-----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, VQf4HJmOFwZsefoe6tj8c/Q3+Nive1+SpdvbOx3E2kZUo12uE6rVy0O/51s0QRuI PZY0snCPsCtxbk0Yz6LYGA== 0000928790-95-000109.txt : 19951017 0000928790-95-000109.hdr.sgml : 19951017 ACCESSION NUMBER: 0000928790-95-000109 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950831 FILED AS OF DATE: 19951016 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUTTON CONAM REALTY INVESTORS 5 CENTRAL INDEX KEY: 0000761310 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [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: 95580865 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 August 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 ATTN: Andre Anderson 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 August 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 (10,892,035) (10,050,009) 20,442,438 21,284,464 Cash and cash equivalents 2,292,772 2,219,395 Restricted cash 344,212 223,328 Other assets, net of accumulated amortization of $59,179 in 1995 and $34,969 in 1994 188,930 218,518 Total Assets $ 23,268,352 $ 23,945,705 Liabilities and Partners' Capital Liabilities: Mortgage payable $ 6,429,753 $ 6,502,325 Distribution payable 439,974 381,311 Accounts payable and accrued expenses 355,134 293,785 Due to general partners and affiliates 54,367 38,643 Security deposits 136,283 131,189 Total Liabilities 7,415,511 7,347,253 Partners' Capital: General Partners 185,159 200,071 Limited Partners 15,667,682 16,398,381 Total Partners' Capital 15,852,841 16,598,452 Total Liabilities and Partners' Capital $ 23,268,352 $ 23,945,705 Consolidated Statement of Partners' Capital For the nine months ended August 31, 1995 General Limited Partners Partners Total Balance at December 1, 1994 $ 200,071 $ 16,398,381 $ 16,598,452 Net income 11,486 562,826 574,312 Cash distributions (26,398) (1,293,525) (1,319,923) Balance at August 31, 1995 $ 185,159 $ 15,667,682 $ 15,852,841 Consolidated Statements of Operations Three months ended Nine months ended August 31, August 31, Income 1995 1994 1995 1994 Rental $ 1,129,170 $ 1,085,577 $ 3,344,619 $ 3,181,596 Interest 26,845 16,993 84,630 45,150 Total Income 1,156,015 1,102,570 3,429,249 3,226,746 Expenses Property operating 510,273 418,341 1,516,413 1,443,845 Depreciation and amortization 285,757 290,116 866,236 869,733 Interest 124,896 126,729 376,093 381,488 General and administrative 35,274 30,877 96,195 87,926 Total Expenses 956,200 866,063 2,854,937 2,782,992 Net Income $ 199,815 $ 236,507 $ 574,312 $ 443,754 Net Income Allocated: To the General Partners $ 3,996 $ 6,179 $ 11,486 $ 15,877 To the Limited Partners 195,819 230,328 562,826 427,877 $ 199,815 $ 236,507 $ 574,312 $ 443,754 Per limited partnership unit (57,490 outstanding) $ 3.41 $ 4.00 $ 9.79 $ 7.44 Consolidated Statements of Cash Flows For the nine months ended August 31, 1995 and 1994 Cash Flows from Operating Activities: 1995 1994 Net income $ 574,312 $ 443,754 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 866,236 869,733 Increase (decrease) in cash arising from changes in operating assets and liabilities: Fundings to restricted cash (120,884) (134,867) Other assets 5,378 16,838 Accounts payable and accrued expenses 61,349 66,564 Due to general partners and affiliates 15,724 (1,513) Security deposits 5,094 11,942 Net cash provided by operating activities 1,407,209 1,272,451 Cash Flows from Investing Activities: Additions to real estate 0 (39,780) Net cash used for investing activities 0 (39,780) Cash Flows from Financing Activities: Distributions (1,261,260) (2,229,204) Receipt of deposit on financing 0 278,487 Mortgage fees 0 (41,131) Mortgage principal payments (72,572) (67,177) Net cash used for financing activities (1,333,832) (2,059,025) Net increase (decrease) in cash and cash equivalents 73,377 (826,354) Cash and cash equivalents at beginning of period 2,219,395 2,927,635 Cash and cash equivalents at end of period $ 2,292,772 $ 2,101,281 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest $ 376,093 $ 381,488 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 August 31, 1995 and the results of operations and cash flows for the nine months ended August 31, 1995 and 1994 and the statement of changes in the partners' capital for the nine months ended August 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 to 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 August 31, 1995, the Partnership had cash and cash equivalents of $2,292,772 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 $344,212 at August 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 totaled $355,134 at August 31, 1995 compared to $293,785 at November 30,1994. The increase is primarily a result of timing for the accrual of real estate taxes on the Partnership's properties. The General Partners declared a cash distribution of $7.50 per Unit for the quarter ended August 31, 1995 which will be paid to the limited partners on or about October 16, 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 nine months ended August 31, 1995 generated net income of $199,815 and $574,312, respectively, compared with net income of $236,507 and $443,754 for the corresponding periods in fiscal 1994. After adding back depreciation and amortization, both non-cash expenses, and subtracting mortgage amortization and additions to real estate, operations generated cash flow of $460,913 and $1,367,976 for the three and nine months ended August 31, 1995, respectively, compared with cash flow of $464,017 and $1,206,530 for the corresponding periods in fiscal 1994. The increase in net income and cash flow for the nine-month period is primarily attributable to higher rental and interest income. The decrease in net income and cash flow for the three-month period is primarily attributable to an increase in property operating expense. Rental income totaled $1,129,170 and $3,344,619 for the three and nine months ended August 31, 1995, respectively, compared with $1,085,577 and $3,181,596 for the corresponding periods in fiscal 1994. The increases reflect higher rental income at all three of the Partnership's properties, due to rental rate increases instituted over the past year at all three properties and higher average occupancy at Lakeview Village. Property operating expenses totaled $510,273 and $1,516,413 for the three and nine months ended August 31, 1995 compared with $418,341 and $1,443,845 for the corresponding periods in fiscal 1994. The increase is primarily attributable to roof repairs at The Hamptons at Quail Hollow, and carpeting and floor tiling expenses incurred at Lakeview Village. For the three and nine months ended August 31, 1995 and 1994, average occupancy levels at each of the properties were as follows: Three Months Ended Nine Months Ended August 31, August 31, Property 1995 1994 1995 1994 Canterbury Park 96% 96% 96% 96% The Hamptons at Quail Hollow 96% 97% 96% 97% Lakeview Village 95% 92% 94% 92% PART II OTHER INFORMATION Items 1-5 Not Applicable Item 6 Exhibits and Reports on Form 8-K. (a) Exhibits (27) Financial Data Schedule (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: October 16, 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 THIRD QTR 10-Q
5 9-MOS NOV-30-1995 AUG-31-1995 2,292,772 000 000 000 000 000 31,334,473 10,892,035 23,268,352 285,673 6,429,753 000 000 000 15,852,841 23,268,352 3,344,619 3,429,249 000 1,516,413 866,236 000 376,093 574,312 000 574,312 000 000 000 574,312 9.79 9.79
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