-----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, E7+Faz+nuFkp4NCI7y2u9kP1mICxvuMK3++b8guyKTkDlG86JEa3zXgYMtK/hGac SIKiA9SZwAC9rcAunNJp7Q== 0000757642-97-000005.txt : 19970819 0000757642-97-000005.hdr.sgml : 19970819 ACCESSION NUMBER: 0000757642-97-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970818 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: 97665433 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, 1997 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, 1997 AND DECEMBER 31, 1996 (Unaudited) (Dollars in thousands)
June 30, December 31, 1997 1996 ASSETS INVESTMENTS IN REAL ESTATE: Rental properties $ 11,638 $ 11,598 Accumulated depreciation (2,437) (2,282) Rental properties - net 9,201 9,316 CASH AND CASH EQUIVALENTS (including interest bearing deposits of $211 in 1997 and $282 1996) 218 388 OTHER ASSETS: Accounts receivable 593 9 Prepaid expenses and deposits 97 29 Deferred organization costs and loan costs (net of accumulated amortization of $188 in 1997 and $174 in 1996) 108 122 Total other assets 798 160 TOTAL $ 10,217 $ 9,864 LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Notes payable $ 8,285 $ 7,960 Accounts payable 106 29 Other liabilities 255 194 Total liabilities 8,646 8,183 Minority Interest 75 75 PARTNERS' EQUITY 1,496 1,606 TOTAL $ 10,217 $ 9,864 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 1997 1996 1997 1996 REVENUE: Rental $ 437 $ 366 $ 876 $ 748 Interest 0 10 1 21 Total revenue 437 276 877 769 EXPENSE: Interest 203 172 363 321 Operating 175 157 338 290 Depreciation and amortization 87 102 170 186 General and administrative 71 47 166 88 Total expense 536 478 987 885 Net Income (loss) -before property sale $ (99) $(102) $(110) $(116) Gain-property sale 0 35 0 35 NET INCOME (LOSS) $ (99) $ (67) $(110) $ (81) NET LOSS PER PARTNERSHIP UNIT Limited Partners (5) (5) (9) (6) General Partners 0 0 0 0 (5) (5) (9) (6) See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND THE YEAR ENDED DECEMBER 31, 1996 (Unaudited) (Dollars in thousands)
LIMITED PARTNERS NUMBER OF GENERAL TOTAL PARTNERSHIP PARTNER PARTNERS' UNITS AMOUNT AMOUNT EQUITY BALANCE, JANUARY 1, 1996 12,820 $2,087 $(158) $1,929 Net loss - 1996 (136) 0 (136) Distribution 1996 (192) (22) (214) Contributions 1996 0 27 27 BALANCE, DECEMBER 31, 1996 12,820 1,759 (153) 1,606 Net loss - 1997 (110) 0 (110) BALANCE, JUNE 30, 1997 12,820 $1,649 $(153) $1,496 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996 (Unaudited) (Dollars in thousands)
1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (loss) $ (110) $ (81) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 155 138 Change in operating assets and liabilities: Increase in accounts receivable (584) (55) Increase in other liabilities 61 37 Increase (decrease) in accounts payable 77 (33) Increase in prepaid expenses (68) (69) Decrease in deferred expenses 14 16 Net cash provided (used) by operating activities (455) (47) CASH FLOWS FROM INVESTING ACTIVITIES: Increase in notes receivable 0 (185) Sale of property 0 340 Capital expenditures (40) (967) Net cash used in investing activities (40) (812) CASH FLOWS FROM FINANCING ACTIVITIES: Note proceeds 421 755 Payment on notes payable (96) (163) Net cash provided by financing activities 325 592 Increase (decrease) in cash and cash equivalents (170) (267) Cash and cash equivalents at beginning of period 388 655 Cash and cash equivalents at end of period $ 218 $ 388 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 1996 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, 1997 and 1996, are not necessarily indicative of the results that may be expected for the year ending December 31, 1997. 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 $363 and $321 for the six months ended June 30, 1997 and 1996, 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, Cattle Creek Development Partners (CCDP) which owns two retail rental properties, and Alpine Center Partners which has one retail building. For financial reporting purposes, the Partnership's investments are presented on a consolidated basis. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 1997, the Partnership's consolidated cash balance totaled $218,000. 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 1997, the Partnership experienced a net decrease in cash of $170,000. As of June 30, 1997, cash totaled $218,000 versus a balance of $388,000 at December 31, 1996 for a net decrease of $170,000. This decrease in cash reserves was a result of payments on notes payable and capital expenditures. The General Partner expects Partnership operations to remain stable for the remainder of the year. The Partnership's investment in Alpine Center partners has completed construction of Phase I of its commercial building. Rent-up started February 1, 1997. Occupancy of this building was 73% at June 30, 1997. Phase II of the Alpine Center is expected to begin late in 1997. RESULTS OF OPERATIONS The Partnership's Net Loss through the first two quarters of 1997 is 6% less than that of 1996. Revenues have increased 18% as compared to 1996. This is the result of lower vacancies at the Whistler Point Apartments and the lease up of the Alpine Center. Additionally, operating expenses have increased 12%. Interest expense has increased 14% from 1997 to 1996 as a result of financing the Alpine Center purchase and improvements. OCCUPANCY As of June 30, 1997 the Whistler Point Luxury Apartments were 95% leased. Occupancy is expected to remain at this level through the remainder of 1997. Occupancies for the CCDP properties, 701 Cooper and Valley View Business Center, were 100% and 86% 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 1997. 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 15, 1997 /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 ART. 5 FDS JUN-30-97
5 1000 6-MOS DEC-31-1997 JUN-30-1997 218 0 593 0 0 690 11,638 2,437 10,217 361 0 0 0 0 1,496 10,217 0 877 0 0 624 0 363 0 0 0 0 0 0 (110) 0 0
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