-----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, Dmjid3+Jxj0dp+b2dw2S8hRD5k+ueIoTf24iYMEoXLSBV1pIuvMZ/GsKyllb8A8t q3aCJQb7fd15mlxhOSHvlg== 0000912057-96-009992.txt : 19960517 0000912057-96-009992.hdr.sgml : 19960517 ACCESSION NUMBER: 0000912057-96-009992 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONCORD MILESTONE PLUS L P CENTRAL INDEX KEY: 0000808460 STANDARD INDUSTRIAL CLASSIFICATION: LESSORS OF REAL PROPERTY, NEC [6519] IRS NUMBER: 521494615 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16757 FILM NUMBER: 96567487 BUSINESS ADDRESS: STREET 1: 5200 TOWN CENTER CIR STREET 2: 4TH FLOOR CITY: BOCA RATON STATE: FL ZIP: 33486 BUSINESS PHONE: 4073949260 10-Q 1 10-Q SECURITIES AND EXCHANGE COMMISSION Wasington, 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: March 31, 1996 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 000-16757 CONCORD MILESTONE PLUS, L.P. ---------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 52-1494615 - --------------------------------- -------------------------------------- (State or Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Organization) 5200 TOWN CENTER CIRCLE 4TH FLOOR BOCA RATON, FLORIDA 33486 - ---------------------------------------- ------------ (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (407) 394-9260 - -------------------------------------------------------------------------------- Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report Indicate by check mark whether the 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 for the past 90 days. Yes __X__ No ____ PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the provisions of Rule 10-01 of Regulation S-X and the instructions to Form 10-Q. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain reclassifications were made to the accompanying 1995 financial statements to conform to the 1996 presentation. -2- CONCORD MILESTONE PLUS, L.P. (a Limited Partnership) BALANCE SHEETS MARCH 31, 1996 (Unaudited) AND DECEMBER 31, 1995 ASSETS March 31, December 31, 1996 1995 ----------- ----------- Property, at cost Building and improvements $15,265,793 $15,262,476 Less: accumulated depreciation 4,396,229 4,253,132 ----------- ----------- Building and improvements, net 10,869,564 11,009,344 Land 10,987,034 10,987,034 ----------- ----------- Total property 21,856,598 21,996,378 Cash and cash equivalents 621,794 218,872 Accounts receivable 156,882 168,344 Prepaid expenses 49,064 32,690 Other assets, net 62,786 73,454 Due from affiliates, net 86,564 47,879 ----------- ----------- Total assets $22,833,688 $22,537,617 ----------- ----------- ----------- ----------- LIABILITIES AND PARTNERS' CAPITAL Liabilities: Bonds payable, net $16,439,021 $16,425,967 Accrued interest 520,981 130,246 Accrued expenses and other liabilities 335,834 337,268 ----------- ----------- Total liabilities 17,295,836 16,893,481 ----------- ----------- Partners' capital: General partner (67,186) (66,124) Limited partners: Class A Interests, 1,518,800 5,605,038 5,710,260 Class B Interests, 2,111,072 0 0 ----------- ----------- Total partners' capital 5,537,852 5,644,136 ----------- ----------- Total liabilities and partners' capital $22,833,688 $22,537,617 ----------- ----------- ----------- ----------- -3- CONCORD MILESTONE PLUS, L.P. (a Limited Partnership) STATEMENTS OF REVENUES AND EXPENSES (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 March 31, March 31, 1996 1995 --------- --------- Revenues: Rent $ 636,244 $638,137 Reimbursed expenses 85,552 126,926 Interest and other income 3,364 5,254 --------- --------- Total revenues 725,160 770,317 --------- --------- Expenses: Interest expense 390,735 380,452 Depreciation and amortization 159,222 160,881 Management and property expense 202,785 250,993 Professional fees and other expenses 28,764 27,931 --------- --------- Total expenses 781,506 820,257 --------- --------- Net income $(56,346) $(49,940) --------- --------- --------- --------- Income per weighted average Limited Partnership 100 Class A Interests outstanding $ (3.71) $ (3.29) --------- --------- --------- --------- -4- CONCORD MILESTONE PLUS, L.P. (a Limited Partnership) STATEMENTS OF CHANGES IN PARTNERS' CAPITAL FOR THE THREE MONTHS ENDED MARCH 31, 1996 (Unaudited) and FOR THE YEAR ENDED DECEMBER 30, 1995 General Class A Class B Total Partner Interests Interests ----------- --------- ---------- --------- PARTNER'S CAPITAL (DEFICIT) December 31, 1994 $ 6,151,653 $(61,049) $6,212,702 $ 0 Distributions (199,707) (1,997) (197,710) 0 Net Loss (307,810) (3,078) (304,732) 0 ------------ ---------- ---------- --------- PARTNERS' CAPITAL (DEFICIT) December 31, 1995 5,644,136 (66,124) 5,710,260 0 Distributions (49,938) (499) (49,439) 0 Net Loss (56,346) (563) (55,783) 0 ------------ ---------- --------- --------- PARTNERS' CAPITAL (DEFICIT) March 31, 1996 $ 5,537,852 $(67,186) $5,605,038 $ 0 ------------ ---------- --------- --------- ------------ ---------- --------- --------- -5- CONCORD MILESTONE PLUS, L.P. (a Limited Partnership) STATEMENTS OF CASH FLOWS (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 March 31, March 31, 1996 1995 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(56,346) $(49,940) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 159,222 160,881 Change in operating assets and liabilities: Decrease in accounts receivable 11,462 105,632 (Increase) decrease in prepaid expenses (16,374) 1,941 Decrease (increase) in other assets, net 7,596 (7,546) Increase in due from affiliates, net (38,685) 0 Increase in accrued interest 390,735 380,452 (Decrease) increase in accrued expenses and other liabilities (1,434) 11,710 (Decrease) in due to affiliate 0 (22,302) --------- --------- Net cash provided by operating activities 456,176 580,828 --------- --------- CASH FLOWS FROM INVESTING ACTIVITY: Property improvements (3,316) 0 --------- --------- CASH FLOWS FROM FINANCING ACTIVITY: Cash distributions to Partners (49,938) (50,001) --------- --------- NET INCREASE IN CASH AND CASH EQUIVALENTS 402,922 530,827 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 218,872 344,020 --------- --------- CASH AND CASH EQUIVALENTS, END OF PERIOD $621,794 $874,847 --------- --------- --------- --------- SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for interest $ 0 $ 0 --------- --------- --------- --------- -6- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ORGANIZATION AND CAPITALIZATION Concord Milestone Plus, L.P., a Delaware limited partnership (the "Partnership"), was formed on December 12, 1986, to acquire existing income-producing commercial and industrial real estate. The Partnership began operations on August 20, 1987. The Partnership commenced a public offering on April 8, 1987 in order to fund the Partnership's real property acquisitions. The Partnership terminated its public offering on April 2, 1988 and was fully subscribed to with a total of 16,452 Bond Units and 15,188 Equity Units issued. Each Bond Unit consists of $1,000 principal amount of Bonds and 36 Class B Interests. Each Equity Unit consists of 100 Class A Interests and 100 Class B Interests. Capital contributions to the Partnership consisted of $15,187,840 from the sale of the Equity Units and $592,272 which represent the Class B Interests from the sale of the Bond Units. RESULTS OF OPERATIONS COMPARISON OF QUARTER ENDED MARCH 31, 1996 TO QUARTER ENDED MARCH 31, 1995 Revenues of the Partnership decreased $45,157, or 5.9%, to $725,160 for the quarter ended March 31, 1996 from $770,317 for the quarter ended March 31, 1995 primarily due to a decrease in reimbursed expenses of approximately $41,000. Reimbursed expenses decreased primarily due to a decrease in common area maintenance expenses and insurance expense. Management and property expenses decreased $48,208, or 19.2%, to $202,785 for the quarter ended March 31, 1996 from $250,993 for the quarter ended March 31, 1995 primarily due to a decrease in common area maintenance expenses as a result of cost savings efforts by management and a decrease in insurance expense due to a lower premium in 1996. Interest expense increased $10,283, or 2.7%, to $390,735 for the quarter ended March 31, 1996 from $380,452 for the quarter ended March 31, 1995 primarily due to the scheduled increase in the interest rate on the Bond from 9.25% in 1995 to 9.50% in 1996. -7- LIQUIDITY AND CAPITAL RESOURCES The General Partner believes that the Partnership's working capital is sufficient to meet the Partnership's current operating requirements for the remainder of the year. Nevertheless, because the cash revenues and expenses of the Partnership will depend on future facts and circumstances relating to the Partnership's properties, as well as market and other conditions beyond the control of the Partnership, a possibility exists that cash flow deficiencies may occur. There are currently no material commitments for capital expenditures other than as described below. The Bonds are due and payable on November 30, 1997 in the aggregate principal amount of $16,452,000 and bear interest, payable semi-annually, at 9.5% (increasing to 10% on November 30, 1996). At or prior to November 30, 1997, it is expected that the Partnership will seek to refinance the Bonds and/or sell one or more of its properties to repay the Bonds. No assurance can be given as to whether the Partnership will be able to refinance the Bonds or sell its properties or if the Partnership is able to do so, that the terms of any such refinancing and/or sale would be attractive to the Partnership. Net cash provided by operating activities of $456,176 for the quarter ended March 31, 1996 is comprised of (i) a net loss of $56,346, (ii) adjustments of $159,222 for depreciation and amortization expense and (iii) a change in operating assets and liabilities of $353,300. Net cash provided by operating activities of $580,828 for the quarter ended March 31, 1995 is comprised of (i) a net loss of $49,940, (ii) adjustments of $160,881 for depreciation and amortization expense and (iii) a change in operating assets and liabilities of $469,887. Net cash used in investing activities of $3,316 for the quarter ended March 31, 1996 is comprised of capital expenditures for property improvements. Net cash used in financing activities of $49,938 for the quarter ended March 31, 1996 is comprised of cash distributions to Partners. Net cash used in financing activities of $50,001 for the quarter ended March 31, 1995 is comprised of cash distributions to Partners. -8- PART II - OTHER INFORMATION ITEM 6. REPORTS ON FORM 8-K (a) Exhibits - previously filed. (b) No reports on form 8-K were filed during the quarter covered by this Report. -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. DATE: May 15, 1996 CONCORD MILESTONE PLUS, L.P. ---------------------------- (Registrant) BY: CM PLUS CORPORATION ---------------------------- General Partner By: /s/ Robert Mandor ---------------------------- Robert Mandor Director and Vice President By: /s/ Joan LeVine ---------------------------- Joan LeVine Secretary and Treasurer -10- EX-27 2 EXHIBIT 27 FDS
5 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 621,794 0 156,882 0 0 0 26,252,827 4,396,229 22,833,688 0 16,439,021 0 0 0 0 22,833,688 0 725,160 0 390,771 0 0 390,735 0 0 0 0 0 0 (56,346) (3.71) 0 LOSS PER WEIGHTED AVERAGE LIMITED PARTNERSHIP 100 CLASS A INTERESTS OUTSTANDING
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