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 September 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___
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
September 30, 2000
Assets
<TABLE>
<CAPTION>
<S> <C> <C>
Cash and cash equivalents $ 993
Receivables and deposits 838
Restricted escrows 399
Other assets 1,000
Investment properties:
Land $ 4,015
Buildings and related personal property 43,398
47,413
Less accumulated depreciation (26,990) 20,423
$ 23,653
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 196
Tenant security deposit liabilities 174
Accrued property taxes 307
Other liabilities 290
Mortgage notes payable 20,584
Partners' (Deficit) Capital
General partners $ (1,263)
Limited partners (23,139 units
issued and outstanding) 3,365 2,102
$ 23,653
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
b)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30, Ended September 30,
2000 1999 2000 1999
Revenues:
<S> <C> <C> <C> <C>
Rental income $ 2,016 $ 1,921 $ 5,968 $ 5,634
Other income 121 73 303 227
Total revenues 2,137 1,994 6,271 5,861
Expenses:
Operating 765 784 2,309 2,260
General and administrative 140 61 284 191
Depreciation 517 454 1,587 1,405
Interest 448 452 1,345 1,364
Property tax 142 127 420 339
Bad debt expense, net 46 90 163 137
Total expenses 2,058 1,968 6,108 5,696
Net income $ 79 $ 26 $ 163 $ 165
Net income allocated to general
partner (10%) $ 8 $ 3 $ 16 $ 17
Net income allocated to limited
partners (90%) 71 23 147 148
$ 79 $ 26 $ 163 $ 165
Net income per limited
partnership unit $ 3.07 $ .99 $ 6.35 $ 6.40
Distributions per limited
partnership unit $ -- $ -- $ 37.94 $ --
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
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 nine months
ended September 30, 2000 -- 16 147 163
Partners' (deficit) capital
at September 30, 2000 23,139 $(1,263) $ 3,365 $ 2,102
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 163 $ 165
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 1,587 1,405
Amortization of loan costs and deferred costs 87 82
Casualty gain -- (52)
Bad debt expense, net 163 137
Change in accounts:
Receivables and deposits (327) (303)
Other assets 11 175
Accounts payable 38 (62)
Tenant security deposit liabilities 4 14
Accrued property taxes 168 (37)
Other liabilities (1) 35
Net cash provided by operating activities 1,893 1,559
Cash flows from investing activities:
Property improvements and replacements (1,214) (937)
Net insurance proceeds from casualties -- 66
Net withdrawals from restricted escrows 15 51
Net cash used in investing activities (1,199) (820)
Cash flows from financing activities:
Payments on mortgage notes payable (222) (203)
Distributions paid to limited partners (1,368) (600)
Net cash used in financing activities (1,590) (803)
Net decrease in cash and cash equivalents (896) (64)
Cash and cash equivalents at beginning of period 1,889 1,863
Cash and cash equivalents at end of period $ 993 $ 1,799
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,296 $ 1,316
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.
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
WINTHROP GROWTH INVESTORS 1 LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED 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 nine month
periods ended September 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.
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 (i) for certain
payments to affiliates for services and (ii) 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 nine
months ended September 30, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $303 $286
Reimbursement for services of affiliates (included in
investment properties and general and administrative
expenses) 191 115
During the nine months ended September 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
$303,000 and $286,000 during the nine months ended September 30, 2000 and 1999,
respectively.
An affiliate of the Managing General Partner received reimbursements of
accountable administrative expenses amounting to approximately $191,000 and
$115,000 for the nine months ended September 30, 2000 and 1999, respectively. At
September 30, 2000, approximately $66,000 of the 2000 expense was accrued and is
included in other liabilities in the accompanying consolidated balance sheet.
This amount was paid in October 2000.
In addition to its indirect ownership of the general partner interest in the
Partnership, AIMCO and its affiliates currently own 8,150 limited partnership
units in the Partnership representing approximately 35.22% 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, which would include without
limitation, voting on certain amendments to the Partnership Agreement and voting
to remove the Managing General Partner. 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.
Note D - Supplementary Information Required Pursuant to Section 9.4 of the
Partnership Agreement
Statement of cash available for distribution for the three and nine months ended
September 30, 2000 (in thousands):
Three Months Ended Nine Months Ended
September 30, 2000 September 30, 2000
Net Income $ 79 $ 163
Add: Amortization expense 29 87
Depreciation expense 517 1,587
Less: Cash to reserves (625) (1,837)
Cash available for distribution $ -- $ --
Distributions allocated to
Limited Partners $ -- $ --
General Partners' interest in
cash available for distribution $ -- $ --
Note E - Distributions
During the nine months ended September 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 nine months ended September 30,
2000. There were no distributions declared during the nine months ended
September 30, 1999. During the nine months ended September 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 - 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.
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 nine month periods ended September 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 September 30, 2000 Residential Other Totals
(in thousands)
Rental income $ 2,016 $ -- $ 2,016
Other income 120 1 121
Depreciation 517 -- 517
Interest expense 448 -- 448
General and administrative expense -- 140 140
Bad debt expense, net 46 -- 46
Segment profit (loss) 218 (139) 79
Nine Months ended September 30, 2000 Residential Other Totals
(in thousands)
Rental income $ 5,968 $ -- $ 5,968
Other income 296 7 303
Depreciation 1,587 -- 1,587
Interest expense 1,345 -- 1,345
General and administrative expense -- 284 284
Bad debt expense, net 163 -- 163
Segment profit (loss) 440 (277) 163
Total assets 23,158 495 23,653
Capital expenditures for investment
properties 757 -- 757
Three Months ended September 30, 1999 Residential Other Totals
(in thousands)
Rental income $ 1,921 $ -- $ 1,921
Other income 70 3 73
Depreciation 454 -- 454
Interest expense 452 -- 452
General and administrative expense -- 61 61
Bad debt expense, net 90 -- 90
Segment profit (loss) 84 (58) 26
Nine Months ended September 30, 1999 Residential Other Totals
(in thousands)
Rental income $ 5,634 $ -- $ 5,634
Other income 214 13 227
Depreciation 1,405 -- 1,405
Interest expense 1,364 -- 1,364
General and administrative expense -- 191 191
Bad debt expense, net 137 -- 137
Segment profit (loss) 343 (178) 165
Total assets 24,508 756 25,264
Capital expenditures for investment
properties 937 -- 937
Note G - Casualty Gain
In January 1999, Sunflower Apartments had a fire that damaged nine 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 nine
months ended September 30, 1999 related to a casualty claim made in 1996 on
behalf of Sunflower Apartments.
Note H - Mortgage Note Payable
Ashton Ridge Apartments has a mortgage indebtedness of appproximately $4,071,000
due in December 2000. The Managing General Partner will attempt to refinance
such indebtedness prior to such maturity date. If the property cannot be
refinanced for a sufficient amount, the Partnership will risk losing such
property through foreclosure.
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 nine
months ended September 30, 2000 and 1999:
Average Occupancy
2000 1999
Ashton Ridge Apartments
Jacksonville, Florida 94% 91%
Stratford Place Apartments
Gaithersburg, Maryland 98% 98%
Stratford Village Apartments
Montgomery, Alabama 92% 94%
Sunflower Apartments
Dallas, Texas 96% 97%
The Managing General Partner attributes the increase in occupancy at Ashton
Ridge Apartments to improved marketing efforts as well as the completion of
renovation projects at the property which enhanced the property's curb appeal.
Results of Operations
The Partnership reported net income of approximately $163,000 for the nine
months ended September 30, 2000 as compared to net income of approximately
$165,000 for the nine months ended September 30, 1999. The Partnership reported
net income of approximately $79,000 for the three months ended September 30,
2000 as compared to approximately $26,000 for the three months ended September
30, 1999. The decrease in net income for the nine month period is due to an
increase in total expenses, largely offset by an increase in 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 nine month periods was due to increased
rental income and other income. Rental income increased due to an increase in
rental rates at all the Partnership's properties and increases in occupancy at
Ashton Ridge Apartments which more than offset the decrease in occupancy at
Stratford Village Apartments and Sunflower Apartments. Other income increased
primarily due to an increase in miscellaneous income, late charges, cable
television charges and lease cancellation fees.
Total expenses increased for the nine month period ended September 30, 2000 due
primarily to an increase in depreciation, general and administrative, property
tax, operating, and bad debt expenses. Total expenses increased for the three
month period ended September 30, 2000 due primarily to an increase in
depreciation, general and administrative, and property tax expense partially
offset by a decrease in bad debt expense. Depreciation expense increased at all
the Partnership's properties for both the three and nine month periods due to
the increase in depreciable assets placed into service during the past twelve
months. Property tax expense increased for the three and nine month periods
primarily due to a refund received during the first quarter of 1999 for
Stratford Place Apartments. In addition, there were increases in the assessed
values at the Partnership's other properties. Bad debt expense increased for the
nine month period ended September 30, 2000 primarily due 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.
Operating expenses increased for both the three and nine month periods due to a
decrease in net insurance proceeds received in 1999 for casualties at Sunflower
Apartments, increases in utility charges primarily at Ashton Ridge Apartments,
and an increase in employee bonuses. The increase in operating expense was
partially offset by a decrease in business licenses and permits at Stratford
Place Apartments and a decrease in maintenance salaries especially at Ashton
Ridge Apartments due to an extensive rehabilitation performed during 1999
partially offset by an increase at Stratford Village Apartments. General and
administrative expenses increased for both the three and nine months periods due
to an increase in the cost of services included in the management reimbursements
to the General Partner as allowed under the Partnership Agreement and increased
professional fees associated with managing 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 September 30, 2000, the Partnership had cash and cash equivalents of
approximately $993,000 compared to approximately $1,799,000 at September 30,
1999. The decrease in cash and cash equivalents for the nine months ended
September 30, 2000 from the Partnership's year ended December 31, 1999 was
approximately $896,000. This decrease is due to approximately $1,590,000 of cash
used in financing activities and approximately $1,199,000 of cash used in
investing activities which were partially offset by approximately $1,893,000 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 slightly offset by net withdrawals
from 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 $475,000 has been budgeted for capital improvements during the
year 2000 at Ashton Ridge Apartments consisting primarily of floor covering
replacements, air conditioning unit replacement, appliance replacement and other
building improvements. During the nine months ended September 30, 2000, the
Partnership spent approximately $309,000 for capital improvements consisting
primarily of water meter improvements, appliance and floor covering
replacements, light fixture replacements, air conditioning and structural
upgrades and electrical wiring improvements. These improvements were funded from
operating cash flow and replacement reserves.
Stratford Place Apartments
Approximately $329,000 has been budgeted for capital improvements during the
year 2000 at Stratford Place Apartments consisting primarily of floor covering
replacement, water heater replacements, air conditioning unit replacements, and
appliance replacements. During the nine months ended September 30, 2000, the
Partnership spent approximately $251,000 for capital improvements consisting
primarily of plumbing enhancements, floor covering and appliance replacements,
structural upgrades, and water heater replacements. These improvements were
funded from operating cash flow and replacement reserves.
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 nine months ended September 30, 2000, the Partnership spent
approximately $146,000 for capital improvements consisting primarily of
structural upgrades, floor covering replacements, plumbing replacements, and air
conditioning replacements. These improvements were funded from operating cash
flow.
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
nine months ended September 30, 2000, the Partnership spent approximately
$51,000 for capital improvements consisting primarily of floor covering
replacement, appliance replacement, and other building enhancements. These
improvements were funded from operating cash flow and replacement reserves.
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 $20,584,000 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. The
Managing General Partner is currently negotiating with respective lenders to
provide a replacement loan at Ashton Ridge. Although the Managing General
Partner believes it will be able to secure a new loan, if the properties cannot
be refinanced or sold for a sufficient amount, the Partnership will risk losing
such properties through foreclosure.
During the nine months ended September 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 nine months ended September 30,
2000. There were no distributions declared during the nine months ended
September 30, 1999. During the nine months ended September 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 quarterly 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.
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 September
30, 2000:
None.
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: November 13, 2000
