-----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, Pypp7KfHWJVdwFF8TDB+V0gJMuOPhlAzxPPkr5O1JHRUO8thgM0mEZCgD+ZAzxyA lOJb7s5YaVo6k4q9lIHQLQ== 0000908737-95-000125.txt : 19951120 0000908737-95-000125.hdr.sgml : 19951120 ACCESSION NUMBER: 0000908737-95-000125 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTH & RETIREMENT PROPERTIES TRUST CENTRAL INDEX KEY: 0000803649 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 046558834 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09317 FILM NUMBER: 95593155 BUSINESS ADDRESS: STREET 1: 400 CENTRE ST CITY: NEWTON STATE: MA ZIP: 02158 BUSINESS PHONE: 6173323990 MAIL ADDRESS: STREET 1: 400 CENTRE STREET CITY: NEWTON STATE: MA ZIP: 02158 FORMER COMPANY: FORMER CONFORMED NAME: HEALTH & REHABILITATION PROPERTIES TRUST DATE OF NAME CHANGE: 19920703 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON DC 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 September 30, 1995 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 1-9317 HEALTH AND RETIREMENT PROPERTIES TRUST (Exact name of registrant as specified in its charter) Maryland 04-6558834 (State of Incorporation) (IRS Employer Identification No.) 400 Centre Street, Newton, Massachusetts 02158 (Address of principal executive office) (Zip Code) (617) 332-3990 (Telephone number, including area code) 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 Number of Common Shares outstanding at the latest practicable date, November 5, 1995: 59,190,166 shares of beneficial interest, $.01 par value. HEALTH AND RETIREMENT PROPERTIES TRUST FORM 10-Q September 30, 1995 INDEX PART I Financial Information Page Item 1. Financial Statements (Unaudited) Balance Sheets - December 31, 1994 and September 30, 1995 3 Statements of Income - Quarters and Nine Months Ended September 30, 1994 and 1995 4 Statements of Cash Flows - Nine Months Ended September 30, 1994 and 1995 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial 9 Condition and Results of Operations PART II Other Information Item 5. Other Information 12 Signatures HEALTH AND RETIREMENT PROPERTIES TRUST BALANCE SHEETS (dollars in thousands except per share amounts) (Unaudited) December 31, September 30, 1994 1995 ------------ ------------- ASSETS Real estate properties, at cost: Land $ 63,186 $ 70,508 Buildings and improvements 609,897 691,394 ----------- ----------- 673,083 761,902 Less accumulated depreciation 39,570 49,809 ----------- ----------- 633,513 712,093 Real estate mortgages and notes, net 133,477 149,910 Investment in Hospitality Properties Trust -- 99,938 Cash and cash equivalents 59,766 20,908 Interest and rent receivable 4,712 6,625 Due from affiliate -- 1,944 Deferred interest and finance costs, net and other assets 8,738 8,815 ----------- ----------- $ 840,206 $ 1,000,233 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Bank notes payable $ -- $ 148,000 Notes and bonds payable, net 216,513 216,697 Security deposits 3,800 7,386 Due to affiliate 1,508 387 Accounts payable and accrued expenses 16,346 10,615 Shareholders' equity: Preferred shares of beneficial interest, $.01 par value, 50,000,000 shares authorized, none issued -- -- Common shares of beneficial interest, $.01 par value, 100,000,000 shares authorized, 57,385,000 shares and 59,190,166 shares issued and outstanding, respectively 574 592 Additional paid-in capital 652,989 677,809 Cumulative net income 168,808 218,836 Dividends (220,332) (280,089) ----------- ----------- Total shareholders' equity 602,039 617,148 ----------- ----------- $ 840,206 $ 1,000,233 =========== =========== See accompanying notes HEALTH AND RETIREMENT PROPERTIES TRUST STATEMENTS OF INCOME (amounts in thousands, except per share data) (Unaudited) Quarter Ended Nine Months Ended September 30, September 30, --------------- ----------------- 1994 1995 1994 1995 ---- ---- ---- ---- Revenues: Rental income $ 17,864 $ 22,993 $ 43,865 $ 67,789 Interest income 5,952 5,980 17,414 17,674 -------- -------- -------- -------- Total revenues 23,816 28,973 61,279 85,463 -------- -------- -------- -------- Expenses: Interest 2,887 6,675 5,215 17,819 Depreciation and amortization 3,971 5,538 9,926 16,314 General, administrative and advisory 1,370 1,606 3,566 4,676 -------- -------- -------- -------- Total expenses 8,228 13,819 18,707 38,809 -------- -------- -------- -------- Income before equity in income of Hospitality Properties Trust, gain on sale of properties and extraordinary item 15,588 15,154 42,572 46,654 Equity in income of Hospitality Properties Trust -- 898 -- 898 -------- -------- -------- -------- Income before gain on sale of properties and extraordinary item 15,588 16,052 42,572 47,552 Gain on sale of properties -- -- 3,994 2,476 Extraordinary item - early extinguishment of debt and termination costs of interest rate hedging arrangements -- -- (1,953) -- -------- -------- -------- -------- Net income $ 15,588 $ 16,052 $ 44,613 $ 50,028 ======== ======== ======== ======== Weighted average shares outstanding 57,384 59,189 51,172 58,977 ======== ======== ======== ======== Per share amounts: Income before equity income, gain on sale of properties and extraordinary item $ .27 $ .26 $ .83 $ .79 ======== ======== ======== ======== Income before gain on sale of properties and extraordinary item $ .27 $ .27 $ .83 $ .81 ======== ======== ======== ======== Net income $ .27 $ .27 $ .87 $ .85 ======== ======== ======== ======== See accompanying notes HEALTH AND RETIREMENT PROPERTIES TRUST STATEMENTS OF CASH FLOWS (dollars in thousands) (Unaudited)
Nine Months Ended September 30, ----------------- 1994 1995 ---- ---- Cash flows from operating activities: Net income $ 44,613 $ 50,028 Adjustments to reconcile net income to cash provided by operating activities: Equity in income of Hospitality Properties Trust -- (898) Gain on sale of properties (3,994) (2,476) Loss on early extinguishment of debt 1,953 -- Depreciation and amortization 9,926 16,314 Amortization of interest costs and bond discount 537 1,100 (Decrease) increase in security deposits (4,500) 3,586 Deferred finance costs (6,532) (1,665) Changes in assets and liabilities: Increase in interest and rent receivable and other assets (1,380) (1,440) Increase (decrease) in accounts payable and accrued expenses 6,639 (5,492) Decrease in due to affiliate (347) (1,120) --------- --------- Cash provided by operating activities 46,915 57,937 --------- --------- Cash flows from investing activities: Investment in mortgage loans and loans receivable (13,631) (22,827) Repayment of mortgage loans 45,688 26,959 Real estate acquisitions (335,781) (88,752) Sale of real estate 28,400 5,000 Loan and advances to Hospitality Properties Trust -- (165,241) Repayment of loan and advances to Hospitalities Properties Trust -- 60,888 Loans to affiliates -- (1,065) --------- --------- Cash used in investing activities (275,324) (185,038) --------- --------- Cash flows from financing activities: Proceeds from issuance of shares, net 182,366 -- Proceeds from borrowings 351,390 213,000 Payments on borrowings (208,000) (65,000) Dividends paid (52,628) (59,757) --------- --------- Cash provided by financing activities 273,128 88,243 --------- --------- Increase (decrease) in cash and cash equivalents 44,719 (38,858) Cash and cash equivalents at beginning of period 13,887 59,766 --------- --------- Cash and cash equivalents at end of period $ 58,606 $ 20,908 ========= ========= Supplemental cash flow information: Interest paid $ 2,381 $ 16,599 ========= ========= Non-cash activities: Purchase of real estate $ -- ($ 24,444) Sale of real estate -- 19,500 Issuance of shares -- 24,838 Investment in mortgage loan -- (19,500) Investment in Hospitality Properties Trust -- (100,000) Cancellation of advances and loan to Hospitality Properties Trust -- 100,000
See accompanying notes HEALTH AND RETIREMENT PROPERTIES TRUST NOTES TO FINANCIAL STATEMENTS September 30, 1994 and 1995 (dollars in thousands, except per share data) (Unaudited) 1. Basis of presentation The financial statements of Health and Retirement Properties Trust ("the Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. 2. Dividends On October 5, 1995, the Trustees declared a dividend on the Company's common shares of beneficial interest with respect to the quarter ended September 30, 1995, of $.35 per share, which will be paid on or about November 28, 1995, to shareholders of record at the close of business on October 20, 1995. 3. Real estate properties During the nine months ending September 30, 1995, the Company acquired 20 nursing properties and 2 medical office buildings for approximately $113,196. In addition, the Company sold one nursing property for $24,500 and realized a gain of approximately $2,476. Nine nursing properties have been leased to an affiliate. These acquisitions were funded with cash on hand, $73,000 of drawings on the Company's revolving credit facility and the issuance of 1,777,766 common shares of beneficial interest. The leases on 12 of the nursing properties are secured by a $3,586 security deposit. During the nine months ending September 30, 1995, the Company provided improvement financing at existing properties of approximately $4,296. As of September 30, 1995, the Company has a commitment to purchase a medical office building for approximately $15,000. 4. Investment in Hospitality Properties Trust (HPT) On March 24, 1995 the Company's then wholly owned subsidiary, HPT, acquired 21 Courtyard by Marriott(R) hotels for approximately $179,400. HPT's acquisition of these properties was funded by the Company under a demand loan (HRP Loan) of approximately $163,300. The Company funded this transaction by drawing $140,000 on its revolving credit facility and with cash on hand. In August, 1995, HPT completed its Initial Public Offering (IPO) of 8,350,000 shares. Prior to the IPO, the Company acquired 40,000 shares of HPT for $1,000. Concurrent with the completion of the IPO, the Company purchased for $25 per share an additional 3,960,000 shares of HPT by canceling $99,000 of the HRP Loan. The remaining amount of the HRP Loan was repaid to the Company. At September 30, 1995 the Company owned 4,000,000 shares of HPT, representing an equity interest in HPT of approximately 32%. Approximately $1,944 is due to the Company from HPT representing expenses advanced by the Company to HPT and dividends related to the Company's ownership in HPT prior to the IPO. HEALTH AND RETIREMENT PROPERTIES TRUST NOTES TO FINANCIAL STATEMENTS September 30, 1994 and 1995 (dollars in thousands, except per share data) (Unaudited) 5. Real estate mortgages and notes, net In connection with the sale of the nursing property described in Note 3, the Company provided a $19,500 mortgage due December 31, 2000, bearing interest at 11% per annum. In addition, during the nine months ended September 30, 1995, the Company provided debt financing totaling $18,895 secured by mortgages on four assisted living and four nursing properties. These mortgage notes bear interest between 10% and 11.35% and mature between 2007 and 2012. During the nine months ended September 30, 1995, loans secured by nursing properties with outstanding principal balances totaling $26,726 were repaid. 6. Indebtedness The Company has increased the maximum amount available under its existing revolving credit facility to $250,000. The credit facility will mature in 1998 and bears interest at a spread over LIBOR or Prime. At September 30, 1995, $148,000 was outstanding under the credit facility. 7. Common Shares of Beneficial Interest On July 7, 1995, the Board of Trustees granted a total of 10,000 shares under the 1992 Share Award Plan. These share awards will vest over a three year period, with one-third of the shares vesting on the date of grant. At September 30, 1995, 945,100 shares remain reserved for issuance under the 1992 Share Award Plan. 8. Concentration of Credit Risk At September 30, 1995, 36% of the Company's real estate properties, net, and mortgage receivables were in properties leased to Marriott International, Inc., (Marriott). The financial statements of Marriott have been filed as a part of Marriott's Quarterly Report on Form 10-Q, file number 1-12188, for the quarter ended September 8, 1995. HEALTH AND RETIREMENT PROPERTIES TRUST NOTES TO FINANCIAL STATEMENTS September 30, 1994 and 1995 (dollars in thousands, except per share data) (Unaudited) 9. Pro forma information The following summarized Pro Forma Statements of Income assume all of the Company's real estate financing transactions during 1994 and 1995, and related financings had occurred as of the beginning of the presented periods and give effect to the Company's borrowing rates throughout the periods indicated. The summarized Pro Forma Balance Sheet is intended to present the financial position of the Company as if the transactions referred to in the paragraph above and related financing had occurred on September 30, 1995. These pro forma statements are not necessarily indicative of the expected results of operations or the Company's financial position for any future period. Differences could result from, but are not limited to, additional property investments, changes in interest rates and changes in the debt and/or equity structure of the Company. Pro Forma Statements of Income (unaudited) Year Ended Nine Months Ended December 31, September 30, 1994 1994 1995 ------------ -------- ------ Total revenues $102,561 $72,936 $80,191 Total expenses 41,954 29,378 37,530 -------- ------- ------- Income before equity income in HPT 60,606 43,558 42,661 Equity income in HPT 8,352 6,271 6,434 -------- ------- ------- Net income $ 68,959 $49,829 $49,095 ======== ======= ======= Weighted average shares outstanding 59,190 59,190 59,190 ======== ======= ======= Net income per share $ 1.17 $ .84 $ .83 ======== ======= ======= Pro Forma Balance Sheet at September 30, 1995 (Unaudited) Real estate properties, net $ 712,093 Real estate mortgages and notes, net 140,322 Equity investment in HPT 99,938 Other assets 47,880 ---------- Total Assets $1,000,233 Indebtedness $ 364,697 Other liabilities 18,388 Shareholders' equity Total Liabilities and 617,148 ---------- Shareholders' Equity $1,000,233 ========== HEALTH AND RETIREMENT PROPERTIES TRUST MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS Quarter Ended September 30, 1995 Versus 1994 Total operating revenues for the quarter ended September 30, 1995 increased to $28,973,000 from $23,816,000 for the quarter ended September 30, 1994. Rental income increased to $22,993,000 from $17,864,000 and interest income increased to $5,980,000 from $5,952,000 during the comparable period. Rental income increased primarily as a result of new investments in real estate subsequent to September 30, 1994. The change in interest income is primarily the net result of pre-payment penalties earned by the Company for the early repayment of loans secured by real estate and lower interest income associated with such repayments. Total expenses for the quarter ended September 30, 1995 increased to $13,819,000 from $8,228,000 for the quarter ended September 30, 1994. The increase is primarily the result of increases in interest and depreciation expense of $3,788,000 and $1,567,000, respectively. Depreciation and interest increased as a result of new investments since September 30, 1994 and as a result of increased borrowings used to fund such investments, respectively. Net income increased to $16,052,000 or $.27 per share for the 1995 quarter from $15,588,000 or $.27 per share for the 1994 quarter. The increase is primarily a result of the new investments since September 30, 1994. On a per share basis, net income remains unchanged because of additional common shares issued since September 30, 1994. The Company bases its dividend primarily on funds from operations. Funds from operations is net income excluding gains (or losses) from debt restructuring and sales of property, plus depreciation and amortization. Cash available for distribution may not necessarily equal funds from operations as the cash flow of the Company is affected by other factors not included in the funds from operations calculation. Funds from operations for the 1995 quarter were $22,396,000 or $.38 per share and $19,818,000 or $.35 per share for the 1994 quarter. The dividends declared which relate to these quarters were $20,717,000 or $.35 per share in 1995 and $18,937,000 or $.33 per share in 1994. Nine months ended September 30, 1995 versus 1994 Total revenues for the nine months ended September 30, 1995 increased to $85,463,000 from $61,279,000 for the nine months ended September 30, 1994. Rental income increased to $67,789,000 from $43,865,000 and interest income increased to $17,674,000 from $17,414,000 during the comparable period. Rental income increased primarily as a result of new investments in real estate subsequent to September 30, 1994. Interest income increased HEALTH AND RETIREMENT PROPERTIES TRUST MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Nine months ended September 30, 1995 versus 1994 - continued primarily as a result of an increase in interest income earned on higher cash balances during 1995 compared to 1994 net of lower mortgage interest income resulting from early repayment of real estate mortgage loans acquired by the Company at a discount and the decrease in the associated accretion of such discount. Total expenses for the nine months ended September 30, 1995 increased to $38,809,000 from $18,707,000 for the nine months ended September 30, 1994. The increase is primarily the result of increases in interest and depreciation expense of $12,604,000 and $6,388,000, respectively. Depreciation and interest increased as a result of new investments since September 30, 1994, and as a result of increased borrowings used to fund such investments, respectively. Income before gain on sale of properties and extraordinary item increased to $47,552,000 or $.81 per share for the 1995 period from $42,572,000 or $.83 per share for the 1994 period. Net income was $50,028,000 ($.85 per share) for the 1995 period versus $44,613,000 ($.87 per share) for the 1994 period. The increase is primarily a result of new investments since September 30, 1994. On a per share basis, net income decreased because of additional common shares issued since September 30, 1994. Funds from operations for the nine months ended September 30, 1995, were $65,422,000 or $1.11 per share and $53,136,000 or $1.04 per share for the 1994 period. The dividends declared which relate to the nine months ended September 30, 1995 and 1994 were $60,963,000 or $1.03 per share and $52,628,000 or $.99 per share, respectively. LIQUIDITY AND CAPITAL RESOURCES Assets of the Company increased by $160,027,000 to over $1 billion at September 30, 1995, from $840,206,000 at December 31, 1994. This increase is principally the result of new real estate investments and a 32% equity ownership investment in Hospitality Properties Trust (HPT). At September 30, 1995, the Company had $20,908,000 of cash and cash equivalents, and the ability to borrow up to an additional $102,000,000 under its revolving credit facility. At September 30, 1995, the Company had outstanding commitments to provide financings of approximately $19,296,000. During the nine months ending September 30, 1995, the Company acquired 20 nursing properties and 2 medical office buildings for approximately $113,196,000. The Company also sold one nursing property for $24,500,000 and realized a gain of approximately $2,476,000. In addition, the Company provided debt financing totaling $18,895,000 secured by mortgages on four assisted living and four nursing properties. These mortgage notes bear interest between 10% and 11.35% and mature between 2007 and 2012. Loans secured by nursing properties with outstanding principal balances totaling $26,726,000 were repaid. These acquisitions were funded with cash on hand, HEALTH AND RETIREMENT PROPERTIES TRUST MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION LIQUIDITY AND CAPITAL RESOURCES - continued $63,000,000 of drawings on the Company's revolving credit facility and the issuance of 1,777,766 common shares of beneficial interest. On March 24, 1995 the Company's then wholly owned subsidiary, HPT, acquired 21 Courtyard by Marriott(R) hotels for approximately $179,400,000. HPT's acquisition of these properties was funded by the Company under a demand loan (HRP Loan) of approximately $163,300,000. During August, 1995, HPT completed an Initial Public Offering (IPO) of 8,350,000 shares. Prior to the IPO, the Company purchased 40,000 shares of HPT for $1,000,000. Concurrent with the completion of the IPO, the Company purchased for $25 per share an additional 3,960,000 shares of HPT by canceling $99,000,000 of the HRP Loan. The remaining amount of the HRP Loan was repaid to the Company. At September 30, 1995 the Company owns 4,000,000 shares of HPT, representing an equity interest of approximately 32%. Approximately $1,944,000 is due to the Company from HPT representing expenses advanced by the Company to HPT and dividends related to the Company's ownership in HPT prior to the IPO. The Company has recently increased the maximum amount available under its existing revolving credit facility to $250,000,000. The credit facility will mature in 1998 and bears interest at a spread over LIBOR or Prime. At September 30, 1995, $148,000,000 was outstanding under the credit facility. The Company is continuing to seek new investments to expand and diversify its portfolio of leased and mortgaged health care related real estate. Approximately 72% of the Company portfolio is leased to or mortgage financed with seven publicly traded companies. The Company intends to balance the use of debt and equity in such a manner that the long term cost of funds borrowed to acquire or mortgage finance facilities is appropriately matched, to the extent practicable, to the terms of the investments made with such borrowed funds. As of September 30, 1995, the Company's debt as a percentage of total capitalization was approximately 38%. Current expenses and dividends are provided for by funds from operations. HEALTH AND RETIREMENT PROPERTIES TRUST Part II Item 5 Other Information John L. Harrington and Arthur G. Koumantzelis resigned as trustees of the Company to join the Board of Trustees of Hospitality Properties Trust (HPT) following the completion of HPT's initial public offering. The vacancies created by their resignation have been filled by Ralph J. Watts and Bruce M. Gans, MD. Ralph J. Watts (age 48) is President and Chief Executive Officer of Cardiovascular Ventures, Inc., a privately held, venture capital backed company which develops, owns and operates outpatient cardiac catheterization laboratories and which is engaged in physician practice management and ownership. Mr. Watts has had this position since 1992. From 1988 to 1992 Mr. Watts was President and CEO of Ramsay Health Care, Inc., a publicly owned company which owned and operated 18 hospitals in 13 states and had approximately 2000 employees. Bruce M. Gans, MD (age 48) is President of the Rehabilitation Institute of Michigan, a specialty hospital affiliated with Wayne State University School of Medicine. Dr. Gans is also Professor and Chairman of the Department of Physical Medicine and Rehabilitation at Wayne State University School of Medicine. Prior to his current position, Dr. Gans was Chairman of the Department of Rehabilitation Medicine at New England Medical Center and Professor and Chairman of Rehabilitation Medicine at the Tufts University School of Medicine in Boston, MA. Dr. Gans is a graduate of the University of Pennsylvania School of Medicine and he is a leader in a number of medical professional organizations including serving as the current Chairman of the Injury Prevention Grant Review Committee for the Centers for Disease Control and Prevention in Atlanta, GA. HEALTH AND RETIREMENT PROPERTIES TRUST 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 duly authorized. HEALTH AND RETIREMENT PROPERTIES TRUST (Registrant) DATE November 14, 1995 BY /s/ David J. Hegarty David J. Hegarty, President DATE November 14, 1995 BY /s/ Ajay Saini Ajay Saini, Treasurer EX-27 2
5 1,000 US 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 1 20,908 0 6,625 0 0 0 761,902 49,809 1,000,233 0 364,697 592 0 0 616,556 1,000,233 0 85,463 0 38,809 0 0 17,819 46,654 0 46,654 0 0 0 50,028 .85 .85
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