-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JKvIfSPXFpyJvx8UKMGDGioFu3fSfSUaXJDfN6cev3FFrauZjz2zPf8mP1KxUXp9 Y2LOhay+4+iO3fX37dbWww== 0000032776-97-000035.txt : 19971127 0000032776-97-000035.hdr.sgml : 19971127 ACCESSION NUMBER: 0000032776-97-000035 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971126 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: 250 WEST 57TH ST ASSOCIATES CENTRAL INDEX KEY: 0000100412 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 136083380 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-02666 FILM NUMBER: 97728944 BUSINESS ADDRESS: STREET 1: C/O WEIN MALKIN & BETTEX STREET 2: 60 WEST EAST 42ND STREET CITY: NEW YORK STATE: NY ZIP: 10165 BUSINESS PHONE: 2126878700 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 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 0-2666 250 WEST 57th ST. ASSOCIATES (Exact name of registrant as specified in its charter) A New York Partnership 13-6083380 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 60 East 42nd Street, New York, New York 10165 (Address of principal executive offices) (Zip Code) (212) 687-8700 (Registrant's telephone number, including area code) N/A (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 [ ] . An Exhibit Index is located on Page 14 of this Report. Number of pages (including exhibits) in this filing: 14. 2. PART I. FINANCIAL INFORMATION Item 1. Financial Statements. 250 West 57th St. Associates Condensed Statement of Income (Unaudited) For the Three Months For the Nine Months Ended September 30, Ended September 30, 1997 1996 1997 1996 Income: Basic rent, from a related party (Note B) $ 79,289 $ 79,289 $ 237,868 $ 237,868 Advance of primary overage rent, from a related party (Note B) 188,000 188,000 564,000 564,000 Secondary Overage Rent, from a related party (Note B) 1,326,984 1,658,477 1,326,984 1,658,477 ---------- --------- ---------- ---------- Total income 1,594,273 1,925,766 2,128,852 2,460,345 ---------- --------- ---------- ---------- Expenses: Interest on mortgage 66,869 67,353 200,980 202,400 Supervisory services, to a related party (Note C) 145,708 180,848 175,708 210,848 Amortization of mortgage refinancing costs 1,957 1,957 5,872 5,872 Fees and expenses 19,909 -0- 19,909 -0- ---------- ---------- ---------- ---------- Total expenses 234,443 250,158 402,469 419,120 ---------- ---------- ---------- ---------- Net income $1,359,830 $1,675,608 $1,726,383 $2,041,225 ========== ========== ========== ========== Earnings per $5,000 partici- pation unit, based on 720 participation units out- standing during the year $1,888.65 $2,327.23 $2,397.75 $2,835.03 ========= ========= ========= ========= Distributions per $5,000 participation consisted of the following: Income $1,888.65 $2,327.23 $2,397.75 $2,835.03 Increase (Decrease) in capital deficit (1,638.65) (2,077.23) (1,647.75) (2,085.03) ---------- ---------- ---------- ---------- Total distribution $ 250.00 $ 250.00 $ 750.00 $ 750.00 ========= ========= ========= ========= At September 30, 1997 and 1996, there were $3,600,000 of participations outstanding. 3. 250 West 57th St. Associates Condensed Balance Sheet (Unaudited) September 30, 1997 December 31, 1996 Assets Current assets: Cash $ 84,124 $ 84,124 Rent receivable, from Fisk Building Associates, a related party (Note B) 1,326,984 -0- ---------- ---------- Total current assets 1,411,108 84,124 ---------- ---------- Real estate, at cost: Property situated at 250-264 West 57th Street, New York, New York: Land 2,117,435 2,117,435 Building 4,940,682 4,940,682 Less: Accumulated depreciation 4,940,682 4,940,682 ---------- ---------- -0- -0- Building improvements 688,000 688,000 Less: Accumulated depreciation 688,000 688,000 ---------- ---------- -0- -0- Tenants' installations and improvements 249,791 249,791 Less: Accumulated amortization 249,791 249,791 ---------- ---------- -0- -0- Other assets: Mortgage refinancing costs 41,106 41,106 Less: Accumulated amortization 20,226 14,354 ---------- ---------- 20,880 26,752 ---------- ---------- Total assets $3,549,423 $2,228,311 ========== ========== Liabilities and Capital Current liabilities: Accrued interest payable $ 22,275 $ 22,399 Accrued Fees and Expenses 19,909 Accrued Supervisory Services, to a related party (Note C) 130,708 First mortgage principal payments due within one year (Note B) 22,817 21,270 ---------- ---------- Total current liabilities 195,709 43,669 Long-term debt (Note B) 2,820,868 2,838,179 Capital (See analysis, page 4): September 30, 1997 532,846 -0- December 31, 1996 -0- (653,537) ---------- ---------- Total liabilities and capital: September 30, 1997 $3,549,423 December 31, 1996 ========== $2,228,311 ========== 4. 250 West 57th St. Associates Analysis of Capital (Unaudited) September 30, 1997 December 31, 1996 Capital: January 1, 1997 $ (653,537) January 1, 1996 $ (665,228) Add, Net income: January 1, 1997 through September 30, 1997 1,726,383 -0- January 1, 1996 through December 31, 1996 -0- 2,224,320 ---------- ---------- 1,072,846 1,559,092 Less, Distributions: Distribution, November 30, 1996 of Secondary Overage Rent for the lease year ended September 30, 1996 -0- 1,492,629 Distributions January 1, 1997 through September 30, 1997 540,000 -0- Distributions, January 1, 1996 through December 31, 1996 -0- 720,000 ---------- ---------- 540,000 2,212,629 ---------- ---------- Capital: September 30, 1997 $ 532,846 December 31, 1996 ========== $ (653,537) ========== 5. 250 West 57th St. Associates Condensed Statements of Cash Flows (Unaudited) January 1, 1997 January 1, 1996 through through September 30, 1997 September 30, 1996 Cash flows from operating activities: Net income $1,726,383 $ 2,041,225 Adjustments to reconcile net income to cash provided by operating activities: Amortization of mortgage refinancing costs 5,872 5,872 Change in accrued interest payable (124) (112) Change in accrued expenses 150,617 40,848 Change in additional rent due (1,326,984) (1,533,478) ----------- ----------- Net cash provided by operating activities 555,764 554,355 ----------- ----------- Cash flows from financing activities: Cash distributions (540,000) (540,000) Principal payments on long-term debt (15,764) (14,355) ----------- ----------- Net cash used in financing activities (555,764) (554,355) ----------- ----------- Net increase (decrease) in cash -0- -0- Cash, beginning of period 84,124 84,124 ----------- ----------- Cash, end of period $ 84,124 $ 84,124 =========== =========== January 1, 1997 January 1, 1996 through through September 30, 1997 September 30, 1996 Cash paid for: Interest $ 201,104 $ 202,513 =========== =========== 250 West 57th St. Associates 6. September 30, 1997 NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note A - Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and statement of cash flows in conformity with generally accepted accounting principles. The accompanying unaudited condensed financial statements include all adjustments (consisting only of normal recurring accruals) which are, in the opinion of the joint venturers in Registrant, necessary for a fair statement of the results for such interim periods. The joint venturers in Registrant believe that the accompanying unaudited condensed financial statements and the notes thereto fairly disclose the financial condition and results of Registrant's operations for the periods indicated and are adequate to make the information presented therein not misleading. Note B - Interim Period Reporting The results for interim periods are not necessarily indicative of the results to be expected for a full year. Registrant is a New York joint venture which was organized on May 25, 1953. On September 30, 1953, Registrant acquired fee title to the "Fisk Building" (the "Building") and the land thereunder, located at 250-264 West 57th Street, New York, New York (hereinafter, collectively, the "Property"). Registrant's joint venturers are Peter L. Malkin and Stanley Katzman (the "Joint Venturers"), each of whom also acts as an agent for holders of participations in their undivided joint venture interests in Registrant (the "Participants"). On August 6, 1997 the Partners mailed to the Participants a STATEMENT ISSUED BY THE AGENTS IN CONNECTION WITH THE SOLICITATION OF CONSENTS OF THE PARTICIPANTS (the "Statement") requesting their authorization concerning certain governance issues, including the designation of Additional Successor agents. The details of the Partners' proposal are provided in the Definitive Proxy Statement which was filed with the Securities and Exchange Commission as Schedule 14-A on August 6, 1997, and is incorporated herein by reference. On September 9, 1997, the Partners mailed to the non-responding Participants a request for a response to the solicitation of consents which letter was filed with the Securities and Exchange Commission as Schedule A-14A on September 9, 1997 and is incorporated herein by reference. On November 6, 1997, the Partners received the necessary consents for the appointment of additional Successor Agents. Registrant leases the Property to Fisk Building Associates (the "Net Lessee"), under a long-term net operating lease (the "Net Lease"), the current term of which expires on 250 West 57th St. Associates 7. September 30, 1997 September 30, 2003. Net Lessee is a New York partnership in which Mr. Malkin is among its partners. In addition, each of the Joint Venturers is also among the members of the law firm of Wien & Malkin LLP, 60 East 42nd Street, New York, New York, counsel to Registrant and Net Lessee ("Counsel"). See Note C of this Item 1 ("Note C"). Under the Net Lease, Net Lessee must pay (i) annual basic rent equal to the sum of $28,000 plus an amount equal to the rate of constant payments for interest and amortization required annually under the first mortgage described below (the "Basic Rent"), and (ii)(A) primary overage rent equal to the lesser of (1) Net Lessee's net operating income for the preceding lease year or (2) $752,000 (the "Primary Overage Rent"), and (B) secondary overage rent equal to 50% of any remaining balance of Net Lessee's net operating income for such lease year ("Secondary Overage Rent"). Net Lessee is required to make a monthly payment to Registrant, as an advance against Primary Overage Rent, of an amount equal to its operating profit for its previous lease year in the maximum amount of $752,000 per annum. Net Lessee currently advances $752,000 each year which permits Registrant to make regular monthly distributions at 20% per annum on the Participants' remaining cash investment. For the lease year ended September 30, 1997, Net Lessee reported net operating profit of $3,405,968 after deduction of Basic Rent. Net Lessee paid Primary Overage Rent of $752,000, together with Secondary Overage Rent of $1,326,984 for the lease year ended September 30, 1997. The Secondary Overage Rent of $1,326,984 represents 50% of the excess of the net operating profit of $3,405,968 over $752,000. After the payment of $19,909 for fees and expenses in connection with the August 6, 1997 Consent Solicitation Program and $130,708 to Counsel as an additional payment for supervisory services, the balance of $1,176,367 will be distributed to the Participants on December 2, 1997. Secondary Overage Rent income is recognized when earned from Net Lessee, at the close of the lease year ending September 30. Such income is not determinable until Net Lessee, pursuant to the Net Lease, renders to Registrant a certified report on the operation of the Property. Secondary Overage rent for the lease year ended September 30, 1997 has not yet been determined and therefore is not reflected in earnings this quarter. The Net Lease does not provide for the Net Lessee to render interim reports to Registrant, so no income is reflected for the period between the end of the lease year and the end of Registrant's fiscal year. The Net Lease provides for one renewal option of 25 years. The Participants in Registrant and the partners in Net 250 West 57th St. Associates 8. September 30, 1997 Lessee have agreed to execute three additional 25-year renewal terms on or before the expiration of the then applicable renewal term. Effective March 1, 1995, the first mortgage loan on the Property, in the principal amount of $2,890,758, held by Apple Bank for Savings was refinanced (the "Refinancing"). The material terms of the refinanced mortgage loan (the "Mortgage Loan") are as follows: (i) a maturity date of June 1, 2000; (ii) monthly payments of $24,096 aggregating $289,157 per annum applied first to interest at the rate of 9.4% per annum and the balance in reduction of principal; (iii) no prepayment until after the third loan year. Thereafter, a 3% penalty will be imposed in the fourth loan year and a 2% penalty during the fifth loan year. No prepayment penalty will be imposed if the Mortgage Loan is paid in full during the last 90 days of the fifth loan year; and (iv) no Partner or Participant will have any personal liability for principal of, or interest on, the Mortgage Loan. Note C - Supervisory Services Registrant pays Counsel for legal fees and supervisory services and disbursements: (i) $40,000 per annum (the "Basic Payment"); and (ii) an additional payment of 10% of all distributions to Participants in any year in excess of the amount representing a return to them at the rate of 15% per annum on their remaining cash investment (the "Additional Payment"). At September 30, 1997, the Participants' remaining cash investment was $3,600,000. Of the Basic Payment, $28,000 is payable from Basic Rent and $12,000 is payable from Primary Overage Rent received by Registrant. No remuneration was paid during the three and nine month periods ended September 30, 1997 by Registrant to any of the Joint Venturers as such. Pursuant to the fee arrangements described herein, Registrant also paid Counsel $10,000 and $30,000, respectively, of the Basic Payment and $5,000 and $15,000, respectively, on account of the Additional Payment, for the three and nine month periods ended September 30, 1997. The supervisory services provided to Registrant by Counsel include legal, administrative and financial services. The legal and administrative services include acting as general counsel to Registrant, maintaining all of its partnership and Participant records, performing physical inspections of the 250 West 57th St. Associates 9. September 30, 1997 Building, reviewing insurance coverage and conducting annual partnership meetings. Financial services include monthly receipt of rent from the Net Lessee, payment of monthly and additional distributions to the Participants, payment of all other disbursements, confirmation of the payment of real estate taxes, and active review of financial statements submitted to Registrant by the Net Lessee and financial statements audited by and tax information prepared by Registrants' independent certified public accountant, and distribution of such materials to the Participants. Counsel also prepares quarterly, annual and other periodic filings with the Securities and Exchange Commission and applicable state authorities. Reference is made to Note B of Item 1 ("Note B") for a description of the terms of the Net Lease between Registrant and Net Lessee. The respective interests, if any, of each Joint Venturer in Registrant and in Net Lessee arise solely from such person's ownership of participations in Registrant and partnership interests or participations in Net Lessee. The Joint Venturers receive no extra or special benefit not shared on a pro rata basis with all other Participants in Registrant or partners in Net Lessee. However, each of the two Joint Venturers, by reason of his respective partnership interest in Counsel, is entitled to receive his pro rata share of any legal fees or other remuneration paid to Counsel for legal services rendered to Registrant and Net Lessee. As of September 30, 1997, the Joint Venturers owned of record and beneficially $24,167 of Participations, representing less than 1% of the currently outstanding Participations in Registrant. In addition, as of September 30, 1997, certain of the Joint Venturers in Registrant (or their respective spouses) held additional Participations as follows: Isabel Malkin, the wife of Peter L. Malkin, owned of record and beneficially $70,000 of Participations. Mr. Malkin disclaims any beneficial ownership of such Participations. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Registrant was organized solely for the purposes of owning the Property subject to a net operating lease of the Property held by Net Lessee. Registrant is required to pay, from Basic Rent, the charges on the Mortgage Loan and amounts for supervisory services and to then distribute the balance of such Basic Rent to holders of participations. See Note C of Item 1. Pursuant to the Net Lease, Net Lessee has assumed responsibility for the condition, operation, repair, maintenance and management of the Property. Accordingly, Registrant need not maintain sub- stantial reserves or otherwise maintain liquid assets to defray any operating expenses of the Property. 250 West 57th St. Associates 10. September 30, 1997 Registrant's results of operations are affected primarily by the amount of rent payable to it under the Net Lease. The amounts of Primary Overage Rent and Secondary Overage Rent are affected by the New York City economy and its real estate market. It is difficult to forecast the New York City economy and real estate market over the next few years. Registrant does not pay dividends. During the three and nine month periods ended September 30, 1997, Registrant made regular monthly distributions of $83.33 for each $5,000 participation ($1,000 per annum for each $5,000 participation). On December 2, 1997, Registrant will make an additional distribution of $1,633.84 for each $5,000 participation. Such distribution represents the balance of Secondary Overage Rent payable by Net Lessee in accordance with the terms of the Net Lease after payment of fees and expenses for the consent solicitation and Additional Payment to Counsel. See Notes B and C. There are no restrictions on Registrant's present or future ability to make distributions; however, the amount of such distributions depends solely on the ability of Net Lessee to make monthly payments of Basic Rent, Primary Overage Rent and Secondary Overage Rent to Registrant in accordance with the terms of the Net Lease. Registrant expects to make distributions so long as it receives the payments provided for under the Net Lease. See Note B. The following summarizes, with respect to the current period and corresponding period of the previous year, the material factors affecting Registrant's results of operations for such periods: Total income decreased for the three and nine month periods ended September 30, 1997, as compared with the three and nine month periods ended September 30, 1996. Such decrease was the result of a decrease in the Secondary Overage Rent payable by the Net Lessee for the lease year ended September 30, 1997, as compared with the lease year ended September 30, 1996. Total expenses decreased for the three and nine month periods ended September 30, 1997 as compared to the three and nine month periods ended September 30, 1996. Such decrease was mainly attributable to a decrease in the Additional Payment being made to Counsel based on the Secondary Overage Rent payable for the lease year ended September 30, 1997. Liquidity and Capital Resources There has been no significant change in Registrant's liquidity for the three and nine month periods ended September 30, 1997, as compared with the three and nine month periods ended September 30, 1996. 250 West 57th St. Associates 11. September 30, 1997 The amortization payments due under the Mortgage Loan (see Note B of Item 1 hereof) will not be sufficient to liquidate fully the outstanding principal balance thereof at maturity in 2000. The Registrant does not maintain any reserve to cover the payment of any mortgage indebtedness at or prior to maturity. Therefore, repayment of such indebtedness will depend on Registrant's ability to arrange a further refinancing of the Mortgage Loan. The ability of Registrant to obtain any such refinancing will depend upon several factors, including the value of the Property at that time and future trends in the real estate market and the economy in the geographic area in which the Property is located. Registrant anticipates that funds for working capital for the property will be provided by rental payments received from the Net Lessee and, to the extent necessary, from additional capital investment by the partners in the Net Lessee and/or external financing. However, as noted above, Registrant has no requirement to maintain substantial reserves to defray any operating expenses of the Property. Registrant foresees no need to make material commitments for capital expenditures while the Net Lease is in effect. Inflation Registrant believes that there has been no material change in the impact of inflation on its operations since the filing of its report on Form 10-K for the year ended December 31, 1996, which report and all exhibits thereto are incorporated herein by reference and made a part hereof. PART II. OTHER INFORMATION Item 1. Legal Proceedings. The Property of Registrant is the subject of the following pending litigation: Wien & Malkin LLP, et. al. v. Helmsley-Spear, Inc., et. al. On June 19, 1997 Wien & Malkin LLP and Peter L. Malkin filed an action in the Supreme Court of the State of New York, on behalf of themselves and various partnerships, including Registrant, against Helmsley-Spear, Inc. and Leona Helmsley. The filing of the action was accompanied by a motion for a Temporary Restraining Order and a Preliminary Injunction by which the plaintiffs sought the return of over $5,000,000 in Empire State Building Company funds which were being wrongfully held by Helmsley-Spear, Inc., an order preventing Leona Helmsley from further violations of the partnership agreements of the partnerships, and expedited discovery of Helmsley-Spear, Inc. and Leona Helmsley regarding the financial status of Helmsley-Spear, Inc. In their complaint, plaintiffs sought the same relief requested in the motion for a Temporary Restraining Order and Preliminary Injunction, as well as the removal of Helmsley-Spear, Inc. as managing and leasing agent 250 West 57th St. Associates 12. September 30, 1997 for all of the buildings owned by the partnerships on whose behalf the action was brought. Plaintiffs also sought an order precluding Leona Helmsley from exercising any partner management powers in the partnerships. In August, 1997, the Supreme Court directed that the foregoing disputes proceed to arbitration. As a result, Mr. Malkin and Wien & Malkin LLP have filed an arbitration complaint seeking such relief against Helmsley-Spear, Inc. and Mrs. Helmsley before The American Arbitration Association. Helmsley-Spear, Inc. and Mrs. Helmsley have served answers denying liability and asserting various affirmative defenses and counterclaims. Mr. Malkin and Wien & Malkin LLP intend to file a reply denying the counterclaims; the reply is scheduled for December, 1997. Item 4. Submission of Matters to a Vote of Participants. On August 6, 1997, the consent of the Participants was sought to approve certain governance proposals, including the designation of additional Successor Agents, as described in the Statement. On September 9, 1997, the Partners mailed to the non- responding Participants a request for a response to the solicitation of consents which letter was filed with the Securities and Exchange Commission as Schedule A-14A on September 10, 1997 and is incorporated herein by reference. See Item 1(a). Item 6. Exhibits and Reports on Form 8-K. (a) The exhibits hereto are incorporated by reference. (b) Registrant filed a Form 8-K on July 1, 1997 reporting the commencement of an action against Helmsley-Spear, Inc. and Leona M. Helmsley. See Item 1. 250 West 57th St. Associates 13. September 30, 1997 SIGNATURES 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. The individual signing this report on behalf of Registrant is Attorney-in-Fact for Registrant and each of the Joint Venturers in Registrant, pursuant to a Power of Attorney, dated March 29, 1996 (the "Power"). 250 WEST 57TH ST. ASSOCIATES (Registrant) By: /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact* Dated: November 25, 1997 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned as Attorney-in-Fact for each of the Joint Venturers in Registrant, pursuant to the Power, on behalf of Registrant and as a Joint Venturer in Registrant on the date indicated. By: /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact* Dated: November 25, 1997 ______________________ * Mr. Katzman supervises accounting functions for Registrant. 250 West 57th St. Associates 14. September 30, 1997 EXHIBIT INDEX Number Document Page * 2(a) Proxy Statement issued by the Partners in connection with the solicitation of consents of the Participants, which was filed on Schedule 14A by Registrant on August 6, 1997 and is incorporated herein by reference. 2(b) Letter to Non-Responding Participants dated September 9, 1997 requesting a response to the Consent Solicitation which was filed on Schedule A-14A by Registrant on September 10, 1997 and is incorporated herein by reference. 25 Power of Attorney dated March 29, 1996, which was filed as Exhibit 24 to year ended December 31, 1995 and is incorpor- ated by reference as an exhibit hereto. ______________________ *Page references are based on sequential numbering system. EX-27 2
5 This schedule contains summary financial information extracted from the Company's Balance Sheet as of September 30, 1997 and the Statement Of Income for the period ended September 30, 1997, and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 84,124 0 1,326,984 0 0 1,411,108 7,995,908 5,878,473 3,549,423 195,709 0 0 0 0 (532,846) 3,549,423 2,128,852 2,128,852 0 0 201,489 0 200,980 1,726,383 0 1,726,383 0 0 0 1,726,383 2,397.75 2,397.75 Includes unamortized mortgage refinancing costs Accrued interest on mortgage, and first mortgage principal payments due within one year Includes long-term debt Rental income includes basic rent and advance of primary overage rent Supervisory services and amortization of mortgage refinance costs Earnings per $5,000 participation unit, based on 720 participation units outstanding during the period
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