-----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, GrwMic5Xu6/EO/tOVsseXKXc8VfH/EmIsCkLFRAQT4qhSBiFSwv4nqh2dRbmSB3e pLJfsnXZK90camiRONm19w== 0000768834-96-000005.txt : 19960816 0000768834-96-000005.hdr.sgml : 19960816 ACCESSION NUMBER: 0000768834-96-000005 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS FIRST STAGED EQUITY L P CENTRAL INDEX KEY: 0000768834 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 363310965 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-14470 FILM NUMBER: 96612592 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLAZA STREET 2: PO BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLAZA STREET 2: PO BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10QSB 1 FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report (As last amended by 34-32231, eff. 6/3/93.) U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period.........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 (IRS Employer incorporation or organization) Identification No.) 8700 West Bryn Mawr Chicago, Illinois 60631 (Address of principal executive offices) (Zip Code) Issuer's telephone number (312) 399-8700 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 (in thousands, except unit data) (Unaudited) June 30, 1996 Assets Cash and cash equivalents: Unrestricted $ 3,333 Restricted-tenant security deposits 404 Accounts receivable, net of allowance for doubtful accounts of $202 205 Note receivable 140 Escrows for taxes and insurance 137 Restricted escrows 1,007 Other assets 669 Investment properties: Land $ 9,088 Buildings and related improvements 41,941 51,029 Less accumulated depreciation (23,255) 27,774 $ 33,669 Liabilities and Partners' Deficit Liabilities Accounts payable $ 68 Accrued interest 2,910 Tenant security deposits 400 Other liabilities 114 Advances from affiliates of the General Partner 823 Mortgage notes payable, including $22,405 in default 47,054 Partners' Deficit General partners $ (359) Limited partners (16,267 units issued and outstanding) (17,341) (17,700) $ 33,669 See Accompanying Notes to Consolidated Financial Statements b) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except unit data) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 Revenues: Rental income $ 1,703 $ 1,818 $ 3,532 $ 3,753 Other income 68 117 128 181 Total revenues 1,771 1,935 3,660 3,934 Expenses: Operating 531 537 959 1,043 General and administrative 94 88 148 171 Maintenance 223 123 392 362 Depreciation 476 505 949 1,005 Interest 889 1,055 1,758 2,082 Property taxes 103 94 222 204 Total expenses 2,316 2,402 4,428 4,867 Loss on disposition of investment property -- -- -- (78) Net loss $ (545) $ (467) $ (768) $(1,011) Net loss allocated to general partners (1%) $ (5) $ (5) $ (8) $ (10) Net loss allocated to limited partners(99%) (540) (462) (760) (1,001) $ (545) $ (467) $ (768) $(1,011) Net loss per limited partnership unit $ (33.20) $(28.40) $ (46.72) $(61.52) See Accompanying Notes to Consolidated Financial Statements
c) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT (in thousands, except unit data) (Unaudited)
Limited Partnership General Limited Units Partners Partners Total Partners' deficit at December 31, 1995 16,267 $ (351) $ (16,581) $ (16,932) Net loss for the six months ended June 30, 1996 -- (8) (760) (768) Partners' deficit at June 30, 1996 16,267 $ (359) $ (17,341) $ (17,700) See Accompanying Notes to Consolidated Financial Statements
d) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
Six Months Ended June 30, 1996 1995 Cash flows from operating activities: Net loss $ (768) $ (1,011) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 949 1,005 Amortization of loan costs and leasing commissions 22 58 Loss on disposition of investment property -- 78 Change in accounts: Restricted cash (66) (56) Note receivable 19 4 Accounts receivable (46) (53) Escrows for taxes and insurance 389 45 Other assets (151) (69) Accounts payable (27) 8 Accrued interest 585 684 Tenant security deposit liabilities (6) (13) Other liabilities (493) 82 Net cash provided by operating activities 407 762 Cash flows from investing activities: Property improvements and replacements (97) (274) Receipts from restricted escrows 4 71 Deposits to restricted escrows (570) (25) Net cash used in investing activities (663) (228) Cash flows from financing activities: Payment of loan costs (350) -- Payments on mortgage notes payable (291) (140) Repayment of mortgage note payable (10,577) -- Proceeds from refinance of mortgage 12,000 -- Net cash provided by (used in) financing activities 782 (140) Net increase in cash and cash equivalents 526 394 Cash and cash equivalents at beginning of period 2,807 1,899 Cash and cash equivalents at end of period $ 3,333 $ 2,293 Supplemental disclosure of cash flow information: Cash paid for interest $ 1,142 $ 1,351 See Accompanying Notes to Consolidated Financial Statements
e) INVESTORS FIRST-STAGED EQUITY L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited consolidated financial statements 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 six month period ended June 30, 1996, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 1996. 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 fiscal year ended December 31, 1995. Certain reclassifications have been made to the 1995 information to conform to the 1996 presentation. Note B - Going Concern The consolidated financial statements have been prepared assuming that the Partnership will continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of the uncertainties described below, however, such uncertainties raise substantial doubt about the Partnership's ability to continue as a going concern. The Partnership's properties historically experienced operating deficits after debt service payments. As a means of funding the Partnership's deficits, the Partnership previously drew upon working capital reserves, which were exhausted as of December 31, 1989, and had taken cash advances from affiliates of the General Partner. The General Partner and affiliates are not obligated to and do not intend to further fund any such cash flow deficits. In addition, the partners deficit at June 30, 1996, was $17,700,000. Also, since December 31, 1989, the Partnership has typically deferred repayment of these advances and other accrued expenses with the consent of the General Partner and its affiliates. During 1994, the General Partner and its affiliates assigned a portion of the advances to an affiliate of Insignia Financial Group, Inc.("Insignia"). The willingness of the affiliates of the General Partner and other related parties to continue to defer repayment of the advances could adversely affect the Partnership's financial condition. In addition, the General Partner and its affiliates have incurred serious financial difficulties that may affect the ability of the General Partner to function in that capacity. The administration and management of the Partnership is dependent on the General Partner and its affiliates. The pending replacement of the General Partner as discussed in "Note D" will not necessarily have a positive impact on the financial condition of the Partnership. Due to cash flow deficiencies at Rivercrest Village Apartments and Richardson Highlands Apartments, the Partnership stopped making the required monthly payments on the second mortgage loans for these properties in October 1990 and September 1991, respectively. The Registrant negotiated with the subordinate debt holder for Rivercrest Village and Richardson Highlands and finalized a debt restructure on June 22, 1994. The Partnership is in default of certain provisions of these restructured subordinate loans due to the failure to make the required debt service payments of surplus cash amounts as provided by The Department of Housing and Urban Development ("HUD") Regulatory Agreement. The failure to make such payments is due to the disbursements questioned by HUD as discussed below. Sub-tier partnerships, which are consolidated by the Partnership, own direct title to the Rivercrest and Richardson properties. The partnership interests in these sub-tier partnerships are pledged as collaterial under the terms of the security agreements for the second mortgage loans. Subsequent to June 30, 1996, the Partnership received default notices from the subordinated debt holders which indicated the debt holder's intentions to pursue its available remedies under the security agreement if the defaults were not cured. Such remedies include proceeding with a foreclosure on the partnership interests securing the second mortgage loans. Such an action would effectively force the Partnership to relinquish the related properties to the debt holder. Currently, the General Partner is negotiating a default cure with the subordinated debt holder, however, there can be no assurances that such efforts will prove successful. The Partnership, VMS Realty Management, Inc. and HUD are engaged in discussions covering the appropriateness of certain Richardson Highlands and Rivercrest Village disbursements totalling approximately $2,168,000 and $1,608,000, respectively, made during the years 1987 through 1991. The parties are attempting to resolve this issue, but the ultimate outcome cannot presently be determined. The General Partner is vigorously defending its past actions and does not believe the eventual outcome of these discussions will have a material adverse effect on the operations of the Partnership. Given the General Partner's beliefs and the uncertainty regarding the eventual resolution of the amounts in question, the responsible parties and their ability to make repayment if deemed necessary, no adjustment has been made to the Partnership's consolidated financial statements concerning this matter. The consolidated financial statements do not include any adjustments relating to the recoverability of the recorded asset accounts or the amount of liabilities that might be necessary should the Partnership be unable to continue as a going concern. Note C - Legal Proceedings Certain affiliates of the Partnership, including the General Partner and certain officers and directors of such affiliates are parties to certain pending legal proceedings. The adverse outcome of any one or more legal proceedings against these affiliates who provide financial support or services to the Partnership could have a materially adverse effect on the present and future operations of the Partnership. However, the inclusion of this discussion is not intended as a representation by the Partnership that any particular proceeding is material. There can be no assurance as to the outcome of any of these legal proceedings. Note D - Transactions with Affiliates and Related Parties The Partnership has no employees and is dependent on the General Partner or its affiliates for the management and administration of all partnership activities. The General Partner or its affiliates may be reimbursed for direct expenses relating to the Partnership's administration and other costs charged on behalf of the Partnership. The General Partner or its affiliates received approximately $1,000 in the first six months of 1996 as reimbursement of such advances and out-of-pocket expenses. No reimbursements were paid during the first six months of 1995. Pursuant to an agreement dated July 14, 1994, a transaction is pending in which the current General Partner would be replaced by MAERIL, Inc., an affiliate of Insignia. The substitution of MAERIL, Inc. as the General Partner is expected, but there is no assurance that the transaction will be consummated. The Partnership has engaged affiliates of Insignia to provide day-to-day management of the Partnership's properties. These affiliates received approximately $193,000 and $233,000 of management fees for such services for the six months ended June 30, 1996 and 1995, respectively. An affiliate of Insignia also provided partnership administration and management services for the Partnership. Reimbursements for direct expenses relating to these services totaled $72,000 for the six months ended June 30, 1996, and $121,000 for the six months ended June 30, 1995. Approximately $549,000 was paid during the second quarter of 1996 for accrued expense reimbursements which had been accrued and included in other liabilities. Note E - Sale of Property On December 12, 1995, Serramonte Plaza, Ltd. sold a building at Serramonte Plaza to an unaffiliated party for approximately $6,000,000. This building, the Breuner building, had a net book value of $2,592,000. The Partnership received net proceeds of $5,670,000 after payment of closing costs. The gain on the sale was $3,078,000 and was allocated to the partners in accordance with the Restated Limited Partnership Agreement. Approximately $3,861,000 of the proceeds were applied to the mortgage note payable and $1,500,000 of the proceeds were used to repay advances from the General Partner. Note F - Refinancing of Serramonte Plaza Mortgage The Serramonte Plaza first mortgage matured in November 1995. Prior to maturity, a 30 day extension was granted during which time an additional monthly payment was made. On December 15, 1995, the debt was purchased by ALI, INC. ("ALI") with an additional extension being granted through March 22, 1996. A payment of $3,861,000 was made in conjunction with the sale of the Bruener building at Serramonte Plaza as discussed in "Note E" of the Notes to Consolidated Financial Statements. On June 28, 1996, the first mortgage note was refinanced by Lehman Brothers Holdings, Inc. ("LBHI") with the outstanding principal balance being increased to $12,000,000. The old mortgage note in the amount of $10,577,000 was repaid from loan proceeds received from the refinancing. The new mortgage note matures on June 28, 1999, and requires monthly interest-only payments. The interest rate is a variable rate equal to the sum of the greater of LIBOR or 3.75% plus 5.0%, or, from and after the date that Insignia or any other entity under common control with Insignia acquires the general partnership interest of VMS Realty Investment II in the Partnership, the sum of the greator of LIBOR or 4.625% plus 4.125%. Also, commencing on the fifteenth day of July, 1996, and continuing on the fifteenth day of each calendar month thereafter until the new mortgage is paid in full, one hundred percent of the Excess Cash Flow for the calendar month immediately preceding the payment due date shall be paid to LBHI and applied in reduction of the then outstanding principal balance. On the maturity date, in addition to all other sums, including, without limitation, all principal, interest and other amounts now or hereafter owed, additional interest equal to $1,680,000 is owed to the lender and becomes a part of the indebtedness. Under the terms of the new mortgage, a capital reserve escrow account in the amount of $500,000 was required by LBHI to fund any capital improvements needed at the property. In addition, a mechanics'-lien escrow in the amount of $45,000 was required by LBHI relating to tenant litigation. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS The Partnership's investment properties consist of two apartment complexes and one commercial property. The following table sets forth the average occupancy for these properties for the six months ended June 30, 1996 and 1995: Average Occupancy 1996 1995 Rivercrest Village Apartments Sacramento, California 89% 94% Richardson Highlands Apartments Marin City, California 98% 94% Serramonte Plaza Daly City, California 93% 92% The decrease in occupancy at Rivercrest Village Apartments was primarily due to college students vacating the property during the semester break. The occupancy increase at Richardson Highlands was due to overall improved market conditions and increases in the level of qualified applicants visiting the property since June 1995. The Partnership realized a net loss of $768,000 for the six months ended June 30, 1996, compared to a net loss of $1,011,000 for the six months ended June 30, 1995. The Partnership realized a net loss of $545,000 for the three months ended June 30, 1996, compared to a net loss of $467,000 for the three months ended June 30, 1995. The decrease in other income for the three and six months ended June 30, 1996, compared to the three and six months ended June 30, 1995, was due primarily to decreases in deposit forfeitures and late charges at Serramonte Plaza and decreases in application fees at Rivercrest Village. The decrease in total expenses for the six months ended June 30, 1996, compared to the six months ended June 30, 1995, was primarily due to decreases in operating, general and administrative and interest expenses. Operating expenses decreased due to decreases in management fees, utilities, amortization and insurance expense. Management fees, which are based on revenues, decreased due to decreases in revenues at Serramonte Plaza and Rivercrest Village. The decrease in amortization expense was due to several lease commissions being fully amortized in 1995. Utilities and insurance expense decreased primarily due to the sale of the Bruener building at Serramonte Plaza in 1995 (see "Note E" of the Notes to Consolidated Financials). General and administrative expenses decreased for the six months ended June 30, 1996, primarily due to decreases in expense reimbursements resulting from lower administrative costs since June 1995. This decrease was partially offset by increases in legal costs at Serramonte Plaza relating to tenant litigation issues regarding collections of past due rents. Interest expense decreased for both the three and six months ended June 30, 1996, as a result of the payment of approximately $3,860,000 towards the principal balance of the Serramonte Plaza mortgage note at the end of 1995. The payment was made from sales proceeds received on the sale of the Breuner building. The decrease in interest expense for the three months ended June 30, 1996, was offset slightly by an increase in maintenance expense. The increase in maintenance expense for the three months ended June 30, 1996, was primarily due to increases in exterior building improvements and painting projects during the second quarter of 1996 at Richardson Highlands. The loss on disposal of property for the six months ended June 30, 1995, related to roof replacements at Richardson Highlands. As part of the ongoing business plan of the Partnership, the General Partner monitors the rental market environment of each 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 The Partnership held unrestricted cash of $3,333,000 at June 30, 1996, compared to unrestricted cash of $2,293,000 at June 30, 1995. Net cash provided by operating activities decreased primarily due to the payment of approximately $549,000 of accrued expense reimbursements to affiliates of Insignia, included in other liabilities, during the second quarter of 1996. These expense reimbursements had been accrued from January 1994 to the date of payment. This increase was slightly offset by decreased operating and interest expenses and the receipt of tax and insurance escrows related to the Breuner building sale in late 1995 (See "Note E" of the Notes to Consolidated Financial Statements). Net cash used in investing activities increased due to required deposits of $545,000 to restricted escrows related to the refinancing of the Serramonte Plaza mortgage (See "Note F" of the Notes to Consolidated Financial Statements), offset slightly by reductions in property improvements and replacements after significant additions in the prior year. Net cash provided by financing activities increased due to net proceeds received from the refinancing of the Serramonte Plaza mortgage during the second quarter of 1996. Loan costs of $350,000 relating to the refinancing of the Serramonte Plaza mortgage were paid during the second quarter of 1996. The consolidated financial statements have been prepared assuming that the Partnership will continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of the uncertainties described below, however, such uncertainties raise substantial doubt about the Partnership's ability to continue as a going concern. The Partnership's properties historically experienced operating deficits after debt service payments. As a means of funding the Partnership's deficits, the Partnership previously drew upon working capital reserves, which were exhausted as of December 31, 1989, and had taken cash advances from affiliates of the General Partner. The General Partner and affiliates are not obligated to and do not intend to fund any further such cash flow deficits. In addition, the partners' deficit at June 30, 1996, was $17,700,000. Also, since December 31, 1989, the Partnership has typically deferred repayment of these advances and other accrued expenses with the consent of the General Partner and its affiliates. During 1994, the General Partner and its affiliates assigned a portion of the advances to an affiliate of Insignia Financial Group, Inc. ("Insignia"). The willingness of the General Partner and its affiliates to continue to defer repayment of these amounts could adversely affect the Partnership's financial condition. Due to cash flow deficiencies at Rivercrest Village Apartments and Richardson Highlands Apartments, the Partnership stopped making the required monthly payments on the second mortgage loans for these properties in October 1990 and September 1991, respectively. The Registrant negotiated with the subordinate debt holder for Rivercrest Village and Richardson Highlands and finalized a debt restructure on June 22, 1994. The Partnership is in default of certain provisions of these restructured subordinate loans due to the failure to make the required debt service payments of surplus cash amounts as provided by The Department of Housing and Urban Development ("HUD") Regulatory Agreement. The failure to make such payments is due to the disbursements questioned by HUD as discussed below. The Partnership, VMS Realty Management, Inc. and HUD are engaged in discussions covering the appropriateness of certain Richardson Highlands and Rivercrest Village disbursements totalling approximately $2,168,000 and $1,608,000, respectively, made during the years 1987 through 1991. The parties are attempting to resolve this issue, but the ultimate outcome cannot presently be determined. The General Partner is vigorously defending its past actions and does not believe the eventual outcome of these discussions will have a material adverse effect on the operations of the Partnership. No adjustment has been made to the Partnership's financial statements concerning this matter given the General Partner's beliefs, the uncertainty regarding the eventual resolution of the amounts in question, and the responsible parties' ability to make repayment if deemed necessary. Recent Developments - VMS Realty Partners and Affiliates There have been no material developments or changes from Recent Developments - - VMS Realty Partners and Affiliates disclosed in "Part I, Item 1" of the Partnership's report on Form 10-KSB for the year ended December 31, 1995. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS There have been no new material developments or changes from "Part I, Item 3" of the Partnership's report on the Form 10-KSB for the year ended December 31, 1995. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Partnership did not submit any matter to a vote of its holders of Limited Partnership Interests during the three months ended June 30, 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: Exhibit 10d, Serramonte refinancing documents. The Partnership has requested copies of the closing documents for the refinancing of the Serramonte Plaza property but has not received these documents as of the date of this filing. The Partnership will file an amended 10-QSB to include these Exhibits when they are received. 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, 1996. 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: VMS Realty Investment II, General Partner Date: August 14, 1996 By: /s/Joel A. Stone Joel A. Stone President Date: August 14, 1996 By: /s/Thomas A. Gatti Thomas A. Gatti, Senior Vice-President and Principal Accounting Officer EX-27 2
5 This schedule contains summary financial information extracted from Investors First-Staged Equity LP 1996 Second Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000768834 INVESTORS FIRST STAGED EQUITY LP 1,000 6-MOS DEC-31-1996 JUN-30-1996 3,333 0 205 202 0 0 51,029 (23,255) 33,669 0 47,054 0 0 0 (17,700) 33,669 0 3,660 0 4,428 0 0 1,758 0 0 0 0 0 0 (768) (46.72) 0 The Registrant has an unclassified balance sheet. Multiplier is 1.
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