-----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, S02rdKItnRCz6Y014ueT6IeBg1+saayuuV3s7QoJ4MqEYxGzF2+mC0KkFZOFLL2e OI3sWbMsaHk4m2y8nr864w== 0000803868-95-000019.txt : 19951109 0000803868-95-000019.hdr.sgml : 19951109 ACCESSION NUMBER: 0000803868-95-000019 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19951108 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MISSION BAY SUPER 8 LTD CENTRAL INDEX KEY: 0000803868 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330202890 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-18078 FILM NUMBER: 95587983 BUSINESS ADDRESS: STREET 1: 3145 SPORTS ARENA BLVD CITY: SAN DIEGO STATE: CA ZIP: 92110 BUSINESS PHONE: 6192261212 MAIL ADDRESS: STREET 1: 4540 MISSION BAY DRIVE CITY: SAN DIEGO STATE: CA ZIP: 92107 FORMER COMPANY: FORMER CONFORMED NAME: MOTELS OF AMERICA SERIES IX DATE OF NAME CHANGE: 19900402 10QSB/A 1 MISSION BAY SUPER 8 LTD. A California Limited Partnership Balance Sheet (Unaudited) (Part 1)
June 30, December 31, 1995 1994 ASSETS Current Assets: Cash and cash equivalents $ 105,975 $ 43,260 Accounts receivable 18,464 15,428 Operating Supplies 19,660 19,204 Prepaid expenses 34,179 9,884 Due from affiliates (Note 4) 31,362 27,431 ---------- ---------- Total Current Assets $ 209,640 $ 115,207 ---------- ---------- Investment property, at cost: Land 1,212,000 1,212,000 Building and improvements (Note 5) 2,024,033 2,024,033 Furniture, fixtures and equipment 719,211 702,412 ---------- ---------- 3,955,244 3,938,445 Less accumulated depreciation 1,170,547 1,128,445 ---------- ---------- Investment property, net of accumulated depreciation 2,784,697 2,810,000 Deferred organization costs and franchise fee, net (Note 3) 12,329 12,829 Construction in Progress 0 0 ---------- ---------- $3,006,666 $2,938,036 ---------- ---------- ---------- ----------
3 MISSION BAY SUPER 8 LTD. A California Limited Partnership Balance Sheet (Unaudited) (Part 2)
June 30, December 31, 1995 1994 LIABILITIES AND PARTNER'S CAPITAL ACCOUNTS Current liabilities: Accounts payable $ 18,440 $ 20,782 Accrued expenses 6,823 11,264 Due to affiliates (Note 5) 0 0 ---------- ---------- Total current liabilities 25,263 32,046 ---------- ---------- Partners' capital accounts (deficit): General Partners: Cumulative net earnings 15,494 7,953 Cumulative cash distributions (286,197) (286,197) ---------- ---------- (270,703) (278,244) Limited partners: Capital contributions, net of offering costs 5,761,115 5,761,115 Cumulative net earnings 139,437 71,565 Cumulative cash distributions (2,648,446) (2,648,446) ---------- ---------- 3,252,106 3,184,234 ---------- ---------- Total partners' capital accounts 2,981,403 2,905,990 ---------- ---------- $3,006,666 $2,938,036 ---------- ---------- ---------- ----------
See accompanying notes to financial statements. 4 MISSION BAY SUPER 8 LTD., A California Limited Partnership Statement of Operations (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------------- ----------------------------- 1995 1994 1995 1994 ---------- ---------- ----------- ----------- Revenues: Room revenues $ 287,034 $ 236,189 $ 478,410 $ 430,714 Phone revenues 8,306 9,338 16,596 18,987 Interest income 76 97 182 201 Other income 9,327 4,985 13,871 6,804 ---------- ---------- ---------- ---------- 304,743 250,609 509,059 456,706 ---------- ---------- ---------- ---------- Expenses: Property operating expenses 96,293 91,312 180,587 172,461 Depreciation 21,051 18,554 42,102 37,109 General and Administrative 41,194 36,689 72,840 70,572 Amortization 250 250 500 500 Management fees 18,250 15,030 30,454 27,390 Royalties 11,495 9,448 19,121 17,235 Repairs and Maintenance 13,859 13,301 25,984 27,514 Real estate taxes 10,963 12,947 22,726 25,344 Marketing 16,866 14,869 27,665 29,685 Property and liability insurance 5,833 7,921 11,667 12,571 ---------- ---------- ---------- ---------- 236,054 220,321 433,646 420,381 ---------- ---------- ---------- ---------- Net earnings $ 68,689 $ 30,288 $ 75,413 $ 36,325 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net earnings per limited partnership interest $ 9.37 $ 4.13 $ 10.28 $ 4.95 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
See accompanying notes to financial statements. 5 MISSION BAY SUPER 8 LTD., A California Limited Partnership Notes to Financial Statements, Continued 4. RELATED PARTY TRANSACTIONS (Continued) Fees and reimbursements for partnership administration expenses paid to GHG and GMS for the three months ended June 30, 1995 and June 30, 1994 and for the six months ended June 30, 1995 and June 30, 1994 are as follows:
THREE MONTHS ENDED SIX MONTHS ENDED ------------------ ------------------ 6/30/95 6/30/94 6/30/95 6/30/94 ------- ------- ------- ------- Management Fees $12,204 $12,360 $30,454 $27,390 Reimbursement for partnership admini- stration expenses $10,105 $10,620 $20,211 $21,240
In addition, all motel employees are paid by GMS. The Partnership reimbursed GMS $54,568 for the wages of these employees plus a one percent processing fee. During 1994, the Partnership transferred carpeting to GMS at the Partnership's cost of $23,500 and recorded a receivable from GMS. At June 30, 1995, $31,362 was due from GHG and GMS relating to reimbursement for these operating expenses. 5. PROPOSED EXCHANGE OF INVESTMENT PROPERTY AND WRITEDOWN TO APPRAISED VALUE Management is presently considering the possibility of exchanging substantially all of the Partnership's investment property for common stock in a real estate investment trust (REIT). Under this proposal, the common stock in the REIT would be distributed to the limited partners and the Partnership would be dissolved. The proposed transaction is contingent upon management reaching a satisfactory agreement with the REIT and is subject to the approval of the limited partners. In connection with this proposed transaction, an independent appraiser valued the Partnership's investment property at $2,810,000 as of August 1, 1994. Because of the significant decrease in the market value of investment property, and the proposed exchange of investment property for common stock in a REIT, management has elected to writedown the Partnership's investment property to its appraised value of $2,810,000 as of December 31, 1994. (Continued) 9 SIGNATURES 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. (REGISTRANT) MISSION BAY SUPER 8 LTD., A California Limited Partnership By: GHG Hospitality, Inc. Corporate General Partner BY (SIGNATURE) /s/ J. Mark Grosvenor (NAME AND TITLE) J. Mark Grosvenor, President and Director (DATE) October 27, 1995 BY (SIGNATURE) /s/ Sylvia Mellor Clark (NAME AND TITLE) Controller and Director (DATE) October 27, 1995 -----END PRIVACY-ENHANCED MESSAGE-----