SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
March 31, 1995
(Quarter Ended)
0-9684
(Commission File Number)
Winthrop Partners 80
(Exact Name of Registrant as specified in its charter)
Massachusetts
(State or other jurisdiction of incorporation or organization)
04-2693546
(I.R.S. Employer Identification Number)
One International Place, Boston, Massachusetts
(Address of principal executive offices)
02110
(Zip Code)
(617) 330-8600
(Registrant's telephone number, including area code)
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 proceeding 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
<PAGE>
PART 1 - FINANCIAL INFORMATION
STATEMENTS OF INCOME
<TABLE>
For the three months ended Three Months Ended
March 31, 1995 and 1994 March 31,
(Unaudited) (Note 1) 1995 1994
<S> <C> <C>
Income:
Rental income from real estate leases accounted
for under the operating method $ 121,681 $ 122,422
Interest on short-term investments 3,717 6,154
Interest income on real estate leases accounted
for under the financing method 130,268 137,219
Other income - -
255,666 265,795
Expenses:
Depreciation and amortization 23,064 25,773
Management fees 4,923 4,928
General and administrative 6,851 27,389
34,838 58,090
Net income $ 220,828 $ 207,705
Net income allocated to General Partners $ 17,666 $ 16,616
Net income allocated to Limited Partners $ 203,162 $ 191,089
Net income per Unit of Limited Partnership
Interest $ 4.45 $ 4.19
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
BALANCE SHEETS
March 31, 1995 and December 31, 1994 March 31, 1995December 31,
(Note 1) (Unaudited) (Audited
<S> <C> <C>
ASSETS
Real Estate Leased to Others:
Accounted for under the operating method, at
cost, net of accumulated depreciation of
$763,853 and $741,473 as of March 31,
1995 and December 31, 1994, respectively $ 3,382,687 $ 3,405,066
Accounted for under the financing method 5,264,065 5,334,922
8,646,752 8,739,988
Other Assets:
Cash and cash equivalents, at cost, which
approximates market value 728,659 728,190
Other costs, net of accumulated amortization
of $11,869 and $11,184 as of March 31, 1995
and December 31, 1994, respectively 59,906 69,346
$ 9,435,317 $ 9,537,524
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable and accrued expenses $ 98,030 $ 86,822
Distributions payable to Partners 264,511 336,604
362,541 423,426
Partners' Capital:
Limited Partners
Units of Limited Partnership Interest, $500
stated value per Unit; authorized - 50,000
Units; issued and outstanding - 45,646 Units 9,567,843 9,626,831
General Partners (495,067) (512,733)
9,072,776 9,114,098
$ 9,435,317 $ 9,537,524
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
STATEMENTS OF CASH FLOWS
For the three months ended Three Months Three Months
March 31, 1995 and 1994 Ended Ended
(Unaudited) (Note 1) March 31, 1995 March 31, 1994
Cash flows from operating activities:
<S> <C> <C>
Net income $ 220,828 $ 207,705
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 23,064 25,773
Minimum lease payments received, net of
interest income earned, on leases
accounted for under the financing method 75,857 68,906
Changes in assets and liabilities:
Increase (decrease) in accounts payable and
accrued expenses 11,208 (9,281)
Increase in distribution payable to Partners (72,903) (347)
Decrease in other assets 6,926 -
Net cash provided by operating activities 264,980 292,756
Cash flows from financing activities:
Cash distributions paid or accrued to Partners (264,511) (329,384)
Net decrease in cash and cash equivalents 469 (36,628)
Cash and cash equivalents, beginning of period 728,659 731,067
Cash and cash equivalents, end of period $ 728,659 $ 694,439
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
<TABLE>
For the three months ended Units of
March 31, 1995 and 1994 Limited General Limited
(Unaudited) (Note 1) PartnershipPartners' Partners' Total
Interest Capital Capital Capital
<S> <C> <C> <C> <C>
Balance, December 31, 1994...............45,646 $ (512,733) $ 9,626,831 $ 9,114,098
Cash distributions paid or accrued 0 (262,150) (262,150)
Net income............................... 17,666 203,162 220,828
Balance, March 31, 1995..................45,646 $ (495,067) $ 9,567,843 $ 9,072,776
Balance, December 31, 1993...............45,646 $ (484,564) $ 9,948,293 $ 9,463,729
Cash distributions paid or accrued (26,294) (303,090) (329,384)
Net income............................... 16,616 191,089 207,705
Balance, March 31, 1994..................45,646 $ (494,242) $ 9,836,292 $ 9,342,050
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
March 31, 1995
(Unaudited)
1. Accounting and Financial Reporting Policies
The condensed financial statements included herein have been prepared by the
Registrant, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. The Registrant's accounting and financial
reporting policies are in conformity with generally accepted accounting
principles and include adjustments in interim periods considered necessary for a
fair presentation of the results of operations. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations. It is suggested that these condensed
financial statements be read in conjunction with the financial statements and
the notes thereto included in the Registrant's latest annual report on Form
10-K.
The accompanying financial statements reflect the Partnership's results of
operations for an interim period and are not necessarily indicative of the
results of operations for the year ending December 31, 1995.
2. Taxable Income
The Partnership's taxable income for 1995 is expected to differ from the net
income for financial reporting purposes primarily due to the accounting for
certain real property leases under the financing method for financial reporting
purposes and the operating method for tax purposes and from the difference
between depreciation for financial reporting purposes and depreciation for tax
purposes.
<PAGE>
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Cash is required to pay management fees and general and administrative
expenses. The Partnership's rental and interest income is sufficient and is
expected to be sufficient in future years to pay all of these expenses as well
as to provide for cash distributions to the Partners from operations.
Cash received for rent remained constant at approximately $329,000 for the
quarters ending March 31, 1995 and March 31, 1994. Rental income decreased
slightly from $122,400 to $121,700. This difference is due to the timing of
receipt of a small percentage rent check.
The Partnership's results of operations in future years may differ from those
experienced during the quarter ended March 31, 1995, since the Partnership will
receive step rents and may receive percentage rent, as applicable, from those
tenants who operate business on the Partnership's properties under net leases.
The Partnership may also sell some of its properties.
PART II - OTHER INFORMATION
All items are inapplicable.
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.
Winthrop Partners 80 Limited Partnership
(Registrant)
BY: One Winthrop Properties, Inc.
Managing General Partner
BY:/S/ Jonathan W. Wexler
Jonathan W. Wexler
Chief Financial Officer
BY:/s/Richard J. McCready
Richard J. McCready
Vice President
DATED: May 15, 1995
<PAGE>
SUPPLEMENTARY INFORMATION
REQUIRED PURSUANT TO SECTION 9.4
OF THE PARTNERSHIP AGREEMENT
1. Statement of Cash Available for Distribution:
March 31, 1995
(Unaudited)
Net income $ 220,828
Add: Depreciation and amortization
charges to income not affecting
cash available for distribution 23,064
Minimum lease payments
received, net of interest income
earned, on leases accounted for
under the financing method 75,857
Less: Rent receivable (57,599)
Reserves (203)
Cash Available for Distribution $ 262,150
Distributions allocated to General
Partners $ 0
Distributions allocated to Limited
Partners $ 262,150
2. Fees and other compensation paid or accrued by the Partnership to the
General Partners, or their affiliates, during the three months ended March
31, 1995:
March 31, 1995
(Unaudited)
Entity Receiving Form of
Compensation Compensation Amount
Winthrop Property Man-
Management agement Fees $ 4,923
General Partners Interest in Cash
Available for
Distribution $ 26,294
WFC Realty Interest in Cash
Co. Inc. Available for
Distribution $ 57.40
All other information required pursuant to Section 9.4 of the Partnership
Agreement is set forth in the attached Report on Form 10-Q or Partnership
Report.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information
extracted from unaudited financial statements for the
three month period ending March 31, 1995 and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000315275
<NAME> Winthrop Partners 80
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<EXCHANGE-RATE> 1.00000
<CASH> 728,659
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 59,906
<PP&E> 9,410,605
<DEPRECIATION> 763,853
<TOTAL-ASSETS> 9,435,317
<CURRENT-LIABILITIES> 362,541
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 9,072,776
<TOTAL-LIABILITY-AND-EQUITY> 9,435,317
<SALES> 0
<TOTAL-REVENUES> 255,666
<CGS> 0
<TOTAL-COSTS> 11,774
<OTHER-EXPENSES> 23,064
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 220,828
<INCOME-TAX> 0
<INCOME-CONTINUING> 220,828
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 220,828
<EPS-PRIMARY> 4.450
<EPS-DILUTED> 0.000
</TABLE>
