MULTIVEST REAL ESTATE FUND LTD SERIES IV
10-Q, 1996-05-14
REAL ESTATE INVESTMENT TRUSTS
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                     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 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    0-6701 



                 MULTIVEST REAL ESTATE FUND, LTD., SERIES IV
           (Exact name of registrant as specified in its charter)



            Michigan                               38-6239993     
(State or other jurisdiction of                  (IRS Employer
incorporation or organization)                Identification No.)



6100 Glades Road, Suite 205
Boca Raton, Florida                              33434         
(Address of principal executive offices)      (Zip Code)


                                                                                
   
                                  (407) 487-6700                   
            (Registrant's telephone number, including area code)


                                                                                
(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 report), and (2) has been subject to such filing
requirements for the past 90 days.


                                          Yes   x    No      






<PAGE>
                   MULTIVEST REAL ESTATE FUND, LTD., SERIES IV
                          COMMISSION FILE NUMBER 0-6701
                                    FORM 10-Q
                                  March 31, 1996              

                                                                     

  
PART I.  FINANCIAL INFORMATION:


  Item 1.    Financial Statements

         Statements of Financial Condition, as of March 31, 1996     
             (Unaudited) and December 31, 1995.................................3

         Statements of Operations, for the three months 
             ended March 31, 1996 and 1995 (Unaudited).........................4

         Statements of Cash Flows, for the three months ended 
               March 31, 1996 and 1995 (Unaudited).............................5
  
         Notes to Financial Statements (Unaudited).............................6


  Item 2.    Management's Discussion and Analysis of Financial
             Condition and Results of Operations...............................7


PART II. OTHER INFORMATION:

  Item 6.    Exhibits and Reports on Form 8-K..................................8









<PAGE>
ITEM 1.  FINANCIAL STATEMENTS

                  MULTIVEST REAL ESTATE FUND, LTD., SERIES IV
                        (a Michigan limited partnership)
                       STATEMENTS OF FINANCIAL CONDITION
                                   (Unaudited)    
                                               March 31,       December 31, 
                                                 1996             1995    
                                              (Unaudited)
       ASSETS  
Investment in real estate
  Land                                       $   144,581    $   144,581 
  Land improvements                               51,425         51,425 
  Buildings and improvements                   3,607,358      3,469,704 
                          
                                               3,803,364      3,665,710 
          Less accumulated depreciation        2,339,899      2,264,798 

            Net investment in real estate      1,463,465      1,400,912 

Purchase money mortgage note receivable        1,450,000      1,450,000 
Allowance for loss on note receivable           (525,000)      (525,000)
Deferred gain on sales of real estate           (518,800)      (518,800)

                                                 406,200        406,200 
 Other assets
  Cash                                             4,660         24,175 
  Investments, at cost which
    approximates market                        3,253,250      4,359,300 
  Accounts receivable                             15,977         16,369 
  Deferred interest receivable                   174,488        174,488 
  Prepaid insurance                               16,776         26,720 
  Replacement reserve                             74,204        112,450 
  Escrow deposits and other assets               149,933        107,140 
  Deferred charges net of accumulated
       amortization of $24,966 and $21,970,              
       respectively                              282,027        285,023 

         Total other assets                    3,971,315      5,105,665 

                Total assets                 $ 5,840,980    $ 6,912,777 

          LIABILITIES AND PARTNERS' CAPITAL

Mortgage notes payable                       $ 1,469,912    $ 1,472,561 
Accounts payable                                  30,013         10,510 
Accrued liabilities to affiliates                 16,869         16,691 
Unfunded distributions payable                   480,158          -     
Accrued liabilities                              171,737        158,276 
Tenants' security deposits and other
  liabilities                                     32,025         31,776 
             Total liabilities                 2,200,714      1,689,814 

Partners' capital                                                       
  Limited Partners, 40,004 units               3,624,871      5,207,568 
  General Partner,      34 units                  15,395         15,395 

             Total Partner's capital           3,640,266      5,222,963 

              Total liabilities and          $ 5,840,980    $ 6,912,777 
                   Partners' capital                     
<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES IV
                        (a Michigan limited partnership)
                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
                                               



                                                   Three Months Ended        
                                                        March 31,            

                                                  1996           1995    

Revenues
  Rents and other tenant charges             $   219,568      $ 205,707 
  Interest on mortgage notes receivable            -             38,001 
  Other interest                                  48,622         46,898 

                                                 268,190        290,606 

Expenses
  Maintenance, custodial salaries
     and related expenses                         21,224         19,116 
  Real estate management fees                     12,510         11,959 
  Mortgage servicing fees                            900          2,253 
  Property taxes                                  19,230         17,256 
  Depreciation and amortization                   78,096         77,449 
  Insurance                                        7,875          9,096 
  Utilities                                       32,913         33,648 
  Repairs and maintenance                         29,214         36,820 
  Legal and accounting                             5,489         54,566 
  Interest                                        34,861         32,173 
  Administrative and other                        28,417         29,711 

                                                 270,729        324,047 

  Loss from existing assets                       (2,539)       (33,441)
  Income from sold property                        -             38,554 

     Net income (loss)                       $    (2,539)     $   5,113 

Allocated to
  Limited partners, 40,004 units                  (2,539)         5,113 
  General partners,     34 units                   -               -    

                                             $    (2,539)     $   5,113 

Net income (loss) per partnership unit
  based on 40,004 Limited Partnership 
     units outstanding                       $      (.06)     $     .13 
                                        



<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES IV
                        (a Michigan limited partnership)
                            STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                                

                                                  Three Months Ended     
                                                       March 31,             

                                                    1996         1995      
     
Operating Activities

  Net income (loss)                          $    (2,539)   $     5,113 
  Adjustments to reconcile net income to
  net cash provided by operating activities:
     Amortization of discount on mortgage notes
       receivable                                  -            (22,761)
     Depreciation                                 75,101         74,453 

  Decrease (increase) in accounts receivable         392         (1,568)
  Decrease in prepaid expenses                     9,944         10,943 

  Decrease in replacement reserve                 38,246          6,827 
  (Increase) decrease in escrow deposits         (42,793)        48,725 
  Increase in accounts payable                    19,503         33,789 
  (Increase) decrease in accrued liabilities
      to affiliates                                  178            502 
  Decrease in accrued liabilities                 13,461        (69,542)
  Increase in security deposits                      249          2,725 
  Decrease in deferred charges                     2,996          5,544 
  (Increase) decrease in unfunded 
     distributions payable                       480,158       (540,304)

       Net cash provided by (used in) 
         operating activities                    594,896       (445,554)


Investing Activities

  Capital improvements to real estate           (137,654)       (36,441)

     Net cash used in investing activities      (137,654)       (36,441)


Financing Activities

  Distributions to Partners                   (1,580,158)         -     
  Principal payments on mortgage notes                   
     payable                                      (2,649)       (13,756)

     Net cash used in financing activities    (1,582,807)       (13,756)

  Decrease in cash and cash equivalents       (1,125,565)      (495,751)
  Cash and cash equivalents - January 1        4,383,475      3,646,756 

  Cash and cash equivalents - March 31       $ 3,257,910    $ 3,151,005 




<PAGE>
                     MULTIVEST REAL ESTATE FUND, LTD., SERIES IV

                     (a Michigan limited partnership)
                       NOTES TO FINANCIAL STATEMENTS
                                (Unaudited)




The financial statements reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results of the interim periods
presented.  It is suggested that these financial statements be read in
conjunction with the financial statements and the notes included in the
Partnership's latest annual report on Form 10-K.  The results of operations for
interim periods should not be considered as indicative of the results to be
expected for a full year.

Reclassifications
Certain reclassifications have been made in the 1995 financial statements to
conform to the presentation of 1996 results of operations.

Subsequent event

Following dismissal of the bankruptcy case regarding Eastern Gateway Shopping
Center, the Partnership re-opened its case in the Wayne County Superior Court in
Richmond, Indiana to foreclose on the property and a receiver was appointed to
operate the property. On May 8, 1996, the Partnership took possession of the 
property as a result of foreclosure proceedings. 






<PAGE>
                MULTIVEST REAL ESTATE FUND, LTD., SERIES IV
                     (a Michigan limited partnership)
                              March 31, 1996


ITEM 2.    MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS OF OPERATIONS

The current operations of the Partnership are centered on Hidden Village
Apartments, the one apartment complex owned by the Partnership, collections
on a mortgage note received upon sale of a Partnership property, and protection
of the Partnership's mortgage interest in such sold property.

On March  22, 1994 and again on April 6, 1994, the Partnership sent a default
notice to the owner of Eastern Gateway Shopping Center for, among other things,
failing to pay, when due, the real estate taxes on the property as required
under the mortgage documents.  When the owner failed to cure the defaults within
the time period required by the mortgage documents, the debt was automatically
accelerated without further notice.  The Partnership then exercised its remedies
under the mortgage documents by commencing foreclosure proceedings. In
connection with that process, the Partnership petitioned the Wayne County
Superior Court in Richmond, Indiana for a hearing to appoint a receiver for the
property.  The hearing was scheduled for August 3, 1994. On that date, shortly
before the hearing, the owner of the property filed a Voluntary Petition in
Bankruptcy in the United States Bankruptcy Court for the Southern District of
Indiana.  The Partnership's petition for an appointment of a receiver and the
related foreclosure proceedings were stayed by the bankruptcy filing.

Eastern Gateway Shopping Center remained under the jurisdiction of the
Bankruptcy Court until November 2, 1995, at which time the case was dismissed.
While in bankruptcy, the owner of the property tried unsuccessfully on more
than one occasion to sell the property.  In addition, the owner was unable to
present a Plan of Reorganization acceptable to the Court or the owner's
creditors.

Following dismissal of the bankruptcy case, the Partnership re-opened its case
in the Wayne County Superior Court in Richmond, Indiana to foreclose on the
property and a receiver was appointed to operate the property. On May 8, 1996,
the Partnership took possession of the property as a result of foreclosure
proceedings. 

The Partnership's total revenues decreased $22,416 or 8% for the three months
ending March 31, 1996 as compared with the same period of the prior year. 
Interest on mortgage notes receivable decreased $38,001 as a result of the
non-payment status of the Eastern Gateway Shopping Center note receivable.
There was a $13,861 or 7% increase in rents and other tenant charges due
primarily to increased occupancy at Hidden Village Apartments.

Total expenses of the Partnership decreased $53,318 or 16% for the period ended
March 31, 1996 as compared to the same period of the prior year.  Legal and
accounting costs decreased $49,077 or 90% due primarily to legal costs during
1995 associated with the Eastern Gateway Shopping Center bankruptcy.


The liquidity of the Partnership is dependent upon the timely receipt of cash.
The Partnership has no credit facilities currently in place.  Limited partners
have no obligation to provide additional funds in excess of their initial cash
contributions.  In order to protect the Partnership in the event of a reduction
in cash flow, management closely monitors the Partnership's cash position and,
when necessary, will reserve adequate funds to continue to operate the
Partnership.  Funds reserved are generally invested in short-term investments. 
The Partnership endeavors to maintain adequate liquidity on a short-term basis
as a result of its cash flow and reserve policies; however, there can be no
assurance of continued collections on the existing mortgage note or the
continued performance of the Partnership's rental property.  Unanticipated
collection problems on the existing note, or a decline in the performance of
the Partnership's rental property, could have a negative effect upon the
long-term liquidity of the Partnership.  Funds generated from operations and
the mortgage note receivable on the sold property have primarily been utilized
to meet debt service obligations and, when possible, distribute funds to the
partners.  Funds in excess of Partnership reserves resulted in distributions
totaling $1,580,158 or $39.50 per partnership unit being paid during the
quarter ended March 31, 1996.






<PAGE>
                  MULTIVEST REAL ESTATE FUND, LTD., SERIES IV
                        (a Michigan limited partnership)
                                 March 31, 1996




PART II - OTHER INFORMATION


Item 6.   Exhibits and Report on Form 8-K

          (b) No report on Form 8-K has been filed during the quarter ended
              March 31, 1996.




                                              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.


                                     MULTIVEST REAL ESTATE FUND, LTD.,
                                     Series IV, a Michigan Limited
                                     Partnership,                    
                                          (Registrant)

                             By:     MULTIVEST REAL ESTATE, INC.
                                     a Delaware corporation
             
                             Its:    Corporate General Partner



Date: May 14, 1996                    RICHARD L. DAVIS       

                                      Richard L. Davis
                                      President -
                                      Chief Executive Officer



Date: May 14, 1996                    JOHN J. KAMMERER                         

                                      John J. Kammerer
                                      Principal Accounting Officer


<PAGE>

<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                            4660
<SECURITIES>                                   3253250
<RECEIVABLES>                                  1640465
<ALLOWANCES>                                    525000
<INVENTORY>                                          0
<CURRENT-ASSETS>                                522940
<PP&E>                                         3803364
<DEPRECIATION>                                 2339899
<TOTAL-ASSETS>                                 5840981
<CURRENT-LIABILITIES>                           730802
<BONDS>                                        1469912
<COMMON>                                             0
                                0
                                          0
<OTHER-SE>                                     3640267
<TOTAL-LIABILITY-AND-EQUITY>                   5840981
<SALES>                                              0
<TOTAL-REVENUES>                                268190
<CGS>                                                0
<TOTAL-COSTS>                                   201962
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               34861
<INCOME-PRETAX>                                 (2539)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             (2539)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    (2539)
<EPS-PRIMARY>                                    (.06)
<EPS-DILUTED>                                        0
        

</TABLE>


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