-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, NFD0jCZa5lXhmyjOygdZsRdrLADG2m4Gdsw1uiqd6yNmr6CByrY7E7zTrsX+bvpw oXNLV8P5ErrMjSsYdFkC1A== 0000928790-95-000030.txt : 19950428 0000928790-95-000030.hdr.sgml : 19950428 ACCESSION NUMBER: 0000928790-95-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950228 FILED AS OF DATE: 19950417 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUTTON CONAM REALTY INVESTORS 5 CENTRAL INDEX KEY: 0000761310 STANDARD INDUSTRIAL CLASSIFICATION: 6500 IRS NUMBER: 112712111 STATE OF INCORPORATION: CA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14341 FILM NUMBER: 95529059 BUSINESS ADDRESS: STREET 1: 3 EORLD FINANCIAL CENTER STREET 2: 29 TH FL CITY: NEW YORK STATE: NY ZIP: 10285 BUSINESS PHONE: 2125263237 MAIL ADDRESS: STREET 1: 3 WORLD FINANCIAL CENTER STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10285 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 1995 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-14341 HUTTON/CONAM REALTY INVESTORS 5 (Exact name of registrant as specified in its charter) California 11-2712111 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3 World Financial Center, 29th Floor, New York, NY 10285 (Address of principal executive offices) (Zip Code) (212) 526-3237 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 Consolidated Balance Sheets February 28, November 30, Assets 1995 1994 Investments in real estate: Land $ 4,941,450 $ 4,941,450 Buildings and improvements 26,393,023 26,393,023 31,334,473 31,334,473 Less- accumulated depreciation (10,332,178) (10,050,009) 21,002,295 21,284,464 Cash and cash equivalents 2,146,043 2,219,395 Restricted cash 266,032 223,328 Other assets, net of accumulated amortization of $43,039 in 1995 and $34,969 in 1994 227,638 218,518 Total Assets $ 23,642,008 $ 23,945,705 Liabilities and Partners' Capital Liabilities: Mortgage payable $ 6,478,600 $ 6,502,325 Distribution payable 439,975 381,311 Accounts payable and accrued expenses 212,531 293,785 Due to general partners and affiliates 41,041 38,643 Security deposits 132,859 131,189 Total Liabilities 7,305,006 7,347,253 Partners' Capital: General Partners 194,841 200,071 Limited Partners 16,142,161 16,398,381 Total Partners' Capital 16,337,002 16,598,452 Total Liabilities and Partners' Capital $ 23,642,008 $ 23,945,705 Consolidated Statement of Partners' Capital For the three months ended February 28, 1995 General Limited Partners Partners Total Balance at December 1, 1994 $ 200,071 $ 16,398,381 $ 16,598,452 Net income 3,570 174,955 178,525 Cash distributions (8,800) (431,175) (439,975) Balance at February 28, 1995 $ 194,841 $ 16,142,161 $ 16,337,002 Consolidated Statements of Operations For the three months ended February 28, 1995 and 1994 Income 1995 1994 Rental $ 1,098,697 $ 1,062,647 Interest 28,111 15,102 Total Income 1,126,808 1,077,749 Expenses Property operating 499,545 529,554 Depreciation and amortization 290,239 289,751 Interest 125,830 127,594 General and administrative 32,669 29,561 Total Expenses 948,283 976,460 Net Income $ 178,525 $ 101,289 Net Income Allocated: To the General Partners $ 3,570 $ 4,826 To the Limited Partners 174,955 96,463 $ 178,525 $ 101,289 Per limited partnership unit (57,490 outstanding) $ 3.04 $ 1.68 Consolidated Statements of Cash Flows For the three months ended February 28, 1995 and 1994 Cash Flows from Operating Activities: 1995 1994 Net income $ 178,525 $ 101,289 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 290,239 289,751 Increase (decrease) in cash arising from changes in operating assets and liabilities: Fundings to restricted cash (42,704) (44,619) Other assets (17,190) 1,819 Accounts payable and accrued expenses (81,254) (44,358) Due to general partners and affiliates 2,398 (1,790) Security deposits 1,670 (1,017) Net cash provided by operating activities 331,684 301,075 Cash Flows from Financing Activities: Distributions (381,311) (1,466,582) Receipt of deposit on financing -- 80,488 Mortgage fees -- (39,124) Mortgage principal payments (23,725) (21,961) Net cash used for financing activities (405,036) (1,447,179) Net decrease in cash and cash equivalents (73,352) (1,146,104) Cash and cash equivalents at beginning of period 2,219,395 2,927,635 Cash and cash equivalents at end of period $ 2,146,043 $ 1,781,531 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest $ 125,830 $ 127,594 Notes to the Consolidated Financial Statements The unaudited interim financial statements should be read in conjunction with the Partnership's annual 1994 audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended November 30, 1994. The unaudited financial statements include all adjustments consisting of only normal recurring accruals which are, in the opinion of management, necessary to present a fair statement of financial position as of February 28, 1995, the results of operations for the three months then ended and the changes in partners' capital and cash flows for the three months then ended. Results of operations for the period are not necessarily indicative of the results to be expected for the full year. No significant events have occurred or material contingencies exist which would require disclosure in this interim report per Regulation S-X, Rule 10-01, Paragraph (a)(5). Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources At February 28, 1995, the Partnership had cash and cash equivalents of $2,146,043 which were invested in unaffiliated money market funds. The Partnership also maintains a restricted cash balance which totaled $266,032 at February 28, 1995. Restricted cash represents escrows for insurance and real estate taxes required under the terms of the mortgage loan for the Lakeview Village property. The Partnership expects sufficient cash to be generated from operations to meet its current operating expenses. The General Partners declared a cash distribution of $7.50 per Unit for the quarter ended February 28, 1995 which will be paid to investors on or about April 18, 1995. The level and timing of any future cash distributions will be reviewed and determined on a quarterly basis. Results of Operations Partnership operations for the three months ended February 28, 1995 generated net income of $178,525 compared with net income of $101,289 for the corresponding period in fiscal 1994. After adding back depreciation and amortization, both non-cash expenses, and subtracting mortgage amortization, operations generated cash flow of $445,039 for the three months ended February 28, 1995 compared with cash flow of $369,079 for the corresponding period in fiscal 1994. The increase in net income and cash flow is primarily attributable to higher rental income and a decrease in property operating expenses. Rental income totaled $1,098,697 for the three months ended February 28, 1995 compared with $1,062,647 for the corresponding period in fiscal 1994. The increase reflects higher rental income at all three of the Partnership's properties, especially at The Hamptons at Quail Hollow, due to rental rate increases instituted over the past year, partially offset by lower occupancy rates. Interest income totaled $28,111 for the three months ended February 28, 1995, compared with $15,102 for the corresponding period in fiscal 1994. The increase is due to higher rates of interest earned on cash balances. Property operating expenses totaled $499,545 for the three months ended February 28, 1995 compared with $529,554 for the corresponding period in fiscal 1994. The decrease is primarily attributable to reduced administrative expenses at Canterbury Park, salary and advertising expenses at The Hamptons at Quail Hollow, and expenditures for routine property upgrades at Lakeview Village. Three Months Ended February 28, Property 1995 1994 Canterbury Park 97% 98% The Hamptons at Quail Hollow 95% 97% Lakeview Village 92% 92% PART II OTHER INFORMATION Item 1-5 Not applicable Item 6 Exhibits and Reports on Form 8-K. (a) Exhibits: None (b) Reports on Form 8-K - No reports on Form 8-K were filed during the three month period covered by this report. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. HUTTON/CONAM REALTY INVESTORS 5 BY: RI 5 Real Estate Services, Inc. General Partner Dated: April 13, 1995 BY: /S/ Paul L. Abbott Name: Paul L. Abbott Title: Director, President, Chief Executive Officer and Chief Financial Officer EX-27 2 RI-5 FINANCIAL DATA SCHEDULE FOR 1995 FIRST QTR 10-Q
5 3-MOS NOV-30-1995 FEB-28-1995 2,412,075 000 000 000 000 44,721 31,334,473 10,332,178 23,642,008 143,070 6,478,600 000 000 000 16,337,002 23,642,008 1,098,697 1,126,808 000 499,545 322,908 000 125,830 178,525 000 178,525 000 000 000 178,525 3.04 3.04
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