-----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, G0p0S+9y0A/e4BOTABJ+98QAcA6JKsRZ9HXha0HEQr+PNmKn+yYhb1hjZk/jwDQg GmKFT+yMSGwts18n2m0f5Q== 0000889812-96-000153.txt : 19960216 0000889812-96-000153.hdr.sgml : 19960216 ACCESSION NUMBER: 0000889812-96-000153 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960215 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MRI BUSINESS PROPERTIES FUND LTD III CENTRAL INDEX KEY: 0000769635 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 942969782 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15348 FILM NUMBER: 96520629 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ PO BOX 1089 STREET 2: C/O INSIGNIA FINANCIAL GROUP INC CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 4049169090 MAIL ADDRESS: STREET 1: 5665 NORTHSIDE DRIVE NW STREET 2: SUITE 370 CITY: ATLANTA STATE: GA ZIP: 30328 10-Q 1 QUARTERLY REPORT 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 December 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 0-15348 MRI Business Properties Fund, Ltd. III (Exact name of Registrant as specified in its charter) California 94-2969782 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) One Insignia Financial Plaza, P.O. Box 1089 Greenville, South Carolina 29602 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code (864) 239-1000 5665 Northside Drive N.W., Atlanta, Georgia 30328 Former name, former address and fiscal year, if changed since last report. Indicate by check mark whether 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_____ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes _____ No _____ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date __________________. 1 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 PART I - FINANCIAL INFORMATION Item 1. Financial Statements. Balance Sheets December 31, September 30, 1995 1995 Assets Cash and cash equivalents $ 7,429,000 $ 2,904,000 Accounts receivable and other assets 195,000 448,000 Due from affiliate 165,000 220,000 Real Estate: Real estate 15,421,000 31,143,000 Accumulated depreciation (4,684,000) (9,585,000) Allowance for impairment of value -- (800,000) ------------ ------------ Real estate, net 10,737,000 20,758,000 ------------ ------------ Total assets $ 18,526,000 $ 24,330,000 ============ ============ Liabilities and Partners' Equity Accounts payable and other liabilities $ 223,000 $ 634,000 Due to unconsolidate joint venture -- 618,000 Notes payable 7,673,000 15,578,000 ------------ ------------ Total liabilities 7,896,000 16,830,000 ------------ ------------ Partners' Equity: General partners equity (deficit) 266,000 (276,000) Limited partners equity (109,027 assignee units outstanding at December 31, 1995 and September 1995) 10,364,000 7,776,000 ------------ ------------ Total partners' equity 10,630,000 7,500,000 ------------ ------------ Total liabilities and partners' equity $ 18,526,000 $ 24,330,000 ============ ============ See notes to financial statements. 2 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 Statements of Operations For the Three Months Ended December 31, December 31, 1995 1995 Revenues: Room revenue $1,221,000 $3,225,000 Other operating revenue 52,000 232,000 Interest 38,000 43,000 Equity in unconsolidated joint venture operations 369,000 -- Gain on sale of unconsolidated joint venture interest 2,694,000 -- Gain on sale of property 5,000 -- ----------- ---------- Total revenues 4,379,000 3,500,000 ----------- ---------- Expenses: Room expenses 332,000 802,000 Other operating expenses 500,000 1,612,000 Depreciation 108,000 391,000 Interest 180,000 255,000 Equity in unconsolidated joint venture operations -- 83,000 General and administrative 129,000 123,000 ----------- ---------- Total expenses 1,249,000 3,266,000 ----------- ---------- Net income $ 3,130,000 $ 234,000 =========== ========== Net income per limited partnership assignee unit $ 23.74 $ 2.10 =========== ========== See notes to financial statements. 3 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 Statement of Partners' Equity (Deficit) For the Three Months Ended December 31, 1995 General Limited Total Partners' Partners' Partners' (Deficit) Equity Equity Balance - October 1, 1995 $ (276,000) $ 7,776,000 $ 7,500,000 Net income 542,000 2,588,000 3,130,000 ----------- ----------- ----------- Balance - December 31, 1995 $ 266,000 $10,364,000 $10,630,000 =========== =========== =========== See notes to financial statements. 4 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 Statements of Cash Flows For the Three Months Ended December 31, December 31, 1995 1994 Operating Activities: Net income $3,130,000 $ 234,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 112,000 398,000 Equity in unconsolidated joint venture operations (369,000) 83,000 Gain on sale of unconsolidated joint venture interest (2,694,000) -- Gain on sale of property (5,000) Changes in operating assets and liabilities: Accounts receivable and other assets 222,000 204,000 Accounts payable and other liabilities (411,000) (385,000) Due from affiliate 55,000 -- ---------- ---------- Net cash provided by operating activities 40,000 534,000 ---------- ---------- Investing Activities: Properties and improvements additions (28,000) (287,000) Net proceeds from sale of property 9,973,000 -- Distribution from unconsolidated joint venture 2,445,000 -- ---------- ---------- Net cash provided by (used in) investing activities 12,390,000 (287,000) ---------- ---------- Financing Activities: Notes payable principal payments (33,000) (69,000) Satisfaction of notes payable (7,872,000) -- ---------- ---------- Cash (used in) financing activities (7,905,000) (69,000) ---------- ---------- Increase in Cash and Cash Equivalents 4,525,000 178,000 Cash and Cash Equivalents at Beginning of Period 2,904,000 4,045,000 ---------- ---------- Cash and Cash Equivalents at End of Period $7,429,000 $4,223,000 ========== ========== Supplemental Disclosure of Cash Flow Information: Interest paid in cash during the period $ 219,000 $ 248,000 ========== ========== See notes to financial statements. 5 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 NOTES TO FINANCIAL STATEMENTS 1. General The accompanying financial statements, footnotes and discussions should be read in conjunction with the financial statements, related footnotes and discussions contained in the Partnership's Annual Report for the year ended September 30, 1995. The financial information contained herein is unaudited. In the opinion of management, all adjustments necessary for a fair presentation of such financial information have been included. All adjustments are of a normal recurring nature, except as discussed in Note 3. The results of operations for the three months ended December 31, 1995 and 1994 is not necessarily indicative of the results to be expected for the years ended September 30, 1996 and 1995, respectively. As discussed in Note 4, the Partnership's remaining property was sold on January 12, 1996. The Partnership is expected to be terminated in 1996 after collection of receivables, payment of outstanding liabilities and a final distribution to the partners. On January 19, 1996, the stockholders of NPI, Inc. sold all of the issued and outstanding stock of NPI, Inc. to an affiliate of Insignia Financial Group ("Insignia"). As a result of the transaction, the Managing General Partner of the Partnership is controlled by Insignia. Insignia affiliates now maintain the Partnership books and records and oversee its operations. Property management and asset management services continue to be performed by unaffiliated third parties. The limited partnership units owned by Deforest Ventures I, L.P., representing approximately 25% of total limited partnership units, were not acquired by Insignia. 2. Transactions with Related Parties An affiliate of NPI, Inc. received reimbursements of administrative expenses amounting to $45,000 and $39,000 during the three months ended December 31, 1995 and 1994, respectively. These reimbursements are included in general and administrative expenses. An affiliate of NPI, Inc. was paid a fee of $8,000 relating to a successful real estate tax appeal on the Partnership's Residence Inn - Orlando hotel during the three months ended December 31, 1995. The tax appeal fee is included in operating expenses. 6 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 NOTES TO FINANCIAL STATEMENTS 3. Gain on Sale of Property and Unconsolidated Joint Venture Interest On October 19, 1995, the Partnership's Residence Inn - Orlando Property was sold to an unaffiliated third party for $10,100,000. After satisfaction of the mortgage loan of $7,985,000 (including accrued interest) and closing costs, the Partnership received approximately $1,900,000. The Partnership recorded a provision for loss on sale of the property of $800,000 during the 1995 fiscal year. The Partnership has recognized a gain on sale of the property of $5,000. On December 1, 1995, the Combined Fund sold the Holiday Inn Crowne Plaza property to an unaffiliated third party for $44,000,000. After satisfaction of the mortgage note of $34,000,000, closing costs and other expenses the joint venture received approximately $8,900,000. In accordance with the July 7, 1995 agreement, the Combined Fund received $5,000,000. The Partnership's share of net proceeds, after expenses, was $2,445,000. The Partnership has recognized a gain on sale of $2,694,000. The Combined Fund had previously recorded an approximate $11,900,000 provision for impairment of value in 1991 and 1992. A former joint venture partner may be required to contribute certain funds to the Partnership in accordance with the joint venture agreement. The amount of contribution, if any, is not determinable at this time. 4. Subsequent Events On January 12, 1996, the Partnership sold its remaining property, Residence Inn - Sacramento, to an unaffiliated third party for $14,400,000. After satisfaction of the mortgage loan of $7,691,000 (including accrued interest) and closing costs, the Partnership received approximately $6,600,000. For financial statement purposes the Partnership will recognize a gain on sale of approximately $3,500,000 during the second quarter of fiscal 1996. In January 1996, the Partnership distributed $12,867,000 ($118.02 per limited partnership assignee unit) and $263,000 to the limited partners and the general partners, respectively. The funds were primarily provided by the proceeds from the sale of the Partnership's properties and joint venture interest. 7 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 NOTES TO FINANCIAL STATEMENTS 5. Investment in Unconsolidated Joint Venture The following are the condensed balance sheets as of December 31, 1995 and September 30, 1995 and condensed statements of operations for the three months ended December 31, 1995 and 1994 of the unconsolidated joint venture: MRI BUSINESS PROPERTIES COMBINED FUND NO. 1 CONDENSED BALANCE SHEETS December 31, September 30, 1995 1995 Assets Cash and cash equivalents $ 252,000 $ 887,000 Restricted cash -- 958,000 Accounts receivable and other assets -- 1,321,000 Real Estate: Real estate -- 63,148,000 Accumulated depreciation -- (17,952,000) Allowance for impairment of value -- (11,962,000) --------- ------------ Real estate, net -- 33,234,000 --------- ------------ Total assets $ 252,000 $ 36,400,000 ========= ============ Liabilities and Partners' Deficiency Accounts payable and other liabilities $ 7,000 $ 1,805,000 Due to affiliates 245,000 3,069,000 Note payable -- 34,000,000 --------- ------------ Total liabilities 252,000 38,874,000 --------- ------------ Minority interest in joint venture -- (1,238,000) --------- ------------ Partners' Deficiency: MRI BPF., LTD. II -- (618,000) MRI BPF., LTD. III -- (618,000) --------- ------------ Total partners' deficiency -- (1,236,000) --------- ------------ Total liabilities and partners' deficiency $ 252,000 $ 36,400,000 ========= ============ 8 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 NOTES TO FINANCIAL STATEMENTS 5. Investment in Unconsolidated Joint Venture (Continued) MRI BUSINESS PROPERTIES COMBINED FUND NO. 1 CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended December 31, December 31, 1995 1994 Revenues $ 4,014,000 $ 4,871,000 Gain on sale of hotel 9,755,000 -- ------------ ------------ Total revenues 13,769,000 4,871,000 Expenses 2,535,000 5,205,000 ------------ ------------ Income (loss) before minority interest in joint venture operations 11,234,000 (334,000) Minority interest in joint venture operations (5,107,000) 167,000 ------------ ------------ Net income (loss) $ 6,127,000 $ (167,000) ============ ============ Allocation of net income (loss) MRI BPF., LTD. II $ 3,064,000 $ (84,000) MRI BPF., LTD. III 3,063,000 (83,000) ------------ ------------ Net income (loss) $ 6,127,000 $ (167,000) ============ ============ 9 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 NOTES TO FINANCIAL STATEMENTS 7. PRO FORMA FINANCIAL INFORMATION The following pro forma balance sheet as of December 31, 1995 gives effect to the sale of the Partnership's Residence Inn - Sacramento property (see Note 4). The adjustments related to the pro forma consolidated balance sheet assume the transaction was consummated at December 31, 1995. The pro forma adjustments are required to eliminate the assets and liabilities of the Residence Inn - Sacramento property and to reflect consideration received for the property. These pro forma adjustments are not necessarily reflective of the results that actually would have occurred if the sale had been in effect as of the period presented. Pro forma statement of operations have not been provided because all of the Partnership's properties have been sold. The Partnership is expected to be terminated after collection of receivables, payment of outstanding liabilities and a final distribution to partners. 10 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 NOTES TO FINANCIAL STATEMENTS 7. Pro Forma Financial Information (Continued) Pro Forma Balance Sheet Pro Forma Historical Adjustments Pro Forma ---------- ----------- --------- Assets Cash and cash equivalents $ 7,429,000 $ -- $ 7,429,000 Accounts receivable and other assets 195,000 6,515,000 6,710,000 Due from affiliate 220,000 (55,000) 165,000 Real Estate: Real estate 15,421,000 (15,421,000) -- Accumulated depreciation (4,684,000) 4,684,000 -- ----------- ----------- ------------ Real estate, net 10,737,000 (10,737,000) -- ----------- ----------- ------------ Total assets $18,581,000 $(4,277,000) $ 14,304,000 =========== =========== ============ Liabilities and Partners' Equity Accounts payable and other liabilities $ 223,000 $ (8,000) $ 215,000 Notes payable 7,673,000 (7,673,000) -- ----------- ----------- ------------ Total liabilities 7,896,000 (7,681,000) 215,000 ----------- ----------- ------------ Partners' Equity: General partners equity 266,000 68,000 334,000 Limited partners equity (109,027 assignee units outstanding at December 31, 1995) 10,419,000 3,336,000 13,755,000 ----------- ----------- ------------ Total partners' equity 10,685,000 3,404,000 14,089,000 ----------- ----------- ------------ Total liabilities and partners' equity $18,581,000 $(4,277,000) $14,304,000 =========== =========== =========== 11 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. This item should be read in conjunction with the Financial Statements and other Items contained elsewhere in this Report. Liquidity and Capital Resources As described in Item 1, "Notes to Financial Statements, Notes 3 & 4," Registrant sold its remaining properties and joint venture interest during the first and second quarter of fiscal 1996. The aggregate sale price for these properties was $68,500,000. After satisfaction of existing mortgages, closing costs and amounts distributed to Registrant's joint venture partners in the Holiday Inn - Crowne Plaza property, net proceeds received by Registrant were approximately $10,945,000. As a result of the first quarter sales, Registrant has recorded a gain on sale of property of $5,000 and gain on sale of unconsolidated joint venture interest of $2,694,000. In addition, Registrant expects to recognize a gain on sale of approximately $3,500,000 during the second quarter of fiscal 1996. Since these were Registrant's last remaining properties, Registrant expects to be terminated in 1996 after collection of receivables, payment of outstanding liabilities and a final distribution to the partners. In January 1996, Registrant distributed $12,867,000 ($118.02 per unit) and $263,000 to the limited partners and general partner, respectively. The funds were primarily provided by proceeds from the sale of Registrant's properties. Registrant receives hotel operating revenues and is responsible for operating expenses, administrative expenses, capital improvements and debt service payments. Registrant uses working capital reserves provided from any undistributed cash flow from operations and sales proceeds as its primary source of liquidity. During the three months ended December 31, 1995, Registrant's remaining hotel generated positive cash flow. The level of liquidity based upon cash and cash equivalents experienced a $4,525,000 increase at December 31, 1995, as compared to December 31, 1994. Registrants' $12,390,000 of cash provided by investing activities and $40,000 of cash provided by operating activities was partially offset by $7,905,000 of cash used in financing activities. Cash provided by investing activities consisted of $9,973,000 of net proceeds from the sale of Registrant's Residence Inn - Orlando hotel property and $2,445,000 of net proceeds from the sale of Registrants' unconsolidated joint venture property, the Holiday Inn - Crowne Plaza, which was partially offset by $28,000 of improvements to real estate. Cash used in financing activities consisted of $7,872,000 paid in satisfaction of notes payable encumbering Registrant's Residence Inn - Orlando hotel property and $33,000 of notes payable principal payments. All other increases (decreases) in certain assets and liabilities are the result of timing of receipt and payment of various operating activities. 12 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Liquidity and Capital Resources (Continued) An affiliate of the Managing General Partner has made available to Registrant a credit line of up to $150,000 per property owned by Registrant. Registrant has no outstanding amounts due under this line of credit. Other than cash and cash equivalents, the line of credit was Registrant's only unused source of liquidity. On January 19, 1996, the stockholders of NPI, Inc., the sole shareholder of NPI Equity II, sold to Insignia all of the issued and outstanding stock of NPI, Inc. Insignia has elected new officers and directors of NPI Equity II. The Managing General Partner does not believe these events will have a significant effect on Registrant's liquidity or results of operation. Registrant's original investment objective of capital growth will not be attained. Accordingly, a significant portion of invested capital will not be returned to limited partners. Upon termination of Registrant, the general partners will be required to contribute approximately $1,000,000 to Registrant in accordance with the partnership agreement. Results of Operations Three Months Ended December 31, 1995 vs. December 31, 1994 Operating results improved by $2,896,000 for the three months ended December 31, 1995 as compared to 1994, due to an increase in revenues of $879,000 and a decrease in expenses of $2,017,000. Operating results improved primarily due to the $2,694,000 gain on sale of Registrant's interest in the unconsolidated joint venture. With respect to Registrant's remaining property, the Residence Inn, Sacramento, revenues increased primarily due to a $117,000 increase in room revenue. The increase was due to increases in both occupancy and average daily room rates. Other operating revenue and interest income remained relatively constant. Expenses declined by $2,017,000 for the three months ended December 31, 1995 as compared to 1994, primarily due to the sale of Registrant's hotel properties. With respect to Registrant's remaining property, the Residence Inn - Sacramento, expenses decreased by $57,000 due to decreases in room expenses of $48,000, other operating expenses of $31,000 and depreciation expense of $1,000 which was partially offset by an increase in interest expense of $23,000. Room and other operating expenses declined due to decreased maintenance costs. Interest expense increased due to an increase in the variable interest rate on the loan encumbering Registrant's property. Depreciation remained relatively constant. In addition, general and administrative expense remained relatively constant. 13 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. MRI BUSINESS PROPERTIES FUND, LTD. III OCCUPANCY AND ROOM RATE SUMMARY
Average Average Occupancy Rate (%) Daily Room Rate ($) ------------------------ ----------------------- Three months Three months Date Date Ended Ended of of December 31, December 31, Name and Location Rooms Purchase Sale 1995 1994 1995 1994 - ----------------- ----- -------- ---- ---- ---- ---- ---- Holiday Inn Crowne Plaza (1) Atlanta, Georgia 492 03/86 12/95 - 71 - 89.20 Embassy Suites - Tempe Tempe, Arizona 224 12/86 7/95 - 74 - 91.77 Residence Inn - Orlando Orlando, Florida 176 09/87 10/95 - 71 - 76.41 Residence Inn - Sacramento, California 176 09/87 1/96 79 74 82.48 78.37
(1) The Fund and an affiliated partnership, MRI business Properties Fund, Ltd. II, owned the hotel through a joint venture which had a 50 percent interest in this property. 14 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K On December 8, 1995, a Current Report on Form 8-K was filed with the Securities and Exchange Commission to provide for the sale of Registrant's joint venture interest in the Combined Fund, which owned the Holiday Inn Crowne Plaza. No other reports on Form 8-K were filed during the period. 15 of 16 MRI BUSINESS PROPERTIES FUND, LTD. III - FORM 10-Q - DECEMBER 31, 1995 SIGNATURE Pursuant to the requirements 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. MRI BUSINESS PROPERTIES FUND, LTD. III By: MONTGOMERY REALTY COMPANY 85, A California General Partnership, its managing general partner By: FOX REALTY INVESTORS, A California General Partnership, its managing general partner By: NPI Equity Investments II, Inc., A Florida Corporation, its managing partner /S/ William H. Jarrard, Jr. William H. Jarrard Jr. President and Director /S/ Ronald Uretta Ronald Uretta Principal Financial Officer And Principal Accounting Officer 16 of 16 EX-27 2 FINANCIAL DATA SCHEDULE
5 The schedule contains summary financial information extracted from MRI Business Properties Fund, Ltd. III and is qualified in its entirety by reference to such financial statements. 1 3-MOS SEP-30-1996 OCT-01-1995 DEC-31-1995 7,429,000 0 0 0 0 0 15,421,000 (4,684,000) 18,526,000 0 7,673,000 0 0 0 10,630,000 18,526,000 0 4,341,000 0 940,000 0 0 108,000 3,130,000 0 3,130,000 0 0 0 3,130,000 23.74 23.74 Total revenues include a gain on sale of property of $2,699,000.
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