-----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, BJbHB47LiY66Uz4rH0ywa4X8G3gyiS+BirPrwWBJxAiEzOFBC6sEKYhbzSGjaKp7 Go5kyS/uBdkMTrAEZJK+tQ== 0000950130-96-003102.txt : 19960813 0000950130-96-003102.hdr.sgml : 19960813 ACCESSION NUMBER: 0000950130-96-003102 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORPORATE PROPERTY ASSOCIATES 10 INC CENTRAL INDEX KEY: 0000778214 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 133559213 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19156 FILM NUMBER: 96608296 BUSINESS ADDRESS: STREET 1: 50 ROCKEFELLER PLZ CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2124921100 MAIL ADDRESS: STREET 1: 50 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: CORPORATE PENSION INVESTORS DATE OF NAME CHANGE: 19600201 FORMER COMPANY: FORMER CONFORMED NAME: CAREY PROPERTY INVESTORS L P DATE OF NAME CHANGE: 19600201 10-Q 1 FORM 10-Q 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 JUNE 30, 1996 ------------------------------------------------ or [ ] TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ----------------------- --------------------- Commission file number 0-19156 ---------------------------------------------------------- CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED, A MARYLAND CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) MARYLAND 13-3559213 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 50 ROCKEFELLER PLAZA, NEW YORK, NEW YORK 10020 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (212) 492-1100 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) (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. [X] Yes [ ] No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. [X] Yes [ ] No 7,206,642 shares of common stock; $.001 Par Value outstanding at August 8, 1996 CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED INDEX PART I Page No. - ------ -------- Consolidated Balance Sheets, December 31, 1995 and June 30, 1996 2 Consolidated Statements of Income for the three months ended June 30, 1995 and 1996 3 Consolidated Statements of Cash Flows for the six months ended June 30, 1995 and 1996 4 Notes to Consolidated Financial Statements 5-8 Item 2. - Management's Discussion of Operations 9-10 PART II - ------- Item 4. - Submission of Matters to a Vote of Security Holders 11 Item 6. - Exhibits and Reports on Form 8-K 11 Signatures 12 * The summarized financial information contained herein is unaudited; however in the opinion of management, all adjustments necessary for a fair presentation of such financial information have been included. - 1 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED PART I ------- Item 1. - FINANCIAL INFORMATION ------------------------------- CONSOLIDATED BALANCE SHEETS
December 31, June 30, 1995 1996 ------------- ------------- (Note) (Unaudited) ASSETS: Land and buildings, net of accumulated depreciation of $8,686,779 at December 31, 1995 and $9,688,696 at June 30, 1996 $ 91,413,487 $ 89,210,793 Net investment in direct financing leases 26,526,818 25,401,428 Investment in real estate trust 10,432,181 10,710,705 Real estate held for sale 10,079,819 Cash and cash equivalents 2,249,315 6,971,366 Accrued interest and rents receivable 47,431 35,761 Other assets 689,358 902,858 ------------ ------------ Total assets $141,438,409 $133,232,911 ============ ============ LIABILITIES: Limited recourse mortgage notes payable $ 84,384,583 $ 75,442,333 Accrued interest payable 850,986 1,098,157 Accounts payable and accrued expenses 240,505 119,727 Accounts payable to affiliates 3,044,843 3,507,063 Prepaid rental income 44,337 ------------ ------------ Total liabilities 88,565,254 80,167,280 ------------ ------------ Minority interest 2,987,811 2,766,671 ------------ ------------ SHAREHOLDERS' EQUITY: Common stock, $.001 par value: authorized, 7,217,294 shares; issued and outstanding 7,217 7,217 Additional paid-in capital 62,160,058 62,160,058 Dividends in excess of accumulated earnings (12,193,839) (11,780,223) ------------ ------------ 49,973,436 50,387,052 Less treasury stock, 10,652 shares (88,092) (88,092) ------------ ------------ Total shareholders' equity 49,885,344 50,298,960 ------------ ------------ Total liabilities and shareholders' equity $141,438,409 $133,232,911 ============ ============
The accompanying notes are an integral part of the consolidated financial statements. Note: The balance sheet at December 31, 1995 has been derived from the audited consolidated financial statements at that date. - 2 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended Six Months Ended June 30, 1995 June 30, 1996 June 30, 1995 June 30, 1996 ------------------ ------------- ------------- ------------- Revenues: Rental income from operating leases $3,021,229 $2,939,935 $6,189,495 $6,129,087 Interest from direct financing leases 962,772 823,212 1,922,302 1,762,096 Other interest income 36,609 89,561 118,236 142,115 ---------- ---------- ---------- ---------- 4,020,610 3,852,708 8,230,033 8,033,298 ---------- ---------- ---------- ---------- Expenses: Interest 2,022,930 1,948,561 4,040,395 4,049,085 Depreciation 483,306 499,584 965,884 1,001,917 General and administrative 281,850 296,232 487,612 515,853 Property expenses 457,408 457,850 856,680 872,742 Amortization 14,051 14,408 38,159 28,959 ---------- ---------- ---------- ---------- 3,259,545 3,216,635 6,388,730 6,468,556 ---------- ---------- ---------- ---------- Income before minority interest in income, income from equity investment and net gain on sales of real estate 761,065 636,073 1,841,303 1,564,742 Minority interest in income 153,266 87,941 309,871 176,068 ---------- ---------- ---------- ---------- Income before income from equity investment and net gains on sale of real estate 607,799 548,132 1,531,432 1,388,674 Income from equity investment 359,751 381,121 853,303 903,213 ---------- ---------- ---------- ---------- Income before net gain on sales of real estate 967,550 929,253 2,384,735 2,291,887 Net gain on sales of real estate 456,107 1,112,486 ---------- ---------- ---------- ---------- Net income $ 967,550 $1,385,360 $2,384,735 $3,404,373 ========== ========== ========== ========== Net income per share $.13 $.19 $.33 $.47 ==== ==== ==== ==== Weighted average shares outstanding 7,217,294 7,206,642 7,217,294 7,206,642 ========== ========== ========== ==========
The accompanying notes are an integral part of the consolidated financial statements. - 3 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30, --------------------------- 1995 1996 ------------ ------------ Cash flows from operating activities: Net income $ 2,384,735 $ 3,404,373 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,004,043 1,030,876 Minority interest in income Equity income from investment in real estate investment trust in excess of dividends received (97,531) (278,524) Other noncash items 78,411 22,519 Net gain on sales of real estate (1,112,486) Net change in operating assets and liabilities 14,274 316,024 ------------ ------------ Net cash provided by operating activities 3,383,932 3,382,782 ------------ ------------ Cash flows from investing activities: Proceeds from sale of real estate 13,734,572 Purchases of real estate and other capitalized costs (10,078,738) (241,156) Funds released from escrow in connection with investing activities 5,122,501 ------------ ------------ Net cash (used in) provided by investing activities (4,956,237) 13,493,416 ------------ ------------ Cash flows from financing activities: Proceeds from note payable 2,480,000 Repayment of note payable (2,480,000) Payments of mortgage payable (8,382,243) Proceeds from issuance of mortgage notes payable 4,812,131 Dividends paid (2,986,165) (2,990,757) Distributions to minority interest in excess of minority interest in income (147,151) (221,140) Payments of mortgage principal (444,109) (560,007) Purchase of treasury stock (88,092) ------------ ------------ Net cash provided by (used in) financing activities 1,146,614 (12,154,147) ------------ ------------ Net (decrease) increase in cash and cash equivalents (425,691) 4,722,051 Cash and cash equivalents, beginning of period 3,367,392 2,249,315 ------------ ------------ Cash and cash equivalents, end of period $ 2,941,701 $ 6,971,366 ============ ============ Supplemental disclosure of cash flows information: Interest paid $ 4,202,733 $ 3,801,914 ============ ============
The accompanying notes are an integral part of the consolidated financial statements. - 4 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1. Basis of Presentation: --------------------- The accompanying unaudited consolidated financial statements 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. For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1995. Note 2. Transactions with Related Parties: --------------------------------- For the three-month and six-month periods ended June 30, 1995, the Company incurred asset management fees of $194,790 and $389,042, respectively, incentive fees in like amount and general and administrative expense reimbursements of $97,250 and $172,589, respectively, payable to an affiliate. For the three-month and six-month periods ended June 30, 1996, the Company incurred asset management fees of $436,703 and $209,739, respectively, incentive fees in like amount and general and administrative expense reimbursements of $113,101 and $192,722, respectively, payable to an affiliate. The Company, in conjunction with certain affiliates, is a participant in a cost sharing agreement for the purpose of renting and occupying office space. Under the agreement, the Company pays its proportionate share of rent and other costs of occupancy. Net expenses incurred for the six-month periods ended June 30, 1995 and 1996 were $80,937 and $62,014, respectively. Note 3. Dividends: --------- Dividends declared and paid to shareholders during the six months ended June 30, 1996 are summarized as follows:
Quarter Ended Paid Per Share ----------------- ---------- --------- December 31, 1995 $1,495,378 $0.2075 ========== March 31, 1996 $1,495,379 $0.2075 ==========
A dividend of $.2075 per share ($1,495,378) was declared and paid in July 1996 for the quarter ended June 30, 1996. - 5 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 4. Industry Segment Information: ---------------------------- The Company's operations consist of the direct and indirect investment in and leasing of industrial and commercial real estate. The financial reporting sources of leasing revenues for the six-month periods ended June 30, 1995 and 1996 are as follows:
1995 1996 ------------ ------------ Per Statements of Income: Rental income from operating leases $ 6,189,495 $6,129,087 Interest from direct financing leases 1,922,302 1,762,096 Adjustments: Rental income attributable to minority interests (1,122,869) (958,656) Share of interest income from equity investment's direct financing lease 2,232,159 2,242,951 ----------- ----------- $ 9,221,087 $ 9,175,478 =========== ===========
For the six-month periods ended June 30, 1995 and 1996, the Company earned its proportionate net lease revenues from its investments from the following lease obligors:
1995 % 1996 % ----------- ---- ----------- ---- Marriott International, Inc. (a) $2,232,159 24% $2,242,951 24% Information Resources Incorporated (b) 1,371,526 15 1,458,007 16 The Titan Corporation (b) 1,009,517 11 1,009,517 11 New WAI, L.P./Warehouse Associates 720,144 8 740,296 8 EnviroWorks, Inc. 693,878 8 Harvest Foods, Inc. 619,091 7 619,485 7 Wal-Mart Stores, Inc. 596,845 6 597,341 7 Kmart Corporation 442,553 5 469,191 5 Child Time Childcare Inc. 371,229 4 371,229 4 Neodata Corporation 277,914 3 280,572 3 Empire of America Realty Credit Corp. 452,022 5 188,322 2 Summagraphics Corporation 220,554 2 179,633 2 Best Buy Co., Inc. 157,115 2 117,419 1 US West Communications, Inc. 111,300 1 111,300 1 Safeway Stores Incorporated 196,875 2 96,337 1 Xerox Corporation (b) 442,243 5 ---------- --- ---------- --- $9,221,087 100% $9,175,478 100% ========== === ========== ===
(a) Represents the Company's proportionate share of lease revenues from an equity investment. (b) Net of Corporate Property Associates 9's minority interest. - 6 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 5. Equity Investment: ----------------- The Company owns an approximate 23.7% interest in Marcourt Investments Incorporated ("Marcourt") which net leases 13 hotel properties to a wholly- owned subsidiary of Marriott International, Inc. Summarized financial information of Marcourt is as follows:
(in thousands) December 31, 1995 June 30, 1996 ----------------- ------------- Assets $149,910 $149,817 Liabilities 108,876 107,488 Shareholders' equity 41,034 42,329 Six Months Ended June 30, 1995 June 30, 1996 ----------------- ------------- Revenue $ 9,433 $ 9,480 Interest and other expense 5,734 5,568 -------- -------- Net income $ 3,699 $ 3,912 ======== ========
Note 6. Sale of Real Estate: ------------------- On October 16, 1992, the Company purchased land, and a retail store in Charlotte, North Carolina, for $2,435,000 subject to an existing net lease with SportsTown, Inc. which lease was subsequently assumed by Best Buy Co., Inc. Subsequent to the purchase, the Company obtained a mortgage loan for $1,600,000 collateralized by the property. On May 16, 1996, the Company sold the property for $3,250,000. Net of the costs of sale and paying off the remaining balance of $1,509,371 outstanding on the mortgage loan, the Company realized cash proceeds of $1,588,000 and recognized a gain of $504,175 on the sale. As a result of the sale, annual cash flow (rents less mortgage debt service) will decrease by approximately $126,000. Note 7. Harvest Foods, Inc.: ------------------- On February 21, 1992, the Company and Carey Institutional Properties, Incorporated ("CIP(TM)"), an affiliate, purchased as tenants-in-common, each with 50% ownership interests, 13 supermarkets and two office buildings and entered into a master lease with Harvest Foods, Inc. ("Harvest"), as lessee. The total purchase price of the Harvest properties was $20,165,000. The Company and CIP(TM) each contributed $3,950,000 of equity and obtained $12,265,000 of limited recourse mortgage financing (of which the Company's share was $6,132,500) from two lenders of $9,265,000 and $3,000,000, respectively, to fund the purchase of the Harvest properties. On June 18, 1996 Harvest filed a voluntary bankruptcy petition under Chapter 11 of the United States Bankruptcy Code. Harvest did not pay a portion of post-petition rent of $132,000 of which the Company's share is $66,000. The Company and CIP(TM) are currently pursuing their legal remedies. - 7 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED ITEM 2.-MANAGEMENT'S DISCUSSION OF OPERATIONS --------------------------------------------- Results of Operations: --------------------- Net income for the three-month and six-month periods ended June 30, 1996 increased by $418,000 and $1,020,000, respectively, as compared with net income for the three-month and six-month periods ended June 30, 1995. The increase is due to the net gain on sales of real estate of $456,000 and $1,112,000 for the three-month and six-month periods ended June 30, 1996, respectively. Income before gain on sales reflected slight decreases for the comparable three-month and six-month periods ended June 30, 1996 as compared with the similar periods ended June 30, 1995. The decrease in income before gains for both the comparable three- month and six-month periods was due to a decrease in lease revenues which were partially offset by increases in other interest income and income from the Company's equity investment in a real estate investment trust which net leases 13 Courtyard by Marriott hotels to Marriott International, Inc. ("Marriott"). Lease revenues decreased due to the sales of the Empire of America Realty Credit Corp. ("Empire") property, two of the Safeway Supermarkets Incorporated ("Safeway") properties in the first quarter of 1996 and the Best Buy Co., Inc. ("Best Buy") property in May 1996. Additionally, lease revenues decreased due to the termination of the Xerox Corporation ("Xerox") lease in August 1995. Such decreases were partially offset by rent from the EnviroWorks, Inc. lease which became effective in September 1995 and from a rent increase effective October 1995 on the lease with Information Resources, Inc. Other interest income increased due to interest earned on the proceeds from the aforementioned sales. Equity income from the Marriott investment increased due to the continuing amortization of principal payments on its limited recourse mortgage loan and an increasing trend of rentals received under a sales override provision in the Marriott lease. Financial Condition: ------------------- There has been no material change in the Company's financial condition since December 31, 1995. The Company's cash position has improved substantially to $6,971,000; however, this is entirely due to the net proceeds from the aforementioned sales of $7,796,000. The Company utilized $2,480,000 to pay off a loan drawn from the Company's credit facility. The Company is currently evaluating potential property acquisitions to reinvest the remaining sales proceeds. As a result of the property sales, annual cash flow (rentals less mortgage debt service) will decrease by approximately $795,000; a substantial portion, if not all, of the decrease in cash flow would be replaced upon reinvestment of the sales proceeds. Cash from operating activities of $3,383,000 and cash reserves of $168,000 were used to pay dividends of $2,991,000 and $560,000 of scheduled principal payment installments. Accordingly, the Company used $389,000 of cash reserves to fund the difference. The Company is also evaluating its ability to maintain the current dividend rate while considering reinvestment opportunities and the need to maintain appropriate levels of cash reserves to meet current and expected obligations. Expected cash from operations, taking into account the reinvestment of funds from property sales, may not be sufficient to fully fund future dividends at the current levels and scheduled mortgage principal payments for approximately two years. Management may consider utilizing its cash reserves to fund any shortfalls during this period or reduce the dividend rate to a level that could be sustained solely from current cash flow from operations. In addition, the Company's cash balances have continued to benefit from the Advisor's voluntary deferral of a portion of asset management and performance fees which amount to $3,400,000 at June 30, 1996. Cash flow may also be affected by the June 1996 bankruptcy filing of a tenant, Harvest Foods, Inc. ("Harvest"). Annual cash flow from Harvest is approximately $610,000 and, although the Harvest lease may be affirmed during the bankruptcy process, the uncertainty related to this situation will be closely monitored by Management. - 8 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED ITEM 2.-MANAGEMENT DISCUSSION OF OPERATIONS-Continued ----------------------------------------------------- Since December 31, 1995, the Company has paid $240,000 toward replacing the roof on a property leased to Kmart Corporation ("Kmart") as required under the Kmart leases, and expects to incur an additional $140,000 to complete such replacement. The Company is currently evaluating whether it will need to incur similar costs at its Kmart property in Denton, Texas this year. In addition to paying off the mortgage loan on properties sold, in January 1996, the Company drew an advance of $2,480,000 on its line of credit in order to satisfy a mortgage loan of like amount which had matured on two Kmart properties. As stated above, the advance was subsequently repaid. The Company is currently monitoring the credit rating of Kmart, and, to the extent that the credit rating improves, the Company may pursue placing new limited recourse mortgage debt on the properties. Any such funds obtained from refinancing the Kmart properties could be utilized for additional property acquisitions in order to further diversify the portfolio. A mortgage loan on the Company's property leased to Warehouse Associates which had been scheduled to mature in April 1996 has been extended an additional five years pursuant to an extension option which was available to and exercised by the Company. If the Company had not exercised the option, a balloon payment of $977,000 would have been due. Although the Company had reached a tentative agreement to sell its vacant property in Stamford, Connecticut back to its lender for $10,000 in full satisfaction of the $6,300,000 limited recourse loan on the property, the lender has impeded the Company's efforts to complete the transaction. The Company is now considering other alternatives such as attempting to sell the property to other parties. Because the loan was structured as a limited recourse obligation, the lender has no recourse to any of the Company's assets other than the encumbered property. - 9 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED PART II ------- Item 4. - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ------------------------------------------------------------- An annual Shareholders meeting was held on June 6, 1996, at which time a vote was taken to elect the Company's directors through the solicitation of proxies. 7,206,642 were eligible to vote. The following directors were re-elected for a one-year term:
Total Shares Shares Shares Name of Director Shares Voting Voting Yes Voting No Abstaining - -------------------------- ------------- ---------- --------- ---------- William P. Carey 3,814,761 3,734,039 78,972 1,750 Francis J. Carey 3,814,761 3,734,089 78,922 1,750 Charles C. Townsend, Jr. 3,814,761 3,734,589 78,422 1,750 Ralph G. Coburn 3,814,761 3,708,342 104,669 1,750 Donald E. Nickelson 3,814,761 3,735,089 77,922 1,750 William Ruder 3,814,761 3,719,092 93,919 1,750 Warren G. Wintrub 3,814,761 3,718,989 94,022 1,750
Item 6. - EXHIBITS AND REPORTS ON FORM 8-K - ------------------------------------------ (a) Exhibits: None. (b) Reports on Form 8-K: During the quarter ended June 30, 1996, the Company was not required to file any reports on Form 8-K. - 10 - CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CORPORATE PROPERTY ASSOCIATES 10 INCORPORATED 8/8/96 By: /s/ Claude Fernandez -------------- ------------------------------ Date Claude Fernandez Executive Vice President and Chief Administrative Officer (Principal Financial Officer) 8/8/96 By: /s/ Michael D. Roberts -------------- ------------------------------- Date Michael D. Roberts First Vice President and Controller (Principal Accounting Officer) - 11 - EX-27 2 ARTICLE 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 6,971,366 0 35,761 0 0 7,007,127 124,300,917 9,688,696 133,232,911 4,724,947 75,442,333 0 0 7,217 50,291,743 133,232,911 0 8,033,298 0 0 2,390,512 0 4,049,085 3,404,373 0 3,404,373 0 0 0 3,404,373 .47 .47
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