-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, kJGutGBte9ZfiPhpvE3VVGdtgQARxQf4zSO3uyAqJJ87i460MRuKR1g1bQZhQEb9 9J2EZdWCM2j1exW4uec1ng== 0000024148-95-000001.txt : 19950612 0000024148-95-000001.hdr.sgml : 19950612 ACCESSION NUMBER: 0000024148-95-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950609 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONTINENTAL REAL ESTATE PARTNERS LTD CENTRAL INDEX KEY: 0000024148 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 042523977 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-07752 FILM NUMBER: 95546233 BUSINESS ADDRESS: STREET 1: WOOD RIDGE RD CITY: GLEN ARBOR STATE: MI ZIP: 49636 BUSINESS PHONE: 6163345000 MAIL ADDRESS: STREET 1: P O BOX 947 CITY: TRAVERSE CITY STATE: MI ZIP: 49685-0947 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 1995 Commission file number 0-7752 CONTINENTAL REAL ESTATE PARTNERS, LTD. (Exact name of Registrant as Specified in its Certificate of Limited Partnership) Massachusetts 04-2523977 (State of organization) (Internal Revenue Service Employer Identification Number) Wood Ridge Road Glen Arbor, Michigan 49636 (Address of principal executive (Zip code) offices) (616) 334-5000 Registrant's telephone number Including area code Not applicable 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 and Exchange Act of 1934 during the preceding 12 months (or 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 The number of limited partnership interests outstanding as of March 31, 1995: Limited partnership units, $500 per unit - 30,004 units Index CONTINENTAL REAL ESTATE PARTNERS, LTD. Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Statements of assets, liabilities and partners' capital - March 31, 1995 and December 31, 1994. . . . . . . . . . . . . . 3 Statements of Operations - three months ended March 31, 1995 and 1994 . . . . . . . . . . . . . . . . . . . . 4 Statements of changes in partners' capital (unaudited) - three months ended March 31, 1995 and 1994 . . . . . . . . . . . . . . . . . 5 Statements of Cash Flows (unaudited) - three months ended March 31, 1995 and 1994 . . . . . . . . . . . . . . . . . . . . 6 Notes to financial statements (unaudited) - March 31, 1995. . . . 7 Report of Independent Certified Public Accountants on Interim Financial Information . 8 Item 2. Management's Discussion and Analysis of Financial . . . . 9 Condition and Results of Operations PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . 10 SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 PART I. FINANCIAL INFORMATION Continental Real Estate Partners, Ltd. STATEMENTS OF ASSETS, LIABILITIES AND PARTNERS' CAPITAL
March 31,December 31, 1995 1994 ASSETS (Unaudited) (Note B) Investments in real estate Land $183,581 $183,581 Land improvements 1,877,263 1,877,263 Buildings and equipment 11,983,346 11,924,731 14,044,190 13,985,575 Less - accumulated depreciation 10,482,189 10,379,989 3,562,001 3,605,586 Cash 970,846 1,013,066 Other assets 187,165 198,775 $4,720,012 $4,817,427
LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Unclaimed distribution checks $170,164 $170,164 Accounts payable and accrued expenses 50,024 78,735 Liabilities to general partner 2,127,568 2,127,568 2,347,756 2,376,467 PARTNERS' CAPITAL General partner 410,994 414,429 Limited partners - 30,004 units of limited partnership interest 1,961,262 2,026,531 2,372,256 2,440,960 $4,720,012 $4,817,427 See Notes to Financial Statements. -3-
Continental Real Estate Partners, Ltd. STATEMENTS OF OPERATIONS (UNAUDITED) Three months ended March 31,
1995 1994 Operating revenue Rental income $105,459 $112,265 Other, principally operating expense reimbursements - 2,311 105,459 114,576 Operating expense Depreciation 102,200 101,480 Repairs and maintenance 11,207 9,279 Insurance 19,733 20,982 Real estate taxes 17,775 17,300 Utilities 6,729 7,606 Professional services 6,353 8,847 Property management fees 9,102 4,500 Commissions 3,027 3,027 Investor communications 2,371 1,156 Other 3,783 15,806 182,280 189,983 Operating loss (76,821) (75,407) Interest income 8,117 8,345 NET LOSS $(68,704) $(67,062) Net loss allocated to General partner $(3,435) $(3,353) Limited partners - $(2.18) and $(2.13) net loss per unit of limited partnership interest outstanding for the quarter ended March 31, 1995 and 1994, respectively (65,269) (63,709) $(68,704) $(67,062) See Notes to Financial Statements. -4-
Continental Real Estate Partners, Ltd. STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED) Three months ended March 31,
1995 1994 General Limited General Limited Partner Partner Partner Partner Beginning balance $414,429 $2,026,531 $430,922 $2,339,894 NET LOSS (3,435) (65,269) (3,353) (63,709) Ending balance $410,994 $1,961,262 $427,569 $2,276,185
Balance, March 31, 1995, and 1994, per unit of limited partnership interest $65.37 $75.87 See Notes to Financial Statements. -5-
Continental Real Estate Partners, Ltd. STATEMENTS OF CASH FLOWS (UNAUDITED) Three months ended March 31,
1995 1994 Operating activities Net loss $(68,704) $(67,062) Adjustments to reconcile net loss to cash used by operating activities Depreciation and amortization 105,227 104,507 Decrease in accounts receivable - 1,518 Increase (decrease) in other assets 8,583 (1,414) Decrease in accounts payable and accrued expenses (28,711) (37,245) Net cash flow provided by operating activities 16,395 304 Cash flows from investing activities Real estate redevelopment costs (58,615) - NET INCREASE (DECREASE) IN CASH (42,220) 304 Balance of cash, beginning of period 1,013,066 978,055 Balance of cash, end of period $970,846 $978,359 See Notes to Financial Statements. -6-
Continental Real Estate Partners, Ltd. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE A - BASIS OF PRESENTATION The accompanying 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 Article 10 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 the three month period ended March 31, 1995 are not necessarily indicative of the results that may be expected for the year ending December 31, 1995. For further information, refer to the consolidated financial statements and footnotes thereto included in the company's annual report on Form 10-K for the year ended December 31, 1994. NOTE B - DECEMBER 31, 1994 STATEMENT OF ASSETS, LIABILITIES AND PARTNERS' CAPITAL The statement of assets, liabilities and partners' capital at December 31, 1994 has been derived from the audited financial statements at that date. Dennis, Gartland & Niergarth, P.C. 415 Munson Avenue P.O. Box 947 Traverse City, MI 49685-0947 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON INTERIM FINANCIAL INFORMATION The Bayberry Group, Inc. Sole General Partner of Continental Real Estate Partners, Ltd. The accompanying statement of assets, liabilities and partners' capital of Continental Real Estate Partners, Ltd. (a Massachusetts limited partner- ship) as of March 31, 1995, and the related statements of operations, cash flows and changes in partners' capital for the three month periods ended March 31, 1995 and 1994, were not audited by us and, accordingly, we do not express an opinion on them. The accompanying statement of assets and liabilities for the year ended December 31, 1994 was audited by us, and we expressed an unqualified opinion on it in our report dated January 18, 1995, but we have not performed any auditing procedures since that date. Dennis, Gartland & Niergarth, P.C. May 8, 1995 -8- THE BAYBERRY COMPANIES To Our Partners: June 8, 1995 For the three months ended March 31, 1995, the Partnership had a Net Loss of $68,704 which was virtually the same as the year prior figure. During the quarter, there was a net decrease in cash of $42,220 which was principally attributable to the costs of redevelopment programs we continue to pursue. Those redevelopment programs move forward slowly, if at all, as the Memorial Boulevard area is not yet enjoying the public sector support or market support that other areas of Lakeland have enjoyed. As one example of that, we had been working with the City of Lakeland to create a Tax Increment Financing District which is a vehicle sometimes used to stimulate redevelopment of urban areas. For reasons unrelated to the Partnership or its property, the City's willingness to pursue this ended abruptly during the quarter. We do not believe the City will reconsider its position in the near term. Another example of this arose when we were preparing a proposal for some 30,000 square feet of office space thought to be required by the State of Florida. After intense initial efforts on this, the matter came to a stop when another landlord filed suit challenging the specifications for the space which the State had published. The time schedule for the resolution of that case is unknown but is likely to be protracted. This pattern of starting and stopping is not, in our experience, atypical for an area in which a large number of public and private entities must cooperate to effect changes. Because we see no alternative to that type of cooperative effort, we will continue to work with all interested parties. Sincerely, Robert A. Kuras President PLANNING, BUILDING AND MANAGING WITH NATURE Wood Ridge Road - Glen Arbor - Michigan - 49636 - 616-334-6400 -9- CONTINENTAL REAL ESTATE PARTNERS, LTD. PART II. OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K The company did not file any reports on Form 8-K during the three months ended March 31, 1995. -10- CONTINENTAL REAL ESTATE PARTNERS, LTD. 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. CONTINENTAL REAL ESTATE PARTNERS, LTD. Date Robert A. Kuras, Principal Financial Officer and President of The Bayberry Group, Inc. Sole General Partner -11- -----END PRIVACY-ENHANCED MESSAGE-----