-----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, N4RIfG5ZiAbYdcU4KIjHLYvGN9ZlE7HHZa8lI6FYIcrJ7pJvy/r9tmlVTOvOE3td glKl2bApj3PKPlbIo0cT8A== 0000892569-96-000079.txt : 19960131 0000892569-96-000079.hdr.sgml : 19960131 ACCESSION NUMBER: 0000892569-96-000079 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19960130 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN RETIREMENT VILLAS PROPERTIES II CENTRAL INDEX KEY: 0000830156 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330278155 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 033-20413 FILM NUMBER: 96508777 BUSINESS ADDRESS: STREET 1: 245 FISCHER AVE STE D1 CITY: COSTA MESA STATE: CA ZIP: 92626 BUSINESS PHONE: 7147517400 MAIL ADDRESS: STREET 2: 245 FISCHER AVE STE D1 CITY: COSTA MESA STATE: CA ZIP: 92626 10-Q/A 1 ARV AMEND. #2 ON FORM 10-Q/A FOR 06/30/95 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10 Q/A QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR QUARTER ENDED JUNE 30, 1995 Commission file number 0-26468 American Retirement Villas Properties II - ------------------------------------------ (Exact name of Registrant as specified in it's charter) California 33-0278155 - ------------- ----------- state or other jurisdiction (IRS Employer Identification Number) of organization 245 Fischer Avenue, Suite D-1 Costa Mesa, California 92626 - ---------------------- ------ (address of principal executive (zip code) office) Registrant's telephone number, (714) 751-7400 including area code --------------- 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 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEETS (UNAUDITED) JUNE 30, 1995 AND DECEMBER 31, 1994
1995 1994 ASSETS UNAUDITED AUDITED ---------------------------------- ----------- ------------- Properties, at cost (notes 4 and 5) Land $ 2,902,684 $ 2,902,684 Building and improvements, less accumulated depreciation of $4,946,127 in 1995 and $3,865,219 in 1994 15,526,145 15,669,092 Leasehold property and improvements, less accumulated amortization of $5,398,582 in 1995 and $5,595,821 in 1994 1,125,388 1,764,926 Furniture, fixtures and equipment less accumulated depreciation of $984,927 in 1995 and $1,108,392 in 1994 847,906 692,250 ----------- ----------- Net Properties 20,402,123 21,028,952 Cash and cash equivalents, including restricted cash of $804,737 in 1995 and $724,494 in 1994 931,687 1,329,594 Other assets 512,403 406,291 ----------- ----------- Total assets $21,846,213 $22,764,837 =========== =========== LIABILITIES AND PARTNERS' CAPITAL --------------------------------- Notes Payable (note 5) $ 6,816,815 $ 7,189,166 Accounts payable and accrued expenses 936,937 772,228 Amounts payable to affiliates (note 3) 76,454 494,423 Distribution payable to partners 139,056 544,381 ----------- ----------- Total Liabilities 7,969,262 9,000,198 Partners' capital (deficit) (note 2 and 3): General partners' capital (deficit) 286,680 (162,861) Limited partners' capital, 34,995 units outstanding 13,590,271 13,927,500 ----------- ----------- Total liabilities and partners' capital $21,846,213 $22,764,837 =========== ===========
See accompanying notes to financial statements. 3 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF OPERATIONS (UNAUDITED) FOR QUARTER ENDED JUNE 30, 1995 FOR 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 $3,647,896 $3,500,018 $7,344,722 $6,906,186 Assisted living 494,447 432,914 990,126 802,918 Interest 3,923 4,214 7,921 8,375 Other 33,728 54,914 92,442 97,926 ---------- ---------- ---------- ---------- Total Revenues 4,179,994 3,992,061 8,435,212 7,815,406 ---------- ---------- ---------- ---------- Costs and expenses : Rental property operations (note 3) 2,222,092 2,152,468 4,463,375 4,239,809 Assisted living (note 3) 215,636 190,553 419,845 368,967 General and administrative (note 3) 435,070 454,062 904,785 931,241 Ground rent (note 4) 286,683 307,987 573,382 593,758 Depreciation and amortization 534,809 695,667 1,061,711 1,387,599 Property taxes 129,413 4,585 257,755 137,465 Advertising 35,985 29,187 67,418 43,541 Interest 147,682 150,837 295,232 299,049 ---------- ---------- ---------- ---------- Total costs and expenses 4,007,371 3,985,345 8,043,502 8,001,430 Net Income (loss) 172,623 6,716 391,709 (186,024) Net Income (loss) to General Partner 1,726 67 3,917 (1,860) Net Income (loss) to Limited Partner $ 170,897 $ 6,649 $ 387,792 $ (184,164) ========== ========== ========== ========== Net Income (loss) per Limited Partner unit $4.88 $0.19 $11.08 $(5.26) ========== ========== ========== ==========
See accompanying notes to financial statements. 4 PART I ITEM 1 AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS (UNAUDITED) FOR SIX MONTHS ENDED JUNE 30, 1995 FOR SIX MONTHS ENDED JUNE 30, 1994
1995 1994 ---------- ---------- Cash flows from operating activities: Net Income (loss) $ 391,709 $ (186,024) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 1,061,711 1,387,599 Change in assets and liabilities: Increase in other assets (106,112) (198,913) Increase in accounts payable and accrued expenses 164,709 119,195 (Decrease) Increase in amounts payable to affiliates 34,978 76,817 ----------- ----------- Total adjustments 1,155,287 1,384,698 Net cash provided by operating activities 1,546,996 1,198,675 ----------- ----------- Cash flows from investing activities: Capital expenditures (288,199) (155,206) Acquisition of autos (166,196) 0 ----------- ----------- Net cash used in investing activities (454,395) (155,206) ----------- ----------- Cash flows from financing activities: Borrownings on line of credit 375,000 860,000 Principal repayments on line of credit (690,000) (1,110,000) Principal repayments on notes payable (57,351) (55,226) Distributions paid (1,118,157) (822,266) ----------- ----------- Net cash used by financing activities (1,490,509) (1,127,493) ----------- ----------- Net Increase (Decrease) in cash and cash equivalents (397,907) (84,024) Cash & cash equivalents at beginning of period 1,329,594 1,171,682 ----------- ----------- Cash and cash equivalents at the end of the period $ 931,687 $ 1,089,999 =========== ===========
See accompanying notes to financial statements. 5 PART I ITEM 1 (CONTINUED) AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 1995 (1) 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. The financial statements reflect all adjustments and disclosures which, are in the opinion of management, necessary for a fair presentation. All such adjustments are of a normal recurring nature. 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. Restricted Cash 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 (Loss) 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. 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. 6 PART I ITEM 1 (CONTINUED) AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 1995 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 aditional comments. For the quarter ended June 30, 1995 property management fees and partnership administration fees of $421,930 and $143,964 respectively were paid or accrued to the Managing General Partner. During the quarter ending March 31, 1995, the General Partner made a non-cash contribution of $452,947 to the Partnership as forgiveness of fees owed to the General Partner. Such fees had been recognized as expenses by the Partnership in prior periods. (4) PROPERTIES Covina 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. Valley View Lodge of Rossmoor: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Retirement Inn of Daly City: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Retirement Inn of Fullerton: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Retirement Inn of Sunnyvale: 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 PART I ITEM 1 (CONTINUED) AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 1995 Retirement Inn of Fremont: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Retirement Inn of Campbell: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Retirement Inn of Burlingame: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Inn at Willow Glen: Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31, 1994 Form 10K is incorporated by this reference. Montego Heights Lodge: 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) 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. (6) 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 PART I ITEM II AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (1) LIQUIDITY. The General Partners expect that the cash to be generated from operations of all the Registrant's properties will be adequate to pay operating expenses, make necessary capital improvements, make required principal reductions, and provide distributions to the Partners. On a long-term basis, the Registrant's liquidity is sustained primarily from cash flow provided by operating activities. During the six months ended June 30, 1995, net cash provided by operating activities was approximately $1,094,049 as compared to cash provided by operating activities of approximately $1,198,705 for the six months ended June 30, 1994. During the six months ended June 30, 1995, the Registrant used net cash in investing activities of $454,395 compared to $155,206 for the six months ended June 30, 1994. The Registrant's investing activities consisted of capital improvements made on its ten properties and the purchase of new vehicles. During the six months ended June 30, 1995, the Registrant used net cash in financing activities of $1,037,562 compared to $1,127,493 for the six months ended June 30, 1994. The Registrant's financing activities consisted of principal reduction on notes payable, General Partner capital contribution and distributions paid to the Partners. The General Partners are not aware of any trends, other than national economic conditions, which have had or which may be reasonably expected to have a material favorable or unfavorable impact on revenues or income from the operations or sale of properties. The General Partners believe that if the inflation rate increases they will be able to pass the subsequent increase in operating expenses onto the residents of the properties by way of higher rental and Assisted Living rates. The Registrant has long term debt of approximately $6,816,815 ,as of June 30, 1995. $3,450,760 is due August 1, 2018, $2,826,738 is due November 1, 2016, $345,333 is due December 1, 1996, $185,000 is due December 31, 1995, $8,984 is due January 1, 1997. (2) CAPITAL RESOURCES. Registrant contemplates spending approximately $500,000 for capital expenditures during 1995 for physical improvements at its ten facilities. The funds for these improvements should be available from operations. There are no known material trends, favorable or unfavorable, in the Registrant's capital resources, and there is no expected change in the mix of such resources. (3) RESULTS OF OPERATIONS. THREE MONTHS ENDED JUNE 30, 1995 COMPARED WITH THE THREE MONTHS ENDED JUNE 30, 1994. Revenue for the three months ended June 30, 1995, and the three months ended June 30, 1994 includes rental income and Assisted Living income from all ten properties, interest earned on cash balances and other revenue. Total revenues for the three months ended June 30, 1995 were $4,179,994, an increase of approximately 5% over revenues of $3,992,061 for the three months ended June 30, 1994. 9 PART I ITEM II (CONTINUED) AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The largest component of revenue, rent, increased by approximately 4% from the three months ended June 30, 1994 to the three months ended June 30, 1995. The increase in rent was due to an increase in occupancy of approximately 3% and an increase in rental rates of approximately 3%. Revenue from Assisted Living increased by approximately 14% from the three months ended June 30, 1994 to the three months ended June 30, 1995. The increase in Assisted Living was due to aggressive marketing of the Assisted Living services and the resulting increase in the number of residents using the program. Interest and other revenue decreased by over 36% from the three months ended June 30, 1994 to the three months ended June 30, 1995. Interest income results from interest earned on cash (continued) deposits. Other revenue generally includes processing fees and beauty shop revenue. Sources of revenue for the three months ended June 30, 1995 and June, 1994 are summarized as follows:
THREE MONTHS ENDED THREE MONTHS ENDED JUNE 30, 1995 JUNE 30, 1994 Rent $3,647,896 $3,500,018 Assisted Living 494,447 432,914 Interest 3,923 4,214 Other 33,728 54,914 ---------- ---------- $4,179,994 $3,992,061 ========== ==========
Total cost and expenses for the three months ended June 30, 1995 were $4,007,371, an increase of less than 1% over costs and expenses of $3,985,345 for the three months ended June 30, 1994. The largest component of expenses, rental property operations, consist primarily of property management costs, payroll related expenses, utilities, food expenses and maintenance and supplies. Rental property operations expenses increased approximately 3% for the three months ended June 30, 1994 to the three months ended June 30, 1995. Assisted Living expenses consist primarily of the related payroll expense. Assisted living expenses increased by over 13% from the three months ended June 30, 1994 to the three months ended June 30, 1995. Assisted Living expenses increased due to the increases in size of the related staff providing Assisted Living services. This increase corresponds to the increase in Assisted Living revenue. 10 PART I ITEM II (CONTINUED) AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General and administrative expenses are comprised of, but not limited to, costs for accounting, partnership administration, bad debt, data processing, investor relations, insurance, and professional services. General and administrative expenses decreased over 4% from the three months ended June 30, 1994 to the three months ended June 30, 1995. Depreciation and amortization expense decreased by over 23% from the three months ended June 30, 1994 to the three months ended June 30, 1995. This decrease is due to fixed assets becoming fully depreciated. Interest expense decreased over 2% for the three months ended June 30, 1994 compared to the three months ended June 30, 1995, as a result of less outstanding principal on loans. Selected costs and expenses for the three months ended June 30, 1995 and June 30, 1994 are summarized as follows:
THREE MONTHS ENDED THREE MONTHS ENDED JUNE 30, 1995 JUNE 30, 1994 Rental Property Operations $2,222,092 $2,152,468 Assisted Living 215,636 190,553 General and Administrative 435,070 454,062 Depreciation and Amortization 534,809 695,667 Property Taxes 129,413 4,585 Interest 147,682 150,837
SIX MONTHS ENDED JUNE 30, 1995 COMPARED WITH THE SIX MONTHS ENDED JUNE 30, 1994. Revenue for the six months ended June 30, 1995, and the six months ended June 30,1994 includes rental income and Assisted Living revenue from all ten facilities, interest earned on cash balances and other revenue. Total revenues for the six months ended June 30, 1995 were $8,435,212 an increase of approximately 8% over revenues of $7,815,406 for the six months ended June 30, 1994. The largest component of revenue, rent, increased by over 6% from the six months ended June 30, 1994 to the nine months ended September 30, 1995. This increase in rent was due to an increase in occupancy of approximately 3% and an increase in rental rates of over 3%. Revenue from Assisted Living increased by over 14% from the six months ended June 30, 1994 to the six months ended June 30, 1995. The increase in Assisted Living was due to aggressive marketing of the Assisted Living services and the resulting increase in the number of residents using the program. 11 PART I ITEM II (Continued) AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Interest and other revenue decreased by approximately 7% from the six months ended June 30, 1994 to the six months ended June 30, 1995. Interest income results from interest earned on cash deposits. Other revenue generally includes processing fees and beauty shop revenue. Sources of revenue for the six months ended June 30, 1995 and June 30, 1994 are summarized as follows:
SIX MONTHS ENDED SIX MONTHS ENDED JUNE 30, 1995 JUNE 30, 1994 Rent $7,344,722 $6,906,186 Assisted Living 990,126 802,918 Interest and Other 100,363 106,301 ---------- ---------- Total Revenue $8,435,212 $7,815,406 ---------- ----------
Total costs and expenses for the six months ended June 30, 1995 were $8,043,502, an increase of less than 1% over costs and expenses of $8,001,430 for the six months ended June 30, 1994. The largest component of expenses, rental property operations, consist primarily of the property management costs, payroll related expenses, utilities, food expenses and maintenance and supplies. Rental property operations expense increased by over 5% from the six months ended June 30, 1994 to the six months ended June 30, 1995. The increase in rental property operating expenses is primarily due to increased in payroll expenses and increases in occupancy which generate increases in expenses. Assisted Living expenses consist primarily of the related payroll expense. Assisted Living expenses increased by over 14% from the six months ended June 30, 1994 to the six months ended June 30, 1995. Assisted Living expenses increased due to the increases in size of the related staff providing Assisted Living services. This increase corresponds to the increase in Assisted Living revenue. General and administrative expenses are comprised of, but not limited to, costs for accounting, partnership administration, bad debt, data processing, investor relations, insurance, and professional services. General and administrative expenses decreased about 3% from the six months ended June 30, 1994 to the six months ended June 30, 1995. Depreciation and amortization expense decreased by more than 23% from the six months ended June 30, 1994 to the six months ended June 30, 1995. Depreciation and amortization decreased due to a portion of fixed assets becoming fully depreciated. Interest expense decreased almost 1% for the six months ended June 30, 1994 compared to the six months ended June 30, 1995, as a result of reduced outstanding principal on loans. 12 PART I ITEM II (CONTINUED) AMERICAN RETIREMENT VILLAS PROPERTIES II (A CALIFORNIA LIMITED PARTNERSHIP) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Selected costs and expenses for the six months ended June 30, 1995 and June 30, 1994 are as follows:
SIX MONTHS ENDED SIX MONTHS ENDED JUNE 30, 1995 JUNE 30, 1994 Rental Property Operations $4,463,375 $4,239,809 Assisted Living 419,845 368,967 General and Administrative 904,785 931,241 Depreciation and Amortization 1,061,711 1,387,599 Property Taxes 257,755 137,465 Interest 295,232 299,049
13 PART II AMERICAN RETIREMENT VILLAS PROPERTIES II (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 A. On May 25, 1995 the Managing General Partner had a name change from ARV Housing Group, Inc. to ARV Assisted Living, Inc.. B. Form 8-A General Form For Registration of Securities - Filed July 19, 1995. ITEM 6 EXHIBITS AND REPORTS ON FORM 8K A. Exhibit 27 - Financial Data Schedule B. None 14 PART II (Continued) AMERICAN RETIREMENT VILLAS PROPERTIES II (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 II, A CALIFORNIA LIMITED PARTNERSHIP By ARV Assisted Living, Inc. ---------------------------- Managing General Partner Date: January 29, 1996 By /s/ Gary L. Davidson ----------------------------- Gary L. Davidson Chairman of the Board Date: January 29, 1996 By /s/ Graham Espley-Jones ----------------------------- Graham Espley-Jones Chief Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1995 APR-1-1995 JUN-30-1995 931,687 0 0 0 0 512,403 20,402,123 11,329,636 21,846,213 7,969,262 0 0 0 0 13,876,951 21,846,213 0 4,179,994 0 3,859,689 0 0 147,682 0 0 0 0 0 0 172,623 0 0
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