-----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, DTUoZ+60rzjzqwM+0w8gKFeosBplFXuKTvPUeDaBExBRBHwCbX9bTl3+nVyVSL3k gjbRozhCP/+KgXkpjsxR2A== 0000913906-96-000030.txt : 19960515 0000913906-96-000030.hdr.sgml : 19960515 ACCESSION NUMBER: 0000913906-96-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NONE 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: 1934 Act SEC FILE NUMBER: 000-15755 FILM NUMBER: 96564173 BUSINESS ADDRESS: STREET 1: 264 ROUTE 537 EAST CITY: COLTSNECK STATE: NJ ZIP: 07722 BUSINESS PHONE: 9085429209 10-Q 1 10Q FILING . 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, 1996 Commission File Number 2-93980 -------------- ------- 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, New Jersey 07722 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (908) 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 10, 1996. FJS PROPERTIES FUND I, L.P. - -------------------------------------------------------------------------------- INDEX - -------------------------------------------------------------------------------- Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance Sheets as of March 31, 1996 [Unaudited] and December 31, 1995 ...................................... 1 Statements of Operations for the three months ended March 31, 1996 and 1995 [Unaudited]......................... 2 Statement of Partners' Capital for the three months ended March 31, 1996 [Unaudited]...... ..................... 3 Statements of Cash Flows for the three months ended March 31, 1996 and 1995 [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 Page............................................ ............ 8 . . . . . . . . PART I - FINANCIAL STATEMENTS Item 1. - -------------------------------------------------------------------------------- FJS PROPERTIES FUND I, L.P. - -------------------------------------------------------------------------------- BALANCE SHEETS ------------------------------------------------------------------------------- March 31, December 31, 1 9 9 6 1 9 9 5 Assets: Current Assets: Cash and Cash Equivalents $ 551,076 $ 542,337 Cash - Escrow 248,775 188,468 Cash - Security Deposits 127,147 122,367 Other Current Assets 101,386 101,040 --------------- --------------- Total Current Assets 1,028,384 954,212 --------------- --------------- Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Building Improvements 1,727,549 1,727,549 --------------- --------------- Totals - At Cost 10,593,478 10,593,478 Less: Accumulated Depreciation (4,074,028) (4,011,823) --------------- --------------- Property Investment - Net 6,519,450 6,581,655 --------------- --------------- Other Assets 214,903 221,005 --------------- --------------- Total Assets $ 7,762,737 $ 7,756,872 =============== =============== Liabilities and Partners' Capital: Current Liabilities: Accounts Payable $ 68,578 $ 63,561 Accounts Payable - Related Party 16,851 25,549 Accrued Interest 39,275 38,947 Other Accrued Expenses 59,729 8,409 Tenant Security Deposits 127,147 122,367 Mortgage Payable - Current Portion 59,444 58,019 --------------- --------------- Total Current Liabilities 371,024 316,852 --------------- --------------- Long-Term Liability: Mortgage Payable - Non-Current Portion 4,841,562 4,856,967 --------------- --------------- Partners' Capital: General Partner (1,210,358) (1,210,028) Limited Partners 3,760,509 3,793,081 --------------- --------------- Total Partners' Capital 2,550,151 2,583,053 --------------- --------------- Total Liabilities and Partners' Capital $ 7,762,737 $ 7,756,872 =============== =============== See Accompanying Notes to Financial Statements. 1
FJS PROPERTIES FUND I, L.P. - -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS [UNAUDITED] - -------------------------------------------------------------------------------- Three months ended March 31, --------- 1 9 9 6 1 9 9 5 ------- ------- Rental Income $ 467,880 $ 462,995 Cost of Rental Income 158,682 143,748 --------------- --------------- Gross Profit 309,198 319,247 --------------- --------------- Expenses: Selling, General and Administrative Expenses 153,940 144,349 Depreciation and Amortization 68,307 68,371 --------------- --------------- Total Expenses 222,247 212,720 --------------- --------------- Operating Income 86,951 106,527 --------------- --------------- Other [Income] and Expenses: Interest Income (5,491) (5,417) Interest Expense 119,578 120,882 --------------- --------------- Total Other Expenses - Net 114,087 115,465 --------------- --------------- Net Loss $ (27,136) $ (8,938) =============== =============== Loss Per Limited Partnership Unit $ (1.62) $ (.53) =============== =============== Distributions Per Limited Partnership Unit $ .34 $ .23 =============== =============== Weighted Average Number of Limited Partnership Units Outstanding 16,788 16,788 =============== =============== See Accompanying Notes to Financial Statements. 2
FJS PROPERTIES FUND I, L.P. - -------------------------------------------------------------------------------- STATEMENT OF PARTNERS' CAPITAL FOR THE THREE MONTHS ENDED MARCH 31, 1996. [UNAUDITED] - -------------------------------------------------------------------------------- Total General Limited Partners' Partner Partners Capital Partners' Capital - December 31, 1995 $ (1,210,028) $ 3,793,081 $ 2,583,053 Net Loss for the three months ended March 31, 1996 (272) (26,864) (27,136) Cash Distributions to Partners (58) (5,708) (5,766) ---------------- --------------- --------------- Partners' Capital - March 31, 1996 [Unaudited] $ (1,210,358) $ 3,760,509 $ 2,550,151 ================ =============== =============== See Accompanying Notes to Financial Statements. 3
FJS PROPERTIES FUND I, L.P. - -------------------------------------------------------------------------------- STATEMENTS OF CASH FLOWS [UNAUDITED] - ------ ------------------------------------------------------------------------- Three months ended March 31, --------- 1 9 9 6 1 9 9 5 ------- ------- Operating Activities: Net Loss $ (27,136) $ (8,938) --------------- --------------- Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: Depreciation 62,205 62,269 Amortization 6,102 6,102 Changes in Assets and Liabilities: [Increase] Decrease in: Escrow (60,307) (94,491) Security Deposits (4,780) (1,969) Other Current Assets (345) 29,579 Increase [Decrease] in: Accounts Payable 5,018 (12,678) Accrued Interest 326 (101) Other Accrued Expenses 51,320 53,389 Accounts Payable - Related Party (8,698) 225 Tenant Security Deposits 4,780 1,969 Deferred Income -- (400) --------------- --------------- Total Adjustments 55,621 43,894 --------------- --------------- Net Cash - Operating Activities 28,485 34,956 --------------- --------------- Financing Activities: Principal Payments on Mortgages (13,980) (12,687) Cash Distributions to Partners (5,766) (3,901) --------------- --------------- Net Cash - Financing Activities (19,746) (16,588) --------------- --------------- Net Increase in Cash and Cash Equivalents 8,739 18,368 Cash and Cash Equivalents - Beginning of Periods 542,337 574,627 --------------- --------------- Cash and Cash Equivalents - End of Periods $ 551,076 $ 592,995 =============== ===============
Supplemental Disclosure of Cash Flow Information: Cash paid for interest during the three months ended March 31, 1996 and 1995 was $119,690 and $120,984, respectively. 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 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, 1995, as filed with the Securities and Exchange Commission. [B] Basis of Reporting The balance sheet as of March 31, 1996, the statements of operations for the three months ended March 31, 1996 and 1995, the statement of partners' capital for the three months ended March 31, 1996, and the statements of cash flows for the three months ended March 31, 1996 and 1995 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, 1996, 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, 1995. Certain reclassifications may have been made to the 1995 financial statements to conform to classifications used in 1996. 5 Item 2: FJS PROPERTIES FUND I, L.P. 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 around 90% for the first quarter of 1996. Physical occupancy stands at 89.7% as of May 6, 1996, with 32 vacant apartments of which 18 have been rented with tenant move-in scheduled during May, and 14 apartments available for lease. Rental income for the three month period ended March 31, 1996, increased slightly to $467,880 as compared to $462,995 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 the rental allowances given to tenants, which were offset by increased vacancies at the project. Cost of rental income, consisting mainly of real estate taxes, repairs and maintenance and utilities increased from $143,748 to $158,682 for the comparable three month periods of 1995 and 1996, respectively. The increase was principally from increased repairs, maintenance and replacements at the project which reflect the initiation of the upgrade/rehabilitation program at the Pavilion. This will include pressure cleaning, recaulking and repainting of the buildings, remarciting of the swimming pool, reroofing of many of the patio areas at the property and improvements in various other areas to improve the look and presentation of the property as required to compete in the local real estate market. Selling, general and administrative expenses increased to $153,940 as compared to $144,349 for the comparable three month period of the prior year. This increase is attributable to increased payroll costs, reflecting additional leasing staff to provide additional marketing and follow-up for the leasing program. In addition greater professional fees were accrued reflecting the costs of the quarterly and annual reporting requirements for the Partnership. Although rental income showed a slight increase, the increases in the cost of rental income and selling, general and administrative expenses resulted in operating income showing a decrease for the comparable three month periods of 1995 and 1996 from $106,527 to $86,951, respectively. Inflation As of the present date, inflation has not had a major impact on the operations of the Partnership. 6 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 Form 8-K: None filed during the quarter for which this report is submitted 7 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. FJS PROPERTIES FUND I, L.P. Date: May 14, 1996 By: /s/ Andrew C. Alson ------------------- Andrew C. Alson (President and Chief Financial Officer) FJS Properties, Inc. General Partner 8 EX-27 2 FDS -- 10-Q
5 (THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM THE CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED STATEMENTS OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.) 3-MOS DEC-31-1996 MAR-31-1996 551,076 127,147 0 0 0 1,028,384 10,593,478 (4,074,028) 7,762,737 371,024 0 0 0 0 2,550,151 7,762,737 467,880 467,880 158,682 222,247 5,491 0 (119,578) (27,136) 0 (27,136) 0 0 0 (27,136) .34 .34
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