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 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 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
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
COMMISSION FILE NUMBER 0-6146
FORM 10-Q
March 31, 1996
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Financial Condition, as of March 31, 1996
(Unaudited) and December 31, 1995.................................3
Statements of Operations, for the three months
ended March 31, 1996 and 1995 (Unaudited).........................4
Statements of Cash Flows, for the three months ended
March 31, 1996 and 1995 (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
March 31, December 31,
1996 1995
ASSETS (Unaudited)
Investment in real estate
Land $ 180,051 $ 180,051
Buildings and improvements 1,665,487 1,412,867
Construction-in-progress - 245,758
Allowance for loss on real estate (525,000) (525,000)
1,320,538 1,313,676
Less accumulated depreciation 899,680 869,909
Net investment in real estate 420,858 443,767
Other assets
Cash 3,872 32,795
Investments, at cost which approximate
market 330,075 342,791
Accounts receivable 1,334 488
Prepaid insurance 11,982 18,505
Escrow deposits and other assets 2,500 2,500
Total other assets 349,763 307,079
Total assets $ 770,621 $ 840,846
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 9,425 $ 7,090
Accrued liabilities to affiliates 7,910 5,987
Accrued liabilities 12,394 40,329
Security deposits 10,755 9,460
Total liabilities 40,484 62,866
Partners' capital
Limited Partners, 1,077 units 723,385 770,788
General Partner, 10 units 6,752 7,192
Total Partner's capital 730,137 777,980
Total liabilities and
Partners' capital $ 770,621 $ 840,846
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
1996 1995
Revenues
Rents and other tenant charges $ 81,356 $ 92,244
Other income 5,830 7,562
87,186 99,806
Expenses
Maintenance, custodial salaries
and related expense 19,254 17,674
Real estate management fees 4,141 4,683
Investment management fees 1,830 2,242
Property taxes 7,614 7,314
Depreciation and amortization 29,771 29,070
Insurance 4,968 4,854
Utilities 25,968 26,786
Repair and maintenance 24,739 37,450
Legal and accounting 5,920 6,242
Administrative and other 10,824 11,846
135,029 148,161
Net (loss) $ (47,843) $ (48,355)
Allocated to
Limited partners, 1,077 units $ (47,403) $ (47,910)
General partners, 10 units (440) (445)
$ (47,843) $ (48,355)
Net (loss) per partnership
unit based on 1,087 Partnership
units outstanding $ (44.01) $ (44.48)
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
1996 1995
Operating Activities
Net (loss) $ (47,843) $ (48,355)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization 29,771 29,070
Increase in accounts receivable (846) (2,544)
Decrease in prepaid insurance 6,523 6,269
Increase (decrease) in accrued liabilities
to affiliates 1,923 (4,188)
Increase (decrease)in accounts payable 2,335 (2,561)
Decrease in accrued liabilities (27,935) (25,111)
Increase (decrease)in security deposits 1,295 (415)
Net cash used in operating activities (34,777) (47,835)
Investing Activities
Capital improvements to real estate (6,862) (7,073)
Net cash used in investing activities 6,862 (7,073)
(Decrease) in cash and cash equivalents (41,639) (54,908)
Cash and cash equivalents - January 1 375,586 475,083
Cash and cash equivalents - March 31 $ 333,947 $ 420,175
<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, 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.
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
March 31, 1996
ITEM 2. MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The current operations of the Partnership are centered on Warwick Apartments,
the one apartment complex owned by the Partnership.
The Partnership's total revenues decreased $12,620 or 13% for the period ending
March 31, 1996 as compared with the same period of the prior year. Rents and
other tenant charges decreased $10,888 or 12% due primarily to increased
vacancies at Warwick Apartments, as a result of hailstorm damage on May 5,
1995. As of March 31, 1996, all damaged units at the property have been
repaired and aggressive leasing efforts are underway. On May 1, 1996, the
property was 93% occupied.
Total expenses of the Partnership decreased $13,132 or 9% for the period ending
March 31, 1996 as compared to the same period of the prior year. Repair and
maintenance costs decreased $12,711 or 34% due to reduced maintenance
requirements during the first quarter of 1996.
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 as a result of 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. Funds
generated from operations have primarily been used to meet debt service
obligations and, when possible, distribute funds to the Partners. There was no
distribution of funds during the quarter ending March 31, 1996.
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
March 31, 1996
PART II - OTHER INFORMATION
Item 6. Exhibits and Report on Form 8-K
(b) No report on Form 8-K has been filed during the quarter ended
March 31, 1996.
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
Date: May 14, 1996 RICHARD L. DAVIS
Richard L. Davis
President -
Chief Executive Officer
Date: May 14, 1996 JOHN J. KAMMERER
John J. Kammerer
Principal Accounting Officer
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<PERIOD-END> MAR-31-1996
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<RECEIVABLES> 1334
<ALLOWANCES> 525000
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<OTHER-SE> 730137
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