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, 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 0-7239
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)
(561) 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 V
COMMISSION FILE NUMBER 0-7239
FORM 10-Q
June 30, 1996
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Statements of Financial Condition, as of June 30, 1996
(Unaudited) and December 31, 1995 . . . . . . . . . . . . . 3
Statements of Operations, for the three and six month
periods ended June 30, 1996 and 1995 (Unaudited). . . . . . 4
Statements of Cash Flows, for the three months ended
June 30, 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 V
(a Michigan limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
June 30, December 31,
1996 1995
(Unaudited)
ASSETS
Investment in real estate
Land $ 2,426,149 $ 2,426,149
Land improvements 315,017 315,017
Buildings and improvements 11,449,925 10,732,387
Construction-in-progress - 640,459
14,191,091 14,114,012
Less accumulated depreciation 8,127,851 7,812,077
Net investment in real estate 6,063,240 6,301,935
Other assets
Cash 4,820 16,345
Investments, at costs which
approximates market 1,661,483 2,219,310
Accounts receivable 101,483 10,948
Replacement and repair reserves 49,917 34,197
Prepaid insurance and property taxes 43,151 131,104
Escrow deposits and other assets 241,858 92,796
Deferred charges net of accumulated
amortization of $24,768
and $20,824, respectively 83,022 77,415
Total other assets 2,185,734 2,582,115
Total assets $ 8,248,974 $ 8,884,050
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 3,430,382 $ 3,774,776
Accounts payable 84,710 80,252
Accrued liabilities 208,511 165,244
Accrued liabilities to affiliates 19,756 18,831
Tenants' security deposits and other
liabilities 155,167 145,457
Total liabilities 3,898,526 4,184,560
Partners' capital
Limited Partners, 30,000 units 4,343,011 4,691,695
General Partner, 1,594 units 721,137 721,495
Less subscriptions receivable (713,700) (713,700)
Total Partner's capital 4,350,448 4,699,490
Total liabilities and
Partners' capital $ 8,248,974 $ 8,884,050
<PAGE>
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,
1996 1995 1996 1995
Revenues
Rents and other tenant
charges $ 1,078,161 $ 1,031,312 $ 2,119,979 $ 2,051,966
Other interest 77,294 88,185 141,761 154,455
1,155,455 1,119,497 2,261,740 2,206,421
Expenses
Maintenance, custodial
salaries and related
expenses 98,676 93,008 194,042 188,026
Real estate management fee 58,297 56,171 115,297 112,141
Property taxes 69,273 69,741 138,546 139,482
Depreciation and amortization 160,882 156,559 319,717 314,921
Insurance 35,334 34,644 70,668 69,288
Utilities 244,189 236,494 461,487 469,016
Repairs and maintenance 160,470 180,619 286,675 343,885
Legal and accounting 7,355 4,580 13,328 16,066
Interest 81,250 97,418 166,691 198,637
Administrative and other 97,606 95,051 180,857 177,019
1,013,332 1,024,285 1,947,308 2,028,481
Income from existing assets 142,123 95,212 314,432 177,940
Income from disposed
properties - 72,970 - 144,883
Net income $ 142,123 $ 168,182 $ 314,432 $ 322,823
Allocated to
Limited partners,
30,000 units $ 141,962 $ 167,992 $ 314,076 $ 322,458
General partners,
1,594 units 161 190 356 365
$ 142,123 $ 168,182 $ 314,432 $ 322,823
Net income per limited
partnership unit based
on 30,034 average units
outstanding $ 4.73 $ 5.60 $ 10.47 $ 10.75
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
June 30,
1996 1995
Operating Activities
Net income $ 314,432 $ 322,823
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 315,773 311,294
Amortization of discount on mortgage note
receivable - (160,464)
(Increase) decrease in deferred charges (5,607) 2,376
(Increase) decrease in accounts receivable (90,535) 3,416
Decrease in prepaid expenses 87,953 66,298
Increase in escrow deposits (149,062) (148,020)
Increase in replacement and repair reserves (15,720) (2,244)
Increase in accounts payable 4,458 10,218
Increase in accrued liabilities 43,267 43,586
Increase in security deposits 9,710 4,667
Increase (decrease) in accrued
liabilities to affiliates 925 (106)
Decrease in unfunded distributions payable - (655,610)
Net cash provided by (used in)
operating activities 515,594 (201,766)
Investing Activities
Capital improvements to real estate (77,078) (128,139)
Payments received on wrap-around mortgage
notes receivable - 160,464
Net cash (used in) provided by
investing activities (77,078) 32,325
Financing Activities
Distributions to Partners (663,474) (189,564)
Principal payments on mortgage notes payable (344,394) (411,116)
Net cash used in financing activities (1,007,868) (600,680)
Decrease in cash and cash equivalents (569,352) (770,121)
Cash and cash equivalents - January 1 2,235,655 3,202,022
Cash and cash equivalents - June 30 $ 1,666,303 $ 2,431,901
<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 1995 financial statements to
conform to the presentation of 1996 results of operations.
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
June 30, 1996
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.
The Partnership's total revenues increased $35,958 or 3% for the three month
period ended June 30, 1996, and by $55,319 or 3% for the six months ended
June 30, 1996, as compared to the same periods of the prior year. Rents and
other tenant charges increased for both periods by $46,849 or 5%, and $68,013
or 3%, due primarily to the increased rental revenue at the Partnership's
Greenhaven Village Apartments.
Total expenses remain relatively constant for the three month period ended
June 30, 1996 as compared to the same period last year; for the six months
ended June 30, 1996, expenses decreased $81,173 or 4% from last year. Repair
and maintenance costs decreased $20,149 or 11% for the three months, and $57,210
or 17% for the six month period as compared to the same periods for 1995, due
to a decrease in required maintenance during the period. Interest expense
decreased $16,168 or 17% and $31,946 or 16% 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 the continued performance
of the Partnership's rental properties. An unanticipated 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 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
$663,474 or $21.00 per unit being paid during the six months ended June 30,
1996.
<PAGE>
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
June 30, 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
June 30, 1996.
SIGNATURES
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 13, 1996 RICHARD L. DAVIS
Richard L. Davis
President -
Chief Executive Officer
Date: August 13, 1996 JOHN J. KAMMERER
John J. Kammerer
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 4820
<SECURITIES> 1661483
<RECEIVABLES> 101483
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 417948
<PP&E> 14191091
<DEPRECIATION> 8127850
<TOTAL-ASSETS> 8248974
<CURRENT-LIABILITIES> 468144
<BONDS> 3430282
0
0
<COMMON> 0
<OTHER-SE> 4350448
<TOTAL-LIABILITY-AND-EQUITY> 8248974
<SALES> 0
<TOTAL-REVENUES> 2261740
<CGS> 0
<TOTAL-COSTS> 1586432
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 166691
<INCOME-PRETAX> 314432
<INCOME-TAX> 0
<INCOME-CONTINUING> 314432
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 314432
<EPS-PRIMARY> 10.47
<EPS-DILUTED> 0
</TABLE>
