-----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, QUk+G/qblTwuio74BxXI69aD9ewqgHZRCjYSELNtEgn389hFOS0S/Ir82lqaJ5Jz tcgoYmPienH5samysHBxPw== /in/edgar/work/0001019056-00-000584/0001019056-00-000584.txt : 20001110 0001019056-00-000584.hdr.sgml : 20001110 ACCESSION NUMBER: 0001019056-00-000584 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FJS PROPERTIES FUND I LP CENTRAL INDEX KEY: 0000756435 STANDARD INDUSTRIAL CLASSIFICATION: [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: 756675 BUSINESS ADDRESS: STREET 1: 264 ROUTE 537 EAST CITY: COLTS NECK STATE: NJ ZIP: 07722 BUSINESS PHONE: 7325429209 10-Q 1 0001.txt 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, 2000 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: (732) 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 7, 2000. FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ INDEX - ------------------------------------------------------------------------------ Part I: FINANCIAL INFORMATION Item 1: Financial Statements Balance sheets as of September 30, 2000 [Unaudited] and December 31, 1999.................................... 1 Statements of Operations for the three and nine months ended September 30, 2000 and 1999 [Unaudited].................. 2 Statements of Partners' Capital (Deficit) for the nine months ended September 30, 2000 [Unaudited]..................... 3 Statements of Cash Flows for the nine months ended September 30, 2000 and 1999 [Unaudited].................. 4 Notes to Financial Statements [Unaudited]................ 5 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations................................ 6 Part III: OTHER INFORMATION Item 6: Exhibits and Reports on Form 8-K......................... 8 Signature......................................................... 9 PART 1 - FINANCIAL INFORMATION Item 1: Financial Statements FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ BALANCE SHEETS - ------------------------------------------------------------------------------ September 30, December 31, 2 0 0 0 1 9 9 9 [Unaudited] Assets: Current Assets: Cash and Cash Equivalents $ 317,771 $ 217,906 Cash - Escrow 181,949 119,379 Cash - Security Deposits 138,475 132,748 Other Current Assets 43,878 22,268 Total Current Assets 682,073 492,301 Property Investment: Land 2,296,804 2,296,804 Buildings 6,569,125 6,569,125 Furniture, Fixtures and Improvements 2,680,580 2,376,165 Totals - At Cost 11,546,509 11,242,094 Less: Accumulated Depreciation (5,332,532) (5,073,750) Property Investment - Net 6,213,977 6,168,344 Other Assets 180,140 250,216 Total Assets $ 7,076,190 $6,910,861 Liabilities and Partners' Capital (Deficit): Current Liabilities: Accounts Payable $ 35,109 $ 108,403 Accrued Interest 37,225 37,740 Other Accrued Expenses 139,570 6,755 Due to Related Party 4,630 16,689 Tenant Security Deposits Payable 138,475 132,748 Mortgage Payable - Current Portion 92,531 85,557 Deferred Income - Current Portion 50,090 7,143 Total Current Liabilities 497,630 395,035 Long-Term Liabilities: Mortgage Payable - Non-Current Portion 4,489,535 4,559,381 Deferred Income - Non-Current Portion 12,500 17,857 Total Long-Term Liabilities 4,502,035 4,577,238 Partners' Capital (Deficit): General Partner (1,215,093) (1,216,473) Limited Partners 3,291,618 3,155,061 Total Partners' Capital (Deficit) 2,076,525 1,938,588 Total Liabilities and Partners' Capital (Deficit) $ 7,076,190 $6,910,861 See Accompanying Notes to These Financial Statements. 1 PART 1 - FINANCIAL INFORMATION Item 1: Financial Statements FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF OPERATIONS [UNAUDITED] - ------------------------------------------------------------------------------ Three months ended Nine months ended September 30, September 30, 2 0 0 0 1 9 9 9 2 0 0 0 1 9 9 9 Revenue: Rental $ 600,939 $ 524,992 $1,799,107 $1,630,301 Interest 2,448 4,215 6,897 13,386 Total Revenue 603,387 529,207 1,806,004 1,643,687 Expenses: Operating 169,615 204,560 490,512 601,664 General and Administrative 178,957 190,155 562,842 510,573 Interest 112,027 113,766 337,625 342,617 Depreciation and Amortization 94,163 79,542 277,088 231,808 Total Expenses 554,762 588,023 1,668,067 1,686,662 Net Income (Loss) $ 48,625 $ (58,816) $ 137,937 $ (42,975) Income (Loss) Per Limited Partnership Unit $ 2.87 $ (3.47) $ 8.13 $ (2.53) Distributions Per Limited Partnership Unit $ 0 $ 0 $ 0 $ 4.48 Weighted Average Number of Limited Partnership Units Outstanding 16,788 16,788 16,788 16,788 See Accompanying Notes to These Financial Statements. 2 PART 1 - FINANCIAL INFORMATION Item 1: Financial Statements FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENT OF PARTNERS' CAPITAL [UNAUDITED] - ------------------------------------------------------------------------------ Total General Limited Partners' Partner Partners Capital Partners' Capital - December 31, 1999 $(1,216,473) $ 3,155,061 $1,938,588 Net Income for the nine months ended September 30, 2000 1,380 136,557 137,937 Partners' Capital - September 30, 2000 [Unaudited] $(1,215,093) $ 3,291,618 $2,076,525 See Accompanying Notes to These Financial Statements. 3 FJS PROPERTIES FUND I, L.P. - ------------------------------------------------------------------------------ STATEMENTS OF CASH FLOWS [UNAUDITED] - ------------------------------------------------------------------------------ Nine months ended September 30, 2 0 0 0 1 9 9 9 Operating Activities: Net Income (Loss) $ 137,937 $ (42,975) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 258,782 213,502 Amortization 18,306 18,306 Deferred Income 37,590 (5,357) Changes in Assets and Liabilities: (Increase) in Escrow (62,570) (80,112) (Increase) in Security Deposits (5,727) (871) (Increase) in Other Current Assets (21,610) (10,722) Decrease (Increase) in Other Assets 51,770 (2,289) Increase in Accounts Payable and Accrued Expenses 59,006 132,132 (Decrease) in Due to Related Party (12,059) (15,197) Increase in Tenant Security Deposits 5,727 871 Net Cash Provided by Operating Activities 467,152 207,288 Investing Activities: Capital Expenditures (304,415) (235,271) Net Cash (used in) Investing Activities (304,415) (235,271) Financing Activities: Principal Payments on Mortgages (62,872) (57,981) Cash Distributions to Partners 0 (75,971) Net Cash (used in) Financing Activities (62,872) (133,952) Net Increase [Decrease] in Cash and Cash Equivalents 99,865 (161,935) Cash and Cash Equivalents - Beginning of Period 217,906 458,782 Cash and Cash Equivalents - End of Period $ 317,771 $ 296,847 Supplemental disclosure of cash flow information: Interest paid $ 338,140 $ 343,031 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, 1999, as filed with the Securities and Exchange Commission. [B] Basis of Reporting The balance sheet as of September 30, 2000, the statements of operations for the three and nine months ended September 30, 2000 and 1999, the statement of partners' capital for the nine months ended September 30, 2000, and the statements of cash flows for the nine months ended September 30, 2000 and 1999 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, 2000, and the results of its operations and cash flows for the three and 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, 1999. 5 FJS PROPERTIES FUND I, L.P. Item 2. 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. The holder of the first mortgage on the Pavilion Apartments agreed to the withdrawal of $59,675 from an escrow account held by the first mortgagee. These funds are intended to be utilized for capital improvements at the Pavilion Apartments, in particular, among other items, for roof repairs that are needed at the property. $59,675 was disbursed from the escrow account to the Partnership on May 22, 2000. The Partnership agreed to reestablish the escrow account with payments of $5,000 per month commencing July 2000 and continuing monthly for twelve months. It is anticipated that cash flow from the Pavilion Apartments will be sufficient 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 third quarter of 2000. Physical occupancy stands at 96.8% as of November 6, 2000. There are presently 10 units vacant (including one model apartment), with seven of those units rented for November occupancy and two units available for rental. Rental revenues increased to $600,939 from $524,992, and to $1,799,107 from $1,630,301 for the three and nine month periods ended September 30, 2000 as compared to the comparable periods of the prior year. These increases were attributable to the increased rental rates enjoyed by the Pavilion Apartments as well as a reduction in vacancies at the project. Operating expenses, consisting mainly of real estate taxes, repairs and maintenance and utilities decreased to $169,615 from $204,560 and to $490,512 from $601,664 for the comparable three and nine month periods of 2000 and 1999 respectively. The decrease was principally from a reduction in amounts expended on landscaping during the first two quarters, electric expenses, as well as a reduction in real estate taxes as a result of a reduction in the assessed valuation of the project. These reductions were offset to some extent by an increase in repairs and maintenance at the project. In addition the substantial decrease over the nine month period reflected the substantial replacements completed at the Pavilion Apartments during the first half of 1999. 6 FJS PROPERTIES FUND I, L.P. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - ------------------------------------------------------------------------------ During the third quarter of 2000 the following sums were expended on capitalizable replacements. Item Amount spent Stoves/Refrigerators/Dishwashers $ 6,487.20 Carpeting 17,902.73 Sprinkler System Improvements 5,272.87 Tile Replacement 23,279.51 Roofs 8,487.72 Fire Alarm Boxes Improvements 5,317.21 Sewer Line Replacement 6,054.50 Misc. Interior Improvements 3,267.58 Total $76,069.32 General and administrative expenses were $178,957 and $562,842 as compared to $190,155 and $510,573 for the comparable three and nine month periods of the prior year respectively. The increase for the nine month period reflects increases in professional fees, court costs, security expenses and increased insurance premiums for the property insurance on the Pavilion Apartments. These were offset somewhat by a decrease in payroll expenses for the property. The decrease for the three month period reflects decreased costs for payroll, commissions and advertising at the project which were offset somewhat by increased costs for insurance and court costs. The increase in court costs reflects the higher occupancy rates at the project and increased diligence with respect to delinquent tenants. INFLATION As of the present date, inflation has not had a major impact on the operations of the Partnership. 7 FJS PROPERTIES FUND I, L.P. 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 From 8-K: None filed during the quarter for which this report is submitted. 8 FJS PROPERTIES FUND I, L.P. 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: November 7, 2000 By: /s/ Andrew C. Alson ------------------------------------------ Andrew C. Alson (President and Chief Financial Officer) FJS Properties, Inc. General Partner 9 EX-27 2 0002.txt 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 schedules. 9-Mos Dec-31-2000 Sep-30-2000 317,771 0 0 0 0 682,073 11,546,509 5,332,532 7,076,190 497,630 0 0 0 0 2,076,525 7,076,190 0 1,799,107 490,512 1,668,067 0 137,937 337,625 137,937 0 0 0 0 0 137,937 8.13 8.13
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