-----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, G0ckHv6W7bdjmCyJiggukq0zW1DOmF+q6/cATY6UoXWzRJ4Lgi2FA9xe55HRsYsi eVwtK5hgzlMDpfCpEVOOgQ== 0000950134-97-005945.txt : 19970813 0000950134-97-005945.hdr.sgml : 19970813 ACCESSION NUMBER: 0000950134-97-005945 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970812 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HALLWOOD REALTY PARTNERS L P CENTRAL INDEX KEY: 0000865439 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 752313955 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10643 FILM NUMBER: 97656395 BUSINESS ADDRESS: STREET 1: 3710 RAWLINS STE 1500 CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 2145285588 MAIL ADDRESS: STREET 2: 3710 RAWLINS SUITE 1500 CITY: DALLAS STATE: TX ZIP: 75219 10-Q 1 FORM 10-Q FOR QUARTER ENDED JUNE 30, 1997 1 =============================================================================== 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, 1997 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 1-10643 --------------------- HALLWOOD REALTY PARTNERS, L.P. (Exact name of registrant as specified in its charter) --------------------- DELAWARE 75-2313955 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 3710 RAWLINS SUITE 1500 DALLAS, TEXAS 75219-4298 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (214) 528-5588 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 [X] NO [ ] THE REGISTRANT IS A LIMITED PARTNERSHIP AND ISSUES UNITS REPRESENTING OWNERSHIP OF LIMITED PARTNER INTERESTS. NUMBER OF UNITS OUTSTANDING AT AUGUST 8, 1997: 1,672,556 UNITS. =============================================================================== PAGE 1 2 HALLWOOD REALTY PARTNERS, L.P. FORM 10-Q TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION PAGE ---- Item 1 Financial Statements: Consolidated Balance Sheets as of June 30, 1997 and December 31, 1996 3 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 1997 and 1996 4 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 1997 and 1996 5 Notes to Consolidated Financial Statements 6 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources 8 PART II - OTHER INFORMATION Items 1 to 6 Other Information 11 Signatures 12
PAGE 2 3 HALLWOOD REALTY PARTNERS, L.P. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS EXCEPT UNIT AMOUNTS)
JUNE 30, December 31, 1997 1996 ------------ ------------ (UNAUDITED) ASSETS Real estate: Land $ 56,546 $ 56,820 Buildings and improvements 258,297 257,913 Tenant improvements 18,225 18,578 ------------ ------------ 333,068 333,311 Accumulated depreciation (152,068) (150,434) ------------ ------------ Real estate, net 181,000 182,877 Cash and cash equivalents 4,413 3,556 Accounts receivable 1,345 1,606 Deferred lease commissions, net 7,126 6,959 Lease concessions 2,337 2,354 Loan reserves and escrows 7,600 7,739 Loan costs, net 3,439 3,691 Prepaid expenses and other assets, net 554 1,432 ------------ ------------ Total assets $ 207,814 $ 210,214 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgages payable $ 159,499 $ 160,732 Unamortized mortgage payable forgiveness 9,766 10,456 Accounts payable and accrued expenses 4,117 4,834 Prepaid rent and security deposits 2,628 2,600 Payable to affiliates 116 908 ------------ ------------ Total liabilities 176,126 179,530 ------------ ------------ Partners' capital: Limited partners - 1,672,556 units outstanding 31,371 30,377 General partner 317 307 ------------ ------------ Total partners' capital 31,688 30,684 ------------ ------------ Total liabilities and partners' capital $ 207,814 $ 210,214 ============ ============
See notes to consolidated financial statements. PAGE 3 4 HALLWOOD REALTY PARTNERS, L.P. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS EXCEPT PER UNIT AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 1997 1996 1997 1996 -------- -------- -------- -------- REVENUES: Property operations $ 13,312 $ 12,036 $ 26,085 $ 24,228 Interest 131 222 266 462 -------- -------- -------- -------- Total revenues 13,443 12,258 26,351 24,690 -------- -------- -------- -------- EXPENSES: Property operations 5,408 5,678 11,229 11,560 Interest 3,239 3,513 6,456 7,045 Depreciation and amortization 3,010 4,715 5,995 9,428 General and administrative 850 676 1,667 1,501 -------- -------- -------- -------- Total expenses 12,507 14,582 25,347 29,534 -------- -------- -------- -------- NET INCOME (LOSS) $ 936 $ (2,324) $ 1,004 $ (4,844) ======== ======== ======== ======== ALLOCATION OF NET INCOME (LOSS): Limited partners $ 927 $ (2,300) $ 994 $ (4,795) General partner 9 (24) 10 (49) -------- -------- -------- -------- Total $ 936 $ (2,324) $ 1,004 $ (4,844) ======== ======== ======== ======== NET INCOME (LOSS) PER UNIT AND EQUIVALENT UNIT: Primary $ .55 $ (1.35) $ .59 $ (2.78) ======== ======== ======== ======== Assuming full dilution $ .54 $ (1.35) $ .58 $ (2.78) ======== ======== ======== ======== WEIGHTED AVERAGE UNITS USED IN COMPUTING NET INCOME (LOSS) PER UNIT AND EQUIVALENT UNIT: Primary 1,673 1,699 1,673 1,724 ======== ======== ======== ======== Assuming full dilution 1,720 1,699 1,715 1,724 ======== ======== ======== ========
See notes to consolidated financial statements. PAGE 4 5 HALLWOOD REALTY PARTNERS, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
SIX MONTHS ENDED JUNE 30, ------------------------ 1997 1996 ---------- ---------- OPERATING ACTIVITIES: Net income (loss) $ 1,004 $ (4,844) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 5,995 9,428 Amortization of mortgage principal forgiveness (834) (670) Lease concessions 17 333 Changes in assets and liabilities: Receivables 261 494 Deferred lease commissions (1,193) (1,435) Prepaid expenses and other assets, net 617 374 Accounts payable and other liabilities (1,481) (842) ---------- ---------- Net cash provided by operating activities 4,386 2,838 ---------- ---------- INVESTING ACTIVITIES: Property and tenant improvements (2,431) (2,890) Tenant improvement escrow 566 -- Property acquisition (646) (1,699) Mortgage receivable principal payments 46 42 ---------- ---------- Net cash used for investing activities (2,465) (4,547) ---------- ---------- FINANCING ACTIVITIES: Mortgage principal payments (1,638) (1,549) Mortgage principal proceeds 549 -- Purchase of Units -- (1,793) Loan fees 25 (54) ---------- ---------- Net cash used for financing activities (1,064) (3,396) ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 857 (5,105) BEGINNING CASH AND CASH EQUIVALENTS 3,556 14,302 ---------- ---------- ENDING CASH AND CASH EQUIVALENTS $ 4,413 $ 9,197 ========== ========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid in cash during the period $ 7,068 $ 7,763 ========== ==========
See notes to consolidated financial statements. PAGE 5 6 HALLWOOD REALTY PARTNERS, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1997 (UNAUDITED) 1 ORGANIZATION AND ACCOUNTING POLICIES Hallwood Realty Partners, L.P. ("HRP"), a publicly traded Delaware limited partnership, is engaged in diversified real estate activities, including the acquisition, ownership and operation of commercial office and industrial real estate and other real estate related assets. The limited partners' interests are traded on the American Stock Exchange under the symbol "HRY". As of June 30, 1997, there were 1,672,556 units outstanding. Hallwood Realty Corporation ("HRC or General Partner"), a Delaware corporation and wholly-owned subsidiary of The Hallwood Group Incorporated ("Hallwood"), is HRP's general partner and is responsible for asset management of the partnership and its real estate properties. Hallwood Commercial Real Estate, Inc. ("HCRE"), another wholly-owned subsidiary of Hallwood, provides property management services for HRP's real estate properties. The consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles, although, in the opinion of management, all adjustments considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures thereto included in Form 10-K for the year ended December 31, 1996. Certain reclassifications have been made to prior period amounts to conform to the classifications used in the current period. The reclassifications had no effect on the previously reported net loss. Statement of Financial Accounting Standards No. 128, "Earnings Per Share" specifies new computation, presentation and disclosure requirements. The statement will be effective for both interim and annual periods ending after December 31, 1997. Management believes that the adoption of this statement will not have any impact on the earnings per unit presented. 2 TRANSACTIONS WITH RELATED PARTIES HRC and HCRE are compensated for services provided to HRP and its real estate properties and are set forth in the following table for the periods presented (in thousands):
ENTITY THREE MONTHS SIX MONTHS PAID OR ENDED ENDED REIMBURSED JUNE 30, JUNE 30, ---------- --------------- --------------- 1997 1996 1997 1996 ------ ------ ------ ------ Asset management fee HRC $ 118 $ 114 $ 221 $ 225 Property management fee HCRE 404 370 748 723 Lease commissions HCRE 464 384 809 784 Construction fees HCRE 81 110 149 154 Acquisition fee HRC 7 -- 7 17 Reimbursements of costs (a) HRC 569 536 1,214 1,211
(a) These costs are mostly recorded as general and administrative expenses and represent reimbursement, at cost, for partnership level salaries, employee and director insurance, and certain overhead costs. HRP pays, on a monthly basis, the balance of its account with HRC. 3 DEPRECIATION OF REAL ESTATE ASSETS During 1997, HRP completed a review of its real estate asset lives. In light of recent improvements and actions taken to increase its preventative maintenance programs, the estimated economic lives for HRP's buildings were found to be generally longer than the useful lives being used for depreciation purposes. Accordingly, effective January 1, 1997, HRP extended the depreciable lives of certain building costs. The effect of this change in estimate reduced depreciation and amortization expense and improved the net results for the three and six months ended June 30, 1997 by approximately $1,800,000 ($1.07 per unit) and $3,600,000 ($2.14 per unit), respectively. PAGE 6 7 HALLWOOD REALTY PARTNERS, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1997 (UNAUDITED) 4 LITIGATION On February 27, 1997, a lawsuit was filed in the Chancery Court for New Castle County, Delaware, styled Gotham Partners, L.P. v. Hallwood Realty Partners, L.P. and Hallwood Realty Corporation (C.A. No. 105578). The complaint sought access to certain books and records of HRP, a list of the limited partners and reimbursement of the plaintiff's expenses. On June 25, 1997, plaintiff filed a motion to amend its complaint to add as additional defendants Hallwood and the directors of the General Partner and to include claims that the General Partner had breached its fiduciary duties by not providing access to the books and records as requested, that the General Partner, its directors and Hallwood had breached the partnership agreement and their fiduciary duties by causing HRP to engage in certain transactions, including a reverse unit split, an odd-lot tender offer, grants of unit options and sales of units to Hallwood on terms that plaintiff alleged were not fair to HRP, and that the defendants did not disclose to HRP and its partners the value of HRP's assets and the reasons for the various transactions complained of. The complaint as requested to be amended seeks production of the requested documents, rescission of sales of units to Hallwood, removal of the General Partner, unspecified damages and reimbursement to HRP of its expenses in connection with the transactions and payment of plaintiff's fees and expenses. At the same time as the filing of the motion to amend the first complaint, plaintiff filed a separate motion in the same court, styled Gotham Partners, L.P. v. Hallwood Realty Partners, L.P., et al. (C.A. No. 15754), alleging the same facts and demanding the same relief as plaintiff sought to be included in the amended complaint in the first action. On June 27, 1997, the parties entered into a Stipulation and Order under which HRP provided to plaintiff copies of certain of the documents requested. The other claims in the two actions remain outstanding. Defendants believe that the claims are without merit and intend to defend the cases vigorously, but because of its early stages, cannot predict the outcome of the claims or any possible effect an adverse outcome might have. PAGE 7 8 HALLWOOD REALTY PARTNERS, L.P. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, LIQUIDITY AND CAPITAL RESOURCES RESULTS OF OPERATIONS SECOND QUARTER 1997 COMPARED TO SECOND QUARTER 1996 REVENUE FROM PROPERTY OPERATIONS increased $1,276,000, or 10.6%, for the second quarter of 1997, compared to the 1996 second quarter. The following table illustrates the components of the change, in thousands: Rental income, net $ 1,103 Expense recoveries (3) Other property income 176 -------- Net increase $ 1,276 ========
Rental income increased primarily as the result of a rise in average occupancy between the comparable periods from 87.3% to 93.6%. As of June 30, 1997, HRP had leases executed and in place for 94.7% of the portfolio's net rentable square feet. INTEREST INCOME fell $91,000 as a result of decreased earnings on overnight investments due to lower average cash balances available for investment between the periods. PROPERTY OPERATING EXPENSES decreased $270,000, or 4.8%, for the second quarter of 1997, compared to the same period in 1996. The following table illustrates the components of the change, in thousands: Administrative costs $ 47 Management fees 38 Utilities (165) Services, including janitorial (4) Repairs and maintenance (179) Real estate taxes 12 Insurance (19) ------- Net decrease $ (270) =======
Administrative costs grew due to increases in salary costs and certain professional fees. Higher management fees were the result of an increase in net rental income. Utilities decreased primarily due to implementation of an energy-savings program at the properties in Atlanta that resulted in lower billing rates by the local electric company. Repairs and maintenance declined primarily due to maintenance costs performed on heating and air duct systems in the 1996 period. INTEREST EXPENSE diminished $274,000, or 7.8%, principally due to loan modifications/renewals for First Maryland Building and Executive Park in 1996. First Maryland's costs dropped $146,000 and is comprised of a $63,000 reduction in cash interest paid to the lender and $83,000 increase in amortization of mortgage principal forgiveness. Executive Park's costs decreased $90,000 due to the reduction in its interest rate by more than 1%. All other interest costs fell $38,000 due to a reduction in debt levels between the periods. DEPRECIATION AND AMORTIZATION EXPENSE decreased $1,705,000 primarily due to an extension of depreciable lives of certain building costs effective January 1, 1997 (see Note 3 to the Consolidated Financial Statements). GENERAL AND ADMINISTRATIVE EXPENSES increased $174,000 due to increases in overhead, salary and legal costs. PAGE 8 9 HALLWOOD REALTY PARTNERS, L.P. RESULTS OF OPERATIONS - CONTINUED FIRST SIX MONTHS OF 1997 COMPARED TO FIRST SIX MONTHS OF 1996 REVENUE FROM PROPERTY OPERATIONS increased $1,857,000, or 7.7%, for the first six months of 1997, compared to the first six months of 1996. The following table illustrates the components of the change, in thousands: Rental income, net $ 1,631 Expense recoveries 72 Other property income 154 ---------- Net increase $ 1,857 ==========
Rental income increased primarily as the result of a rise in average occupancy between the comparable periods from 86.3% to 92.6%. As of June 30, 1997, HRP had leases executed and in place for 94.7% of the portfolio's net rentable square feet. INTEREST INCOME fell $196,000 as a result of decreased earnings on overnight investments due to lower average cash balances available for investment between the periods. PROPERTY OPERATING EXPENSES decreased $331,000, or 2.9%, for the first six months of 1997, compared to the same period in 1996. The following table illustrates the components of the change, in thousands: Administrative costs $ 106 Management fees 21 Marketing and leasing (22) Utilities (187) Services, including janitorial 117 Repairs and maintenance (287) Real estate taxes (16) Insurance (63) ---------- Net decrease $ (331) ==========
Administrative costs grew due to increases in salary costs and certain professional fees. Service costs expanded due to increases in security patrol, elevator servicing and cleaning costs. Utilities decreased primarily due to implementation of an energy-savings program at the properties in Atlanta that resulted in lower billing rates by the local electric company. Repairs and maintenance declined primarily due to maintenance costs performed on heating and air duct systems in the 1996 period. INTEREST EXPENSE diminished $589,000, or 8.4%, principally due to loan modifications/renewals for First Maryland Building and Executive Park in 1996. First Maryland's costs dropped $322,000 and is comprised of a $159,000 reduction in cash interest paid to the lender and $163,000 increase in amortization of mortgage principal forgiveness. Executive Park's costs decreased $176,000 due to the reduction in its interest rate by more than 1%. All other interest costs fell $91,000 due to a reduction in debt levels between the periods. DEPRECIATION AND AMORTIZATION EXPENSE decreased $3,433,000 primarily due to an extension of depreciable lives of certain building costs effective January 1, 1997 (see Note 3 to the Consolidated Financial Statements). GENERAL AND ADMINISTRATIVE EXPENSES increased $166,000 due to increases in overhead, salary and legal costs. PAGE 9 10 HALLWOOD REALTY PARTNERS, L.P. LIQUIDITY AND CAPITAL RESOURCES HRP is engaged in diversified real estate activities, including the acquisition, ownership and operation of commercial office and industrial real estate and other real estate related assets. While it is HRC's primary intention to operate HRP's existing real estate investments and to acquire and operate additional real estate investments, HRC also continually evaluates each of HRP's real estate investments in light of current economic trends and operations to determine if any should be considered for disposal. As of June 30, 1997, HRP owned twelve real estate properties located in six states. Seven are commercial office building properties and five are industrial park properties containing approximately 2,609,000 and 2,557,000 net rentable square feet, respectively. HRP seeks to maximize the value of its real estate by making capital and tenant improvements, by executing marketing programs to attract and retain tenants and by controlling or reducing, where possible, operating expenses. HRP's cash position increased $857,000 during the first six months of 1997 from $3,556,000 as of December 31, 1996 to $4,413,000 as of June 30, 1997. The sources of cash during the period were $4,386,000 of cash provided by operating activities, $549,000 of mortgage principal proceeds and $71,000 of miscellaneous investing and financing receipts. Uses of cash during the period were $1,865,000 of net property and tenant improvements, $646,000 of property acquisition cost and $1,638,000 of mortgage principal payments. In May 1997, HRP acquired approximately 6.2 acres of land at the Corporate Square office complex of which about half is a parking lot and the other half is wooded land for a purchase price of $725,000, plus about $22,000 of miscellaneous costs. The purchase price consists of a $75,000 cash down payment and a $650,000 seven year, fully-amortizing non-recourse mortgage note with 0% interest in the first year; 4% interest in years two and three; 6% interest in years four and five; and 8% interest in years six and seven. The monthly principal payments are $6,250 in the first two years and $8,333 thereafter. For financial reporting purposes, the carrying values of the mortgage note and land were reduced by $101,000 in order to reflect an imputed market interest rate of 8% for the mortgage note. HCRE has erected a "build to suit" sign in order to further explore HRP's possibilities for the land's usage. Substantially all of the buildings in eleven of HRP's properties were encumbered by and pledged as collateral under non-recourse mortgages as of June 30, 1997. Based upon loan maturities currently in effect, in the aggregate, HRP is required to pay about $1,460,000 of principal payments for the remainder of 1997. HRP doesn't have any mortgage loans maturing or requiring balloon principal payments until the year 2000. HRC anticipates tenant improvements and lease commissions for 1997 to decrease as compared to the higher than usual level incurred during the year 1996. Based on current estimates and budgets as of June 30, 1997, HRP anticipates construction spending for tenant and capital improvements of about $1,200,000 and lease commission payments of about $600,000 for the remainder of 1997. For the foreseeable future, management anticipates that mortgage principal payments, tenant improvements and capital expenditures, and lease commissions will be funded by the cash flow provided by operations. The primary source of capital to fund acquisitions will be proceeds from the sale or financing of one or more of its properties. This Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1924, which are intended to be covered by the safe harbors created thereby. These statements include the plans and objectives of management for future operations. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of HRP. Although HRP believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Form 10-Q will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by HRP or any other person that the objectives and plans of HRP will be achieved. PAGE 10 11 HALLWOOD REALTY PARTNERS, L.P. PART II - OTHER INFORMATION Item 1 Legal Proceedings None. 2 Changes in Securities None. 3 Defaults upon Senior Securities None. 4 Submission of Matters to a Vote of Security Holders None. 5 Other Information None. 6 Exhibits and Reports on Form 8-K (a) Exhibits 27 - Financial Data Schedule Page 13 (b) Reports on Form 8-K None. PAGE 11 12 HALLWOOD REALTY PARTNERS, L.P. 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. HALLWOOD REALTY PARTNERS, L.P. (Registrant) By: HALLWOOD REALTY CORPORATION General Partner Date: August 11, 1997 By: /s/ WILLIAM L. GUZZETTI --------------- ----------------------------------- William L. Guzzetti President (Chief Operating Officer) Date: August 11, 1997 By: /s/ JEFFREY D. GENT --------------- ----------------------------------- Jeffrey D. Gent Vice President - Finance (Principal Financial and Accounting Officer) PAGE 12 13 INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION - ------- ----------- 27 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 FINANCIAL DATA SCHEDULE FOR QUARTERLY REPORT ON FORM 10-Q THREE MONTHS ENDED JUNE 30, 1997 3-MOS DEC-31-1997 JUN-30-1997 4,413 0 1,345 0 0 0 333,068 152,068 207,814 0 0 0 0 31,371 317 31,688 0 13,443 0 9,268 0 0 3,239 936 0 936 0 0 0 936 0.55 0.54
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