-----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, KRT2h7KJ53x+EGxGcsCQ8G1zbAD6D/OEnQN0gWdZd4HfUDp27eYkXG4ifcqOx5T8 IrSTMFgFsVxgZBnEnAAnSA== 0000913906-00-000026.txt : 20000512 0000913906-00-000026.hdr.sgml : 20000512 ACCESSION NUMBER: 0000913906-00-000026 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FJS PROPERTIES FUND I LP CENTRAL INDEX KEY: 0000756435 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 133252067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-15755 FILM NUMBER: 626510 BUSINESS ADDRESS: STREET 1: 264 ROUTE 537 EAST CITY: COLTS NECK STATE: NJ ZIP: 07722 BUSINESS PHONE: 7325429209 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 -------- FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarter ended March 31, 2000 Commission File Number 0-15755 -------------- ------- FJS PROPERTIES FUND I, L.P. --------------------------- (Exact name of registrant as specified in its charter) Delaware 13-3252067 -------- ---------- (State or other jurisdiction of (I.R.S. Employer - incorporation or organization) Identification No.) 264 Route 537 East Colts Neck, NJ 07722 -------------- ----- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (732) 542-9209 -------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities and 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 ----- Authorized 100,000 limited partnership interests of which 16,788 have been sold as of May 5, 2000. FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ INDEX - ------------------------------------------------------------------------------ Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance sheets as of March 31, 2000 [Unaudited] and December 31, 1999.................................... 1 Statement of Operations for the three months ended March 31, 2000 and 1999 [Unaudited]...................... 2 Statement of Partners' Capital for the three months ended March 31, 2000 [Unaudited]......................... 3 Statements of Cash Flows for the three months ended March 31, 2000 and 1999 [Unaudited]...................... 4 Notes to Financial Statements [Unaudited]................ 5 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations................................ 6 Part II: OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K......................... 7 Signature......................................................... 8 PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS - ------------------------------------------------------------------------------ FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ BALANCE SHEETS - ------------------------------------------------------------------------------ March 31, December 31, --------- ------------ 2 0 0 0 1 9 9 9 ------- ------- [Unaudited] Assets: Current Assets: Cash and Cash Equivalents $ 254,814 $ 217,906 Cash - Escrow 125,878 119,379 Cash - Security Deposits 149,117 132,748 Other Current Assets 8,934 22,268 ----------- ---------- Total Current Assets 538,743 492,301 ----------- ---------- Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Improvements 2,486,092 2,376,165 ----------- ---------- Totals - At Cost 11,352,021 11,242,094 Less: Accumulated Depreciation (5,157,650) (5,073,750) ------------ ----------- Property Investment - Net 6,194,371 6,168,344 ----------- ---------- Other Assets 232,173 250,216 ----------- ---------- Total Assets $ 6,965,287 $6,910,861 =========== ========== Liabilities and Partners' Capital (Deficit): Current Liabilities: Accounts Payable 90,135 $ 108,403 Accrued Interest 37,573 37,740 Other Accrued Expenses 51,489 6,755 Due to Related Party 4,785 16,689 Tenant Security Deposits Payable 149,117 132,748 Mortgage Payable - Current Portion 87,825 85,557 Deferred Income - Current Portion 7,143 7,143 ----------- ---------- Total Current Liabilities 428,067 395,035 ----------- ---------- Long-Term Liabilities: Mortgage Payable - Non-Current Portion 4,536,662 4,559,381 Deferred Income - Non-Current Portion 16,071 17,857 ----------- ---------- Total Long-Term Liabilities 4,552,733 4,577,238 ----------- ---------- Partners' Capital (deficit): General Partner (1,216,014) (1,216,473) Limited Partners 3,200,501 3,155,061 ----------- ---------- Total Partners' Capital (deficit) 1,984,487 1,938,588 ----------- ---------- Total Liabilities and Partners' Capital (deficit) $ 6,965,287 $6,910,861 =========== ========== See Accompanying Notes to These Financial Statements. 1 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF OPERATIONS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended March 31, --------- 2 0 0 0 1 9 9 9 ------- ------- Revenue: Rental $ 581,120 $ 543,883 Interest 2,449 4,800 ---------- ---------- Total Revenue 583,569 548,683 ---------- ---------- Expenses: Operating 148,891 197,389 General and administrative 185,724 157,972 Interest 113,052 114,658 Depreciation and amortization 90,003 75,340 ---------- ---------- Total expenses 537,670 545,359 ---------- ---------- Net income 45,899 3,324 ========== ========== Income per limited partnership unit $ 2.71 $ .20 ========== ========== Distributions per limited partnership unit. $ 0.00 $ 2.19 ========== ========== Weighted average number of limited partnership units outstanding 16,788 16,788 ---------- ---------- See Accompanying Notes to These Financial Statements. 2 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENT OF PARTNERS' CAPITAL [UNAUDITED] - ------------------------------------------------------------------------------ Total General Limited Partners' Partner Partners Capital Partners' Capital - December 31, 1999 $(1,216,473) $ 3,155,061 $1,938,588 Net Income for the three months ended March 31, 2000 459 45,440 45,899 ---------- ----------- ---------- Partners' Capital - March 31, 2000 [Unaudited] $(1,216,014) $ 3,200,501 $1,984,487 ============ =========== ========== See Accompanying Notes to These Financial Statements. 3 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF CASH FLOWS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended March 31, --------- 2 0 0 0 1 9 9 9 ------- ------- Operating activities: Net income $ 45,899 $ 3,324 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 83,901 69,237 Amortization 6,102 6,102 Deferred Income (1,786) (1,786) Changes in Assets and Liabilities: (Increase) in escrow (6,499) (73,318) (Increase) in security deposits (16,369) (7,549) Decrease in other current assets 13,334 12,573 Decrease (increase) in other assets 11,940 (1,042) Increase in accounts payable and accrued expenses 26,300 44,096 (Decrease) increase in due to related party (11,904) 75 Increase in tenant security deposits 16,369 10,311 ----------- ---------- Total Adjustments 121,388 58,699 ----------- ---------- Net Cash Provided by Operating Activities 167,287 62,023 ----------- ---------- Investing Activities: Capital Expenditures (109,928) (19,242) ------------ ----------- Net Cash (used in) Investing Activities (109,928) (19,242) ------------ ----------- Financing Activities: Principal Payments on Mortgages (20,451) (18,860) Cash Distributions to Partners 0 (37,138) ----------- ----------- Net cash (used in) Financing Activities (20,451) (55,998) ------------- ----------- Net increase [decrease] in cash and cash equivalents 36,908 (13,217) Cash and Cash Equivalents - Beginning of Periods 217,906 458,782 ----------- ---------- Cash and Cash Equivalents - End of Periods $ 254,814 $ 445,565 =========== ========== Supplemental disclosure of cash flow information: Interest paid $ 113,220 $ 114,658 =========== ========== For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. See Accompanying Notes to These Financial Statements. 4 FJS PROPERTIES FUND I, L.P. NOTES TO FINANCIAL STATEMENTS [UNAUDITED] - ------------------------------------------------------------------------------ [A] Significant Accounting Policies Significant accounting policies of FJS Properties Fund I, L.P. are set forth in the Partnership's Form 10-K for the year ended December 31, 1999, as filed with the Securities and Exchange Commission. [B] Basis of Reporting The balance sheet as of March 31, 2000, the statements of operations for the three months ended March 31, 2000 and 1999, the statement of partners' capital for the three months ended March 31, 2000, and the statements of cash flows for the three months ended March 31, 2000 and 1999 have been prepared by the Partnership without audit. The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 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 the managing partner, such statements include all adjustments [consisting only of normal recurring items] which are considered necessary for a fair presentation of the financial position of the Partnership at March 31, 2000, and the results of its operations and cash flows for the three months then ended. It is suggested that these financial statements be read in conjunction with Form S-11 filed with the Securities and Exchange Commission on April 25, 1985 and with the financial statements and notes contained in the Partnership's Form 10- K for the year ended December 31, 1999. 5 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - ------------------------------------------------------------------------------ LIQUIDITY AND CAPITAL RESOURCES As of the present date, the Partnership owns and operates one Property, the Pavilion Apartments, and does not intend to acquire any other property. Cash flow from Pavilion should be sufficient to permit the Partnership to make the constant monthly payments due prior to maturity on the first mortgage and to meet its monthly operating expenses. However, should there be a significant decrease in Pavilion's occupancy or rental rates, there can be no assurance that the Partnership would be able to obtain sufficient funds to make such payments. OPERATIONS The Partnership has operated the Pavilion Apartments, located in West Palm Beach, Florida since January 1985. The project operated with occupancies in the mid-90% range for the first quarter of 2000. Physical occupancy stands at 100% as of April 24, 2000. There are 10 scheduled move-outs in May with 5 of those apartments pre leased for May occupancy. Rental revenues for the three month period ended March 31, 2000, increased to $581,120 as compared to $543,883 for the comparable period of the prior year. This increase was attributable to the increased rental rates enjoyed by the Pavilion Apartments as well as a reduction in vacancies at the project. Operating expenses, consisting mainly of real estate taxes, repairs and maintenance and utilities decreased to $148,891 from $197,389 for the comparable three month periods of 2000 and 1999 respectively. The decrease was principally from a decrease in replacements expense at the project as a result of the increase of capitalizable replacements which have been undertaken at the Pavilion. In addition, there was a reduction in the amounts expended on landscaping and on real estate taxes as a result of a reduction in the assessed valuation of the project. During the first quarter of 2000 the following sums were expended on capitalizable replacements. Item Amount spent Stoves/Refrigerators/Dishwashers $ 25,634.06 Carpeting $ 19,144.36 Security Lighting $ 1,473.61 Tile Replacement $ 22,733.57 Roofs $ 15,975.00 Office Refurbishment $ 2,760.02 Sewer Line Replacement $ 5,083.95 Misc. Interior Improvements $ 17,123.41 ------------ Total: $ 109,927.98 ============ General and administrative expenses increased to $185,724 as compared to $157,972 for the comparable three month period of the prior year. This reflects increases in court costs and eviction expenses as well as real estate commissions for tenant referrals and security expenses. INFLATION As of the present date, inflation has not had a major impact on the operations of the Partnership. 6 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ PART II - OTHER INFORMATION - ------------------------------------------------------------------------------ Item 6. Exhibits and Reports on Form 8-K [a] Exhibits as required by Item 601 of Regulation S-K: None Required [b] Reports on From 8-K: None filed during the quarter for which this report is submitted. 7 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ SIGNATURE - ------------------------------------------------------------------------------ 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. FJS PROPERTIES FUND I, L.P. Date: May 5, 2000 By: /s/ Andrew C. Alson ---------------------------------- Andrew C. Alson (President and Chief Financial Officer) FJS Properties, Inc. General Partner 8 EX-27 2 FDS --
5 This schedule contains summary financial information extracted from the consolidated balance sheet and the consolidated statement of operations and is qualified in its entirety by reference to such schedules. 3-Mos Dec-31-2000 Mar-31-2000 254,814 0 0 0 0 538,743 11,352,021 5,157,650 6,965,287 428,067 0 0 0 0 1,984,487 6,965,287 0 581,120 0 537,670 (2,449) 0 0 45,899 0 45,899 0 0 0 45,899 2.71 2.71
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