-----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, HEaSqW5HlJ+KqbjxyK4Vh53lDPP4oM4Vfm53FwMBJeQB1qbLB7LsGWGIiGzjag5u xX829I2f3VXw7OGbVDKBzA== 0000913906-97-000042.txt : 19970513 0000913906-97-000042.hdr.sgml : 19970513 ACCESSION NUMBER: 0000913906-97-000042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970512 SROS: NASD 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: 97600837 BUSINESS ADDRESS: STREET 1: 264 ROUTE 537 EAST CITY: COLTSNECK STATE: NJ ZIP: 07722 BUSINESS PHONE: 9085429209 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, 1997 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 8, 1997. FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ INDEX - ------------------------------------------------------------------------------ Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance Sheets as of March 31, 1997 [Unaudited] and December 31, 1996 .................................... 1 Statements of Operations for the three months ended March 31, 1997 and 1996 [Unaudited]....................... 2 Statement of Partners' Capital for the three months ended March 31, 1997 [Unaudited].......................... 3 Statements of Cash Flows for the three months ended March 31, 1997 and 1996 [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, 1 9 9 7 1 9 9 6 [Unaudited] Assets: Current Assets: Cash and Cash Equivalents $ 481,376 $ 493,597 Cash - Escrow 171,254 182,875 Cash - Security Deposits 132,047 121,167 Other Current Assets 90,641 1,430 ---------- ----------- Total Current Assets 875,318 799,069 ---------- ----------- Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Building Improvements 1,737,884 1,737,884 ---------- ----------- Totals - At Cost 10,603,813 10,603,813 Less: Accumulated Depreciation (4,320,326) (4,262,710) ---------- ----------- Property Investment - Net 6,283,487 6,341,103 ---------- ----------- Other Assets 304,075 308,781 ---------- ----------- Total Assets $7,462,880 $ 7,448,953 ========== =========== Liabilities and Partners' Capital: Current Liabilities: Accounts Payable $ 70,389 $ 79,843 Accrued Interest 38,799 38,922 Other Accrued Expenses 59,204 7,225 Accounts Payable - Related Party 21,361 18,224 Tenant Security Deposits 132,047 121,167 Mortgage Payable - Current Portion 65,506 63,935 Deferred Income - Current Portion 7,142 7,142 ---------- ----------- Total Current Liabilities 394,448 336,458 ---------- ----------- Long-Term Liabilities: Mortgage Payable - Non-Current Portion 4,776,055 4,793,033 Deferred Income - Non-Current Portion 37,500 39,286 ---------- ----------- Total Long-Term Liabilities 4,813,555 4,832,319 ---------- ----------- Partners' Capital: General Partner (1,213,310) (1,213,057) Limited Partners 3,468,187 3,493,233 ---------- ----------- Total Partners' Capital 2,254,877 2,280,176 ---------- ----------- Total Liabilities and Partners' Capital $7,462,880 $ 7,448,953 ========== =========== See Accompanying Notes to These Financial Statements. 1 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF OPERATIONS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended March 31, 1 9 9 7 1 9 9 6 ------- ------- Rental Income $ 496,655 $ 467,880 Cost of Rental Income 188,749 158,682 ---------- ----------- Gross Profit 307,906 309,198 ---------- ----------- Expenses: Selling, General and Administrative Expenses 157,348 153,940 Depreciation and Amortization 63,718 68,307 ---------- ----------- Total Expenses 221,066 222,247 ---------- ----------- Operating Income 86,840 86,951 ---------- ----------- Other [Income] and Expenses: Interest Income (6,002) (5,491) Interest Expense 118,141 119,578 ---------- ----------- Other Expenses - Net 112,139 114,087 ---------- ----------- Net Loss $ (25,299) $ (27,136) ========== =========== Loss Per Limited Partnership Unit $ (1.49) $ (1.62) ========== =========== Distributions Per Limited Partnership Unit $ -- $ .34 ========== =========== 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, 1996 $(1,213,057) $3,493,233 $ 2,280,176 Net Loss for the three months ended March 31, 1997 (253) (25,046) (25,299) ----------- ---------- ----------- Partners' Capital - March 31, 1997 [Unaudited] $(1,213,310) $3,468,187 $ 2,254,877 =========== ========== =========== See Accompanying Notes to These Financial Statements. 3 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF CASH FLOWS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended March 31, 1 9 9 7 1 9 9 6 ------- ------- Operating Activities: Net Loss $ (25,299) $ (27,136) ---------- ----------- Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: Depreciation 57,616 62,205 Amortization 6,102 6,102 Changes in Assets and Liabilities: [Increase] Decrease in: Escrow 10,226 (60,307) Security Deposits (10,880) (4,780) Other Current Assets (89,211) (345) Increase [Decrease] in: Accounts Payable (9,456) 5,018 Accrued Interest (123) 326 Other Accrued Expenses 51,979 51,320 Accounts Payable - Related Party 3,137 (8,698) Tenant Security Deposits 10,880 4,780 Deferred Income (1,785) -- ---------- ----------- Total Adjustments 28,485 55,621 ---------- ----------- Net Cash - Operating Activities 3,186 28,485 ---------- ----------- Financing Activities: Principal Payments on Mortgages (15,407) (13,980) Cash Distributions to Partners -- (5,766) ---------- ----------- Net Cash - Financing Activities (15,407) (19,746) ---------- ----------- Net [Decrease] Increase in Cash and Cash Equivalents (12,221) 8,739 Cash and Cash Equivalents - Beginning of Periods 493,597 542,337 ---------- ----------- Cash and Cash Equivalents - End of Periods $ 481,376 $ 551,076 ========== =========== Supplemental Disclosure of Cash Flow Information: Cash paid for interest during the three months ended March 31, 1997 and 1996 was $118,264 and $119,690, 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 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, 1996, as filed with the Securities and Exchange Commission. [B] Basis of Reporting The balance sheet as of March 31, 1997, the statements of operations for the three months ended March 31, 1997 and 1996, the statement of partners' capital for the three months ended March 31, 1997, and the statements of cash flows for the three months ended March 31, 1997 and 1996 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, 1997, 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, 1996. Certain reclassifications may have been made to the 1996 financial statements to conform to classifications used in 1997. . . . . . . . . . . . . . . . . 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 in the mid-90% range for the first quarter of 1997. Physical occupancy stands at 94.5% as of May 9, 1997, with 17 vacant apartments of which 14 have been rented with tenant move-in scheduled during May. In addition, six tenants have given notice of intent to vacate and eviction proceedings are in process against two additional tenants. Of these eight additional apartments, two have been rented for future occupancy. Rental income for the three month period ended March 31, 1997, increased to $496,655 as compared to $467,880 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. This was slightly offset by a small increase in the rental allowances given to tenants. Cost of Rental Income, consisting mainly of real estate taxes, repairs and maintenance and utilities increased from $158,682 to $188,749 for the comparable three month periods of 1996 and 1997 respectively. The increase was principally from increased repairs, maintenance and replacements at the project which reflect the continuing upgrade/rehabilitation program at the Pavilion. This project is substantially completed, and the continuing replacement expense reflects the replacements and updating of items such as stoves, hot water heaters and bathroom lighting fixtures. Selling, General and Administrative Expenses increased slightly to $157,348 as compared to $153,940 for the comparable three month period of the prior year. This reflects the accrual of $3,000 of quarterly administrative fees which first quarter fees in 1996 were not reflected in the financial statements until the second quarter. Except for the timing of this accrual, aggregate Selling, General and Administrative Expenses were substantially the same as were incurred in 1996. While payroll expenses and real estate commissions showed increases, the latter including commissions paid to unaffiliated tenant referral services not previously utilized in prior years, court costs and insurance premiums showed reductions which offset the increases. The increase in Rental Income offset by the increases in the Cost of Rental Income and Selling, General and Administrative Expenses resulted in Operating Income's being substantially the same for the three month periods of 1996 and 1997, at $86,951 and $86,840 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 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 12, 1997 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 financial statements. 3-mos dec-31-1997 mar-31-1997 784,677 0 0 0 0 875,318 10,603,813 4,320,326 7,462,880 394,448 0 0 0 0 2,254,877 7,462,880 496,655 496,655 188,749 221,066 (6,002) 0 118,141 (25,299) 0 (25,299) 0 0 0 (25,299) (1.49) (1.49)
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