-----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, FoJHbSKkpHzvq08imYnba+cR/NBUfC6VhUahQg8HXyytZUDpxl5JWx+L//ewYWxk +8U8YTTYjn8PQmqPGMlnLg== 0000726995-96-000001.txt : 19960124 0000726995-96-000001.hdr.sgml : 19960124 ACCESSION NUMBER: 0000726995-96-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19960123 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: 96506307 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 SEPT 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 September 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 September 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 (4,319,404) (4,046,690) 14,578,938 14,845,512 Cash and cash equivalents (Notes 2 and 4) 563,137 195,407 Short-term investments (Note 2) 985,896 1,393,930 Real estate tax escrows 60,584 51,805 Deposits and prepaid expenses 1,693 3,368 Deferred expenses, net of accumulated amortization of $116,692 and $97,242 (Note 2) 68,076 97,249 Total assets $16,258,324 $16,587,271 LIABILITIES AND PARTNERS' EQUITY Mortgage notes payable (Note 6) 8,727,235 8,818,891 Accounts payable and accrued expenses 197,168 170,673 Due to affiliates (Note 8) 2,665 10,190 Rents received in advance 81 13,997 Tenant security deposits 60,210 62,760 Total 8,987,359 9,076,511 liabilities Partners' equity (Note 7) 7,270,965 7,510,760 Total liabilities and partners' equity $16,258,324 $16,587,271 BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (a California Limited Partnership) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) --------------- Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Revenue: Rental income $658,066 $634,256 $1,951,880 $1,858,954 Interest income 20,616 13,821 64,453 39,332 Other income 28,349 16,224 78,443 44,858 Total revenue 707,031 664,301 2,094,776 1,943,144 Expenses: General and administrative (Note 8) 44,446 34,890 140,071 117,577 Operations 333,770 272,239 891,176 745,023 Depreciation and amortization 100,627 100,308 301,886 300,928 Interest 199,448 203,173 600,441 609,433 Total expenses 678,291 610,610 1,933,574 1,772,961 Net income (loss) $28,740 $53,691 $161,202 $170,183 Net income (loss) allocated to: General Partners $1,437 $2,685 $8,060 $8,509 Per unit of Investor Limited Partner interest: 32,421 units issued 0.84 1.57 4.72 4.99 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 (20,050) (380,947) (400,997) Net income 8,060 153,142 161,202 Balance at September 30, 1995 ($171,137) $7,442,102 $7,270,965 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) ------------- Nine Months Ended September 30, 1995 1994 Cash flows from operating activities: Interest received $42,107 $34,072 Cash received from rents 1,935,414 1,836,398 Cash received from other income 78,443 44,858 Administrative expenses (156,938) (126,623) Rental operations expenses (863,768) (745,009) Interest paid (600,790) (608,752) Net cash provided by operating activities 434,468 434,944 Cash flows from investing activities: Purchase of fixed assets (6,140) - Cash (paid for) received from short-term investments 430,380 15,904 Net cash provided (used) by investing activities 424,240 15,904 Cash flows from financing activities: Distributions to partners (400,997) (477,784) Deposits and prepaid expenses 1,675 (95) Principal payments on mortgage notes payable (91,656) (83,667) Net cash provided (used) by financing activities (490,978) (561,546) Net increase (decrease) in cash and cash equivalents 367,730 (110,698) Cash and cash equivalents at beginning of period 195,407 201,157 Cash and cash equivalents at end of period $563,137 $90,459 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: Nine Months Ended September 30, 1995 1994 Net income (loss) $161,202 $170,183 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 301,886 300,928 Change in assets and liabilities net of effects from investing and financing activities: Decrease (increase) in real estate tax escrows (8,779) (24,505) Decrease (increase) in accounts and interest receivable (22,346) (12,800) Increase (decrease) in accounts payable and accrued expenses 26,496 16,316 Increase (decrease) in due to affiliates (7,525) (161) Increase (decrease) in rent received in advance (13,916) (9,551) Increase (decrease) in tenant security deposits (2,550) (5,466) Net cash provided by operating activities $434,468 $434,944
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES (A California Limited Partnership) AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ---------- 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 September 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 nine months ended September 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. Property, at cost, consisted of the following at September 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 September 30, 1995 and 1994 and accumulated depreciation at September 30, 1995 and December 31, 1994 consisted of the following: Accumulated Depreciation Depreciation Expense Sept. 30, Dec. 31, 1995 1994 1995 1994 Buildings and improvements $263,771 $263,772 3,200,190 $2,936,419 Equipment, furnishings and fixtures 8,943 7,984 1,119,214 1,110,271 $272,714 $271,756 $4,319,404 $4,046,690 Each of the properties is encumbered by a nonrecourse mortgage note payable (see Note 6). 3. Property (Continued) Property, at cost, consisted of the following at September 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 $1,354,083 Autumn Ridge, a 96-unit residential rental complex located in Colorado Springs, Colorado 1,242,061 6,063,055 384,601 7,689,717 1,757,793 Villa Antigua, an 88-unit residential rental complex located in Scottsdale, Arizona 1,612,908 3,980,963 400,519 5,994,390 1,207,528 $3,677,028 $14,067,756 $1,153,558 $18,898,342 $4,319,404
4. Cash and Cash Equivalents: Cash and cash equivalents at September 30, 1995 and December 31, 1994 consisted of the following: September 30, December 31 1995 1994 Cash on hand ............................. $ 73,924 $ 19,992 Money market accounts .................... 489,214 175,415 $563,137 $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 September 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 September 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 September 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 September 30, 1995 and December 31, 1994 which consisted of the following: September 30, December 31, 1995 1994 Villas at Sin Vacas .................... $2,476,323 $2,502,323 Autumn Ridge ........................... 3,173,540 3,206,886 Villa Antigua .......................... 3,077,372 3,109,682 $8,727,235 $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 September 30, 1995 and December 31, 1994 consisted of the following: September 30, December 31, 1995 1994 Villas at Sin Vacas ........................ $ 9,415 $ 9,514 Autumn Ridge ............................... 12,066 12,193 Villa Antigua .............................. 11,700 11,823 $33,181 $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 September 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 $2,665 and $10,190, respectively. For the nine months ended September 30, 1995 and 1994, general and administrative expenses included $52,411 and $49,397, 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 nine months ended September 30, 1995 and 1994, $63,858 and $58,616, 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 nine months ended September 30, 1995 and 1994, $37,613 and $36,159, respectively, of property management fees were paid or accrued to Residential Services. -16- 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 September 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 $40,304. This decrease resulted primarily from cash provided by operations of 434,468, offset by distributions to partners of $400,997 and $91,656 of principal payments on mortgage notes payable. Property Status Villas at Sin Vacas As of September 30, 1995, the property was 83% occupied, compared to 92% approximately one year ago. At September 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 September 30, 1995, the property was 95% occupied, compared to 92% approximately one year ago. At September 30, 1995 and 1994, the market rents for the various unit types were as follows: Unit Type 1995 1994 One bedroom one bath ....................... $ 890 $ 890 Two bedroom two bath ....................... 1,099 1,099 Villa Antigua As of September 30, 1995, the property was 95% occupied, compared to 97% approximately one year ago. At September 30, 1995 and 1994, the market rents for the various unit types were as follows: Unit Type 1995 1994 One bedroom one bath ......................... $ 735 $ 695 Two bedroom two bath ......................... 953 923 Three bedroom two bath ....................... 1,070 970 Results of Operations For the three months ended September 30, 1995, the Partnership recognized interest income earned on short term investments of $20,048 and administrative expenses of $39,046, as well as its share of the income or losses allocated from the Joint Ventures as follows: Sin Autumn Villa Vacas Ridge Antigua Revenue ............................. $ 182,035 $ 271,004 $ 233,944 Expenses: General and administrative ........ 1,800 1,800 1,800 Operations ........................ 111,724 142,003 80,043 Depreciation and amortization ..... 28,958 42,529 29,140 Interest .......................... 56,593 72,526 70,329 199,075 258,858 181,312 Net income (loss) ................... ($ 17,040) $ 12,146 $ 52,632 For the three months ended September 30, 1994, the Partnership recognized interest income earned on short term investments of $13,365 and administrative expenses of $29,859, as well as its share of the income or losses allocated from the Joint Ventures as follows: Sin Autumn Villa Vacas Ridge Antigua Revenue .............................. $192,298 $247,107 $211,531 Expenses: General and administrative ......... 1,677 1,677 1,677 Operations ......................... 102,747 89,783 79,709 Depreciation and amortization ...... 28,847 42,365 29,096 Interest ........................... 57,366 74,517 71,290 190,637 208,342 181,772 Net income (loss) .................... $ 1,661 $ 38,765 $ 29,759 For the nine months ended September 30, 1995, the Partnership recognized interest income earned on short term investments of $62,751 and administrative expenses of $123,975, 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 ........................ $576,112 $754,499 $701,414 Expenses: General and administrative ......... 5,400 5,296 5,400 Operations ......................... 294,140 352,121 244,915 Depreciation and amortization ...... 86,874 127,589 87,423 Interest ........................... 170,373 218,342 211,726 556,787 703,348 549,464 Net income (loss) .................... $ 19,325 $ 51,151 $151,950 For the nine months ended September 30, 1994, the Partnership recognized interest income earned on short term investments of $37,863 and administrative expenses of $102,186, 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 ........................ $564,778 $725,458 $615,045 Expenses: General and administrative ......... 5,031 5,329 5,031 Operations ......................... 260,141 253,177 231,705 Depreciation and amortization ...... 86,544 127,093 87,291 Interest ........................... 172,641 222,248 214,544 524,357 607,847 538,571 Net income (loss) .................... $ 40,421 $117,611 $ 76,474 Comparison of Operating Results for the Nine Months Ended September 30, 1995 and 1994: Interest income increased 66% as a result of higher interest rates on the Partnership's short term investments. General and administrative expenses increased 19% due to increased legal expense and printing and mailing expense. Operating expenses increased 20% 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 Aug 15 Total Limited Partners ....... $137,789 $121,579 $121,579 $380,947 General Partners ....... 7,252 6,399 6,399 20,050 $145,041 $127,978 $127,978 $400,997 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: ____________, 1995 EX-27 2 FDS FOR 9/30/95 10-Q
5 9-mos Dec-31-1994 Sep-30-1995 563,137 985,896 0 0 0 0 18,898,342 4,319,404 16,258,324 0 0 0 0 0 7,270,965 16,258,324 0 2,094,776 0 0 1,333,133 0 600,441 0 0 0 0 0 0 161,202 0.000 0.000
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