UNITED STATES
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 December 31, 1999
OR
____ TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 33-89968
INDEPENDENCE TAX CREDIT PLUS L.P. IV
(Exact name of registrant as specified in its charter)
Delaware 13-3809869
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
625 Madison Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)421-5333
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securi-
ties 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>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
<CAPTION>
December 31, March 31,
1999 1999
<S> <C> <C>
ASSETS
Property and equipment at cost,
net of accumulated depreciation
of $3,660,845 and $2,427,800,
respectively $70,625,439 $45,600,010
Construction in progress 0 12,796,728
Cash and cash equivalents 7,417,522 3,438,165
Investments available for sale 0 14,050,000
Cash held in escrow 2,311,420 1,640,145
Deferred costs, net of accumulated
amortization of $166,120 and
$117,257, respectively 1,705,082 1,572,468
Other assets 400,419 403,733
Total assets $82,459,882 $79,501,249
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
Mortgage notes payable $21,220,514 $18,782,185
Construction loans payable 12,153,640 9,426,195
Accounts payable and other
liabilities 4,514,080 3,180,637
Due to local general partners and
affiliates 4,723,489 7,535,407
Due to general partner and affiliates 686,450 469,737
Total liabilities 43,298,173 39,394,161
Minority interest 1,170,444 851,877
Partners' capital (deficit):
Limited partners (45,844 BACs
issued and outstanding) 38,018,886 39,270,192
General partner (27,621) (14,981)
Total partners' capital (deficit) 37,991,265 39,255,211
Total liabilities and partners'
capital (deficit) $82,459,882 $79,501,249
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
1999 1998* 1999 1998
<S> <C> <C> <C> <C>
Revenues
Rental income $1,492,034 $ 836,844 $3,250,859 $1,915,799
Other income
(principally
interest
on capital
contributions) 127,156 201,006 428,274 654,480
Total revenues 1,619,190 1,037,850 3,679,133 2,570,279
Expenses
General and
administrative 327,764 153,860 972,313 632,281
General and
administrative-
related parties
(Note 2) 149,945 92,992 404,568 301,234
Repairs and
maintenance 202,950 152,149 475,996 261,825
Operating 122,829 105,863 307,699 235,704
Taxes 31,266 6,172 115,903 39,686
Insurance 64,826 53,437 146,321 115,426
Interest 534,626 311,203 1,082,741 735,167
Depreciation and
amortization 458,678 397,562 1,281,908 898,820
Total expenses 1,892,884 1,273,238 4,787,449 3,220,143
Loss before
minority
interest and
extraordinary
item (273,694) (235,388) (1,108,316) (649,864)
Minority interest in
loss income of
subsidiary
partnerships (32,243) (15,688) (14,254) (37,537)
Loss before
extraordinary
item (305,937) (251,076) (1,122,570) (687,401)
Extraordinary
item-cumulative
effect of a change
in accounting
principle -
amortization of
organization costs 0 0 (141,376) 0
Net loss $ (305,937) $ (251,076) $(1,263,946) $ (687,401)
Limited Partners
Share:
Loss before
extraordinary
item $ (302,877) $ (248,565) $(1,111,344) $ (680,527)
Extraordinary
item 0 0 (139,962) 0
Net loss - limited
partners $ (302,877) $ (248,565) $(1,251,306) $ (680,527)
Number of BACs
outstanding 45,844 45,844 45,844 45,844
Net loss per BAC
before
extraordinary
item $ (6.60) $ (5.42) $ (24.24) $ (14.84)
Extraordinary item
per BAC 0.00 0.00 (3.05) 0.00
Net loss per BAC $ (6.60) $ (5.42) $ (27.29) $ (14.84)
*Reclassified for comparative purposes.
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statement of Changes in Partners' Capital
(Deficit)
(Unaudited)
<CAPTION>
Limited General
Total Partners Partner
<S> <C> <C> <C>
Partners' capital
(deficit) -
April 1, 1999 $39,255,211 $39,270,192 $ (14,981)
Net loss (1,263,946) (1,251,306) (12,640)
Partners' capital
(deficit)-
December 31, 1999 $37,991,265 $38,018,886 $ (27,621)
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
<CAPTION>
Nine Months Ended
December 31,
1999 1998
<S> <C> <C>
Cash flows from operating activities:
Net loss $(1,263,946) $ (687,401)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Depreciation and amortization 1,281,908 898,820
Cumulative effect of change in
accounting principle - amortization
of organization costs 141,376 0
Minority interest in income
of subsidiary properties 14,254 37,537
Increase in cash held in escrow (1,362,364) (54,305)
Decrease in other assets 3,314 96,547
Increase (decrease) in accounts payable
and other liabilities 1,333,443 (417,232)
Increase in due to local general
partners and affiliates 170,233 18,250
Decrease in due to local general
partners and affiliates (11,483) (98,367)
Increase (decrease) in due to general
partner and affiliates 216,713 (126,490)
Total adjustments 1,787,394 354,760
Net cash provided by (used in)
operating activities 523,448 (332,641)
Cash flows from investing activities:
Increase in property and equipment (9,650,305) (1,752,874)
Increase in construction in progress (3,811,441) (6,881,399)
Increase in accounts payable and
other liabilities 0 165,600
Decrease in cash held in escrow 691,089 992,394
Increase in other assets 0 (41,350)
Increase in due to local general
partners and affiliates 575,273 712,373
Decrease in due to local general
partners and affiliates (3,545,941) (494,186)
Decrease in investments
available for sale 14,050,000 17,000,000
Decrease (increase) in deferred costs 1,963 (24,548)
Net cash (used in) provided by
investing activities (1,689,362) 9,676,010
Cash flows from financing activities:
Proceeds from mortgage notes 0 1,139,000
Repayments of mortgage notes (61,671) (47,068)
Proceeds from construction loans 5,227,445 1,185,967
Repayment of construction loans 0 (1,791,075)
Increase in deferred costs (324,816) (135,550)
Increase in capitalization of
consolidated subsidiaries
attributable to minority interest 304,313 0
Net cash provided by financing
activities 5,145,271 351,274
Net increase in cash and
cash equivalents 3,979,357 9,694,643
Cash and cash equivalents at
beginning of period 3,438,165 9,811,741
Cash and cash equivalents at
end of period $ 7,417,522 $19,506,384
Supplemental disclosures of
noncash investing activities:
Consolidation of investment in
subsidiary partnership:*
Increase in property and
equipment $(3,811,441) $ 0
Decrease in construction in
progress 3,811,411 0
Property and equipment
reclassified from construction
in progress 12,796,728 0
Conversion of construction loans
to mortgage notes 2,500,000 0
*Prior to consolidation, investment in subsidiary partnerships are
included in property and equipment.
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Financial Statements
December 31, 1999
(Unaudited)
Note 1 - General
Independence Tax Credit Plus L.P. IV (a Delaware limited part-
nership) (the "Partnership") was organized on February 22, 1995,
and commenced the public offering on July 6, 1995. The general
partner of the Partnership is Related Independence L.L.C., a
Delaware limited liability company (the "General Partner").
The Partnership's business is to invest in other partnerships ("Lo-
cal Partnerships", "subsidiaries" or "subsidiary partnerships")
owning apartment complexes that are eligible for the low-income
housing tax credit ("Housing Tax Credit") enacted in the Tax Re-
form Act of 1986, some of which complexes may also be eligible
for the historic rehabilitation tax credit ("Historic Tax Credit";
together with Housing Tax Credits, "Tax Credits").
As of December 31, 1999, the Partnership has acquired a limited
partnership interest in fourteen subsidiary partnerships, twelve of
which have been consolidated. The Partnership does not antici-
pate acquiring limited partnership interests in any additional sub-
sidiary partnerships. The Partnership's investment in each Local
Partnership represents from 98.99% to 99.98% with one Local
Partnership at 58.12% of the partnership interests in the Local
Partnership. Through the rights of the Partnership and/or an
affiliate of the General Partner, which affiliate has a contractual
obligation to act on behalf of the Partnership, to remove the gen-
eral partner of the subsidiary partnerships and to approve certain
major operating and financial decisions, the Partnership has a
controlling financial interest in the subsidiary partnership.
For financial reporting purposes, the Partnership's fiscal quarter
ends December 31. All subsidiaries have fiscal quarters ending
September 30. Accounts of the subsidiaries have been adjusted for
intercompany transactions from October 1 through December 31.
The Partnership's fiscal quarter ends December 31 in order to al-
low adequate time for the subsidiaries financial statements to be
prepared and consolidated.
All intercompany accounts and transactions with the subsidiary
partnerships have been eliminated in consolidation.
Increases (decreases) in the capitalization of consolidated subsidi-
aries attributable to minority interest arise from cash contributions
from and cash distributions to the minority interest partners.
For both the three and nine months ended December 31, 1999 and
1998 losses attributable to minority interest did not exceed the
minority interests' investment in the subsidiary. The Partnership's
investment in each subsidiary is equal to the respective subsidi-
ary's partners' equity less minority interest capital, if any. In con-
solidation, all subsidiary partnership losses are included in the
Partnership's capital account except for losses allocated to minor-
ity interest capital.
In April of 1998, the Financial Accounting Standards Board issued
Statement of Position 98-5 ("SOP 98-5") "Reporting on the Costs of
Start-Up Activities". This statement provides guidance on the
financial reporting of start-up costs and organization costs. This
statement is effective for all fiscal quarters of fiscal years beginning
after December 15, 1998. Such change in accounting principle
amounted to a change to operations of $141,376 for the nine
months ended December 31, 1999.
Certain information and note disclosures normally included in
financial statements prepared in accordance with generally ac-
cepted accounting principles have been omitted or condensed.
These condensed financial statements should be read in conjunc-
tion with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the period
ended March 31, 1999.
The books and records of the Partnership are maintained on the
accrual basis of accounting in accordance with generally accepted
accounting principles. In the opinion of the General Partner of the
Partnership, the accompanying unaudited financial statements
contain all adjustments (consisting only of normal recurring ad-
justments) necessary to present fairly the financial position of the
Partnership as of December 31, 1999, the results of operations for
the three and nine months ended December 31, 1999 and 1998 and
cash flows for the nine months ended December 31, 1999 and
1998. However, the operating results for the nine months ended
December 31, 1999 may not be indicative of the results for the
year.
Note 2 - Related Party Transactions
An affiliate of the General Partner has a .01% interest as a special
limited partner in each of the Local Partnerships.
<TABLE>
The costs incurred to related parties for the three and nine months
ended December 31, 1999 and 1998 were as follows:
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Partnership manage-
ment fees (a) $ 85,616 $ 69,451 $ 230,277 $ 208,108
Expense reimburse-
ment (b) 40,184 15,160 98,029 68,524
Local administrative
fee (c) 5,000 1,250 15,000 3,750
Total general and
administrative-
General Partner 130,800 85,861 343,306 280,382
Property manage-
ment fees incurred
to affiliates of the
subsidiary
partnerships'
general
partners (d) 19,145 7,131 61,262 20,852
Total general and
administrative-
related parties $ 149,945 $ 92,992 $ 404,568 $ 301,234
</TABLE>
(a) The General Partner is entitled to receive a partnership man-
agement fee, after payment of all Partnership expenses, which
together with the annual local administrative fees will not exceed
a maximum of 0.5% per annum of invested assets (as defined in
the Partnership Agreement), for administering the affairs of the
Partnership. Subject to the foregoing limitation, the partnership
management fee will be determined by the General Partner in its
sole discretion based upon its review of the Partnership's invest-
ments. Unpaid partnership management fees for any year will be
accrued without interest and will be payable from working capital
reserves or to the extent of available funds after the Partnership
has made distributions to the limited partners of sale or refinanc-
ing proceeds equal to their original capital contributions plus a
10% priority return thereon (to the extent not theretofore paid out
of cash flow). Partnership management fees owed to the General
Partner amounting to approximately $338,000 and $275,000 were
accrued and unpaid as of December 31, 1999 and March 31, 1999,
respectively.
(b) The Partnership reimburses the General Partner and its affili-
ates for actual Partnership operating expenses incurred by the
General Partner and its affiliates on the Partnership's behalf. The
amount of reimbursement from the Partnership is limited by the
provisions of the Partnership Agreement. Another affiliate of the
General Partner performs asset monitoring for the Partnership.
These services include site visits and evaluations of the subsidiary
partnerships' performance.
(c) Independence SLP IV L.P., a special limited partner of the
subsidiary partnerships, is entitled to receive a local administra-
tive fee of up to $5,000 per year from each subsidiary partnership.
(d) Property management fees incurred by the Local Partnerships
amounted to $68,591 and $60,903 and $198,183 and $133,607 for
the three and nine months ended December 31, 1999 and 1998,
respectively. Of these fees $19,145 and $7,131 and $61,262 and
$20,852 were incurred to affiliates of the subsidiary partnerships'
general partners.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Con-
dition and Results of Operations
Liquidity and Capital Resources
The Partnership's primary source of funds include (i) interest
earned on Gross Proceeds which are invested in tax-exempt
money market instruments pending acquisition of and final pay-
ments to Local Partnerships and (ii) working capital reserve and
interest earned thereon. All these sources of funds are available to
meet obligations of the Partnership.
As of December 31, 1999, the Partnership has invested approxi-
mately $37,622,000 (including approximately $1,161,000 classified
as a loan repayable from sale/refinancing proceeds in accordance
with the Contribution Agreement and not including acquisition
fees of approximately $1,771,000) of net proceeds in fourteen Local
Partnerships of which approximately $4,933,000 remains to be
paid to the Local Partnerships (including approximately $629,000
being held in escrow) as certain benchmarks, such as occupancy
level, must be attained prior to the release of the funds. Four Lo-
cal Partnerships were acquired during the nine months ended
December 31, 1999 for a purchase price of approximately
$7,437,000 of which approximately $2,433,000 remains to be paid.
During the nine months ended December 31, 1999, approximately
$11,090,000 was paid to Local Partnerships ($816,000 of which was
released from escrow). An additional $126,000 was placed into
escrow for purchase price payments during the nine months
ended December 31, 1999. The Partnership has completed ac-
quiring additional properties, but the Partnership may be required
to fund potential purchase price adjustments based on tax credit
adjustor clauses. Such adjustments resulted in a net increase in
purchase price of approximately $873,000 during the nine months
ended December 31, 1999.
For the nine months ended December 31, 1999, cash and cash
equivalents of the Partnership and its twelve consolidated Local
Partnerships increased approximately $3,979,000 due to cash pro-
vided by operating activities ($523,000), a decrease in cash held in
escrow ($691,000), a decrease in investments available for sale
($14,050,000), proceeds from construction loans ($5,227,000) and
an increase in capitalization of consolidated subsidiaries attribut-
able to minority interest ($304,000) which exceeded an increase in
property and equipment ($9,650,000), an increase in construction
in progress ($3,811,000), a net decrease in due to local general
partners and affiliates relating to investing activities ($2,971,000),
an increase in deferred costs relating to financing activities
($325,000) and repayments of mortgage notes ($62,000). Included
in the adjustments to reconcile the net loss to cash provided by
operations is depreciation and amortization of approximately
$1,282,000 and the cumulative effect of a change in accounting
principle - amortization of organization costs of approximately
$141,000.
A working capital reserve has been established from the Partner-
ship's funds available for investment, which includes amounts
which may be required for potential purchase price adjustments
based on tax credit adjustor clauses. At December 31, 1999 none
of this reserve was used. The General Partner believes that these
reserves, plus any cash distributions received from the operations
of the Local Partnerships, will be sufficient to fund the Partner-
ship's ongoing operations for the foreseeable future. As of De-
cember 31, 1999, there has been no cash distributions from the
Local Partnerships. Management anticipates receiving distribu-
tions in the future, although not to a level sufficient to permit pro-
viding cash distributions to the BACs holders.
The Partnership has negotiated Development Deficit Guarantees
with the development stage Local Partnerships in which it has
invested. The Local General Partners and/or their affiliates have
agreed to fund development deficits through the breakeven dates
of each of the fourteen Local Partnerships.
The Partnership has negotiated Operating Deficit Guaranty
Agreements with the development stage Local Partnerships by
which the general partners of such Local Partnerships and/or
their affiliates have agreed to fund operating deficits for a speci-
fied period of time. The terms of the Operating Deficit Guaranty
Agreements vary for each of these Local Partnerships, with maxi-
mum dollar amounts to be funded for a specified period of time,
generally seven years, commencing on the break-even date. The
gross amount of the Operating Deficit Guarantees aggregates ap-
proximately $3,107,000 as of December 31, 1999.
The Partnership has also negotiated a Rent-Up Guaranty Agree-
ment with one Local Partnership, in which the Local General Part-
ner agrees to pay liquidated damages if predetermined occupancy
rates are not achieved.
The Development Deficit, Operating Deficit and the Rent-Up
Guaranty Agreements were negotiated to protect the Partnership's
interest in the Local Partnerships and to provide incentive to the
Local General Partners to generate positive cash flow.
The Partnership has invested or committed for investment 100% of
the net proceeds available for investment in fourteen Local Part-
nerships, of which ten will generate tax credits in 1999.
Management is not aware of any trends or events, commitments
or uncertainties, which have not otherwise been disclosed that will
or are likely to impact liquidity in a material way. Management
believes the only impact would be from laws that have not yet
been adopted. The portfolio will be diversified by the location of
the properties around the United States so that if one area of the
country is experiencing downturns in the economy, the remaining
properties in the portfolio may be experiencing upswings. How-
ever the geographic diversification of the portfolio may not protect
against a general downturn in the national economy. The tax
credits will be attached to the project for a period of ten years, and
will be transferable with the property during the remainder of
such ten-year period. If the General Partner determined that a sale
of a property is warranted, the remaining tax credits would trans-
fer to the new owner, thereby adding value to the property on the
market, which are not included in the financial statement carrying
amount.
Results of Operations
As of December 31, 1999 and 1998, the Partnership had acquired
an interest in fourteen and ten Local Partnerships, twelve and ten
of which were consolidated at December 31, 1999 and 1998, re-
spectively. The Partnership intends to utilize the net proceeds of
the offering to acquire additional interests in Local Partnerships.
The Partnership's results of operations for the three and nine
months ended December 31, 1999 and 1998 consisted primarily of
(1) approximately $80,000 and $142,000 and $294,000 and
$477,000, respectively, of tax-exempt interest income earned on
funds not currently invested in Local Partnerships and (2) the
results of the Partnership's investment in twelve of fourteen and
nine of ten consolidated Local Partnerships, respectively.
For the three and nine months ended December 31, 1999 as com-
pared to 1998, rental income and all categories of expenses in-
creased and the results of operations are not comparable due to
the acquisition, construction and rent up of properties, and are not
reflective of future operations of the Partnership due to uncom-
pleted property construction, rent up of properties and the contin-
ued utilization of the net proceeds of the Offering to invest in Lo-
cal Partnerships. In addition, interest income will decrease in
future periods since a substantial portion of the proceeds from the
Offering will be included in or released to Local Partnerships.
Other income decreased approximately $74,000 and $226,000 for
the three and nine months ended December 31, 1999 as compared
to the corresponding periods in 1998 primarily due to a decrease
in interest income as a result of the acquisition of and the release
of proceeds to the Local Partnerships.
Amortization of organization costs increased by approximately
$141,000 for the nine months ended December 31, 1999 as com-
pared to the corresponding period in 1998 due to the adoption of
SOP 98-5, pursuant to which the Partnership is required to charge
all unamortized organization costs as of January 1, 1999.
Item 3. Quantitative and Qualitative Disclosures about Market
Risk
None
<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
(a) Exhibits
(4) Form of Amended and Restated Agreement of
Limited Partnership of the Partnership (attached to the Prospectus
as Exhibit A)*
(10A) Form of Subscription Agreement (attached to
the Prospectus as Exhibit B)*
(10B) Form of Escrow Agreement between the Part-
nership and the Escrow Agent**
(10C) Form of Purchase and Sales Agreement per-
taining to the Partnership's acquisition of Local Partnership Inter-
ests**
(10D) Form of Amended and Restated Agreement of
Limited Partnership of Local Partnerships**
(27) Financial Data Schedule (filed herewith)
* Incorporated herein by reference to the final
Prospectus as filed pursuant to Rule 424 under the Securities Act
of 1933.
** Filed as an exhibit to the Registration Statement
on Form S-11 of the Partnership (File No. 33-89968) and incorpo-
rated herein by reference thereto.
(b) Reports on Form 8-K - No reports on Form 8-K were
filed during the quarter.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securi-
ties Exchange Act of 1934, the registrant has duly caused this re-
port to be signed on its behalf by the undersigned, thereunto duly
authorized.
INDEPENDENCE TAX CREDIT PLUS L.P. IV
(Registrant)
By: RELATED INDEPENDENCE L.L.C.,
General Partner
Date: February 7, 2000
By: /s/ Alan P. Hirmes
Alan P. Hirmes,
Senior Vice President
(principal financial officer)
Date: February 7, 2000
By: /s/ Glenn F. Hopps
Glenn F. Hopps,
Treasurer
(principal accounting officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted
from the financial statements for Independence Tax Credit Plus
L.P. IV and is qualified in its entirety by reference to such financial
statements
</LEGEND>
<CIK> 0000940329
<NAME> Independence Tax Credit Plus L.P. IV
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> DEC-31-1999
<CASH> 7,417,522
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 400,419
<PP&E> 74,286,284
<DEPRECIATION> 3,660,845
<TOTAL-ASSETS> 82,459,882
<CURRENT-LIABILITIES> 9,924,019
<BONDS> 33,374,154
0
0
<COMMON> 0
<OTHER-SE> 39,161,709
<TOTAL-LIABILITY-AND-EQUITY> 82,459,882
<SALES> 0
<TOTAL-REVENUES> 3,679,133
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,704,708
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,082,741
<INCOME-PRETAX> (1,108,316)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> (141,376)
<CHANGES> 0
<NET-INCOME> (1,263,946)
<EPS-BASIC> (27.29)
<EPS-DILUTED> 0
</TABLE>
