-----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, TLPFB+MhlzYD4ppPf78ey0mxHfq3Pkb+tuvClkIuBGvCEsB/iSIvvjPY6KaTTE4v duoGVUogFXQ1NqloZjozlw== 0000913906-97-000146.txt : 19971111 0000913906-97-000146.hdr.sgml : 19971111 ACCESSION NUMBER: 0000913906-97-000146 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971110 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: SEC FILE NUMBER: 000-15755 FILM NUMBER: 97711630 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 September 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 November 3, 1997. FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ INDEX - ------------------------------------------------------------------------------ Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance Sheets as of September 30, 1997 [Unaudited] and December 31, 1996 .................................... 1 Statements of Operations for the three months and nine months ended September 30, 1997 and 1996 [Unaudited]............. 2 Statement of Partners' Capital for the nine months ended September 30, 1997 [Unaudited]...................... 3 Statements of Cash Flows for the nine months ended September 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 - ------------------------------------------------------------------------------ September 30, December 31, 1 9 9 7 1 9 9 6 [Unaudited] Assets: Current Assets: Cash and Cash Equivalents $ 544,279 $ 493,597 Cash - Escrow 236,237 182,875 Cash - Security Deposits 124,969 121,167 Other Current Assets 58,310 1,430 ---------- ----------- Total Current Assets 963,795 799,069 ---------- ----------- Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Building Improvements 1,740,341 1,737,884 ---------- ----------- Totals - At Cost 10,606,270 10,603,813 Less: Accumulated Depreciation (4,441,824) (4,262,710) ---------- ----------- Property Investment - Net 6,164,446 6,341,103 ---------- ----------- Other Assets 294,096 308,781 ---------- ----------- Total Assets $7,422,337 $ 7,448,953 ========== =========== Liabilities and Partners' Capital: Current Liabilities: Accounts Payable $ 70,380 $ 79,843 Accrued Interest 37,258 38,922 Other Accrued Expenses 164,259 7,225 Accounts Payable - Related Party 9,628 18,224 Tenant Security Deposits 124,969 121,167 Mortgage Payable - Current Portion 68,767 63,935 Deferred Income - Current Portion 7,142 7,142 ---------- ----------- Total Current Liabilities 482,403 336,458 ---------- ----------- Long-Term Liabilities: Mortgage Payable - Non-Current Portion 4,740,838 4,793,033 Deferred Income - Non-Current Portion 33,929 39,286 ---------- ----------- Total Long-Term Liabilities 4,774,767 4,832,319 ---------- ----------- Partners' Capital: General Partner (1,214,208) (1,213,057) Limited Partners 3,379,375 3,493,233 ---------- ----------- Total Partners' Capital 2,165,167 2,280,176 ---------- ----------- Total Liabilities and Partners' Capital $7,422,337 $ 7,448,953 ========== =========== See Accompanying Notes to Financial Statements. 1 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF OPERATIONS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended Nine months ended September 30, September 30, ------------- ------------- 1 9 9 7 1 9 9 6 1 9 9 7 1 9 9 6 ------- ------- ------- ------- Rental Income $ 515,580 $ 464,244 $ 1,520,712 $ 1,397,556 Cost of Rental Income 173,158 170,119 533,894 494,808 ----------- ----------- ----------- ----------- Gross Profit 342,422 294,125 986,818 902,748 ----------- ----------- ----------- ----------- Expenses: Selling, General and Administrative Expenses 183,757 215,463 508,462 541,607 Depreciation and Amortization 66,582 69,114 197,421 206,067 ----------- ----------- ----------- ----------- Total Expenses 250,339 284,577 705,883 747,674 ----------- ----------- ----------- ----------- Operating Income 92,083 9,548 280,935 155,074 ----------- ----------- ----------- ----------- Other [Income] and Expenses: Interest Income (7,223) (6,089) (18,782) (17,420) Interest Expense 117,373 118,880 351,983 356,384 ----------- ----------- ----------- ----------- Total Other Expenses - Net 110,150 112,791 333,201 338,964 ----------- ----------- ----------- ----------- Net [Loss] $ (18,067) $ (103,243) $ (52,266) $ (183,890) =========== =========== =========== =========== [Loss] Per Limited Partnership Unit $ (1.07) $ (6.09) $ (3.08) $ (10.84) =========== =========== =========== =========== Distributions Per Limited Partnership Unit $ 2.40 $ -- $ 3.70 $ 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 nine months ended September 30, 1997 (523) (51,743) (52,266) Cash Distributions to Partners (628) (62,115) (62,743) ----------- ---------- ----------- Partners' Capital - September 30, 1997 $(1,214,208) $3,379,375 $ 2,165,167 =========== ========== ===========
See Accompanying Notes to Financial Statements. 3 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF CASH FLOWS [UNAUDITED] - ------------------------------------------------------------------------------ Nine months ended September 30, 1 9 9 7 1 9 9 6 ------- ------- Operating Activities: Net [Loss] $ (52,266) $ (183,890) ---------- ----------- Adjustments to Reconcile Net [Loss] to Net Cash Provided by Operating Activities: Depreciation 179,114 187,762 Amortization 18,306 18,306 Changes in Assets and Liabilities: [Increase] Decrease in: Escrow (56,983) (231,250) Security Deposits (3,801) (70) Other Current Assets (56,880) 64,558 Increase [Decrease] in: Accounts Payable (9,463) (2,525) Accrued Interest (1,664) (1,206) Other Accrued Expenses 157,036 158,331 Accounts Payable - Related Party (8,596) (19,328) Tenant Security Deposits 3,801 70 Deferred Income (5,357) 48,214 ---------- ----------- Total Adjustments 215,513 222,862 ---------- ----------- Net Cash - Operating Activities 163,247 38,972 ---------- ----------- Investing Activities: Capital Expenditures (2,457) (10,337) ---------- ----------- Financing Activities: Principal Payments on Mortgage (47,365) (42,981) Distributions to Partners (62,743) (31,881) ---------- ----------- Net Cash - Financing Activities (110,108) (74,862) ---------- ----------- Net Increase [Decrease] in Cash and Cash Equivalents 50,682 (46,227) Cash and Cash Equivalents - Beginning of Periods 493,597 542,337 ---------- ----------- Cash and Cash Equivalents - End of Periods $ 544,279 $ 496,110 ========== =========== Supplemental Disclosures of Cash Flow Information: Cash paid for interest during the nine months ended September 30, 1997 and 1996 was $353,647 and $358,030, 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 September 30, 1997, the statements of operations for the three and nine months ended September 30, 1997 and 1996, the statement of partners' capital for the nine months ended September 30, 1997, and the statements of cash flows for the nine months ended September 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 September 30, 1997, and the results of its operations for the three and nine months then ended, and its cash flows for the nine 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. . . . . . . . . 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 during the third quarter of 1997. As of November 5, 1997, there were 25 vacant apartments of which 10 of the vacant apartments were rented for occupancy during November, and 15 apartments were available for rent. Thus 91.9% of the apartments are occupied and 95.2% are presently rented. Rental income for the three and nine month periods ending September 30, of 1996 and 1997, increased substantially from $464,244 and $1,397,556 to $515,580 and $1,520,712 for the comparable periods. These increases were attributable to the in creased rental rates for apartments at the Pavilion, as well as decreases in the vacancy rate at the project compared to the earlier year. Cost of Rental Income, consisting mainly of real estate taxes, repairs and maintenance and utilities increased for the three and nine month periods of 1996 to 1997, from $170,119 and $494,808 to $173,158 and $533,894 respectively. The increase during the nine month period was primarily a result of expenditures made in connection with the increased Replacements and Repairs and Maintenance which were completed at the project earlier this year, while the slight increase during the three month period was a result of increases in water and sewer expense at the project. Selling, General and Administrative Expenses decreased from $215,463 and $541,607 for the respective three and nine month periods of 1996 to $183,757 and $508,462 for 1997. Expenses for 1997 reflected decreased payroll costs as a result of the completion of the Repairs and Maintenance performed at the Pavilion Apartment in the earlier year. In addition, the 1996 accruals for professional fees reflected additional accruals to more accurately reflect actual expenses which were paid for the 1995 fiscal year. In addition, the 1996 year reflected increased management fees to the unaffiliated property manager for supervision of the additional work at the Pavilion completed during that period. As a result of the increased Rental Income as well as the decreases in Selling, General and Administrative Expenses, Operating Income increased significantly from $9,548 and $155,074 for the three and nine month periods of 1996 to $92,083 and $280,935 for the comparable periods of 1997. 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: November 10, 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 sep-30-1997 544,279 0 0 0 0 963,795 10,606,270 4,441,824 7,422,337 482,403 0 0 0 0 2,165,167 7,422,337 515,580 515,580 173,158 250,339 (7,223) 0 117,373 (18,067) 0 (18,067) 0 0 0 (18,067) (1.07) (1.07)
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