SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 1995 Commission File Number 0-11549
WINTHROP INTERIM PARTNERS I, A LIMITED PARTNERSHIP
Maryland 04-2787751
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
One International Place, Boston, MA 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 330-8600
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 month (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 X NO
<PAGE>
PART I - FINANCIAL INFORMATION
WINTHROP INTERIM PARTNERS I, A LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED) (NOTE 1)
<TABLE>
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- -----------------
1995 1994 1995 1994
-------- -------- -------- ------
<S> <C> <C> <C> <C>
Interest income ..................................... $ - $ - $ - $
-------- ------- -------- -
Expenses:
General and administrative......................... 110 - 15,138 15,616
-------- ------- -------- --------
110 - 15,138 15,616
-------- ------- -------- --------
Net loss............................................. $ (110) $ - $(15,138) $(15,616)
======== ======= ======== ========
Net loss allocated to General Partners $ ( 1) $ - $ (151) $ (156)
======== ======= ======== ========
Net loss allocated to Limited Partners $ (109) $ - $(14,987) $(15,460)
======== ======= ======== ========
Net loss per Unit of Limited
Partnership Interest.............................. $ (.01) $ - $ (.15) $ (.15)
======== ======= ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
WINTHROP INTERIM PARTNERS I, A LIMITED PARTNERSHIP
BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
(NOTE 1)
<TABLE>
ASSETS
September 30, December 31,
1995 1994
(Unaudited) (Audited)
<S> <C> <C>
Cash.......................................................... $ 17 $ 17
----------- -----------
$ 17 $ 17
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Loans payable to affiliate 182,970 167,832
----------- -----------
182,970 167,832
----------- -----------
Partners' Capital:
Limited Partners
Units of Limited Partnership Interest;
authorized, issued and outstanding -
100,010.................................................... (2,699,577) (2,684,590)
General Partners........................................... 2,516,624 2,516,775
----------- -----------
(182,953) (167,815)
----------- -----------
$ 17 $ 17
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
WINTHROP INTERIM PARTNERS I, A LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED) (NOTE 1)
<TABLE>
1995 1994
-------- ------
<S> <C> <C>
Cash flows from operating activities:
Net loss................................................................. $(15,138) $(15,616)
Adjustments to reconcile net loss to net cash
used by operating activities:
Changes in assets and liabilities:
Increase in loans payable to affiliate............................. 15,138 15,616
-------- --------
Net cash provided (used) by operating activities.......................... 0 0
--------- --------
Net (decrease) increase in cash during the period............................ 0 0
Cash, beginning of the period................................................ 17 17
-------- --------
Cash, end of the period...................................................... $ 17 $ 17
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
WINTHROP INTERIM PARTNERS I, A LIMITED PARTNERSHIP
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED) (NOTE 1)
<TABLE>
UNITS OF
LIMITED GENERAL LIMITED
PARTNERSHIP PARTNERS' PARTNERS' TOTAL
INTEREST CAPITAL CAPITAL CAPITAL
<S> <C> <C> <C> <C>
Balance December 31, 1994............................... 99,990 $2,516,775 $(2,684,590) $ (167,815)
Net loss................................................ (151) (14,987) (15,138)
-------- ----------- ----------- ----------
Balance, September 30, 1995............................. 99,990 $2,516,624 $(2,699,577) $ (182,953)
======= =========== =========== ==========
Balance December 31, 1993............................... 99,990 $2,516,921 $(2,670,194) $ (153,273)
Net loss................................................ (156) (15,460) (15,616)
------- ----------- ----------- ----------
Balance, September 30, 1994............................. 99,990 $2,516,765 $(2,685,654) $ (168,889)
======= =========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
WINTHROP INTERIM PARTNERS I, A LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
1. ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements included herein have been
prepared by the Registrant, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. The
Registrant's accounting and financial reporting policies are in
conformity with generally accepted accounting principles and
include adjustments in interim periods considered necessary for
a fair presentation of the results of operations. Certain
information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations. It is suggested that
these condensed financial statements be read in conjunction with
the financial statements and the notes thereto included in the
Registrant's latest annual report on Form 10-K.
The accompanying financial statements reflect the Fund's results
of operations for an interim period and are not necessarily
indicative of the results of operations for the year ending
December 31, 1995.
2. TAXABLE LOSS
The Fund's taxable loss for 1995 is expected to differ from that
for financial reporting purposes due to accounting differences
in the recognition of the Syndicating Partnerships' results of
operations.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Financial Condition: The Fund currently holds interests in four Syndicated
Partnerships which own eight commercial properties and one mixed use property
(residential and commercial).
Given the financial problems of the properties, the Fund has written off its
investments in all of the Syndicated Properties.
The Fund currently does not possess sufficient working capital to pay its
operating expenses, which consist of administrative and reporting costs. The
Fund is paying its expenses by borrowing money from General Partners. These
loans, which totalled $182,970 as of September 30, 1995 and $167,832 as of
December 31, 1994, are non-interest bearing and repayable out of any available
cash before making distributions to the Fund's Limited Partners. The Fund
anticipates that it will continue to borrow money from the General Partners to
pay expenses until the Fund is liquidated.
Results of Operations for the First Nine Months of 1995: The operating results
of the Fund were essentially the same for the first nine months of 1995 as
compared to the same period of 1994. The Fund generated no revenue in the first
nine months of 1995 and 1994 and incurred operating expenses of $15,138 in 1995
and $15,616 in 1994. The expenses incurred in the first nine months of each year
consisted of audit, printing and mailing costs. These costs should remain
relatively constant from year to year.
The Fund's operating results were not impacted by any activities of the
Syndicated Partnerships because these investments have previously been written
off.
<PAGE>
PART II - OTHER INFORMATION
All items are inapplicable.
SIGNATURE
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.
WINTHROP INTERIM PARTNERS I,
A LIMITED PARTNERSHIP
(Registrant)
By: TWO WINTHROP PROPERTIES, INC.
Managing General Partner
By: /s/ Anthony R. Page
Anthony R. Page
Chief Financial Officer
By: /s/ Richard J. McCready
Richard J. McCready
Chief Operating Officer
DATED: November 14, 1995
<PAGE>
<TABLE>
WINTHROP INTERIM PARTNERS I, A LIMITED PARTNERSHIP
SUPPLEMENTARY INFORMATION
REQUIRED PURSUANT TO SECTION 9.4 OF THE FUND'S PARTNERSHIP AGREEMENT
SEPTEMBER 30, 1995
(UNAUDITED)
1. Statement of Cash Available for Distribution for the nine months ended
September 30, 1995:
<S> <C>
Net loss........................................................................... $(15,138)
Add: Amounts withdrawn by the Fund from reserves or paid
by loans from affiliates................................................. 15,138
--------
Cash Available for Distribution.................................................... $ -
</TABLE>
All other information required pursuant to section 9.4 of the Fund's Partnership
Agreement is set forth in the attached Report on Form 10-Q or Fund Report.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information
extracted from unaudited financial statements for the
period ending September 30, 1995 and is qualified
in its entirety by reference to such financial statements
</LEGEND>
<CIK> 0000718535
<NAME> Winthrop Interim Partners
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1.00000
<CASH> 17
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 17
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 17
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> (182,953)
<TOTAL-LIABILITY-AND-EQUITY> 17
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 15,138
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (15,138)
<INCOME-TAX> 0
<INCOME-CONTINUING> (15,138)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (15,138)
<EPS-PRIMARY> (0.15)
<EPS-DILUTED> 0.000
</TABLE>
