-----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, Df0uWK/9hQg55oleIQB1d0a1baC+v4a1pWwHTuQ7zM7y4267FMuk6nvESRWJmquJ ol79m4RK//7X5pXcxBFP3w== 0000928790-95-000067.txt : 19950728 0000928790-95-000067.hdr.sgml : 19950728 ACCESSION NUMBER: 0000928790-95-000067 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950531 FILED AS OF DATE: 19950717 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: 95554378 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 May 31, 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 Attention: Andre Anderson (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 May 31, 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 (10,614,348) (10,050,009) 20,720,125 21,284,464 Cash and cash equivalents 2,199,410 2,219,395 Restricted cash 301,434 223,328 Other assets, net of accumulated amortization of $51,109 in 1995 and $34,969 in 1994 198,345 218,518 Total Assets $ 23,419,314 $ 23,945,705 Liabilities and Partners' Capital Liabilities: Mortgage payable $ 6,454,412 $ 6,502,325 Distribution payable 439,974 381,311 Accounts payable and accrued expenses 255,138 293,785 Due to general partners and affiliates 41,617 38,643 Security deposits 135,173 131,189 Total Liabilities 7,326,314 7,347,253 Partners' Capital: General Partners 189,962 200,071 Limited Partners 15,903,038 16,398,381 Total Partners' Capital 16,093,000 16,598,452 Total Liabilities and Partners' Capital $ 23,419,314 $ 23,945,705 Consolidated Statement of Partners' Capital For the six months ended May 31, 1995 General Limited Partners Partners Total Balance at December 1, 1994 $ 200,071 $ 16,398,381 $ 16,598,452 Net income 7,490 367,007 374,497 Cash distributions (17,599) (862,350) (879,949) Balance at May 31, 1995 $ 189,962 $ 15,903,038 $ 16,093,000 Consolidated Statements of Operations Three months ended Six months ended May 31, May 31, Income 1995 1994 1995 1994 Rental $ 1,116,752 $ 1,033,372 $ 2,215,449 $ 2,096,019 Interest 29,674 13,055 57,785 28,157 Total Income 1,146,426 1,046,427 2,273,234 2,124,176 Expenses Property operating 506,595 495,950 1,006,140 1,025,504 Depreciation and amortization 290,240 289,866 580,479 579,617 Interest 125,367 127,165 251,197 254,759 General and administrative 28,252 27,488 60,921 57,049 Total Expenses 950,454 940,469 1,898,737 1,916,929 Net Income $ 195,972 $ 105,958 $ 374,497 $ 207,247 Net Income Allocated: To the General Partners $ 3,920 $ 4,872 $ 7,490 $ 9,698 To the Limited Partners 192,052 101,086 367,007 197,549 $ 195,972 $ 105,958 $ 374,497 $ 207,247 Per limited partnership unit (57,490 outstanding) $ 3.34 $ 1.76 $ 6.38 $ 3.44 Consolidated Statements of Cash Flows For the six months ended May 31, 1995 and 1994 Cash Flows from Operating Activities: 1995 1994 Net income $ 374,497 $ 207,247 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 580,479 579,617 Increase (decrease) in cash arising from changes in operating assets and liabilities: Fundings to restricted cash (78,106) (89,758) Other assets 4,033 16,839 Accounts payable and accrued expenses (38,647) (20,692) Due to general partners and affiliates 2,974 (5,842) Security deposits 3,984 9,845 Net cash provided by operating activities 849,214 697,256 Cash Flows from Financing Activities: Distributions (821,286) (1,847,893) Receipt of deposit on financing 0 278,487 Mortgage fees 0 (40,773) Mortgage principal payments (47,913) (44,351) Net cash used for financing activities (869,199) (1,654,530) Net decrease in cash and cash equivalents (19,985) (957,274) Cash and cash equivalents at beginning of period 2,219,395 2,927,635 Cash and cash equivalents at end of period $ 2,199,410 $ 1,970,361 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest $ 251,197 $ 254,759 Notes to the Consolidated Financial Statements The unaudited interim consolidated financial statements should be read in conjunction with the Partnership's annual 1994 audited consolidated financial statements within Form 10-K. The unaudited consolidated financial statements include all adjustments which are, in the opinion of management, necessary to present a fair statement of financial position as of May 31, 1995 and the results of operations and cash flows for the six months ended May 31, 1995 and 1994 and the statement of changes in the partners' capital for the six months ended May 31, 1995. Results of operations for the periods are not necessarily indicative of the results to be expected for the full year. No significant events have occurred subsequent for fiscal year 1994, which 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 May 31, 1995, the Partnership had cash and cash equivalents of $2,199,410 which were invested in unaffiliated money market funds, compared with $2,219,395 at November 30, 1994. The Partnership also maintains a restricted cash balance which totaled $301,434 at May 31, 1995 compared with $223,328 at November 30, 1994. 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. Accounts payable and accrued expenses were $255,138 at May 31, 1995 compared to $293,785 at fiscal year end 1994. The decrease is primarily a result of the payment of real estate taxes on two of the Partnership's properties in January and the payment of 1994 audit expenses in the first quarter of 1995. The General Partners declared a cash distribution of $7.50 per Unit for the quarter ended May 31, 1995 which will be paid to the limited partners on or about July 17, 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 and six months ended May 31, 1995 generated net income of $195,972 and $374,497, respectively, compared with net income of $105,958 and $207,247 for the corresponding periods in fiscal 1994. After adding back depreciation and amortization, both non-cash expenses, and subtracting mortgage amortization, operations generated cash flow of $462,024 and $907,063 for the three and six months ended May 31, 1995, respectively, compared with cash flow of $373,434 and $742,513 for the corresponding periods in fiscal 1994. The increase in net income and cash flow is primarily attributable to higher rental income and, for the six month period, a decrease in property operating expenses. Rental income totaled $1,116,752 and $2,215,449 for the three and six months ended May 31, 1995, respectively, compared with $1,033,372 and $2,096,019 for the corresponding periods in fiscal 1994. The increases reflect 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. Rental income also increased due to significantly higher average occupancy at Lakeview Village from the second quarter of 1994 during which a number of leases had expired. Property operating expenses totaled $506,595 and $1,006,140 for the three and six months ended May 31, 1995 compared with $495,950 and $1,025,504 for the corresponding periods in fiscal 1994. The increase for the three-month period is primarily attributable to repair and maintenance expenses incurred at Canterbury Park and The Hamptons at Quail Hollow. The decrease for the six-month period is primarily attributable to lower rental administration costs at all three of the properties and lower repair and maintenance expenses at Lakeview Village. For the three and six months ended May 31, 1995 and 1994, average occupancy levels at each of the properties were as follows: Three Months Ended Six Months Ended May 31, May 31, Property 1995 1994 1995 1994 Canterbury Park 95% 95% 96% 97% The Hamptons at Quail Hollow 97% 98% 96% 97% Lakeview Village 95% 89% 94% 90% PART II OTHER INFORMATION Items 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: July 14, 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 SECOND QTR 10-Q
5 6-MOS NOV-30-1995 MAY-31-1995 2,500,844 000 000 000 000 000 31,334,473 10,614,348 23,419,314 185,677 6,454,412 000 000 000 16,093,000 23,419,314 2,215,449 2,273,234 000 1,006,140 641,400 000 251,197 374,497 000 374,497 000 000 000 374,497 6.38 6.38
-----END PRIVACY-ENHANCED MESSAGE-----