FORM 10-QSB-QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(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, 2000
[ ] 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 2-84760
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP (Exact name of
small business issuer as specified in its charter)
Massachusetts 04-2839837
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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 X No___
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
June 30, 2000
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 502
Receivables and deposits 678
Restricted escrows 529
Other assets 1,008
Investment properties:
Land $ 4,015
Buildings and related personal property 43,124
47,139
Less accumulated depreciation (26,473) 20,666
$ 23,383
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 92
Tenant security deposit liabilities 176
Accrued property taxes 166
Other liabilities 267
Mortgage notes payable 20,659
Partners' (Deficit) Capital
General partners $ (1,271)
Limited partners (23,139 units
issued and outstanding) 3,294 2,023
$ 23,383
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
b)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
Revenues:
<S> <C> <C> <C> <C>
Rental income $ 2,003 $ 1,880 $ 3,952 $ 3,713
Other income 98 81 182 154
Total revenues 2,101 1,961 4,134 3,867
Expenses:
Operating 790 744 1,544 1,476
General and administrative 85 88 144 130
Depreciation 538 487 1,070 951
Interest 449 455 897 912
Property tax 138 122 278 212
Bad debt expense, net 19 26 117 47
Total expenses 2,019 1,922 4,050 3,728
Net income $ 82 $ 39 $ 84 $ 139
Net income allocated to general
partner (10%) $ 8 $ 4 $ 8 $ 14
Net income allocated to limited
partners (90%) 74 35 76 125
$ 82 $ 39 $ 84 $ 139
Net income per limited
partnership unit $ 3.20 $ 1.51 $ 3.28 $ 5.40
Distributions per limited
partnership unit $ 37.94 $ -- $ 37.94 $ --
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
c)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 23,149 $ 2,000 $23,149 $25,149
Partners' (deficit) capital at
December 31, 1999 23,139 $(1,279) $ 4,096 $ 2,817
Distributions to limited
partners -- -- (878) (878)
Net income for the six months
ended June 30, 2000 -- 8 76 84
Partners' (deficit) capital
at June 30, 2000 23,139 $(1,271) $ 3,294 $ 2,023
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
d)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 84 $ 139
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 1,070 951
Amortization of loan costs and deferred costs 58 55
Casualty gain -- (52)
Bad debt expense, net 117 47
Change in accounts:
Receivables and deposits (121) (150)
Other assets 32 164
Accounts payable (66) (18)
Tenant security deposit liabilities 6 6
Accrued property taxes 27 (123)
Other liabilities (24) 32
Net cash provided by operating activities 1,183 1,051
Cash flows from investing activities:
Property improvements and replacements (940) (586)
Net insurance proceeds from casualties -- 66
Net deposits to restricted escrows (115) (30)
Net cash used in investing activities (1,055) (550)
Cash flows from financing activities:
Payments on mortgage notes payable (147) (134)
Distributions paid to limited partners (1,368) (600)
Net cash used in financing activities (1,515) (734)
Net decrease in cash and cash equivalents (1,387) (233)
Cash and cash equivalents at beginning of period 1,889 1,863
Cash and cash equivalents at end of period $ 502 $ 1,630
Supplemental disclosure of cash flow information:
Cash paid for interest $ 865 $ 879
At December 31, 1999 approximately $457,000 of property improvements and
replacements were included in accounts payable.
Distributions of approximately $490,000 were accrued at December 31, 1999 and
paid in January 2000.
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
e)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERHSIP
NOTES TO CONSOLDIATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Winthrop Growth
Investors 1 Limited Partnership (the "Partnership" or "Registrant") have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Item 310(b)
of Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of Two Winthrop Properties, Inc., a
Massachusetts corporation (the "Managing General Partner"), all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three and six month
periods ended June 30, 2000 are not necessarily indicative of the results that
may be expected for the fiscal year ending December 31, 2000. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Partnership's Annual Report on Form 10-KSB for the
fiscal year ended December 31, 1999.
Principles of Consolidation
The consolidated statements of the Partnership include its 99%, 99.9%, and
99.98% general partnership interests in DEK Associates, Meadow Wood Associates,
and Stratford Place Investors Limited Partnership, respectively. Additionally,
the Partnership is the 100% beneficiary of the Stratford Village Realty Trust.
All significant interpartnership balances have been eliminated.
Certain reclassifications have been made to the 1999 amounts to conform to the
2000 presentation.
Note B - Transfer of Control
On October 28, 1997, Insignia Financial Group, Inc. ("Insignia") acquired 100%
of the Class B stock of First Winthrop Corporation, the sole shareholder of the
Managing General Partner as well as a 20.7% limited partnership interest in the
Partnership. Pursuant to this transaction, the by-laws of the Managing General
Partner were amended to provide for the creation of a Residential Committee.
Pursuant to the amended and restated by-laws, Insignia had the right to elect
one director to the Managing General Partner's Board of Directors and to cause
the Managing General Partner to take such actions as it deemed necessary and
advisable in connection with the activities of the Partnership.
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia and Insignia Properties Trust merged into Apartment
Investment and Management Company ("AIMCO"), a publicly traded real estate
investment trust, with AIMCO being the surviving corporation. As a result, AIMCO
acquired all of the rights of Insignia in and to the limited partnership
interest and the rights granted to Insignia pursuant to the First Winthrop
Corporation transaction. The Managing General Partner does not believe that this
transaction has had or will have a material effect on the affairs and operations
of the Partnership.
<PAGE>
Note C - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
Partnership activities. The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following payments were paid or
accrued to the Managing General Partner and affiliates during the six months
ended June 30, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $201 $190
Reimbursement for services of affiliates (included in
investment properties and general and administrative
expenses) 80 71
During the six months ended June 30, 2000 and 1999, affiliates of the Managing
General Partner were entitled to receive 5% of gross receipts from all of the
Partnership's properties as compensation for providing property management
services. The Partnership paid to such affiliates approximately $201,000 and
$190,000 during the six months ended June 30, 2000 and 1999, respectively.
An affiliate of the Managing General Partner received reimbursements of
accountable administrative expenses amounting to approximately $80,000 and
$71,000 for the six months ended June 30, 2000 and 1999, respectively.
AIMCO and its affiliates currently own 6,489.34 limited partnership units in the
Partnership representing approximately 28.05% of the outstanding units. A number
of these units were acquired in the First Winthrop Corporation transaction and
pursuant to tender offers made by AIMCO or its affiliates. It is possible that
AIMCO or its affiliates will make one or more additional offers to acquire
additional limited partnership interests in the Partnership for cash or in
exchange for units in the operating partnership of AIMCO. Under the Partnership
Agreement, unitholders holding a majority of the Units are entitled to take
action with respect to a variety of matters. When voting on matters, AIMCO would
in all likelihood vote the Units it acquired in a manner favorable to the
interest of the Managing General Partner because of their affiliation with the
Managing General Partner.
<PAGE>
Note D - Supplementary Information Required Pursuant to Section 9.4 of the
Partnership Agreement
Statement of cash available for distribution for the three and six months ended
June 30, 2000 (in thousands):
Three Months Ended Six Months Ended
June 30, 2000 June 30, 2000
Net Income $ 82 $ 84
Add: Amortization expense 34 58
Depreciation expense 538 1,070
Less: Cash to reserves (654) (1,212)
Cash available for distribution $ -- $ --
Distributions allocated to
Limited Partners $ -- $ --
General Partners' interest in
cash available for distribution $ -- $ --
Note E - Distributions
During the six months ended June 30, 2000, the Partnership paid a distribution
to the limited partners from operations of approximately $490,000 ($21.18 per
limited partnership unit) which had been declared and accrued at December 31,
1999. In addition, the Partnership declared and paid cash distributions to the
limited partners from operations of approximately $878,000 ($37.94 per limited
partnership unit) during the six months ended June 30, 2000. There were no
distributions declared during the six months ended June 30, 1999. During the six
months ended June 30, 1999, the Partnership paid a distribution to the limited
partners from operations of approximately $600,000 ($25.93 per limited
partnership unit) which was declared and accrued at December 31, 1998.
Note F - Mortgage Note Payable
Although there is no assurance that it will be able to do so, the Managing
General Partner believes it will be able to refinance the debt at Ashton Ridge
Apartments maturing in December 2000.
Note G - Segment Reporting
Description of the types of products and services from which the reportable
segment derives its revenues: The Partnership has one reportable segment:
residential properties. The Partnership's residential property segment consists
of four apartment complexes, one each located in Alabama, Florida, Maryland, and
Texas. The Partnership rents apartment units to tenants for terms that are
typically twelve months or less.
<PAGE>
Measurement of segment profit or loss: The Partnership evaluates performance
based on segment profit (loss) before depreciation. The accounting policies of
the reportable segments are the same as those of the Partnership as described in
the Partnership's Annual Report on Form 10-KSB for the year ended December 31,
1999.
Factors management used to identify the Partnership's reportable segment: The
Partnership's reportable segment consists of investment properties that offer
similar products and services. Although each of the investment properties is
managed separately, they have been aggregated into one segment as they provide
services with similar types of products and customers.
Segment information for the three and six month periods ended June 30, 2000 and
1999, is shown in the tables below (in thousands). The "Other" column includes
Partnership administration related items and income and expense not allocated to
the reportable segment.
Three months ended June 30, 2000 Residential Other Totals
(in thousands)
Rental income $ 2,003 $ -- $ 2,003
Other income 96 2 98
Depreciation 538 -- 538
Interest expense 449 -- 449
General and administrative expense -- 85 85
Bad debt expense 19 -- 19
Segment profit (loss) 165 (83) 82
Six months ended June 30, 2000 Residential Other Totals
(in thousands)
Rental income $ 3,952 $ -- $ 3,952
Other income 176 6 182
Depreciation 1,070 -- 1,070
Interest expense 897 -- 897
General and administrative expense -- 144 144
Bad debt expense 117 -- 117
Segment profit (loss) 222 (138) 84
Total assets 22,925 458 23,383
Capital expenditures for investment
properties 483 -- 483
<PAGE>
Three months ended June 30, 1999 Residential Other Totals
(in thousands)
Rental income $ 1,880 $ -- $ 1,880
Other income 79 2 81
Depreciation 487 -- 487
Interest expense 455 -- 455
General and administrative expense -- 88 88
Bad debt expense 26 -- 26
Segment profit (loss) 125 (86) 39
Six months ended June 30, 1999 Residential Other Totals
(in thousands)
Rental income $ 3,713 $ -- $ 3,713
Other income 144 10 154
Depreciation 951 -- 951
Interest expense 912 -- 912
General and administrative expense -- 130 130
Bad debt expense 47 -- 47
Segment profit (loss) 259 (120) 139
Total assets 18,300 6,954 25,254
Capital expenditures for investment
properties 586 -- 586
Note H - Casualty Gain
In January 1999, Sunflower Apartments had a fire that damaged six apartment
units. Total insurance proceeds received less the write-off of assets replaced
resulted in a net casualty gain of approximately $52,000. Additionally, the
Partnership received approximately $40,000 of insurance proceeds during the six
months ended June 30, 1999 related to a casualty claim made in 1996 on behalf of
Sunflower Apartments.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Partnership from time to time.
The discussion of the Partnership's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Partnership's business and
results of operations. Accordingly, actual results could differ materially from
those projected in the forward-looking statements as a result of a number of
factors, including those identified herein.
The Partnership's investment properties consist of four apartment complexes. The
following table sets forth the average occupancy of the properties for the six
months ended June 30, 2000 and 1999:
Average Occupancy
2000 1999
Ashton Ridge Apartments
Jacksonville, Florida 94% 89%
Stratford Place Apartments
Gaithersburg, Maryland 98% 98%
Stratford Village Apartments
Montgomery, Alabama 92% 95%
Sunflower Apartments
Dallas, Texas 98% 96%
The Managing General Partner attributes the increase in occupancy at Ashton
Ridge Apartments to the completion of renovation projects at the property which
enhanced the property's curb appeal as well as improved marketing efforts. The
Managing General Partner attributes the decrease in occupancy at Stratford
Village Apartments to increased competition in the apartment rental market of
Montgomery, Alabama.
Results of Operations
The Partnership reported net income of approximately $84,000 for the six months
ended June 30, 2000 as compared to net income of approximately $139,000 for the
corresponding period in 1999. The Partnership reported net income of
approximately $82,000 for the three months ended June 30, 2000 as compared to
approximately $39,000 for the three months ended June 30, 1999. The decrease in
net income for the six month period is due to increased total expenses,
partially offset by increased total revenues. The increase in net income for the
three month period is due to an increase in total revenues, partially offset by
an increase in total expenses. The increase in total revenues for both the three
and six month periods was due to increased rental income and other income.
Rental income increased due to an increase in market rent at all the
Partnership's properties and increases in occupancy at Ashton Ridge Apartments
and Sunflower Apartments which more than offset the decrease in occupancy at
Stratford Village Apartments. Other income increased primarily due to an
increase in cable television income and telephone commissions, partially offset
by reduced interest income due to lower cash balances in interest bearing
accounts.
Total expenses increased for the six month periods ended June 30, 2000 and 1999
due primarily to increased operating, depreciation, property tax, bad debt and
general and administrative expenses. Total expenses increased for the three
month periods ended June 30, 2000 and 1999 due primarily to increased operating,
depreciation, and property tax expense. Operating expense increased for both the
three and six month periods due primarily to increases in utility charges
primarily at Stratford Place Apartments, increased employee bonuses, increased
insurance expense and net insurance proceeds received in 1999 for the casualties
at Sunflower apartments, partially offset by reduced business license expense at
Stratford Place Apartments. Depreciation expense increased at all the
Partnership's properties for both the three and six month periods due to the
increase in depreciable assets placed into service over the past twelve months.
Property tax expense increased for the six month period primarily due to a
refund received during the first quarter of 1999 for the Stratford Place
Apartments. In addition, there were increases in the assessed values at the
Partnership's other properties. Bad debt expense increased for the six month
period ended June 30, 2000 due primarily to an increase in tenant evictions at
Ashton Ridge Apartments, which resulted in tenant receivable balances being
written off during the first quarter of 2000. For the three months ended June
30, 2000 there were no large receivable write-offs. General and administrative
expenses increased for the six months ended June 30, 2000 due to increased
general partner reimbursements allowed under the Partnership agreement and
increased professional fees associated with managing the Partnership. For the
three months ended June 30, 2000 general and administrative expense decreased
slightly due to the timing of the receipt of charges for general partner
reimbursements and professional services. Included in general and administrative
expenses are reimbursements to affiliates of the Managing General Partner
allowed under the Partnership Agreement associated with its management of the
Partnership. In addition, costs associated with the quarterly and annual
communications with investors and regulatory agencies and the annual audit
required by the Partnership Agreement are also included.
As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expense. As part of this
plan, the Managing General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.
Liquidity and Capital Resources
At June 30, 2000, the Partnership had cash and cash equivalents of approximately
$502,000 compared to approximately $1,630,000 at June 30, 1999. The decrease in
cash and cash equivalents for the six months ended June 30, 2000 from the
Partnership's year ended December 31, 1999 was approximately $1,387,000. This
decrease is due to approximately $1,515,000 of cash used in financing activities
and approximately $1,055,000 of cash used in investing activities partially
offset by approximately $1,183,000 of cash provided by operating activities.
Cash used in financing activities consisted primarily of distributions paid to
the limited partners and, to a lesser extent, principal payments made on the
mortgages encumbering the Partnership's investment properties. Cash used in
investing activities consisted of property improvements and replacements and net
deposits to restricted escrows maintained by the mortgage lenders. The
Partnership invests its working capital reserves in a money market account.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership and to comply with Federal,
state and local legal and regulatory requirements. Capital improvements planned
for each of the Partnership's properties are detailed below.
Ashton Ridge Apartments
Approximately $257,000 has been budgeted for capital improvements during the
year 2000 at Ashton Ridge Apartments consisting primarily of floor covering
replacements, air conditioning unit replacement, and appliance replacement.
During the six months ended June 30, 2000, the Partnership spent approximately
$164,000 for capital improvements consisting primarily of floor covering
replacement, water meter and sewer upgrades, roof replacement, structural
upgrades, appliance replacement, and air conditioning unit replacements. These
improvements were funded from operating cash flow and replacement reserves.
Additional improvements may be considered and will depend on the physical
condition of the property as well as replacement reserves and anticipated cash
flow generated by the property.
Stratford Place Apartments
Approximately $329,000 has been budgeted for capital improvements during the
year 2000 at Stratford Place Apartments consisting primarily of carpet
replacement, water heater replacements, air conditioning unit replacements, and
appliance replacements. During the six months ended June 30, 2000, the
Partnership spent approximately $211,000 for capital improvements consisting
primarily of plumbing enhancements, carpet replacement, water heater
replacements, appliance replacements, and other building improvements. These
improvements were funded from operating cash flow. Additional improvements may
be considered and will depend on the physical condition of the property as well
as replacement reserves and anticipated cash flow generated by the property.
Stratford Village Apartments
Approximately $225,000 has been budgeted for capital improvements during the
year 2000 at Stratford Village Apartments consisting primarily of roof
replacements, floor covering replacements, parking lot upgrades, and structural
upgrades. During the six months ended June 30, 2000, the Partnership spent
approximately $74,000 for capital improvements consisting primarily of floor
covering replacements, structural upgrades, appliance replacements, and plumbing
replacements. These improvements were funded from operating cash flow.
Additional improvements may be considered and will depend on the physical
condition of the property as well as replacement reserves and anticipated cash
flow generated by the property.
Sunflower Apartments
Approximately $80,000 has been budgeted for capital improvements during the year
2000 at Sunflower Apartments consisting primarily of floor covering replacement,
interior decoration, appliance replacement, and major landscaping. During the
six months ended June 30, 2000, the Partnership spent approximately $34,000 for
capital improvements consisting primarily of floor covering replacement,
appliance replacement, and other building enhancements. These improvements were
funded from operating cash flow. Additional improvements may be considered and
will depend on the physical condition of the property as well as replacement
reserves and anticipated cash flow generated by the property.
The additional capital expenditures will be incurred only if cash is available
from operations or from Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Partnership's distributable cash flow,
if any, may be adversely affected at least in the short term.
The Partnership's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Partnership. The mortgage
indebtedness of approximately $20,659,000 is amortized over varying periods with
balloon payments of approximately $4,071,000 due in December 2000 and $8,000,000
in 2006. The Managing General Partner will attempt to refinance such
indebtedness and/or sell the properties prior to such maturity dates. If the
properties cannot be refinanced or sold for a sufficient amount, the Partnership
will risk losing such properties through foreclosure.
During the six months ended June 30, 2000, the Partnership paid a distribution
to the limited partners from operations of approximately $490,000 ($21.18 per
limited partnership unit) which had been declared and accrued at December 31,
1999. In addition, the Partnership declared and paid cash distributions to the
limited partners from operations of approximately $878,000 ($37.94 per limited
partnership unit) during the six months ended June 30, 2000. There were no
distributions declared during the six months ended June 30, 1999. During the six
months ended June 30, 1999, the Partnership paid a distribution to the limited
partners from operations of approximately $600,000 ($25.93 per limited
partnership unit) which was declared and accrued at December 31, 1998. The
Partnership's distribution policy is reviewed on a semi-annual basis. Future
cash distributions will depend on the levels of net cash generated from
operations, the availability of cash reserves, and the timing of debt
maturities, refinancings and/or property sales. There can be no assurance,
however, that the Partnership will generate sufficient funds from operations,
after required capital expenditures, to permit additional distributions to its
partners during the remainder of 2000 or subsequent periods.
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K filed during the quarter ended June 30, 2000:
None.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
By: Two Winthrop Properties, Inc.
Managing General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Vice President - Residential
By: /s/Martha L. Long
Martha L. Long
Vice President and
Controller - Residential
Date:
