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
September 30, 1996 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 September 30, 1996, 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 -
September 30, 1996 and December 31, 1995 3
Statements of Operations -
Three Months Ended September 30, 1996 and 1995 4
Statements of Operations -
Nine Months Ended September 30, 1996 and 1995 5
Statements of Cash Flows -
Nine Months Ended September 30, 1996 and 1995 6
Statements of Partners' (Deficit) -
Nine Months Ended September 30, 1996 and 1995 7
Notes to Financial Statements 8 - 14
PART II: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
- -------- FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15 - 16
---------------------------------------------
-2-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
BALANCE SHEETS
September 30, 1996 and December 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
---- ----
<S> <C> <C>
ASSETS
- ------
Property, at cost:
Land $ 182,500 $ 182,500
Land improvements 185,000 185,000
Buildings 2,404,785 2,404,785
Furniture and fixtures 164,141 164,141
----------- -----------
2,936,426 2,936,426
Less accumulated depreciation 1,773,921 1,683,705
----------- -----------
Property, net 1,162,505 1,252,721
Cash -- --
Cash - security deposits 28,378 27,851
Escrow deposits 284,951 277,523
Mortgage costs, net of accumulated
amortization of $25,358 and $21,052 175,593 179,899
Other assets 1,318 19,451
----------- -----------
Total Assets $ 1,652,744 $ 1,757,445
=========== ===========
LIABILITIES AND PARTNERS' (DEFICIT)
- -----------------------------------
Liabilities:
Cash overdraft $ 234,407 $ 82,399
Mortgages payable 2,934,775 2,947,711
Accounts payable and accrued expenses 220,071 178,445
Accounts payable - affiliates 872,589 874,484
Accrued interest 22,022 22,108
Security deposits and prepaid rent 36,457 42,710
----------- -----------
Total Liabilities 4,320,322 4,147,857
----------- -----------
Minority interest in consolidated
joint venture 292,774 393,817
----------- -----------
Partners' (Deficit):
General partners (792,097) (790,336)
Limited partners (2,168,254) (1,993,893)
----------- -----------
Total Partners' (Deficit) (2,960,351) (2,784,229)
----------- -----------
Total Liabilities and Partners' (Deficit) $ 1,652,744 $ 1,757,445
=========== ===========
</TABLE>
See notes to financial statements
-3-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
Three Months Ended September 30, 1996 and 1995
(Unaudited)
Three Months Three Months
Ended Ended
September 30, September 30,
1996 1995
---- ----
Income:
Rental $ 148,259 $ 180,213
Interest and other income 17,186 10,247
--------- ---------
Total income 165,445 190,460
--------- ---------
Expenses:
Property operations 141,321 131,062
Interest:
Paid to affiliates 18,646 19,179
Other 69,664 66,477
Depreciation and amortization 31,507 30,594
Administrative:
Paid to affiliates 24,799 22,651
Other 23,276 20,036
--------- ---------
Total expenses 309,213 289,999
--------- ---------
Loss before allocation
to minority interest (143,768) (99,539)
Loss allocated to minority interest 55,832 31,373
--------- ---------
Net loss $ (87,936) $ (68,166)
========= =========
Loss per limited partnership unit $ (28.08) $ (21.77)
========= =========
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 OPERATIONS
Nine Months Ended September 30, 1996 and 1995
(Unaudited)
Nine Months Nine Months
Ended Ended
September 30, September 30,
1996 1995
---- ----
Income:
Rental $ 491,948 $ 541,356
Interest and other income 37,105 32,924
--------- ---------
Total income 529,053 574,280
--------- ---------
Expenses:
Property operations 297,544 347,040
Interest:
Paid to affiliates 61,913 58,071
Other 202,089 199,697
Depreciation and amortization 94,522 91,996
Administrative:
Paid to affiliates 46,656 43,552
Other 103,494 76,923
--------- ---------
Total expenses 806,218 817,279
--------- ---------
Loss before allocation
to minority interest (277,165) (242,999)
Loss allocated to minority interest 101,043 71,364
--------- ---------
Net loss $(176,122) $(171,635)
========= =========
Loss per limited partnership unit $ (56.25) $ (54.81)
========= =========
Distributions per limited partnership unit $ -- $ --
========= =========
Weighted average number of
limited partnership units
outstanding 3,100 3,100
========= =========
See notes to financial statements
-5-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 1996 and 1995
(Unaudited)
Nine Months Nine Months
Ended Ended
September 30, September 30,
1996 1995
---- ----
Cash flow from operating activities:
Net loss $(176,122) $(171,635)
Adjustments to reconcile net loss to net cash
(used in) operating activities:
Depreciation and amortization 94,522 91,996
Minority interest share of net loss (101,043) (71,364)
Changes in operating assets and liabilities:
Cash - security deposits (527) (280)
Escrow deposits (7,428) (1,812)
Other assets 18,133 (16,577)
Accounts payable and accrued expenses 41,627 48,169
Accrued interest (86) --
Security deposits and prepaid rent (6,253) (1,350)
--------- ---------
Net cash (used in) operating activities (137,177) (122,853)
--------- ---------
Cash flow from investing activities:
Property additions and net cash
provided by investing activities -- --
--------- ---------
Cash flows from financing activities:
Cash overdraft 152,008 104,703
Accounts payable - affiliates (1,895) 28,902
Principal payments on mortgage(s) (12,936) (11,826)
Mortgage costs -- --
--------- ---------
Net cash provided by financing activities 137,178 121,779
--------- ---------
Increase (decrease) in cash -- (1,074)
Cash - beginning of period -- 1,074
--------- ---------
Cash - end of period $ -- $ --
========= =========
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest $ 202,003 $ 199,697
========= =========
See notes to financial statements
-6-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF PARTNERS' (DEFICIT)
Nine Months Ended September 30, 1996 and 1995
(Unaudited)
General Limited Partners
Partners
Amount Units Amount
------ ----- ------
Balance, January 1, 1995 $ (788,062) 3,100 $(1,768,771)
Net loss (1,716) -- (169,919)
----------- ----------- -----------
Balance, September 30, 1995 $ (789,778) 3,100 $(1,938,690)
=========== =========== ===========
Balance, January 1, 1996 $ (790,336) 3,100 $(1,993,893)
Net loss (1,761) -- (174,361)
----------- ----------- -----------
Balance, September 30, 1996 $ (792,097) 3,100 $(2,168,254)
=========== =========== ===========
See notes to financial statements
-7-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
Nine Months Ended September 30, 1996 and 1995
(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 nine months ended September 30, 1996 and 1995 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, 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 nine month period ended
September 30, 1996, Section 704(b) was applicable.
-8-
<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.
-9-
<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
(Gold Key I) 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.
-10-
<PAGE>
5. MORTGAGES PAYABLE
Gold Key Apartments
-------------------
On May 5, 1992, the Partnership's first and second mortgages on the Gold
Key apartment complex 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 September 30, 1996 and 1995 was $2,934,775 and $2,951,833,
respectively. The mortgage is secured by all of the assets of the Gold Key
apartment complex.
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
---- ------
1996 $ 17,444
1997 19,080
1998 20,871
1999 22,829
2000 24,970
Thereafter 2,842,517
---------
TOTAL $ 2,947,711
===========
6. MINORITY INTEREST OF RELATED PARTY IN GOLD KEY 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 the Gold
Key Apartment complex 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.
-11-
<PAGE>
MINORITY INTEREST OF RELATED PARTY IN GOLD KEY 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 the Gold Key Joint
Venture is as follows:
Balance, January 1 $ 393,817
Capital contribution -
Allocated loss (101,043)
----------
Balance, September 30, $ 292,774
==========
7. RELATED PARTY TRANSACTIONS
Management fees for the Gold Key complex 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 $25,962
and $28,021 for the nine months ended September 30, 1996 and 1995,
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 nine months
ended September 30, 1996 and 1995.
Accounts payable - affiliates amounted to $872,589 and $822,969 at
September 30, 1996 and 1995, respectively. The payable represents fees due
and advances from the General Partner. Interest charged on accounts payable
- affiliates totaled $28,003 and $58,071 for the nine month periods ended
September 30, 1996 and 1995, respectively.
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.
-12-
<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 $2,370 for the nine month periods ended
September 30, 1996 and 1995.
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 nine month periods ended September
30, 1996 and 1995 as reported in the statements of operations, and as would
be reported for tax purposes respectively, is as follows:
September 30, September 30,
1996 1995
---- ----
Net loss -
Statement of operations $ (176,122) $ (171,635)
(Add to) deduct from:
Difference in depreciation 29,322 ( 10,875)
Difference in amortization - 3,878
Difference in bad debt reserve 16,140 2,360
Tax adjustment - Joint Venture ( 4,497) 1,050
---------- ----------
Net loss for tax purposes $ (135,157) $ (175,222)
========== ==========
-13-
<PAGE>
INCOME TAXES (CONTINUED)
The reconciliation of partners' (deficit) at September 30, 1996 and
December 31, 1995 as reported in the balance sheets, and as reported for
tax purposes, is as follows:
September 30, December 31,
1996 1995
---- ----
Partners' (Deficit) - balance sheet $ (2,960,351) $ (2,784,229)
Add to (deduct from):
Accumulated difference in
depreciation ( 966,348) ( 995,670)
Accumulated amortization 240,000 240,000
Syndication fees 248,000 248,000
Reserve for bad debts 56,172 40,032
Tax Basis Adjustment
- Joint Venture (21,582) (17,085)
Other (14,080) (14,080)
------------ ------------
Partners' (Deficit) - tax return $ (3,418,189) $ (3,283,032)
============ ============
9. PENDING SALES
On July 16, 1996 the Corporate General Partner entered into a contract on
behalf of the Partnership to sell the Gold Key Apartments for a sales price
of $3,700,000. The contract is subject to a number of contingencies as were
described in Form 8-K filed on July 31, 1996. No firm closing date on the
sale has been established to date.
-14-
<PAGE>
PART II: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
- -------------------------------
The Partnership had another poor quarter financially with losses amounting to
more than was projected. The General Partner continues to advance funds to the
Partnership, although under no obligation to do so. As of September 30, 1996 the
General Partner has advanced $872,589, all of which is payable on demand. There
is no assurance that the General Partner will continue to fund the operations
and cash shortfalls of this partnership.
The Partnership did not make any distributions during the nine month periods
ending September 30, 1996 and 1995, nor does it anticipate making any
distributions until the remaining property is sold and all Partnership
obligations are satisfied. As was the case in previous quarters during the
current year, 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 concerning their mortgages. The General Partner has been fortunate to
receive a release of funds from the property's replacement escrow reserve from
the United States Department of Housing and Urban Development and the mortgagor
on the Gold Key property. This is seen as a short-term fix and provided the
additional cash needed to operate the property; management is hoping that both
HUD and the mortgagor will continue to assist until such time as occupancy
increases or the pending sale of the property takes place. At this time it is
highly unlikely that the Limited Partners will receive any proceeds from the
sale.
Results of Operations:
- ----------------------
For the quarter ended September 30, 1996, the Partnership's net loss was $87,936
or $28.08 per limited partnership unit. Net loss for the quarter ended September
30, 1995, amounted to $68,166 or $21.77 per unit. For the nine month period
ended September 30, 1996, the net loss was $176,122 or $56.25 per limited
partnership unit as compared to $171,635 or $54.81 per limited partnership unit
for the nine month period ended September 30, 1995.
Partnership revenue for the quarter ended September 30, 1996 totaled $165,445,
which is a decrease of $25,015 from the quarter ended September 30, 1995. The
change between the two years is primarily attributable to a decrease in
occupancy at Gold Key; the property has also incurred some collection problems,
which management is currently looking into. Partnership rental income for the
quarter ended September 30, 1996 was $148,259. Rental income decreased $31,954
between the quarter ended September 30, 1996 and 1995. For the nine month period
ended September 30, 1996, Partnership revenue totaled $529,053 as compared to
$574,280 for the same period in the previous year.
-15-
<PAGE>
Results of Operations (continued):
- -----------------------------------
For the three month period ended September 30, 1996, Partnership expenses
totaled $309,213, an increase of just over $19,000 from the quarter ended
September 30, 1995, and an increase of slightly over $80,000 from the previous
quarter in 1996. For the nine month period ended September 30, 1996, a decrease
of approximately $11,000 was seen in expenses as compared to the same period in
1995. As was true last quarter, decreases in payroll, repairs and maintenance
and contracted services throughout the partnership continue to result in
decreases in operating expenses, while substantially higher advertising, legal
fees and portfolio management and accounting charges resulted in higher
administrative expenses. The increase in administrative expenses was primarily
due to activities, such as more aggressive advertising campaigns, undertaken to
increase occupancies.
The Partnership expects to keep incurring higher than "normal" property
operations expenses in the near future due to the costs associated with
preparing units for new tenants (i.e. cleaning, painting, appliance and
carpeting costs). Although this work is necessary in order to lease up the
apartment complex, management is trying to control expenditures so as not to
worsen the cash flow situation of the Partnership. For example, management has
been able to obtain large price discounts on paint and carpeting through
negotiations with large national companies. Additionally, management has been
taking advantage of a surplus in its replacement escrow to fund some capital
improvements at the property.
For the nine month period ended September 30, 1996, the tax basis loss was
$135,157 or $43.16 per limited partnership unit compared to a tax loss of
$175,222 or $55.96 per unit for the nine month period ended September 30, 1995.
-16-
<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
- -----------------------------------------
Exhibit 27 - Financial Data Schedule (Electronic filing only)
Reports on Form 8-K - None.
-17-
<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 January 2, 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 January 2, 1997
------------------------------ ------------------------
Joseph M. Jayson, Date
President and Director
/s/Michael J. Colmerauer January 2, 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
NINE MONTHS ENDED SEPTEMBER 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 28,378
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 314,647
<PP&E> 2,936,426
<DEPRECIATION> 1,773,921
<TOTAL-ASSETS> 1,652,744
<CURRENT-LIABILITIES> 1,385,547
<BONDS> 2,934,775
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,652,744
<SALES> 0
<TOTAL-REVENUES> 529,053
<CGS> 0
<TOTAL-COSTS> 806,218
<OTHER-EXPENSES> 101,043
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 264,002
<INCOME-PRETAX> (176,122)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (176,122)
<EPS-PRIMARY> (56.25)
<EPS-DILUTED> 0
</TABLE>
