<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
form 10-Q
(Mark One)
[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 or
-----------------------------------------
[ ] 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 0-27888
----------------------------------------------------
WELLS REAL ESTATE FUND VIII, L.P.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-2126618
- -------------------------------------- -------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
6200 The Corners Pkwy., Norcross,
Georgia 30092
- -------------------------------------- -------------------------------------
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (770) 449-7800
-----------------------------
- --------------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed
since last report)
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 _________
-----------
<PAGE>
FORM 10-Q
WELLS REAL ESTATE FUND VIII, L.P.
(A Georgia Public Limited Partnership)
INDEX
<TABLE>
<CAPTION>
Page No.
----------
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets--March 31, 2000 and December 31, 1999 3
Statements of Income for the Three Months Ended March 31, 2000
and 1999 4
Statements of Partners' Capital for the Year Ended December 31, 1999 and the Three
Months Ended March 31, 2000 5
Statements of Cash Flows for the Three Months Ended March 31, 2000
and 1999 6
Condensed Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of
Operations 8
PART II. OTHER INFORMATION 18
</TABLE>
-2-
<PAGE>
WELLS REAL ESTATE FUND VIII, L.P.
(A Georgia Public Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------- -------------
<S> <C> <C>
ASSETS:
Investment in joint ventures (Note 2) $ 24,044,170 $ 24,323,418
Cash and cash equivalents 19,167 100,902
Due from affiliates 630,184 535,876
------------- -------------
Total assets $ 24,693,521 $ 24,960,196
============= =============
LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:
Partnership distributions payable $ 626,851 $ 614,277
------------- -------------
Partners' capital:
Limited partners:
Class A--2,731,575 units and 2,728,425 units as of March 31,
2000 and December 31, 1999, respectively 23,340,718 23,341,878
Class B--471,694 units and 474,844 units as of March 31, 2000
and December 31, 1999, respectively 725,952 1,004,041
------------- -------------
Total partners' capital 24,066,670 24,345,919
------------- -------------
Total liabilities and partners' capital $ 24,693,521 $ 24,960,196
============= =============
</TABLE>
See accompanying condensed notes to financial statements.
-3-
<PAGE>
WELLS REAL ESTATE FUND VIII, L.P.
(A Georgia Public Limited Partnership)
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
-------------- --------------
2000 1999
<S> <C> <C>
REVENUES:
Equity earnings of joint ventures (Note 2) $ 370,936 $ 331,087
Interest income 1 0
------------- ------------
370,937 331,087
------------- ------------
EXPENSES:
Legal and accounting 12,750 9,532
Computer costs 3,067 2,435
Partnership administration 10,462 19,318
Amortization of organization costs 0 1,562
------------- ------------
26,279 32,847
------------- ------------
NET INCOME $ 344,658 $ 298,240
============= ============
NET INCOME ALLOCATED TO CLASS A LIMITED PARTNERS $ 616,086 $ 597,680
============= ============
NET LOSS ALLOCATED TO CLASS B LIMITED PARTNERS $(271,428) $(299,440)
============= ============
NET INCOME PER WEIGHTED AVERAGE CLASS A LIMITED PARTNER UNIT $ 0.23 $ 0.22
============= ============
NET LOSS PER WEIGHTED AVERAGE CLASS B LIMITED PARTNER UNIT $ (0.58) $ (0.60)
============= ============
CASH DISTRIBUTION PER CLASS A LIMITED PARTNER UNIT $ 0.23 $ 0.21
============= ============
</TABLE>
See accompanying condensed notes to financial statements.
-4-
<PAGE>
WELLS REAL ESTATE FUND VIII, L.P.
(A Georgia Public Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1999
AND THE THREE MONTHS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
Limited Partners Total
---------------------------------------------------
Class A Class B General Partners'
------------------------- -----------------------
Units Amounts Units Amounts Partners Capital
--------- ----------- --------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, December 31, 1998 2,674,584 $23,113,046 528,685 $2,367,471 $0 $25,480,517
Net income (loss) 0 2,481,559 0 (1,214,613) 0 1,266,946
Partnership distributions 0 (2,401,544) 0 0 0 (2,401,544)
Class B conversion
elections 53,841 148,817 (53,841) (148,817) 0 0
--------- ----------- --------- ----------- --------- -----------
BALANCE, December 31, 1999 2,728,425 23,341,878 474,844 1,004,041 0 24,345,919
Net income (loss) 0 616,086 0 (271,428) 0 344,658
Partnership distributions 0 (623,907) 0 0 0 (623,907)
Class B conversion
elections 3,150 6,661 (3,150) (6,661) 0 0
--------- ----------- --------- ----------- --------- -----------
BALANCE, March 31, 2000 2,731,575 $23,340,718 471,694 $ 725,952 $0 $24,066,670
========= =========== ========= =========== ========= ===========
</TABLE>
See accompanying condensed notes to financial statements.
-5-
<PAGE>
WELLS REAL ESTATE FUND VIII, L.P.
(A Georgia Public Limited Partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
----------------------------
March 31, March 31,
2000 1999
------------ -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 344,658 $ 298,240
Adjustments to reconcile net income to net cash used in operating
activities:
Equity in income of joint ventures (370,936) (331,087)
Amortization of organization costs 0 1,562
------------ -----------
Net cash used in operating activities (26,278) (31,285)
------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions received from joint ventures 555,876 622,026
------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners from accumulated earnings (611,333) (590,672)
------------ -----------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (81,735) 69
CASH AND CASH EQUIVALENTS, beginning of year 100,902 8,792
------------ -----------
CASH AND CASH EQUIVALENTS, end of period $ 19,167 $ 8,861
============ ===========
</TABLE>
See accompanying condensed notes to financial statements.
-6-
<PAGE>
WELLS REAL ESTATE FUND VIII, L.P.
(A Georgia Public Limited Partnership)
CONDENSED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
Wells Real Estate Fund VIII, L.P. (the "Partnership") is a Georgia public
limited partnership having Leo Wells III and Wells Partners, L.P., as
general partners. The Partnership was formed on August 15, 1994, for the
purpose of acquiring, developing, owning, operating, improving, leasing,
and otherwise managing for investment purposes income-producing commercial
properties.
On January 6, 1995, the Partnership commenced a public offering of up to
$35,000,000 of limited partnership units ($10 per unit) pursuant to a
registration statement on Form S-11 filed under the Securities Act of 1933.
The Partnership commenced active operations on February 24, 1997 when it
received and accepted subscriptions for 125,000 units. The offering was
terminated January 4, 1997 at which time the Partnership had sold 2,613,534
Class A status units, and 590,735 Class B status units, held by a total of
1,939 and 302 limited partners, respectively, for total limited partner
capital contributions of $32,042,689.
The Partnership owns interest in the following properties through its
equity ownership in the following joint ventures: (i) Fund VII and Fund
VIII Associates, a joint venture between the Partnership and Wells Real
Estate Fund VII, L.P. (the "Fund VII-Fund VIII Joint Venture"); (ii) Fund
VI, Fund VII, and Fund VIII Associates, a joint venture among the
Partnership and Wells Real Estate Fund VI, L.P., and Wells Real Estate Fund
VII, L.P. (the "Fund VI-VII-VIII Joint Venture"); and (iii) Fund VIII and
Fund IX Associates, a joint venture between the Partnership and Wells Real
Estate Fund IX, L.P. (the "Fund VIII-Fund IX Joint Venture").
As of March 31, 2000, the Partnership owned interests in the following
properties through its ownership in the foregoing joint ventures: (i) a
single-story retail/office building located in Clayton County, Georgia (the
"Hannover Center") and (ii) a two-story office building located in
Gainesville, Florida (the "CH2M Hill") which are owned by the Fund VII-Fund
VIII Joint Venture; (iii) a four-story office building located in
Jacksonville, Florida (the "BellSouth Building") and (iv) a retail shopping
center located in Clemmons, North Carolina (the "Tanglewood Commons") which
are owned by the Fund VI-VII-VIII Joint Venture; and (v) a four-story
office building located in Madison, Wisconsin (the "US Cellular Building"),
(vi) a one-story office building located in Farmers Branch, Texas (the "TCI
Building"), (vii) a two-story office building located in Orange County,
California (the "Matsushita Building"), and (viii) a two-story office
building located in Boulder County, Colorado (the "Cirrus Logic Building")
which are owned by the Fund VIII-Fund IX Joint Venture.
All of the foregoing properties were acquired on an all-cash basis. For
further information regarding these joint ventures and properties, refer to
the Partnership's Form 10-K for the year ended December 31, 1999.
-7-
<PAGE>
(b) Basis of Presentation
The financial statements of Wells Real Estate Fund VIII, L.P. have been
prepared in accordance with instructions to Form 10-Q and do not include
all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. These quarterly
statements have not been examined by independent accountants, but in the
opinion of the general partners, the statements for the unaudited interim
periods presented include all adjustments, which are of a normal and
recurring nature, necessary to present a fair presentation of the results
for such periods. For further information, refer to the financial
statements and footnotes included in the Partnership's Form 10-K for the
year ended December 31, 1999.
2. INVESTMENT IN JOINT VENTURES
The Partnership owns interests in six office buildings and two retail
centers through its ownership in joint ventures. The Partnership does not
have control over the operations of the joint ventures; however, it does
exercise significant influence. Accordingly, investment in joint ventures
is recorded on the equity method. For further information, refer to the
financial statements and footnotes included in the Partnership's Form 10-K
for the year ended December 31, 1999.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with
the accompanying financial statements of the Partnership and notes thereto.
This report contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including discussion and analysis of the financial
condition of the Partnership, anticipated capital expenditures required to
complete certain projects, amounts of cash distributions anticipated to be
distributed to limited partners in the future, and certain other matters.
Readers of this report should be aware that there are various factors that
could cause actual results to differ materially from any forward-looking
statement made in this report, which include construction costs which may
exceed estimates, construction delays, lease-up risks, inability to obtain
new tenants upon expiration of existing leases, and the potential need to
fund tenant improvements or other capital expenditures out of operating
cash flow.
1. RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL CONDITIONS
(a) General
As of March 31, 2000, the developed properties owned by the Partnership
were 98.2% occupied, as compared to 99.2% occupied as of March 31, 1999.
Gross revenues of the Partnership were $370,937 for the three months ended
March 31, 2000 from $331,087 for the three months ended March 31, 1999 due
to increases in common area maintenance billing to tenants in CH2M Hill
Property and Tanglewood Commons. Total administrative expenses decreased
slightly for the three months ended March 31, 2000 as compared to the same
period in 1999 due to decreases in administrative salary.
-8-
<PAGE>
Net income per weighted average unit for Class A Limited Partners was $0.23
for the three months ended March 31, 2000 as compared to $0.22 for the
three months ended March 31, 1999. Net loss per weighted average unit for
Class B and converted Class A Limited Partners was $0.58 for the three
months ended March 31, 2000 as compared to $0.60 for the three months ended
March 31, 1999.
Cash distributions per weighted average unit for Class A Limited Partners
were $0.23 for the three months ended March 31, 2000 as compared to $0.21
for the three months ended March 31, 1999. No cash distributions were made
by the Partnership to the Limited Partners holding Class B units or to the
General Partner. The Partnership anticipates that distributions will
continue to be paid on a quarterly basis on a level at least consistent
with 1999.
Net cash provided by investing activities decreased to $555,876 for 2000
from $622,026 in 1999, due primarily to decreased distributions from joint
ventures. Net cash used in financing activities increased to $611,333 for
2000 from $590,672 for 1999 due to increased distributions to partners.
The Partnership expects to continue to meet its short-term liquidity
requirements and budget demands generally through net cash provided by
operations which the Partnership believes will continue to be adequate to
meet both operating requirements and distributions to limited partners. At
this time, given the nature of the joint ventures in which the Partnership
has invested, there are no known improvements and renovations to the
properties expected to be funded from cash flow operations.
-9-
<PAGE>
2. PROPERTY OPERATIONS
As of March 31, 2000 the Partnership owned interest in the following
operational properties:
CH2M Hill/Fund VII-Fund VIII Joint Venture
Three Months Ended
----------------------------
March 31, March 31,
2000 1999
------------ -----------
Revenues:
Rental income $ 144,035 $ 143,856
------------ -----------
Expenses:
Depreciation 65,941 68,946
Management and leasing expenses 23,987 26,881
Other operating expenses (21,421) 17,352
------------ -----------
68,507 113,179
------------ -----------
Net income $ 75,528 $ 30,677
============ ===========
Occupied percentage 100% 100%
============ ===========
Partnership's ownership percentage in the
Fund VII-VIII Joint Venture 63.3% 63.3%
============ ===========
Cash distribution to the Partnership $ 90,933 $ 61,512
============ ===========
Net income allocated to the Partnership $ 47,858 $ 19,434
============ ===========
Rental income remained relatively stable for the three months ended March 31,
2000 as compared to the three months ended March 31, 1999.
Net income and cash distributions to the Partnership increased in 2000 as
compared to 1999 due to an increase in common area maintenance reimbursements
billed in 2000 to the tenants. Tenants are billed an estimated amount for the
current year common-area maintenance which is then reconciled the following year
and the difference billed to the tenant.
-10-
<PAGE>
The Hannover Center/Fund VII-Fund VIII Joint Venture
Three Months Ended
---------------------------
March 31, March 31,
2000 1999
----------- ----------
Revenues:
Rental income $26,644 $56,147
----------- ----------
Expenses:
Depreciation 21,204 10,981
Management and leasing expenses 4,360 7,459
Other operating expenses 10,397 3,417
----------- ----------
35,961 21,857
----------- ----------
Net (loss) income $ (9,317) $34,290
=========== ==========
Occupied percentage 50% 100%
=========== ==========
Partnership's ownership percentage in the
Fund VII-Fund VIII Joint Venture 63.3% 63.3%
=========== ==========
Cash distribution to the Partnership $ 0 $25,714
=========== ==========
Net income allocated to the Partnership $ (5,902) $21,723
=========== ==========
Rental income and net income decreased for the three months ended March 31, 2000
as compared to the three months ended March 31, 1999 due to one tenant who
defaulted on the lease and moved out at the end of 1999. The management team is
currently taking legal action against that tenant.
Management and leasing fees decreased due to decreases in rental income.
Management and leasing fees are charges based on rental income received.
Operating expenses increased due to increases in legal fees.
There is no cash distribution to the Partnership for the three months ended
March 31, 2000 due to a net loss allocated to the Partnership.
-11-
<PAGE>
BellSouth Building/Fund VI-VII-VIII Joint Venture
Three Months Ended
----------------------------
March 31, March 31,
2000 1999
------------ ------------
Revenues:
Rental income $ 380,277 $ 380,277
Interest income 1,289 1,142
------------ ------------
381,566 381,419
------------ ------------
Expenses:
Depreciation 111,606 111,606
Management and leasing expenses 48,166 47,892
Other operating expenses 104,332 103,784
------------ ------------
264,104 263,282
------------ ------------
Net income 117,462 118,137
============ ============
Occupied percentage 100% 100%
============ ============
Partnership's ownership percentage in the
Fund VI-VII-VIII Joint Venture 32.3% 32.3%
============ ============
Cash distribution to the Partnership $ 76,802 $ 77,032
============ ============
Net income allocated to the Partnership $ 37,999 $ 38,223
============ ============
Rental income, net income, and cash distributions to the Partnership remained
relatively stable for the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999 due to the stable occupancy rate.
-12-
<PAGE>
Tanglewood Commons/Fund VI-VII-VIII Joint Venture
Three Months Ended
----------------------------
March 31, March 31,
2000 1999
------------ -------------
Revenues:
Rental income $ 205,489 $ 193,031
Interest income 2,365 2,936
------------ -----------
207,854 195,967
------------ -----------
Expenses:
Depreciation 65,096 61,425
Management and leasing expenses 17,775 15,105
Other operating expenses (25,333) 19,081
------------ -----------
57,538 95,611
------------ -----------
Net income $ 150,316 $ 100,356
============ ===========
Occupied percentage 97% 91%
============ ===========
Partnership's ownership percentage in the Fund
VI-VII-VIII Joint Venture 32.3% 32.3%
============ ===========
Cash distribution to the Partnership $ 71,009 $ 52,631
============ ===========
Net income allocated to the Partnership $ 48,627 $ 32,470
============ ===========
Rental income, net income, and cash distributions to the Partnership increased
for the three months ended March 31, 2000 as compared to the three months ended
March 31, 1999 due to increased occupancy at the property.
Other operating expenses decreased due to an increase in common area maintenance
reimbursements billed to tenants. Tenants are billed an estimated amount for the
current year common area maintenance which is then reconciled the following year
and the difference billed to the tenant.
-13-
<PAGE>
The TCI Building/Fund VIII-Fund IX Joint Venture
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------- -------------
Revenues:
Rental income $ 113,794 $ 113,794
Interest income 8,840 8,921
------------- -------------
122,634 122,715
------------- -------------
Expenses:
Depreciation 41,648 41,648
Management and leasing expenses 4,300 4,300
Other operating expenses 4,222 4,132
------------- -------------
50,170 50,080
------------- -------------
Net income $ 72,464 $ 72,635
============= =============
Occupied percentage 100% 100%
============= =============
Partnership's ownership percentage 54.8% 54.8%
============= =============
Cash distribution to the Partnership $ 59,081 $ 59,175
============= =============
Net income allocated to the Partnership $ 39,708 $ 39,802
============= =============
Rental income, net income, and cash distributions are stable for 2000 as
compared to 1999 due to the stable occupancy rate.
-14-
<PAGE>
The Matsushita Building/Fund VIII-Fund IX Joint Venture
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------- -------------
Revenues:
Rental income $ 164,379 $ 164,379
------------- -------------
Expenses:
Depreciation 53,918 53,918
Management and leasing expenses 0 6,313
Other operating expenses (9,270) 4,043
------------- -------------
44,648 64,274
------------- -------------
Net income $ 119,731 $ 100,105
------------- -------------
Occupied percentage 100% 100%
============= =============
Partnership's ownership percentage 54.8% 54.8%
============= =============
Cash distribution to the Partnership $ 104,909 $ 91,140
============= =============
Net income allocated to the Partnership $ 65,609 $ 54,854
============= =============
Matsushita Avionics and the Fund VIII-Fund IX Joint Venture entered into a lease
and guaranty termination agreement dated February 18, 1999. Matsushita Avionics
vacated its current space in January 2000 and was relieved of any of its
obligations under the existing lease upon the commencement date of the new
Matsushita lease in January 2000. In consideration for the Fund VIII-Fund IX
Joint Venture releasing Matsushita Avionics from its obligations under the
existing lease and thereby allowing Wells Operating Partnership, L.P. ("Wells
OP") to enter into the Matsushita lease with Matsushita Avionics, Wells OP
entered into a rental income guaranty agreement dated as of February 18, 1999,
whereby Wells OP guaranteed the Fund VIII-Fund IX Joint Venture that it will
receive rental income on the existing building at least equal to the rent and
building expenses over the remaining term of the Matsushita lease.
Operating expenses are negative due to actual expenses being lower than Wells OP
operating expense reimbursements in 2000. Management and leasing expense will
not be paid until the building is re-leased.
-15-
<PAGE>
The Cirrus Logic Building/Fund VIII-Fund IX Joint Venture
Three Months Ended
-----------------------------
March 31, March 31,
2000 1999
------------- -------------
Revenues:
Rental income $ 184,539 $ 184,539
------------- -------------
Expenses:
Depreciation 72,765 72,765
Management and leasing expenses 10,314 8,839
Other operating expenses (299) 5,610
------------- -------------
82,780 87,214
------------- -------------
Net income $ 101,759 $ 97,325
============= =============
Occupied percentage 100% 100%
============= =============
Partnership's ownership percentage 54.8% 54.8%
============= =============
Cash distribution to the Partnership $ 87,073 $ 84,643
============= =============
Net income allocated to the Partnership $ 55,761 $ 53,331
============= =============
Net income remains relatively stable while expenses have decreased and
distributions have increased due primarily to increased common-area billings to
the tenant. Tenants are billed an estimated amount for common-area maintenance
which is then reconciled the following year and the difference billed to the
tenant.
-16-
<PAGE>
The U.S. Cellular Building/Fund VIII-Fund IX Joint Venture
Three Months Ended
----------------------------
March 31, March 31,
2000 1999
------------ ------------
Revenues:
Rental income $ 320,519 $ 320,519
------------ -----------
Expenses:
Depreciation 150,414 150,378
Management and leasing expenses 34,498 35,187
Other operating expenses (12,716) 4,925
------------ -----------
172,196 190,490
------------ -----------
Net income 148,323 $ 130,029
============ ===========
Occupied percentage 100% 100%
============ ===========
Partnership's ownership percentage 54.8% 54.8%
============ ===========
Cash distribution to the Partnership $ 160,708 $ 149,646
============ ===========
Net income allocated to the Partnership $ 81,276 $ 71,252
============ ===========
Net income increased in 2000 as compared to 1999 due to an increase in CAM
reimbursements billed in 2000 to the tenants. Tenants are billed an estimated
amount for common-area maintenance which is then reconciled the following year
and the difference is billed to the tenant.
-17-
<PAGE>
PART II. OTHER INFORMATION
ITEM 6 (b.) No reports on Form 8-K were filed during the first quarter of 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
WELLS REAL ESTATE FUND VIII, L.P.
(Registrant)
Dated: May 11, 2000 By: /s/ Leo F. Wells, III
---------------------
Leo F. Wells, III, as Individual
General Partner, and as President,
Sole Director, and Chief Financial
Officer of Wells Capital, Inc., the
General Partner of Wells Partners, L.P.
-18-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 19,167
<SECURITIES> 24,044,170
<RECEIVABLES> 630,184
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 24,693,521
<CURRENT-LIABILITIES> 626,851
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 24,066,670
<TOTAL-LIABILITY-AND-EQUITY> 24,693,521
<SALES> 0
<TOTAL-REVENUES> 370,937
<CGS> 0
<TOTAL-COSTS> 26,279
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 344,658
<INCOME-TAX> 0
<INCOME-CONTINUING> 344,658
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 344,658
<EPS-BASIC> 0.23
<EPS-DILUTED> 0
</TABLE>
