-----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, NOGDcNRk/yGjiTVE+tn2vx0jKvhJsM2hlyM978BpqEkaeunfPxgAcua3rxWl6sDi Lcs0YMM7sDSVVqc7tsRAgQ== 0000757642-96-000006.txt : 19960816 0000757642-96-000006.hdr.sgml : 19960816 ACCESSION NUMBER: 0000757642-96-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960815 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: 96615841 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 June 30, 1996 Commission File Number: 0-15766 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, JUNE 30, 1996 AND DECEMBER 31, 1995 (Unaudited) (Dollars in thousands)
June 30, December 31, 1996 1995 ASSETS INVESTMENTS IN REAL ESTATE: Rental properties $10,894 $10,267 Accumulated depreciation (2,148) (2,010) Rental properties - net 8,746 8,257 CASH AND CASH EQUIVALENTS (including interest bearing deposits of $379 in 1996 and $548 1995) 391 556 OTHER ASSETS: Short-term investment 0 99 Accounts receivable 70 15 Prepaid expenses and deposits 86 17 Notes receivable 185 0 Deferred organization costs and loan costs (net of accumulated amortization of $20 in 1996 and $135 in 1995) 116 132 Total other assets 457 263 TOTAL $ 9,594 $ 9,076 LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Notes payable $ 7,489 $ 6,897 Accounts payable 48 80 Other liabilities 207 170 Total liabilities 7,744 7,147 PARTNERS' EQUITY 1,851 1,929 TOTAL $ 9,594 $ 9,076 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands except per unit amounts)
Three Months Ended Six Months Ended June 30 June 30 1996 1995 1996 1995 REVENUE: Rental $ 366 $ 384 $ 748 $ 777 Interest 10 12 21 25 Total revenue 376 396 769 802 EXPENSE: Interest 172 119 321 234 Operating 157 173 290 316 Depreciation and amortization 102 69 186 138 General and administrative 47 65 88 104 Total expense 478 426 885 792 Net Income (loss) -before property sale $(102) $ (30) $(116) $ 10 Gain-property sale 35 0 35 0 NET INCOME (LOSS) $ (67) $ (30) $ (81) $ 10 NET INCOME PER PARTNERSHIP UNIT $ (5) $ (2) $ (6) $ 1 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND THE YEAR ENDED DECEMBER 31, 1995 (Unaudited) (Dollars in thousands)
..LIMITED PARTNERS.. NUMBER OF GENERAL TOTAL PARTNERSHIP PARTNER PARTNERS' UNITS AMOUNT AMOUNT DEFICIT BALANCE, JANUARY 1, 1995 12,820 $2,524 (122) $2,402 Net loss - 1995 (52) 0 (52) Distributions - 1995 (385) (41) (426) Contributions - 1995 0 5 0 BALANCE, DECEMBER 31, 1995 12,820 2,087 (158) 1,929 Net loss (81) 0 (81) Contributions - 1996 0 3 3 BALANCE, JUNE 30, 1996 12,820 $2,006 $(155) $1,851 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Unaudited) (Dollars in thousands)
1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (loss) $(81) $ 10 Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 138 130 Change in operating assets and liabilities: Increase in accounts receivable (55) (14) Increase in other liabilities 37 13 Increase (decrease) in accounts payable (33) 89 Increase in prepaid expenses (69) (11) (Increase) decrease in deferred expenses 16 (102) Net cash provided (used) by operating activities (47) 115 CASH FLOWS FROM INVESTING ACTIVITIES: Increase in notes receivable (185) 0 Sale of property 340 0 Investor Distributions 0 (214) Contributions 3 0 Capital expenditures (967) (97) Net cash used in investing activities (809) (311) CASH FLOWS FROM FINANCING ACTIVITIES: Note proceeds 755 50 Payment on notes payable (163) (46) Net cash provided by financing activities 592 4 Increase (decrease) in cash and cash equivalents (264) (192) Cash and cash equivalents at beginning of period 655 426 Cash and cash equivalents at end of period $ 391 $ 234 See Financial Notes.
LIF FINANCIAL NOTES (Dollars in thousands) 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 six months ended June 30, 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 $321 and $234 for the six months ended June 30, 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 Fund-21 ("LPF- 21") which owns one multi-family rental property, Prince Creek Partners ("PCP") which owns two residential rental properties, and Cattle Creek Development Partners ("CCDP") which owns two retail rental properties and Alpine Center Partners which has one retail building under redevelopment. For financial reporting purposes, the Partnership's investments are presented on a consolidated basis. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 1996, the Partnership's consolidated cash balance totaled $391,000. Cash not required for current operations is placed in federally insured financial instruments 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 half of 1996, the Partnership experienced a net decrease in cash of $264,000. As of June 30, 1996, cash totaled $391,000 versus a balance of $655,000 at December 31, 1995 for a net decrease of $264,000. This decrease in cash reserves was a result of payments on notes payable and the new investment in Alpine Center Partners. 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 six months of 1996 are down slightly compared to that of 1995. Revenues have decreased 4% as compared to 1995. This is the result of one property sale and the re-leasing required at Valley View Business Center after its renovation. Additionally, operating expenses have increased 8%. Interest expense has increased 34% from 1996 to 1995 as a result of the refinancing of the Whistler Point mortgage. Revenues have decreased primarily due to increased competition in the Boise, Idaho luxury apartments market. PROPERTY STATUS During the second quarter, the residential property owned by Thompson Creek Partners was sold for $182,500.00 resulting in a net gain of $6,000. The three residential properties owned by PCP were placed on the market during the second quarter. One property sold, resulting in a net gain of $29,000, while the other two properties are under contract and are projected to close in the third quarter. There are outstanding contingencies on both these contracts and there can be no assurance that they will close. The two properties owned by CCDP are expected to be sold or refinanced during the third quarter. During the second quarter, the Partnership made a short term loan to Alpine Center Partners which is in the process of expanding and renovating a retail building. OCCUPANCY As of June 30, 1996 the Whistler Point Luxury Apartments were 91% leased. Occupancy is expected to remain at this level through the remainder of 1996. Occupancies for the CCDP properties, 701 Cooper and Valley View Business Center, were 100% and 75% respectively. 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. LIF Date: August 14, 1996 /s/ Gary K. Barr Gary K. Barr, President The Landsing Corporation, Sole Shareholder of Landsing Equities Corporation Managing Partner of the General Partner, Partners '85 EX-27 2
5 0000757642 LIF 1,000 6-MOS DEC-31-1996 JUN-30-1996 391 0 70 0 0 387 10,894 2,148 9,594 255 0 0 0 0 1,851 9,594 0 769 0 0 564 0 321 0 0 (116) 0 35 0 (81) 0 0
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