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
March 31, 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 May 14, 1996
Member A 5,000,000
Member B 1
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
--------------------------------------
<S> <C> <C>
Assets:
Equipment held for operating leases $ 38,089,681 $ 36,139,950
Less accumulated depreciation (4,353,497) (2,869,535)
--------------------------------------
Net equipment 33,736,184 33,270,415
Cash and cash equivalents 17,472,480 6,803,946
Restricted cash 8,331,078 6,315,548
Investment in unconsolidated special purpose entities 20,691,954 14,596,206
Accounts receivable, net of allowance for doubtful accounts
of $0 in 1996 and $7,835 in 1995 1,076,304 797,097
Prepaid expenses 384,747 416,515
Organization and offering costs, net of accumulated amortization
of $67,564 in 1996 and $45,732 in 1995 372,823 389,289
--------------------------------------
Total assets $ 82,065,570 $ 62,589,016
======================================
LIABILITIES AND MEMBERS' EQUITY
Liabilities:
Accounts payable and accrued expenses $ 152,988 $ 664,686
Due to affiliates 77,008 387,197
Prepaid deposits and reserves for repairs 147,049 135,409
--------------------------------------
Total liabilities 377,045 1,187,292
Subscriptions in escrow 8,258,460 6,259,500
Members' equity:
Class A Members (3,829,012 Units at March 31, 1996 and
2,831,388 Units at December 31, 1995) 73,316,162 54,836,617
Class B Member 113,903 305,607
--------------------------------------
Total Members' Equity 73,430,065 55,142,224
--------------------------------------
Total liabilities and members' equity $ 82,065,570 $ 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
For the three months ended March 31, 1996
<TABLE>
<CAPTION>
<S> <C>
Revenues:
Lease revenues $ 2,157,177
Interest and other income 255,366
----------------
Total revenues 2,412,543
Expenses:
Depreciation and amortization 1,505,795
Management fees to affiliate 113,686
Repairs and maintenance 280,473
Interest expense 8,902
Insurance expense to affiliates 2,106
Insurance expense 88,055
Marine equipment operating expenses 257,549
General and administrative expenses to affiliates 51,849
Other general and administrative expenses 80,970
----------------
Total expenses 2,389,385
----------------
Equity in net income of unconsolidated special purpose entities (47,646)
----------------
Net loss $ (24,488)
================
Members' share of net loss:
Class A Members $ (24,243)
Class B Member (245)
================
Total $ (24,488)
================
Net income per Unit
(3,829,012 Units at March 31, 1996 and 5 Units held by an officer
of the Manager) $ (0.01)
================
Cash distributions $ 1,623,817
================
</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 March 31, 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 19,930,780 2,987,099 22,917,879
Syndication costs -- (2,981,733) (2,981,733)
Net loss (24,243) (245) (24,488)
Distributions (1,426,992) (196,825) (1,623,817)
----------------------------------------------------------
Members' equity at March 31, 1996 $ 73,316,162 $ 113,903 $ 73,430,065
==========================================================
</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 three months ended March 31, 1996
<TABLE>
<CAPTION>
<S> <C>
Cash flows from operating activities:
Net loss $ (24,488)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,505,795
Cash distributions from unconsolidated special purpose
entities in excess of income accrued 2,910,394
Changes in operating assets and liabilities:
Accounts receivable, net (279,207)
Prepaid expenses 31,768
Accounts payable and accrued expenses (511,698)
Due to affiliates (310,189)
Prepaid deposits and reserves for repairs 11,640
-------------------
Net cash provided by operating activities 3,334,015
-------------------
Investing activities:
Payments for purchase of equipment (1,949,732)
Equipment purchased and placed in unconsolidated
special purpose entities (9,006,142)
-------------------
Net cash used in investing activities (10,955,874)
-------------------
Financing activities:
Cash distributions to Class A Members (1,426,992)
Cash distributions to Class B Member (196,825)
Class A members capital contribution 19,930,780
Increase in subscriptions in escrow 1,998,960
Increase in restricted cash from subscriptions in escrow, net (2,015,530)
-------------------
Cash provided by financing activities 18,290,393
-------------------
Cash and cash equivalents:
Net increase in cash and cash equivalents 10,668,534
Cash and cash equivalents at beginning of period 6,803,946
-------------------
Cash and cash equivalents at end of period $ 17,472,480
===================
Supplemental information:
Interest paid $ 8,902
===================
Non cash items:
Syndication and offering costs paid by Class B Member $ 2,987,099
===================
</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
March 31, 1996
1. Basis of Presentation
Organization
At March 31, 1996, the Company had received $84,817,000 (4,240,850 units)
in Class A subscriptions. As of March 31, 1996, the Fund had admitted
$76,558,540 (3,827,927) Class A Units. Effective May 13, 1996, the Manager
ceased its current offering of Professional Lease Management Income Fund I,
L.L.C. As of this date, the Fund had received a total of $100,000,000
(5,000,000) Class A Units, and had admitted $95,306,860 (4,765,343) Class A
Units. As of April 13, 1995, the Company had accepted subscription
agreements for 79,408 Class A Units ($1,588,160) thereby meeting the
minimum subscriptions of 75,000 Class A Units, exclusive of subscriptions
from Pennsylvania residents, needed for release of funds from escrow.
At March 31, 1996, the Class B Member had capital contributions of
$12,523,205 representing the cash payments for organization and syndication
costs. Syndication costs of $12,082,818 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., the
Manager, the accompanying unaudited financial statements contain all
adjustments necessary, consisting primarily of normal recurring accruals,
to present fairly the financial position of Professional Lease Management
Income Fund I, L.L.C. (Fund I or the Company) as of March 31, 1996, the
statements of operations and cash flows for the three months ended March
31, 1996 and 1995, and the statements of changes in partners' capital for
the period from December 31, 1994 to March 31, 1996. 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 first quarter ended March 31, 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
March 31, 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>
March 31, December 31,
% Equipment 1996 1995
Ownership
- - ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
33% Two trusts consisting of:
Three 737-200A Stage II
commercial aircraft
Two aircraft engines
Portfolio of rotable components $ 7,688,623 $ 10,109,664
14% Trust consisting of seven 737-200A
Stage II commercial aircraft 3,776,721 4,108,555
20% Trust consisting of five 737-200A
Stage II commercial aircraft 5,468,417 --
50% Cargo marine vessel 3,758,193 377,987
---------------------------------------
Total investments $ 20,691,954 $ 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 $1,623,817 for the
three months ended March 31, 1996. Cash distributions to Class A
Unitholders in excess of net income are considered to represent a return of
capital using the generally accepted accounting principle basis. Cash
distributions to Class A Unitholders of $1,426,992 for the three months
ended March 31, 1996, were deemed to be a return of capital.
Cash distributions related to the first quarter results of $465,209
were paid or are payable during April, 1996, to the Class A Unitholders of
record as of March 31, 1996, for unitholders who elected for monthly
distributions. Quarterly cash distributions of approximately $787,987 were
declared on April 25, 1996 and are to be paid on May 15, 1996 to Class A
and Class B Unitholders.
6. Restricted Cash
Subscription deposits for Units in escrow are considered restricted cash
until the members are admitted, usually the first day of the following
month, upon which the funds are no longer considered restricted cash.
<PAGE>
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
(A Delaware Limited Liability Company)
NOTES TO FINANCIAL STATEMENTS
March 31, 1996
7. Equipment
Owned equipment held for operating leases is stated at cost. The components
of owned equipment are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
---------------------------------------
<S> <C> <C>
Rail equipment $ 13,137,145 $ 13,112,390
Aircraft 4,000,000 4,000,000
Marine vessel 12,256,531 12,256,532
Trailers 8,696,005 6,771,028
---------------------------------------
38,089,681 36,139,950
Less accumulated depreciation (4,353,497) (2,869,535)
---------------------------------------
Net equipment $ 33,736,184 $ 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 first quarter ended March 31, 1996, the Company purchased 50 new
refrigerated trailers and one box car for $1.9 million.
As of March 31, 1996, all equipment in the Company portfolio was either on
lease or operating in PLM-affiliated short-term trailer rental facilities
except two railcars. The carrying value of these railcars was $0.1 million.
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
March 31, 1996
9. Debt
The Manager has entered into a joint $25 million credit facility (the
"Committed Bridge Facility") on behalf of the Company, PLM Equipment Growth
Fund II, 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, and TEC
Acquisub, Inc. ("TECAI"), an indirect wholly-owned subsidiary of the
Manager, 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 wasamended and restated on September 27, 1995 to
expire on September 30, 1996. The Committed Bridge Facility also provides
for a $5 million Letter of Credit Facility for the eligible borrowers.
Outstanding borrowings by the Company, TECAI or PLM Equipment Growth Funds
II 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 September 30, 1996.
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. At September 30, 1995, outstanding borrowings under
this facility totaled $12,310,019. 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 March 31,
1996, PLM Equipment Growth Fund V had $5,610,000 in outstanding borrowings
under the Committed Bridge Facility, PLM Equipment Growth Fund VI had
$11,220,000 and TECAI had $7,706,000. Neither the Company, nor the other
Partnerships, had any outstanding borrowings. The Manager is in
negotiations to renew the facility. The Manager believes it will
successfully negotiate an extension of the facility prior to expiration on
terms at least as favorable as those in the current facility.
10. Subsequent Event
As of May 13, 1996, Professional Lease Management Income Fund I, L.L.C.
closed its equity-raising stage with $100 million in equity received.
<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 March 31, 1996, the Company had purchased and placed into service
$61.8 million of equipment. 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 $2.4
million were generated during the first quarter of 1996. Expenses of $2.4
million for the first quarter of 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. 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
March 31, 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. Revenues of $1.2 million were generated in the first quarter
of 1996 for these partially owned assets. Expenses of $1.2 million for the first
quarter of 1996 consisted primarily of depreciation expense for these partially
owned assets.
The Company's performance during first quarter of 1996 is not necessarily
indicative of future periods.
All equipment purchased by the Company was on lease at March 31, 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. As of May
13, 1996, the Company closed its equity offering. 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 $25 million credit facility (the Committed
Bridge Facility) on behalf of the Company, PLM Equipment Growth Fund II, 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 Partnerships, and TEC Acquisub, Inc. (TECAI), an indirect
wholly-owned subsidiary of the Manager, 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 became available to the Company on May 8,
1995 and was amended and restated on September 27, 1995 to expire on September
30, 1996. The Committed Bridge Facility also provides for a $5 million Letter of
Credit Facility for the eligible borrowers. Outstanding borrowings by the
Company, TECAI or PLM Equipment Growth Funds II 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 September 30, 1996. 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 borrower's 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 March 31, 1996, PLM Equipment Growth Fund V had
$5,610,000 in outstanding borrowings under the Committed Bridge Facility, PLM
Equipment Growth Fund VI had $11,220,000 and and TECAI had $7,706,000. Neither
the Company, nor the other Partnerships, had any outstanding borrowings. The
Manager is in negotiations to renew the facility. The Manager believes it will
successfully negotiate an extension of the facility prior to expiration on terms
at least as favorable as those in the current facility.
At March 31, 1996, the Company had received $84,817,000 (4,240,850 units) in
Class A subscriptions. As of March 31, 1996, the Fund had admitted $76,558,540
(3,827,927) Class A Units. Effective May 13, 1996, the Manager ceased its
current offering of Professional Lease Management Income Fund I, L.L.C. As of
date, the Fund had received a total of $100,000,000 (5,000,000) Class A Units,
and had admitted $95,306,860 (4,765,343) Class A Units. As of April 13, 1995,
the Company had accepted subscription agreements for 79,408 Class A Units
($1,588,160) thereby meeting the minimum subscriptions of 75,000 Class A Units,
exclusive of subscriptions from Pennsylvania residents, needed for release of
funds from escrow.
(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 quarter 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, in 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 seven years of Company operations. The Manager believes these acquisitions
may cause the Company to generate additional earnings and cash flow for the
Company.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None.
<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: May 14, 1996
By: /s/ David J. Davis
-------------------------
David J. Davis
Vice President and
Corporate Controller
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 17,472,480
<SECURITIES> 0
<RECEIVABLES> 1,076,304
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 38,089,681
<DEPRECIATION> 4,353,497
<TOTAL-ASSETS> 82,065,570
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 73,430,065
<TOTAL-LIABILITY-AND-EQUITY> 82,065,570
<SALES> 0
<TOTAL-REVENUES> 2,412,543
<CGS> 0
<TOTAL-COSTS> 2,380,483
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,902
<INCOME-PRETAX> (24,488)
<INCOME-TAX> 0
<INCOME-CONTINUING> (24,488)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (24,488)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
