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Previous: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, S-3/A, 1996-05-15 |
Next: FIRSTAR CORP /WI/, 10-Q, 1996-05-15 |
<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, 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 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,
1996 DECEMBER 31,
(UNAUDITED) 1995
----------- --------------------
ASSETS
<S> <C> <C>
REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS
Land $ 7,311,455 $ 8,698,675
Buildings and Improvements 45,135,084 56,540,021
Fixtures and Equipment 114,830 138,384
------------ ------------
Total 52,561,369 65,377,080
Less-Accumulated Depreciation 15,503,261 19,726,068
----------- -----------
Net Real Estate 37,058,108 45,651,012
Investments in Real Estate Partnerships 5,170,036 5,130,522
----------- -----------
Total 42,228,144 50,781,534
----------- -----------
LOANS RECEIVABLE 1,157,134 1,452,639
---------- -----------
OTHER ASSETS
Cash 381,586 328,852
Certificates of Deposit 237,998 162,998
Receivable 419,874 551,307
Prepaid Expenses 8,993 1,062
Deposits 302,278 598,870
Deferred Charges 957,683 1,197,568
----------- -----------
Total 2,308,412 2,840,657
----------- -----------
TOTAL ASSETS $45,693,690 $55,074,830
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
MORTGAGES AND LOANS PAYABLE
Mortgages Payable $31,827,069 $37,124,893
Notes Payable 994,488 3,649,822
----------- -----------
Total 32,821,557 40,774,715
----------- -----------
OTHER LIABILITIES
Accounts Payable and Accrued Expenses 242,870 240,092
Accrued Property Taxes 1,838,119 2,470,265
Deferred State Income Taxes 200,000 200,000
Security Deposits and Prepaid Rent 396,331 555,767
Accrued Interest 55,319 365,078
----------- -----------
Total 2,732,639 3,831,202
----------- -----------
MINORITY INTEREST 1,464,392 1,579,357
----------- -----------
PARTNERS' CAPITAL (178,972 units authorized and issued) 8,675,102 8,889,556
----------- -----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $45,693,690 $55,074,830
=========== ===========
</TABLE>
Note: Balance Sheet at 12/31/95 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, 1996 AND 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1996 1995
------------ ------------
<S> <C> <C>
REVENUES
Rental Income $2,231,601 $2,873,649
Hotel Income 0 773,651
Interest Income 32,884 36,548
Other Income 3,615 7,902
---------- ----------
2,268,100 3,691,750
---------- ----------
PARTNERSHIP INVESTMENTS' INCOME (L0SS)
Share of Net Income (Loss) 55,578 10,787
Provision for Loss in Book Value - -
---------- ----------
55,578 10,787
---------- ----------
EXPENSES
Operating Expenses 667,546 1,174,485
Real Estate Taxes 606,072 726,262
Depreciation and Amortization 456,400 617,100
Interest Expense 732,713 1,077,418
General and Administrative 162,818 285,169
---------- ----------
2,625,549 3,880,434
---------- ----------
INCOME (LOSS) BEFORE
MINORITY INTEREST
AND TAXES (301,871) (177,897)
MINORITY INTEREST IN
SUBSIDIARIES NET LOSS 87,415 1,322
PROVISION FOR STATE
INCOME TAXES 0 0
---------- ----------
NET INCOME (LOSS) $ (214,456) $ (176,575)
========== ==========
EARNINGS PER UNIT
BASED ON 178,972 UNITS OUTSTANDING $ (1.20) $ (.99)
========== ==========
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, 1996 AND 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended March 31,
--------------------------------
1996 1995
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) $ (214,456) $ (176,575)
Non Cash Items Included in Net Income
Loss on Sale of Real Estate 271,076 0
Minority Interest in Subsidiaries
Net Income/Loss (87,415) (1,322)
Depreciation and Amortization 456,400 617,100
Amortization of Debt Forgiveness Income (276,506) (18,417)
(Decrease) Increase in Net Payables and
Accrued Expense (420,193) 167,224
Share of Partnership's Net (Income) Loss (55,578) (10,787)
----------- ----------
Total Cash Provided (Used) from Operating Activities (112,216) 577,223
----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash Provided from Sale of Real Estate 8,197,646 0
Partnership Investment Draws 45,069 64,640
(Increase) in Land and Buildings (65,839) (44,270)
Investment in Partnerships (29,005) (2,751)
(Decrease) Increase in Minority Interest (27,550) (24,550)
(Decrease) Increase in Mortgage and Notes Payable (2,655,333) 244,129
(Increase) Decrease in Mortgage and Notes Receivable 295,505 (78,217)
Investment in Deferred Charges (26,493) (35,105)
----------- ----------
Total Cash Provided (Used) from Investing Activities 5,734,000 123,876
----------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Mortgage Principal Payments Upon Sale of Real Estate (5,185,580) 0
Mortgage Principal Payments (94,014) (111,472)
----------- ----------
Total Cash Provided (Used) from Financing Activities (5,279,594) (111,472)
----------- ----------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 127,734 589,627
CASH AND EQUIVALENTS - BEGINNING OF PERIOD 491,850 529,136
CASH AND EQUIVALENTS - END OF PERIOD $ 619,584 $1,118,763
=========== ==========
</TABLE>
-4-
<PAGE> 5
FIRST WILKOW VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996
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, 1995, 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, 1996
Overview
Reference is made to partnership's annual report for the year ended
December 31, 1995 for a discussion of the partnership's business.
On January 18, 1996, Freeport Office Partners Limited sold the 8505
Freeport Office Building for $8,503,150, resulting in full repayment of the
$5,185,580 first mortgage and the $2,000,0000 subordinated debenture. The
Registrant received $615,983 as repayment of previous operating deficit loans.
A provision for loss in book value of $1,400,000, equal to the estimated loss
to the Registrant on the disposition of the property, was recognized in 1995.
An additional loss of $271,076 is included in 1996.
For the Quarter ended March 31, 1996, revenues and expenses were
$2,268,100 and $2,625,549, respectively, compared to $3,691,750 and $3,880,434
for the quarter ended March 31, 1995. The variances are primarily due to the
disposition of the 8505 Freeport Office Building and Tango Bay Suites. The
decreases in revenues and expenses from the comparative period of 1995 related
to the 8505 Freeport Office Building were approximately $556,000 and $411,000.
The decreases in revenues and expenses from the comparative period of 1995
related to Tango Bay Suites were approximately $774,000 and $843,000.
-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, 1996 and 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 13, 1996
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 May 13, 1996.
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-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 619,584
<SECURITIES> 0
<RECEIVABLES> 1,157,134
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,350,729
<PP&E> 52,561,369
<DEPRECIATION> 15,503,261
<TOTAL-ASSETS> 45,693,690
<CURRENT-LIABILITIES> 2,080,989
<BONDS> 32,821,557
<COMMON> 0
0
0
<OTHER-SE> 8,675,102
<TOTAL-LIABILITY-AND-EQUITY> 45,693,690
<SALES> 2,231,601
<TOTAL-REVENUES> 2,268,100
<CGS> 0
<TOTAL-COSTS> 667,546
<OTHER-EXPENSES> 768,890
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 732,713
<INCOME-PRETAX> (214,456)
<INCOME-TAX> 0
<INCOME-CONTINUING> (214,456)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (214,456)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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