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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
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 No. 0-7798
FIRST WILKOW VENTURE
(Exact name of registrant as specified in its charter)
ILLINOIS 36-6169280
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
180 NORTH MICHIGAN AVENUE, CHICAGO, ILLINOIS 60601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 726-9622
NOT APPLICABLE
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
to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such
filing requirements for the past 90 days. YES X NO
--------- ---------
<PAGE> 2
FIRST WILKOW VENTURE
(A LIMITED PARTNERSHIP)
CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
MARCH 31,
1995 DECEMBER 31,
(UNAUDITED) 1994
----------- --------------------
ASSETS
------
REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS
- - -------------------------------------------------------
<S> <C> <C>
Real Estate
Land $10,206,120 $10,206,120
Buildings and Improvements 63,228,486 63,190,047
Fixtures and Equipment 1,477,852 1,470,318
------------ ------------
Total 74,912,458 74,866,485
Less-Accumulated Depreciation 19,514,231 18,998,458
------------ ------------
Net Real Estate 55,398,227 55,868,027
Investments in Real Estate Partnerships 3,689,733 3,740,835
------------ ------------
Total 59,087,960 59,608,862
------------ ------------
LOANS RECEIVABLE 1,123,713 1,045,496
- - ---------------- ------------ ------------
OTHER ASSETS
- - ------------
Cash 590,765 451,138
Certificates of Deposit 527,998 77,998
Receivable 739,045 838,619
Prepaid Expenses 179,155 146,354
Deposits 282,759 922,151
Deferred Charges 1,214,006 1,281,931
------------ ------------
Total 3,533,728 3,718,191
------------ ------------
TOTAL ASSETS $63,745,401 $64,372,549
------------ ============ ============
LIABILITIES AND PARTNERS' CAPITAL
MORTGAGES AND LOANS PAYABLE
- - ---------------------------
Mortgages Payable $42,332,328 $42,457,688
Notes Payable 4,970,221 4,730,621
------------ ------------
Total 47,302,549 47,188,309
------------ ------------
OTHER LIABILITIES
- - -----------------
Accounts Payable and Accrued Expenses 429,337 577,534
Accrued Property Taxes 2,247,554 2,556,878
Deferred State Income Taxes 200,000 200,000
Security Deposits and Prepaid Rent 461,275 566,044
Accrued Interest 502,930 479,581
------------ ------------
Total 3,841,096 4,380,037
------------ ------------
MINORITY INTEREST 1,561,614 1,587,487
- - ----------------- ------------ ------------
PARTNERS' CAPITAL (178,972 units authorized and issued) 11,040,142 11,216,716
- - ----------------- ------------ ------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $63,745,401 $64,372,549
--------------------------------------- ============ ============
</TABLE>
Note: Balance Sheet at 12/31/94 has been taken from the audited financial
statements at that date.
-2-
<PAGE> 3
FIRST WILKOW VENTURE
CONSOLIDATED STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended March 31,
-----------------------------
1995 1994
------------ ------------
<S> <C> <C>
REVENUES
- - --------
Rental Income $ 2,873,649 $ 3,016,232
Hotel Income 773,651 827,401
Interest Income 36,548 40,789
Other Income 7,902 5,070
----------- -----------
3,691,750 3,889,492
----------- -----------
PARTNERSHIP INVESTMENTS' INCOME (L0SS)
- - --------------------------------------
Share of Net Income (Loss) 10,787 (27,526)
Provision for Loss in Book Value - -
----------- -----------
10,787 (27,526)
----------- -----------
EXPENSES
- - --------
Operating Expenses 1,174,485 1,282,144
Real Estate Taxes 726,262 631,312
Depreciation and Amortization 617,100 761,320
Interest Expense 1,077,418 1,231,220
General and Administrative 285,169 342,081
----------- -----------
3,880,434 4,248,077
----------- -----------
INCOME (LOSS) BEFORE
- - --------------------
MINORITY INTEREST
-----------------
AND TAXES (177,897) (386,111)
---------
MINORITY INTEREST IN
- - --------------------
SUBSIDIARIES NET LOSS 1,322 (4,985)
---------------------
PROVISION FOR STATE
- - -------------------
INCOME TAXES 0 0
------------ ----------- -----------
NET INCOME (LOSS) $ (176,575) $ (391,096)
- - ----------------- =========== ===========
EARNINGS PER UNIT
BASED ON 178,972 UNITS OUTSTANDING $(.99) $(2.19)
===== ======
DISTRIBUTION PER UNIT $0.00 $0.00
===== =====
</TABLE>
NOTE 1: No provision for Federal Income Taxes has been made since First Wilkow
Venture is a partnership and the partners report their pro-rata share
of income or loss individually.
-3-
<PAGE> 4
FIRST WILKOW VENTURE
CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------------
1995 1994
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
- - ------------------------------------
Net Income (Loss) $(176,575) $(391,096)
Non Cash Items Included in Net Income
Minority Interest in Subsidiaries
Net Income/Loss (1,322) 4,985
Depreciation and Amortization 617,100 761,320
Amortization of Debt Forgiveness Income (18,417) -
(Decrease) Increase in Net Payables and
Accrued Expense 167,224 (148,681)
Share of Partnership's Net (Income) Loss (10,787) 27,526
------------ -----------
Total Cash Provided (Used) from Operating Activities 577,223 254,054
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
- - ------------------------------------
Partnership Investment Draws 64,640 47,250
(Increase) in Land and Buildings (44,270) (501,004)
Investment in Partnerships (2,751) (14,896)
(Decrease) Increase in Minority Interest (24,550) (25,050)
(Decrease) Increase in Mortgage and Notes Payable 244,129 (1,694,500)
(Increase) Decrease in Mortgage and Notes Receivable (78,217) (14,586)
Investment in Deferred Charges (35,105) (134,345)
----------- -----------
Total Cash Provided (Used) from Investing Activities 123,876 (2,337,131)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
- - ------------------------------------
Mortgage Principal Payments (111,472) (240,941)
----------- -----------
Total Cash Provided (Used) from Financing Activities (111,472) (240,941)
----------- -----------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 589,627 (2,324,018)
CASH AND EQUIVALENTS - BEGINNING OF PERIOD 529,136 4,056,501
- - ------------------------------------------ ----------- -----------
CASH AND EQUIVALENTS - END OF PERIOD $1,118,763 $1,732,483
- - ------------------------------------ =========== ===========
</TABLE>
-4-
<PAGE> 5
FIRST WILKOW VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1995
Accounting Policies
The financial statements have been prepared in accordance with
generally accepted accounting principles. Under this method of accounting,
revenues are recorded when earned and expenses are recorded when incurred.
Reference is made to the Partnership's annual report for the year
ended December 31, 1994, for a description of other accounting policies and
additional details for the Partnership's financial condition, results of
operations, changes in Partners' capital and statement of cash flows for the
year then ended. The details provided in the notes thereto have not changed as
a result of normal transactions in the interim.
-5-
<PAGE> 6
FIRST WILKOW VENTURE
FORM 10-Q
MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
MARCH 31, 1995
Overview
Reference is made to partnership's annual report for the year ended
December 31, 1994 for a discussion of the partnership's business.
On January 20, 1995, the Registrant entered into a revolving credit
facility with the LaSalle Bank. The facility, due February 1, 1996 pays
interest at the prime rate. Maximum borrowing under the facility agreement are
the lesser of $800,000 or 80% of the fair market value of the Registrant's
Investment in Duke Realty Limited Partnership. As of May 12, 1995 the amount
outstanding under this facility was $450,000. Borrowing under the facility are
secured by the partnership units of Duke Realty Limited Partnership owned by
the Registrant.
In January 1995, the Registrant advanced Tango Bay Suites $200,000 to
fund operating deficits.
-6-
<PAGE> 7
REMARKS
In the opinion of the General Partners, the financial information of
this report includes all adjustments, including estimated provisions for items
normally settled at year end, and is a fair statement of the results for the
interim ended March 31, 1995.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
FIRST WILKOW VENTURE
By: Marc R. Wilkow
------------------------------------
Marc R. Wilkow, General Partner and
President of M & J Wilkow, Ltd., its
Managing Agent
DATED: May 9, 1995
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant, in the capacities indicated, on March 29, 1995.
Clifton J. Wilkow
--------------------------------------
Clifton J. Wilkow, General Partner and
Executive Vice President of
M & J Wilkow, Ltd.
Thomas Harrigan
--------------------------------------
Thomas Harrigan, Vice President of
M & J Wilkow, Ltd.
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 1,118,763
<SECURITIES> 0
<RECEIVABLES> 1,862,758
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,319,722
<PP&E> 74,912,458
<DEPRECIATION> 19,514,231
<TOTAL-ASSETS> 63,745,401
<CURRENT-LIABILITIES> 2,676,891
<BONDS> 47,302,549
<COMMON> 0
0
0
<OTHER-SE> 11,040,142
<TOTAL-LIABILITY-AND-EQUITY> 63,745,401
<SALES> 3,647,300
<TOTAL-REVENUES> 3,691,750
<CGS> 0
<TOTAL-COSTS> 1,174,485
<OTHER-EXPENSES> 1,011,431
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,077,418
<INCOME-PRETAX> (176,575)
<INCOME-TAX> 0
<INCOME-CONTINUING> (176,575)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (176,575)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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