<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, 1997 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, 1997.
<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, 1997
and December 31, 1996 3
Consolidated Statements of Income, for the three and six
months ended June 30, 1997 and 1996 4
Consolidated Statements of Partners' Capital for the six
months ended June 30, 1997 5
Consolidated Statements of Cash Flows, for the six months
ended June 30, 1997 and 1996 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, 1997 and December 31, 1996
JUNE 30 DECEMBER 31
1997 1996
---- ----
Assets
Investments in real estate at cost (note 3) $9,194,350 $9,142,267
Less: Accumulated depreciation and amortization 3,677,432 3,677,432
---------- ----------
Total investments 5,516,918 5,464,835
Cash and cash equivalents
1,022,540 1,217,068
Accounts receivable (net of allowance for doubtful
accounts of $5,574 in 1997 and $4,467 in 1996)
523,941 290,554
Prepaid expenses and other assets (net of accumulated
amortization of $7,750 in 1997 and $6,750 in 1996)
134,660 108,063
---------- ----------
Total Assets $7,198,059 $7,080,520
========== ==========
Liabilities and Partners' Capital
Notes payable
420,497 460,782
Capital lease obligation -- 326
Due to general partner and affiliates
81,072 69,470
Accrued liabilities
157,419 162,933
Advance deposits
9,054 5,276
---------- ----------
Total Liabilities
668,042 698,787
---------- ----------
Partners' capital 6,530,017 6,381,733
---------- ----------
Total liabilities and partners' capital $7,198,059 $7,080,520
========== ==========
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, 1997 and 1996
<TABLE>
<CAPTION>
Three months Three months Six months Six months
Ended Ended Ended Ended
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
------------- ------------- ------------- -------------
Income
<S> <C> <C> <C> <C>
Hotel revenues $ 1,270,668 $ 1,311,088 $ 2,231,170 $ 2,239,692
Hotel cost of revenues 487,779 492,831 872,291 874,660
----------- ----------- ----------- -----------
Gross profit from hotel operations 782,889 818,257 1,358,879 1,365,032
Investment income 10,827 9,377 22,116 18,021
----------- ----------- ----------- -----------
Total income 793,716 827,634 1,380,995 1,383,053
----------- ----------- ----------- -----------
Expenses
Property operating expenses 271,989 260,806 533,717 517,475
Depreciation and amortization 500 (135,089) 1,000 1,000
Real estate taxes 67,240 675 121,366 54,906
Administrative 7,221 16,721 17,516 38,717
Repairs and maintenance 22,747 25,956 48,586 49,418
Insurance 15,836 17,825 34,115 36,201
Provision for doubtful accounts 1,618 1,123 3,440 (11,121)
Interest expense 8,987 10,952 18,425 22,118
----------- ----------- ----------- -----------
Total expenses 396,138 198,969 778,165 708,714
----------- ----------- ----------- -----------
Net Income $ 397,578 $ 628,665 $ 602,830 $ 674,339
=========== =========== =========== ===========
Net income allocated to Limited
Partners $ 393,602 $ 622,378 $ 596,802 $ 667,596
Net income allocated to General
Partner 3,976 6,287 6,028 6,743
----------- ----------- ----------- -----------
$ 397,578 $ 628,665 $ 602,830 $ 674,339
=========== =========== =========== ===========
Net income per Limited Partnership
interests outstanding (30,000) $ 13 $ 21 $ 20 $ 22
=========== =========== =========== ===========
</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, 1997
<TABLE>
<CAPTION>
Limited
General Partnership
Partner Units Total
------- ----- -----
<S> <C> <C> <C>
Partners' capital at January 1, 1997 $ 759,200 $ 5,622,533 $ 6,381,733
Net income for the quarter ended March 31, 1997 2,053 203,199 205,252
Cash distributions from operations (2,273) (225,000) (227,273)
----------- ----------- -----------
Partners' capital at March 31, 1997 758,980 5,600,732 6,359,712
Net income for the quarter ended June 30, 1997 3,976 393,602 397,578
Cash distributions from operations (2,273) (225,000) (227,273)
----------- ----------- -----------
Partners' capital at June 30, 1997 $ 760,683 $ 5,769,334 $ 6,530,017
=========== =========== ===========
</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, 1997 and 1996
<TABLE>
<CAPTION>
Six months Six months
Ended Ended
June 30, 1997 June 30, 1996
<S> <C> <C>
Cash flows from operating activities:
Net income $ 602,830 $ 674,339
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,000 1,000
Change in assets and liabilities:
Increase in accounts receivable (233,387) (195,161)
Increase in prepaid expenses (27,597) (19,790)
Decrease in accrued liabilities (5,514) (2,029)
Increase in advance deposits 3,778 13,558
Increase in amounts due to general
partner and affiliates 11,602 11,364
----------- -----------
Net cash provided by operating activities 352,712 483,281
----------- -----------
Cash flows from investing activities:
Additions to real estate (52,083) (22,544)
----------- -----------
Net cash used in investing activities (52,083) (22,544)
----------- -----------
Cash flows from financing activities:
Repayment of notes payable (40,285) (36,948)
Repayment of capital lease obligation (326) (5,908)
Distributions to partners from operations (454,546) (454,547)
----------- -----------
Net cash used in financing activities (495,157) (497,403)
----------- -----------
Net decrease in cash and cash equivalents (194,528) (36,666)
Cash and cash equivalents, beginning of period 1,217,068 967,574
----------- -----------
Cash and cash equivalents, end of period $ 1,022,540 $ 930,908
=========== ===========
</TABLE>
The accompanying notes are an integral part of the consolidated
financial statements.
6
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
As of June 30, 1997
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, 1997.
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, 1997.
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, 1996.
2. Partners' Capital
Indepro Property Fund I, L.P. made distributions of $227,273 in March
1997 relating to the operations for the fourth quarter of 1996 and
$227,273 in June 1997 relating to the operations for the first quarter of
1997. In addition, the General Partner expects to continue distributions
for 1997 at approximately $227,000 per quarter, subject to the potential
sale of the Brunswick Hotel in 1997. However, the level of distributions
beyond 1997 will be dependent upon the Hotel's success in replacing the
lost OPM business. Pennsylvania withholding taxes that were paid by
Indepro Property Fund I, L.P. on the partners' behalf will be deducted
from future distributions.
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, 1997:
<TABLE>
<CAPTION>
Building and
Property Land Improvements Total
-------- ---- ------------ -----
<S> <C> <C> <C>
Brunswick Hotel and Conference Center $ 285,000 $ 8,909,350 $ 9,194,350
Less: Accumulated Depreciation 0 3,677,432 3,677,432
--------- ----------- -----------
Total $ 285,000 $ 5,231,918 $ 5,516,918
========= =========== ===========
</TABLE>
7
<PAGE>
INDEPRO PROPERTY FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
As of June 30, 1997
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. 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.
The Partnership's remaining real estate property, the Brunswick Hotel and
Conference Center, is currently being marketed for sale. In accordance with
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed of"
(SFAS No. 121), the Brunswick Hotel is being reported at its carrying
amount, which is lower than its fair value less cost to sell. Also in
accordance with SFAS No. 121, the Partnership has discontinued recording
depreciation on this asset.
4. Cash Flow Information
Net cash provided by operating activities reflects cash payments for
interest of $18,517 and $22,326 respectively, during the six months ended
June 30, 1997 and June 30, 1996.
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.
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, 1997 was
$602,830, a decrease of $71,509 from the same period of the prior year. The
primary reason for this decrease is that the results of operations for the six
months ended June 30, 1996 included the receipt of a real estate tax refund
related to the Brunswick Hotel and Conference Center, net of associated legal
fees, of approximately $55,624, the result of a successful appeal. The remainder
of the decrease in net income is accounted for by the operations of the
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 $682,606 for the six months
ended June 30, 1996 to $595,845 for the six months ended June 30, 1997,
primarily due to the receipt of the real estate tax refund in 1996 of
approximately $55,624 as described above. Excluding the effects of the real
estate tax refund, the operations of the Brunswick Hotel decreased by $31,137
from 1996 to 1997. Gross profit from hotel operations is down by $6,153 for the
six months ended June 30, 1997, as compared to the same period from the prior
year. While average room rates were higher, primarily a result of the annual
increase permitted under the government contracts, ($48.58 for 1997 as compared
to $47.34 for 1996), average occupancy was lower for the six months ended June
30, 1997 (70.4% as compared to 71.8% for the six months ended June 30, 1996.) In
addition, the provision for doubtful accounts has increased from ($11,121) in
the six months ended June 30, 1996 to $3,441 for the six months ended June 30,
1997, an increase of $14,562. The provision for doubtful accounts is based on a
five year average experience factor. In 1996, a favorable adjustment was made to
reflect the fact that the majority of the business in the five years 1991
through 1995 was government business, with very few charge-offs to bad debt
expense. Property operating expenses have increased by $16,242 from the six
months ended June 30, 1996 to the six months ended June 30, 1997, due partially
to an increase in marketing expenditures made to attract more corporate and
tourist business, and partially to an increase in general and administrative
expenses related to salaries and benefits and computer equipment leasing costs.
The increase in property operating expenses was partially offset by a decrease
in interest expense of $3,693 due to loan principal amortization and a decrease
in insurance expense of $2,086.
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.
9
<PAGE>
Management's Discussion and Analysis of Financial Condition
and Results of Operations (Continued)
Results of Operations (continued)
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 first one-year option through September 30,
1997 has been exercised. The U.S. Army has booked approximately 12,300 room
nights for the fiscal year ended September 30, 1997. 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.
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
have 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 is
anticipated to account for approximately 22,000 room nights for the fiscal year
ended September 30, 1997. In February 1997, OPM extended its contract from
October 1, 1997 through June 30, 1998.
In June, 1996, OPM notified the Brunswick Hotel that it had awarded a fifteen
year contract for OPM's training business to a facility to be built in
Shepherdstown, West Virginia. OPM is anticipating the new facility will be
complete by June, 1998 and the General Partner expects to lose the significant
business provided by OPM when the new facility opens. OPM has accounted for
approximately 22,000 of the approximately 60,000 total room nights sold at the
Hotel annually. 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 1998. Elmhurst Hospitality Management Company and
the general manager of the hotel are pursuing other government agencies as
possible replacements of the OPM business. In fact, management recently
responded to a request for proposals from the Graduate School of the USDA Career
Development Program to provide up to 20,000 room nights per year for 5 years
commencing May 1998, although there is no assurance that the General Partner
will be successful in obtaining this business. On August 8, 1997, the Brunswick
submitted its best and final offer to the USDA in response to the request for
proposals. The USDA is expected to make its decision in September, 1997. It may
award all or a part of the contract to one or more facilities. In addition, the
General Partner has increased marketing expenditures in 1997 to attract
increased corporate and tourist business. The General Partner believes it can
replace at least a portion of the lost OPM business in 1998 through these
efforts.
10
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Liquidity and Capital Resources
As of June 30, 1997, the Partnership had cash and cash equivalents totaling
$1,022,540, in comparison with $1,217,068 at December 31, 1996 and $930,908 at
June 30, 1996. The decrease in cash from December, 1996 is primarily
attributable to an increase in accounts receivable related to the government
business in June 1997. The increase in cash from June, 1996 is primarily
attributable to cash flow provided by operations of the Hotel. The Brunswick
Hotel has continued to generate positive cash flow adequate to meet property
operating needs and debt service. However, the General Partner expects that the
termination of the OPM contract will have a significant impact on the cash flows
of the Partnership in 1998. This could impact future partner distributions until
the Hotel attracts other business.
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 into 1997. 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 $107,000 and $121,000 was spent in 1996 and 1995 for the continued
upgrading of the Hotel rooms. Capital expenditures totaling approximately
$280,000 have been budgeted for 1997, which include the replacement of
wallcovering, guest room carpeting and other room furnishings.
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
$420,497 at June 30, 1997.
The Brunswick Hotel is now the sole remaining property owned by the Partnership.
On July 15, 1997, the General Partner engaged Hodges, Ward & Elliott, a real
estate brokerage company based in Atlanta, Georgia as the exclusive listing
agent for the sale of the Brunswick Hotel. Hodges, Ward & Elliott specializes
exclusively in the sale of hospitality properties. The General Partner is
exploring with Hodges, Ward & Elliott alternative marketing ideas for the sale
of the Brunswick Hotel. Indepro Corporation (the Advisor) will use the services
of Aegis Realty Consultants to provide professional assistance and
recommendations for the consideration of the General Partner in the management
and disposition of the 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.
Distributions
Indepro Property Fund I, L.P. made a distribution of $227,273 in March 1997
relating to the operating results for the fourth quarter of 1996 and a
distribution of $227,273 in June 1997 related to the operating results for the
first quarter of 1997. 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 1997 at
approximately $227,000 per quarter, subject to the potential sale of the
Brunswick Hotel in 1997. However, the level of distributions beyond 1997 will be
dependent upon the Hotel's success in replacing the lost OPM business.
11
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations (Continued)
Liquidity and Capital Resources (continued)
Distributions (continued)
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, 1997, the estimated amount of this obligation to the Limited
Partners (excluding the General Partner's Limited Partnership Units) was
approximately $3,097,427. The Partnership had cash of $1,022,540 at June 30,
1997. If the General Partner distributed this cash, the Limited Partners' share
would have been $795,646, which would have reduced the amount of this obligation
to $2,301,781. The General Partner has cash of $1,515,079, demand notes of
$1,400,000, and would have $226,894 of its share of Partnership cash for a total
of $3,141,973 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. As mentioned above, the Partnership is continuing to pursue the sale
of the Brunswick Hotel, the sole remaining property in the Partnership. If a
desirable sale transaction can be completed, it would be followed by the
dissolution and liquidation of the Partnership.
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
As of June 30, 1997, the Partnership was not a party to any
pending legal proceeding. However, Hotel Brunswick, Inc. and
Indepro Property Fund I, Corp. had 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
alleged that the Plaintiff slipped and fell in his guest room and
further alleged that the Defendants were liable for failure to
provide adequate safety measures. In January, 1997, this claim
was settled for a nominal amount.
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
A Form 8-K was filed on May 28, 1997 to reflect the change in
independent auditor from Coopers and Lybrand L.L.P. to Ernst &
Young LLP.
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 12, 1997 By: /s/ Ann M. Strootman
------------------------
Ann M. Strootman
Controller
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,022,540
<SECURITIES> 0
<RECEIVABLES> 529,515
<ALLOWANCES> 5,574
<INVENTORY> 0
<CURRENT-ASSETS> 1,642,890
<PP&E> 9,194,350
<DEPRECIATION> 3,677,432
<TOTAL-ASSETS> 7,198,059
<CURRENT-LIABILITIES> 247,545
<BONDS> 420,497
0
0
<COMMON> 0
<OTHER-SE> 6,530,017
<TOTAL-LIABILITY-AND-EQUITY> 7,198,059
<SALES> 2,231,170
<TOTAL-REVENUES> 2,253,286
<CGS> 872,291
<TOTAL-COSTS> 1,610,075
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 18,425
<INCOME-PRETAX> 602,830
<INCOME-TAX> 0
<INCOME-CONTINUING> 602,830
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 602,830
<EPS-PRIMARY> 20
<EPS-DILUTED> 20
</TABLE>
