 3,467,104 4,108,555
20% Trust consisting of five 737-200A
Stage II commercial aircraft 5,037,064 --
50% Cargo marine vessel 3,427,368 377,987
------------------------------------------
Total investments $ 19,989,632 $ 14,596,206
==========================================
</TABLE>
4. Reclassifications
Certain amounts in the 1995 financial statements have been reclassified to
conform with the 1996 presentation.
5. Cash Distributions
Cash distributions are recorded when paid and totaled $2,375,648 and
$21,725 for the three months ended June 30, 1996 and 1995, respectively,
and $3,999,465 and $21,725 for the six months ended June 30, 1996 and 1995,
respectively. Cash distributions to Class A Unitholders in excess of net
income are considered to represent a return of capital on a generally
accepted accounting principle basis. Cash distributions to Class A
Unitholders of $3,495,345 and $21,275 for the six months ended June 30,
1996 and 1995, were deemed to be a return of capital.
Cash distributions related to the second quarter results of $617,675 were
paid or are payable during July, 1996, to the Class A Unitholders of record
as of June 30, 1996, for unitholders who elected for monthly distributions.
Quarterly cash distributions of approximately $1,033,562 were declared on
July 30, 1996 and are to be paid on August 15, 1996 to Class A and Class B
Unitholders.
6. Restricted Cash
At December 31, 1995, restricted cash represented subscription deposits for
Units in escrow which were considered restricted cash until the members
were admitted, usually the first day of the following month, upon which the
funds were no longer considered restricted cash.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
7. Equipment
Owned equipment held for operating leases is stated at cost. The components
of owned equipment are as follows:
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
---------------------------------------
<S> <C> <C>
Rail equipment $ 13,151,703 $ 13,112,390
Aircraft 4,000,000 4,000,000
Marine vessel 12,256,531 12,256,532
Trailers 8,715,663 6,771,028
---------------------------------------
38,123,897 36,139,950
Less accumulated depreciation (5,882,309 ) (2,869,535 )
---------------------------------------
Net equipment $ 32,241,588 $ 33,270,415
=======================================
</TABLE>
Revenues are earned by placing the equipment under operating leases which
are generally billed monthly or quarterly. The Company's marine vessel is
leased to an operator of utilization-type leasing pools which include
equipment owned by unaffiliated entities. In such instances, revenues
received by the Company consist of a specified percentage of revenues
generated by leasing the equipment to sublessees, after deducting certain
direct operating expenses of the pooled equipment. Rents for railcars are
based on mileage traveled or a fixed rate; rents for all other equipment
are based on fixed rates.
During the six months ended June 30, 1996, the Company purchased 50 new
refrigerated trailers and one railcar for $2.0 million.
As of June 30, 1996, all equipment in the Company portfolio was either on
lease or operating in PLM-affiliated short-term trailer rental facilities.
At December 31, 1995, all equipment in the Company portfolio was either on
lease or operating in PLM-affiliate short-term trailer rental facilities.
8. Other Transactions with Affiliates
In certain circumstances, the Manager will be entitled to a monthly
re-lease fee for re-leasing services following expiration of the initial
lease, charter or other contract for certain Equipment equal to the lesser
of (a) the fees which would be charged by an independent third party for
comparable services for comparable equipment or (b) 2% of Gross Lease
Revenues derived from such re-lease. No re-lease fee, however, shall be
payable if such fee would cause the combination of the equipment management
fee paid to IMI or the re-lease fees to exceed 7% Gross Lease Revenues.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
9. Debt
The Manager has entered into a joint $35 million credit facility (the
"Committed Bridge Facility") on behalf of the Company, PLM Equipment Growth
Fund III, PLM Equipment Growth Fund IV, PLM Equipment Growth Fund V, PLM
Equipment Growth Fund VI, and PLM Equipment Growth & Income Fund VII, all
affiliated investment programs, TEC Acquisub, Inc. ("TECAI"), an indirect
wholly-owned subsidiary of the Manager and American Finance Group ("AFG"),
a subsidiary of PLM International, which may be used to provide interim
financing of up to (i) 70% of the aggregate book value or 50% of the
aggregate net fair market value of eligible equipment owned by an affiliate
plus (ii) 50% of unrestricted cash held by the borrower. The Committed
Bridge Facility became available on December 20, 1993, and was amended and
restated in June 1996 to expire on May 23, 1997. The Committed Bridge
Facility also provides for a $5 million Letter of Credit Facility for the
eligible borrowers. Outstanding borrowings by the Company, TECAI, AFG or
PLM Equipment Growth Funds III through VII reduce the amount available to
each other under the Committed Bridge Facility. Individual borrowings may
be outstanding for no more than 179 days, with all advances due no later
than May 23, 1997. The Committed Bridge Facility prohibits the Company from
incurring any additional indebtedness. Interest accrues at either the prime
rate or adjusted LIBOR plus 2.5% at the borrowers option and is set at the
time of an advance of funds. To the extent the Company is unable to raise
sufficient capital through the sale of interests to repay its portion of
the Committed Bridge Facility, the Company will continue to be obligated
under the Committed Bridge Facility until the Company generates proceeds
from operations or the sale of Equipment sufficient for repayment.
Borrowings by the Company are guaranteed by the Manager. As of June 30,
1996, PLM Equipment Growth Fund VI had $9.0 million in outstanding
borrowings and TECAI had $24.8 million in outstanding borrowings under the
Committed Bridge Facility. None of the other programs had any outstanding
borrowings.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
(I) RESULTS OF OPERATIONS - Quarter Over Quarter Summary
As of May 13, 1996, Professional Lease Management Income Fund I, L.L.C. closed
its equity-raising stage. The Company commenced significant operations in May
1995. As of June 30, 1996, the Company had purchased and placed into service
$61.8 million of equipment, compared to $27.2 million at June 30, 1995. Of the
acquisitions, $23.7 million represents partial interests in aircraft, aircraft
engines and rotables, and a marine vessel purchased by the Company which have
been placed in special purpose entities for ownership purposes. All of these
purchases were completed with a combination of unrestricted cash, interim
financing, and an advance from an affiliate of the Manager. The nine day advance
from the Manager was repaid (including interest at commercial loan rates) in
July of 1995. Revenues of $5.0 million were generated during the six months
ended June 30, 1996, compared to $0.4 million in the same period in 1995.
Expenses of $4.8 million for the six months ended June 30, 1996 consisted
primarily of depreciation expense, using the double-declining balance method,
and normal operating costs incurred as equipment is being purchased and placed
in service. Expenses for the same period in 1995 totaled $0.7 million, and also
consisted of depreciation expense and normal operating costs incurred when
equipment is purchased and placed in service. Equity in net income of
unconsolidated special purpose entities represents net income generated from
jointly-owned assets accounted for under the equity method. As of June 30, 1996,
jointly-owned assets consisted of a 50% interest in a marine vessel, a 14%
beneficial interest in a trust which owns seven Boeing 737-200A aircraft, a 20%
beneficial interest in a trust which owns five Boeing 737-200A aircraft, and a
33.33% beneficial interest in two trusts (the Trusts) which own three Boeing
737-200A aircraft, two spare Pratt & Whitney JT8D-17A engines and a rotables
package. These partially-owned assets were purchased after the second quarter of
1995. Revenues of $3.0 million were generated in the six months ended June 30,
1996 for these partially owned assets. Expenses of $3.1 million for the six
months ended June 30, 1996, consisted primarily of depreciation expense for
these partially owned assets.
The Company's performance during the six months ended June 30, 1996, is not
necessarily indicative of future periods.
All equipment purchased by the Company was on lease at June 30, 1996.
(II) FINANCIAL CONDITION - CAPITAL RESOURCES, LIQUIDITY AND DISTRIBUTIONS
The Manager is currently purchasing the Company's initial equipment portfolio
with capital raised from its equity offering and interim financing. In the
future, permanent financing may be secured by the Manager to be used for
additional equipment purchases. The Company will use operating cash flow to meet
its operating obligations, make cash distributions to investors, and reinvest
any available surplus cash to increase the Company's equipment portfolio.
The Manager has entered into a joint $35 million credit facility (the "Committed
Bridge Facility") on behalf of the Company, PLM Equipment Growth Fund III, PLM
Equipment Growth Fund IV, PLM Equipment Growth Fund V, PLM Equipment Growth Fund
VI, and PLM Equipment Growth & Income Fund VII, all affiliated investment
programs, TEC Acquisub, Inc. ("TECAI"), an indirect wholly-owned subsidiary of
the Manager and American Finance Group ("AFG"), a subsidiary of PLM
International, which may be used to provide interim financing of up to (i) 70%
of the aggregate book value or 50% of the aggregate net fair market value of
eligible equipment owned by an affiliate plus (ii) 50% of unrestricted cash held
by the borrower. The Committed Bridge Facility became available on December 29,
1993, and was amended and restated in June 1996 to expire on May 23, 1997. The
Committed Bridge Facility also provides for a $5 million Letter of Credit
Facility for the eligible borrowers. Outstanding borrowings by the Company,
TECAI, AFG or PLM Equipment Growth Funds III through VII reduce the amount
available to each other under the Committed Bridge Facility. Individual
borrowings may be outstanding for no more than 179 days, with all advances due
no later than May 28, 1997. The Committed Bridge Facility prohibits the Company
from incurring any additional indebtedness. Interest accrues at either the prime
rate or adjusted LIBOR at 2.5% at the borrower's option and is set at the time
of advance of funds. To the extent the Company is unable to raise sufficient
capital through the sale of interests to repay its portion of the Committed
Bridge Facility, the Company will continue to be obligated under the Committed
Bridge Facility until the Company generates proceeds from operations or the sale
of Equipment sufficient for repayment. Borrowings by the Company are guaranteed
by the Manager. As of August 9, 1996, PLM Equipment Growth Fund VI had $9.0
million in outstanding borrowings and TECAI had $23.9 million in outstanding
borrowings under the Committed Bridge Facility. None of the other programs had
any outstanding borrowings.
(III) TRENDS
The Company's operation of a diversified equipment portfolio in a broad base of
markets is intended to reduce its exposure to volatility in individual equipment
sectors. Throughout 1995 and the first six months of 1996, market conditions,
supply and demand equilibrium, and other factors varied in several markets. In
the refrigerated over-the-road trailer markets, oversupply conditions, industry
consolidations, and other factors resulted in falling rates and lower returns.
In the dry over-the-road trailer markets, strong demand and a backlog of new
equipment deliveries produced high utilization and returns. The marine vessel
and rail markets could be generally categorized by increasing rates as the
demand for equipment is increasing faster than new additions net of retirements.
Finally, demand for narrowbody Stage II aircraft, such as those owned by the
Company, has increased as expected savings from newer narrowbody aircraft have
not materialized and deliveries of the newer aircraft have slowed down. These
trends are expected to continue for the near term. These different markets have
had individual effects on the performance of Company equipment - in some cases
resulting in declining performance, and in others, improved performance.
The ability of the Company to realize acceptable lease rates on its
equipment in the different equipment markets is contingent on many factors, such
as specific market conditions and economic activity, technological obsolescence,
governmental or other regulations, and others. The unpredictability of some of
these factors, or of their occurrence, makes it difficult for the Manager to
clearly define trends or influences that may impact the performance of the
Company's equipment. The Manager continuously monitors both the equipment
markets and the performance of the Company's equipment in these markets. The
Manager may make an evaluation to reduce the Company's exposure to equipment
markets in which it determines that it cannot operate equipment and achieve
acceptable rates of return. Alternatively, the Manager may make a determination
to enter equipment markets in which it perceives opportunities to profit from
supply-demand instabilities or other market imperfections.
The Company intends to use excess cash flow, if any, after payment of
expenses, and cash distributions to acquire additional equipment during the
first six years of Company operations. The Manager believes these acquisitions
may cause the Company to generate additional earnings and cash flow for the
Company.
<PAGE>
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.
PROFESSIONAL LEASE MANAGEMENT
INCOME FUND I, L.L.C.
By: PLM Financial Services, Inc.
Manager
Date: August 9, 1996
By: /s/ David J. Davis
---------------------------
David J. Davis
Vice President and
Corporate Controller
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 40,839,958
<SECURITIES> 0
<RECEIVABLES> 1,195,254
<ALLOWANCES> 1,973
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 38,123,897
<DEPRECIATION> 5,882,309
<TOTAL-ASSETS> 95,013,142
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 94,596,717
<TOTAL-LIABILITY-AND-EQUITY> 95,013,142
<SALES> 4,274,019
<TOTAL-REVENUES> 4,974,745
<CGS> 0
<TOTAL-COSTS> 4,817,440
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,902
<INCOME-PRETAX> 82,982
<INCOME-TAX> 0
<INCOME-CONTINUING> 82,982
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 82,982
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
