0000711642-11-000273.txt : 20110908 0000711642-11-000273.hdr.sgml : 20110908 20110908090916 ACCESSION NUMBER: 0000711642-11-000273 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110908 DATE AS OF CHANGE: 20110908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL PROPERTY INVESTORS 5 CENTRAL INDEX KEY: 0000355637 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 222385051 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-11095 FILM NUMBER: 111079505 BUSINESS ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8642391000 MAIL ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10-Q/A 1 npi5a_10qa.htm FORM 10-Q FORM 10-QSB—QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

Form 10-Q/A

 Amendment No. 1

(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, 2011

 

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 0-11095

 

 

NATIONAL PROPERTY INVESTORS 5

(Exact name of registrant as specified in its charter)

 

 

California

22-2385051

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

55 Beattie Place, PO Box 1089

Greenville, South Carolina  29602

(Address of principal executive offices)

 

(864) 239-1000

(Registrant’s 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. 

[X] Yes [ ] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes  [ ] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [ ]

(Do not check if a smaller reporting company)

Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No

 

 

 

 

 

 

Explanatory Note

This Form 10-Q/A amends the Quarterly Report on Form 10-Q of National Property Investors 5 for the quarter ended June 30, 2011 filed on August 12, 2011 (the “Form 10-Q”) for the sole purpose of furnishing the Interactive Data File as Exhibit 101 in accordance with Rule 405(a)(2) of Regulation S-T.

 

No other changes have been made to the Form 10-Q. This Form 10-Q/A speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Form 10-Q.

 

Users of this data are advised that pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those Sections.

 

 

ITEM 6.     EXHIBITS

 

See Exhibit Index.

 

The agreements included as exhibits to this Form 10-Q/A contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

 

  • should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

 

  • have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

 

  • may apply standards of materiality in a way that is different from what may be viewed as material to an investor; and

 

  • were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

 

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Partnership acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Form 10-Q/A not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-Q/A and the Partnership’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

NATIONAL PROPERTY INVESTORS 5

 

EXHIBIT INDEX

 

 

Exhibit     Description of Exhibit

 

 

2.1         NPI, Inc. Stock Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2 to the Partnership's Current Report on Form 8-K dated August 17, 1995.

 

2.2         Partnership Units Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.1 to the Partnership's Current Report on Form 8-K filed by Insignia Financial Group, Inc. ("Insignia") with the Securities and Exchange Commission on September 1, 1995.

 

2.3         Management Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.2 to the Partnership's Current Report on Form 8-K filed by Insignia Financial Group, Inc. with the Securities and Exchange Commission on September 1, 1995.

 

2.5         Master Indemnity Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.5 to the Partnership's Current Report on Form 8-K filed by Insignia Financial Group, Inc. with the Securities and Exchange Commission on September 1, 1995.

 

2.6         Agreement and Plan of Merger, dated as of October 1, 1999, by and between AIMCO and IPT incorporated by reference to Exhibit 2.1 in the Registrant's Current Report on Form 8-K dated as of October 16, 1999.

 

3.4 (a)     Agreement of Limited Partnership incorporated by reference to Exhibit A to the Prospectus of the Partnership dated January 4, 1982, included in the Partnership's Registration Statement on Form S-11 (Reg. No. 2-74143).

 

    (b)     Amendments to Agreement of Limited Partnership incorporated by reference to the Definitive Proxy Statement of the Partnership dated April 3, 1991.

 

    (c)     Amendments to the Partnership Agreement, incorporated by reference to the Statement Furnished in Connection with the Solicitation of the Registrant dated August 28, 1992.

 

    (d)     Amendment to the Partnership Agreement, incorporated by reference to the Partnership's Current Report on Form 8-K dated October 25, 2004.       

 

10.22       Multifamily Mortgage, Assignment of Rents and Security Agreement dated December 1, 2005 between National Property Investors 5, a California limited partnership, and GMAC Commercial Mortgage Bank. Incorporated by reference to the Partnership's Current Report on Form 8-K dated December 1, 2005.

 

10.23       Multifamily Note, dated December 1, 2005 between National Property Investors 5, a California limited partnership, and GMAC Commercial Mortgage Bank. Incorporated by reference to the Partnership's Current Report on Form 8-K dated December 1, 2005.

 

10.24       Guaranty, dated December 1, 2005 between AIMCO Properties, L.P. and GMAC Commercial Mortgage Bank. Incorporated by reference to the Partnership's Current Report on Form 8-K dated December 1, 2005.

 

10.25       Amended and Restated Multifamily Mortgage, Assignment of Rents, and Security Agreement dated December 1, 2005 between National Property Investors 5, a California limited partnership, and Federal Home Loan Mortgage Corporation. Incorporated by reference to the Partnership's Current Report on Form 8-K dated December 1, 2005.

                 

10.26       Amended and Restated Multifamily Note dated December 1, 2005 between National Property Investors 5, a California limited partnership, and Federal Home Loan Mortgage Corporation. Incorporated by reference to the Partnership's Current Report on Form 8-K dated December 1, 2005.

 

10.27       Amended and Restated Guaranty dated December 1, 2005 between National Property Investors 5, a California limited partnership, and Federal Home Loan Mortgage Corporation. Incorporated by reference to the Partnership's Current Report on Form 8-K dated December 1, 2005.

 

10.31       Multifamily Note, dated August 31, 2007 between National Property Investors 5, a California limited partnership, and Capmark Bank, a Utah industrial bank. (Incorporated by reference to the Partnership’s Current Report on Form 8-K dated August 31, 2007).

 

10.34       Purchase and Sale Contract between National Property Investors 5, a California limited partnership, and BHE Acquisitions, L.L.C., an Iowa limited liability company, incorporated by reference to the Partnership's Current Report on Form 8-K dated May 26, 2011.

 

10.35       First Amendment of Purchase and Sale Contract between National Property Investors 5, a California limited partnership, and BHE Acquisitions, L.L.C., an Iowa limited liability company, incorporated by reference to the Partnership's Current Report on Form 8-K dated June 27, 2011.

 

31.1*       Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2*       Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

32.1*       Certification of equivalent of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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In the opinion of NPI Equity Investments, Inc. ("NPI Equity" or the "Managing General Partner"), all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included.&nbsp; Operating results for the three and six month periods ended June 30, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2011. The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">At June 30, 2011 and December 31, 2010, the Partnership had outstanding 82,428 limited partnership units.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">The Partnership&#146;s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">On May 26, 2011, the Partnership entered into a sale contract with a third party to sell Willow Park on Lake Adelaide Apartments for a sales price of $8,950,000. The sale is projected to close during the third quarter of 2011. The Partnership has determined that certain held for sale criteria have not been met at June 30, 2011 and therefore continues to report the assets and liabilities of Willow Park on Lake Adelaide Apartments as held for investment and its operations as continuing operations.</font></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b><u><font size="2">Note B - Transactions with Affiliated Parties</font></u></b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for payments to affiliates for property management services based on a percentage of revenue and for reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">Affiliates of the Managing General Partner receive 5% of gross receipts from the Partnership's property as compensation for providing property management services. The Partnership paid to such affiliates approximately $38,000 for both the six months ended June 30, 2011 and 2010, which are included in operating expenses.</font></font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">&nbsp;</font></font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">Affiliates of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $28,000 and $24,000 for the six months ended June 30, 2011 and 2010, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the six months ended June 30, 2011 and 2010 are construction management services provided by an affiliate of the Managing General Partner of approximately $6,000 and zero, respectively. At June 30, 2011 and December 31, 2010, approximately $178,000 and $154,000 of these accountable administrative expenses remain unpaid and are included in due to affiliates. </font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">&nbsp;</font></font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">For services relating to the administration of the Partnership and operation of the Partnership&#146;s property, the Managing General Partner is entitled to receive payment for non-accountable expenses up to a maximum of $100,000 per year, based upon the original number of Partnership units sold, subject to certain limitations. No such reimbursements were earned during the six months ended June 30, 2011 or 2010.</font></font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">&nbsp;</font></font></p> <p style="MARGIN:0in 0in 0pt"><font size="2">Upon the sale of the Partnership's property, NPI Equity will be entitled to an Incentive Compensation Fee equal to 3% of the difference between the sales price of the property and the appraised value for such property at February 1, 1992. Payment of the Incentive Compensation Fee is subordinated to the receipt by the limited <font style="FONT-FAMILY:'Courier New'">partners, of: (a) distributions from capital transaction proceeds of an amount equal to their appraised investment in the Partnership at February 1, 1992, and (b) distributions from all sources (capital transactions as well as cash flow) of an amount equal to six percent (6%) per annum cumulative, non-compounded, on their appraised investment in the Partnership at February 1, 1992.</font></font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">&nbsp;</font></font></p> <p style="MARGIN:0in 0in 0pt"><font size="2"><font style="FONT-FAMILY:'Courier New'">The Partnership may receive advances of funds from AIMCO Properties, L.P., an affiliate of the Managing General Partner and the holder of a majority of the beneficial interest of the Partnership. During the six months ended June 30, 2011 and 2010, AIMCO Properties, L.P. advanced the Partnership approximately $66,000 and $72,000, respectively, to fund operating expenses at Willow Park on Lake Adelaide Apartments. </font>Interest is charged at the prime rate plus 2% (5.25% at June 30, 2011). Interest expense during the six months ended June 30, 2011 and 2010 was approximately $25,000 and $18,000, respectively. During the six months ended June 30, 2010, the Partnership repaid <font style="FONT-FAMILY:'Courier New'">associated </font>accrued interest of <font style="FONT-FAMILY:'Courier New'">approximately</font> $30,000 with cash from operations. No such payments were made during the six months ended June 30, 2011. At June 30, 2011 and December 31, 2010, approximately $1,044,000 and $953,000, respectively, of advances and associated accrued interest was due to AIMCO Properties, L.P., and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P., although AIMCO Properties, L.P. is not obligated to provide such advances. For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission.</font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">&nbsp;</font></font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">The Partnership insures its property up to certain limits through coverage provided by Aimco, which is generally self-insured for a portion of losses and liabilities related to workers&#146; compensation, property casualty, general liability and vehicle liability. The Partnership insures its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the six months ended June 30, 2011, the Partnership was charged by Aimco and its affiliates approximately $24,000 for hazard insurance coverage and fees associated with policy claims administration.&nbsp; Additional charges will be incurred by the Partnership during 2011 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $41,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2010.</font></font></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b><u><font size="2">Note C &#150; Fair Value of Financial Instruments</font></u></b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">Financial Accounting Standards Board Accounting Standards Codification Topic 825, &#147;Financial Instruments&#148;, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable.&nbsp;At June 30, 2011, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $7,160,000.</font></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2"><b><u>Note D &#150; Casualty Events</u></b></font></p> <p style="MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">In January 2009, Willow Park on Lake Adelaide Apartments suffered significant damage to the property&#146;s landscaping as a result of freeze damage. The damage was estimated to be approximately $51,000. During the year ended December 31, 2009, the Partnership received insurance proceeds of approximately $21,000 and removed undepreciated damaged assets of approximately $39,000. During the three and six months ended June 30, 2010, the Partnership received additional insurance proceeds of approximately $30,000 and recognized a casualty gain of approximately $12,000.</font></p> <p style="MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">In May 2009, Willow Park on Lake Adelaide Apartments suffered water damage to its property as a result of severe rain storms.&nbsp; The cost to repair the damage was approximately $17,000. Insurance proceeds of approximately $14,000 were received during the year ended December 31, 2010, which included approximately $10,000 for emergency expenses. During the three months ended September 30, 2010, the Partnership recognized a casualty gain of approximately $4,000 as the damaged assets were fully depreciated at the time of the casualty.</font></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b><u><font size="2">Note E &#150; Contingencies</font></u></b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font style="FONT-FAMILY:'Courier New'"><font size="2">The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment property that are not of a routine nature arising in the ordinary course of business.</font></font></p> <p style="MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font size="2">Environmental</font></p> <p style="MARGIN:0in 0in 0pt"><font size="2">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><font size="2">Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its property, the Partnership could potentially be responsible for environmental liabilities or costs associated with its property.</font></p> <!--egx--><p style="MARGIN:0in 0in 0pt"><b><u><font size="2">Note F &#150; Investment Property </font></u></b></p> <p style="MARGIN:0in 0in 0pt"><b><u><font style="TEXT-DECORATION:none"><font size="2">&nbsp;</font></font></u></b></p> <p style="MARGIN:0in 0in 0pt"><font size="2">During the three months ended June 30, 2011, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $2,152,000 and accumulated depreciation of approximately $2,152,000.</font></p> 0000355637 2011-01-01 2011-06-30 0000355637 2011-06-30 0000355637 2010-12-31 0000355637 2011-04-01 2011-06-30 0000355637 2010-04-01 2010-06-30 0000355637 2010-01-01 2010-06-30 0000355637 us-gaap:GeneralPartnerMember 2011-01-01 2011-06-30 0000355637 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Date Document Type Property, Plant, and Equipment, Additional Disclosures Supplemental disclosure of non-cash activity: Net decrease in cash and cash equivalents Net cash used in investing activities Net cash used in investing activities Accounts payable {1} Accounts payable Equity Component Casualty gain Total liabilities Total liabilities Due to affiliates Other liabilities Investment property: Property improvements and replacements Unusual or Infrequent Items Disclosure [Text Block] Extraordinary and Unusual Items Cash and cash equivalents at beginning of period Cash and cash equivalents at beginning of period Change in accounts: Advances from affiliate General and administrative Other income Accrued property taxes Entity Common Stock, Shares Outstanding Commitments and Contingencies Disclosure [Text Block] Organization, Consolidation and Presentation of Financial Statements Cash flows from investing activities: Other assets {1} Other assets Liabilities and Partner's Deficit Entity Current Reporting Status Entity Registrant Name Fair Value Measures and Disclosures Property improvements and replacements included in accounts payable Revenues: Mortgage notes payable Buildings and related personal property Cash flows from operating activities: Statement, Equity Components [Axis] Total liabilities and partners' deficit Total liabilities and partners' deficit Statement [Line Items] EX-101.PRE 6 npi5-20110630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 7 npi5-20110630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000040 - Statement - Statement of Shareholders Equity (Deficit) (Unaudited) link:presentationLink link:definitionLink link:calculationLink 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 450000 - Disclosure - Commitment and Contingencies link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Balance Sheets (Unaudited) link:presentationLink link:definitionLink link:calculationLink 815000 - Disclosure - Fair Value Measures and Disclosures link:presentationLink link:definitionLink link:calculationLink 778000 - Disclosure - Extraordinary and Unusual Items link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 360000 - Disclosure - Property, Plant, and Equipment link:presentationLink link:definitionLink link:calculationLink 845000 - Disclosure - Related Party Disclosures link:presentationLink link:definitionLink link:calculationLink XML 8 R3.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Rental income $ 333 $ 342 $ 658 $ 674
Other income 48 41 111 88
Total revenues 381 383 769 762
Expenses:        
Operating 191 179 395 388
General and administrative 31 31 58 59
Depreciation 89 82 177 155
Interest 138 135 274 269
Property taxes 22 30 46 59
Total expenses 471 457 950 930
Casualty gain   12   12
Net loss (90) (62) (181) (156)
Net loss allocated to general partner (3%) (3) (2) (5) (5)
Net loss allocated to limited partners (97%) $ (87) $ (60) $ (176) $ (151)
Net loss per limited partnership unit $ (1.06) $ (0.73) $ (2.13) $ (1.83)
XML 9 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Statement of Shareholders Equity (Deficit) (Unaudited) (USD $)
In Thousands
Total
General Partner
Limited Partners
Partners' deficit, beginning balance at Dec. 31, 2010 $ (5,443) $ (1,206) $ (4,237)
Net loss (181) (5) (176)
Partners' deficit, ending balance at Jun. 30, 2011 $ (5,624) $ (1,211) $ (4,413)
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Document and Entity Information
 6 Months Ended
Jun. 30, 2011
Document and Entity Information  
Entity Registrant Name NATIONAL PROPERTY INVESTORS 5
Document Type 10-Q
Document Period End Date Jun. 30, 2011
Amendment Flag false
Entity Central Index Key 0000355637
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 82,428
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2011
Document Fiscal Period Focus Q2
XML 12 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

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Commitment and Contingencies
 6 Months Ended
Jun. 30, 2011
Commitment and Contingencies  
Commitments and Contingencies Disclosure [Text Block]

Note E – Contingencies

 

The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment property that are not of a routine nature arising in the ordinary course of business.

 

Environmental

 

Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous materials present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its property, the Partnership could potentially be responsible for environmental liabilities or costs associated with its property.
XML 14 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Organization, Consolidation and Presentation of Financial Statements
 6 Months Ended
Jun. 30, 2011
Organization, Consolidation and Presentation of Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]
Note A – Basis of Presentation

 

The accompanying unaudited financial statements of National Property Investors 5 (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 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 NPI Equity Investments, Inc. ("NPI Equity" or the "Managing General Partner"), all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included.  Operating results for the three and six month periods ended June 30, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2011. The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The Managing General Partner is a subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.

 

At June 30, 2011 and December 31, 2010, the Partnership had outstanding 82,428 limited partnership units.

 

The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.

 

On May 26, 2011, the Partnership entered into a sale contract with a third party to sell Willow Park on Lake Adelaide Apartments for a sales price of $8,950,000. The sale is projected to close during the third quarter of 2011. The Partnership has determined that certain held for sale criteria have not been met at June 30, 2011 and therefore continues to report the assets and liabilities of Willow Park on Lake Adelaide Apartments as held for investment and its operations as continuing operations.
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Extraordinary and Unusual Items
 6 Months Ended
Jun. 30, 2011
Extraordinary and Unusual Items  
Unusual or Infrequent Items Disclosure [Text Block]

Note D – Casualty Events

 

In January 2009, Willow Park on Lake Adelaide Apartments suffered significant damage to the property’s landscaping as a result of freeze damage. The damage was estimated to be approximately $51,000. During the year ended December 31, 2009, the Partnership received insurance proceeds of approximately $21,000 and removed undepreciated damaged assets of approximately $39,000. During the three and six months ended June 30, 2010, the Partnership received additional insurance proceeds of approximately $30,000 and recognized a casualty gain of approximately $12,000.

 

In May 2009, Willow Park on Lake Adelaide Apartments suffered water damage to its property as a result of severe rain storms.  The cost to repair the damage was approximately $17,000. Insurance proceeds of approximately $14,000 were received during the year ended December 31, 2010, which included approximately $10,000 for emergency expenses. During the three months ended September 30, 2010, the Partnership recognized a casualty gain of approximately $4,000 as the damaged assets were fully depreciated at the time of the casualty.
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Fair Value Measures and Disclosures
 6 Months Ended
Jun. 30, 2011
Fair Value Measures and Disclosures  
Fair Value Disclosures [Text Block]

Note C – Fair Value of Financial Instruments

 

Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership believes that the carrying amount of its financial instruments (except for mortgage notes payable) approximates their fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage notes payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. At June 30, 2011, the fair value of the Partnership's mortgage notes payable at the Partnership's incremental borrowing rate was approximately $7,160,000.
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Related Party Disclosures
 6 Months Ended
Jun. 30, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]

Note B - Transactions with Affiliated Parties

 

The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for payments to affiliates for property management services based on a percentage of revenue and for reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

 

Affiliates of the Managing General Partner receive 5% of gross receipts from the Partnership's property as compensation for providing property management services. The Partnership paid to such affiliates approximately $38,000 for both the six months ended June 30, 2011 and 2010, which are included in operating expenses.

 

Affiliates of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $28,000 and $24,000 for the six months ended June 30, 2011 and 2010, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the six months ended June 30, 2011 and 2010 are construction management services provided by an affiliate of the Managing General Partner of approximately $6,000 and zero, respectively. At June 30, 2011 and December 31, 2010, approximately $178,000 and $154,000 of these accountable administrative expenses remain unpaid and are included in due to affiliates.

 

For services relating to the administration of the Partnership and operation of the Partnership’s property, the Managing General Partner is entitled to receive payment for non-accountable expenses up to a maximum of $100,000 per year, based upon the original number of Partnership units sold, subject to certain limitations. No such reimbursements were earned during the six months ended June 30, 2011 or 2010.

 

Upon the sale of the Partnership's property, NPI Equity will be entitled to an Incentive Compensation Fee equal to 3% of the difference between the sales price of the property and the appraised value for such property at February 1, 1992. Payment of the Incentive Compensation Fee is subordinated to the receipt by the limited partners, of: (a) distributions from capital transaction proceeds of an amount equal to their appraised investment in the Partnership at February 1, 1992, and (b) distributions from all sources (capital transactions as well as cash flow) of an amount equal to six percent (6%) per annum cumulative, non-compounded, on their appraised investment in the Partnership at February 1, 1992.

 

The Partnership may receive advances of funds from AIMCO Properties, L.P., an affiliate of the Managing General Partner and the holder of a majority of the beneficial interest of the Partnership. During the six months ended June 30, 2011 and 2010, AIMCO Properties, L.P. advanced the Partnership approximately $66,000 and $72,000, respectively, to fund operating expenses at Willow Park on Lake Adelaide Apartments. Interest is charged at the prime rate plus 2% (5.25% at June 30, 2011). Interest expense during the six months ended June 30, 2011 and 2010 was approximately $25,000 and $18,000, respectively. During the six months ended June 30, 2010, the Partnership repaid associated accrued interest of approximately $30,000 with cash from operations. No such payments were made during the six months ended June 30, 2011. At June 30, 2011 and December 31, 2010, approximately $1,044,000 and $953,000, respectively, of advances and associated accrued interest was due to AIMCO Properties, L.P., and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P., although AIMCO Properties, L.P. is not obligated to provide such advances. For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission.

 

The Partnership insures its property up to certain limits through coverage provided by Aimco, which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability and vehicle liability. The Partnership insures its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the six months ended June 30, 2011, the Partnership was charged by Aimco and its affiliates approximately $24,000 for hazard insurance coverage and fees associated with policy claims administration.  Additional charges will be incurred by the Partnership during 2011 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $41,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2010.
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Statements of Cash Flows (Unaudited) (USD $)
In Thousands
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net loss $ (181) $ (156)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Depreciation 177 155
Amortization of loan costs 12 12
Casualty gain   (12)
Bad debt expense 20 14
Change in accounts:    
Receivables and deposits (21) (6)
Other assets (7) (28)
Accounts payable (2) (35)
Tenant security deposit liabilities 2 (4)
Accrued property taxes 46 58
Other liabilities (18) (21)
Due to affiliates 49 12
Net cash provided by (used in) operating activities 77 (11)
Cash flows from investing activities:    
Property improvements and replacements (98) (84)
Insurance proceeds received   30
Net cash used in investing activities (98) (54)
Cash flows from financing activities:    
Payments on mortgage notes payable (48) (44)
Advances from affiliate 66 72
Net cash provided by financing activities 18 28
Net decrease in cash and cash equivalents (3) (37)
Cash and cash equivalents at beginning of period 20 72
Cash and cash equivalents at end of period 17 35
Supplemental disclosure of cash flow information:    
Cash paid for interest 238 267
Supplemental disclosure of non-cash activity:    
Property improvements and replacements included in accounts payable $ 4 $ 9
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Property, Plant, and Equipment
 6 Months Ended
Jun. 30, 2011
Property, Plant, and Equipment  
Property, Plant, and Equipment, Additional Disclosures

Note F – Investment Property

 

During the three months ended June 30, 2011, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $2,152,000 and accumulated depreciation of approximately $2,152,000.
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Balance Sheets (Unaudited) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Assets    
Cash and cash equivalents $ 17 $ 20
Receivables and deposits 68 67
Other assets 163 168
Investment property:    
Land 574 574
Buildings and related personal property 8,275 10,334
Total investment property 8,849 10,908
Less accumulated depreciation (6,636) (8,611)
Investment property, net 2,213 2,297
Total assets 2,461 2,552
Liabilities    
Accounts payable 24 31
Tenant security deposit liabilities 43 41
Accrued property taxes 46  
Other liabilities 82 100
Due to affiliates 1,222 1,107
Mortgage notes payable 6,668 6,716
Total liabilities 8,085 7,995
Partners' Deficit    
General partner (1,211) (1,206)
Limited partners (4,413) (4,237)
Total partners' deficit (5,624) (5,443)
Total liabilities and partners' deficit $ 2,461 $ 2,552
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