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Previous: FIRST OF MICHIGAN CAPITAL CORP, 15-12B, 1997-08-11 |
Next: SPRINT FLORIDA INC, 10-Q, 1997-08-11 |
<PAGE> 1
August 7, 1997
Securities & Exchange Commission
Branch 5 - Division of
Corporate Finance
450 Fifth Street N.W.
Washington, D.C. 20549-1004
Re: First Wilkow Venture
June 30, 1997
Form 10-Q
Dear Sir/Madam:
Pursuant to the regulations of the Securities and Exchange Commission,
submitted herewith for filing on behalf of First Wilkow Venture is the
Company's Quarterly Report Form 10-Q for the Quarter ended June 30, 1997.
The filing is being effected by direct transmission to the Commission's
Operational Edgar System.
Very truly yours,
Thomas Harrigan
----------------------------
Thomas Harrigan-Vice President
TH/paw
Enc.
<PAGE> 2
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 June 30, 1997
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> 3
FIRST WILKOW VENTURE
(A LIMITED PARTNERSHIP)
CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
June 30,
1997 December 31,
(Unaudited) 1996
----------- ------------
<S> <C> <C>
ASSETS
REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS
Real Estate:
Land $ 6,230,711 $ 6,230,711
Buildings and Improvements 45,866,473 45,672,807
Fixtures and Equipment 116,955 116,955
----------- -----------
Total 52,214,139 52,020,473
Less-Accumulated Depreciation 17,245,115 16,543,394
----------- -----------
Net Real Estate 34,969,024 35,477,079
Investment in Real Estate Partnerships 3,770,546 5,180,049
----------- -----------
Total 38,739,570 40,657,128
----------- -----------
LOANS RECEIVABLE 926,113 1,224,274
----------- -----------
OTHER ASSETS
Cash 1,020,105 466,870
Certificates of Deposit 1,840,000 840,000
Receivable 561,484 702,376
Prepaid Expenses 2,446 -
Deposits 808,527 715,053
Deferred Charges 944,580 988,991
----------- -----------
Total 5,177,142 3,713,290
----------- -----------
TOTAL ASSETS $44,842,825 $45,594,692
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
MORTGAGES AND LOANS PAYABLE
Mortgages Payable $30,939,678 $31,339,400
Notes Payable 751,230 829,488
----------- -----------
Total 31,690,908 32,168,888
----------- -----------
OTHER LIABILITIES
Accounts Payable and Accrued Expenses 146,326 182,975
Accrued Property Taxes 2,410,848 2,328,926
Deferred State Income Taxes 200,000 200,000
Security Deposits and Prepaid Rent 399,962 404,507
Accrued Interest 69,221 69,110
----------- -----------
Total 3,226,357 3,185,518
----------- -----------
MINORITY INTEREST 1,391,671 1,449,774
----------- -----------
PARTNERS' CAPITAL (178,972 units authorized and issued) 8,533,889 8,790,512
----------- -----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $44,842,825 $45,594,692
=========== ===========
</TABLE>
Note: Balance Sheet at 12/31/96 has been taken from the audited financial
statements at that date.
-2-
<PAGE> 4
FIRST WILKOW VENTURE
CONSOLIDATED STATEMENT OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30
------------------------ ---------------------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUES
- --------
Rental Income $2,158,689 $2,346,416 $4,563,206 $4,578,017
Interest Income 54,966 37,893 99,716 70,777
Other Income 17,998 23,949 36,043 27,564
---------- ---------- ---------- ----------
2,231,653 2,408,258 4,698,965 4,676,358
---------- ---------- ---------- ----------
PARTNERSHIP INVESTMENTS' INCOME (LOSS)
- --------------------------------------
Share of Net Income (Loss) 489,627 80,940 581,536 136,518
---------- ---------- ---------- ----------
489,627 80,940 581,536 136,518
---------- ---------- ---------- ----------
EXPENSES
- --------
Operating Expenses 623,640 567,842 1,382,032 1,235,388
Real Estate Taxes 553,649 581,276 1,207,621 1,187,348
Depreciation and Amortization 434,591 395,115 871,164 851,515
Interest Expense 673,119 670,030 1,370,775 1,402,743
General and Administrative 188,904 112,871 305,850 275,689
---------- ---------- ---------- ----------
2,473,903 2,327,134 5,137,442 4,952,683
---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE
- --------------------
MINORITY INTEREST
-----------------
AND TAXES 247,377 162,064 143,059 (139,807)
---------
MINORITY INTEREST IN
- --------------------
SUBSIDIARIES NET (INCOME)/LOSS 20,335 (42,875) 3,003 44,540
------------------------------
PROVISION FOR STATE
- -------------------
INCOME TAXES 0 0 0 0
------------ ---------- ---------- ---------- ----------
NET INCOME (LOSS) $267,712 $119,189 $146,062 ($95,267)
- ----------------- ========== ========= ========= ==========
NET INCOME (LOSS)/PER UNIT BASED
ON 178,972 UNITS OUTSTANDING $1.50 $0.67 $0.82 ($0.53)
========== ========= ========= ==========
DISTRIBUTION PER UNIT $0.25 $0.00 $2.25 $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> 5
FIRST WILKOW VENTURE
CONSOLIDATED STATEMENT OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended June 30,
--------------------------
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES ---- ----
- ------------------------------------
<S> <C> <C>
Net Income (Loss) $146,062 ($95,267)
Non Cash Items Included in Net Income
Loss on Sale of Real Estate - 271,076
Minority Interest in Subsidiaries Net Income/Loss (3,003) (44,540)
Depreciation and Amortization 871,164 851,515
Amortization of Debt Forgiveness Income (36,043) (294,690)
(Decrease) Increase in Net Payable and Accrued Expense 85,811 (346,369)
Share of Partnership's Net (Income) Loss (581,535) (136,518)
---------- -----------
Total Cash Provided (Used) from Operating Activities 482,456 205,207
---------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
- ------------------------------------
Partnership Investment Draws 1,994,476 8,197,646
Cash Provided from Sale of Real Estate - 120,817
(Increase) in Land and Buildings (193,666) (160,644)
Investment in Partnerships (3,438) (127,105)
(Decrease) Increase in Minority Interest (55,100) (55,100)
(Decrease) Increase in Mortgage and Notes Payable (205,768) (2,745,333)
(Increase) Decrease in Mortgage and Notes Receivable 298,161 229,131
Investment in Deferred Charges (125,032) (123,724)
---------- -----------
Total Cash Provided (Used) from Investing Activities 1,709,633 5,335,688
---------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
- ------------------------------------
Mortgage Principal Payments Upon Sale of Real Estate - (5,185,580)
Cash Distribution to Partners (402,687) -
Mortgage Principal Payments (236,167) (200,234)
---------- -----------
Total Cash Provided (Used) from Financing Activities (638,854) (5,385,814)
---------- -----------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 1,553,235 155,081
CASH AND EQUIVALENTS -BEGINNING OF PERIOD 1,306,870 491,850
- ------------------------------------------ ---------- -----------
CASH AND EQUIVALENTS - END OF PERIOD $2,860,105 $646,931
- ------------------------------------ ========== ==========
</TABLE>
-4-
<PAGE> 6
FIRST WILKOW VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1997
1. Financial Statements
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, 1996, 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.
2. Subsequent Events
On July 21, 1997 the Partnership sold an additional 12,500 shares of
Duke Realty Investment, Inc. for $528,168. This transaction resulted in a
gain of $411,543.
-5-
<PAGE> 7
FIRST WILKOW VENTURE
FORM 10-Q
MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
JUNE 30, 1997
Overview
Reference is made to partnership's annual report for the year ended
December 31, 1996 for a discussion of the Partnership's business.
On January 10, 1997, the Partnership made a distribution in the amount of
$357,944, or $2.00 per unit.
On January 16, 1997, the property known as 2221 Camden Court Office
Building was sold for $11,750,000, resulting in repayment of Partnership loans
and an equity distribution of $690,360 to the Partnership. A provision for
loss in book value of $154,000, equal to the estimated loss to the Partnership
on the disposition of the investment was recognized in 1996.
On February 12, 1997, Sun Pointe Place Limited Partnership sold a 140-unit
apartment complex it developed and owned in Largo, Florida, for $2,600,000. M
& J/Largo Limited Partnership, which owns a 91.12% interest, exercised its
option to withdraw as a limited partner of Sun Pointe Place Limited Partnership
simultaneously with the sale of the property, entitling it to all the available
sale proceeds. The Partnership received an equity distribution from M &
J/Largo Limited Partnership of $615,384. A gain of $40,157 was recognized as
a result of the equity distribution for the disposition of the investment and
included in net income from Partnership Investments.
On April 10, 1997, the Partnership made a distribution in the amount of
$44,743 or $.25 per unit.
The Partnership on April 15, 1997 converted 25,000 units in Duke Realty
Limited Partnership to 25,000 shares of common stock of Duke Realty
Investments, Inc.
On June 12, 1997 the Partnership sold 12,500 shares of common stock of
Duke Realty Investments, Inc. for $500,044. This transaction resulted in a
gain of $383,419, which was included in net income for Partnership Investments.
-6-
<PAGE> 8
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 periods ended June 30, 1997 and 1996.
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: August 7, 1997
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 August 7, 1997.
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
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 2,860,105
<SECURITIES> 0
<RECEIVABLES> 1,487,597
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,232,562
<PP&E> 52,214,139
<DEPRECIATION> 17,245,115
<TOTAL-ASSETS> 44,842,825
<CURRENT-LIABILITIES> 2,557,174
<BONDS> 31,690,908
0
0
<COMMON> 0
<OTHER-SE> 8,533,889
<TOTAL-LIABILITY-AND-EQUITY> 44,842,825
<SALES> 4,563,206
<TOTAL-REVENUES> 4,698,965
<CGS> 0
<TOTAL-COSTS> 1,382,032
<OTHER-EXPENSES> 1,513,471
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,370,775
<INCOME-PRETAX> 146,062
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 146,062
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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