FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File Number
March 31, 1997 2-65391
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
(Exact Name of Registrant as specified in its Charter)
Delaware 16-1173249
- -------------------- ---------------------------------
(State of Formation) (IRS Employer Identification No.)
2350 North Forest Road
Suite 12-A
Getzville, New York 14068
(Address of Principal Executive Office)
Registrant's Telephone Number: (716) 636-0280
Indicate by a 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
---- ----
Indicate by a check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in part III of this Form 10-Q or any
amendment to this Form 10-Q. (X)
As of March 31, 1997, the issuer had 3,100 units of limited partnership interest
outstanding.
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
-----------------------------------------------
INDEX
-----
PAGE NO.
--------
PART I: FINANCIAL INFORMATION
- ------- ---------------------
Balance Sheets -
March 31, 1997 and December 31, 1996 3
Statements of Operations -
Three Months Ended March 31, 1997 and 1996 4
Statements of Cash Flows -
Three Months Ended March 31, 1997 and 1996 5
Statements of Partners' (Deficit) -
Three Months Ended March 31, 1997 and 1996 6
Notes to Financial Statements 7 - 13
PART II: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
----------------------------------
OPERATIONS 14 - 15
----------
-2-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
BALANCE SHEETS
March 31, 1997 and December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
---- ----
<S> <C> <C>
ASSETS
Property, at cost:
Land $ 182,500 $ 182,500
Land improvements 185,000 185,000
Buildings 2,413,805 2,413,805
Furniture and fixtures 164,141 164,141
----------- -----------
2,945,446 2,945,446
Less accumulated depreciation 1,784,164 1,753,995
----------- -----------
Property, net 1,161,282 1,191,451
Cash - security deposits 29,591 29,406
Escrow deposits 220,992 187,815
Note receivable 47,200 47,200
Mortgage costs, net of accumulated
amortization of $28,229 and $26,794 172,722 174,157
Other assets 15,350 23,134
----------- -----------
Total Assets $ 1,647,137 $ 1,653,163
=========== ===========
LIABILITIES AND PARTNERS' (DEFICIT)
Liabilities:
Cash overdraft $ 294,009 $ 208,100
Mortgages payable 2,925,655 2,930,266
Accounts payable and accrued expenses 213,316 229,897
Accounts payable - affiliates 780,401 784,461
Non-refundable deposits on sale of property 220,000 220,000
Accrued interest 23,356 21,977
Security deposits and prepaid rent 28,129 31,858
----------- -----------
Total Liabilities 4,484,866 4,426,559
----------- -----------
Minority interest in consolidated
joint venture 251,632 274,180
----------- -----------
Partners' (Deficit):
General partners (793,387) (792,969)
Limited partners (2,295,974) (2,254,607)
----------- -----------
Total Partners' (Deficit) (3,089,361) (3,047,576)
----------- -----------
Total Liabilities and Partners' (Deficit) $ 1,647,137 $ 1,653,163
=========== ===========
</TABLE>
See notes to financial statements
-3-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
Three Months Ended March 31, 1997 and 1996
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1997 1996
---- ----
Income:
Rental $ 156,659 $ 177,317
Interest and other income 10,461 7,943
--------- ---------
Total income 167,120 185,260
--------- ---------
Expenses:
Property operations 86,091 84,995
Interest:
Paid to affiliates 20,190 22,993
Other 65,862 66,282
Depreciation and amortization 31,605 31,507
Administrative:
Paid to affiliates 15,918 10,065
Other 11,787 52,129
--------- ---------
Total expenses 231,453 267,971
--------- ---------
Loss before allocation
to minority interest (64,333) (82,711)
Loss allocated to minority interest 22,548 18,275
--------- ---------
Net loss $ (41,785) $ (64,436)
========= =========
Loss per limited partnership unit $ (13.34) $ (20.58)
========= =========
Distributions per limited partnership unit $ -- $ --
========= =========
Weighted average number of
limited partnership units
outstanding 3,100 3,100
========= =========
See notes to financial statements
-4-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1997 and 1996
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1997 1996
---- ----
Cash flow from operating activities:
Net loss $(41,785) $(64,436)
Adjustments to reconcile net loss to net cash
(used in) operating activities:
Depreciation and amortization 31,605 31,507
Minority interest share of net loss (22,548) (18,275)
Changes in operating assets and liabilities:
Cash - security deposits (185) (174)
Escrow deposits (33,177) (31,915)
Other assets 7,783 9,312
Accounts payable and accrued expenses (16,581) 47,008
Accrued interest 1,379 (11)
Security deposits and prepaid rent (3,729) 3,302
-------- --------
Net cash (used in) operating activities (77,238) (23,682)
-------- --------
Cash flow from investing activities:
Property additions and net cash
provided by investing activities -- --
-------- --------
Cash flows from financing activities:
Cash overdraft 85,909 81,686
Accounts payable - affiliates (4,060) (53,788)
Principal payments on mortgage(s) (4,611) (4,216)
Mortgage costs -- --
-------- --------
Net cash provided by financing activities 77,238 23,682
-------- --------
Increase (decrease) in cash -- --
Cash - beginning of period -- --
-------- --------
Cash - end of period $ -- $ --
======== ========
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest $ 84,673 $ 66,271
======== ========
See notes to financial statements
-5-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF PARTNERS' (DEFICIT)
Three Months Ended March 31, 1997 and 1996
(Unaudited)
General Limited Partners
Partners ---------------------------
Amount Units Amount
------ ----- ------
Balance, January 1, 1996 $ (790,336) 3,100 $(1,993,893)
Net loss (644) -- (63,791)
----------- ----------- -----------
Balance, March 31, 1996 $ (790,980) 3,100 $(2,057,684)
=========== =========== ===========
Balance, January 1, 1997 $ (792,969) 3,100 $(2,254,607)
Net loss (418) -- (41,367)
----------- ----------- -----------
Balance, March 31, 1997 $ (793,387) 3,100 $(2,295,974)
=========== =========== ===========
See notes to financial statements
-6-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
Three Months Ended March 31, 1997 and 1996
(Unaudited)
1. GENERAL PARTNER'S DISCLOSURE
----------------------------
In the opinion of the General Partners of Realmark Property Investors
Limited Partnership, all adjustments necessary for the fair presentation
of the Partnership's financial position, results of operations, and
changes in cash flows for the three months ended March 31, 1997 and 1996
have been made in the financial statements. The financial statements are
unaudited and subject to any year-end adjustments which may be necessary.
2. FORMATION AND OPERATION OF PARTNERSHIP
--------------------------------------
Realmark Property Investors Limited Partnership (the "Partnership"), a
Delaware Limited Partnership, was formed August 28, 1979, to invest in a
diversified portfolio of income-producing real estate.
In March 1981, the Partnership commenced the public offering of units of
limited partnership interest. On December 31, 1981 the offering was
concluded, at which time 3,100 units of limited partnership interest were
outstanding. The General Partners are Realmark Properties, Inc., a
Delaware corporation, the corporate General Partner, and Mr. Joseph M.
Jayson, the individual General Partner. Joseph M. Jayson is the sole
shareholder of J.M. Jayson & Company, Inc. Realmark Properties, Inc. is a
wholly-owned subsidiary of J.M. Jayson & Company, Inc.
Under the Partnership agreement, the General Partners and affiliates can
receive compensation for services rendered and reimbursement for expenses
incurred on behalf of the Partnership. The Partnership agreement provides
for taxable income or loss of the Partnership to be allocated 99% to the
limited partners and 1% to the general partners. Through December 31,
1986, and for 1991 and 1996, taxable income or loss was allocated in
accordance with this provision. For the years 1987 through 1990, 1992,
1993, 1994 and 1995, the Partnership was required to allocate losses in
accordance with Internal Revenue Section 704(b). In general, Section
704(b) may be applicable when Partnership capital is negative and limited
partners are not required to restore negative capital accounts. In such
instances, the IRS code requires that the general partners bear a greater
portion of the economic loss than that which would be allocated pursuant
to the partnership agreement and, therefore, the loss must be reallocated.
For the three month period ended March 31, 1997, Section 704(b) was not
applicable.
-7-
<PAGE>
FORMATION AND OPERATION OF PARTNERSHIP (CONTINUED)
--------------------------------------------------
Losses arising from the sale of properties shall be allocated 99% to the
Limited Partners and 1% to the General Partners subject to the revisions
made in the Internal Revenue Code, pursuant to the Tax Reform Act of 1986.
Net proceeds arising from a sale or refinancing shall be distributed first
to the Limited Partners in an amount equivalent to a 7% return on their
average adjusted capital balances, plus an amount equal to their
respective positive capital account balances.
Additional proceeds after property disposition fees shall be allocated to
the Limited Partners in an amount equivalent to 5% of their average
adjusted capital balances and the remainder, if any, in the ratio of 90%
to the Limited Partners and 10% to the General Partners. Income arising
from the sale or refinancing shall be allocated in the same manner as the
proceeds are to be distributed, except that the General Partners are to be
allocated at least 1% of the income.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash
----
For purposes of reporting cash flows, cash includes the following items:
cash on hand; cash in checking; and money market savings.
Cash - security deposits
------------------------
Cash - security deposits represents cash on deposit in accordance with the
HUD regulatory agreement for the one property with a HUD mortgage.
Escrow deposits
---------------
Escrow deposits represent cash which is restricted for the payment of
property taxes or for repairs and replacements in accordance with the
mortgage agreement.
Property and depreciation
-------------------------
Depreciation is provided using the straight-line method over the estimated
useful lives of the respective assets. Expenditures for maintenance and
repairs are expensed as incurred, and major renewals and betterments are
capitalized. The Accelerated Cost Recovery System is used to calculate
depreciation expense for tax purposes.
-8-
<PAGE>
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
------------------------------------------ -----------
Minority interest in consolidated joint venture
-----------------------------------------------
The minority interest in a consolidated joint venture is stated at the
amount of capital contributed by the minority investor adjusted for its
share of joint venture losses.
Rental income
-------------
Rental income is recognized under the operating method. The outstanding
leases with respect to rental properties owned are for terms of no more
than one year.
Income (loss) per limited partnership unit
------------------------------------------
The income or loss per limited partnership unit is based on the weighted
average number of limited partnership units outstanding during the period
then ended.
4. ACQUISITION AND DISPOSITION OF RENTAL PROPERTY
----------------------------------------------
In November 1981, the Partnership acquired a 144 unit apartment complex
(Carriage House of Englewood, formerly Gold Key Village Apartments)
located in Englewood, Ohio, for a purchase price of $2,860,754, which
included $191,872 in acquisition fees.
In July 1982 , the Partnership acquired a 99 unit apartment complex
(Clarewood) located in Lafayette, Louisiana, for a purchase price of
$2,428,834, which included $134,992 in acquisition fees.
In July 1982, the Partnership acquired a 155 unit apartment complex
(Gallery) located in Lafayette, Louisiana, for a purchase price of
$3,546,653, which included $197,987 in acquisition fees.
In October 1989, the Partnership sold the Clarewood and Gallery apartments
for a combined price of $4,647,516, which generated a total net gain for
financial statement purposes of $1,209,164.
In July 1996, the Partnership entered into a plan to dispose of the
property, plant and equipment of Carriage House of Englewood with a
carrying amount of $1,191,451. Management has determined that a sale of
the property is in the best interest of the investors. As of March 31,
1997, the sales contract, with a price of $3.7 million, may be canceled by
the buyer at any time; management has reason to believe the contract will
be canceled during the next quarter of 1997.
In connection with the pending sale, the Partnership has received $220,000
in non-refundable deposits, of which $47,200 is represented by a note
receivable from the buyer.
-9-
<PAGE>
5. MORTGAGES PAYABLE
Carriage House of Englewood (formerly Gold Key Village Apartments)
------------------------------------------------------------------
On May 5, 1992, the Partnership's first and second mortgages on Carriage
House of Englewood were refinanced with a 9% U.S. Department of Housing
and Urban Development (HUD) guaranteed mortgage in the amount of
$2,997,800 due June 1, 2027. The mortgage provides for monthly principal
and interest payments of $23,503, plus monthly escrow deposits for real
estate taxes, insurance and repairs and maintenance totaling $11,346. The
balance of the mortgage at March 31, 1997 and 1996 was $2,925,655 and
$2,943,495, respectively. The mortgage is secured by all of the assets of
Carriage House of Englewood.
The mortgage is subject to a HUD regulatory agreement which, among other
things, places restrictions on the uses and handling of cash and restricts
distributions to the property owner to amounts that are considered to be
surplus cash as defined in the agreement.
The maturity of the mortgage payable for each of the next five years and
thereafter is as follows:
Year Amount
---- ------
1997 $ 19,080
1998 20,871
1999 22,829
2000 24,970
2001 27,312
Thereafter 2,815,204
---------
TOTAL $ 2,930,266
=============
6. MINORITY INTEREST OF RELATED PARTY IN CARRIAGE HOUSE OF ENGLEWOOD JOINT
--------------------------------------------------------------------------
VENTURE
-------
On May 5, 1992, the Partnership entered into an agreement to form a joint
venture with Realmark Property Investors Limited Partnership VI-A (RPILP
VI-A). The joint venture was formed for the purpose of operating Carriage
House of Englewood owned by the Partnership. Under the terms of the
original agreement, RPILP VI-A contributed $497,911 with the Partnership
contributing the property net of the first mortgage. On March 1, 1993,
RPILP VI-A contributed an additional $125,239, amending the original joint
venture agreement in the process.
-10-
<PAGE>
MINORITY INTEREST OF RELATED PARTY IN CARRIAGE HOUSE OF ENGLEWOOD JOINT
--------------------------------------------------------------------------
VENTURE (CONTINUED)
-------------------
The amended agreement now provides that any income, loss, gain, cash flow,
or sale proceeds be allocated 60.0% to the Partnership and 40.0% to RPILP
VI-A. The net loss from the date of inception has been allocated to the
minority interest in accordance with the terms of the agreement and has
been recorded as a reduction of the capital contribution.
A reconciliation of the minority interest share in Carriage House of
Englewood joint venture is as follows:
Balance, January 1 $ 274,180
Capital contribution -
Allocated loss (22,548)
---------
Balance, March 31 $ 251,632
=========
7. RELATED PARTY TRANSACTIONS
Management fees for Carriage House of Englewood are paid or accrued to an
affiliate of the General Partners. The management agreement provides for
5% of gross monthly rental receipts of the complex to be paid as fees for
administering the operations of the property. These fees totaled $8,275
and $8,700 for the three months ended March 31, 1997 and 1996,
respectively.
The general partner is also entitled to receive a Partnership management
fee equal to 9% of net cash flow (as defined in the partnership
agreement), 2% of which is subordinated to the limited partners having
received an annual cash return equal to 7% of their adjusted capital
contributions. No such fee has been paid or accrued by the Partnership for
the three months ended March 31, 1997 and 1996.
Accounts payable - affiliates amounted to $780,401 and $820,696 at March
31, 1997 and 1996, respectively. The payable represents fees due and
advances from the General Partner. Interest charged on accounts payable -
affiliates totaled $20,191 for the three month period ended March 31,
1997.
Pursuant to the terms of the Partnership agreement, the corporate general
partner charged the Partnership for reimbursement of certain costs and
expenses incurred by the corporate general partner and its affiliates.
These charges were for the Partnership's allocated share of costs and
expenses such as payroll, travel and communication, costs related to
partnership accounting, and partner's communication and relations.
-11-
<PAGE>
RELATED PARTY TRANSACTIONS (CONTINUED)
---------------------------------------
Computer service charges for the Partnership are paid or accrued to an
affiliate of the General Partners. The fee is based upon the number of
apartment units and totaled $758 for the three month periods ended March
31, 1997 and 1996.
The corporate general partner is allowed to collect property disposition
fees upon the sale of acquired properties. This fee is not to exceed the
lesser of 9% of the gross proceeds of the offering applicable to the
property or 50% of normal rates, subordinated to: (1) the payment to the
limited partners of a cumulative annual return (not compounded) equal to
7% of their average adjusted capital balances; (2) the repayment to the
limited partners of a cumulative amount equal to their capital
contributions; and (3) the payment to all partners of an amount equal to
their respective positive capital account balances to the extent such
balances exceed the amounts provided for in the preceding clauses (1) and
(2).
8. INCOME TAXES
------------
No provision has been made for income taxes since the income or loss of
the Partnership is to be included in the tax returns of the individual
partners.
The tax returns of the Partnership are subject to examination by federal
and state taxing authorities. Under federal and state income tax laws,
regulations and rulings, certain types of transactions may be accorded
varying interpretations and, accordingly, reported Partnership amounts
could be changed as a result of any such examination.
The reconciliation of net loss for the three month periods ended March 31,
1997 and 1996 as reported in the statements of operations, and as would be
reported for tax purposes respectively, is as follows:
March 31, March 31,
1997 1996
---- ----
Net loss -
Statement of operations $ (41,785) $ (64,436)
(Add to) deduct from:
Difference in depreciation 8,779 9,774
Difference in amortization - -
Difference in bad debt reserve 7,130 5,380
Tax adjustment - Joint Venture - ( 1,499)
--------- ---------
Net loss for tax purposes $ (25,876) $ (50,781)
========= =========
-12-
<PAGE>
INCOME TAXES (CONTINUED)
The reconciliation of partners' (deficit) at March 31, 1997 and December
31, 1996 as reported in the balance sheets, and as reported for tax
purposes, is as follows:
March 31, December 31,
1997 1996
---- ----
Partners' (Deficit) - balance sheet $ (3,089,361) $ (3,047,576)
Add to (deduct from):
Accumulated difference in
depreciation ( 951,776) ( 960,555)
Accumulated amortization 240,000 240,000
Syndication fees 248,000 248,000
Reserve for bad debts 75,683 68,553
Tax Basis Adjustment
- Joint Venture (17,085) (17,085)
Other 1,711 1,711
------------ ------------
Partners' (Deficit) - tax return $ (3,492,828) $ (3,466,952)
============ ============
-13-
<PAGE>
PART II: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
---------------------------------------
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
Liquidity and Capital Resources
- -------------------------------
The Partnership continued to struggle financially during the first quarter of
1997 with declining receipts due to lower occupancy and poorer cash collections.
The partnership is still operating with cash flow shortages, with the General
Partner advancing funds to the Partnership to cover shortfalls, although under
no obligation to do so. There is no assurance that the General Partner will
continue to do so. The General Partner has advanced $780,401, as of March 31,
1997, all of which is payable on demand.
The Partnership did not make any distributions during the three month periods
ending March 31, 1997 and 1996, nor does it anticipate making any distributions
in the near future due to the considerable financial obligations of the
Partnership which must be attended to first. The General Partner believes that
unless there is a significant increase in income and a major reduction in
expenses, the property could be in default of its mortgage. If the General
Partner ceases to advance funds to the Partnership to cover any negative cash
flow, the Partnership could lose the property in a foreclosure. At this time it
is highly unlikely that the Limited Partners will receive any proceeds from the
sale. The General Partner continues to market Carriage House of Englewood, the
Partnership's one remaining property, to other buyers since the pending sale is
subject to a number of contingencies.
Management continues to communicate and work with the United States Department
of Housing and Urban Development (HUD) for the release of escrowed funds to be
used to do needed capital improvements to the property, such as roofing repairs
and interior painting. Thus far, HUD and the mortgagor have assisted the
Partnership with its cash needs through the release of escrowed funds, although
they are under no obligation to do so and there is no guarantee that they will
continue to do so.
Results of Operations:
- ----------------------
For the quarter ended March 31, 1997, the Partnership's net loss was $41,785 or
$13.34 per limited partnership unit. Net loss for the quarter ended March 31,
1996, amounted to $64,436 or $20.58 per unit.
Partnership revenue for the quarter ended March 31, 1997 totaled $167,120, which
is a decrease of over $18,000 from the quarter ended March 31, 1996. The net
change between the two periods is a direct result of a decrease in occupancy,
increased concessions given to lease vacant units, and an increase in
delinquencies at Carriage House of Englewood. Partnership revenues for the
period ended March 31, 1996 were $185,260. A decrease in rental income was
responsible for the entire decrease in total revenues between the quarters ended
March 31, 1997 and 1996; such income decreased from $177,317 in 1996 to $156,659
during the same quarter in 1997. The increase in other income can be attributed
to an increase in security deposit forfeitures.
-14-
<PAGE>
Results of Operations (continued):
- -----------------------------------
For the three month period ended March 31, 1997, Partnership expenses totaled
$231,453, a decrease of $36,518 from the quarter ended March 31, 1996. Decreases
in contracted services and utility expenses were offset by increases in payroll
and related expenses and repairs and maintenance resulting in only a slight
increase in total property operation expenses between the quarters ended March
31, 1997 and 1996. The significant decrease in administrative costs was the
result of less advertising expense. Insurance expense and real estate taxes
remained fairly constant between the two quarters. The same was true of interest
expense and depreciation and amortization.
The Partnership is expecting the property operation expenses to increase
slightly over the next several months as management continues to put emphasis on
improving the property's appearance in order to lease up the vacant units. As
the condition of the property improves, operations expenses should level out.
Management is continuing to make every effort to reduce and/or control expenses
in coming quarters. Administrative charges are also expected to level off as the
property's performance improves; expenses that are indirectly tied to
performance such as advertising and legal fees (i.e. collection fees) will
decline as vacancies decrease and collections improve.
For the three month period March 31, 1997, the tax basis loss was $25,876 or
$8.26 per limited partnership unit compared to a tax loss of $50,781 or $16.22
per unit for the three month period ended March 31, 1996.
-15-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
-----------------------------------------------
PART II
-------
OTHER INFORMATION
-----------------
Item 1 - Legal Proceedings
- --------------------------
The Partnership is not a party to, nor are any of the Partnership's properties
subject to any material pending legal proceedings other than ordinary, routine
litigation incidental to the Partnership's business.
Items 2, 3, 4 and 5
- -------------------
Not applicable.
Item 6 - Exhibits and reports on Form 8-K
- -----------------------------------------
None.
-16-
<PAGE>
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.
REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP
By: /s/Joseph M. Jayson May 17, 1997
------------------------------ ------------------------
Joseph M. Jayson, Date
Individual General Partner
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By: REALMARK PROPERTIES, INC.
Corporate General Partner
/s/Joseph M. Jayson May 17, 1997
------------------------------ ------------------------
Joseph M. Jayson, Date
President and Director
/s/Michael J. Colmerauer May 17, 1997
------------------------------ ------------------------
Michael J. Colmerauer Date
Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP FOR THE
THREE MONTHS ENDED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 29,591
<SECURITIES> 0
<RECEIVABLES> 47,200
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 283,542
<PP&E> 2,945,446
<DEPRECIATION> 1,784,164
<TOTAL-ASSETS> 1,647,137
<CURRENT-LIABILITIES> 1,559,211
<BONDS> 2,925,655
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,647,137
<SALES> 0
<TOTAL-REVENUES> 167,120
<CGS> 0
<TOTAL-COSTS> 231,453
<OTHER-EXPENSES> 22,548
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 86,052
<INCOME-PRETAX> (41,785)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (41,785)
<EPS-PRIMARY> (13.34)
<EPS-DILUTED> 0
</TABLE>
