-----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, JIPRLPPp4rOISi0W6m69rZRn3XTWIMlAO/Jx/crQb0T+cAoPIrtdtgBd8VvskQsw n02oQ5abNy72gpJxnYJocQ== 0000757642-96-000005.txt : 19960517 0000757642-96-000005.hdr.sgml : 19960517 ACCESSION NUMBER: 0000757642-96-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIF CENTRAL INDEX KEY: 0000757642 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 942969720 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15756 FILM NUMBER: 96567575 BUSINESS ADDRESS: STREET 1: 155 BOVET RD STREET 2: STE 100 CITY: SAN METEO STATE: CA ZIP: 94402 BUSINESS PHONE: 4155135200 MAIL ADDRESS: STREET 1: PO BOX 130 CITY: CARBONDALE STATE: CO ZIP: 81623 FORMER COMPANY: FORMER CONFORMED NAME: LANDSING INCOME FUND DATE OF NAME CHANGE: 19900827 FORMER COMPANY: FORMER CONFORMED NAME: LANDSING REALTY PARTNERS III DATE OF NAME CHANGE: 19850617 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended March 31, 1996 Commission File Number: 2-94509 LIF (Exact name of registrant as specified in its governing instruments) California 94-2969720 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) P. O. Box 130, Carbondale, Colorado 81623 (Address of principal executive offices) (970) 963-8007 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities 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: [ ] PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LIF CONSOLIDATED BALANCE SHEETS, MARCH 31, 1996 AND DECEMBER 31, 1995 (Unaudited) (Dollars in thousands)
1996 1995 ASSETS INVESTMENTS IN REAL ESTATE: Rental properties $10,373 $ 10,267 Accumulated depreciation (2,088) (2,010) Rental properties - net 8,285 8,257 CASH AND CASH EQUIVALENTS (including interest bearing deposits of $505 in 1996 and $548 in 1995) 317 228 OTHER ASSETS: Short-term investment 0 99 Accounts receivable 23 15 Prepaid expenses and deposits 53 17 Deferred organization costs and loan costs (net of accumulated amortization of $142 in 1996 and $135 in 1995) 126 132 Total other assets 202 263 TOTAL $ 8,993 $ 9,076 LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Notes payable $ 6,877 $ 6,897 Accounts payable 12 80 Other liabilities 189 170 Total liabilities 7,078 7,147 PARTNERS' EQUITY 1,915 1,929 TOTAL $ 8,993 $ 9,076 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (Unaudited) (In thousands except per share amounts)
1995 1994 REVENUE: Rental $ 382 $ 393 Interest 11 13 Total revenue 394 406 EXPENSE: Interest 149 115 Operating 133 143 Depreciation and amortization 84 69 General and administrative 41 39 Total expense 407 366 NET INCOME (LOSS) $ (13) $ 40 NET INCOME (LOSS) PER PARTNERSHIP UNIT $ (1) $ 3 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND THE YEAR ENDED DECEMBER 31, 1995 (Unaudited) (Dollars in thousands)
..LIMITED PARTNERS.. NUMBER OF GENERAL TOTAL PARTNERSHIP PARTNER PARTNERS' UNITS AMOUNT AMOUNT EQUITY BALANCE, JANUARY 1, 1995 12,820 $ 2,524 $ (122) $ 2,402 Net Loss - 1995 (52) 0 (52) Net Distribution - 1995 (385) (41) (426) Net Contribution - 1995 0 1 0 BALANCE, DECEMBER 31, 1995 12,820 $ 2,087 $ (158) $ 1,929 Net Loss (13) 0 (13) BALANCE, MARCH 31, 1996 12,820 $ 2,074 $ (158) $ 1,915 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (Unaudited) (Dollars in thousands)
1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $(13) $ 40 Adjustments to reconcile net increase to net cash provided by operating activities: Depreciation and amortization 78 64 Change in operating assets and liabilities: Increase in other liabilities 19 36 Decrease in accounts payable (69) (6) Increase in accounts receivable (8) (8) Decrease in deferred expenses 6 4 (Increase) decrease in prepaid expenses (36) 4 Net cash provided by (used in) operating activities (23) 134 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (106) (19) Net cash used in investing activities (106) (19) CASH FLOWS FROM FINANCING ACTIVITIES: Payment on notes payable (20) (26) Net cash used by financing activities (20) (26) (Decrease) increase in cash and cash equivalents (149) 89 Cash and cash equivalents at beginning of period 655 426 Cash and cash equivalents at end of period $ 506 $ 515 See Financial Notes.
LIF FINANCIAL NOTES (Dollars in thousands) The accompanying unaudited financial statements should be read in conjunction with the Partnership's 1995 Annual Report. These statements have been prepared in accordance with the instructions to the Securities and Exchange Commission Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the general partner, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 1996 and 1995, are not necessarily indicative of the results that may be expected for the year ending December 31, 1996. For purposes of the statement of cash flows, the Partnership considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalent. The Partnership paid interest of $149 and $115 for the three months ended March 31, 1996 and 1995, respectively. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION LIF (the "Partnership") is a California limited partnership. Operations commenced in November 1985. The Partnership currently has an investment in Landsing Private Partnership- 21 ("P-21") which owns one multi-family rental property, Prince Creek Partners ("PCP") which owns three residential rental properties, Thompson Creek Partners ({TCP") which owns one residential rental property, and Cattle Creek Development Partners ("CCDP") which owns two retail rental properties. For financial reporting purposes the Partnership's investments are presented on a consolidated basis. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 1996, the Partnership's consolidated cash balance totaled $506,000. Cash not required for current operations is placed in federally insured financial instruments, certificates of deposit and money market funds which can be liquidated as needed. It is the Partnership's intention to maintain adequate cash reserves for its operations. During the first quarter of 1996, the Partnership experienced a net decrease in cash of $50,000. During the same period, the Partnership experienced a decrease in short-term investments of $99,000. As of March 31, 1996, cash plus short-term investments totaled $506,000 versus a balance of $655,000 at December 31, 1995 for a net decrease of $149,000. The General Partner expects Partnership operations to remain stable for the remainder of the year. RESULTS OF OPERATIONS The Partnership's operating results for the first quarter of 1996 have shown a slight decline as compared to that of 1995. Revenues have decreased 3% as compared to 1995. Operating expenses have increased 11% in 1996 as a result of higher interest expense amounts. Interest expense has increased 30% from 1995 to 1996 as a result of the additional debt associated with the remodel of the Valley View Business Center, and the new loan on the Whistler Point Apartments. OCCUPANCY As of March 31, 1996, occupancy at Whistler Point Apartments was 92%. This occupancy, despite new competition, is expected to remain stable through 1996. Occupancy at properties owned by PCP, CCDP and TCP was 100% as of March 31, 1996, except for the Valley View Business Center. Valley View is in the process of rent up after the remodel. The occupancy at March 31, 1996 was 72%. It is expected that all Partnership properties will maintain stable occupancy during 1996. DISTRIBUTIONS The Partnership has reinstated a policy of semi-annual distributions. The General Partner has declared a distribution of $15.00 per unit, payable to unit holders of record as of June 1, 1996. INFLATION The effects of inflation on the Partnership's operations have been no greater than the effect on the economy as a whole. Because of competitive conditions, market rate rents may increase or decrease disproportionately with inflation while property operating costs continue to follow inflationary trends. Inflationary conditions are not expected to have a major impact on the Partnership during 1996. PART II. OTHER INFORMATION All items in Part II have been omitted since they are inapplicable or the answer is negative. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. L I F Date: May 10, 1996 /s/ Gary K. Barr Gary K. Barr, President & Director Landsing Equities Corporation Managing Partner of the General Partner, Partners '85 EX-27 2 ART. 5 FDS MAR-31-96
5 1,000 3-MOS DEC-31-1996 MAR-31-1996 317 0 23 0 0 179 10373 2088 8993 201 0 0 0 0 1915 8993 0 394 0 0 258 0 149 0 0 0 0 0 0 (13) 0 0
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