-----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, PXBTEtIy/4vuG+jAP/InjFThZjkUrigl9Yj61CHlM1DTs0m+wEtZtAdTKIS8lc4H Gc/C0/X9V7iOuG0JsbTCPw== 0000913906-97-000089.txt : 19970813 0000913906-97-000089.hdr.sgml : 19970813 ACCESSION NUMBER: 0000913906-97-000089 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970812 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: 97657364 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 June 30, 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 August 1, 1997. FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ INDEX - ------------------------------------------------------------------------------ Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance Sheets as of June 30, 1997 [Unaudited] and December 31, 1996 .................................... 1 Statements of Operations for the three months and six months ended June 30, 1997 and 1996 [Unaudited].................. 2 Statement of Partners' Capital for the six months ended June 30, 1997 [Unaudited]........................... 3 Statements of Cash Flows for the six months ended June 30, 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 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 7 1 9 9 6 [Unaudited] Assets: Current Assets: Cash and Cash Equivalents $ 549,722 $ 493,597 Cash - Escrow 160,619 182,875 Cash - Security Deposits 131,314 121,167 Other Current Assets 80,901 1,430 ---------- ----------- Total Current Assets 922,556 799,069 ---------- ----------- Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Building Improvements 1,737,885 1,737,884 ---------- ----------- Totals - At Cost 10,603,814 10,603,813 Less: Accumulated Depreciation (4,381,345) (4,262,710) ---------- ----------- Property Investment - Net 6,222,469 6,341,103 ---------- ----------- Other Assets 299,080 308,781 ---------- ----------- Total Assets $7,444,105 $ 7,448,953 ========== =========== Liabilities and Partners' Capital: Current Liabilities: Accounts Payable $ 63,501 $ 79,843 Accrued Interest 37,383 38,922 Other Accrued Expenses 111,810 7,225 Accounts Payable - Related Party 7,533 18,224 Tenant Security Deposits 131,314 121,167 Mortgage Payable - Current Portion 67,116 63,935 Deferred Income - Current Portion 7,142 7,142 ---------- ----------- Total Current Liabilities 425,799 336,458 ---------- ----------- Long-Term Liabilities: Mortgage Payable - Non-Current Portion 4,758,660 4,793,033 Deferred Income - Non-Current Portion 35,714 39,286 ---------- ----------- Total Long-Term Liabilities 4,794,374 4,832,319 ---------- ----------- Partners' Capital: General Partner (1,213,620) (1,213,057) Limited Partners 3,437,552 3,493,233 ---------- ----------- Total Partners' Capital 2,223,932 2,280,176 ---------- ----------- Total Liabilities and Partners' Capital $7,444,105 $ 7,448,953 ========== =========== 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 7 1 9 9 6 1 9 9 7 1 9 9 6 ------- ------- ------- ------- Rental Income $ 508,477 $ 465,432 $ 1,005,132 $ 933,312 Cost of Rental Income 171,987 166,008 360,736 324,689 ---------- ---------- ----------- ----------- Gross Profit 336,490 299,424 644,396 608,623 ---------- ---------- ----------- ----------- Expenses: Selling, General and Administrative Expenses 167,358 172,204 324,706 326,145 Depreciation and Amortization 67,121 68,646 130,839 136,953 ---------- ---------- ----------- ----------- Total Expenses 234,479 240,850 455,545 463,098 ---------- ---------- ----------- ----------- Operating Income 102,011 58,574 188,851 145,525 ---------- ---------- ----------- ----------- Other [Income] and Expenses: Interest Income (5,558) (5,840) (11,560) (11,331) Interest Expense 116,469 117,926 234,610 237,504 ---------- ---------- ----------- ----------- Other Expenses - Net 110,911 112,086 223,050 226,173 ---------- ---------- ----------- ----------- Net [Loss] $ (8,900) $ (53,512) $ (34,199)$ (80,648) ========== ========== =========== =========== [Loss] Per Limited Partnership Unit $ (.52) $ (3.16) $ (2.02)$ (4.76) ========= ========== =========== =========== Distributions Per Limited Partnership Unit $ 1.30 $ 1.54 $ 1.30 $ 1.88 ========== ========== =========== =========== 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, 1996 $(1,213,057) $3,493,233 $ 2,280,176 Net [Loss] for the six months ended June 30, 1997 (342) (33,857) (34,199) Cash Distributions to Partners (221) (21,824) (22,045) ----------- ---------- ----------- Partners' Capital - June 30, 1997 $(1,213,620) $3,437,552 $ 2,223,932 =========== ========== =========== 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 7 1 9 9 6 ------- ------- Operating Activities: Net [Loss] $ (34,199) $ (80,648) ---------- ----------- Adjustments to Reconcile Net [Loss] to Net Cash Provided by Operating Activities: Depreciation 118,635 124,749 Amortization 12,204 12,204 Changes in Assets and Liabilities: [Increase] Decrease in: Escrow 19,753 (147,069) Security Deposits (10,147) (12,450) Other Current Assets (79,471) 30,247 Increase [Decrease] in: Accounts Payable (16,342) 777 Accrued Interest (1,539) (1,092) Other Accrued Expenses 104,585 105,064 Accounts Payable - Related Party (10,691) (19,295) Tenant Security Deposits 10,147 12,450 Deferred Income (3,571) -- ---------- ----------- Total Adjustments 143,563 105,585 ---------- ----------- Net Cash - Operating Activities 109,364 24,937 ---------- ----------- Investing Activities: Capital Expenditures -- (3,391) ---------- ----------- Financing Activities: Principal Payments on Mortgages (31,194) (28,304) Distributions to Partners (22,045) (31,881) ---------- ----------- Net Cash - Financing Activities (53,239) (60,185) ---------- ----------- Net Increase [Decrease] in Cash and Cash Equivalents 56,125 (38,639) Cash and Cash Equivalents - Beginning of Periods 493,597 542,337 ---------- ----------- Cash and Cash Equivalents - End of Periods $ 549,722 $ 503,698 ========== =========== Supplemental Disclosure of Cash Flow Information: Cash paid for interest during the six months ended June 30, 1997 and 1996 was $236,150 and $239,036, 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, 1996, as filed with the Securities and Exchange Commission. [B] Basis of Reporting The balance sheet as of June 30, 1997, the statements of operations for the three and six months ended June 30, 1997 and 1996, the statement of partners' capital for the six months ended June 30, 1997, and the statements of cash flows for the six months ended June 30, 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 June 30, 1997, and the results of its operations and 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, 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 low to mid 90% range during the second quarter of 1997. As of August 11, 1997, there were 16 vacant apartments with 4 scheduled move-ins for August. 12 apartments were available for rent. Physical occupancy therefore stands at 94.9%, with 96% of the apartments rented. Rental income for the comparable three and six month periods ended June 30, 1996 and 1997, showed increases as compared to the prior year, for both the three month period from $465,432 to $508,477 and the six month period from $933,312 to $1,005,132. The increases were primarily attributable to the increased rental rates enjoyed by the Pavilion Apartments as well as increased occupancy at the property. Cost of rental income, consisting mainly of real estate taxes, repairs and maintenance and utilities increased from $166,008 to $171,987 and from $324,689 to $360,736 for the comparable three and six month periods of 1996 and 1997 respectively. The increase was principally from increased replacements and repairs and maintenance which were completed during the first quarter of 1997, as well as increased replacements during the second quarter as a result of the increased occupancy at the project. Selling, general and administrative expenses decreased from $326,145 to $324,706 for the comparable six month periods, and from $172,204 to $167,358 for the comparable three month period of the prior year. The decreases resulted principally from decreased payroll costs which in the prior year were associated with the labor associated with painting of the Pavilion Apartments and related work. These decreases were offset by increases in commissions to outside agencies for tenant referrals as well as increases in professional fees incurred by the Partnership. As a result of the increase in rental income, operating income increased for the three and six month periods to $102,011 and $188,851 from $58,574 and $145,525 for the comparable periods of 1996. 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: On June 19, 1997, the Partnership filed a report on Form 8-K under Item 1 reporting a change in control of registrant. 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 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 27
5 3-mos dec-31-1997 jun-30-1997 549,722 131,314 0 0 0 922,556 10,603,814 4,381,345 7,444,105 425,799 0 0 0 0 2,223,932 7,444,105 508,477 508,477 171,987 234,479 (5,558) 0 116,469 (8,900) 0 (8,900) 0 0 0 (8,900) (.52) (.52)
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