<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, 1996 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
such 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, 1996.
.
<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, 1996
and December 31, 1995 3
Consolidated Statements of Income, for the three and six
months ended June 30, 1996 and 1995 4
Consolidated Statement of Partners' Capital for the six
months ended June 30, 1996 5
Consolidated Statements of Cash Flows, for the six months
ended June 30, 1996 and 1995 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
<PAGE>
INDEPRO PROPERTY FUND I, L.P. AND SUBSIDIARY
(A Delaware Limited Partnership)
CONSOLIDATED BALANCE SHEETS
As of June 30, 1996 and December 31, 1995
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
1996 1995
------- -----------
<S> <C> <C>
Assets
Investments in real estate at cost (note 3) $ 9,057,649 $ 9,035,105
Less: Accumulated depreciation and amortization 3,677,431 3,677,432
---------------- ---------------
Total investments 5,380,217 5,357,673
Cash and cash equivalents 930,908 967,574
Accounts receivable (net of allowance for doubtful
accounts of $3,209 in 1996 and $16,730 in 1995) 488,633 293,472
Prepaid expenses and other assets (net of accumulated
amortization of $5,750 in 1996 and $4,750 in 1995) 118,255 99,465
---------------- ---------------
Total Assets $ 6,918,014 $ 6,718,184
================ ================
Liabilities and Partners' Capital
Notes payable 499,310 536,258
Capital lease obligation 6,520 12,428
Due to general partner and affiliates 56,895 45,530
Accrued liabilities 185,185 187,214
Advance deposits 18,344 4,786
---------------- ---------------
Total Liabilities 766,254 786,216
---------------- ---------------
Partners' capital 6,151,760 5,931,968
---------------- ---------------
Total liabilities and partners' capital $ 6,918,014 $ 6,718,184
================ ================
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<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, 1996 and 1995
<TABLE>
<CAPTION>
Three months Three months Six months Six months
Ended Ended Ended Ended
June 30, 1996 June 30, 1995 June 30, 1996 June 30, 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Income
Hotel revenues $1,311,088 $ 1,312,380 $2,239,692 $2,254,610
Hotel cost of revenues 492,831 481,585 874,660 861,002
---------- ----------- ---------- ----------
Gross profit from hotel operations 818,257 830,795 1,365,032 1,393,608
Investment income 9,377 17,545 18,021 49,272
---------- ----------- ---------- ----------
Total income 827,634 848,340 1,383,053 1,442,880
---------- ----------- ---------- ----------
Expenses
Property operating expenses 260,806 244,851 517,475 493,782
Depreciation and amortization (135,089) 132,470 1,000 264,679
Real estate taxes 675 62,687 54,906 119,241
Administrative 16,721 23,019 38,717 36,669
Repairs and maintenance 25,956 26,581 49,418 56,069
Insurance 17,825 21,070 36,201 37,424
Provision for doubtful accounts 1,123 9,388 (11,121) 8,482
Write-off of other assets - 10,718 - 10,718
Interest expense 10,952 12,727 22,118 25,606
---------- ----------- ---------- ----------
Total expenses 198,969 543,511 708,714 1,052,670
---------- ----------- ---------- ----------
Net Income $ 628,665 $ 304,829 $ 674,339 $ 390,210
========== ============ ========== ==========
Net income allocated to Limited
Partners $ 622,378 $ 301,781 $ 667,596 $ 386,308
========== ============ ========== ==========
Net income allocated to General
Partner 6,287 $ 3,048 $ 6,743 $ 3,902
---------- ----------- ---------- ----------
$ 628,665 $ 304,829 $ 674,339 $ 390,210
========== ============ ========== ===========
Net income per Limited Partnership
interests outstanding (30,000) $ 21 $ 10 $ 22 $ 13
========== ============ ========== ===========
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<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, 1996
<TABLE>
<CAPTION>
Limited
General Partnership
Partner Units Total
---------- ----------- -----------
<S> <C> <C> <C>
Partners' capital at January 1, 1996 $ 754,702 $ 5,177,266 $ 5,931,968
Net income for the quarter ended March 31, 1996 457 45,217 45,674
Cash distributions from operations (22,727) (204,547) (227,274)
---------- ----------- -----------
Partners' capital at March 31, 1996 732,432 5,017,936 5,750,368
Net income for the quarter ended June 30, 1996 6,287 622,378 628,665
Cash distributions from operations (22,727) 204,546) (227,273)
---------- ----------- -----------
Partners' capital at June 30, 1996 $ 715,992 $ 5,435,768 $ 6,151,760
========== =========== ===========
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<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, 1996 and 1995
<TABLE>
<CAPTION>
Six months Six months
Ended Ended
June 30, 1996 June 30, 1995
--------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 674,339 $ 390,210
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,000 264,679
Write-off of other assets - 10,718
Change in assets and liabilities:
Increase in accounts receivable (195,161) (122,561)
Increase in prepaid expenses (19,790) (35,857)
Decrease in accrued liabilities (2,029) (32,369)
Increase in advance deposits 13,558 2,885
Increase (decrease) in amounts due to general
partner and affiliates 11,364 (107,943)
--------------- -------------
Net cash provided by (used in) operating activities 483,281 369,762
--------------- -------------
Cash flows from investing activities:
Additions to real estate (22,544) ( 37,296)
--------------- -------------
Net cash provided by (used in) investing activities (22,544) (37,296)
--------------- -------------
Cash flows from financing activities:
Repayment of notes payable (36,948) (34,115)
Repayment of capital lease obligation (5,908) (5,374)
Distributions to partners from operations (454,547) (454,548)
Distributions to partners from reserves - (1,515,152)
--------------- -------------
Net cash (used in) financing activities (497,403) (2,009,189)
--------------- -------------
Net increase (decrease) in cash and cash equivalents (36,666) (1,676,723)
Cash and cash equivalents, beginning of period 967,574 2,226,528
--------------- -------------
Cash and cash equivalents, end of period $ 930,908 $ 549,805
=============== =============
The accompanying notes are an integral part of the consolidated financial statements.
</TABLE>
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
As of June 30, 1996
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, 1996.
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, 1996.
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, 1995.
2. Partners' Capital
Indepro Property Fund I, L.P. made distributions of $227,274 in March
1996 relating to the operations for the fourth quarter of 1995 and
$227,273 in June 1996 relating to the operations for the first quarter
of 1996. 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 1996 at approximately $227,000 per quarter, subject
to the potential sale of the Brunswick Hotel in 1996.
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, 1996:
<TABLE>
<CAPTION>
Building and
Property Land Improvements Total
-------- ---- ------------ -----
<S> <C> <C> <C>
Brunswick Hotel and Conference Center $ 285,000 $ 8,772,649 $ 9,057,649
Less: Accumulated Depreciation 0 3,677,431 3,677,431
---------- ------------ -----------
Total $ 285,000 $ 5,095,217 $ 5,380,217
========== ============ ===========
</TABLE>
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
As of June 30, 1996
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.
An impairment loss is recognized 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. Effective January 1, 1996, the Partnership adopted Statement
of Financial Accounting Standards 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of," which
requires that assets that are being held for sale should be reported at
the lower of carrying amount or net realizable value. The remaining real
estate property in the Partnership, the Brunswick Hotel and Conference
Center, is currently being held for sale. Accordingly, this property has
been reported at the lower of carrying amount or net realizable value. In
addition, the Partnership has discontinued recording depreciation on this
asset as of January 1, 1996. A retroactive adjustment was made in the
June 30, 1996 financial statements to reflect this change.
4. Cash Flow Information
Net cash provided by operating activities reflects cash payments for
interest of $22,326 and $24,684 respectively, during the six months ended
June 30, 1996 and June 30, 1995.
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.
<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, 1996 was
$674,339, an increase of $284,129 from the same period of the prior year. This
increase is primarily attributable to the implementation of Statement of
Financial Accounting Standards 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." This statement
requires that no depreciation be recognized on assets being held for sale.
Since the Brunswick Hotel and Conference Center is currently being held for
sale, the Partnership discontinued recording depreciation on this asset
effective January 1, 1996. This change, which is included in the June 30, 1996
financial statements as a retroactive adjustment caused an increase in net
income of $263,786 from the same period of the prior year. In addition, the
Partnership received a refund on real estate taxes of $64,040 which also had a
positive impact on net income. These increases were partially offset by a
slight decline in gross profit from operations of the Brunswick Hotel in
comparison with the same period of the prior year.
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 increased from $381,229 for the six months
ended June 30, 1995 to $691,022 for the six months ended June 30, 1996,
primarily due to the fact that depreciation has been discontinued on the
Brunswick Hotel, since it is currently being held for sale. In addition, a
refund of $64,040 was received from a successful appeal of the real estate
taxes on the hotel for years 1989 through 1992. The $64,040 represents the
portion of the refund related to taxes paid to the school district. In
addition, approximately $7,000 was received in July, 1996 related to county
taxes and another approximately $22,000 is expected to be received related to
city taxes. Excluding the effect of the depreciation and the real estate tax
refund, the operations of the Brunswick Hotel declined by $10,429. This
decline was primarily attributable to the operations of the adjacent mall. The
Hotel's lease with the United Artist Theater (which was located in the mall)
expired in November, 1995 and the operators of the theater did not extend
their lease. This factor caused a decline in revenues of $20,550 from the six
months ended June 30, 1995 to the six months ended June 30, 1996.
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.
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, 1998. The U.S. Army has booked approximately 15,100
room nights for the fiscal year ended September 30, 1996. The lease is
terminable by the Army at any time by giving at least sixty days prior written
notice, subject to the guarantee provisions in the lease.
<PAGE>
Management's Discussion and Analysis of Financial Condition
and Results of Operations (Continued)
Results of Operations (continued)
In addition, the U.S. Government's Office of Personnel Management (OPM) had a
contract for the provision of food, rooms and conference facilities for OPM's
training sessions which extended through May, 1996.
OPM and the Brunswick Hotel entered into a new agreement which commenced May
1, 1996 and expires September 30, 1997. The initial rate per participant is
$74.30 with additional charges for certain other expenses. The agreement gives
OPM four one year renewal options, with increases in the daily per participant
charge based upon increases in the Consumer Price Index for the Northeast
Region. OPM has booked approximately 23,600 room nights for the period January
1, 1996 to September 30, 1996. Historically, OPM has canceled less than 5% of
rooms booked.
In October, 1995, OPM mailed a solicitation for offers to the Hotel and other
interested parties for a ten year contract which could commence as early as
September, 1997. OPM revised the solicitation for offers in April, 1996 from a
term of ten years to fifteen years and also reduced the initial rooms
requirement by twenty percent. The Brunswick Hotel was one of three finalists
selected for bidding on the OPM contract; however, in June, 1996, the contract
was awarded to Ken Lowe Management Company of Shepherdstown, West Virginia.
Ken Lowe will build a new training facility with hotel rooms and dining areas
on what is now vacant land in Shepherdstown, West Virginia. In a debriefing
session with members of the OPM selection committee, the General Partner and
Brunswick Hotel management staff were told that a new "to be built" facility
was the primary reason for choosing an alternate site. OPM is anticipating the
new facility will be complete between October, 1997 and March, 1998 and
management expects to lose the significant business provided by OPM when the
new facility opens. The loss of business associated with the OPM contract will
result in a significant decline in revenues and cash flows unless and until
the Brunswick Hotel can be repositioned to attract other business. This
decline is not expected to occur until the fourth quarter of 1997 or the first
quarter of 1998. Elmhurst Hospitality Management Company and the general
manager of the hotel are contacting other government agencies as possible
replacements for the OPM business.
Liquidity and Capital Resources
As of June 30, 1996, the Partnership had cash and cash equivalents totaling
$930,908, in comparison with $967,574 at December 31, 1995 and $549,805 at
June 30, 1995. The changes in cash are due to the changes in cash provided by
operations of 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 continued through 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 and 1994, the Hotel spent approximately $690,000 to
install a complete sprinkler system in all guest rooms and common areas, and
to replace bedding, carpet, and other room fixtures. Approximately $121,000
was spent in 1995 for the continued upgrading of the Hotel rooms. The General
Partner has budgeted approximately $154,132 to be spent in 1996 for capital
improvements, $22,544 of which was spent in the six months ended June 30,
1996. The balance of the improvements budget for 1996 is anticipated to be
completed by December 31, 1996.
<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.
Approximately $791,443 has been advanced under this note, which has a balance
of $499,310 at June 30, 1996.
The Brunswick Hotel is 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. Although several
offers have been submitted from prospective purchasers since the marketing and
sale effort began, none of the prospects has demonstrated an ability to
complete the purchase and sale transaction to date. The General Partner is
still hopeful that a sale will be completed in 1996, although no assurances
can be made. 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.
Distributions
Indepro Property Fund I, L.P. made a distribution of $227,274 in March 1996
relating to the operating results for the fourth quarter of 1995 and a
distribution of $227,274 in June 1996 related to the operating results for the
first quarter of 1996. 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 1996 at approximately $227,000 per quarter, subject to the potential sale
of the Brunswick Hotel in 1996.
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, 1996, the estimated amount of this obligation to the Limited
Partners (excluding the General Partner's Limited Partnership Units) was
approximately $3,077,526. The Partnership had cash of $930,908 at June 30,
1996. If the General Partner distributed this cash, the Limited Partners'
share would have been $724,346, which would have reduced the amount of this
obligation to $2,353,180. The General Partner has cash of $2,245,524, demand
notes of $1,400,000, and would have $206,562 of its share of Partnership cash
for a total of $3,852,086 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.
<PAGE>
Management's Discussion and Analysis of Financial Condition
and Results of Operations (Continued)
Liquidity and Capital Resources (continued)
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.
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
(A Delaware Limited Partnership)
PART II
OTHER INFORMATION
ITEM 1. Legal Proceedings
As of June 30, 1996, the Partnership was not a party to any
pending legal proceeding. However, Hotel Brunswick, Inc. and
Indepro Property Fund I, Corp. have been named as defendants in
a complaint filed November 16, 1995 by Elwood Corbett,
Plaintiff. On November 27, 1993, the Plaintiff was a non-paying
guest at the Hotel who had received a complimentary room as a
bus driver for a group of visitors to the property from New
York. The complaint alleges that the Plaintiff slipped and fell
in his guest room and further alleges that the Defendants are
liable for failure to provide adequate safety measures. The
Defendants have filed an answer to the complaint and deny any
liability for the alleged occurrence. The liability insurance
carrier for the property has engaged legal counsel to represent
the Defendants and the outcome of this litigation is not
anticipated to have any material impact on the financial
condition or results of operations of the Partnership.
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
Reference is made to the discussion of the Registrant's
contractual arrangements with the Office of Personnel
Management ("OPM") in `Management's Discussion and Analysis of
Financial Condition Results of Operations' and the likely
future adverse effects of OPM's intended course of action.
ITEM 6. Exhibits and Reports on Form 8 - K
No reports were filed on Form 8 - K during the quarter ended
June 30, 1996.
<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 12, 1996 By: /s/ Ann M. Strootman
------------------------
Ann M. Strootman
Controller
<TABLE> <S> <C>
<ARTICLE> 5
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 930,908
<SECURITIES> 0
<RECEIVABLES> 491,842
<ALLOWANCES> 3,209
<INVENTORY> 0
<CURRENT-ASSETS> 1,497,546
<PP&E> 9,057,649
<DEPRECIATION> 3,677,431
<TOTAL-ASSETS> 6,918,014
<CURRENT-LIABILITIES> 260,423
<BONDS> 505,830
0
0
<COMMON> 0
<OTHER-SE> 6,151,760
<TOTAL-LIABILITY-AND-EQUITY> 6,918,014
<SALES> 2,239,692
<TOTAL-REVENUES> 2,257,713
<CGS> 874,660
<TOTAL-COSTS> 1,532,660
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 22,118
<INCOME-PRETAX> 674,339
<INCOME-TAX> 0
<INCOME-CONTINUING> 674,339
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 674,339
<EPS-PRIMARY> 22
<EPS-DILUTED> 22
</TABLE>
