<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, 1995
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 (I.R.S. Employer
incorporation or organization) Identification No.)
One Seaport Plaza, New York, NY 10292-0116
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 214-1016
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 __
<PAGE>
<PAGE>
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,
1995 1994
<S> <C> <C>
---------------------------------------------------------------------------------------------------
ASSETS
Investment in property:
Land $ 4,008,121 $ 4,008,121
Buildings and improvements 30,959,204 30,859,999
Less: accumulated depreciation (16,810,840) (16,214,016)
Investment in joint venture, net 10,070,283 10,792,867
------------ ------------
Net investment in property and joint venture 28,226,768 29,446,971
Cash and cash equivalents 707,010 646,346
Deferred rent 445,977 499,599
Other assets 31,158 16,875
------------ ------------
Total assets $ 29,410,913 $ 30,609,791
------------ ------------
------------ ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Accounts payable and accrued expenses $ 276,894 $ 415,871
Tenant security deposits 17,846 16,192
------------ ------------
Total liabilities 294,740 432,063
------------ ------------
Partners' capital
Limited partners (70,124 units issued and outstanding) 29,116,173 30,177,728
General partners -- --
------------ ------------
Total partners' capital 29,116,173 30,177,728
------------ ------------
Total liabilities and partners' capital $ 29,410,913 $ 30,609,791
------------ ------------
------------ ------------
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
2
<PAGE>
<PAGE>
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,
------------------------- ------------------------
1995 1994 1995 1994
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
REVENUES
Rental income $1,466,723 $1,539,954 $ 731,370 $ 741,869
Recovery of expenses 425,862 461,255 212,384 224,609
Interest income 23,200 4,378 12,453 3,033
Joint venture equity income (loss) (182,584) 37,179 (332,948) 117,883
---------- ---------- --------- ----------
1,733,201 2,042,766 623,259 1,087,394
---------- ---------- --------- ----------
EXPENSES
Depreciation and amortization 596,824 723,047 293,750 321,654
Property operating 637,218 641,760 347,982 331,892
Real estate taxes 265,331 309,433 122,576 150,110
General and administrative 136,377 136,400 74,710 74,648
---------- ---------- --------- ----------
1,635,750 1,810,640 839,018 878,304
---------- ---------- --------- ----------
Net income (loss) $ 97,451 $ 232,126 $(215,759) $ 209,090
---------- ---------- --------- ----------
---------- ---------- --------- ----------
ALLOCATION OF NET INCOME (LOSS)
Limited partners $ (18,448) $ 159,086 $(278,091) $ 170,132
---------- ---------- --------- ----------
---------- ---------- --------- ----------
General partners $ 115,899 $ 73,040 $ 62,332 $ 38,958
---------- ---------- --------- ----------
---------- ---------- --------- ----------
Net income (loss) per limited partnership
unit $ (.26) $ 2.27 $ (3.97) $ 2.43
---------- ---------- --------- ----------
---------- ---------- --------- ----------
-----------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
<S> <C> <C> <C>
---------------------------------------------------------------------------------------------------
Partners' capital--December 31, 1994 $30,177,728 $ -- $30,177,728
Net income (loss) (18,448) 115,899 97,451
Distributions (1,043,107) (115,899) (1,159,006)
----------- -------- -----------
Partners' capital--June 30, 1995 $29,116,173 $ -- $29,116,173
----------- -------- -----------
----------- -------- -----------
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
3
<PAGE>
<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>
1995 1994
--------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Rental income received $1,496,308 $1,522,751
Recovery of expenses received 430,558 474,840
Interest received 23,200 4,378
Tenant security deposits received 1,654 347
Real estate taxes paid (260,725) (309,720)
Operating expenses paid (762,891) (643,172)
General and administrative expenses paid (149,229) (76,400)
Distributions from joint venture income -- 37,179
---------- ----------
Net cash provided by operating activities 778,875 1,010,203
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Capitalized property expenditures (99,205) (103,373)
Distributions from joint venture in excess of income 540,000 97,821
---------- ----------
Net cash provided by (used in) investing activities 440,795 (5,552)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners (1,159,006) (730,398)
---------- ----------
Net increase in cash and cash equivalents 60,664 274,253
Cash and cash equivalents at beginning of period 646,346 72,733
---------- ----------
Cash and cash equivalents at the end of period $ 707,010 $ 346,986
---------- ----------
---------- ----------
--------------------------------------------------------------------------------------------------
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
Net income $ 97,451 $ 232,126
---------- ----------
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 596,824 723,047
Distributions from joint venture income -- 37,179
Joint venture equity loss (income) 182,584 (37,179)
Changes in:
Deferred rent 53,622 (19,551)
Other assets (14,283) 15,933
Accounts payable and accrued expenses (138,977) 58,301
Tenant security deposits 1,654 347
---------- ----------
Total adjustments 681,424 778,077
---------- ----------
Net cash provided by operating activities $ 778,875 $1,010,203
---------- ----------
---------- ----------
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
4
<PAGE>
<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
(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, 1995, the results of its operations for the six
and three months ended June 30, 1995 and 1994 and its cash flows for the six
months ended June 30, 1995 and 1994 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, 1994.
B. Related Parties
Prudential-Bache Properties, Inc. and Prudential Realty Partnerships, Inc.
(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 approximate 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,
-------------------- --------------------
1995 1994 1995 1994
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
Prudential Realty Partnerships, Inc. and affiliates $ 30,800 $ 21,000 $ 19,200 $ 10,500
Prudential-Bache Properties, Inc. and affiliates 47,200 42,000 24,600 21,000
-------- -------- -------- --------
$ 78,000 $ 63,000 $ 43,800 $ 31,500
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
Expenses payable to the General Partners and their affiliates (which are
included in accrued expenses) as of June 30, 1995 and December 31, 1994 are
approximately $50,000 and $41,100, respectively.
Prudential Securities Incorporated (``PSI''), an affiliate of the General
Partners, owns 175 limited partnership units at June 30, 1995.
5
<PAGE>
<PAGE>
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,
1995 1994
<S> <C> <C>
----------------------------------------------------------------------------------------------------
Assets
Investment in property:
Land $ 4,210,457 $ 4,422,957
Buildings and improvements 28,997,852 29,615,596
Less: accumulated depreciation (16,208,298) (15,627,896)
------------- ------------
Net investment in property 17,000,011 18,410,657
Accounts receivable, net 714,198 407,437
Cash and cash equivalents 1,652,367 2,054,578
------------- ------------
Total assets $ 19,366,576 $ 20,872,672
------------- ------------
------------- ------------
Liabilities and partners' capital
Total liabilities $ 728,818 $ 901,073
------------- ------------
Partners' capital:
Prudential Acquisition Fund I, L.P. 10,019,246 10,739,520
Prudential Realty Acquisition Fund II, L.P. 8,618,512 9,232,079
------------- ------------
Total partners' capital 18,637,758 19,971,599
------------- ------------
Total liabilities and partners' capital $ 19,366,576 $ 20,872,672
------------- ------------
------------- ------------
</TABLE>
<TABLE>
<CAPTION>
Six months Three months
ended June 30, ended June 30,
------------------------- -----------------------
1995 1994 1995 1994
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
Revenues
Rental income $1,374,733 $1,282,641 $ 698,927 $663,484
Recovery of expenses 515,782 606,358 232,994 278,691
Interest income 49,253 20,324 23,768 13,186
---------- ---------- ---------- --------
1,939,768 1,909,323 955,689 955,361
---------- ---------- ---------- --------
Expenses
Depreciation and amortization 580,399 902,869 318,223 259,043
Property operating 529,255 468,417 279,307 243,230
Real estate taxes 253,444 406,872 91,537 203,436
General and administrative 60,511 58,037 31,054 29,211
Provision for loss on impairment of assets 850,000 -- 850,000 --
---------- ---------- ---------- --------
2,273,609 1,836,195 1,570,121 734,920
---------- ---------- ---------- --------
Net income (loss) $ (333,841) $ 73,128 $ (614,432) $220,441
---------- ---------- ---------- --------
---------- ---------- ---------- --------
</TABLE>
The Joint Venture's investment in property was reduced by $850,000 during the
three months ended June 30, 1995 to reflect a further diminution in value
resulting from lease defaults based on market indications.
D. Contingencies
On or about October 18, 1993, a putative class action, captioned Kinnes et
al. v. Prudential Securities Group Inc. et al. (CV-93-654), was filed in the
United States District Court for the District of Arizona, purportedly on behalf
of investors in the Partnership against the Partnership, PBP, PSI and a number
of
6
<PAGE>
<PAGE>
other defendants. Plaintiffs alleged violation of Racketeer Influenced and
Corrupt Organizations Act (``RICO'') statutes, breach of fiduciary duty, fraud
and deceit and negligence, and demanded an accounting. Plaintiffs sought
unspecified compensatory, punitive and treble damages, and rescission, including
costs and attorneys' fees, but the only relief sought against the Partnership
was an accounting. Defendants filed a motion to dismiss on December 22, 1993.
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, was transferred to a single judge of the United States District
Court for the Southern District of New York and consolidated for pretrial
proceedings under the caption In re Prudential Securities Incorporated Limited
Partnerships Litigation (MDL Docket 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, PSI, certain of its present
and former employees, and the General Partners. The Partnership is not named as
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 and New Jersey RICO
statutes, fraud, negligent misrepresentation, breach of fiduciary duties, breach
of third-party beneficiary contracts and breach of implied covenants 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.
On November 28, 1994 the transferee court deemed each of the complaints in
the constituent actions (including Kinnes) amended to conform to the allegations
of the consolidated complaint.
PSI and the General Partners, along with various other defendants, filed a
motion to dismiss the consolidated complaint on December 20, 1994. That motion
is pending.
PSI and the General Partners believe they have meritorious defenses to the
complaint and intend to vigorously defend themselves against this action.
E. Subsequent Event
In August 1995, a distribution of approximately $623,000 was paid to the
partners for the quarter ended June 30, 1995. Limited partners received
approximately $561,000, which represents $8.00 per unit, and the General
Partners received the remainder.
7
<PAGE>
<PAGE>
PRUDENTIAL ACQUISITION FUND I, L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
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.
The General Partners are considering the orderly liquidation of the
Partnership's properties and in this connection are in the process of listing
certain of the properties for sale due to improved availability of capital and
demand for certain types of real estate. There is no assurance that these
marketing efforts will be successful. It is not expected that the Partnership's
eventual total distributions will equal the partners' initial investments.
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, 1995, the Partnership's cash and cash
equivalents increased by $61,000 primarily because cash generated by operating
activities and distributions from the Joint Venture exceeded capital
expenditures and distributions paid to the partners. The Joint Venture, in which
the Partnership has a 54% interest, has cash and cash equivalents of $1,652,400
at June 30, 1995 as compared to $2,054,600 at December 31, 1994. 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 provide additional cash distributions to the
Partnership. Cash distributions to the Partnership from the Joint Venture
totalled $540,000 and $135,000 for the six months ended June 30, 1995 and 1994,
respectively. The level of distributions of cash from the Joint Venture is
determined by the operating results of the underlying properties as well as the
levels of cash reserves it maintains.
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 during the six months ended June 30, 1995 totalled
$1,159,000, of which the limited partners received $1,043,000 ($14.87 per unit)
and the General Partners received the remainder. These distributions were funded
with cash generated by the current operations of the directly-owned and Joint
Venture properties. For the corresponding period in 1994, cash distributions
totalled $730,000, of which the limited partners received $657,000 ($9.37 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 and the amount expended or reserved
for 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, 1995, the Partnership expended
approximately $99,000 on capital improvements, ($69,000 at One Executive Center
and $30,000 at Norwest Center) for tenant improvements, leasing commissions and
building improvements necessary to maintain the properties. Projected capital
expenditures for the directly-owned properties for the remainder of 1995 are
estimated at $269,000. This includes approximately $193,000 in anticipated
tenant improvements and leasing commissions and $76,000 for improvements
necessary to maintain the properties. These capital improvements will be funded
from undistributed cash balances or cash derived from future operations.
8
<PAGE>
<PAGE>
Capital Improvements--Joint Venture
For the six months ended June 30, 1995, the Joint Venture, in which the
Partnership has a 54% interest, expended approximately $20,000 on tenant
improvements and leasing commissions. Projected capital expenditures for the
Joint Venture for the remainder of 1995 are estimated at $195,000 which includes
$141,000 in anticipated tenant improvements and leasing commissions and $54,000
for improvements necessary to maintain the properties.
Results of Operations
The Partnership's net income for the six and three months ended June 30, 1995
decreased by approximately $135,000 and $425,000 as compared to the
corresponding periods in 1994. The major components of these changes are
discussed below.
Directly-Owned Properties
The Norwalk Industrial Park was 100% leased as of June 30, 1995 and 1994.
Rental income for the six months ended June 30, 1995 decreased by $59,000 as
compared to the corresponding period in 1994 primarily as a result of an
adjustment to properly reflect the impact of additional free rent concessions
given to its sole tenant in the first quarter of 1994. Rental income for the
three months ended June 30, 1995 was comparable to the corresponding period in
1994. Operating expenses for the six and three months ended June 30, 1995
increased $12,000 and $10,000, respectively, compared to 1994 due to increased
insurance expense in the second quarter of 1995.
The Norwest Center property in Rochester, Minnesota was 91% and 89% leased as
of June 30, 1995 and 1994, respectively. No significant leases are scheduled to
expire during the next twelve months. Rental income for the six and three months
ended June 30, 1995 was comparable to 1994. Operating expenses for the six and
three months ended June 30, 1995 decreased approximately $10,000 and $4,000,
respectively, compared to 1994 primarily due to a decrease in cleaning and
utilities expenses.
The One Executive Center office property in Albuquerque, New Mexico was 98%
and 100% leased as of June 30, 1995 and 1994, respectively. No significant
leases are scheduled to expire during the next twelve months. Rental income for
the six and three months ended June 30, 1995 decreased $9,000 and $11,000,
respectively, compared to 1994 due to a decrease in occupancy. Operating
expenses for the six months ended June 30, 1995 decreased $7,000 as compared to
the corresponding period in 1994 primarily as a result of a decrease in
utilities expense. During the three months ended June 30, 1995 operating
expenses increased $10,000 as compared to the corresponding period in 1994
primarily due to an increase in repairs and maintenance expense offset by the
lower utilities expense.
Depreciation and amortization expense for the six and three months ended June
30, 1995 decreased by $126,000 and $28,000, respectively, as compared to 1994 as
several tenant improvements at One Executive Center were fully depreciated
during 1994.
Real estate tax expense for the six and three months ended June 30, 1995
decreased $44,000 and $28,000, respectively, as compared to 1994 due to lower
assessments at the Norwalk and Norwest properties.
Joint Venture Properties
As of June 30, 1995, Pine Island and Ridge Plaza were 96% and 83% leased,
respectively, as compared to 92% and 88% as of June 30, 1994. In the third
quarter of 1994, a new tenant who had signed a ten-year lease notified the Joint
Venture it would not occupy its space (approximately 10% of the leased space of
Ridge Plaza). The tenant is not making payments as required by its lease.
Negotiations continue with the tenant relating to a buy-out of the lease.
Occupancy further dropped at Ridge Plaza by 10% in April 1995 when a tenant was
evicted. There are no leases scheduled to expire during the next twelve months
at Ridge Plaza.
A drug store which occupies 5% of the total space in Pine Island was acquired
by another chain in June 1995. The new owner has indicated it plans to close the
store prior to the lease expiration in 2003; however, the lease terms require
the new owner to make payments whether it occupies the space or not. Over the
next twelve months, four leases representing approximately 6% of the rentable
space are scheduled to expire at Pine Island.
9
<PAGE>
<PAGE>
The Partnership's joint venture equity income decreased by $220,000 and
$451,000, respectively, for the six and three months ended June 30, 1995 as
compared to 1994 due to a provision for loss on impairment of assets of $850,000
recorded during the three months ended June 30, 1995. The provision was recorded
to reflect a further diminution in value resulting from lease defaults based on
market indications. Distributions of the Joint Venture were not affected by the
impairment.
Total revenues increased by $30,000 for the six months ended June 30, 1995 as
compared to 1994 primarily as a result of increased interest income and an
increase in rental income at Ridge Plaza due to the expiration of free rent
periods for several tenants during the first quarter of 1994. During the three
months ended June 30, 1995, revenues were comparable to the corresponding period
in 1994.
Operating expenses for the six and three months ended June 30, 1995 increased
approximately $61,000 and $36,000, respectively, as compared to 1994 primarily
as a result of an increase in the provision for bad debts.
Real estate taxes decreased by approximately $153,000 and $112,000,
respectively, for the six and three months ended June 30, 1995 as compared to
1994 due to lower assessments at both properties.
Depreciation and amortization expense decreased by $322,000 for the six
months ended June 30, 1995 as compared to the corresponding period in 1994 as
tenant improvements for a vacated tenant were fully depreciated during the first
quarter of 1994. During the three months ended June 30, 1995, depreciation and
amortization expense increased by $59,000 compared to the corresponding period
of 1994 as tenant improvements and leasing commissions for an evicted tenant
were fully depreciated during the second quarter of 1995.
10
<PAGE>
<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--None
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)
27 Financial Data Schedule (filed herewith)
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
<PAGE>
<PAGE>
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 11, 1995
-----------------------------------------
Robert J. Alexander
Vice President
Chief Accounting Officer for the
Registrant
12
<PAGE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Prudential Acquisition Fund I LP
and is qualified in its entirety by reference
to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000717319
<NAME> Prudential Acquisition Fund I LP
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-START> Jan-1-1995
<PERIOD-END> Jun-30-1995
<PERIOD-TYPE> 6-Mos
<CASH> 707,010
<SECURITIES> 0
<RECEIVABLES> 477,135
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 45,037,608
<DEPRECIATION> 16,810,840
<TOTAL-ASSETS> 29,410,913
<CURRENT-LIABILITIES> 294,740
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 29,116,173
<TOTAL-LIABILITY-AND-EQUITY> 29,410,913
<SALES> 1,733,201
<TOTAL-REVENUES> 1,733,201
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,635,750
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 97,451
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
