<PAGE>
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, 1994
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: 0-12045
PRUDENTIAL ACQUISITION FUND I, L.P.
- - --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3173903
- - --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification
No.)
100 Gold Street, New York, NY 10292
- - --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 214-6868
N/A
- - --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check CK 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 requirements for the past 90 days. Yes _CK_ No __
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Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
<S> <C> <C>
- - ----------------------------------------------------------------------------------------------------
ASSETS
Investment in property:
Land $ 4,859,521 $ 4,859,521
Buildings and improvements 33,637,433 33,534,060
Less: accumulated depreciation (15,600,607 ) (14,877,560)
allowance for loss on impairment of assets (3,100,000 ) (3,100,000)
Investment in joint venture, net 11,014,530 11,112,351
------------- ------------
Net investment in property and joint venture 30,810,877 31,528,372
Cash and cash equivalents 346,986 72,733
Deferred rent 553,220 533,669
Other assets 25,217 41,150
------------- ------------
Total assets $ 31,736,300 $ 32,175,924
------------- ------------
------------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Accounts payable and accrued expenses $ 346,312 $ 288,011
Tenant security deposits 18,870 18,523
------------- ------------
Total liabilities 365,182 306,534
------------- ------------
Partners' capital
Limited partners (70,124 units issued and outstanding) 31,371,118 31,869,390
General partners -- --
------------- ------------
Total partners' capital 31,371,118 31,869,390
------------- ------------
Total liabilities and partners' capital $ 31,736,300 $ 32,175,924
------------- ------------
------------- ------------
- - ----------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
2
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PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Six months Three months
ended June 30, ended June 30,
------------------------- -------------------------
1994 1993 1994 1993
<S> <C> <C> <C> <C>
- - -----------------------------------------------------------------------------------------------------
REVENUES
Rental income $1,539,954 $1,392,853 $ 741,869 $ 805,841
Recovery of expenses 461,255 477,095 224,609 256,987
Interest income 4,378 4,863 3,033 1,853
Joint venture equity income (loss) 37,179 (143,141) 117,883 13,810
---------- ---------- ---------- ----------
2,042,766 1,731,670 1,087,394 1,078,491
---------- ---------- ---------- ----------
EXPENSES
Depreciation 723,047 805,014 321,654 399,866
Property operating 641,760 628,115 331,892 299,927
Real estate taxes 309,433 320,747 150,110 163,073
General and administrative 136,400 117,810 74,648 60,630
---------- ---------- ---------- ----------
1,810,640 1,871,686 878,304 923,496
---------- ---------- ---------- ----------
Net income (loss) $ 232,126 $ (140,016) $ 209,090 $ 154,995
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
ALLOCATION OF NET INCOME (LOSS)
Limited partners $ 159,086 $ (208,190) $ 170,132 $ 120,908
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
General partners $ 73,040 $ 68,174 $ 38,958 $ 34,087
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net income (loss) per limited partnership
unit $ 2.27 $ (2.97) $ 2.43 $ 1.72
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
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</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
- - ---------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1993 $31,869,390 $ -- $31,869,390
Net income 159,086 73,040 232,126
Distributions (657,358) (73,040 ) (730,398)
----------- -------- -----------
Partners' capital--June 30, 1994 $31,371,118 $ -- $31,371,118
----------- -------- -----------
----------- -------- -----------
- - ---------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
3
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<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six months
ended June 30,
-------------------------
<S> <C> <C>
1994 1993
- - --------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Rental income received $1,522,751 $1,177,749
Recovery of expenses 474,840 473,404
Interest received 4,378 4,863
Tenant security deposits received (returned) 347 (13,575)
Real estate taxes paid (309,720) (317,815)
Operating expenses paid (643,172) (711,052)
General and administrative expenses paid (76,400) (94,707)
Distributions from joint venture 135,000 189,000
---------- ----------
Net cash provided by operating activities 1,108,024 707,867
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Capitalized property expenditures (103,373) (412,765)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions (730,398) (681,691)
---------- ----------
Net increase (decrease) in cash and cash equivalents 274,253 (386,589)
Cash and cash equivalents at beginning of period 72,733 571,531
---------- ----------
Cash and cash equivalents at the end of period $ 346,986 $ 184,942
---------- ----------
---------- ----------
- - --------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) $ 232,126 $ (140,016)
---------- ----------
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation 723,047 805,014
Distributions from joint venture 135,000 189,000
Joint venture equity (income) loss (37,179) 143,141
Changes in:
Deferred rent (19,551) (218,664)
Other assets 15,933 (132)
Accounts payable and accrued expenses 58,301 (84,051)
Tenant security deposits 347 13,575
---------- ----------
Total adjustments 875,898 847,883
---------- ----------
Net cash provided by operating activities $1,108,024 $ 707,867
---------- ----------
---------- ----------
- - --------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
4
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<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1994
(Unaudited)
A. Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions for Form 10-Q and Rule 10-01 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for annual financial
statements. In the opinion of management, all adjustments (consisting of only
normal recurring adjustments) considered necessary for a fair presentation of
the financial position of Prudential Acquisition Fund I, L.P. (the
``Partnership'') as of June 30, 1994, the results of its operations for the six
and three months ended June 30, 1994 and 1993 and its cash flows for the six
months ended June 30, 1994 and 1993 have been included. Operating results for
the interim periods may not be indicative of the results expected for the full
year. It is suggested that these financial statements be read in conjunction
with the financial statements and footnotes thereto included in the
Partnership's Annual Report on Form 10-K filed with the Securities and Exchange
Commission for the year ended December 31, 1993.
B. Related Parties
The general partners and their affiliates perform services for the
Partnership which include, but are not limited to: accounting and financial
management; registrar, transfer and assignment functions; asset management;
investor communications; printing and other administrative services. The amount
of reimbursement from the Partnership is limited by the provisions of the
Partnership Agreement. The costs and expenses incurred on behalf of the
Partnership which are reimbursable to the general partners and their affiliates
are:
<TABLE>
<CAPTION>
Six months Three months
ended June 30, ended June 30,
-------------------- --------------------
1994 1993 1994 1993
<S> <C> <C> <C> <C>
- - -----------------------------------------------------------------------------------------------------
Prudential Realty Partnerships, Inc. and affiliates $ 21,000 $ 19,890 $ 10,500 $ 9,945
Prudential-Bache Properties, Inc. and affiliates 42,000 48,605 21,000 24,005
-------- -------- -------- --------
$ 63,000 $ 68,495 $ 31,500 $ 33,950
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
Expenses payable to the general partners and their affiliates (which are
included in accrued expenses) as of June 30, 1994 and December 31, 1993 are
$116,004 and $66,704, respectively.
Prudential Securities Incorporated, an affiliate of the general partners,
owns 125 limited partnership units at June 30, 1994.
5
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C. Investment in Joint Venture
The Partnership has a 54% interest in a joint venture with an affiliated
limited partnership. Presented below is summarized financial information for the
joint venture:
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
<S> <C> <C>
- - ---------------------------------------------------------------------------------------------------
Assets
Investment in property:
Land $ 4,422,957 $ 4,422,957
Buildings and improvements 29,306,847 29,287,087
Less: accumulated depreciation (14,855,354) (13,952,485)
------------ ------------
Net investment in property 18,874,450 19,757,559
Accounts receivable, net 535,713 592,024
Cash and cash equivalents 1,788,717 571,427
------------ ------------
Total assets $ 21,198,880 $ 20,921,010
------------ ------------
------------ ------------
Liabilities and partners' capital
Total liabilities $ 821,072 $ 366,330
------------ ------------
Partners' capital
Prudential Acquisition Fund I, L.P. 10,958,873 11,054,384
Prudential Realty Acquisition Fund II, L.P. 9,418,935 9,500,296
------------ ------------
Total partners' capital 20,377,808 20,554,680
------------ ------------
Total liabilities and partners' capital $ 21,198,880 $ 20,921,010
------------ ------------
------------ ------------
</TABLE>
<TABLE>
<CAPTION>
Six months ended Three months ended
June 30, June 30,
--------------------------- --------------------------
1994 1993 1994 1993
<S> <C> <C> <C> <C>
- - -------------------------------------------------------------------------------------------------------
Revenues
Rental income $1,282,641 $1,369,722 $ 663,484 $ 696,573
Recovery of expenses 606,358 611,276 278,691 397,643
Interest income 20,324 25,135 13,186 11,392
---------- ------------ --------- ------------
1,909,323 2,006,133 955,361 1,105,608
---------- ------------ --------- ------------
Expenses
Depreciation and amortization 902,869 807,470 259,043 403,823
Property operating 468,417 863,266 243,230 429,849
Real estate taxes 406,872 537,686 203,436 347,204
General and administrative 58,037 58,510 29,211 28,875
---------- ------------ --------- ------------
1,836,195 2,266,932 734,920 1,209,751
---------- ------------ --------- ------------
Net income (loss) $ 73,128 $ (260,799) $ 220,441 $ (104,143)
---------- ------------ --------- ------------
---------- ------------ --------- ------------
</TABLE>
D. Contingencies
On or about October 18, 1993, a putative class action, captioned Kinnes et
al. v. Prudential Securities Group Inc. et al., (93 Civ 654), was filed in the
United States District Court for the District of Arizona, purportedly on behalf
of investors in the Partnership against the Partnership, Prudential-Bache
Properties, Inc. (``PBP''), Prudential Securities Incorporated and a number of
other defendants.
By order of the Judicial Panel on Multidistrict Litigation dated April 14,
1994, the Kinnes case, together with a number of other actions not involving the
Partnership, were transferred to a single judge of the United
6
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<PAGE>
States District Court for the Southern District of New York and consolidated
under the caption In re Prudential Securities Incorporated Limited Partnerships
Litigation, (MDL Docket No. 1005). On June 8, 1994 plaintiffs in the transferred
cases filed a complaint that consolidated the previously filed complaints and
named as defendants, among others, Prudential Securities Incorporated, certain
of its present and former employees and PBP. The Partnership is not named a
defendant in the consolidated complaint, but the name of the Partnership is
listed as being among the limited partnerships at issue in the case. The
consolidated complaint alleges violations of the federal Racketeer Influenced
and Corrupt Organizations Act (``RICO''), fraud, negligent misrepresentation,
breach of fiduciary duties, breach of third-party beneficiary contracts, breach
of implied covenants and violations of New Jersey statutes in connection with
the marketing and sales of limited partnership interests. Plaintiffs request
relief in the nature of rescission of the purchase of securities, and recovery
of all consideration and expenses in connection therewith, as well as
compensation for lost use of money invested, less cash distributions;
compensatory damages; consequential damages; treble damages for defendants' RICO
violations (both federal and New Jersey); general damages for all injuries
resulting from negligence, fraud, breaches of contract, and breaches of duty in
an amount to be determined at trial; disgorgement and restitution of all
earnings, profits, benefits and compensation received by defendants as a result
of their unlawful acts; costs and disbursements of the action; reasonable
attorneys' fees; and such other and further relief as the court deems just and
proper.
The general partners and Prudential Securities Incorporated believe they have
meritorious defenses to the complaints and intend to vigorously defend these
actions. Pursuant to the terms of the Partnership Agreement, the general
partners may be entitled to indemnification for any loss suffered as a result of
these actions, including attorneys' fees.
PBP is named as a defendant, together with other parties, in pending legal
proceedings involving other limited partnerships in which it is a general
partner. Although a number of cases have been resolved, others are still
pending. PBP intends to defend itself vigorously against these actions.
E. Subsequent Event
In August 1994, a distribution of approximately $448,000 was paid to the
partners for the quarter ended June 30, 1994. Limited partners received a total
of approximately $403,000, which represents $5.75 per unit, and the general
partners received the remainder.
7
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<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
General Market Conditions
The Partnership has a real estate investment portfolio consisting of two
office buildings, a warehouse and an equity interest in a joint venture (the
``Joint Venture'') which owns two shopping centers.
While improving somewhat recently, the real estate markets continue to suffer
from an oversupply of rentable commercial space. The oversupply results in
increased competition for tenants, reduced rental rates on new leases and
renewals, significant concessions (including initial free-rent periods and
allowances for space-improvement), higher levels of capital improvement in order
to increase the attractiveness of the facilities to new and existing tenants,
and longer periods before acceptable leases can be negotiated and the properties
occupied. These conditions continue to adversely affect the Partnership's
results of operations and liquidity as well as the amounts available for
distributions.
Liquidity and Capital Resources
Cash distributions from the Joint Venture, rental revenue from the
Partnership's directly-owned properties and interest earned on short-term
investments have provided, and are anticipated to continue to provide,
sufficient liquidity to meet expenses incurred by the Partnership and its
properties.
During the six months ended June 30, 1994, the Partnership's cash and cash
equivalents increased by approximately $274,000 primarily as a result of
increased rent receipts and the timing of payments for accrued expenses and
deferred capital expenditures. The Joint Venture, in which the Partnership has a
54% interest, has cash and cash equivalents of approximately $1,789,000 at June
30, 1994 as compared to approximately $571,000 at December 31, 1993. This amount
is anticipated to be sufficient to pay outstanding liabilities, fund capital
expenditures (including leasing commissions and tenant improvements) at the
Joint Venture properties and to provide additional cash distributions to the
Partnership. Cash distributions to the Partnership from the Joint Venture
totalled $135,000 for the six months ended June 30, 1994 and $189,000 for the
six months ended June 30, 1993. The level of distributions of cash from the
Joint Venture is impacted by the operating results of the underlying properties
as well as the levels of cash reserves maintained by the Joint Venture.
In connection with the capital improvements which are discussed below, the
amount of actual expenditures and their timing will depend on the success of
leasing efforts, the nature and timing of new leases and lease renewals, ongoing
evaluation of the need for the planned improvements and optimal timing of their
implementation as well as general market conditions.
Cash Distributions
Cash distributions paid to the limited and general partners during the six
months ended June 30, 1994 totalled approximately $730,000, of which the limited
partners received $657,000 ($9.37 per unit) and the general partners received
the remainder. These distributions represent payments from current and prior
undistributed cash flow from operations. For the corresponding period in 1993,
total distributions of approximately $682,000 were paid to the limited and
general partners, of which the limited partners received $614,000 ($8.75 per
unit) and the general partners received the remainder.
The amount of cash generated by the Partnership from operations of the
directly-owned and Joint Venture properties, the amount expended for capital
improvements and the amount of reserves set aside for anticipated capital
improvements, could affect the Partnership's ability to make future
distributions to the partners and the amount of the distributions that may be
made.
Capital Improvements--Directly-Owned Properties
For the six months ended June 30, 1994, the Partnership expended
approximately $103,000 on capital improvements, principally at Norwest Center
for building improvements. Projected capital expenditures for the directly-owned
properties for the remainder of 1994 are estimated at $158,000. This includes
approximately $131,000 in anticipated tenant improvements and leasing
commissions and $27,000 for improve-
8
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ments necessary to maintain the properties. These capital improvements will be
funded from undistributed cash balances and cash derived from future operations.
Capital Improvements--Joint Venture
For the six months ended June 30, 1994, the Joint Venture expended
approximately $20,000 on building and tenant improvements. Projected capital
expenditures for the Joint Venture for the remainder of 1994 are estimated to be
$340,000 which includes approximately $315,000 in anticipated leasing
commissions and tenant improvements and $25,000 for improvements necessary to
maintain the properties. These capital improvements will be funded from cash
balances and cash derived from future operations.
Results of Operations
The Partnership's net income for the six and three months ended June 30, 1994
increased by approximately $372,000 and $54,000 compared to the same periods in
1993 as discussed below.
Directly-Owned Properties
The Norwalk Industrial Park was 100% occupied as of June 30, 1994 and 1993.
Rental income at Norwalk for the six and three months ended June 30, 1994
increased by approximately $167,000 and decreased by approximately $57,000 as
compared to the corresponding periods in 1993 because the space was unoccupied
for the first two months of 1993. The decrease in rental income relates to the
March 1993 free rent period which was recorded in the second quarter. Operating
expenses for the six and three months ended June 30, 1994 decreased by
approximately $18,000 and $5,000, respectively, as compared to the same periods
in 1993 due primarily to utility expenses being charged directly to the new
tenant as well as non-recurring repair and maintenance charges incurred in 1993
to prepare for the new tenant.
The Norwest Center property in Rochester, Minnesota was 89% and 95% occupied
as of June 30, 1994 and 1993, respectively. During the first quarter, a tenant
vacancy resulted in an 8% decrease in occupancy from the fourth quarter of 1993.
No significant leases are scheduled to expire during the next twelve months.
Rental income for the six and three months ended June 30, 1994 decreased by
approximately $61,000 and $30,000, respectively, as compared to the same periods
in 1993 due primarily to decreased occupancy. Property operating expenses
increased by $12,000 and $18,000 for the six and three months ended June 30,
1994, respectively, as compared to the same periods in 1993 due to decreased
occupancies and increased repairs and maintenance expense.
The One Executive Center office property in Albuquerque, New Mexico was 100%
occupied as of June 30, 1994 and 1993. During the next twelve months, nine
leases representing approximately 28% of the rentable area are scheduled to
expire. Rental income for the six and three months ended June 30, 1994 increased
by approximately $41,000 and $23,000 as compared to the corresponding periods in
1993 due to an increase in occupancy. Operating expenses for the six and three
months ended June 30, 1994 increased by approximately $23,000 and $18,000,
respectively, primarily as a result of higher utility and administrative labor
costs.
Joint Venture Properties
As of June 30, 1994, Pine Island and Ridge Plaza were 92% and 88% leased,
respectively, as compared to 84% and 55% as of June 30, 1993.
Two new leases and one renewal were signed during the second quarter at Pine
Island increasing occupancy by 3% for the quarter. One other lease is in the
final stages of being renewed. At Ridge Plaza there were one new lease and one
expansion lease signed during the second quarter which increased occupancy 8%
from the first quarter. There are no significant leases scheduled to expire at
either property during the next twelve months.
Efforts continue to market Ridge Plaza as an entertainment center. Leasing
efforts are currently targeted towards tenants that provide indoor
sports-related and other leisure-time activities and supporting services. The
leasing of entertainment space involves a substantial and sustained marketing
effort which has and will continue to involve significant tenant concessions.
Although Ridge Plaza has experienced increased occupancy during the last two
quarters of 1993 and the first two quarters of 1994, rental rates remain
depressed in the current competitive environment.
9
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<PAGE>
The Partnership's Joint Venture equity income increased by approximately
$180,000 and $104,000 for the six and three months ended June 30, 1994 as
compared to the same periods in 1993.
Total revenues decreased by approximately $97,000 and $150,000 for the six
and three months ended June 30, 1994 as compared to the corresponding periods in
1993 primarily as a result of lower average rental rates. Operating expenses for
the six and three months period ended June 30, 1994 decreased by approximately
$395,000 and $187,000 as compared to the same period in 1993 as a result of a
decrease in the provision for doubtful accounts and lower repairs and
maintenance charges.
Depreciation and amortization expense increased by approximately $95,000 and
decreased by approximately $145,000 for the six and three months period ended
June 30, 1994, respectively, as compared to the corresponding periods in 1993.
The increase in depreciation is primarily a result of the write-off of a vacated
outparcel and related tenant improvements at Ridge Plaza in the first quarter of
1994. The outparcel was demolished to provide additional parking at the Joint
Venture's properties. Depreciation was impacted in both periods by the writedown
of the Joint Venture properties in 1993 which resulted in lower depreciation
expense in the current year.
10
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<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--
This information is incorporated by reference to Note D to the financial
statements filed herewith in Item 1 of Part I of the Registrant's Quarterly
Report.
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--None
Item 5. Other Information--
On October 21, 1993, an affiliate of the co-general partner, Prudential
Securities Incorporated (``PSI''), settled, without admitting or denying the
allegations contained therein, civil and administrative proceedings with
the Securities and Exchange Commission, the National Association of
Securities Dealers, Inc, and various state regulators. These proceedings
concerned, among other things, the sale by PSI of limited partnership
interests, including interests of the Registrant, during the period 1980
through 1990. The settlement has no impact on the Registrant itself.
The Office of the United States Attorney for the Southern District of
New York is conducting an investigation relating to the sale by PSI of
limited partnership interests during the period 1980 through 1990. In
connection with this investigation, PSI has received grand jury
subpoenas and other requests for information. PSI has been complying with
and intends to continue to comply with these requests and the
investigation is ongoing. Furthermore, in the ordinary course of PSI's
business, it receives inquiries and document requests from various states
and regulatory authorities concerning the sales activities of certain of
its employees, some of which may have in the past or may in the future
relate to the Registrant.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
Description:
3 and 4 Amended and Restated Agreement of Limited Partnership(1)
Amendment to Limited Partnership Agreement dated as of January 1,
1987(2)
b. Reports on Form 8-K--None
- - ---------------
(1) Incorporated by reference to Prospectus dated July 1, 1983 as filed with
the Commission pursuant to Rule 424(b) under the Securities Act of 1933
(2) Incorporated by reference to Exhibits 3 and 4 of the Registrant's Annual
Report on Form 10-K for the year ended December 31, 1988
11
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Prudential Acquisition Fund I, L.P.
By: Prudential-Bache Properties, Inc.
A Delaware corporation, General Partner
By: /s/ Robert J. Alexander Date: August 15, 1994
-----------------------------------------
Robert J. Alexander
Vice President
Chief Accounting Officer for the
Registrant
12
