0000892569-95-000403.txt : 19950815 0000892569-95-000403.hdr.sgml : 19950815 ACCESSION NUMBER: 0000892569-95-000403 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN RETIREMENT VILLAS PROPERTIES CENTRAL INDEX KEY: 0000778643 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330154077 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26428 FILM NUMBER: 95562927 BUSINESS ADDRESS: STREET 1: 245 FISCHER AVE STE D1 CITY: COSTA MESA STATE: CA ZIP: 92626 BUSINESS PHONE: 7147517400 MAIL ADDRESS: STREET 1: 245 FISCHER AVE STE D1 STREET 2: 245 FISCHER AVE STE D1 CITY: COSTA MESA STATE: CA ZIP: 92626 10-Q 1 FORM 10-Q FOR QUARTER ENDED JUNE 30, 1995 1 Securities and Exchange Commission Washington, D.C. 20549 Form 10 Q Quarterly Report under section 13 or 15(d) of the Securities and Exchange Act of 1934 For the Quarter Ended June 30, 1995 Commission file number 33-633 American Retirement Villas Properties ------------------------------------- (Exact name of Registrant as specified in it's charter) California 33-0154077 ---------- ---------- state or other jurisdiction (IRS Employer Iden- of organization tification number) 245 Fischer Avenue, Suite D-1 Costa Mesa, California 92626 ---------------------- ----- (address of principal executive (zip code) office) Registrant's telephone number, including area code (714) 751-7400 -------------- Indicate by a check mark whether the registrant (1) has filed all the reports to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months, (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ------- ------- 2 Form 10-Q June 30, 1995 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) Balance Sheets (Unaudited) June 30, 1994 and December 31, 1993
Assets ------ 1995 1994 ----------- ----------- Properties, at cost (notes 4 and 5) Land $ 2,695,099 $ 2,695,099 Building and improvements, less accumulated depreciation of $5,048,555 in 1995 and $4,689,608 in 1994 14,707,999 15,035,175 Furniture, fixtures and equipment less accumulated depreciation of $334,697 in 1995 and $330,734 in 1994 257,116 239,999 ----------- ----------- Net Properties 17,660,214 17,970,273 Cash and cash equivalents 310,977 245,898 Loan fees, less accumulated amortization of $8,043 in 1995 and $5,630 in 1994 25,738 28,151 Other assets 291,247 107,784 ----------- ----------- Total assets $18,288,177 $18,352,106 =========== =========== Liabilities and Partners' Capital --------------------------------- Notes payable (note 6) $ 983,690 $ 989,281 Accounts payable and accrued expenses 426,733 350,833 Amounts payable to affiliate (note 3) 14,942 9,601 Distribution payable to partners 52,731 455,919 ----------- ----------- Total Liabilities 1,478,097 1,805,634 Partners' capital (note 2) 30,000 units outstanding at June 30, 1993 and December 31, 1994 16,810,080 16,546,472 ----------- ----------- Total liabilities and partners' capital $18,288,177 $18,352,106 =========== ===========
See accompanying notes to financial statements. 3 Form 10-Q June 30, 1995 PART I ITEM 1 (continued) AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) Statements of Operations (unaudited) For the quarter ended June 30, 1995 For the quarter ended June 30, 1994 For the six months ended June 30, 1995 For the six months ended June 30, 1994
Quarter Quarter Six months Six months ended June ended June ended June ended June 30, 1995 30, 1994 30, 1995 30, 1994 ---------- ---------- ---------- ---------- Revenues: Rent 1,820,678 1,710,142 3,614,392 3,372,451 Assisted living 201,931 176,497 384,731 328,941 Interest 0 148 0 304 Other 49,596 45,958 95,380 102,454 ---------- ---------- ---------- ---------- Total Revenues 2,072,205 1,932,745 4,094,504 3,804,150 ---------- ---------- ---------- ---------- Costs and expenses: Rental property operations (note 3 and 7) 1,052,147 1,040,912 2,094,808 2,002,762 Assisted living (note 3) 92,545 76,343 174,230 151,762 General and administrative (note 3) 251,743 244,829 499,043 495,962 Depreciation and amortization 206,551 203,301 412,367 434,914 Property taxes 62,460 63,849 128,658 132,156 Advertising 8,344 12,027 7,610 22,086 Interest (note 6) 23,922 27,528 47,402 59,017 Legal 7,212 2,946 9,786 5,791 Bad debt 705 1,608 2,260 1,608 ---------- ---------- ---------- ---------- Total costs and expenses 1,705,629 1,673,344 3,376,163 3,306,058 Net income $ 366,575 $ 259,401 $ 718,341 $ 498,093 ========== ========== ========== ========== Net income to General Partner $ 3,666 $ 2,594 $ 7,183 $ 4,981 Net income to limited partner $ 362,909 $ 256,807 $ 711,157 $ 493,112 ========== ========== ========== ========== Net income per limited partners unit $ 12.10 $ 8.56 $ 23.71 $ 16.44 ========== ========== ========== ==========
See accompanying notes to financial statements. 4 Form 10-Q June 30, 1995 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) Statement of Cash Flows (unaudited) For the six months ended June 30, 1995 For the six months ended June 30, 1994
1995 1994 ---------- ----------- Cash flows from operating activities: Net income $ 718,341 $ 498,093 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 412,367 434,914 Change in assets and liabilities: Increase in other assets (183,463) (48,292) Decrease in loan fees 2,413 6,052 Increase in accounts payable and accrued expenses 75,900 45,394 Increase (decrease) in amounts payable to affiliates 5,341 (5,695) ---------- ----------- Total adjustments 312,558 432,373 Net cash provided by operating activities 1,030,899 930,466 ---------- ----------- Cash flows from investing activities: Capital expenditures (52,851) (111,603) ---------- ----------- Net cash used in investing activities (52,851) (111,603) Cash flows from financing activities: Principal reduction of notes payable (5,591) (330,086) Distributions paid (907,376) (869,458) ---------- ----------- Net cash used in financing activities (912,968) (1,199,544) ---------- ----------- Decrease in cash 65,080 (380,681) Cash at the beginning of the period 245,898 498,543 ---------- ----------- Cash at the end of the period $ 310,978 $ 117,862 ========== ===========
See accompanying notes to financial statements. 5 Form 10-Q June 30, 1995 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) Notes to Financial Statements (unaudited) June 30, 1995 (1) Summary of Significant Accounting Policies ----------------------------------------------- Basis of Accounting ------------------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Carrying Value of Real Estate ----------------------------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Loan Fees --------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Rental Income ------------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Income Taxes ------------ Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Net Income Per Limited Partner Unit ----------------------------------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. The weighted average number of units outstanding at March 31, 1995 and March 31, 1994 was 30,000. (continued) 6 Form 10-Q June 30, 1995 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) Notes to Financial Statements (unaudited) June 30, 1995 Cash and Cash Equivalents ------------------------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Reclassifications ----------------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. (2) Organization and Partnership Agreement ------------------------------------------ Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. (3) Transactions with Affiliates -------------------------------- Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference, except for the following additional comments. For the three months ended June 30, 1995 property management and partnership management fees of $103,610 and $65,332 respectively, were paid or accrued to the Managing General Partner. (4) Properties -------------- Villa Bonita: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Rancho Park Villa: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Tamalpais Creek: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. (continued) 7 Form 10-Q June 30, 1995 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) Notes to Financial Statements (unaudited) June 30, 1995 Maria del Sol: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. (5) Accounts Payable and Accrued Expenses ------------ Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. (6) Notes Payable ------------ Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. (7) ESOP ------------ Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. 8 Form 10-Q June 30, 1995 PART I ITEM II AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL --------------------------- CONDITION AND RESULTS OF OPERATIONS --------------------------- (b) 1 Material Change in Financial Condition -------------------------------- None (b) 2 Material Changes in Results of Operation -------------------------------- None 9 Form 10-Q June 30, 1995 PART II AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) Item 1 Legal Proceedings --------------------- None Item 2 Change in Securities ---------------------- None Item 3 Defaults Upon Senior Securities --------------------------- None Item 4 Submission of Matters to Vote of Security Holders ------------------------------------------ None Item 5 Other Information ---------------------- None Item 6 Exhibits and Reports on Form 8K ------------------------------ A. Exhibit 27 - Financial Data Schedule B. None (continued) 10 Form 10-Q June 30, 1995 PART II AMERICAN RETIREMENT VILLAS PROPERTIES (a California Limited Partnership) 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. AMERICAN RETIREMENT VILLAS PROPERTIES, A CALIFORNIA LIMITED PARTNERSHIP By ARV HOUSING GROUP, INC. ------------------------------- Managing General Partner Date: August 11, 1995 By GARY L. DAVIDSON ------------------------------- Gary L. Davidson Chairman of the Board Date: August 11, 1995 By JOHN A. BOOTY ------------------------------- John A. Booty President EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS MAR-31-1996 JUN-30-1995 310,977 0 262,057 (810) 30,000 602,224 23,077,247 5,391,294 18,288,177 494,407 983,690 0 0 0 16,810,080 18,288,177 0 4,094,504 0 2,775,690 553,071 0 47,402 718,341 0 0 0 0 0 718,341 0 0