-----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, U3fR6jSf8/NB7cbyVLGWaGExe5v+tC6qTU6meo989yCPCHD0kAfGxuVKc3y/jLdy GKQksnEQSXPJtfPHlWsK1w== 0000711642-00-000125.txt : 20000511 0000711642-00-000125.hdr.sgml : 20000511 ACCESSION NUMBER: 0000711642-00-000125 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MULTI BENEFIT REALTY FUND 87-1 CENTRAL INDEX KEY: 0000802200 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 943026785 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-16684 FILM NUMBER: 623740 BUSINESS ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 10QSB 1 FIRST QUARTER 10-QSB 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 March 31, 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 0-16684 MULTI-BENEFIT REALTY FUND '87-1 (Exact name of small business issuer as specified in its charter) California 94-3026785 (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 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___ PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) MULTI-BENEFIT REALTY FUND '87-1 CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands, except unit data) March 31, 2000
Assets Cash and cash equivalents $ 2,146 Receivables and deposits 282 Restricted escrows 98 Other assets 215 Investment properties: Land $ 1,742 Buildings and related personal property 23,816 25,558 Less accumulated depreciation (13,280) 12,278 $ 15,019 Liabilities and Partners' (Deficit) Capital Liabilities Accounts payable $ 198 Tenant security deposit liabilities 93 Accrued property taxes 306 Other liabilities 241 Mortgage notes payable 12,117 Partners' (Deficit) Capital General Partner $ (133) Limited Partner "A" Unit holders - 96,284 units issued and outstanding (2,061) Limited Partner "B" Unit holders - 75,152 units issued and outstanding 4,258 2,064 $ 15,019
See Accompanying Notes to Consolidated Financial Statements b) MULTI-BENEFIT REALTY FUND '87-1 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data) Three Months Ended March 31, 2000 1999 Revenues: Rental revenue $1,262 $1,244 Other income 94 73 Total revenues 1,356 1,317 Expenses: Operating 548 526 General and administrative 40 49 Depreciation 287 258 Interest 247 252 Property taxes 91 93 Total expenses 1,213 1,178 Net income $ 143 $ 139 Net income allocated to general partner $ 1 $ 1 Net income allocated to limited partners 142 138 $ 143 $ 139 Net income per limited partnership "A" and "B" units $ 0.83 $ 0.80 See Accompanying Notes to Consolidated Financial Statements c) MULTI-BENEFIT REALTY FUND '87-1 CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL (Unaudited) (in thousands, except unit data)
Total Partners' General Limited Partners (Deficit) Partner "A" Units "B" Units Capital Original capital contributions $ 1 $ 9,706 $ 7,538 $ 17,245 Limited partnership units at December 31, 1999 and March 31, 2000 -- 96,284 75,152 171,436 Partners' (deficit) capital at December 31, 1999 $ (134) $ (2,141) $ 4,196 $ 1,921 Net income for the three months ended March 31, 2000 1 80 62 143 Partners' (deficit) capital at March 31, 2000 $ (133) $ (2,061) $ 4,258 $ 2,064
See Accompanying Notes to Consolidated Financial Statements d) MULTI-BENEFIT REALTY FUND '87-1 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands, except unit data)
Three Months Ended March 31, 2000 1999 Cash flows from operating activities: Net income $ 143 $ 139 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 287 258 Amortization of loan costs 16 20 Change in accounts: Receivables and deposits 48 (10) Other assets (26) (18) Accounts payable (24) 66 Tenant security deposit liabilities 6 (1) Accrued property taxes (30) 38 Other liabilities (181) 15 Net cash provided by operating activities 239 507 Cash flows from investing activities: Property improvements and replacements (71) (175) Net withdrawals from restricted escrows 145 111 Net cash provided by (used in) investing activities 74 (64) Cash flows from financing activities: Payments on mortgage notes payable (20) (18) Distributions to partners (427) -- Net cash used in financing activities (447) (18) Net (decrease) increase in cash and cash equivalents (134) 425 Cash and cash equivalents at beginning of period 2,280 1,291 Cash and cash equivalents at end of period $ 2,146 $ 1,716 Supplemental disclosure of cash flow information: Cash paid for interest $ 231 $ 233
See Accompanying Notes to Consolidated Financial Statements e) MULTI-BENEFIT REALTY FUND '87-1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited consolidated financial statements of Multi-Benefit Realty Fund '87-1 (the "Partnership" or "Registrant") 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 ConCap Equities, Inc. (the "General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2000, are not necessarily indicative of the results that may be expected for the fiscal 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 fiscal year ended December 31, 1999. Principles of Consolidation The consolidated financial statements of the Partnership include its 99% limited partnership interest in Hunt Club Associates, Ltd. The General Partner of this consolidated partnership is the General Partner. The Partnership may remove the general partner of Hunt Club Associates, Ltd.; therefore, the consolidated partnership is controlled and consolidated by the Partnership. All significant interpartnership balances have been eliminated. Limited Partnership Units The Partnership has issued two classes of Units of Depositary Receipts ("Units"), "A" Units and "B" Units. The two classes of Units are entitled to different rights and priorities as to cash distributions and Partnership allocations. The Units represent economic rights attributable to the limited partnership interests in the Partnership and entitle the holders thereof ("Unit holders") to participate in certain allocations and distributions of the Partnership. Note B - 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 C - Transactions with Affiliated 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 transactions with the General Partner and/or its affiliates were incurred during the three months ended March 31, 2000 and 1999: 2000 1999 (in thousands) Property management fees (included in operating expenses) $ 67 $ 65 Reimbursement for services of affiliates (included in general and administrative expenses) 24 26 During the three months ended March 31, 2000 and 1999, affiliates of the General Partner were entitled to receive 5% of gross receipts from all of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $67,000 and $65,000 for the three months ended March 31, 2000 and 1999, respectively. An affiliate of the General Partner received reimbursements of accountable administrative expenses amounting to approximately $24,000 and $26,000 for the three months ended March 31, 2000 and 1999, respectively. AIMCO and its affiliates currently own 59,995 "A" and 37,548 "B" limited partnership units in the Partnership representing 62.31% and 49.96% 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. As a result of its ownership of 62.31% and 49.96% of the outstanding units, AIMCO is in a position to influence all voting decisions with respect to the Registrant. 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 D - Commitment The Partnership is required by the Partnership Agreement to maintain working capital reserves of not less than 5% of Net Invested Capital, as defined in the Partnership Agreement. In the event expenditures are made from this reserve, operating revenue shall be allocated to such reserve to the extent necessary to maintain the foregoing level. Reserves, consisting of cash and cash equivalents totaling approximately $2,146,000, exceeded the reserve requirement of approximately $759,000 at March 31, 2000. Note E - Distribution During the three months ended March 31, 2000, the Partnership paid a cash distribution from operations, which was declared and accrued at December 31, 1999, of approximately $427,000 of which approximately $423,000 ($4.39 per limited partnership "A" Unit) was paid to the "A" unit limited partners. There were no distributions paid or declared during the three months ended March 31, 1999. Note F - Segment Information Description of the types of products and services from which the reportable segment derives its revenues: The Partnership has one reportable segment: residential properties. The Partnership's residential property segment consists of three apartment complexes, one each in Ohio, Indiana and Utah. The Partnership rents apartment units to tenants for terms that are typically twelve months or less. Measurement of segment profit or loss: The Partnership evaluates performance based on segment profit (loss) before depreciation. The accounting policies of the reportable segment 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 Partnership's reportable segments: The Partnership's reportable segment consists of investment properties that offer similar products and services. Although each of the investment properties are managed separately, they have been aggregated into one segment as they provide services with similar types of products and customers. Segment information for the three month periods ended March 31, 2000 and 1999, is shown in the tables below. The "Other" column includes Partnership administration related items and income and expense not allocated to the reportable segment.
2000 Residential Other Totals (in thousands) Rental income $ 1,262 $ -- $ 1,262 Other income 79 15 94 Interest expense 247 -- 247 Depreciation 287 -- 287 General and administrative expense -- 40 40 Segment profit (loss) 168 (25) 143 Total assets 13,930 1,089 15,019 Capital expenditures for investment properties 71 -- 71
1999 Residential Other Totals (in thousands) Rental income $ 1,244 $ -- $ 1,244 Other income 62 11 73 Interest expense 252 -- 252 Depreciation 258 -- 258 General and administrative expense -- 49 49 Segment profit (loss) 177 (38) 139 Total assets 13,442 1,481 14,923 Capital expenditures for investment properties 175 -- 175
Note G - Legal Proceedings In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, the General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia ("Insignia Affiliates") of interests in certain general partner entities, past tender offers by Insignia Affiliates to acquire limited partnership units, the management of partnerships by Insignia Affiliates and the Insignia Merger (see "Note B - Transfer of Control"). The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement, settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who own units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Superior Court of the State of California, County of San Mateo, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of class plaintiffs' counsel to enter the settlement. On December 14, 1999, the General Partner and its affiliates terminated the proposed settlement. Certain plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in the action. The General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. The Partnership is unaware of any other 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 Partnership from time to time. The discussions of the Partnership'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 Partnership'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 three apartment complexes. The following table sets forth the average occupancy of the properties for each of the three months ended March 31, 2000 and 1999: Average Occupancy Property 2000 1999 Carlin Manor Apartments 91% 91% Columbus, Ohio Hunt Club Apartments 95% 93% Indianapolis, Indiana Shadow Brook Apartments 97% 98% West Valley City, Utah Results of Operations The Partnership's net income for the three months ended March 31, 2000, was approximately $143,000 compared to net income of approximately $139,000 for the three months ended March 31, 1999. The increase in net income for the three months ended March 31, 2000 is attributable to an increase in total revenues partially offset by an increase in total expenses. The increase in total revenues is due to increases in rental income and other income. Rental income increased due to increased rental rates at Hunt Club and Carlin Manor partially offset by increased concession costs and bad debt expense primarily at Carlin Manor. The increase in other income is attributable to an increase in telephone commissions received at Shadow Brook Apartments and, to a lesser extent, to an increase in interest income as a result of higher average cash balances held in interest bearing accounts and an increase in tenant charges. The increase in total expenses is due to an increase in depreciation expense and operating expense partially offset by reduced general and administrative expense. The increase in depreciation expense is primarily attributable to fixed asset additions during the last twelve months. The increase in operating expense is due to a decrease in net insurance proceeds, an increase in utility expenses at Hunt Club Apartments, increased contract labor costs, and increased employee bonuses, partially offset by a decrease in snow removal at Hunt Club Apartments due to less severe snow fall than in the three months ended March 31, 1999, and reduced maintenance salaries. General and administrative expense decreased due to reduced general partner reimbursements and printing and mailing costs associated with investor communications. Included in general and administrative expenses at both March 31, 2000 and 1999, are reimbursements to the General Partner allowed under the Partnership Agreement associated with its management of the Partnership. 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 March 31, 2000, the Partnership had cash and cash equivalents of approximately $2,146,000 as compared to approximately $1,716,000 at March 31, 1999. Cash and cash equivalents decreased approximately $134,000 for the three months ended March 31, 2000, from the Partnership's year ended December 31, 1999, due to approximately $447,000 of cash used in financing activities, which was partially offset by approximately $239,000 of cash provided by operating activities and approximately $74,000 of cash provided by investing activities. Cash used in financing activities consisted primarily of distributions to partners and, to a lesser extent, of payments of principal made on the mortgage encumbering Hunt Club Apartments. Cash provided by investing activities consisted of net withdrawals from restricted escrows maintained by the mortgage lender which were partially offset by property improvements and replacements. The Partnership 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 Registrant's properties are detailed below. Carlin Manor Approximately $124,000 was budgeted for capital improvements for the year 2000 at Carlin Manor Apartments consisting primarily of carpet and vinyl replacement, air conditioning unit replacement, structural upgrades, heating improvements, parking lot improvements, and appliance replacements. During the three months ended March 31, 2000, the Partnership completed approximately $35,000 of budgeted capital improvements at Carlin Manor, consisting primarily of carpet replacement and appliance replacement. These improvements were funded primarily from replacement reserves. Hunt Club Approximately $193,000 was budgeted for capital improvements for the year 2000 at Hunt Club Apartments consisting primarily of structural upgrades, fencing, carpet and vinyl replacement, and appliance replacement. During the three months ended March 31, 2000, the Partnership completed approximately $18,000 of budgeted capital improvements at Hunt Club, consisting primarily of floor covering replacements and appliance replacements. These improvements were funded from operating cash flow and replacement reserves. Shadow Brook Approximately $138,000 was budgeted for capital improvements for the year 2000 at Shadow Brook Apartments consisting primarily of carpet and vinyl replacement, roof replacement, and lighting improvements. During the three months ended March 31, 2000, the Partnership completed approximately $18,000 of budgeted capital improvements at Shadow Brook, consisting primarily of carpet and vinyl replacement. These improvements were funded from replacement reserves. The additional capital expenditures for 2000 at the Partnership's properties will be made only to the extent of cash available from operations and Partnership reserves. To the extent that such budgeted capital improvements are completed, the Partnership's distributable cash flow, if any, may be adversely affected at least in the short term. The Partnership's assets are currently thought to be sufficient for any near-term needs (exclusive of capital improvements) of the Partnership. The mortgage indebtedness of approximately $12,117,000 is amortized over varying periods and requires one balloon payment in October 2000 and two in November 2003. The General Partner will attempt to refinance such indebtedness and/or sell the properties prior to such maturity dates. If the properties cannot be refinanced or sold for a sufficient amount, the Partnership will risk losing such properties through foreclosure. During the three months ended March 31, 2000, the Partnership paid a cash distribution from operations, which was declared and accrued at December 31, 1999, of approximately $427,000 of which approximately $423,000 ($4.39 per limited partnership "A" Unit) was paid to the "A" unit limited partners. There were no distributions paid or declared during the three months ended March 31, 1999. The Partnership's distribution policy is reviewed on a semi-annual basis. Future cash distributions will depend on the levels of net cash generated from operations, the availability of cash reserves, and the timing of debt maturities, refinancings, and/or property sales. There can be no assurance, however, that the Partnership will generate sufficient funds from operations after required capital expenditures to permit further distributions to its partners during the remainder of 2000 or subsequent periods. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, the General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia ("Insignia Affiliates") of interests in certain general partner entities, past tender offers by Insignia Affiliates to acquire limited partnership units, the management of partnerships by Insignia Affiliates and the Insignia Merger (see "Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer of Control"). The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement, settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who own units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Superior Court of the State of California, County of San Mateo, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of class plaintiffs' counsel to enter the settlement. On December 14, 1999, the General Partner and its affiliates terminated the proposed settlement. Certain plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in the action. The General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. 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 March 31, 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. MULTI-BENEFIT REALTY FUND '87-1 By: CONCAP EQUITIES, INC. 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: EX-27 2 FIRST QUARTER 10-QSB
5 This schedule contains summary financial information extracted from Multi-Benefit Realty Fund '87-1 2000 First Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000802200 Multi-Benefit Realty Fund '87-1 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 2,146 0 0 0 0 0 25,558 13,280 15,019 0 12,117 0 0 0 2,064 15,019 0 1,356 0 0 1,213 0 247 0 0 0 0 0 0 143 0.83 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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