-----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, Kwg0BPIHf13UK6iZk8hwAVEHqV6p1KD5+tFLexhqaeymcg4xVa0fcP5syRTf2EtO mXk/ZlSKliJAFltgeTz7kw== 0000810587-97-000023.txt : 19970520 0000810587-97-000023.hdr.sgml : 19970520 ACCESSION NUMBER: 0000810587-97-000023 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRAUVIN REAL ESTATE FUND LP 4 CENTRAL INDEX KEY: 0000736908 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 363304339 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-13402 FILM NUMBER: 97609807 BUSINESS ADDRESS: STREET 1: 150 S WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3124430922 MAIL ADDRESS: STREET 1: 150 S WACKER DR STREET 2: SUITE 3200 CITY: CHICAGO STATE: IL ZIP: 60606 10QSB 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB [X] QUARTERLY Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 1997 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 0-13402 Brauvin Real Estate Fund L.P. 4 (Name of small business issuer as specified in its charter) Delaware 36-3304339 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 150 South Wacker Drive, Chicago, Illinois 60606 (Address of principal executive offices) (Zip Code) (312) 443-0922 (Issuer's telephone number) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered None None Securities registered pursuant to Section 12(g) of the Act: Limited Partnership Interests (Title of class) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . INDEX PART I Page Item 1. Consolidated Financial Statements. . . . . . . . . . . . . . 3 Consolidated Balance Sheet at March 31, 1997 . . . . . . . . 4 Consolidated Statements of Operations for the three months ended March 31, 1997 and 1996 . . . . . . . . 5 Consolidated Statements of Cash Flows for the three months ended March 31, 1997 and 1996 . . . . . . . . 6 Notes to Consolidated Financial Statements . . . . . . . . . 7 Item 2. Managements Discussion and Analysis or Plan of Operation . . . . . . . . . . . . . . . . . . . .15 PART II Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . .18 Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . . .18 Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . . .18 Item 4. Submission of Matters to Vote of Security Holders. . . . . . . . . . . . . . . . . . . . . . . . . . .18 Item 5. Other Information. . . . . . . . . . . . . . . . . . . . . .18 Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . .18 Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 PART I - FINANCIAL INFORMATION ITEM 1. Consolidated Financial Statements The following Consolidated Balance Sheet as of March 31, 1997, Consolidated Statements of Operations for the three months ended March 31, 1997 and 1996 and Consolidated Statements of Cash Flows for the three months ended March 31, 1997 and 1996 for Brauvin Real Estate Fund L.P. 4 (the "Partnership") are unaudited but reflect, in the opinion of the management, all adjustments necessary to present fairly the information required. All such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Partnership's 1996 Annual Report on Form 10-KSB. BRAUVIN REAL ESTATE FUND L.P. 4 (a Delaware limited partnership) CONSOLIDATED BALANCE SHEET (Unaudited) March 31, 1997 ASSETS Investment in real estate: Land $ 4,035,301 Buildings and improvements 15,698,735 19,734,036 Less accumulated depreciation (4,972,304) Net investment in real estate 14,761,732 Investment in Sabal Palm Joint Venture (Note 5) 987,818 Cash and cash equivalents 904,222 Rent receivable (net of allowance of $21,870) 136,835 Escrow deposits 23,677 Other assets 27,493 Total Assets $ 16,841,777 LIABILITIES AND PARTNERS' CAPITAL LIABILITIES: Mortgage notes payable (Note 3) $ 11,614,041 Accounts payable and accrued expenses 218,595 Tenant security deposits 49,060 Due to affiliates 22,753 Total Liabilities 11,904,449 MINORITY INTEREST IN STRAWBERRY JOINT VENTURE 569,618 PARTNERS' CAPITAL: General Partners (16,526) Limited Partners (9,550 limited partnership units issued and outstanding) 4,384,236 Total Partners' Capital 4,367,710 Total Liabilities and Partners' Capital $ 16,841,777 See accompanying notes to consolidated financial statements. BRAUVIN REAL ESTATE FUND L.P. 4 (a Delaware limited partnership) CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31, 1997 and 1996 (Unaudited) 1997 1996 INCOME Rental $ 443,855 $ 474,422 Interest 8,445 8,336 Other, primarily tenant expense reimbursements 85,247 73,226 Total income 537,547 555,984 EXPENSES Interest 240,599 248,718 Depreciation 111,948 110,358 Real estate taxes 66,174 70,500 Repairs and maintenance 8,484 7,428 Management fees 32,666 37,728 Other property operating 25,006 29,683 General and administrative 81,853 67,823 Total expenses 566,730 572,238 Loss before minority and equity interests in joint ventures (29,183) (16,254) Minority interest's share of Strawberry Joint Venture's net loss 7,532 11,868 Equity interest in Sabal Palm Joint Venture's net income 44,510 59,829 Net income $ 22,859 $ 55,443 Net income allocated to: General Partners $ 229 $ 554 Limited Partners $ 22,630 $ 54,889 Net income per Limited Partnership Interest (9,550 units outstanding) $ 2.37 $ 5.75 See accompanying notes to consolidated financial statements. BRAUVIN REAL ESTATE FUND L.P. 4 (a Delaware limited partnership) CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months March 31, 1997 and 1996 (Unaudited) 1997 1996 Cash Flows From Operating Activities: Net income $ 22,859 $ 55,443 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 111,948 110,358 Provision for doubtful accounts 15,246 18,859 Minority interest's share of Strawberry Joint Venture's net loss (7,532) (11,868) Equity interest in Sabal Palm Joint Venture net income (44,510) (59,829) (Increase) decrease in rent receivable (26,251) 87,568 Increase in escrow deposits (14,435) (56,758) Decrease in due from affiliates -- 52,901 Decrease in other assets 4,059 4,403 Increase in accounts payable and accrued expenses 55,564 63,181 Increase in due to affiliates 9,694 -- Increase in tenant security deposits 263 2,573 Net cash provided by operating activities 126,905 266,831 Cash Flows From Investing Activities: Capital expenditures (5,405) (3,975) Distribution from Sabal Palm Joint Venture 13,160 70,500 Net cash provided by investing activities 7,755 66,525 Cash Flows From Financing Activities: Repayment of mortgage notes payable (75,036) (72,722) Cash used in financing activities (75,036) (72,722) Net increase in cash and cash equivalents 59,624 260,634 Cash and cash equivalents at beginning of year 844,598 508,304 Cash and cash equivalents at end of period $ 904,222 $ 768,938 Supplemental disclosure of cash flow information: Cash paid for interest $ 238,918 $ 243,509 See accompanying notes to consolidated financial statements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Brauvin Real Estate Fund L.P. 4 (the "Partnership") is a Delaware limited partnership organized for the purpose of acquiring, operating, holding for investment and disposing of existing office buildings, medical office centers, shopping centers and industrial and retail commercial buildings of a general purpose nature, all in metropolitan areas. The General Partners of the Partnership are Brauvin Ventures, Inc., Jerome J. Brault and Cezar M. Froelich. Brauvin Ventures, Inc. is owned by A.G.E. Realty Corporation Inc.(50%), and by Messrs. Jerome J. Brault (beneficially) (25%) and Cezar M. Froelich (25%). A. G. Edwards & Sons, Inc. and Brauvin Securities, Inc., affiliates of the General Partners, were the selling agents of the Partnership. The Partnership is managed by an affiliate of the General Partners. The Partnership was formed on April 30, 1984 and filed a Registration Statement on Form S-11 with the Securities and Exchange Commission which became effective on February 16, 1984. The sale of the minimum of $1,200,000 of limited partnership interests of the Partnership (the "Units") necessary for the Partnership to commence operations was achieved on April 30, 1984. The Partnership's offering closed on December 31, 1984. A total of $9,550,000 of Units were subscribed for and issued between February 16, 1984 and December 31, 1984 pursuant to the Partnership's public offering. The Partnership has acquired directly or through joint ventures the land and buildings underlying Fortune Professional Building, Raleigh Springs Marketplace, Strawberry Fields Shopping Center and Sabal Palm Shopping Center. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 1997 are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-KSB for the year ended December 31, 1996. Management's Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Method The accompanying consolidated financial statements have been prepared using the accrual method of accounting. Rental Income Rental income is recognized on a straight line basis over the life of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are credited or charged, as applicable, to deferred rent receivable. Federal Income Taxes Under the provisions of the Internal Revenue Code, the Partnership's income and losses are reportable by the partners on their respective income tax returns. Accordingly, no provision is made for Federal income taxes in the financial statements. Consolidation of Joint Venture Partnership The Partnership owns a 58% equity interest in an affiliated joint venture ("Strawberry Joint Venture") which acquired Strawberry Fields Shopping Center ("Strawberry Fields"). The accompanying consolidated financial statements have consolidated 100% of the assets, liabilities, operations and partners' capital of Strawberry Joint Venture. In 1994 the Partnership and its joint venture partner Brauvin Real Estate Fund L.P. 5 ("BREF 5") contributed cash to Strawberry Joint Venture to cover cash flow operating deficiencies. The minority interest in the consolidated joint venture is adjusted for the joint venture partner's share of income or loss and any cash contributions or cash disbursements from the joint venture partner. All intercompany items and transactions have been eliminated. Investment in Joint Venture Partnership The Partnership owns a 47% equity interest in a Sabal Palm Joint Venture (see Note 5). Sabal Palm is reported as an investment in an affiliated joint venture. The accompanying financial statements include the investment in Sabal Palm Joint Venture using the equity method of accounting. Investment in Real Estate The Partnership's rental properties are stated at cost including acquisition costs, leasing commissions, tenant improvements and net of provision for impairment. Depreciation and amortization are recorded on a straight-line basis over the estimated economic lives of the properties, which approximate 38 years, and the term of the applicable leases, respectively. All of the Partnership's properties are subject to liens under first mortgages (See Note 3). In 1995, the Partnership adopted Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" (SFAS 121). In conjunction with the adoption of SFAS 121, the Partnership performed an analysis of its long-lived assets, and the Partnership's management determined that there were no events or changes in circumstances that indicated that the carrying amount of the assets may not be recoverable at March 31, 1997. Accordingly, no impairment loss has been recorded in the accompanying financial statements for the period ended March 31, 1997 and 1996. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid debt instruments with an original maturity within three months from date of purchase. Estimated Fair Value of Financial Instruments Disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, "Disclosure About Fair Value of Financial Instruments". The estimated fair value amounts have been determined by using available market information and appropriate valuation methodologies. However, considerable judgement is necessarily required in interpreting market data to develop estimates of fair value. The fair value estimates presented herein are based on information available to management as of March 31, 1997, but may not necessarily be indicative of the amounts that the Partnership could realize in a current market exchange. The use of different assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and current estimates of fair value may differ significantly from amounts presented herein. The carrying amounts of the following items are reasonable estimates of fair value: cash and cash equivalents; escrow deposits; accounts payable and accrued expenses; and due to affiliates. Reclassifications Certain reclassifications have been made to the consolidated 1996 financial statements to conform to classifications adopted in 1997. (2) PARTNERSHIP AGREEMENT The Partnership Agreement (the "Agreement") provides that 99% of the net profits and losses from operations of the Partnership for each fiscal year shall be allocated to the Limited Partners and 1% of net profits and losses from operations shall be allocated to the General Partners. The net profit of the Partnership from the sale or other disposition of a Partnership property shall be allocated as follows: first, there shall be allocated to the General Partners the greater of: (i) 1% of such net profits; or (ii) the amount distributable to the General Partners as Net Sale Proceeds from such sale or other disposition in accordance with paragraph 2, SECTION K of the Agreement; and second, all remaining profits shall be allocated to the Limited Partners. The net loss of the Partnership from any sale or other disposition of a Partnership property shall be allocated as follows: 99% of such net loss shall be allocated to the Limited Partners and 1% of such net loss shall be allocated to the General Partners. The Agreement provides that distributions of Operating Cash Flow, as defined in the Agreement, shall be distributed 99% to the Limited Partners and 1% to the General Partners. The receipt by the General Partners of such 1% of Operating Cash Flow shall be subordinated to the receipt by the Limited Partners of Operating Cash Flow equal to a 10% per annum, cumulative, non-compounded return on Adjusted Investment (the "Preferential Distribution"), as such term is defined in the Agreement. In the event the full Preferential Distribution is not made in any year (herein referred to as a "Preferential Distribution Deficiency") and Operating Cash Flow is available in following years in excess of the Preferential Distribution for said year, then the Limited Partners shall be paid such excess Operating Cash Flow until they have been paid any unpaid Preferential Distribution Deficiency from prior years. Net Sale Proceeds, as defined in the Agreement, received by the Partnership shall be distributed as follows: (a) first, to the Limited Partners until such time as the Limited Partners have been paid an amount equal to the amount of their Adjusted Investment; (b) second, to the Limited Partners until such time as the Limited Partners have been paid an amount equal to any unpaid Preferential Distribution Deficiency; and (c) third, 85% of any remaining Net Sale Proceeds to the Limited Partners, and the remaining 15% of the Net Sale Proceeds to the General Partners. (3) MORTGAGE NOTES PAYABLE Mortgage notes payable at March 31, 1997 consist of the following: Interest Date 1997 Rate Due Raleigh Springs Marketplace $ 4,896,925 (a)10.0% 10/99 Fortune Professional Building 953,499 (b)3.0% 07/97 Strawberry Fields Shopping Center 5,763,617 (c)7.5% 12/98 $11,614,041 (a) Monthly principal and interest payments are based on a 25-year amortization schedule. (b) The Partnership has made or will make monthly payments of interest and principal payments based upon a: (i) 25-year amortization schedule plus 100% of Available Cash Flow from July 1, 1992 through June 1, 1993; and (ii) 15-year amortization schedule plus 50% of Available Cash Flow from July 1, 1993 through July 1, 1997. The lender has the option to accelerate the loan maturity July 1 of each year, if the property is not: (i) in good condition and repair; (ii) occupied at a rate that is equal to the prevailing occupancy rate for similar properties in the same locale; and (iii) leased at rental rates which are at least 90% of the prevailing rate for similar properties in the same locale. The property currently meets these standards. (c) In February 1993, the Partnership and Strawberry Joint Venture, finalized a refinancing of the first mortgage loan (the "Refinancing") on Strawberry Fields with the lender. The Refinancing became effective retroactive to October 1992. Due to the Refinancing, the interest rate was reduced to 9% with monthly payments of interest only from October 1992 through November 1995. The Strawberry Joint Venture has the option to extend the term of the loan and make monthly payments of principal and interest from December 1995 through November 1998, if it is not in default of the terms of the Refinancing. On September 18, 1995, the Strawberry Joint Venture notified Lutheran Brotherhood (the "Strawberry Lender") that it would exercise its option to extend the term of the Strawberry Fields loan from the original maturity of November 1, 1995 to December 1, 1998. The terms of the extension called for all provisions of the loan to remain the same except for an additional monthly principal payment of $12,500. Effective November 1, 1995, the Strawberry Joint Venture and the Strawberry Lender agreed to modify the loan by reducing the interest rate to 7.5% for November 1, 1995 through October 31, 1997 and by reducing the monthly principal payment to $12,000. From November 1, 1997 through the maturity date, December 1, 1998, the interest rate will revert to the original 9.0% rate. (4) TRANSACTIONS WITH AFFILIATES Fees and other expenses paid to the General Partners or their affiliates for the three months ended March 31, 1997 and 1996 were as follows: 1997 1996 Management fees $ 19,704 $35,856 Reimbursable office expenses 26,394 26,250 Legal fees 157 14 The Partnership believes the amounts paid to affiliates are representative of amounts which would have been paid to independent parties for similar services. The Partnership had made all payments to affiliates, except for $7,179 for legal services, $10,661 for Management fees and $4,913 was due to an affiliate at March 31, 1997, representing an advance made from Brauvin Real Estate Fund 5. (5) EQUITY INVESTMENT The Partnership owns a 47% interest in Sabal Palm Joint Venture ("Sabal Palm") and accounts for its investment under the equity method. The following are condensed financial statements for Sabal Palm Joint Venture: March 31, 1997 Land, building and personal property, net $4,949,025 Other assets 429,590 $5,378,615 Mortgage note payable $3,200,000 Other liabilities 73,205 3,273,205 Partners' capital 2,105,410 $5,378,615 Three months ended March 31, 1997 1996 Rental income $246,146 $295,924 Other income 25,968 777 272,114 296,701 Mortgage and other interest 77,612 75,076 Depreciation 33,822 33,573 Operating and administrative expenses 65,979 60,757 177,413 169,406 Net income $ 94,701 $127,295 ITEM 2. Management's Discussion and Analysis or Plan of Operation. General Certain statements in this Quarterly Report that are not historical fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Discussions containing forward-looking statements may be found in this section. Without limiting the foregoing, words such as "anticipates," "expects," "intends," "plans" and similar expressions are intended to identify forward-looking statements. These statements are subject to a number of risks and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. The Partnership undertakes no obligation to update these forward-looking statements to reflect future events or circumstances. Liquidity and Capital Resources The Partnership intends to satisfy its short-term liquidity needs through cash flow from the properties. Long-term liquidity needs are expected to be satisfied through modification of the mortgages at more favorable interest rates. The occupancy level at Fortune at March 31, 1997 was 93%, compared to 82% at December 31, 1996 and 93% at March 31, 1996. The Partnership is continuing to work to improve the occupancy level of Fortune. Fortune operated at a positive cash flow for the three months ended March 31, 1997. The occupancy level at Raleigh at March 31, 1997 was 78% compared to 80% at December 31, 1996 and 72% at March 31, 1996. Raleigh operated at a positive cash flow for the three months ended March 31, 1997. The occupancy level at Strawberry Fields at March 31, 1997 was 88% compared to 87% at December 31, 1996 and 83% at March 31, 1996. Strawberry Fields operated at a positive cash flow for the three months ended March 31, 1997. At Sabal Palm, the Partnership and its joint venture partner are continuing to work to improve the occupancy level, which stood at 92% at March 31, 1997, compared to 99% at December 31, 1996 and March 31, 1996. Although the Sabal Palm retail market appears to be overbuilt, the property has operated at a positive cash flow since its acquisition in 1986. Sabal Palm was required to make a balloon mortgage payment in February 1997. Prior to the scheduled maturity of the First Mortgage Loan, the lender granted Sabal Palm an extension until April 1, 1997. On March 31, 1997, Sabal Palm obtained a first mortgage loan in the amount of $3,200,000 (the "First Mortgage Loan") secured by its real estate, from NationsBanc Mortgage Capital Corporation. The First Mortgage Loan bears interest at the rate of 8.93% per annum, is amortized over a 25-year period, requires monthly payments of principal and interest of approximately $26,700 and matures on March 26, 2002. A portion of the proceeds of the First Mortgage Loan, approximately $3,077,000 were used to retire Sabal Palm's existing mortgage from Lincoln National Pension Insurance Company. The General Partners of the Partnership expect to distribute proceeds from operations, if any, and from the sale of real estate, to Limited Partners in a manner that is consistent with the investment objectives of the Partnership. Management of the Partnership believes that cash needs may arise from time to time which will have the effect of reducing distributions to Limited Partners to amounts less than would be available from refinancings or sale proceeds. These cash needs include, among other things, maintenance of working capital reserves in compliance with the partnership agreement as well as payments for major repairs, tenant improvements and leasing commissions in support of real estate operations. Results of Operations - Three Months Ended March 31, 1997 and 1996 (Amounts rounded to 000's) The Partnership generated net income of $23,000 for the three months ended March 31, 1997 as compared to net income of $55,000 for the same three month period in 1996. The $32,000 decrease in net income resulted primarily from a $18,000 decrease in total income and a $15,000 decrease in the share of Sabal Palm's net income. Total income for the three months ended March 31, 1997 was $538,000 as compared to $556,000 for the same three month period in 1996, a decrease of $18,000. The $18,000 decrease resulted primarily from a decrease in rental income at Raleigh Springs caused by T.J. Maxx vacating its space in January 1996. Although T.J. Maxx vacated its space in January 1996 they continued to pay rent until March 31, 1996, honoring their lease. For the three months ended March 31, 1997 total expenses were $567,000 as compared to $572,000 for the same three month period in 1996. General and administrative expenses were $82,000 in 1997 as compared to $68,000 for the same three month period in 1996, an increase of $14,000. This increase was caused primarily by transitional expenses associated with the change in auditors at the end of 1996. PART II - OTHER INFORMATION ITEM 1. Legal Proceedings. None. ITEM 2. Changes in Securities. None. ITEM 3. Defaults Upon Senior Securities. None. ITEM 4. Submission of Matters to a Vote of Security Holders. None. ITEM 5. Other Information. None. ITEM 6. Exhibits and Reports On Form 8-K. Exhibit 27. Financial Data Schedule. SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BY: Brauvin Ventures, Inc. Corporate General Partner of Brauvin Real Estate Fund L.P. 4 BY: /s/ Jerome J. Brault Jerome J. Brault Chairman of the Board of Directors and President DATE: MAY 14, 1997 BY: /s/ B. Allen Aynessazian B. Allen Aynessazian Chief Financial Officer and Treasurer DATE: May 14, 1997 EX-27 2
5 3-MOS MAR-31-1997 MAR-31-1997 904,222 987,818 136,835 0 0 0 19,734,036 4,972,304 16,841,777 236,435 11,614,041 0 0 4,367,710 0 16,841,777 0 537,547 0 326,131 (52,042) 0 240,599 0 0 0 0 0 0 22,859 0 0 "SECURITIES" REPRESENTS INVESTMENT IN JOINT VENTURE "PP&E" REPRESENTS INVESTMENT IN REAL ESTATE [LAND AND BUILDING] "BONDS" REPRESENTS MORTGAGES PAYABLE "COMMON" REPRESENTS TOTAL PARTNERS' CAPITAL "TOTAL REVENUES" REPRESENTS RENTAL, INTEREST, AND OTHER INCOME "TOTAL COSTS" REPRESENTS TOTAL EXPENSES LESS INTEREST EXPENSE "OTHER EXPENSES" REPRESENTS EQUITY AND MINORITY INTEREST IN JOINT VENTURES' NET INCOME/LOSS
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