-----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, Lw592ONB75iP6XRUsMIOGe6cEfDCILxDCCkP7F/bxi4JH73gG5ZXyIThyBnlAR7E uSjGGn4Yeuh9zJZiXhdK0g== 0001047469-98-020277.txt : 19980515 0001047469-98-020277.hdr.sgml : 19980515 ACCESSION NUMBER: 0001047469-98-020277 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONAM REALTY INVESTORS 4 L P CENTRAL INDEX KEY: 0000722745 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 112685746 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-13329 FILM NUMBER: 98621392 BUSINESS ADDRESS: STREET 1: 176F4 SAN DIEGO AVE CITY: SAN DIEGO STATE: CA ZIP: 92110 BUSINESS PHONE: 2125263237 MAIL ADDRESS: STREET 1: 3 WORLD FINANCIAL CENTER STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10285 FORMER COMPANY: FORMER CONFORMED NAME: HUTTON CONAM REALTY INVESTORS 4 DATE OF NAME CHANGE: 19920703 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 March 31,1998 or Transition Report Pursuant to Section 13 of 15(d) of the Securities - ---- Exchange Act of 1934 For the transition period from to ---- ---- Commission File Number: 0-13329 CONAM REALTY INVESTORS 4 L.P. Exact Name of Registrant as Specified in its Charter California 11-2685746 ---------- ---------- State or Other Jurisdiction of I.R.S. Employer Identification No. Incorporation or Organization 1764 San Diego Avenue San Diego, CA Attn. Robert J. Svatos 92110-1906 - -------------------------------------- ---------- Address of Principal Executive Offices Zip Code (619)-297-6771 -------------- 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. Yes x No ----- ----- CONAM REALTY INVESTORS 4 L.P. AND CONSOLIDATED VENTURES
CONSOLIDATED BALANCE SHEETS At March 31, At December 31, 1998 1997 ---------- ---------- Assets Investments in real estate: Land $ 2,153,239 $ 2,153,239 Buildings and improvements 11,015,879 11,015,879 ---------- ---------- 13,169,118 13,169,118 Less accumulated depreciation (5,658,528) (5,552,827) ---------- ---------- 7,510,590 7,616,291 Cash and cash equivalents 1,593,684 15,150,595 Other assets 9,800 3,300 ---------- ---------- Total Assets $ 9,114,074 $ 22,770,186 ---------- ---------- ---------- ---------- Liabilities and Partners' Capital Liabilities: Accounts payable and accrued expenses 180,780 144,530 Distribution payable 142,344 13,729,122 Due to affiliates 6,719 15,471 Security deposits 36,514 35,573 ---------- ---------- Total Liabilities 366,357 13,924,696 ---------- ---------- Partners' Capital: General Partner -- -- Limited Partners (128,110 Units outstanding) 8,747,717 8,845,490 ---------- ---------- Total Partners' Capital 8,747,717 8,845,490 ---------- ---------- Total Liabilities and Partners' Capital $ 9,114,074 $ 22,770,186 ---------- ---------- ---------- ----------
See accompanying notes to the consolidated financial statements. CONAM REALTY INVESTORS 4 L.P. AND CONSOLIDATED VENTURES CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31,
1998 1997 -------- ---------- Income Rental $408,274 $1,207,761 Interest and other 63,583 32,395 -------- ---------- Total Income 471,857 1,240,156 -------- ---------- Expenses Property operating 261,981 636,206 Depreciation 105,701 196,393 General and administrative 59,604 58,149 -------- ---------- Total Expenses 427,286 890,748 -------- ---------- Net Income $44,571 $349,408 -------- ---------- -------- ---------- Net Income Allocated: To the General Partner $14,234 $53,379 To the Limited Partners 30,337 296,029 -------- ---------- Net Income $44,571 $349,408 -------- ---------- -------- ---------- Per limited partnership unit (128,110 Units outstanding) Net Income $0.24 $2.31 -------- ---------- -------- ----------
CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL For the three months ended March 31, 1998
General Limited Partner Partners Total Balance at December 31, 1997 $ - $8,845,490 $8,845,490 Net income 14,234 30,337 44,571 Distributions ($1.00 per Unit) (14,234) (128,110) (142,344) -------- ---------- ---------- Balance at March 31, 1998 $ - $8,747,717 $8,747,717 -------- ---------- ---------- -------- ---------- ----------
See accompanying notes to the consolidated financial statements. CONAM REALTY INVESTORS 4 L.P. AND CONSOLIDATED VENTURES CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31,
1998 1997 ------------ ----------- Cash Flows From Operating Activities: Net income $44,571 $349,408 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 105,701 196,393 Increase (decrease) in cash arising from changes in operating assets and liabilities: Other assets (6,500) 1,437 Accounts payable and accrued expenses 36,250 164,999 Due to affiliates (8,752) (243) Security deposits 941 974 ------------ ----------- Net cash provided by operating activities 172,211 712,968 ------------ ----------- Cash Flows From Investing Activities - Additions to real estate - (4,251) ------------ ----------- Cash Flows From Financing Activities - Distributions (13,729,122) (533,792) ------------ ----------- Net increase (decrease) in cash and cash equivalents (13,556,911) 174,925 Cash and cash equivalents, beginning of period 15,150,595 2,314,876 ------------ ----------- Cash and cash equivalents, end of period $1,593,684 $2,489,801 ------------ ----------- ------------ -----------
See accompanying notes to the consolidated financial statements. CONAM REALTY INVESTORS 4 L.P. AND CONSOLIDATED VENTURES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The unaudited interim consolidated financial statements should be read in conjunction with the Partnership's annual 1997 audited consolidated financial statements within Form 10-K. The unaudited interim consolidated financial statements include all normal and recurring adjustments which are, in the opinion of management, necessary to present a fair statement of financial position as of March 31, 1998 and the results of operations and cash flows for the three months ended March 31, 1998 and 1997 and the consolidated statement of partners' capital for the three months ended March 31, 1998. Results of operations for the period are not necessarily indicative of the results to be expected for the full year. No significant events have occurred subsequent to the year ended December 31, 1997, and no material contingencies exist, which would require disclosure in this interim report per Regulation S-X, Rule 10-01, Paragraph (a) (5). CONAM REALTY INVESTORS 4 L.P. AND CONSOLIDATED VENTURES Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources At March 31, 1998, the Partnership had cash and cash equivalents of $1,593,684 which were invested in unaffiliated money market funds, compared with $15,150,595 at December 31, 1997. The decrease reflects a special cash distribution of $103.00 per Unit from the net proceeds of the sale of Pelican Landing on January 21, 1998. The Partnership expects sufficient cash to be generated from operations to meet its current operating expenses. The General Partner declared a regular cash distribution of $1.00 per Unit for the quarter ended March 31, 1998 which will be paid in May,1998. The General Partner will determine the amount of future quarterly distributions based on the Partnership's available cash flow and future cash needs. Accounts payable and accrued expenses have increased to $180,780 at March 31, 1998 from $144,530 at December 31, 1997. The increase is primarily attributable to the timing of payments and accruals of real estate taxes between the two periods. Results of Operations Partnership operations for the three months ended March 31, 1998 generated net income of $44,571 compared with net income of $349,408 for the corresponding period in 1997. The decrease for the three month period is primarily attributable to reduced rental revenue partially offset by reduced property operating expenses due to the sales of River Hill Apartments on August 6, 1997 and Pelican Landing on December 30, 1997. Total income for the three months ended March 31, 1998 was $471,857 compared with $1,240,156 for the corresponding period in 1997. The decrease is primarily due the sales of properties as described above. The occupancy rates for the two remaining properties, Shadowood Village and Village at the Foothills II have increased from the same period in 1997, reflecting favorable economic conditions in Arizona and Florida. Interest and other income totaled $63,583 for the three months ended March 31, 1998 compared with $32,395 for the corresponding period in 1997. The increase for the three month period is primarily due to higher cash equivalent balances related to the undistributed proceeds from the sale of Pelican Landing in December, 1997. Property operating expenses for the three months ended March 31, 1998 totaled $261,981 compared with $636,206 for the corresponding period in 1997. The decrease is primarily attributable to a decrease in property operating expenses associated with the sales of the two properties. The property operating expenses for the two remaining properties, Shadowood Village and Village at the Foothills II were relatively stable between the two periods. During the first three months of 1998 and 1997, average occupancy levels at the Partnership's properties were as follows:
Property 1998 1997 -------- ---- ---- Shadowood Village 97% 93% Village at the Foothills II 96% 94%
CONAM REALTY INVESTORS 4 L.P. AND CONSOLIDATED VENTURES Part II Other information Items 1-5 Not applicable Items 6 Exhibits and reports on Form 8-K (a) Exhibits - (27) Financial Data Schedule (b) Reports on Form 8-K On January 14, 1998 ConAm Realty Investors 4 L.P. filed a Form 8-K regarding the sale of Pelican Landing on December 30, 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CONAM PROPERTY SERVICES IV, LTD. General Partner of ConAm Realty Investors 4 L.P. BY: CONTINENTAL AMERICAN DEVELOPMENT, INC. GENERAL PARTNER Date: May 13, 1998 BY:/s/ Daniel J. Epstein ------------------- Daniel J. Epstein Director, President, and Principal Executive Officer Date: May 13, 1998 BY:/s/ Robert J. Svatos ---------------------- Robert J. Svatos Vice President and Director EX-27 2 EXHIBIT 27
5 3-MOS DEC-31-1998 MAR-31-1998 1,593,684 0 0 0 0 0 13,169,118 5,658,528 9,114,074 366,357 0 0 0 0 8,747,717 9,114,074 408,274 471,857 0 0 427,286 0 0 44,571 0 0 0 0 0 44,571 0.24 0.24
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