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, 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 0-7239
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(Exact name of registrant as specified in its charter)
Michigan 38-6258639
(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 V
COMMISSION FILE NUMBER 0-7239
FORM 10-Q
March 31, 1995
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Statements of Financial Condition, as of March 31, 1995
(Unaudited) and December 31, 1994.............................3
Statements of Operations, for the three months
ended March 31, 1995 and 1994 (Unaudited).....................4
Statements of Cash Flows, for the three months ended
March 31, 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
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ITEM 1. FINANCIAL STATEMENTS
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31, December 31,
1995 1994
ASSETS
Investment in real estate
Land $ 2,462,149 $ 2,426,149
Land improvements 315,017 315,017
Buildings and improvements 11,466,660 11,408,970
14,207,826 14,150,136
Less accumulated depreciation 8,091,532 7,934,984
Net investment in real estate 6,116,294 6,215,152
Wrap-around mortgage notes receivable 1,888,925 1,969,157
Less unamortized discount (333,840) (414,072)
Allowance for losses on wrap-around mortgage
notes receivable (655,318) (655,318)
899,767 899,767
Other assets
Cash 3,253 79,047
Investments, at costs which
approximates market 2,331,130 3,122,975
Accounts receivable 37,024 20,675
Replacement and repair reserves 46,377 45,086
Prepaid insurance and property taxes 87,234 129,957
Escrow deposits and other assets 163,590 89,829
Deferred charges, net of acc. amortization
of $15,386 and $13,573, respectively 82,853 83,416
Total other assets 2,751,461 3,570,985
Total assets $ 9,767,522 $ 10,685,904
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 4,539,919 $ 4,743,039
Accounts payable 88,917 72,734
Accrued liabilities 112,457 153,346
Accrued liabilities to affiliates 19,050 18,469
Tenants' security deposits and other
liabilities 132,079 132,684
Unfunded distributions payable - 655,610
Total liabilities 4,892,422 5,775,882
Partners' capital
Limited Partners, 30,000 units 4,867,220 4,902,113
General Partner, 1,594 units 721,580 721,609
Less subscriptions receivable (713,700) (713,700)
Total Partner's capital 4,875,100 4,910,022
Total liabilities and
Partners' capital $ 9,767,522 $ 10,685,904
3<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
1995 1994
Revenues
Rents and other tenant charges $1,020,654 $ 1,017,111
Interest on wrap-around mortgage
notes receivable 80,232 80,232
Other interest 66,270 50,737
1,167,156 1,148,080
Expenses
Maintenance, custodial salaries
and related expenses 95,018 97,713
Real estate management fees 55,970 56,706
Mortgage servicing fee 1,503 1,603
Property taxes 69,741 69,741
Depreciation and amortization 158,361 203,034
Insurance 34,644 35,370
Utilities 232,521 240,200
Repairs and maintenance 163,266 143,294
Legal and accounting 11,486 6,274
Interest 108,035 151,931
Administrative and other 81,969 77,462
1,012,514 1,083,328
Income from existing assets 154,642 64,752
Income from sold properties - 75,689
Income from operations 154,642 140,441
Gain on sale of real estate - 115,879
Net income $ 154,642 $ 256,320
Allocated to
Limited partners, 30,000 units $ 154,467 $ 256,030
General partners, 1,594 units 175 290
$ 154,642 $ 256,320
Net income per partnership unit
based on 30,034 Partnership
units outstanding $ 5.15 $ 8.53
4<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
1995 1994
Operating Activities
Net income $ 154,642 $ 256,320
Adjustments to reconcile net income to
net cash provided by operating activities:
(Increase) in deferred interest income - (16,200)
Amortization of discount on mortgage
notes receivable (80,232) (80,232)
Depreciation 156,548 70,807
Gain on sale - (115,879)
Decrease (increase) in deferred charges 563 (17,731)
Increase (decrease) in accounts receivable (16,349) 9,183
Decrease in prepaid expenses 42,723 57,633
(Increase) decrease in escrow deposits (73,761) 5,751
Increase in replacement and repair reserves (1,291) -
Increase (decrease) in accounts payable 16,183 (4,464)
Increase in accrued liabilities to affiliates 581 -
(Decrease) increase in accrued liabilities (40,889) 65,534
Decrease in security deposits (605) (38,352)
Decrease in unfunded distributions payable (655,610) -
Net cash (used in) provided by
operating activities (497,497) 192,370
Investing Activities
Proceeds from sale of properties - 3,205,000
Capital improvements to real estate (57,690) (102,407)
Payments received on wrap-around mortgage
notes receivable 80,232 80,232
Net cash provided by investing
activities 22,542 3,182,825
Financing Activities
Distribution to partners (189,564) -
Mortgage notes payoff - Old Town Villa - (918,768)
Principal payments on mortgage notes payable (203,120) (234,532)
Net cash used in financing activities (392,684) (1,153,300)
(Decrease) increase in cash and cash
equivalents (867,639) 2,221,895
Cash and cash equivalents - January 1 3,202,022 1,599,895
Cash and cash equivalents - March 31 $ 2,334,383 $ 3,821,790
5<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(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.
Reclassifications
Certain reclassifications have been made in the 1994 financial statements to
conform to the presentation of 1995 results of operations.
6<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
March 31, 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 Partnership's
three residential apartment complexes, collections on mortgage notes received
upon sale of certain of the Partnership's properties and protection of the
Partnership's mortgage interest in such sold properties.
The Partnership's total revenues increased $19,076 or 2% during the first
quarter of 1995 as compared with the same period of the prior year. There
was a $15,533 or 31% increase in other interest due primarily to increased
interest on investments as a result of higher invested balances.
Total expenses decreased $70,814 or 7% for the period ending March 31, 1995
as compared to the same period of the prior year. Depreciation and
amortization costs decreased $44,673 or 22% due primarily to the tangible
personal property at Greenhaven Village Apartments having become fully
depreciated. Interest expense decreased $43,896 or 29% as a result of
continued amortization of the mortgage notes payable principal balances.
The liquidity of the Partnership is dependent upon the timely receipt of cash.
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 of cash flow, management closely monitors the Partnership's
cash position and, when necessary, reserves adequate funds to continue to
operate 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 as to continued
collections on the existing mortgage notes or the continued performance of
the Partnership's rental properties. Unanticipated collection problems on
the existing notes, or a decline in the performance of the Partnership's
rental properties, could have a negative effect upon the long-term
liquidity of the Partnership. Funds in excess of required reserves resulted
in a distribution of $189,564 or $6.00 per partnership unit being paid during
the quarter ended March 31, 1995.
7<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
March 31, 1995
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, 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 V, a Michigan Limited
Partnership,
(Registrant)
By: MULTIVEST REAL ESTATE, INC.
a Delaware corporation
Its: Corporate General Partner
RICHARD L. DAVIS
Date: May 12, 1995 Richard L. Davis
President -
Chief Executive Officer
JOHN J. KAMMERER
Date: May 12, 1995 John J. Kammerer
Principal Accounting Officer
