-----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, H+geqRjWdi092YlrOKQA14Aw7F35+6QNpe5XCZkYAQB5Fe3/hDZh5YhljomLw52E YUQ2Y5P0/gliDPOUSR1fUA== /in/edgar/work/20000809/0000913906-00-000032/0000913906-00-000032.txt : 20000921 0000913906-00-000032.hdr.sgml : 20000921 ACCESSION NUMBER: 0000913906-00-000032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FJS PROPERTIES FUND I LP CENTRAL INDEX KEY: 0000756435 STANDARD INDUSTRIAL CLASSIFICATION: [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: 689058 BUSINESS ADDRESS: STREET 1: 264 ROUTE 537 EAST CITY: COLTS NECK STATE: NJ ZIP: 07722 BUSINESS PHONE: 7325429209 10-Q 1 0001.txt 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 June 30, 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 August 5, 2000. FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ INDEX - ------------------------------------------------------------------------------ Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance sheets as of June 30, 2000 [Unaudited] and December 31, 1999.................................... 1 Statement of Operations for the three and six months ended June 30, 2000 and 1999 [Unaudited]....................... 2 Statement of Partners' Capital for the six months ended June 30, 2000 [Unaudited].......................... 3 Statements of Cash Flows for the six months ended June 30, 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 III: OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K......................... 8 Signature......................................................... 9 PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS - ------------------------------------------------------------------------------ FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ BALANCE SHEETS - ------------------------------------------------------------------------------ June 30, December 31, -------- ------------ 2 0 0 0 1 9 9 9 ------- ------- [Unaudited] Assets: Current Assets: Cash and Cash Equivalents $ 297,652 $ 217,906 Cash - Escrow 116,976 119,379 Cash - Security Deposits 139,162 132,748 Other Current Assets 57,064 22,268 ----------- ---------- Total Current Assets 610,854 492,301 ----------- ---------- Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Improvements 2,604,511 2,376,165 ----------- ---------- Totals - At Cost 11,470,440 11,242,094 Less: Accumulated Depreciation (5,244,471) (5,073,750) ------------ ----------- Property Investment - Net 6,225,969 6,168,344 ----------- ---------- Other Assets 166,860 250,216 ----------- ---------- Total Assets $ 7,003,683 $6,910,861 =========== ========== Liabilities and Partners' Capital (Deficit): Current Liabilities: Accounts Payable $ 74,785 $ 108,403 Accrued Interest 37,401 37,740 Other Accrued Expenses 94,918 6,755 Due to Related Party 4,554 16,689 Tenant Security Deposits Payable 139,162 132,748 Mortgage Payable - Current Portion 90,150 85,557 Deferred Income - Current Portion 7,143 7,143 ----------- ---------- Total Current Liabilities 448,113 395,035 ----------- ---------- Long-Term Liabilities: Mortgage Payable - Non-Current Portion 4,513,384 4,559,381 Deferred Income - Non-Current Portion 14,286 17,857 ----------- ---------- Total Long-Term Liabilities 4,527,670 4,577,238 ----------- ---------- Partners' Capital (deficit): General Partner (1,215,580) (1,216,473) Limited Partners 3,243,480 3,155,061 ----------- ---------- Total Partners' Capital (deficit) 2,027,900 1,938,588 ----------- ---------- Total Liabilities and Partners' Capital (deficit) $ 7,003,683 $6,910,861 =========== ========== See Accompanying Notes to These Financial Statements. 1 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF OPERATIONS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended Six months ended June 30, June 30, -------- -------- 2 0 0 0 1 9 9 9 2 0 0 0 1 9 9 9 ------- ------- ------- ------- Revenue: Rental $ 617,048 $ 561,425 $1,198,168 $1,105,308 Interest 2,000 4,371 4,449 9,171 --------- --------- ---------- ---------- Total Revenue 619,048 565,796 1,202,617 1,114,479 --------- --------- ---------- ---------- Expenses: Operating 172,005 199,714 320,897 397,103 General and administrative 198,161 162,446 383,885 320,418 Interest 112,546 114,192 225,598 228,850 Depreciation and amortization 92,923 76,927 182,925 152,267 --------- --------- ---------- ---------- Total Expenses 575,635 553,279 1,113,305 1,098,638 --------- --------- ---------- ---------- Net Income 43,413 12,517 89,312 15,841 ========= ========= ========== ========== Income Per Limited Partnership Unit $ 2.56 $ .74 $ 5.27 $ .94 ========= ========= ========== ========== Distributions Per Limited Partnership Unit. $ 0 $ 2.20 $ 0 $ 4.48 Weighted Average Number of Limited Partnership Units Outstanding 16,788 16,788 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 six months ended June 30, 2000 893 88,419 89,312 ---------- ----------- ---------- Partners' Capital - June 30, 2000 [Unaudited] $(1,215,580) $ 3,243,480 $2,027,900 ============ =========== ========== See Accompanying Notes to These Financial Statements. 3 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF CASH FLOWS [UNAUDITED] - ------------------------------------------------------------------------------ Six months ended June 30, -------- 2 0 0 0 1 9 9 9 ------- ------- Operating activities: Net income $ 89,312 $ 15,841 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 170,721 140,063 Amortization 12,204 12,204 Deferred Income (3,571) (3,571) Changes in Assets and Liabilities: Decrease (Increase) in escrow 2,403 (11,394) (Increase) in security deposits (6,414) (3,196) (Increase) in other current assets (34,796) (25,956) Decrease (increase) in other assets 71,152 (1,542) Increase in accounts payable and accrued expenses 54,206 86,583 (Decrease) in due to related party (12,135) (15,189) Increase in tenant security deposits 6,414 3,196 ----------- ---------- Net Cash Provided by Operating Activities 349,496 197,039 ----------- ---------- Investing Activities: Capital Expenditures (228,346) (104,045) ------------ ----------- Net Cash (used in) Investing Activities (228,346) (104,045) ------------ ----------- Financing Activities: Principal Payments on Mortgages (41,404) (38,183) Cash Distributions to Partners 0 (75,970) ----------- ----------- Net cash (used in) Financing Activities (41,404) (114,153) ------------ ----------- Net increase [decrease] in cash and cash equivalents 79,746 (21,159) Cash and Cash Equivalents - Beginning of Period 217,906 458,782 ----------- ---------- Cash and Cash Equivalents - End of Period $ 297,652 $ 437,623 =========== ========== Supplemental disclosure of cash flow information: Interest paid $ 225,937 $ 229,157 =========== ========== 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 June 30, 2000, the statements of operations for the three and six months ended June 30, 2000 and 1999, the statement of partners' capital for the six months ended June 30, 2000, and the statements of cash flows for the six months ended June 30, 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 June 30, 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. The holder of the first mortgage on the Pavilion Apartments has agreed to the withdrawal of $59,675 from an escrow account held by the first mortgagee. These funds are intended to be utilized for capital improvements at the Pavilion Apartments, in particular, among other items, for roof repairs that are needed at the property. $59,675 was disbursed from the escrow account to the Partnership on May 22, 2000. The Partnership will reestablish the escrow account with payments of $5,000 per month commencing July 2000 and continuing monthly for twelve months. It is anticipated that cash flow from the Pavilion Apartments will be sufficient 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 second quarter of 2000. Physical occupancy stands at 98.7% as of August 4, 2000. There are presently 4 units vacant (including one model apartment), with two of those units rented for August occupancy and one unit available for rental. Rental revenues increased to $617,048 from $561,425, and to $1,198,168 from $1,105,308 for the three and six month periods ended June 30, 2000 as compared to the comparable periods of the prior year. These increases were 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 $172,005 from $199,714 and to $320,897 from $397,103 for the comparable three and six month periods of 2000 and 1999 respectively. The decrease was principally from a reduction in amounts expended on landscaping, water and sewer charges and sanitation expenses, as well as a reduction in real estate taxes as a result of a reduction in the assessed valuation of the project. A reduction in amounts expensed for replacements was offset by an increase in repairs and maintenance at the project. In addition there was a reduction in amounts paid for electric expense during the second quarter of the year, resulting from overpayments during the first quarter of 2000 which were credited to the second quarter expenses. 6 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - ------------------------------------------------------------------------------ During the second quarter of 2000 the following sums were expended on capitalizable replacements. Item Amount spent Stoves/Refrigerators/Dishwashers $ 27,506.90 Carpeting $ 26,947.63 Carpet Machine $ 2,326.70 Tile Replacement $ 19,581.33 Roofs $ 19,500.00 Sewer Line Replacement $ 3,948.93 Misc. Interior Improvements $ 18,606.73 ------------ Total: $ 118,418.22 ============ General and administrative expenses increased to $198,161 and $383,885 as compared to $162,446 and $320,418 for the comparable three and six month periods of the prior year respectively. This reflects increases in court costs and eviction expenses as well as real estate commissions for tenant referrals and security expenses, as well as increases in professional fees incurred. INFLATION As of the present date, inflation has not had a major impact on the operations of the Partnership. 7 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. 8 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: August 7, 2000 By: /s/ Andrew C. Alson ---------------------------------- Andrew C. Alson (President and Chief Financial Officer) FJS Properties, Inc. General Partner 9 EX-27 2 0002.txt 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. 6-Mos Dec-31-2000 Jun-30-2000 297,652 0 0 0 0 610,854 11,470,440 5,244,471 7,003,683 448,113 0 0 0 0 2,027,900 7,003,683 0 1,202,617 0 1,113,305 0 0 0 89,312 0 89,312 0 0 0 89,312 5.27 5.27
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