SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ 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 No. 0-13556
Berry and Boyle Cluster Housing Properties
(A California Limited Partnership)
(Exact name of registrant as specified in its charter)
California 04-2817478 (State or
other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification
No.)
57 River St., Wellesley Hills, MA 02181
(Address of principal executive offices) (Zip Code)
(617) 237-0544
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 and 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 _X_ No ___
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
<PAGE>
<TABLE>
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(a California Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
---------------
ASSETS
June 30,
1995 December 31,
(Unaudited) 1994
Property, at cost (Notes 2, 3, 5, and 6):
<S> <C> <C>
Land $3,677,028 $3,677,028
Buildings and improvements 14,067,756 14,067,756
Equipment, furnishings and fixtures 1,153,558 1,147,418
18,898,342 18,892,202
Less accumulated depreciation (4,228,500) (4,046,690)
14,669,842 14,845,512
Cash and cash equivalents (Notes 2 and 4) 309,530 195,407
Short-term investments (Note 2) 1,244,368 1,393,930
Real estate tax escrows 30,299 51,805
Deposits and prepaid expenses 1,335 3,368
Deferred expenses, net of accumulated
amortization of $116,692 and $97,242 (Note 2) 77,799 97,249
Total assets $16,333,173 $16,587,271
LIABILITIES AND PARTNERS' EQUITY
Mortgage notes payable (Note 6) 8,758,475 8,818,891
Accounts payable and accrued expenses 142,682 170,673
Due to affiliates (Note 8) 1,358 10,190
Rents received in advance 81 13,997
Tenant security deposits 60,375 62,760
Total 8,962,971 9,076,511
liabilities
Partners' equity (Note 7) 7,370,202 7,510,760
Total liabilities and partners' equity $16,333,173 $16,587,271
<PAGE>
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(a California Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
---------------
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
---- ---- ---- ----
Revenue:
<S> <C> <C> <C> <C>
Rental income $660,494 $610,916 $1,293,814 $1,224,698
Interest income 22,145 13,385 43,837 25,511
Other income 26,124 15,829 50,094 28,634
Total revenue 708,763 640,130 1,387,745 1,278,843
Expenses:
General and administrative (Note 8) 50,028 42,841 95,625 82,687
Operations 301,475 256,682 557,407 472,784
Depreciation and amortization 100,630 100,311 201,259 200,620
Interest 200,152 202,815 400,993 406,260
Total expenses 652,285 602,649 1,255,284 1,162,351
Net income (loss) $56,478 $37,481 $132,461 $116,492
Net income (loss) allocated to:
General Partners $2,824 $1,874 $6,623 $5,825
Per unit of Investor Limited
Partner interest:
32,421 units issued 1.65 1.10 3.88 3.41
<PAGE>
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(a California Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
---------------
Investor Total
General Limited Partners'
Partners Partners Equity
<S> <C> <C> <C>
Balance at December 31, 1993 (141,908) 7,997,454 7,855,546
Cash distributions (30,288) (575,474) (605,762)
Net income 13,049 247,927 260,976
Balance at December 31, 1994 (159,147) 7,669,907 7,510,760
Cash distributions (13,651) (259,368) (273,019)
Net income 6,623 125,838 132,461
Balance at June 30, 1995 ($166,175) $7,536,377 $7,370,202
<PAGE>
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(a California Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (decrease) in cash and cash equivalents
(Unaudited)
-------------
Six Months Ended
June 30,
1995 1994
---- ----
Cash flows from operating activities:
<S> <C> <C>
Interest received $25,314 $28,054
Cash received from rents 1,277,513 1,209,137
Cash received from other income 50,094 28,634
Administrative expenses (120,909) (105,035)
Rental operations expenses (547,209) (470,849)
Interest paid (401,223) (406,470)
Net cash provided by operating activities 283,580 283,471
Cash flows from investing activities:
Purchase of fixed assets (6,140) -
Cash (paid for) received from short-term investments 168,085 133,029
Net cash provided (used) by investing activities 161,945 133,029
Cash flows from financing activities:
Distributions to partners (273,019) (349,806)
Deposits and prepaid expenses 2,033 (95)
Principal payments on mortgage notes payable (60,416) (55,142)
Net cash provided (used) by financing activities (331,402) (405,043)
Net increase (decrease) in cash and cash equivalents 114,123 11,457
Cash and cash equivalents at beginning of period 195,407 201,157
Cash and cash equivalents at end of period $309,530 $212,614
<PAGE>
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(a California Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (decrease) in cash and cash equivalents
(Unaudited)
-------------
Reconciliation of net income (loss) to net cash provided by operating
activities:
Six Months Ended
June 30,
1995 1994
---- ----
Net income (loss) $132,461 $116,492
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 201,259 200,620
Change in assets and liabilities net of effects
from investing and financing activities:
Decrease (increase) in real estate tax escrows 21,506 9,944
Decrease (increase) in accounts and interest receivable (18,523) 2,513
Increase (decrease) in accounts
payable and accrued expenses (27,990) (22,416)
Increase (decrease) in due to affiliates (8,832) (8,151)
Increase (decrease) in rent received in advance (13,916) (9,551)
Increase (decrease) in tenant security deposits (2,385) (5,980)
Net cash provided by operating activities $283,580 $283,471
</TABLE>
<PAGE>
1. Organization of Partnership:
Berry and Boyle Cluster Housing Properties (a California Limited Partnership)
(the "Partnership") was formed on August 8, 1983. The Partnership issued all of
the General Partnership Interests to three General Partners in exchange for
capital contributions aggregating $2,000. Stephen B. Boyle, Richard G. Berry,
and Berry and Boyle Management (a California Limited Partnership) ("Management")
are the General Partners. A total of 2,000 individual Limited Partners owning
32,421 units have contributed $16,210,500 of capital to the Partnership. At June
30, 1995, the total number of Limited Partners was 1,994. Except under certain
limited circumstances, as defined in the Partnership Agreement, the General
Partners are not required to make any additional capital contributions. The
General Partners or their affiliates will receive various fees for services and
reimbursement for various organizational and selling costs incurred on behalf of
the Partnership.
The accompanying consolidated financial statements present the activity of the
Partnership for the six months ended June 30, 1995 and 1994. The information for
these periods has not been examined by independent accountants, but includes all
adjustments (consisting of normal recurring accruals) which are, in the opinion
of management, necessary to a fair statement of the results for such periods.
The Partnership will continue until December 31, 2010, unless terminated earlier
by the sale of all, or substantially all, of the assets of the Partnership, or
otherwise in accordance with the provisions of Section 16 of the Partnership
Agreement.
2. Significant Accounting Policies:
A. Basis of Presentation
The consolidated financial statements include the accounts of the
Partnership and its subsidiaries: Sin Vacas Joint Venture (Sin Vacas),
Autumn Ridge Joint Venture (Autumn Ridge) and Villa Antigua Joint
Venture (Villa Antigua). All intercompany accounts and transactions
have been eliminated in consolidation. The Partnership follows the
accrual basis of accounting.
B. Cash and Cash Equivalents
The Partnership considers all highly liquid debt instruments purchased
with a maturity of three months or less to be cash equivalents.
At year end add footnote re: Cash Equivalents
C. Depreciation
Depreciation is provided for by the use of the straight-line method
over estimated useful lives as follows:
Buildings and improvements 40 years
Equipment, furnishings and fixtures 5 years
D. Deferred Expenses
Costs of obtaining the mortgages on the properties are being amortized
over the term of the related mortgage notes payable using the
straight-line method. Fees paid to certain of the property developers
were amortized over the term of the services provided using the
straight-line method. Any unamortized costs remaining at the date of a
refinancing are expensed in the year of refinancing.
<PAGE>
E. Offering Costs
Costs in connection with the offering of Units were charged to Limited
Partners' equity upon the sale of the related Units.
F. Income Taxes
The Partnership is not liable for Federal or state income taxes because
Partnership income or loss is allocated to the Partners for income tax
purposes. If the Partnership's tax returns are examined by the Internal
Revenue Service or state taxing authority and such an examination
results in a change in Partnership taxable income (loss), such change
will be reported to the Partners.
G. Rental Income
Leases require the payment of rent in advance, however, rental income
is recorded as earned.
<PAGE>
<TABLE>
.
3. Property
Property, at cost, consisted of the following at June 30, 1995:
Initial Cost Costs Capitalized
to Partnership Subsequent to Acquisition
Bldgs. Equip., Bldgs. Equip.,
Property and Furn. and Furn.
Description Land Impr. & Fixt. Land Impr. & Fixt.
Villas at Sin Vacas,
a 72-unit residential
rental complex located
<S> <C> <C> <C> <C> <C> <C>
in Tucson, Arizona $799,913 $3,948,060 $344,615 $22,146 $75,678 $23,823
Autumn Ridge, a 96-unit
residential rental
complex located in
Colorado Springs,
Colorado 1,242,061 5,981,166 380,288 - 81,889 4,313
Villa Antigua, an 88-unit
residential rental
complex located in
Scottsdale, Arizona 1,610,646 3,942,388 376,709 2,262 38,575 23,810
$3,652,620 $13,871,614 $1,101,612 $24,408 $196,142 $51,946
Depreciation expense for the six months ended ended June 30, 1995 and 1994 and accumulated depreciation
at June 30, 1995 and December 31, 1994 consisted of the following:
Accumulated Depreciation
Depreciation Expense June 30, Dec. 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Buildings and improvements $175,848 $175,849 3,112,267 $2,936,419
Equipment, furn.and fixtures 5,962 5,322 1,116,233 1,110,271
$181,810 $181,171 $4,228,500 $4,046,690
Each of the properties is encumbered by a nonrecourse mortgage note payable (see Note 6).
.
3. Property
Property, at cost, consisted of the following at June 30, 1995:
Gross Amount At Which Carried
at Close of Period
Bldgs. Equip.,
Property and Furn. Accum.
Description Land Impr. & Fixt. Total Depr.
Villas at Sin Vacas,
a 72-unit residential
rental complex located
<S> <C> <C> <C> <C> <C>
in Tucson, Arizona $822,059 $4,023,738 $368,438 $5,214,235 $1,327,906
Autumn Ridge, a 96-unit
residential rental
complex located in
Colorado Springs,
Colorado 1,242,061 6,063,055 384,601 7,689,717 1,719,111
Villa Antigua, an 88-unit
residential rental
complex located in
Scottsdale, Arizona 1,612,908 3,980,963 400,519 5,994,390 1,181,483
$3,677,028 $14,067,756 $1,153,558 $18,898,342 $4,228,500
</TABLE>
<PAGE>
4. Cash and Cash Equivalents:
Cash and cash equivalents at June 30, 1995 and December 31, 1994 consisted of
the following:
June 30, December 31
1995 1994
--------- ---------
Cash on hand ..... $ 27,786 $ 19,992
Money market accounts 281,744 175,415
--------- ---------
$309,530 $ 195,407
5. Joint Venture and Property Acquisitions:
Sin Vacas
On October 25, 1985, the Partnership acquired a majority interest in the Sin
Vacas Joint Venture, which owns and operates the Villas at Sin Vacas, a 72-unit
residential property located in Tucson, Arizona. Since the Partnership owns a
majority interest in the joint venture, the accounts and operations of the joint
venture have been consolidated into those of the Partnership.
The Partnership made initial cash payments in the form of capital contributions
totaling $2,458,507 and funded $398,949 of property acquisition costs which were
treated as a capital contribution to the joint venture. Since completion of
construction, the Partnership has made additional contributions totaling
$119,757. At June 30, 1995, the total capital contributions and acquisition
costs incurred were $2,558,527 and $418,686, respectively.
Net cash from operations (as defined in the joint venture agreement) is to be
distributed as available to each joint venture partner quarterly as follows:
First, to the Partnership, an amount equal to 8.75% per annum,
noncumulative (computed daily on a simple noncompounded basis from the
date of completion funding) of the Partnership's capital investment, as
defined in the joint venture agreement;
Second, the balance 70% to the Partnership and 30% to the co-venturer.
All losses from operations and depreciation for the joint venture are allocated
99% to the Partnership and 1% to the co-venturer.
All profits from operations, to the extent of cash distributions, shall first be
allocated to the Partnership and co-venturer in the same proportion as the cash
distribution. Any remaining profits are allocated 70% to the Partnership and 30%
to the co-venturer.
In the case of certain capital transactions and distributions as defined in the
joint venture agreement, the allocation of related profits, losses and cash
distributions, if any, would be different than as described above and would be
effected by the relative balances in the individual partners' capital accounts.
Autumn Ridge
On July 16, 1986, the Partnership acquired Autumn Ridge, a 96-unit residential
property located in Colorado Springs, Colorado and simultaneously contributed
the property to a joint venture comprised of the Partnership and an affiliate of
the property developer. Since the Partnership owns a majority interest in the
joint venture, the accounts and operations of the joint venture have been
consolidated into those of the Partnership.
The Partnership made initial cash payments in the form of capital contributions
totaling $3,819,397 and funded $546,576 of property acquisition costs which were
treated as a capital contribution to the joint venture. Since completion of
construction, the Partnership has made additional contributions totaling
$314,097. At June 30, 1995 the total capital contributions and acquisition costs
incurred were $4,182,595 and $497,475, respectively.
Net cash from operations (as defined in the joint venture agreement) is to be
distributed as available to each joint venture partner quarterly as follows:
First, to the Partnership, an amount equal to 8% per annum,
noncumulative (computed daily on a simple noncompounded basis from the
date of completion funding) of the Partnership's capital investment, as
defined in the joint venture agreement;
Second, the balance 82% to the Partnership and 18% to the co-venturer.
All losses from operations and depreciation for the joint venture are allocated
100% to the Partnership.
All profits from operations, to the extent of cash distributions, shall first be
allocated to the Partnership and co-venturer in the same proportion as the cash
distribution. Any remaining profits are allocated 82% to the Partnership and 18%
to the co-venturer.
In the case of certain capital transactions and distributions as defined in the
joint venture agreement, the allocation of related profits, losses and cash
distributions, if any, would be different than as described above and would be
effected by the relative balances in the individual partners' capital accounts.
Villa Antigua
On June 11, 1987, the Partnership acquired a majority interest in the Villa
Antigua Joint Venture, which owns and operates Villa Antigua, an 88-unit
residential property located in Scottsdale, Arizona. Since the Partnership owns
a majority interest in the joint venture, the accounts and operations of the
joint venture have been consolidated into those of the Partnership.
The Partnership made initial cash payments in the form of capital contributions
totaling $2,494,677 and funded $381,729 of property acquisition costs which were
treated as a capital contribution to the joint venture. Since completion of
construction, the Partnership has made additional contributions totaling
$60,832, $29,376 of which was contributed in 1992. At June 30, 1995, the total
capital contributions and acquisition costs were $2,555,509 and $381,729,
respectively.
Net cash from operations (as defined in the joint venture agreement) is to be
distributed as available to each joint venture partner quarterly as follows:
First, to the Partnership, an amount equal to 10% per annum,
noncumulative (computed daily on a simple noncompounded basis from the
date of completion funding) of the Partnership's adjusted capital
investment, as defined in the joint venture agreement;
Second, the balance 70% to the Partnership and 30% to the co-venturer.
All losses from operations and depreciation for the joint venture are allocated
99% to the Partnership and 1% to the co-venturer.
All profits from operations, to the extent of cash distributions, shall first be
allocated to the Partnership and co-venturer in the same proportion as the cash
distributions; however, if for any taxable year there are no cash distributions,
profits are allocated 99% to the Partnership and 1% to the co-venturer.
In the case of certain capital transactions and distributions as defined in the
joint venture agreement, the allocation of related profits, losses and cash
distributions, if any, would be different than as described above and would be
effected by the relative balances in the individual partners' capital accounts.
6. Mortgage Notes Payable:
All of the property owned by the Partnership is pledged as collateral for the
nonrecourse mortgage notes payable outstanding at June 30, 1995 and December 31,
1994 which consisted of the following:
June 30, December 31,
1995 1994
Villas at Sin Vacas $2,485,187 $2,502,323
Autumn Ridge 3,184,900 3,206,886
Villa Antigua 3,088,388 3,109,682
--------- ---------
$8,758,475 $8,818,891
========= =========
Sin Vacas
On June 30, 1992, Villas at Sin Vacas refinanced its permanent loan using the
proceeds of a new first mortgage loan in the amount of $2,575,000. Under the
terms of the note, monthly principal and interest payments of $21,830, based on
a fixed interest rate of 9.125%, are required over the term of the loan. The
balance of the note will be due on July 15, 1997.
Autumn Ridge
On June 30, 1992, Autumn Ridge refinanced its permanent loan using the proceeds
of a new first mortgage loan in the amount of $3,300,000. Under the terms of the
note, monthly principal and interest payments of $27,976 are required over the
term of the loan, based on a fixed interest rate of 9.125%. The balance of the
note will be due on July 15, 1997.
Villa Antigua
On June 30, 1992, Villa Antigua refinanced its permanent loan using the proceeds
of a new first mortgage loan in the amount of $3,200,000. Under the terms of the
note, monthly principal and interest payments of $27,128, based on a fixed
interest rate of 9.125%, are required over the term of the loan. The balance of
the note will be due on July 15, 1997.
Interest accrued at June 30, 1995 and December 31, 1994
consisted of the following:
June 30, December 31,
1995 1994
Villas at Sin Vacas $ 9,449 $ 9,514
Autumn Ridge 12,109 12,193
Villa Antigua 11,742 11,823
$ 33,300 $ 33,530
The aggregate principal amounts of long term borrowings due during the calendar
years 1995 through 1997, respectively, are as follows, $123,587, $135,348, and
$8,559,930.
7. Partners' Equity:
Under the terms of the Partnership Agreement profits are allocated 95% to the
Limited Partners and 5% to the General Partners; losses are allocated 99% to the
Limited Partners and 1% to the General Partners.
Cash distributions to the partners are governed by the Partnership Agreement and
are made, to the extent available, 95% to the Limited Partners and 5% to the
General Partners.
The allocation of the related profits, losses, and distributions, if any, would
be different than described above in the case of certain events as defined in
the Partnership Agreement, such as the sale of an investment property or an
interest in a joint venture partnership.
8. Related-Party Transactions:
Due to affiliates at June 30, 1995 and December 31, 1994 consisted of
reimbursable costs payable to Berry and Boyle Inc., an affiliate of the General
Partners, in the amounts of $1,358 and $10,190, respectively.
For the six months ended June 30, 1995 and 1994, general and administrative
expenses included $36,006 and $33,585, respectively, of salary reimbursements
paid to the General Partners for certain administrative and accounting personnel
who performed services for the Partnership.
The officers and principal shareholders of Evans Withycombe, Inc., the developer
and property manager of the Villas at Sin Vacas and Villa Antigua properties and
an affiliate of the co-venturers of those joint ventures, together hold a two
and one half percent cumulative profit or partnership voting interest in Berry
and Boyle, a California Limited Partnership ("Berry and Boyle"), which is the
principal limited partner of Management. During the six months ended June 30,
1995 and 1994, $42,660 and $38,969, respectively, of property management fees
were paid or accrued to Evans Withycombe, Inc.
Residential Services, the property manager of Autumn Ridge, is an affiliate of
the General Partners of the Partnership. For the six months ended June 30, 1995
and 1994, $24,507 and $23,861, respectively, of property management fees were
paid or accrued to Residential Services.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Liquidity and Capital Resources
In connection with its capitalization, the Partnership admitted investors who
purchased a total of 32,421 Units aggregating $16,210,500. These offering
proceeds, net of organizational and offering costs of $2,431,575, provided
$13,778,925 of net proceeds to be used for the purchase of income-producing
residential properties, including related fees and expenses, and working capital
reserves. The Partnership expended $10,410,263 to (i) acquire its joint venture
interests in the Sin Vacas Joint Venture, the Villa Antigua Joint Venture, and
the Autumn Ridge Joint Venture, (ii) to pay acquisition expenses, including
acquisition fees to one of the General Partners, and (iii) to pay certain costs
associated with the refinancing of the Autumn Ridge permanent loan. The
Partnership distributed $1,731,681 to the Limited Partners as a return of
capital resulting from construction cost savings with respect to the Sin Vacas,
Autumn Ridge and Villa Antigua projects and other excess offering proceeds. The
remaining net proceeds of $1,636,981 were used to establish initial working
capital reserves. These reserves may be used periodically to enable the
Partnership to meet its various financial obligations including contributions to
the various joint ventures that may be required. Through June 30, 1995, $184,258
cumulatively was contributed to the joint ventures for this purpose.
The working capital reserves of the Partnership consist of cash and cash
equivalents and short-term investments. Together these amounts provide the
Partnership with the necessary liquidity to carry on its day-to-day operations
and to make necessary contributions to the various joint ventures. Thus far in
1995, the aggregate net decrease in working capital reserves was $35,439. This
decrease resulted primarily from cash provided by operations of 283,580, offset
by distributions to partners of $273,019 and $60,416 of principal payments on
mortgage notes payable.
Property Status
Villas at Sin Vacas
As of June 30, 1995, the property was 86% occupied, compared to 94%
approximately one year ago. At June 30, 1995 and 1994, the market rents for the
various unit types were as follows:
Unit Type ............................... 1995 1994
---------------------------------------------- ------ ------
One bedroom one bath ......................... $ 835 $ 835
Two bedroom two bath ......................... 1,050 1,050
Three bedroom two bath ....................... 1,200 1,200
Autumn Ridge
As of June 30, 1995, the property was 86% occupied, compared to 92%
approximately one year ago. At June 30, 1995 and 1994, the market rents for the
various unit types were as follows:
Unit Type ............................. 1995 1994
-------------------------------------------- ------ ------
One bedroom one bath ....................... $ 885 $ 885
Two bedroom two bath ....................... 1,088 1,088
Villa Antigua
As of June 30, 1995, the property was 94% occupied, compared to 92%
approximately one year ago. At June 30, 1995 and 1994, the market rents for the
various unit types were as follows:
Unit Type ............................... 1995 1994
---------------------------------------------- ------ ------
One bedroom one bath ......................... $ 720 $ 695
Two bedroom two bath ......................... 935 923
Three bedroom two bath ....................... 1,050 970
Results of Operations
For the three months ended June 30, 1995, the Partnership recognized interest
income earned on short term investments of $21,546 and administrative expenses
of $44,700, as well as its share of the income or losses allocated from the
Joint Ventures as follows:
Sin Autumn Villa
Vacas Ridge Antigua
Revenue .............................. $200,503 $250,031 $236,683
Expenses:
General and administrative ......... 1,800 1,728 1,800
Operations ......................... 102,915 113,074 85,486
Depreciation and amortization ...... 28,958 42,530 29,142
Interest ........................... 56,792 72,783 70,577
190,465 230,115 187,005
Net loss ............................. $ 10,038 $ 19,916 $ 49,678
For the three months ended June 30, 1994, the Partnership recognized interest
income earned on short term investments of $12,973 and administrative expenses
of $37,512, as well as its share of the income or losses allocated from the
Joint Ventures as follows:
Sin Autumn Villa
Vacas Ridge Antigua
Revenue .............................. $188,781 $242,749 $195,627
Expenses:
General and administrative ......... 1,677 1,975 1,677
Operations ......................... 84,924 89,598 82,160
Depreciation and amortization ...... 28,849 42,364 29,098
Interest ........................... 57,548 73,751 71,516
172,998 207,688 184,451
Net loss ............................. $ 15,783 $ 35,061 $ 11,176
For the six months ended June 30, 1995, the Partnership recognized interest
income earned on short term investments of $42,703 and administrative expenses
of $84,929, as well as its share of the income or losses allocated from the
Joint Ventures as follows:
Sin Autumn Villa
Vacas Ridge Antigua
Revenue .............................. $200,503 $250,031 $236,683
Expenses:
General and administrative ......... 1,800 1,728 1,800
Operations ......................... 102,915 113,074 85,486
Depreciation and amortization ...... 28,958 42,530 29,142
Interest ........................... 56,792 72,783 70,577
190,465 230,115 187,005
Net loss ............................. $ 10,038 $ 19,916 $ 49,678
For the six months ended June 30, 1994, the Partnership recognized interest
income earned on short term investments of $24,498 and administrative expenses
of $72,327, as well as its share of the income or losses allocated from the
Joint Ventures as follows:
Sin Autumn Villa
Vacas Ridge Antigua
Total revenue ........................ $372,480 $478,351 $403,514
Expenses:
General and administrative ......... 3,354 3,652 3,354
Operations ......................... 157,394 163,393 151,997
Depreciation and amortization ...... 57,697 84,728 58,195
Interest ........................... 115,275 147,731 143,254
333,720 399,504 356,800
Net income (loss) .................... $ 38,760 $ 78,847 $ 46,714
Comparison of Operating Results for the Six Months Ended June 30, 1995 and 1994:
General and administrative expenses increased 15% due to increased legal expense
and printing and mailing expense. Operating expenses increased 18% as a result
of increases in repairs and maintenance, salaries and wages, and advertising and
promotion.
Thus far in 1995, the Partnership has made the following cash distributions to
its Partners:
Feb. 15 May 15 Total
Limited Partners $137,789 $121,579 $259,368
General Partners 7,252 6,399 13,651
-------- ----------- -----------
$145,041 $127,978 $273,019
======= ======== ========
<PAGE>
PART II-OTHER INFORMATION
ITEM 1. Legal Proceedings
Response: None
ITEM 2. Changes in Securities
Response: None
ITEM 3. Defaults Upon Senior Securities
Response: None
ITEM 4. Submission of Matters to a Vote of Security Holders
Response: None
ITEM 5. Other Information
Response: None
ITEM 6. Exhibits and Reports on Form 8-K
Response: None
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.
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(Partnership)
BY: BERRY AND BOYLE MANAGEMENT
A General Partner
BY: BERRY AND BOYLE INC.
A General Partner
By: _________________________________
James E. Glynn, Treasurer
Date: August 9, 1995
