-----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, IgZChwaWQrCCsSWHPF4TQsDdelXPg7MximaPX/6ObPRHHAKslOXrFRbV9tSproEQ +dzbMxSS5/N5VsQ2idEiTg== 0000892569-96-001628.txt : 19960816 0000892569-96-001628.hdr.sgml : 19960816 ACCESSION NUMBER: 0000892569-96-001628 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN RETIREMENT VILLAS PROPERTIES III LTD PARTNERSHIP CENTRAL INDEX KEY: 0000853274 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330365417 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-30084 FILM NUMBER: 96615303 BUSINESS ADDRESS: STREET 1: 245 FISCHER AVE STE D 1 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 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN RETIREMENT VILLAS PROPERTIES III L P DATE OF NAME CHANGE: 19920703 10-Q 1 FORM 10-Q FOR PERIOD ENDED 6-30-96 1 =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, 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 JUNE 30, 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: 33-30084 AMERICAN RETIREMENT VILLAS PROPERTIES III, L.P. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) --------------- CALIFORNIA 33-365417 (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 245 FISCHER AVENUE, D-1 92626 COSTA MESA, CA (ZIP CODE) (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (714) 751-7400 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 requirements for the past 90 days. Yes No X --- --- =============================================================================== 2 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS American Retirement Villas Properties III (a California limited partnership) Balance Sheets (Unaudited)
June 30, 1996 December 31, 1995 ASSETS (unaudited) (Audited) ------------- ----------------- Properties, at cost (notes 4, 5 and 6) Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,667,143 $ 4,667,143 Buildings and improvements, less accumulated depreciation of $3,015,281 in 1996 and $2,657,624 in 1995 . . . . . . . . . . . 18,458,990 18,237,426 Furniture, fixtures and equipment, less accumulated depreciation of $1,030,547 in 1996 and $762,014 in 1995 . . . . 378,948 393,988 ----------- ----------- Net Properties . . . . . . . . . . . . . . . . . . . 23,505,081 23,298,557 Property under contract for sale (notes 4 and 5) . . . . . . . 8,356,755 8,500,359 Cash and cash equivalents . . . . . . . . . . . . . . . . . . . 857,569 477,705 Restricted cash (note 5) . . . . . . . . . . . . . . . . . . . 194,076 130,178 Amounts receivable from affiliate (note 3) . . . . . . . . . . 0 0 Pre-opening costs, less accumulated amortization of $477,506 in 1996 and $286,934 in 1995 (note 3) . . . . . . . . . . . . . 154,814 154,814 Loan fees, less accumulated amortization of $122,217 in 1996 and $105,172 in 1995 . . . . . . . . . . . . . . . . . . . . . 122,958 140,665 Other assets (note 3) . . . . . . . . . . . . . . . . . . . . . 200,062 92,092 ----------- ----------- Total Assets . . . . . . . . . . . . . . . . . . . . $33,391,315 $32,794,370 =========== =========== LIABILITIES AND PARTNERS' CAPITAL Notes Payable (notes 4 and 5) . . . . . . . . . . . . . . . . . $16,159,741 $16,272,463 Loan secured by property under contract for sale (notes 4 and 5) . . . . . . . . . . . . . . . . . . . . . . . . 4,461,814 4,473,704 Deposit under contract for sale (note 4) . . . . . . . . . . . 4,544,613 2,968,562 Accounts payable and accrued expenses . . . . . . . . . . . . . 529,178 472,473 Amounts payable to affiliates (note 3) . . . . . . . . . . . . 55,205 113,338 Distributions payable to Partners (note 2) . . . . . . . . . . 45,548 186,691 ----------- ----------- Total Liabilities . . . . . . . . . . . . . . . . . . 25,796,099 24,487,231 ----------- ----------- Partners' capital (deficit) (notes 2 and 3) General partners' capital . . . . . . . . . . . . . . . . . . (82,802) (75,682) Limited partners' capital, . . . . . . . . . . . . . . . . . 7,678,018 8,382,821 ----------- ----------- Total liabilities and partners' capital . . . . . . . $33,391,315 $32,794,370 =========== ===========
See accompanying notes to financial statements (unaudited). 1 3 American Retirement Villas Properties III (a California limited partnership) Statements of Operations (Unaudited)
FOR THE THREE MONTHS ENDED For the six months ended ---------------------------------- --------------------------------- JUNE 30, 1996 JUNE 30, 1995 June 30, 1996 June 30, 1995 ------------- ------------- ------------- ------------- REVENUES: Rent . . . . . . . . . . . . . . . . . $1,308,221 $1,247,491 $2,581,407 $2,505,188 Assisted living . . . . . . . . . . . . 99,669 87,286 189,894 179,878 Interest . . . . . . . . . . . . . . . 91,989 124,129 197,068 250,072 Other . . . . . . . . . . . . . . . . . 44,092 55,836 104,471 108,615 ---------- ---------- ---------- ---------- Total revenues 1,543,971 1,514,742 3,072,840 3,043,753 ---------- ---------- ---------- ---------- COSTS AND EXPENSES: Rental property operations (note 3) . . 630,261 609,823 1,271,125 1,221,087 Assisted living (Note 3). . . . . . . . 49,380 43,342 93,778 85,025 Depreciation and amortization . . . . . 298,771 327,860 597,407 649,997 Interest (note 5) . . . . . . . . . . . 476,090 464,966 953,265 922,426 General and administrative (note 3) . . 108,619 111,772 202,918 205,802 Property taxes . . . . . . . . . . . . 86,278 71,664 162,155 153,435 Advertising . . . . . . . . . . . . . . 5,621 12,737 15,401 24,736 Minority interest in operations (note 4) 19,627 5,130 17,341 14,837 ---------- ---------- ---------- ---------- Total costs and expenses . . 1,674,647 1,647,294 3,313,390 3,277,345 ---------- ---------- ---------- ---------- Net income (loss) . . . . . . . . . . . (130,676) (132,552) (240,550) (233,592) ========== ========== ========== ========== Net income (loss) to General Partner . (1,307) (1,326) (2,405) (2,336) ========== ========== ========== ========== Net income (loss) to Limited Partner . ($129,369) ($131,227) ($238,144) ($231,256) ========== ========== ========== ========== Net income (loss) per Limited Partner unit . . . . . . . . . . . . . . . . . ($6.94) ($7.04) ($12.77) ($12.40) ========== ========== ========== ==========
See accompanying notes to financial statements (unaudited). 2 4 American Retirement Villas Properties III (a California limited partnership) Statements of Cash Flow (Unaudited)
FOR THE SIX MONTHS ENDED -------------------------------------- JUNE 30, 1996 JUNE 30, 1995 ------------- ------------- Cash flows from operating activities: Net income (loss) . . . . . . . . . . . . . . . . . . . . ($240,550) ($233,592) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization . . . . . . . . . . . . 597,407 649,997 Change in assets and liabilities: Decrease (increase) in loan fees . . . . . . . . . 0 (81,950) Decrease in other assets . . . . . . . . . . . . . (107,971) (76,217) Increase in accounts payable and accrued expenses 56,705 207,903 Decrease (increase) in amounts receivable from affiliates . . . . . . . . . . . . . . . . . . . 0 (2,042) Increase (decrease) in amounts payable to affiliates . . . . . . . . . . . . . . . . . . . (58,133) (12,230) --------- ---------- Net cash provided by operating activities . . . . . . . . . . 247,458 451,869 --------- ---------- Cash flows used in investing activities: (Increase) decrease in restricted cash . . . . . . . . . . (63,898) 123,190 Capital expenditures . . . . . . . . . . . . . . . . . . . (63,397) (137,488) Construction on land/building. . . . . . . . . . . . . . . (579,220) 0 Increase in deposit on property under contract for sale . 1,576,051 1,301,201 --------- ---------- Net cash used in investing activities . . . . . . . . . . . . 869,536 1,286,903 --------- ---------- Cash flows from financing activities Decrease (increase) in loan fees . . . . . . . . . . . . . 0 0 Principal payments of long term debt . . . . . . . . . . . (124,612) 4,385,504 Proceeds from construction loan . . . . . . . . . . . . . 0 (4,500,000) Borrowings from revolving credit line . . . . . . . . . . 0 0 Repayments of revolving credit line . . . . . . . . . . . 0 (350,000) Distributions paid . . . . . . . . . . . . . . . . . . . . (612,517) (2,428,334) --------- ---------- Net cash used by financing activities . . . . . . . . . . . . (737,129) (2,892,830) --------- ---------- Net increase (decrease) in cash and cash equivalents . . . . 379,864 (1,154,057) Cash & cash equivalents at beginning of period . . . . . . . 477,705 1,485,516 --------- ---------- Cash & cash equivalents at end of period . . . . . . . . . . $857,569 $331,459 ========= ==========
See accompanying notes to financial statements (unaudited). 3 5 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS (CONTINUED) American Retirement Villas Properties III (a California limited partnership) Notes to Financial Statements (Unaudited) (Continued) June 30, 1996 (1) SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10K is incorporated by this reference. BASIS OF ACCOUNTING Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K 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, 1995 Form 10-K is incorporated by this reference. ORGANIZATION COSTS Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K is incorporated by this reference. PRE-OPENING COSTS Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K is incorporated by this reference. LOAN FEES Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K is incorporated by this reference. RENTAL INCOME Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K is incorporated by this reference. 4 6 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS (CONTINUED) American Retirement Villas Properties III (a California limited partnership) Notes to Financial Statements (Unaudited) (Continued) June 30, 1996 INCOME TAXES Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K 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, 1995 Form 10-K 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, 1995 Form 10-K is incorporated by this reference. RECLASSIFICATIONS Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K 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, 1995 Form 10-K 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, 1995 Form 10-K is incorporated by this reference, except for the following additional comments. For the three months ended June 30, 1996, property management fees and partnership administration fees of $72,732 and $26,886, respectively, were paid or accrued to the Managing General Partner. (4) PROPERTIES Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K is incorporated by this reference. 5 7 PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS (CONTINUED) American Retirement Villas Properties III (a California limited partnership) Notes to Financial Statements (Unaudited) (Continued) June 30, 1996 (5) NOTES PAYABLE Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K is incorporated by this reference. (6) GRANT INCOME Pursuant to Regulation S-X Rule 10-1(5), the material stated in the December 31, 1995 Form 10-K is incorporated by this reference. 6 8 ITEM 2 - 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, 1996, cash provided by operating activities was $247,458 compared to cash provided by operating activities of $451,869 for the six months ended June 30, 1995. During the six months ended June 30, 1996, the Registrant used net cash in investing activities of $869,536 compared to net cash provided by investing activities of $1,286,903 for the six months ended June 30, 1995. The Registrant's investing activities consisted of capital improvements made on its five operating properties and construction on its property in development. During the six months ended June 30, 1996, the Registrant used net cash in financing activities of $737,129 compared to $2,892,830 for the six months ended June 30, 1995. The Registrant's financing activities consisted of principal reduction on notes payable 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 the 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 facilities by way of higher rental and assisted living rates. The Registrant has long term debt of $16,159,741 as of June 30, 1996, $4,864,291 is due January 1, 2007, $3,902,480 is due February 1, 2019, $7,318,066 is due November 1, 2017. The remaining balance of $74,903 are notes secured by equipment. (2) CAPITAL RESOURCES The Registrant contemplates spending approximately $200,000 for capital expenditures during 1996 for physical improvements at its five facilities and $1,000,000 for construction costs for its development project. The funds for these improvements should be available from operations and cash reserves. 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, 1996 COMPARED WITH THE THREE MONTHS ENDED JUNE 30, 1995. Revenue for the three month periods ended June 30, 1996 and the three months ended June 30, 1995 includes rental income, assisted living income from all five properties, interest earned on cash balances and other revenue. Total revenues for the three months ended June 30, 1996 were $1,543,971, compared to revenues of $1,514,742 for the three months ended June 30, 1995. The largest component of revenue, rent, increased by approximately 5% from the three months ended March 31, 1995 to the three months ended March 31, 1996. The increase in rent was due to an increase in rental rates of approximately 2%. 7 9 Revenue from assisted living increased approximately 14% from the three months ended June 30, 1995 to the three months ended June 30, 1996. The increase in assisted living revenue was due to the full implementation of an assisted living services program in the Partnership facilities. Interest and other revenue decreased approximately 24% from the three months ended June 30, 1995 to the three months ended June 30, 1996. Interest income results from interest earned on cash deposits. Other revenue generally includes processing fees and beauty shop revenue. Sources of revenue for the three months ended June 30, 1996 and June 30, 1995 are summarized as follows:
THREE MONTHS ENDED ------------------------------- JUNE 30, 1996 JUNE 30, 1995 ------------- ------------- Rent $1,308,221 $1,247,491 Assisted Living 99,669 87,286 Interest 91,989 124,129 Other 44,093 55,836 ---------- ---------- Total Revenue $1,543,971 $1,514,742 ========== ==========
Total costs and expenses for the three months ended June 30, 1996 were $1,674,647, an increase of 1.7% over costs and expenses of $1,647,294 for the three months ended June 30, 1995. The largest component of expenses, rental property operations, consists primarily of property managements costs, payroll related expenses, utilities, food expenses and maintenance and supplies. Rental property operations expenses for the three months ended June 30, 1996 increased approximately 3% over the comparable three months ended June 30, 1995. Assisted living expenses consist primarily of related payroll expense. Assisted living expenses increased by approximately 14% from the three months ended June 30, 1995 to the three months ended June 30, 1996. Assisted living expenses increased due to increased levels of staffing required to providing assisted living services commensurate with 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 2.8% from the three months ended June 30, 1995 to the three months ended June 30, 1996. The decrease is related to a reduction in legal expenses during the quarter ended June 30, 1996. Depreciation and amortization expense incurred during the three months ended June 30, 1996 decreased by $29,000 (approximately 9%) compared to the three months ended June 30, 1995. The decrease is due to a portion of fixed assets becoming fully depreciated. Interest expense increased approximately 2.4% to $476,000 for the three months ended June 30, 1996 from interest expense of $465,000 incurred during the three months ended June 30, 1995. 8 10 Selected costs and expenses for the three months ended June 30, 1996 and June 30, 1995 are summarized as follows:
THREE MONTHS ENDED ------------------------------- JUNE 30, 1996 JUNE 30, 1995 ------------- ------------- Rental Property Operations $630,261 $609,823 Assisted Living 49,380 43,342 General and Administrative 108,619 111,772 Depreciation and amortization 298,771 327,860 Property Taxes 86,278 71,664 Interest Expense 476,090 464,966
SIX MONTHS ENDED JUNE 30, 1996 COMPARED WITH THE SIX MONTHS ENDED JUNE 30, 1995. Revenue for the six months ended June 30, 1996 and 1995 includes rental income, assisted living revenue from all five facilities, interest income and other revenue. Total revenue for the six months ended June 30, 1996 was $3,072,8400 an increase of 1% over revenue of $3,043,753 for the six months ended June 30, 1995. The largest component of revenue, rent, increased by $20,000 to $630,000 during the six months ended June 30, 1996 reflecting a 3% increase over rental income of $610,000 earned during the six months ended June 30, 1995. During the six month period ended June 30, 1996, assisted living revenue increased 14% to $49,000 from assisted living revenues of $43,000 recorded during the six months ended June 30, 1995. The increase in assisted living revenue was due to the full implementation of a tiered assisted living services program in conjunction with an aggressive marketing campaign within the facilities. Interest income and other income for the six month period ended June 30, 1996 decreased 21% and 4%, respectively, when compared to the six month period ended June 30, 1995. The reduction of interest income reflects less interest earned on lower amounts of cash deposits maintained by the Partnership. Other revenue, which consists primarily of processing fees and beauty shop revenue, was modestly lower during the six month period ended June 30, 1995 in comparison to the six month period ended June 30, 1995. Sources of revenue for the six months ended June 30, 1996 and June 30, 1995 are summarized as follows:
SIX MONTHS ENDED SIX MONTHS ENDED JUNE 30, 1996 JUNE 30, 1995 ---------------- ---------------- Rent $2,581,407 $2,505,188 Assisted Living 189,894 179,878 Interest 197,068 250,072 Other Income 104,471 108,614 ---------- ---------- TOTAL REVENUE $3,072,840 $3,043,753 ========== ==========
Total costs and expenses for the six months ended June 30, 1996 were $3,313,390, an increase of 1.1% over costs and expenses of $3,277,345 for the six months ended June 30, 1995. The largest component of expenses, rental property operations, consists primarily of property management costs, payroll related expenses, utilities, food expenses and maintenance and supplies. Rental property operations expense increase by 4% to $1.3 million for the six months ended June 30, 1996 over the comparable six month period ended June 30, 1995. The increase in rental property operating expenses is primarily due to an increase in both payroll-related and maintenance and supplies expenses. Assisted living expenses consist mainly of the related payroll expense. Assisted living expenses incurred for the six 9 11 months ended June 30, 1996 increased to $94,000, an increase of 10%, from $85,000 for the six months ended June 30, 1995 to The increase corresponds directly to the increase in assisted living services revenue in the current year and the staffing required to provide these services. 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 approximately 1.4% from the six months ended June 30, 1995 to the six months ended June 30, 1996. Depreciation and amortization expense decreased $53,000 to $597,000 for the six months ended June 30, 1996 from $650,000 for the six months ended June 30, 1995. Depreciation and amortization expense decreased due to the full depreciation of certain fixed assets. Interest expense increased by 3% for the six months ended June 30, 1996 compared to the six months ended June 30, 1995. Selected costs and expenses for the six months ended June 30, 1996 and June 30, 1995 are as follows:
Six Months Ended SIX MONTHS ENDED June 30, 1996 JUNE 30, 1995 ---------------- ---------------- Rental Property Operations $1,271,125 $1,221,087 Assisted Living 93,778 85,025 General & Administrative 202,918 205,802 Depreciation & Amortization 597,407 649,997 Property Taxes 162,155 153,435 Interest Expense 953,265 922,426
10 12 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGE IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K A. Exhibit 27 - Financial Data Schedule B. None 11 13 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 III A CALIFORNIA LIMITED PARTNERSHIP By: ARV Assisted Living, Inc. (Managing General Partner) By: /s/ Gary L. Davidson ------------------------------ Gary L. Davidson Chairman of the Board Date: August 14, 1996 By: /s/ Graham P. Espley-Jones ------------------------------ Graham P. Espley-Jones Chief Financial Officer Date: August 14, 1996 12 EX-27 2 FINANCIAL DATA SCHEDULE
5 1 U.S. DOLLARS 3-MOS DEC-31-1995 APR-01-1996 JUN-30-1996 1 857,569 0 0 0 0 0 23,505,081 (4,045,828) 33,391,315 0 20,621,555 0 0 0 7,595,216 33,391,315 0 1,543,971 0 1,198,557 0 0 476,090 (130,676) 0 (130,676) 0 0 0 (130,676) (6.94) (6.94)
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