-----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, Hg87pCZDr9/pbuJbLPU5AOuHU+rZwC+Dy0/paFYPgHjLn0EDaL/ffp9EW9TWuw4+ Fn9V+jYlZwlKWKtoC4L2sg== /in/edgar/work/20000814/0000711642-00-000254/0000711642-00-000254.txt : 20000921 0000711642-00-000254.hdr.sgml : 20000921 ACCESSION NUMBER: 0000711642-00-000254 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS FIRST STAGED EQUITY L P CENTRAL INDEX KEY: 0000768834 STANDARD INDUSTRIAL CLASSIFICATION: [6500 ] IRS NUMBER: 363310965 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-14470 FILM NUMBER: 699088 BUSINESS ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10QSB 1 0001.txt SECOND QUARTER 2000 FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 [ ] 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 0-14470 INVESTORS FIRST-STAGED EQUITY L.P. (Exact name of small business issuer as specified in its charter) Delaware 36-3310965 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 55 Beattie Place, PO Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 a) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands, except unit data) June 30, 2000
Assets Cash and cash equivalents $ 2,536 Receivables and deposits 570 Restricted escrows 502 Other assets 646 Investment properties: Land $ 6,431 Buildings and related personal property 29,744 36,175 Less accumulated depreciation (22,089) 14,086 $ 18,340 Liabilities and Partners' Deficit Liabilities Accounts payable $ 52 Accrued interest 342 Tenant security deposit liabilities 291 Disposition fee payable to affiliates of General Partner 603 Other liabilities 51 Advances from affiliates of General Partner 340 Mortgage notes payable 30,090 Partners' Deficit General partner $ (120) Limited partners (16,261.152 units issued and outstanding) (13,309) (13,429) $ 18,340 See Accompanying Notes to Consolidated Financial Statements
b) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
Three Months Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 (restated) (restated) Revenues: Rental income $ 1,449 $ 1,362 $ 2,865 $ 2,715 Other income 82 61 208 130 Total revenues 1,531 1,423 3,073 2,845 Expenses: Operating 364 408 766 799 General and administrative 32 34 82 91 Depreciation 384 356 765 716 Interest 572 550 1,116 1,094 Property taxes 108 115 210 193 Total expenses 1,460 1,463 2,939 2,893 Income (loss) from continuing operations 71 (40) 134 (48) Income from discontinued operations -- 138 -- 249 Net income $ 71 $ 98 $ 134 $ 201 Net income allocated to general partner (1%) $ 1 $ 1 $ 1 $ 2 Net income allocated to limited partners (99%) 70 97 133 199 Net income $ 71 $ 98 $ 134 $ 201 Net income (loss) per limited partnership unit: Income (loss) from continuing operations $ 4.30 $ (2.43) $ 8.18 $ (2.92) Income from discontinued operations -- 8.40 -- 15.16 Net income $ 4.30 $ 5.97 $ 8.18 $ 12.24 Distributions per limited partnership unit $ -- $ -- $473.58 $ -- See Accompanying Notes to Consolidated Financial Statements
c) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT (Unaudited) (in thousands, except unit data)
Limited Partnership General Limited Units Partner Partners Total Partners' deficit at December 31, 1999 16,261.152 $ (121) $ (5,741) $ (5,862) Distributions to limited partners -- -- (7,701) (7,701) Net income for the six months ended June 30, 2000 -- 1 133 134 Partners' deficit at June 30, 2000 16,261.152 $ (120) $(13,309) $(13,429) See Accompanying Notes to Consolidated Financial Statements
d) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Six Months Ended June 30, 2000 1999 Cash flows from operating activities: Net income $ 134 $ 201 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 765 958 Amortization of loan costs and leasing commissions 50 83 Change in accounts: Receivables and deposits 10 (9) Other assets (26) (32) Accounts payable 5 (9) Accrued interest 199 14 Tenant security deposit liabilities 15 17 Other liabilities (84) (20) Net cash provided by operating activities 1,068 1,203 Cash flows from investing activities: Property improvements and replacements (370) (111) Net withdrawals from (deposits to) restricted escrows 40 (139) Lease commissions paid -- (34) Net cash used in investing activities (330) (284) Cash flows from financing activities: Distributions to limited partners (7,701) -- Payments on mortgage notes payable (115) (501) Net cash used in financing activities (7,816) (501) Net (decrease) increase in cash and cash equivalents (7,078) 418 Cash and cash equivalents at beginning of period 9,614 1,184 Cash and cash equivalents at end of period $ 2,536 $ 1,602 Supplemental disclosure of cash flow information: Cash paid for interest $ 865 $ 1,557 See Accompanying Notes to Consolidated Financial Statements
e) INVESTORS FIRST-STAGED EQUITY L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Going Concern The accompanying consolidated financial statements have been prepared assuming Investors First-Staged Equity L.P. (the "Partnership or "Registrant") will continue as a going concern. During the fourth quarter of 1999, the Partnership was notified that it is in default on the Residual Proceeds Agreements relating to Rivercrest Village Apartments and Richardson Highlands Apartments, the two remaining investment properties owned by the Partnership. These agreements require, among other things, that each property be marketed for sale six months prior to January 15, 2000, which was the maturity date of the subordinated notes payable, and that half of certain residual proceeds from the sale be paid to the lender. The Partnership did not market these properties for sale in accordance with the agreements, which also provide that the lender may commence an action for the appointment of a receiver to sell each property. If the properties are not sold within 180 days thereafter, the lender may foreclose on the properties. After notifying the Partnership of such defaults, the lender proposed that a party believed by the Partnership to be an affiliate of the lender purchase the properties. However, MAERIL, Inc. (the "General Partner") believes that the Residual Proceeds Agreement may no longer be effective, since the debt was repaid in full prior to maturity. The Partnership currently is in discussions with the lender with respect to the resolution of these issues. There can be no assurance that a receiver will not be appointed for the properties or that the properties will not be sold or foreclosed upon. If the Partnership loses its remaining investment properties through sale or foreclosure, then it will be forced to terminate. As a result of the above, there is substantial doubt about the Partnership's ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from this uncertainty. Note B - Basis of Presentation The accompanying unaudited consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly, they 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. Operating results for the three and six month periods ended June 30, 2000, are not necessarily indicative of the results that may be expected for the year ending December 31, 2000. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999. Reclassifications Certain reclassifications have been made to the 1999 financial statements to conform with the 2000 presentation. Principles of Consolidation The financial statements include all the accounts of the Partnership and its three 99.99% owned partnerships. The General Partner of the consolidated partnerships is MAERIL, Inc. MAERIL, Inc. may be removed as the general partner of the consolidated partnerships by the Registrant; therefore, the consolidated partnerships are controlled and consolidated by the Registrant. All significant interpartnership balances have been eliminated. Note C - Transfer of Control Pursuant to a series of transactions which closed on October 1, 1998 and February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust merged into Apartment Investment and Management Company, ("AIMCO"), a publicly traded real estate investment trust, with AIMCO being the surviving corporation (the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in the General Partner. The General Partner does not believe that this transaction has had or will have a material effect on the affairs and operations of the Partnership. Note D - Transactions with Affiliates and Related Parties The Partnership has no employees and is dependent on the General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for (i) certain payments to affiliates for services and (ii) reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The following payments were made or accrued to the General Partner and its affiliates during the six months ended June 30, 2000 and 1999: 2000 1999 (in thousands) Property management fees (included in operating expenses) $118 $113 Reimbursement for services of affiliates (included in general and administrative expense) 37 57 Real estate brokerage commission due to general partner (included in disposition fee payable to General Partner) 603 -- During the six months ended June 30, 2000 and 1999, affiliates of the General Partner were entitled to receive 5% of gross receipts from both of the Registrant's residential properties as compensation for providing property management services. The Registrant paid to such affiliates approximately $118,000 and $113,000 for the six months ended June 30, 2000 and 1999, respectively. An affiliate of the General Partner received reimbursement of accountable administrative expenses amounting to approximately $37,000 and $57,000 for the six months ended June 30, 2000 and 1999, respectively. In prior years the Partnership was advanced funds from a former General Partner in order to meet its existing obligations. Interest accrues on these advances at rates agreed to by the Partnership and the former General Partner. The interest rates at June 30, 2000 ranged from 4.70% to 9.50%. The unpaid balance on these advances at June 30, 2000 and the related accrued interest is approximately $340,000 and $166,000, respectively. In connection with the sale of Serramonte Plaza in December 1999, a commission of approximately $603,000 was accrued to the General Partner in accordance with the terms of the Partnership Agreement. Payment of the commission will not be made until the limited partners have received distributions equal to their original invested capital plus a 6% per annum non-compounded cumulative preferred return on their adjusted invested capital. AIMCO and its affiliates currently own 2,497.46 limited partnership units in the Partnership representing 15.36% of the outstanding units. A number of these units were acquired pursuant to tender offers made by AIMCO or its affiliates. It is possible that AIMCO or its affiliates will make one or more additional offers to acquire additional limited partnership interests in the Partnership for cash or in exchange for units in the operating partnership of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters. When voting on matters, AIMCO would in all likelihood vote the Units it acquired in a manner favorable to the interest of the General Partner because of their affiliation with the General Partner. Note E - Disposition of Property/Operating Segment On December 16, 1999, Serramonte Plaza, located in Daly City, California, was sold to an unaffiliated third party. Serramonte Plaza was the only commercial property owned by the Partnership and represented one segment of the Partnership's operations. Due to the sale of this property, the results of the commercial segment have been shown as income from discontinued operations. Accordingly, the consolidated 1999 statement of operations has been restated to reflect this presentation. Revenues of this property were approximately $813,000 and $1,584,000 for the three and six month periods ended June 30, 1999, respectively. Income from discontinued operations was approximately $138,000 and $249,000 for the three and six month periods ended June 30, 1999, respectively. Note F - Segment Information Description of the types of products and services from which the reportable segment derives its revenues: The Partnership had two reportable segments: residential properties and a commercial property. The Partnership's residential property segment consists of two apartment complexes both of which are located in California. The Partnership rents apartment units to tenants for terms that are typically twelve months or less. The commercial property segment consisted of office space located in Serramonte, California, which was sold on December 16, 1999. As a result of the sale of the commercial property during 1999, the commercial segment is shown as a discontinued operation. Measurement of segment profit or loss: The Partnership evaluates performance based on segment profit (loss) before depreciation. The accounting policies of the reportable segments are the same as those of the Partnership as described in the Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999. Factors management used to identify the enterprise's reportable segment: The Partnership's reportable segments consist of investment properties that offer different products and services. The reportable segments are each managed separately because they provide distinct services with different types of products and customers. Segment information for the three and six months ended June 30, 2000 and 1999 is shown in the tables below (in thousands). The "Other" column includes Partnership administration related items and income and expense not allocated to the reportable segments. Three Months Ended June 30, 2000 Residential Other Totals Rental income $ 1,449 $ -- $1,449 Other income 72 10 82 Interest expense 572 -- 572 Depreciation 384 -- 384 General and administrative expenses -- 32 32 Segment profit (loss) 76 (5) 71 Six Months Ended June 30, 2000 Residential Other Totals Rental income $ 2,865 $ -- $2,865 Other income 131 77 208 Interest expense 1,116 -- 1,116 Depreciation 765 -- 765 General and administrative expenses -- 82 82 Segment profit (loss) 139 (5) 134 Total assets 16,949 1,391 18,340 Capital expenditures 370 -- 370
Three Months Ended June 30, 1999 Residential Commercial Other Totals (discontinued) Rental income $ 1,362 $ -- $ -- $ 1,362 Other income 55 -- 6 61 Interest expense 550 -- -- 550 Depreciation 356 -- -- 356 General and administrative expense -- -- 34 34 Income from discontinued operations -- 138 -- 138 Segment profit (loss) (12) 138 (28) 98
Six Months Ended June 30, 1999 Residential Commercial Other Totals (discontinued) Rental income $ 2,715 $ -- $ -- $ 2,715 Other income 118 -- 12 130 Interest expense 1,094 -- -- 1,094 Depreciation 716 -- -- 716 General and administrative expense -- -- 91 91 Income from discontinued operations -- 249 -- 249 Segment profit (loss) 31 249 (79) 201 Total assets 17,177 8,328 678 26,183 Capital expenditures 93 18 -- 111
Note G - Distributions A distribution of approximately $7,701,000 from the proceeds of the sale of Serramonte Plaza (approximately $473.58 per limited partnership unit) was made during the six month period ended June 30, 2000. No cash distributions were paid during the six months ended June 30, 1999. Note H - Legal Proceedings The Partnership is unaware of any pending or outstanding litigation that is not of a routine nature arising in the ordinary course of business. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS The matters discussed in this Form 10-QSB contain certain forward-looking statements and involve risks and uncertainties (including changing market conditions, competitive and regulatory matters, etc.) detailed in the disclosures contained in this Form 10-QSB and the other filings with the Securities and Exchange Commission made by the Registrant from time to time. The discussions of the Registrant's business and results of operations, including forward-looking statements pertaining to such matters, does not take into account the effects of any changes to the Registrant's business and results of operations. Accordingly, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those identified herein. The Partnership's investment properties consist of two apartment complexes. The following table sets forth the average occupancy for these properties for the six months ended June 30, 2000 and 1999: Average Occupancy Property 2000 1999 Rivercrest Village Apartments 93% 91% Sacramento, California Richardson Highlands Apartments 99% 99% Marin City, California Results of Operations The Registrant's net income for the three and six months ended June 30, 2000 was approximately $71,000 and $134,000 respectively, compared to net income of approximately $98,000 and $201,000, respectively, for the three and six months ended June 30, 1999. The decrease in net income for the three and six months ended June 30, 2000 is primarily attributable to a decrease in income from discontinued operations as a result of the sale of the Partnership's sole commercial property, Serramonte Plaza on December 16, 1999. Excluding the impact of the operations of the commercial property sold during 1999, the net income from continuing operations for the three and six months ended June 30, 2000 was approximately $71,000 and $134,000, respectively compared to a net loss of approximately $40,000 and $48,000, respectively for the three and six months ended June 30, 1999. The increase in net income from continuing operations was due to an increase in total revenues for the three and six months ended June 30, 2000. Partially offsetting the increase in total revenues for the six months ended June 30, 2000 was an increase in total expenses. For the three months ended June 30, 2000 total expenses remained relatively constant. The increase in total revenues was the result of increases in rental income and other income. Rental income increased primarily as a result of the increase in occupancy at Rivercrest Village Apartments and an increase in average rental rates at both Rivercrest Village Apartments and Richardson Highlands Apartments. The increase in other income was primarily due to higher interest income as a result of an increase in cash balances held in interest bearing accounts. Total expenses increased for the six months ended June 30, 2000 as a result of increases in property tax, depreciation, and interest expenses which were partially offset by a decrease in operating and general and administrative expenses. Property tax expense increased for the six months ended June 30, 2000 as a result of an increase in the assessed value of Richardson Highlands Apartments. Depreciation expense increased for the six months ended June 30, 2000 as a result of significant capital improvements placed in service during the past twelve months. Interest expense increased for the three and six months ended June 30, 2000 as a result of a small understatement of loan cost amortization and interest owed to affiliates during the first six month of 1999. Operating expenses decreased as a result of a decrease in advertising expense as a result of an increase in occupancy at Rivercrest Village Apartments. General and administrative expense decreased for the six months ended June 30, 2000 as a result of a decrease in professional expenses and general costs of the Partnership. Included in general and administrative expenses for the six months ended June 30, 2000 and 1999 are management reimbursements to the General Partner allowed under the Partnership Agreement. In addition, costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement are also included. As part of the ongoing business plan of the Partnership, the General Partner monitors the rental market environment of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the General Partner will be able to sustain such a plan. Liquidity and Capital Resources At June 30, 2000, the Registrant had cash and cash equivalents of approximately $2,536,000 as compared to approximately $1,602,000 at June 30, 1999. Cash and cash equivalents decreased approximately $7,078,000 for the six months ended June 30, 2000 from the Registrant's year end, primarily due to approximately $7,816,000 of cash used in financing activities, and approximately $330,000 of cash used in investing activities which were partially offset by approximately $1,068,000 of cash provided by operating activities. Cash used in financing activities consisted of distributions to limited partners and, to a lesser extent, principal payments on the mortgages encumbering the Registrant's properties. Cash used in investing activities consisted of property improvements and replacements partially offset by net withdrawals from the escrow accounts maintained by the mortgage lender. The Registrant invests its working capital reserves in money market accounts. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets and other operating needs of the Partnership and to comply with Federal, state, and local legal and regulatory requirements. Capital improvements planned for each of the Partnership's properties are detailed below. Rivercrest Village Apartments Capital improvements budgeted for, but not limited to, approximately $587,000 are planned for 2000 at this property consisting primarily of roof replacements, fencing replacements, floor covering and appliance replacements, and major landscaping. As of June 30, 2000 approximately $323,000 of capital improvements have been incurred consisting primarily of roof replacements, siding replacements, appliances and floor covering replacements. These improvements were funded from operations and Partnership reserves. Richardson Highlands Apartments Capital improvements budgeted for, but not limited to, approximately $121,000 are planned for 2000 at this property consisting primarily of appliance and floor covering replacements, and pavement resurfacing. As of June 30, 2000 approximately $47,000 of capital improvements have been incurred consisting primarily of appliances, maintenance equipment, cabinet and floor covering replacements. These improvements were funded from operating cash flows and replacement reserves. The additional capital expenditures will be incurred only if cash is available from operations or Partnership reserves. To the extent that such budgeted capital improvements are completed, the Registrant's distributable cash flow, if any, may be adversely affected at least in the short term. The Registrant's current assets are thought to be sufficient for any near-term needs (exclusive of capital improvements) of the Registrant. The mortgage indebtedness of approximately $30,090,000 has maturity dates of January 2005 and January 2008, with balloon payments due at maturity, at which time the properties will either be refinanced and/or sold. During the fourth quarter of 1999, the Partnership was notified that it is in default on the Residual Proceeds Agreements relating to Rivercrest Village Apartments and Richardson Highlands Apartments, the two remaining investment properties owned by the Partnership. These agreements require, among other things, that each property be marketed for sale six months prior to January 15, 2000, which was the maturity date of the subordinated notes payable, and that half of certain residual proceeds from the sale be paid to the lender. The Partnership did not market these properties for sale in accordance with the agreements, which also provide that the lender may commence an action for the appointment of a receiver to sell each property. If the properties are not sold within 180 days thereafter, the lender may foreclose on the properties. After notifying the Partnership of such defaults, the lender proposed that a party believed by the Partnership to be an affiliate of the lender purchase the properties. However, the General Partner believes that the Residual Proceeds Agreement may no longer be effective, since the debt was repaid in full prior to maturity. The Partnership currently is in discussions with the lender with respect to the resolution of these issues. There can be no assurance that a receiver will not be appointed for the properties or that the properties will not be sold or foreclosed upon. If the Partnership loses its remaining investment properties through sale or foreclosure, then it will be forced to terminate. As a result of the above, there is substantial doubt about the Partnership's ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from this uncertainty. A distribution of approximately $7,701,000 from the proceeds of the sale of Serramonte Plaza (approximately $473.58 per limited partnership unit) was made during the six month period ended June 30, 2000. No cash distributions were paid during the six months ended June 30, 1999. The Registrant's distribution policy is reviewed on an annual basis. Future cash distributions will depend on the levels of net cash generated from operations, the availability of cash reserves, debt maturities, refinancings, and/or property sales. There can be no assurance, however, that the Registrant will generate sufficient funds from operations, after required capital improvement expenditures, to permit additional distributions to its partners during the remainder of 2000 or subsequent periods. PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K: None filed during the quarter ended June 30, 2000. SIGNATURES In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. INVESTORS FIRST-STAGED EQUITY L.P. (Registrant) By: MAERIL, Inc., Its General Partner By: /s/Patrick J. Foye Patrick J. Foye Executive Vice President By: /s/Martha L. Long Martha L. Long Senior Vice President and Controller Date: August 11, 2000 EX-27 2 0002.txt SECOND QUARTER 10-QSB
5 This schedule contains summary financial information extracted from Investors First Staged Equity, L.P. 2000 Second Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000768834 Investors First-Staged Equity L.P. 1,000 6-MOS DEC-31-2000 APR-01-2000 JUN-30-2000 2,536 0 570 0 0 0 36,175 (22,089) 18,340 0 30,090 0 0 0 (13,429) 18,340 0 3,073 0 0 2,939 0 1,116 0 0 0 0 0 0 134 8.18 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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