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 June 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 0-7239
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
June 30, 1995
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Statements of Financial Condition, as of June 30, 1995
(Unaudited) and December 31, 1994.............................3
Statements of Operations, for the three months and the six months
ended June 30, 1995 and 1994 (Unaudited)......................4
Statements of Cash Flows, for the six months ended
June 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 V
(a Michigan limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
June 30, December 31,
1995 1994
(Unaudited)
ASSETS
Investment in real estate
Land $ 2,426,149 $ 2,426,149
Land improvements 315,017 315,017
Buildings and improvements 11,537,109 11,408,970
14,278,275 14,150,136
Less accumulated depreciation 8,246,278 7,934,984
Net investment in real estate 6,031,997 6,215,152
Wrap-around mortgage notes receivable 1,808,693 1,969,157
Less unamortized discount (253,608) (414,072)
Allowance for losses on wrap-around mortgage
notes receivable (655,318) (655,318)
899,767 899,767
Other assets
Cash 1,859 79,047
Investments, at costs which
approximates market 2,430,042 3,122,975
Accounts receivable 17,259 20,675
Replacement and repair reserves 47,330 45,086
Prepaid insurance and property taxes 63,659 129,957
Escrow deposits and other assets 237,849 89,829
Deferred charges net of accumulated
amortization of $17,199 and
$13,573, respectively 81,040 83,416
Total other assets 2,879,038 3,570,985
Total assets $ 9,810,802 $ 10,685,904
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 4,331,923 $ 4,743,039
Accounts payable 82,952 72,734
Accrued liabilities 196,932 153,346
Accrued liabilities to affiliates 18,363 18,469
Tenants' security deposits and other
liabilities 137,351 132,684
Unfunded distributions payable - 655,610
Total liabilities 4,767,521 5,775,882
Partners' capital
Limited Partners, 30,000 units 5,035,211 4,902,113
General Partners, 1,594 units 721,770 721,609
Less subscriptions receivable (713,700) (713,700)
Total Partners' capital 5,043,281 4,910,022
Total liabilities and
Partners' capital $ 9,810,802 $ 10,685,904
3
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MULTIVEST REAL ESTATE FUND, LTD. SERIES V
(a Michigan limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June, 30,
1995 1994 1995 1994
Revenues
Interest on wrap-around
mortgage notes receivable $ 80,232 $ 80,232 $ 160,464 $ 160,464
Rents and other tenant charges 1,031,312 1,005,609 2,051,966 2,022,720
Other income 88,185 185,332 154,455 236,068
1,199,729 1,271,173 2,366,885 2,419,252
Expenses
Maintenance, custodial salaries
and related expenses 93,008 91,827 188,026 189,539
Real estate management fee 56,171 54,852 112,141 111,557
Mortgage servicing fee 1,478 1,578 2,981 3,181
Property taxes 69,741 69,741 139,482 139,482
Depreciation and amortization 156,559 204,920 314,921 407,954
Insurance 34,644 35,370 69,288 70,740
Utilities 236,494 226,311 469,016 466,510
Repairs and maintenance 180,619 174,076 343,885 317,370
Legal and accounting 4,580 6,334 16,066 12,608
Interest 103,159 125,088 211,194 277,020
Administrative and other 95,094 91,897 177,062 169,362
1,031,547 1,081,994 2,044,062 2,165,323
Income from existing assets 168,182 189,179 322,823 253,929
Income from disposed properties - 45,551 - 140,234
Income from operations 168,182 234,730 322,823 394,163
Gain on sale of real estate - 264,764 - 361,651
Net income $ 168,182 $ 499,494 $ 322,823 $ 755,814
Allocated to
Limited partners, 30,000 units $ 167,992 $ 498,929 $ 322,458 $ 754,958
General partners, 1,594 units 190 565 365 856
$ 168,182 $ 499,494 $ 322,823 $ 755,814
Net income per limited
partnership unit based
on 30,034 average units
outstanding $ 5.60 $ 16.63 $ 10.75 $ 25.17
4
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. SERIES V
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months
Ended June 30,
1995 1994
Operating Activities
Net income $ 322,823 $ 755,814
Adjustments to reconcile net income
to net cash provided by operating activities:
(Increase) in deferred interest income - (32,400)
Depreciation 311,294 237,879
Amortization of discount on mortgage note
receivable (160,464) (160,335)
Gain on sale - (361,651)
Decrease (increase) in deferred charges 2,376 (91,502)
Decrease in accounts receivable 3,416 42,727
Decrease in prepaid expenses 66,298 74,579
Increase in escrow deposits (148,020) (130 511)
Increase in replacement and repair reserves (2,244) -
Increase (decrease) in accounts payable 10,218 (18,978)
Increase (decrease) in accrued liabilities 43,586 (45,509)
Increase (decrease) in security deposits 4,667 (46,015)
Decrease in accrued liabilities to affiliates (106) -
Decrease in unfunded distributions payable (655,610) -
Net cash (used in) provided by operating
activities (201,766) 224,098
Investing Activities
Proceeds from sale of properties - 4,705,000
Capital improvements to real estate (128,139) (186,846)
Payments received on wrap-around
mortgage notes receivable 160,464 160,464
Net cash provided by investing activities 32,325 4,678,618
Financing Activities
Distributions to Partners (189,564) (2,022,016)
Funds received on Rock Island refinancing - 2,100,000
Payoff of Rock Island mortgage note payable - (2,096,744)
Mortgage notes payoffs on sold properties - (989,843)
Principal payments on mortgage notes payable (411,116) (436,410)
Net cash used in financing activities (600,680) (3,445,013)
(Decrease) increase in cash and cash equivalents (770,121) 1,457,703
Cash and cash equivalents - January 1 3,202,022 1,599,895
Cash and cash equivalents - June 30 $ 2,431,901 $ 3,057,598
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.
Subsequent Events
On May 5, 1995, the Fort Worth, Texas area suffered a severe hailstorm. As a
result of this storm, Manitoba Apartments sustained structural damage including
roof damage and broken windows. It is anticipated that insurance proceeds will
be sufficient to cover the cost of repairs.
6
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. SERIES V
(a Michigan limited partnership)
June 30, 1995
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The current operations of the Partnership are centered around the Partnership's
three residential apartment complexes, collection 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 decreased $71,444 or 6% for the three month
period ended June 30, 1995, and by $52,367 or 2% for the six months ended
June 30, 1995, as compared to the same periods of the prior year. Other income
decreased for both periods by $97,147 or 52%, and $81,613 or 35%, due primarily
to the recognition, during 1994, of interest on General Partner notes.
Total expenses decreased $50,447 of 5%, and $121,261 or 6% for the three and six
month periods ended June 30, 1995, as compared to the same periods of the prior
year. Depreciation and amortization costs decreased $48,361 or 24% for the
three months, and $93,033 or 23% for the six months ended June 30, 1995, due
primarily to the tangible personal property at Greenhaven Village Apartments
having become fully depreciated. Interest expense decreased $21,929 or 18% and
$65,826 or 24% for the three and six month periods, respectively, as compared to
the same periods of the prior year as a result of continued principal
amortization of the Partnership's mortgage notes payable.
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 through 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 generated from operations and mortgage notes receivable on sold properties
have primarily been utilized to meet debt service obligations and, when
possible, to distribute funds to the partners. Funds in excess of Partnership
reserves resulted in distributions totaling $189,564 or $6.00 per unit being
paid during the six months ended June 30, 1995.
7
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD. SERIES V
(a Michigan limited partnership)
June 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 June 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 V, a Michigan Limited
Partnership
(Registrant)
By: MULTIVEST REAL ESTATE, INC.,
a Delaware corporation
Its: Corporate General Partner
Date: August 14, 1995 RICHARD L. DAVIS
Richard L. Davis
President -
Chief Executive Officer
Date: August 14, 1995 JOHN J. KAMMERER
John J. Kammerer
Principal Accounting Officer
8
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