SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the Quarterly period ended September 30, 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 number 0-6146
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(Exact name of registrant as specified in its charter)
Michigan 38-1954699
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6100 Glades Road, Suite 205
Boca Raton, Florida 33434
(Address of principal executive offices) (Zip Code)
(407) 487-6700
(Registrant's telephone number, including area code)
(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
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 report), and (2) has been subject to
such filing requirements for the past 90 days.
Yes x No
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MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
COMMISSION FILE NUMBER 0-6146
FORM 10-Q
September 30, 1995
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Financial Condition, as of September 30, 1995
and December 31, 1994 (Unaudited)...............................3
Statements of Operations, for the three months and the nine months
ended September 30, 1995 and 1994 (Unaudited)...................4
Statements of Cash Flows, for the nine months ended
September 30, 1995 and 1994 (Unaudited).........................5
Notes to Financial Statements (Unaudited)............................6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.............................7
PART II. OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K.....................................8
<PAGE>
ITEM 1. FINANCIAL STATEMENTS
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
September 30, December 31,
1995 1994
ASSETS (Unaudited)
Investment in real estate
Land $ 180,051 $ 180,051
Buildings and improvements 1,650,643 1,638,115
Allowance for loss on real estate (525,000) (525,000)
1,305,694 1,293,166
Less accumulated depreciation 972,739 884,891
Net investment in real estate 332,955 408,275
Other assets
Cash 1,023 78,583
Investments, at cost which approximates market 479,611 396,500
Accounts receivable 23,018 1,723
Prepaid insurance 5,048 19,530
Escrow deposits and other assets 2,500 2,500
Total other assets 511,200 498,836
Total assets $ 844,155 $ 907,111
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 55,452 $ 8,787
Accrued liabilities to affiliates 3,559 5,747
Accrued liabilities 24,820 37,540
Security deposits 9,165 9,910
Total liabilities 92,996 61,984
Partners' capital
Limited Partners, 1,077 units 744,213 837,317
General Partner, 10 units 6,946 7,810
Total Partners' capital 751,159 845,127
Total liabilities and
Partners' capital $ 844,155 $ 907,111
3
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MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
Revenues
Rents and other tenant charges $ 99,158 $ 96,035 $ 280,829 $ 283,405
Other income 25,699 8,082 43,229 21,885
124,857 104,117 324,058 305,290
Expenses
Maintenance, custodial salaries
and related expense 18,542 17,897 54,820 52,551
Real estate management fees 4,116 5,028 13,473 14,698
Investment management fees 2,242 2,376 6,726 7,128
Property taxes 7,314 7,314 21,942 21,942
Depreciation and amortization 29,354 28,576 87,848 84,772
Insurance 4,854 4,963 14,562 14,869
Utilities 21,216 22,505 68,862 64,806
Repair and maintenance 30,149 29,042 99,772 73,130
Legal and accounting 204 278 10,990 10,984
Administrative and other 12,762 10,263 39,031 33,320
130,753 128,242 418,026 378,200
Net (loss) $ (5,896) $ (24,125) $ (93,968) $ (72,910)
Allocated to
Limited partners, 1,077 units $ (5,842) $ (23,903) $ (93,104) $ (72,239)
General partners, 10 units (54) (222) (864) (671)
$ (5,896) $ (24,125) $ (93,968) $ (72,910)
Net (loss) per partnership
unit based on 1,087 average
units outstanding $ (5.42) $ (22.19) $ (86.45) $ (67.08)
4
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
1995 1994
Operating Activities
Net (loss) $ (93,968) $ (72,910)
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization 87,848 84,772
(Increase) decrease in accounts receivable (21,295) 713
Decrease in prepaid insurance 14,482 13,733
Increase in accounts payable 46,665 446
Decrease in accrued liabilities (12,720) (11,354)
Decrease in accrued liabilities to affiliates (2,188) -
(Decrease) increase in security deposits (745) 473
Net cash provided by operating activities 18,079 15,873
Investing Activities
Capital improvements to real estate (12,528) (15,968)
Net cash used in investing
activities (12,528) (15,968)
Financing Activities
Distributions to Partners - (108,700)
Net cash used in financing activities - (108,700)
Increase (decrease) in cash and cash equivalents 5,551 (108,795)
Cash and cash equivalents - January 1 475,083 602,020
Cash and cash equivalents - September 30 $ 480,634 $ 493,225
5
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
The financial statements reflect all adjustments which are normal and recurring
in nature and, in the opinion of management, necessary to a fair statement of
the results of the interim periods presented. It is suggested that these
financial statements be read in conjunction with the financial statements and
the notes included in the Partnership's latest annual report on Form 10-K. The
results of operations for interim periods should not be considered as indicative
of the results to be expected for a full year.
6
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
September 30, 1995
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The current operations of the Partnership are centered on the one apartment
complex (located in Fort Worth, Texas) owned by the Partnership.
The Partnership's total revenues increased $20,740 or 20% and $18,768 or 6% for
the three and nine month periods ended September 30, 1995 as compared with the
same periods of the prior year. Rents and other tenant charges remained
relatively constant for the quarter and the nine month periods as compared to
the same periods of 1994. Other income increased $17,617 or 218% for the three
months, and $21,344 or 98% for the nine months ended September 30, 1995, as
compared to the same periods of 1994. The increases are due primarily to
refunds of prior year real estate taxes.
Total expenses of the Partnership increased $2,511 or 2% for the quarter, and
$39,826 or 11% for the nine month period ending September 30, 1995 as compared
to the same periods of the prior year. Administrative and other costs increased
$2,499 or 24% for the quarter, and $5,711 or 17% for the nine months ended
September 30, 1995 as compared to the same periods of 1994, due primarily to
increased advertising and promotion costs. Repair and maintenance costs
increased $1,107 or 4%, and $26,642 or 36%, for the three and nine month
periods as efforts continue to enhance the appearance and salability of Warwick
Apartments.
On May 5, 1995, the Fort Worth, Texas area suffered a severe hailstorm. As a
result of this storm, Warwick Apartments sustained structural damage including
roof damage, interior damage, and broken windows. It is anticipated that
insurance proceeds will be substantially sufficient to cover the cost of
repairs.
The liquidity of the Partnership is dependent upon the timely receipt of cash
collections on rental revenue at Warwick Apartments. The Partnership has no
credit facilities currently in place. Limited Partners have no obligation to
provide additional funds in excess of their initial cash contributions. In
order to protect the Partnership in the event of a reduction in cash flow,
management closely monitors the Partnership's cash position, and, when
necessary, will reserve adequate funds to continue operations of the Partnership
in the foreseeable future. Funds reserved are generally invested in short-term
investments. The Partnership endeavors to maintain adequate liquidity on a
short-term basis through its cash flow and reserve policies. However, there
can be no assurance of the continued performance of Warwick Apartments. An
unanticipated decline in the performance of Warwick Apartments could have a
negative effect upon the long-term liquidity of the Partnership.
There was no distribution of funds during the nine months ended September
30, 1995.
7
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
September 30, 1995
PART II - OTHER INFORMATION
Item 6. Exhibits and Report on Form 8-K
(a) Exhibits:
(i) Exhibit 27 - Financial Data Schedule
(b) No report on Form 8-K has been filed during the quarter ended
September 30, 1995.
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.
MULTIVEST REAL ESTATE FUND, LTD.
(Series I), a Michigan Limited
Partnership
(Registrant)
By: MULTIVEST REAL ESTATE, INC.,
a Delaware corporation
Its: Corporate General Partner
RICHARD L. DAVIS
Date: November 13, 1995
Richard L. Davis
President -
Chief Executive Officer
JOHN J. KAMMERER
Date: November 13, 1995
John J. Kammerer
Principal Accounting Officer
8
<PAGE>
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<RECEIVABLES> 23018
<ALLOWANCES> 525000
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<OTHER-SE> 751159
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