-----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, Pwh63OJvjz0a7S2Ip6WE1PNpMLR2xAW0w6pxNxXrh3gUoU8GDn7b0yR9DzN2GeFy WG+HYM4b6UPkCfvHGoF44Q== 0000913906-96-000079.txt : 19960812 0000913906-96-000079.hdr.sgml : 19960812 ACCESSION NUMBER: 0000913906-96-000079 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960809 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: 96606483 BUSINESS ADDRESS: STREET 1: 264 ROUTE 537 EAST CITY: COLTSNECK STATE: NJ ZIP: 07722 BUSINESS PHONE: 9085429209 10-Q 1 10Q FOR SECOND QUARTER. 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, 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 August 9, 1996. FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ INDEX - ------------------------------------------------------------------------------ Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance Sheets as of June 30, 1996 [Unaudited] and December 31, 1995 .................................... 1 Statements of Operations for the three months and six months ended June 30, 1996 and 1995 [Unaudited].................. 2 Statement of Partners' Capital for the six months ended June 30, 1996 [Unaudited]........................... 3 Statements of Cash Flows for the six months ended June 30, 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 INFORMATION Item 1. FINANCIAL STATEMENTS - ------------------------------------------------------------------------------ FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ BALANCE SHEETS - ------------------------------------------------------------------------------ June 30, December 31, 1 9 9 6 1 9 9 5 [Unaudited] Assets: Current Assets: Cash and Cash Equivalents $ 503,698 $ 542,337 Cash - Escrow 335,538 188,468 Cash - Security Deposits 134,817 122,367 Other Current Assets 70,792 101,040 ---------- ----------- Total Current Assets 1,044,845 954,212 ---------- ----------- Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Building Improvements 1,730,940 1,727,549 ---------- ----------- Totals - At Cost 10,596,869 10,593,478 Less: Accumulated Depreciation (4,136,572) (4,011,823) ---------- ----------- Property Investment - Net 6,460,297 6,581,655 ---------- ----------- Other Assets 208,801 221,005 ---------- ----------- Total Assets $7,713,943 $ 7,756,872 ========== =========== Liabilities and Partners' Capital: Current Liabilities: Accounts Payable $ 64,338 $ 63,561 Accounts Payable - Related Party 6,254 25,549 Accrued Interest 37,855 38,947 Other Accrued Expenses 113,473 8,409 Tenant Security Deposits 134,817 122,367 Mortgage Payable - Current Portion 60,906 58,019 ---------- ----------- Total Current Liabilities 417,643 316,852 ---------- ----------- Long-Term Liability: Mortgage Payable - Non-Current Portion 4,825,776 4,856,967 ---------- ----------- Partners' Capital: General Partner (1,211,153) (1,210,028) Limited Partners 3,681,677 3,793,081 ---------- ----------- Total Partners' Capital 2,470,524 2,583,053 ---------- ----------- Total Liabilities and Partners' Capital $7,713,943 $ 7,756,872 ========== =========== See Accompanying Notes to Financial Statements.
1 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF OPERATIONS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended Six months ended June 30, June 30, -------- -------- 1 9 9 6 1 9 9 5 1 9 9 6 1 9 9 5 ------- ------- ------- ------- Rental Income $ 465,432 $ 461,297 $ 933,312 $ 924,292 Cost of Rental Income 166,008 161,355 324,689 305,103 ---------- ---------- ----------- ----------- Gross Profit 299,424 299,942 608,623 619,189 ---------- ---------- ----------- ----------- Expenses: Selling, General and Administrative Expenses 172,204 142,589 326,145 286,938 Depreciation and Amortization 68,646 68,439 136,953 136,810 ---------- ---------- ----------- ----------- Total Expenses 240,850 211,028 463,098 423,748 ---------- ---------- ----------- ----------- Operating Income 58,574 88,914 145,525 195,441 ---------- ---------- ----------- ----------- Other [Income] and Expenses: Interest Income (5,840) (7,154) (11,331) (12,571) Interest Expense 117,926 119,247 237,504 240,129 ---------- ---------- ----------- ----------- Other Expenses - Net 112,086 112,093 226,173 227,558 ---------- ---------- ----------- ----------- Net [Loss] $ (53,512) $ (23,179) $ (80,648)$ (32,117) ========== ========== =========== =========== [Loss] Per Limited Partnership Un$t (3.16) $ (1.37) $ (4.76)$ (1.89) = ======== ========== =========== =========== Distributions Per Limited Partnership Unit $ 1.54 $ 2.65 $ 1.88 $ 2.88 ========== ========== =========== =========== Weighted Average Number of Limited Partnership Units Outstanding 16,788 16,788 16,788 16,788 ========== ========== =========== =========== See Accompanying Notes to 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, 1995 $(1,210,028) $3,793,081 $ 2,583,053 Net [Loss] for the six months ended June 30, 1996 (806) (79,842) (80,648) Cash Distributions to Partners (319) (31,562) (31,881) ----------- ---------- ----------- Partners' Capital - June 30, 1996 $(1,211,153) $3,681,677 $ 2,470,524 =========== ========== =========== See Accompanying Notes to Financial Statements.
3 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF CASH FLOWS [UNAUDITED] - ------------------------------------------------------------------------------ Six months ended June 30, 1 9 9 6 1 9 9 5 ------- ------- Operating Activities: Net [Loss] $ (80,648) $ (32,117) ---------- ----------- Adjustments to Reconcile Net [Loss] to Net Cash Provided by Operating Activities: Depreciation 124,749 124,606 Amortization 12,204 12,204 Changes in Assets and Liabilities: [Increase] Decrease in: Escrow (147,069) (189,195) Security Deposits (12,450) 2,136 Other Current Assets 30,247 61,463 Increase [Decrease] in: Accounts Payable 777 (20,181) Accrued Interest (1,092) (646) Other Accrued Expenses 105,064 104,968 Accounts Payable - Related Party (19,295) (11,318) Tenant Security Deposits 12,450 (2,136) Deferred Income -- (400) ---------- ----------- Total Adjustments 105,585 81,501 ---------- ----------- Net Cash - Operating Activities 24,937 49,384 ---------- ----------- Investing Activities: Capital Expenditures (3,391) (2,687) ---------- ----------- Financing Activities: Principal Payments on Mortgages (28,304) (25,687) Distributions to Partners (31,881) (48,838) ---------- ----------- Net Cash - Financing Activities (60,185) (74,525) ---------- ----------- Net [Decrease] in Cash and Cash Equivalents (38,639) (27,828) Cash and Cash Equivalents - Beginning of Periods 542,337 574,627 ---------- ----------- Cash and Cash Equivalents - End of Periods $ 503,698 $ 546,799 ========== ===========
Supplemental Disclosure of Cash Flow Information: Cash paid for interest during the six months ended June 30, 1996 and 1995 was $239,036 and $241,655, 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 June 30, 1996, the statements of operations for the three and six months ended June 30, 1996 and 1995, the statement of partners' capital for the six months ended June 30, 1996, and the statements of cash flows for the six months ended June 30, 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 June 30, 1996, and the results of its operations for the three and six months then ended, and its cash flows for the six 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 of around 90% during the second quarter of 1996. As of August 6, 1996, there were 35 vacant apartments with 5 scheduled move-ins for August. 30 apartments were available for rent. Physical occupancy therefore stands at 88.8%, with 90.4% of the apartments rented. Rental income for the comparable three and six month periods ended June 30, 1995 and 1996, showed increases for both the three month period from $461,297 to $465,432 and the six month period from $924,292 to $933,312 of the prior year. The increases were primarily attributable to the increased rental rates enjoyed by the Pavilion Apartments as well as decreases in the amount of rental allowance granted to tenants. These were offset somewhat by an increase in the vacancies experienced at the Pavilion. Cost of Rental Income, consisting mainly of real estate taxes, repairs and maintenance and utilities increased slightly from $161,355 to $166,008 and from $305,103 to $324,689 for the comparable three and six month periods of 1995 and 1996 respectively. The increase was principally from increased Replacements and Repairs and Maintenance which were completed during this period at the Project. This included additional expenses for repainting the Project, resurfacing of the swimming pool and repairs to various awnings around the property. Selling, General and Administrative Expenses increased substantially to $326,145 from $286,938 for the comparable six month periods, and from $142,589 to $172,204 for the comparable three month period of the prior year. The increases resulted principally from increased payroll costs associated with the labor associated with painting of the Pavilion Apartments and related work. In addition increased management fees to the unaffiliated property manager for supervision of this additional work was reflected in these periods. Increased advertising expenses were also incurred in an attempt to offset the increased vacancies experienced at the property. As a result of the increase in the Cost of Rental Income and Selling, General and Administrative Expenses, Operating Income decreased for the three and six month periods to $58,574 and $145,525 from $88,914 and $195,441 for the comparable periods of 1995. 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: August 9, 1996 By:________________________________ Andrew C. Alson [President and Chief Financial Officer] FJS Properties, Inc. General Partner 8 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: August 9, 1996 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 information extracted from the consolidated balance sheet and the consolidated statemens of operations and is qualified in its entirety by reference to such financial statements. 3-mos dec-31-1996 jun-30-1996 503,698 0 0 0 0 1,044,845 10,596,869 (4,136,572) 7,173,943 417,643 0 0 0 0 2,470,524 7,713,943 465,432 465,432 166,008 240,850 5,840 0 (117,926) (53,512) 0 (53,512) 0 0 0 (53,512) (3.16) (3.16)
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