<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10 - Q
Annual Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 1995 Commission File No.: 2-80756
INDEPRO PROPERTY FUND I, L.P.
(Exact name of registrant as specified in its charter)
600 Dresher Road, Horsham, PA 19044
(Address of principal executive offices and zip code)
DELAWARE 51-0265801
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
(215) 956-0400
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Limited Partnership Interests
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 reports), and (2) has been subject to s uch filing for the
past 90 days.
YES X NO
----- -----
There is no public market for the Limited Partnership Interests. Non-affiliates
hold 23,579 Limited Partnership Interests as of June 30, 1995.
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
INDEX OF FINANCIAL STATEMENTS
Page Number
Part I - Financial Information
Item 1 - Consolidated Financial Statements
Consolidated Balance Sheets, as of June 30, 1995
and December 31, 1994 3
Consolidated Statements of Income, for the three and six
months ended June 30, 1995 and 1994 4
Consolidated Statement of Partners' Capital for the six
months ended June 30, 1995 5
Consolidated Statements of Cash Flows, for the six months
ended June 30, 1995 and 1994 6
Notes to Consolidated Financial Statements 7-8
Item 2 - Management's Discussion and Analysis of Financial Condition
and Results of Operations 9-12
Part II - Other Information 13
2
<PAGE>
INDEPRO PROPERTY FUND I, L.P. AND SUBSIDIARY
(A Delaware Limited Partnership)
CONSOLIDATED BALANCE SHEETS
As of June 30, 1995 and December 31, 1994
JUNE 30 DECEMBER 31
1995 1994
---- ----
Assets
Investments in real estate at cost (note 3) $8,951,029 $8,913,733
Less: Accumulated depreciation and amortization 3,408,763 3,144,977
---------- ----------
Total investments 5,542,266 5,768,756
Cash and cash equivalents 549,805 2,226,528
Accounts receivable (net of allowance for doubtful
accounts of $30,379 in 1995 and $22,996 in 1994) 543,785 421,224
Prepaid expenses and other assets (net of accumulated
amortization of $3,750 in 1995 and $7,859 in 1994) . 138,767 114,520
---------- ----------
Total Assets $6,774,623 $8,531,028
========== ==========
Liabilities and Partners' Capital
Notes payable 571,699 605,814
Capital lease obligation 18,064 23,438
Due to general partner and affiliates 11,364 119,307
Accrued liabilities 161,739 194,108
Advance deposits 10,499 7,614
---------- ----------
Total Liabilities 773,364 950,281
---------- ----------
Partners' capital 6,001,259 7,580,747
---------- ----------
Total liabilities and partners' capital $6,774,623 $8,531,028
========== ==========
The accompanying notes are an integral part of the
consolidated financial statements.
3
<PAGE>
INDEPRO PROPERTY FUND I, L.P. AND SUBSIDIARY
(A Delaware Limited Partnership)
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 1995 and 1994
<TABLE>
<CAPTION>
Three months Three months Six months Six months
Ended Ended Ended Ended
June 30, 1995 June 30, 1994 June 30, 1995 June 30, 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Income
Hotel revenues $ 1,312,380 $ 1,295,601 $ 2,254,610 $ 2,360,260
Hotel cost of revenues 481,585 499,221 861,002 934,161
----------- ----------- ----------- -----------
Gross profit from hotel operations 830,795 796,380 1,393,608 1,426,099
Equity income of joint venture -- 1,411,354 -- 1,417,376
Investment income 17,545 21,854 49,272 37,948
Miscellaneous income -- -- -- 222
----------- ----------- ----------- -----------
Total income 848,340 2,229,588 1,442,880 2,881,645
----------- ----------- ----------- -----------
Expenses
Property operating expenses 244,851 245,981 493,782 498,427
Depreciation and amortization 132,470 128,577 264,679 256,165
Real estate taxes 62,687 60,903 119,241 110,934
Administrative 23,019 19,000 36,669 31,474
Repairs and maintenance 26,581 27,906 56,069 60,331
Insurance 21,070 32,555 37,424 48,155
Provision for doubtful accounts 9,388 (1,870) 8,482 12,810
Write-off of other assets 10,718 -- 10,718 --
Interest expense 12,727 14,225 25,606 28,671
----------- ----------- ----------- -----------
Total expenses 543,511 527,280 1,052,670 1,046,968
----------- ----------- ----------- -----------
Net Income $ 304,829 $ 1,702,308 $ 390,210 $ 1,834,677
----------- ----------- ----------- -----------
Net income allocated to Limited
Partners $ 301,781 $ 1,685,285 $ 386,308 $ 1,816,330
Net income allocated to General
Partner 3,048 17,023 3,902 18,347
----------- ----------- ----------- -----------
$ 304,829 $ 1,702,308 $ 390,210 $ 1,834,677
=========== =========== =========== ===========
Net income per Limited Partnership
interests outstanding (30,000) $ 10 $ 57 $ 13 $ 61
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the
consolidated financial statements.
4
<PAGE>
INDEPRO PROPERTY FUND I, L.P. AND SUBSIDIARY
(A Delaware Limited Partnership)
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL
For the six months ended June 30, 1995
<TABLE>
<CAPTION>
Limited
General Partnership
Partner Units Total
-------- ------------ ----------
<S> <C> <C> <C>
Partners' capital at January 1, 1995 $771,190 $ 6,809,557 $ 7,580,747
Net income for the quarter ended March 31, 1995 854 84,527 85,381
Cash distributions from operations (22,727) (204,547) (227,274)
-------- ----------- -----------
Partners' capital at March 31, 1995 749,317 6,689,537 7,438,854
Net income for the quarter ended June 30, 1995 3,048 301,781 304,829
Cash distributions from operations (37,879) (1,704,547) (1,742,426)
-------- ----------- -----------
Partners' capital at June 30, 1995 $714,486 $ 5,286,771 $ 6,001,257
======== =========== ===========
</TABLE>
The accompanying notes are an integral part of the
consolidated financial statements.
5
<PAGE>
INDEPRO PROPERTY FUND I, L.P. AND SUBSIDIARY
(A Delaware Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1995 and 1994
<TABLE>
<CAPTION>
Six months Six months
Ended Ended
June 30, 1995 June 30, 1994
-------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 390,210 $ 1,834,677
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 264,679 256,165
Write-off of other assets 10,718 --
Change in assets and liabilities:
Increase in accounts receivable (122,561) (139,036)
Increase in prepaid expenses (35,857) (309)
Decrease in accrued liabilities (32,369) (78,743)
Increase in advance deposits 2,885 4,987
Increase (decrease) in amounts due to general
partner and affiliates (107,943) 3,388
----------- -----------
Net cash provided by (used in) operating activities 369,762 1,881,129
----------- -----------
Cash flows from investing activities:
Distributions received from joint venture in excess of
equity in earnings -- 1,745,896
Additions to real estate (37,296) (173,858)
----------- -----------
Net cash provided by (used in) investing activities (37,296) 1,572,038
----------- -----------
Cash flows from financing activities:
Repayment of notes payable (34,115) (31,400)
Repayment of capital lease obligation (5,374) (4,890)
Distributions to partners from operations (454,548) (681,818)
Distributions to partners from reserves (1,515,152) --
----------- -----------
Net cash (used in) financing activities (2,009,189) (718,108)
----------- -----------
Net increase (decrease) in cash and cash equivalents (1,676,723) 2,735,059
Cash and cash equivalents, beginning of period 2,226,528 2,257,939
----------- -----------
Cash and cash equivalents, end of period $ 549,805 $ 1,495,162
=========== ===========
The accompanying notes are an integral part of the
consolidated financial statements.
6
</TABLE>
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
As of June 30, 1995
1. General
The preceding unaudited financial information sets forth the operations of
Indepro Property Fund I, L.P. for the six months ended June 30, 1995. In the
opinion of Management, the financial statements reflect all adjustments
necessary to present fairly the results of operations for the six months
ended June 30, 1995.
Footnotes are presented pursuant to Rule 10-01 of Regulation S-X and do not
include complete financial information otherwise made in the Form 10 - K.
These interim financial statements should be read in conjunction with the
Form 10 - K for the year ended December 31, 1994.
2. Partners' Capital
Indepro Property Fund I, L.P. made distributions of $227,274 in March 1995
relating to the operations for the fourth quarter of 1994 and $227,274 in
May 1995 relating to the operations for the first quarter of 1995. In
addition, on May 15, 1995, the Partnership distributed excess cash reserves
totaling $1,515,152. Pennsylvania withholding taxes that were paid by
Indepro Property Fund I, L.P. on the partners behalf were deducted from the
quarterly distributions. The General Partner expects to continue
distributions for 1995 at approximately $227,000 per quarter.
The General Partner is obligated under the terms of the Partnership
Agreement to make capital contributions upon the Partnership's dissolution
in the amount necessary to enable the Partnership to pay to each Limited
Partner an 8% non-compounded return on the unrecovered capital contribution
of the Limited Partner, less all distributions of distributable cash and all
distributions of sale or refinancing proceeds in excess of the capital
contributions of the Limited Partner. This guaranteed return is computed
from the date of each Limited Partner's admission to the Partnership. This
obligation does not guarantee to the Limited Partners a return of their
capital contributions and is limited by the available assets of the
Partnership and the General Partner.
3. Investment in Real Estate
Investment in real estate consisted of the following as of June 30, 1995:
Building and
Property Land Improvements Total
-------- ---- ------------ -----
Brunswick Hotel and Conference Center $ 285,000 $8,666,029 $8,951,029
Less: Accumulated Depreciation 0 3,408,763 3,408,763
--------- ---------- ----------
Total $ 285,000 $5,257,266 $5,542,266
========= ========== ==========
7
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
As of June 30, 1995
3. Investments in Real Estate (continued)
On at least an annual basis, the General Partner prepares an estimate of
value for the property in the Partnership. The methodology used is either a
discounted cash flow analysis or a value based on a direct capitalization of
net operating income. This information is used to assist the General Partner
in determining net realizable value of the assets of the Partnership. A
valuation allowance is provided for assets in cases where the net realizable
value is less than the carrying amount of the asset. In addition, assets are
reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of the asset may not be recoverable.
4. Cash Flow Information
Net cash provided by operating activities reflects cash payments for
interest of $24,684 and $28,671 respectively, during the six months ended
June 30, 1995 and June 30, 1994.
For purposes of the Consolidated Statements of Cash Flows, the Partnership
considers highly liquid debt instruments purchased with a maturity of three
months or less to be cash equivalents.
5. Concentration of Credit Risk
The Partnership's operations consist of ownership of a hotel located in
Lancaster, Pennsylvania. The Partnership maintains adequate levels of
property and liability insurance for the hotel. The Partnership's hotel
customers primarily include governmental agencies, and to a lesser extent,
corporate travelers and tourists. The Partnership performs credit
evaluations of its customers and generally does not require collateral.
The Partnership invests its excess cash primarily through a major commercial
bank. Cash available in these accounts may at times exceed FDIC insurance
limits.
6. Investment in Joint Venture
The Partnership previously invested in a Joint Venture which was accounted
for under the equity method. The property in this joint venture was sold on
June 22, 1994 for a gain of $1,434,295 and a loss of $106,620 was recorded
related to the write off of the remaining balance of capitalized fees paid
in connection with the acquisition of the Partnership's interest in the
joint venture. The following is a summary of the results of operations of
the Joint Venture for the quarter ended June 30, 1994:
June 30,
1994
-----------
Revenues $ 532,589
Gain on Sale 1,536,915
Operating Expenses 592,780
-----------
Net Income $ 1,417,376
===========
Partnership's equity in net income
(loss) $ 1,417,376
===========
8
<PAGE>
INDEPRO PROPERTY FUND I, L.P. AND SUBSIDIARY
(A Delaware Limited Partnership)
Part I, Item 2
Management's Discussion and Analysis of Financial Condition and Results of
Operations
--------------------------------------------------------------------------------
Results of Operations
The Partnership's net income for the six months ended June 30, 1995 was
$390,210, a decrease of $1,444,467 from the same period of the prior year. The
June 30, 1994 results reflected the gain on the sale of the Lincoln Oaks
Apartments on June 22, 1994 of $1,434,295, offset partially by a loss of
$106,620 related to the write-off of the remaining balance of capitalized fees
paid in connection with the acquisition of the Partnership's interest in the
joint venture. (See discussion under individual property headings below.)
Brunswick Hotel and Conference Center
The Brunswick Hotel and Conference Center (the Hotel) is a 227 room hotel
located in downtown Lancaster, Pennsylvania. It recently has served three main
client segments which are the U.S. Government, tourist and corporate. Income
attributable to the Brunswick Hotel decreased from $408,618 for the six months
ended June 30, 1994 to $381,229 for the six months ended June 30, 1995 due to
the decline in occupancy rates. Occupancy rates declined from an average of 76%
for the six months ended June 30, 1994 to an average of 73% for the six months
ended June 30, 1995. This decline in occupancy was attributable to the
cancellation of Army classes and the fact that the OPM business was slower than
anticipated during the first three months of the year. These factors caused a
decline in revenue of approximately $105,650 from the same period of the prior
year. The Government business with both the Army and OPM has started to recover
during the second quarter of the 1995 with the shifting of some of the classes
scheduled for first quarter into the second quarter. The decline in revenue was
partially offset by a decrease in cost of sales of approximately $73,000.
The Brunswick Hotel property also includes an adjacent conference center. Prior
to 1991, this space was primarily a retail mall. In 1991, the Partnership
converted a portion of the upper level Mall to office space for the Army. In
addition, the lower level Mall was converted to additional conference facilities
and office space for the Office of Personnel Management (OPM). Hotel room night
charges generally include a provision for the use of the office and conference
space. The Hotel does not separately charge customers for these facilities in
most cases. The remaining mall retail space does not generate revenues that are
significant to the operations of the Hotel. The Hotel's lease with the adjacent
United Artist Theater expires in November, 1995, and the operators of the
theater have indicated that they do not intend to renew or extend their lease
beyond its current term. Annual revenues from the Theater of approximately
$41,000 are not significant to the operations of the hotel.
In October 1990, the Partnership contracted with two agencies of the U.S.
Government to provide training facilities and rooms. The Department of Defense
(the Army) has guaranteed a minimum of 11,000 room nights per year of the
agreement. The current agreement grants to the Army two one-year options
expiring on September 30, 1997. The U.S. Army has booked approximately 18,000
room nights for the period from October 1, 1994 to September 30, 1995. The lease
is terminable by the Army at any time by giving at least sixty days prior
written notice.
9
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations (Continued)
--------------------------------------------------------------------------------
Results of Operations (continued)
Brunswick Hotel and Conference Center (continued)
In addition, the U.S. Government's Office of Personnel Management ("OPM") was
offered three six month options extending through May, 1996. OPM has exercised
all three consecutive six month options. OPM has booked approximately 22,000
room nights for the period ending September 30, 1995. Historically, OPM has
canceled less than 5% of rooms booked.
In 1992, the Office of Personnel Management closed its training and conference
facility in King's Point, New York and relocated the majority of this business
to the Brunswick Hotel and Conference Center in Lancaster, Pennsylvania. OPM
expressed a further commitment to the facility in Lancaster by closing another
training center in Oak Ridge, Tennessee in January 1995 and relocating personnel
and equipment to the Brunswick Hotel. There are currently fourteen full-time
employees occupying space in the OPM offices with plans for further expansion
under review. The Hotel is currently developing plans to schedule an additional
track of classes for OPM that would run throughout this year. Denver, Colorado
and Lancaster, Pennsylvania are now the two primary training facilities for the
OPM with the OPM offices in Lancaster having the distinction of being the
reservation center for all training including those classes held in the Denver
location.
Lincoln Oaks
Lincoln Oaks Apartments (Phase I) in Fort Worth, Texas, was sold on June 22,
1994. Accordingly, no equity income was recognized for the six months ended June
30, 1995. Equity income for the six months ended June 30, 1994 was $1,417,376,
which reflected a gain of $1,434,295 from the sale of the apartments, partially
offset by a loss of $106,620 related to the write off of the remaining balance
of capitalized fees paid in connection with the acquisition of the Partnership's
interest in the joint venture.
Liquidity and Capital Resources
As of June 30, 1995, the Partnership had cash and cash equivalents totaling
$549,805, in comparison with $2,226,528 at December 31, 1994 and $4,992,997 at
June 30, 1994. The decrease in cash is due to the distribution of excess cash
reserves of $1,515,152 in May 1995. Management believed that this cash was no
longer needed for capital improvements at the Brunswick Hotel.
Since 1989, competition to the Hotel has increased dramatically as more than ten
new hospitality facilities have opened, adding many additional new rooms to the
marketplace. In order to remain competitive with the other hotels in the area
for business in the government, corporate and tourist segments, an upgrading of
the Hotel began in 1991 and continues in 1995. These renovations have included
upgrades to most guest rooms, renovations of the lobby and other common areas,
and replacement of the boiler and laundry equipment. During 1993, the Hotel
spent approximately $381,000 to install a complete sprinkler system in all guest
rooms and common areas. Approximately $64,000 was spent during 1994 to complete
this sprinkler work. In addition, approximately $245,000 was spent during 1994
for the replacement of bedding, carpet, and other room fixtures. The General
Partner has budgeted approximately $150,000 to be spent in 1995 for the
continued upgrading of the Hotel rooms and an additional $50,000 will be spent
during 1995 for work that was completed during 1994. Approximately $37,300 of
the amounts budgeted for 1995 was expended in the six months ended June 30,
1995. These 1995 improvements are being funded through cash flows from
operations.
10
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations
--------------------------------------------------------------------------------
Liquidity and Capital Resources (continued)
During 1991, the Hotel obtained third party financing in the form of a
promissory note to fund the major renovations to the Hotel and Mall. On August
12, 1993, this promissory note was refinanced from a 10.7% interest rate to an
8.25% interest rate. Monthly payments decreased from $10,958 to $9,800, which
began in September 1993, due to this refinancing. There were $16,000 in loan
fees related to this refinancing which were advanced under the note.
Approximately $791,443, which includes the $16,000 in loan fees has been
advanced under this note.
The General Partner believes that cash flows from operations will be adequate to
fund both debt service and the remainder of 1995 improvements.
On June 22, 1994, Lincoln Oaks I, Fort Worth Ltd., (the "Joint Venture"), a
joint venture in which Indepro Property Fund I, L.P. (the "Registrant") had a
50% interest, including certain significant priorities and preferences in the
event of sale, conveyed title to Lincoln Oaks Apartments (Phase I) to South West
Properties, L.P., (the "Purchaser"). Lincoln Oaks Apartments is a 248 unit
garden apartment complex located on approximately 10 acres in Fort Worth, Texas.
In accordance with the joint venture agreement, the net sales proceeds of
$3,193,000 were distributed to the Partnership. The Partnership distributed the
net sales proceeds, less $90,900 due to the Advisor for its purchase of the
preferred return, to the Limited Partners on July 28, 1994 in a distribution of
$97.38 per unit.
The sale of Lincoln Oaks Apartments will not have a material ongoing impact on
the net income of the Partnership. The Partnership had been receiving cash
distributions averaging approximately $150,000 each year for the past three
years from its investment in Lincoln Oaks. The General Partner does not believe
that the loss of these cash flows will result in a change in the level of the
quarterly distribution in the future.
With the sale of Lincoln Oaks on June 22, 1994, the Brunswick Hotel is now the
sole remaining property owned by the Partnership. The General Partner has
engaged the Grubb and Ellis Hospitality Group to assist in the marketing and
sale of the Brunswick Hotel. In accordance with the Partnership Agreement, the
Partnership is expected to be dissolved upon the sale of the Brunswick Hotel,
unless all or a portion of the purchase price is payable on a deferred basis.
11
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations (Continued)
--------------------------------------------------------------------------------
Liquidity and Capital Resources (continued)
Distributions
Indepro Property Fund I, L.P. made a distribution of $227,274 in March 1995
relating to the operating results for the fourth quarter of 1994 and a
distribution of $227,274 in May 1995 related to the operating results for the
first quarter of 1995. In addition, a distribution of excess cash reserves of
$1,515,152 was made on May 15, 1995. Management believed that this cash was no
longer needed for capital improvements at the Brunswick Hotel. Pennsylvania
withholding taxes that were paid by Indepro Property Fund I, L.P. on the
partners behalf were deducted from the quarterly distributions. The General
Partner expects to continue distributions for 1995 at approximately $227,000 per
quarter.
The General Partner is obligated under the terms of the Partnership agreement to
make capital contributions upon the Partnership's dissolution in the amount
necessary to enable the Partnership to pay to each Limited Partner an 8%
non-compounded return on the unrecovered capital contribution of the Limited
Partner, less all distributions of distributable cash and all distributions of
sale or refinancing proceeds in excess of the capital contributions of the
Limited Partner. This guaranteed return is computed from the date of each
Limited Partner's admission to the Partnership. This obligation does not
guarantee to the Limited Partners a return of their capital contributions and is
limited by the available assets of the Partnership and the General Partner. As
of June 30, 1995, the estimated amount of this obligation to the Limited
Partners (excluding the General Partner's Limited Partnership Units) was
approximately $3,426,571. The Partnership had cash of $549,805 at June 30, 1995.
If the General Partner distributed this cash, the Limited Partners' share would
have been $427,807, which would have reduced the amount of this obligation to
$2,998,764. The General Partner has cash of $1,983,753, demand notes of
$1,400,000, and would have $121,998 of its share of Partnership cash for a total
of $3,505,751 available to satisfy the remaining obligation. This does not
include the value of the General Partner's investment in the Partnership or any
estimated proceeds from disposal of the Brunswick Hotel which would be
distributed to the General Partner. Future operations of the Partnership may
impact the ability of the Partnership and the General Partner to satisfy this
obligation. In addition to its various initiatives to improve the financial
condition of the Partnership as discussed herein, the General Partner is
considering the potential benefits and liabilities, and their impact on the
Limited Partners, of sale of the Brunswick Hotel, the sole remaining property in
the Partnership, and the ultimate dissolution and liquidation of the
Partnership. The Hotel is currently listed for sale with Grubb and Ellis.
Inflation
The rate of inflation during the three most recent years has been low. Low rates
of inflation combined with increased market competition generally produce an
environment in which rental rate increases are relatively modest. The Brunswick
Hotel has not experienced significant increases in major expenditures since
inflation has been offset by more effective expense management. In the markets
in which the Brunswick Hotel competes, it is not feasible to pass on all
increasing costs in the form of higher room rates.
In the past, it was assumed that inflation would result in capital appreciation
in investment properties through increases in rental rates and replacement costs
in comparison with new properties. During the term in which the Brunswick Hotel
has been owned by the Partnership, inflation has been modest and capital
appreciation as a result of inflation has not occurred.
12
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
(A Delaware Limited Partnership)
PART II
OTHER INFORMATION
ITEM 1. Legal Proceedings
None
ITEM 2. Changes in Securities
None
ITEM 3. Defaults Upon Senior Securities
Not applicable
ITEM 4. Submission of Matters to a Vote of Security Holders
Not applicable
ITEM 5. Other Information
None
ITEM 6. Exhibits and Reports on Form 8 - K
No reports were filed on Form 8 - K during the quarter ended
June 30, 1995.
13
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 12 of 15(d) 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.
INDEPRO PROPERTY FUND I, L.P.
By: Indepro Property Fund I Corp.,
General Partner
By: /s/ Wayne L. Harris
-------------------
Wayne L. Harris
Vice President
Date: August 11, 1995 By: /s/ Ann M. Strootman
--------------------
Ann M. Strootman
Controller
14
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> 12-31-1995
<PERIOD-END> 6-30-1995
<CASH> 549,805
<SECURITIES> 0
<RECEIVABLES> 580,184
<ALLOWANCES> (30,379)
<INVENTORY> 0
<CURRENT-ASSETS> 1,232,357
<PP&E> 8,951,029
<DEPRECIATION> 3,408,763
<TOTAL-ASSETS> 6,774,623
<CURRENT-LIABILITIES> 201,666
<BONDS> 571,699
<COMMON> 0
0
0
<OTHER-SE> 6,001,259
<TOTAL-LIABILITY-AND-EQUITY> 6,774,623
<SALES> 2,254,610
<TOTAL-REVENUES> 2,303,882
<CGS> 861,002
<TOTAL-COSTS> 1,840,679
<OTHER-EXPENSES> 47,397
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 25,606
<INCOME-PRETAX> 390,210
<INCOME-TAX> 0
<INCOME-CONTINUING> 390,210
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 390,210
<EPS-PRIMARY> 13.00
<EPS-DILUTED> 13.00
</TABLE>
