-----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, Tbjp6MI9hAHI8De0rmtVFiy3OFCmxmITpY6th6w4FmKyOgerRwpKLF7ceTWk38i7 1t8gNyedHDsZn4zhicVimQ== 0000757642-97-000004.txt : 19970520 0000757642-97-000004.hdr.sgml : 19970520 ACCESSION NUMBER: 0000757642-97-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970516 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: 97610024 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, 1997 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, 1997 AND DECEMBER 31, 1996 (Unaudited) (Dollars in thousands)
March 31, December 31, 1997 1996 ASSETS INVESTMENTS IN REAL ESTATE: Rental properties $ 11,822 $ 11,598 Accumulated depreciation (2,358) (2,282) Rental properties - net 9,464 9,316 CASH AND CASH EQUIVALENTS (including Interest bearing deposits of $261 in 1997 and $282 in 1996) 265 388 OTHER ASSETS: Accounts receivable 92 9 Prepaid expenses and deposits 63 29 Deferred organization costs and loan costs (net of accumulated amortization of $181 in 1997 and $174 in 1996) 116 122 Total other assets 271 160 TOTAL $ 10,000 $ 9,864 LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Notes payable $ 8,075 $ 7,960 Accounts payable 42 29 Other liabilities 213 194 Total liabilities 8,330 8,183 Minority Interest 75 75 PARTNERS' EQUITY 1,595 1,606 TOTAL $ 10,000 $ 9,864 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (Unaudited) (In thousands except per share amounts) [CAPTION] 1997 1996 [S] [C] [C] REVENUE: Rental $ 439 $ 382 Interest 1 11 Total revenue 440 394 EXPENSE: Interest 160 149 Operating 163 133 Depreciation and amortization 83 84 General and administrative 45 41 Total expense 451 407 NET INCOME (LOSS) $ (11) $ (13) NET INCOME (LOSS) PER PARTNERSHIP UNIT: Limited Partners (1) (1) General Partners 0 0 ----- ----- (1) (1) [/TABLE] LIF CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND THE YEAR ENDED DECEMBER 31, 1996 (Unaudited)(Dollars in thousands)
..LIMITED PARTNERS.. NUMBER OF GENERAL TOTAL PARTNERSHIP PARTNER PARTNERS' UNITS AMOUNT AMOUNT DEFICIT BALANCE, JANUARY 1, 1996 12,820 $2,087 $ (158) $1,929 Net Loss - 1996 (136) 0 (136) Net Distribution - 1996 (192) (22) (214) Net Contribution - 1996 0 27 27 BALANCE, DECEMBER 31, 1996 12,820 $1,759 $ (153) $1,606 Net loss (11) 0 (11) BALANCE, MARCH 31, 1997 12,820 $1,748 $ (153) $1,595 See Financial Notes.
LIF CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (Unaudited) (Dollars in thousands)
1997 1996 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (11) $ (13) Adjustments to reconcile net increase to net cash provided by operating activities: Depreciation and amortization 76 78 Change in operating assets and liabilities: Increase in other liabilities 19 19 Increase (decrease) in accounts payable 13 (69) Increase in accounts receivable (83) (8) Decrease in deferred expenses 7 6 Increase in prepaid expenses (34) (36) Net cash used in operating activities (13) (23) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (224) (106) Net cash used in investing activities (224) (106) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Financing 150 0 Payment on notes payable (35) (20) Net cash provided by financing activities 115 (20) Decrease in cash and cash equivalents (123) (149) Cash and cash equivalents at beginning of period 388 655 Cash and cash equivalents at end of period $ 265 $ 506 See Financial Notes.
LIF FINANCIAL NOTES (Dollars in thousands) 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 three months ended March 31, 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 $160 and $149 for the three months ended March 31, 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 Partnership-21 ("P-21") which owns one multi-family rental property, Cattle Creek Development Partners ("CCDP") which owns two retail rental properties, and Alpine Center Partners ("ACP") which owns one commercial property. For financial reporting purposes the Partnership's investments are presented on a consolidated basis. LIQUIDITY AND CAPITAL RESOURCES As of March 31, 1997, the Partnership's consolidated cash balance totaled $265,000. 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 1997, the Partnership experienced a net decrease in cash of $123,000. As of March 31, 1997, cash plus short-term investments totaled $265,000 versus a balance of $388,000 at December 31, 1996 for a net decrease of $123,000. 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 56% at March 31, 1997. This property, while under construction, was the primary reason for increases in capital expenditures and notes payable. RESULTS OF OPERATIONS The Partnership's operating results for the first quarter of 1997 are similar to that of 1996. Revenues have increased 11% as compared to 1996. Operating expenses have increased 22% in 1997 as a result of bringing the new Alpine Center online. Interest expense has increased 7% from 1996 to 1997 as a result of the additional debt associated with the new construction of the Alpine Center. OCCUPANCY As of March 31, 1997, occupancy at Whistler Point Apartments was 98%. This occupancy is expected to remain stable through 1997. Occupancy at properties owned by CCDP and ACP was 88% and 54% respectively, as of March 31, 1997. Alpine Center is in the process of rent up after new construction. It is expected that all Partnership properties will maintain stable occupancy during 1997, with ACP achieving full rent-up by year end. DISTRIBUTIONS No distributions were declared or paid during the first quarter 1997. 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. L I F Date: May 12, 1997 /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-31-97
5 1000 3-MOS DEC-31-1997 MAR-31-1997 265 0 92 0 0 116 11,822 2,358 10,000 255 0 0 0 0 1,670 10,000 0 440 0 0 291 0 160 0 0 0 0 0 0 (11) 0 0
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