0000726995-95-000005.txt : 19950811 0000726995-95-000005.hdr.sgml : 19950811 ACCESSION NUMBER: 0000726995-95-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950810 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BERRY & BOYLE CLUSTER HOUSING PROPERTIES CENTRAL INDEX KEY: 0000726995 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 042817478 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13556 FILM NUMBER: 95560622 BUSINESS ADDRESS: STREET 1: 57 RIVER ST CITY: WELLESLEY HILLS STATE: MA ZIP: 02181 BUSINESS PHONE: 6172370544 MAIL ADDRESS: STREET 1: 57 RIVER STREET CITY: WELLESLEY HILLS STATE: MA ZIP: 02181 10-Q 1 FORM 10Q FOR THE QUARTER ENDED JUNE 30, 1995 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to ________________ Commission File No. 0-13556 Berry and Boyle Cluster Housing Properties (A California Limited Partnership) (Exact name of registrant as specified in its charter) California 04-2817478 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 57 River St., Wellesley Hills, MA 02181 (Address of principal executive offices) (Zip Code) (617) 237-0544 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 and 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 ___ PART I. FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (a California Limited Partnership) AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS --------------- ASSETS June 30, 1995 December 31, (Unaudited) 1994 Property, at cost (Notes 2, 3, 5, and 6): Land $3,677,028 $3,677,028 Buildings and improvements 14,067,756 14,067,756 Equipment, furnishings and fixtures 1,153,558 1,147,418 18,898,342 18,892,202 Less accumulated depreciation (4,228,500) (4,046,690) 14,669,842 14,845,512 Cash and cash equivalents (Notes 2 and 4) 309,530 195,407 Short-term investments (Note 2) 1,244,368 1,393,930 Real estate tax escrows 30,299 51,805 Deposits and prepaid expenses 1,335 3,368 Deferred expenses, net of accumulated amortization of $116,692 and $97,242 (Note 2) 77,799 97,249 Total assets $16,333,173 $16,587,271 LIABILITIES AND PARTNERS' EQUITY Mortgage notes payable (Note 6) 8,758,475 8,818,891 Accounts payable and accrued expenses 142,682 170,673 Due to affiliates (Note 8) 1,358 10,190 Rents received in advance 81 13,997 Tenant security deposits 60,375 62,760 Total 8,962,971 9,076,511 liabilities Partners' equity (Note 7) 7,370,202 7,510,760 Total liabilities and partners' equity $16,333,173 $16,587,271 BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (a California Limited Partnership) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) --------------- Three Months Ended Six Months Ended June 30, June 30, 1995 1994 1995 1994 ---- ---- ---- ---- Revenue: Rental income $660,494 $610,916 $1,293,814 $1,224,698 Interest income 22,145 13,385 43,837 25,511 Other income 26,124 15,829 50,094 28,634 Total revenue 708,763 640,130 1,387,745 1,278,843 Expenses: General and administrative (Note 8) 50,028 42,841 95,625 82,687 Operations 301,475 256,682 557,407 472,784 Depreciation and amortization 100,630 100,311 201,259 200,620 Interest 200,152 202,815 400,993 406,260 Total expenses 652,285 602,649 1,255,284 1,162,351 Net income (loss) $56,478 $37,481 $132,461 $116,492 Net income (loss) allocated to: General Partners $2,824 $1,874 $6,623 $5,825 Per unit of Investor Limited Partner interest: 32,421 units issued 1.65 1.10 3.88 3.41 BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (a California Limited Partnership) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) --------------- Investor Total General Limited Partners' Partners Partners Equity Balance at December 31, 1993 (141,908) 7,997,454 7,855,546 Cash distributions (30,288) (575,474) (605,762) Net income 13,049 247,927 260,976 Balance at December 31, 1994 (159,147) 7,669,907 7,510,760 Cash distributions (13,651) (259,368) (273,019) Net income 6,623 125,838 132,461 Balance at June 30, 1995 ($166,175) $7,536,377 $7,370,202 BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (a California Limited Partnership) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Increase (decrease) in cash and cash equivalents (Unaudited) ------------- Six Months Ended June 30, 1995 1994 ---- ---- Cash flows from operating activities: Interest received $25,314 $28,054 Cash received from rents 1,277,513 1,209,137 Cash received from other income 50,094 28,634 Administrative expenses (120,909) (105,035) Rental operations expenses (547,209) (470,849) Interest paid (401,223) (406,470) Net cash provided by operating activities 283,580 283,471 Cash flows from investing activities: Purchase of fixed assets (6,140) - Cash (paid for) received from short-term investments 168,085 133,029 Net cash provided (used) by investing activities 161,945 133,029 Cash flows from financing activities: Distributions to partners (273,019) (349,806) Deposits and prepaid expenses 2,033 (95) Principal payments on mortgage notes payable (60,416) (55,142) Net cash provided (used) by financing activities (331,402) (405,043) Net increase (decrease) in cash and cash equivalents 114,123 11,457 Cash and cash equivalents at beginning of period 195,407 201,157 Cash and cash equivalents at end of period $309,530 $212,614 BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (a California Limited Partnership) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Increase (decrease) in cash and cash equivalents (Unaudited) ------------- Reconciliation of net income (loss) to net cash provided by operating activities: Six Months Ended June 30, 1995 1994 ---- ---- Net income (loss) $132,461 $116,492 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 201,259 200,620 Change in assets and liabilities net of effects from investing and financing activities: Decrease (increase) in real estate tax escrows 21,506 9,944 Decrease (increase) in accounts and interest receivable (18,523) 2,513 Increase (decrease) in accounts payable and accrued expenses (27,990) (22,416) Increase (decrease) in due to affiliates (8,832) (8,151) Increase (decrease) in rent received in advance (13,916) (9,551) Increase (decrease) in tenant security deposits (2,385) (5,980) Net cash provided by operating activities $283,580 $283,471
1. Organization of Partnership: Berry and Boyle Cluster Housing Properties (a California Limited Partnership) (the "Partnership") was formed on August 8, 1983. The Partnership issued all of the General Partnership Interests to three General Partners in exchange for capital contributions aggregating $2,000. Stephen B. Boyle, Richard G. Berry, and Berry and Boyle Management (a California Limited Partnership) ("Management") are the General Partners. A total of 2,000 individual Limited Partners owning 32,421 units have contributed $16,210,500 of capital to the Partnership. At June 30, 1995, the total number of Limited Partners was 1,994. Except under certain limited circumstances, as defined in the Partnership Agreement, the General Partners are not required to make any additional capital contributions. The General Partners or their affiliates will receive various fees for services and reimbursement for various organizational and selling costs incurred on behalf of the Partnership. The accompanying consolidated financial statements present the activity of the Partnership for the six months ended June 30, 1995 and 1994. The information for these periods has not been examined by independent accountants, but includes all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for such periods. The Partnership will continue until December 31, 2010, unless terminated earlier by the sale of all, or substantially all, of the assets of the Partnership, or otherwise in accordance with the provisions of Section 16 of the Partnership Agreement. 2. Significant Accounting Policies: A. Basis of Presentation The consolidated financial statements include the accounts of the Partnership and its subsidiaries: Sin Vacas Joint Venture (Sin Vacas), Autumn Ridge Joint Venture (Autumn Ridge) and Villa Antigua Joint Venture (Villa Antigua). All intercompany accounts and transactions have been eliminated in consolidation. The Partnership follows the accrual basis of accounting. B. Cash and Cash Equivalents The Partnership considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At year end add footnote re: Cash Equivalents C. Depreciation Depreciation is provided for by the use of the straight-line method over estimated useful lives as follows: Buildings and improvements 40 years Equipment, furnishings and fixtures 5 years D. Deferred Expenses Costs of obtaining the mortgages on the properties are being amortized over the term of the related mortgage notes payable using the straight-line method. Fees paid to certain of the property developers were amortized over the term of the services provided using the straight-line method. Any unamortized costs remaining at the date of a refinancing are expensed in the year of refinancing. E. Offering Costs Costs in connection with the offering of Units were charged to Limited Partners' equity upon the sale of the related Units. F. Income Taxes The Partnership is not liable for Federal or state income taxes because Partnership income or loss is allocated to the Partners for income tax purposes. If the Partnership's tax returns are examined by the Internal Revenue Service or state taxing authority and such an examination results in a change in Partnership taxable income (loss), such change will be reported to the Partners. G. Rental Income Leases require the payment of rent in advance, however, rental income is recorded as earned. . 3. Property Property, at cost, consisted of the following at June 30, 1995: Initial Cost Costs Capitalized to Partnership Subsequent to Acquisition Bldgs. Equip., Bldgs. Equip., Property and Furn. and Furn. Description Land Impr. & Fixt. Land Impr. & Fixt. Villas at Sin Vacas, a 72-unit residential rental complex located in Tucson, Arizona $799,913 $3,948,060 $344,615 $22,146 $75,678 $23,823 Autumn Ridge, a 96-unit residential rental complex located in Colorado Springs, Colorado 1,242,061 5,981,166 380,288 - 81,889 4,313 Villa Antigua, an 88-unit residential rental complex located in Scottsdale, Arizona 1,610,646 3,942,388 376,709 2,262 38,575 23,810 $3,652,620 $13,871,614 $1,101,612 $24,408 $196,142 $51,946 Depreciation expense for the six months ended ended June 30, 1995 and 1994 and accumulated depreciation at June 30, 1995 and December 31, 1994 consisted of the following: Accumulated Depreciation Depreciation Expense June 30, Dec. 31, 1995 1994 1995 1994 Buildings and improvements $175,848 $175,849 3,112,267 $2,936,419 Equipment, furn.and fixtures 5,962 5,322 1,116,233 1,110,271 $181,810 $181,171 $4,228,500 $4,046,690 Each of the properties is encumbered by a nonrecourse mortgage note payable (see Note 6). . 3. Property Property, at cost, consisted of the following at June 30, 1995: Gross Amount At Which Carried at Close of Period Bldgs. Equip., Property and Furn. Accum. Description Land Impr. & Fixt. Total Depr. Villas at Sin Vacas, a 72-unit residential rental complex located in Tucson, Arizona $822,059 $4,023,738 $368,438 $5,214,235 $1,327,906 Autumn Ridge, a 96-unit residential rental complex located in Colorado Springs, Colorado 1,242,061 6,063,055 384,601 7,689,717 1,719,111 Villa Antigua, an 88-unit residential rental complex located in Scottsdale, Arizona 1,612,908 3,980,963 400,519 5,994,390 1,181,483 $3,677,028 $14,067,756 $1,153,558 $18,898,342 $4,228,500
4. Cash and Cash Equivalents: Cash and cash equivalents at June 30, 1995 and December 31, 1994 consisted of the following: June 30, December 31 1995 1994 --------- --------- Cash on hand ..... $ 27,786 $ 19,992 Money market accounts 281,744 175,415 --------- --------- $309,530 $ 195,407 5. Joint Venture and Property Acquisitions: Sin Vacas On October 25, 1985, the Partnership acquired a majority interest in the Sin Vacas Joint Venture, which owns and operates the Villas at Sin Vacas, a 72-unit residential property located in Tucson, Arizona. Since the Partnership owns a majority interest in the joint venture, the accounts and operations of the joint venture have been consolidated into those of the Partnership. The Partnership made initial cash payments in the form of capital contributions totaling $2,458,507 and funded $398,949 of property acquisition costs which were treated as a capital contribution to the joint venture. Since completion of construction, the Partnership has made additional contributions totaling $119,757. At June 30, 1995, the total capital contributions and acquisition costs incurred were $2,558,527 and $418,686, respectively. Net cash from operations (as defined in the joint venture agreement) is to be distributed as available to each joint venture partner quarterly as follows: First, to the Partnership, an amount equal to 8.75% per annum, noncumulative (computed daily on a simple noncompounded basis from the date of completion funding) of the Partnership's capital investment, as defined in the joint venture agreement; Second, the balance 70% to the Partnership and 30% to the co-venturer. All losses from operations and depreciation for the joint venture are allocated 99% to the Partnership and 1% to the co-venturer. All profits from operations, to the extent of cash distributions, shall first be allocated to the Partnership and co-venturer in the same proportion as the cash distribution. Any remaining profits are allocated 70% to the Partnership and 30% to the co-venturer. In the case of certain capital transactions and distributions as defined in the joint venture agreement, the allocation of related profits, losses and cash distributions, if any, would be different than as described above and would be effected by the relative balances in the individual partners' capital accounts. Autumn Ridge On July 16, 1986, the Partnership acquired Autumn Ridge, a 96-unit residential property located in Colorado Springs, Colorado and simultaneously contributed the property to a joint venture comprised of the Partnership and an affiliate of the property developer. Since the Partnership owns a majority interest in the joint venture, the accounts and operations of the joint venture have been consolidated into those of the Partnership. The Partnership made initial cash payments in the form of capital contributions totaling $3,819,397 and funded $546,576 of property acquisition costs which were treated as a capital contribution to the joint venture. Since completion of construction, the Partnership has made additional contributions totaling $314,097. At June 30, 1995 the total capital contributions and acquisition costs incurred were $4,182,595 and $497,475, respectively. Net cash from operations (as defined in the joint venture agreement) is to be distributed as available to each joint venture partner quarterly as follows: First, to the Partnership, an amount equal to 8% per annum, noncumulative (computed daily on a simple noncompounded basis from the date of completion funding) of the Partnership's capital investment, as defined in the joint venture agreement; Second, the balance 82% to the Partnership and 18% to the co-venturer. All losses from operations and depreciation for the joint venture are allocated 100% to the Partnership. All profits from operations, to the extent of cash distributions, shall first be allocated to the Partnership and co-venturer in the same proportion as the cash distribution. Any remaining profits are allocated 82% to the Partnership and 18% to the co-venturer. In the case of certain capital transactions and distributions as defined in the joint venture agreement, the allocation of related profits, losses and cash distributions, if any, would be different than as described above and would be effected by the relative balances in the individual partners' capital accounts. Villa Antigua On June 11, 1987, the Partnership acquired a majority interest in the Villa Antigua Joint Venture, which owns and operates Villa Antigua, an 88-unit residential property located in Scottsdale, Arizona. Since the Partnership owns a majority interest in the joint venture, the accounts and operations of the joint venture have been consolidated into those of the Partnership. The Partnership made initial cash payments in the form of capital contributions totaling $2,494,677 and funded $381,729 of property acquisition costs which were treated as a capital contribution to the joint venture. Since completion of construction, the Partnership has made additional contributions totaling $60,832, $29,376 of which was contributed in 1992. At June 30, 1995, the total capital contributions and acquisition costs were $2,555,509 and $381,729, respectively. Net cash from operations (as defined in the joint venture agreement) is to be distributed as available to each joint venture partner quarterly as follows: First, to the Partnership, an amount equal to 10% per annum, noncumulative (computed daily on a simple noncompounded basis from the date of completion funding) of the Partnership's adjusted capital investment, as defined in the joint venture agreement; Second, the balance 70% to the Partnership and 30% to the co-venturer. All losses from operations and depreciation for the joint venture are allocated 99% to the Partnership and 1% to the co-venturer. All profits from operations, to the extent of cash distributions, shall first be allocated to the Partnership and co-venturer in the same proportion as the cash distributions; however, if for any taxable year there are no cash distributions, profits are allocated 99% to the Partnership and 1% to the co-venturer. In the case of certain capital transactions and distributions as defined in the joint venture agreement, the allocation of related profits, losses and cash distributions, if any, would be different than as described above and would be effected by the relative balances in the individual partners' capital accounts. 6. Mortgage Notes Payable: All of the property owned by the Partnership is pledged as collateral for the nonrecourse mortgage notes payable outstanding at June 30, 1995 and December 31, 1994 which consisted of the following: June 30, December 31, 1995 1994 Villas at Sin Vacas $2,485,187 $2,502,323 Autumn Ridge 3,184,900 3,206,886 Villa Antigua 3,088,388 3,109,682 --------- --------- $8,758,475 $8,818,891 ========= ========= Sin Vacas On June 30, 1992, Villas at Sin Vacas refinanced its permanent loan using the proceeds of a new first mortgage loan in the amount of $2,575,000. Under the terms of the note, monthly principal and interest payments of $21,830, based on a fixed interest rate of 9.125%, are required over the term of the loan. The balance of the note will be due on July 15, 1997. Autumn Ridge On June 30, 1992, Autumn Ridge refinanced its permanent loan using the proceeds of a new first mortgage loan in the amount of $3,300,000. Under the terms of the note, monthly principal and interest payments of $27,976 are required over the term of the loan, based on a fixed interest rate of 9.125%. The balance of the note will be due on July 15, 1997. Villa Antigua On June 30, 1992, Villa Antigua refinanced its permanent loan using the proceeds of a new first mortgage loan in the amount of $3,200,000. Under the terms of the note, monthly principal and interest payments of $27,128, based on a fixed interest rate of 9.125%, are required over the term of the loan. The balance of the note will be due on July 15, 1997. Interest accrued at June 30, 1995 and December 31, 1994 consisted of the following: June 30, December 31, 1995 1994 Villas at Sin Vacas $ 9,449 $ 9,514 Autumn Ridge 12,109 12,193 Villa Antigua 11,742 11,823 $ 33,300 $ 33,530 The aggregate principal amounts of long term borrowings due during the calendar years 1995 through 1997, respectively, are as follows, $123,587, $135,348, and $8,559,930. 7. Partners' Equity: Under the terms of the Partnership Agreement profits are allocated 95% to the Limited Partners and 5% to the General Partners; losses are allocated 99% to the Limited Partners and 1% to the General Partners. Cash distributions to the partners are governed by the Partnership Agreement and are made, to the extent available, 95% to the Limited Partners and 5% to the General Partners. The allocation of the related profits, losses, and distributions, if any, would be different than described above in the case of certain events as defined in the Partnership Agreement, such as the sale of an investment property or an interest in a joint venture partnership. 8. Related-Party Transactions: Due to affiliates at June 30, 1995 and December 31, 1994 consisted of reimbursable costs payable to Berry and Boyle Inc., an affiliate of the General Partners, in the amounts of $1,358 and $10,190, respectively. For the six months ended June 30, 1995 and 1994, general and administrative expenses included $36,006 and $33,585, respectively, of salary reimbursements paid to the General Partners for certain administrative and accounting personnel who performed services for the Partnership. The officers and principal shareholders of Evans Withycombe, Inc., the developer and property manager of the Villas at Sin Vacas and Villa Antigua properties and an affiliate of the co-venturers of those joint ventures, together hold a two and one half percent cumulative profit or partnership voting interest in Berry and Boyle, a California Limited Partnership ("Berry and Boyle"), which is the principal limited partner of Management. During the six months ended June 30, 1995 and 1994, $42,660 and $38,969, respectively, of property management fees were paid or accrued to Evans Withycombe, Inc. Residential Services, the property manager of Autumn Ridge, is an affiliate of the General Partners of the Partnership. For the six months ended June 30, 1995 and 1994, $24,507 and $23,861, respectively, of property management fees were paid or accrued to Residential Services. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources In connection with its capitalization, the Partnership admitted investors who purchased a total of 32,421 Units aggregating $16,210,500. These offering proceeds, net of organizational and offering costs of $2,431,575, provided $13,778,925 of net proceeds to be used for the purchase of income-producing residential properties, including related fees and expenses, and working capital reserves. The Partnership expended $10,410,263 to (i) acquire its joint venture interests in the Sin Vacas Joint Venture, the Villa Antigua Joint Venture, and the Autumn Ridge Joint Venture, (ii) to pay acquisition expenses, including acquisition fees to one of the General Partners, and (iii) to pay certain costs associated with the refinancing of the Autumn Ridge permanent loan. The Partnership distributed $1,731,681 to the Limited Partners as a return of capital resulting from construction cost savings with respect to the Sin Vacas, Autumn Ridge and Villa Antigua projects and other excess offering proceeds. The remaining net proceeds of $1,636,981 were used to establish initial working capital reserves. These reserves may be used periodically to enable the Partnership to meet its various financial obligations including contributions to the various joint ventures that may be required. Through June 30, 1995, $184,258 cumulatively was contributed to the joint ventures for this purpose. The working capital reserves of the Partnership consist of cash and cash equivalents and short-term investments. Together these amounts provide the Partnership with the necessary liquidity to carry on its day-to-day operations and to make necessary contributions to the various joint ventures. Thus far in 1995, the aggregate net decrease in working capital reserves was $35,439. This decrease resulted primarily from cash provided by operations of 283,580, offset by distributions to partners of $273,019 and $60,416 of principal payments on mortgage notes payable. Property Status Villas at Sin Vacas As of June 30, 1995, the property was 86% occupied, compared to 94% approximately one year ago. At June 30, 1995 and 1994, the market rents for the various unit types were as follows: Unit Type ............................... 1995 1994 ---------------------------------------------- ------ ------ One bedroom one bath ......................... $ 835 $ 835 Two bedroom two bath ......................... 1,050 1,050 Three bedroom two bath ....................... 1,200 1,200 Autumn Ridge As of June 30, 1995, the property was 86% occupied, compared to 92% approximately one year ago. At June 30, 1995 and 1994, the market rents for the various unit types were as follows: Unit Type ............................. 1995 1994 -------------------------------------------- ------ ------ One bedroom one bath ....................... $ 885 $ 885 Two bedroom two bath ....................... 1,088 1,088 Villa Antigua As of June 30, 1995, the property was 94% occupied, compared to 92% approximately one year ago. At June 30, 1995 and 1994, the market rents for the various unit types were as follows: Unit Type ............................... 1995 1994 ---------------------------------------------- ------ ------ One bedroom one bath ......................... $ 720 $ 695 Two bedroom two bath ......................... 935 923 Three bedroom two bath ....................... 1,050 970 Results of Operations For the three months ended June 30, 1995, the Partnership recognized interest income earned on short term investments of $21,546 and administrative expenses of $44,700, as well as its share of the income or losses allocated from the Joint Ventures as follows: Sin Autumn Villa Vacas Ridge Antigua Revenue .............................. $200,503 $250,031 $236,683 Expenses: General and administrative ......... 1,800 1,728 1,800 Operations ......................... 102,915 113,074 85,486 Depreciation and amortization ...... 28,958 42,530 29,142 Interest ........................... 56,792 72,783 70,577 190,465 230,115 187,005 Net loss ............................. $ 10,038 $ 19,916 $ 49,678 For the three months ended June 30, 1994, the Partnership recognized interest income earned on short term investments of $12,973 and administrative expenses of $37,512, as well as its share of the income or losses allocated from the Joint Ventures as follows: Sin Autumn Villa Vacas Ridge Antigua Revenue .............................. $188,781 $242,749 $195,627 Expenses: General and administrative ......... 1,677 1,975 1,677 Operations ......................... 84,924 89,598 82,160 Depreciation and amortization ...... 28,849 42,364 29,098 Interest ........................... 57,548 73,751 71,516 172,998 207,688 184,451 Net loss ............................. $ 15,783 $ 35,061 $ 11,176 For the six months ended June 30, 1995, the Partnership recognized interest income earned on short term investments of $42,703 and administrative expenses of $84,929, as well as its share of the income or losses allocated from the Joint Ventures as follows: Sin Autumn Villa Vacas Ridge Antigua Revenue .............................. $200,503 $250,031 $236,683 Expenses: General and administrative ......... 1,800 1,728 1,800 Operations ......................... 102,915 113,074 85,486 Depreciation and amortization ...... 28,958 42,530 29,142 Interest ........................... 56,792 72,783 70,577 190,465 230,115 187,005 Net loss ............................. $ 10,038 $ 19,916 $ 49,678 For the six months ended June 30, 1994, the Partnership recognized interest income earned on short term investments of $24,498 and administrative expenses of $72,327, as well as its share of the income or losses allocated from the Joint Ventures as follows: Sin Autumn Villa Vacas Ridge Antigua Total revenue ........................ $372,480 $478,351 $403,514 Expenses: General and administrative ......... 3,354 3,652 3,354 Operations ......................... 157,394 163,393 151,997 Depreciation and amortization ...... 57,697 84,728 58,195 Interest ........................... 115,275 147,731 143,254 333,720 399,504 356,800 Net income (loss) .................... $ 38,760 $ 78,847 $ 46,714 Comparison of Operating Results for the Six Months Ended June 30, 1995 and 1994: General and administrative expenses increased 15% due to increased legal expense and printing and mailing expense. Operating expenses increased 18% as a result of increases in repairs and maintenance, salaries and wages, and advertising and promotion. Thus far in 1995, the Partnership has made the following cash distributions to its Partners: Feb. 15 May 15 Total Limited Partners $137,789 $121,579 $259,368 General Partners 7,252 6,399 13,651 -------- ----------- ----------- $145,041 $127,978 $273,019 ======= ======== ======== PART II-OTHER INFORMATION ITEM 1. Legal Proceedings Response: None ITEM 2. Changes in Securities Response: None ITEM 3. Defaults Upon Senior Securities Response: None ITEM 4. Submission of Matters to a Vote of Security Holders Response: None ITEM 5. Other Information Response: None ITEM 6. Exhibits and Reports on Form 8-K Response: None 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. BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (Partnership) BY: BERRY AND BOYLE MANAGEMENT A General Partner BY: BERRY AND BOYLE INC. A General Partner By: _________________________________ James E. Glynn, Treasurer Date: August 9, 1995