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 September 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
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<TABLE>
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(a California Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
---------------
ASSETS
September 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 (4,319,404) (4,046,690)
14,578,938 14,845,512
Cash and cash equivalents (Notes 2 and 4) 563,137 195,407
Short-term investments (Note 2) 985,896 1,393,930
Real estate tax escrows 60,584 51,805
Deposits and prepaid expenses 1,693 3,368
Deferred expenses, net of accumulated
amortization of $116,692 and $97,242 (Note 2) 68,076 97,249
Total assets $16,258,324 $16,587,271
LIABILITIES AND PARTNERS' EQUITY
Mortgage notes payable (Note 6) 8,727,235 8,818,891
Accounts payable and accrued expenses 197,168 170,673
Due to affiliates (Note 8) 2,665 10,190
Rents received in advance 81 13,997
Tenant security deposits 60,210 62,760
Total 8,987,359 9,076,511
liabilities
Partners' equity (Note 7) 7,270,965 7,510,760
Total liabilities and partners' equity $16,258,324 $16,587,271
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BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(a California Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
---------------
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
Revenue:
<S> <C> <C> <C> <C>
Rental income $658,066 $634,256 $1,951,880 $1,858,954
Interest income 20,616 13,821 64,453 39,332
Other income 28,349 16,224 78,443 44,858
Total revenue 707,031 664,301 2,094,776 1,943,144
Expenses:
General and administrative (Note 8) 44,446 34,890 140,071 117,577
Operations 333,770 272,239 891,176 745,023
Depreciation and amortization 100,627 100,308 301,886 300,928
Interest 199,448 203,173 600,441 609,433
Total expenses 678,291 610,610 1,933,574 1,772,961
Net income (loss) $28,740 $53,691 $161,202 $170,183
Net income (loss) allocated to:
General Partners $1,437 $2,685 $8,060 $8,509
Per unit of Investor Limited
Partner interest:
32,421 units issued 0.84 1.57 4.72 4.99
<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 (20,050) (380,947) (400,997)
Net income 8,060 153,142 161,202
Balance at September 30, 1995 ($171,137) $7,442,102 $7,270,965
<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)
-------------
Nine Months Ended
September 30,
1995 1994
Cash flows from operating activities:
<S> <C> <C>
Interest received $42,107 $34,072
Cash received from rents 1,935,414 1,836,398
Cash received from other income 78,443 44,858
Administrative expenses (156,938) (126,623)
Rental operations expenses (863,768) (745,009)
Interest paid (600,790) (608,752)
Net cash provided by operating activities 434,468 434,944
Cash flows from investing activities:
Purchase of fixed assets (6,140) -
Cash (paid for) received from short-term investments 430,380 15,904
Net cash provided (used) by investing activities 424,240 15,904
Cash flows from financing activities:
Distributions to partners (400,997) (477,784)
Deposits and prepaid expenses 1,675 (95)
Principal payments on mortgage notes payable (91,656) (83,667)
Net cash provided (used) by financing activities (490,978) (561,546)
Net increase (decrease) in cash and cash equivalents 367,730 (110,698)
Cash and cash equivalents at beginning of period 195,407 201,157
Cash and cash equivalents at end of period $563,137 $90,459
<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:
Nine Months Ended
September 30,
1995 1994
<S> <C> <C>
Net income (loss) $161,202 $170,183
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 301,886 300,928
Change in assets and liabilities net of effects
from investing and financing activities:
Decrease (increase) in real estate tax escrows (8,779) (24,505)
Decrease (increase) in accounts and interest receivable (22,346) (12,800)
Increase (decrease) in accounts
payable and accrued expenses 26,496 16,316
Increase (decrease) in due to affiliates (7,525) (161)
Increase (decrease) in rent received in advance (13,916) (9,551)
Increase (decrease) in tenant security deposits (2,550) (5,466)
Net cash provided by operating activities $434,468 $434,944
</TABLE>
<PAGE>
BERRY AND BOYLE CLUSTER HOUSING PROPERTIES
(A California Limited Partnership)
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
----------
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
September 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 nine months ended September 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.
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<TABLE>
Property, at cost, consisted of the following at September 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 September 30, 1995 and 1994 and accumulated depreciation
at September 30, 1995 and December 31, 1994 consisted of the following:
Accumulated Depreciation
Depreciation Expense Sept. 30, Dec. 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Buildings and improvements $263,771 $263,772 3,200,190 $2,936,419
Equipment, furnishings and fixtures 8,943 7,984 1,119,214 1,110,271
$272,714 $271,756 $4,319,404 $4,046,690
Each of the properties is encumbered by a nonrecourse mortgage note payable (see Note 6).
3. Property (Continued)
Property, at cost, consisted of the following at September 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 $1,354,083
Autumn Ridge, a 96-unit
residential rental
complex located in
Colorado Springs,
Colorado 1,242,061 6,063,055 384,601 7,689,717 1,757,793
Villa Antigua, an 88-unit
residential rental
complex located in
Scottsdale, Arizona 1,612,908 3,980,963 400,519 5,994,390 1,207,528
$3,677,028 $14,067,756 $1,153,558 $18,898,342 $4,319,404
</TABLE>
<PAGE>
4. Cash and Cash Equivalents:
Cash and cash equivalents at September 30, 1995 and December 31, 1994 consisted
of the following:
September 30, December 31
1995 1994
Cash on hand ............................. $ 73,924 $ 19,992
Money market accounts .................... 489,214 175,415
$563,137 $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 September 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 September 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 September 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 September 30, 1995 and
December 31, 1994 which consisted of the following:
September 30, December 31,
1995 1994
Villas at Sin Vacas .................... $2,476,323 $2,502,323
Autumn Ridge ........................... 3,173,540 3,206,886
Villa Antigua .......................... 3,077,372 3,109,682
$8,727,235 $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 September 30, 1995 and December 31, 1994 consisted of the
following:
September 30, December 31,
1995 1994
Villas at Sin Vacas ........................ $ 9,415 $ 9,514
Autumn Ridge ............................... 12,066 12,193
Villa Antigua .............................. 11,700 11,823
$33,181 $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 September 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 $2,665 and $10,190, respectively.
For the nine months ended September 30, 1995 and 1994, general and
administrative expenses included $52,411 and $49,397, 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 nine months ended September
30, 1995 and 1994, $63,858 and $58,616, 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 nine months ended September 30,
1995 and 1994, $37,613 and $36,159, respectively, of property management fees
were paid or accrued to Residential Services.
<PAGE>
-16-
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 September 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 $40,304. This
decrease resulted primarily from cash provided by operations of 434,468, offset
by distributions to partners of $400,997 and $91,656 of principal payments on
mortgage notes payable.
Property Status
Villas at Sin Vacas
As of September 30, 1995, the property was 83% occupied, compared to 92%
approximately one year ago. At September 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 September 30, 1995, the property was 95% occupied, compared to 92%
approximately one year ago. At September 30, 1995 and 1994, the market rents for
the various unit types were as follows:
Unit Type 1995 1994
One bedroom one bath ....................... $ 890 $ 890
Two bedroom two bath ....................... 1,099 1,099
Villa Antigua
As of September 30, 1995, the property was 95% occupied, compared to 97%
approximately one year ago. At September 30, 1995 and 1994, the market rents for
the various unit types were as follows:
Unit Type 1995 1994
One bedroom one bath ......................... $ 735 $ 695
Two bedroom two bath ......................... 953 923
Three bedroom two bath ....................... 1,070 970
Results of Operations
For the three months ended September 30, 1995, the Partnership recognized
interest income earned on short term investments of $20,048 and administrative
expenses of $39,046, as well as its share of the income or losses allocated from
the Joint Ventures as follows:
Sin Autumn Villa
Vacas Ridge Antigua
Revenue ............................. $ 182,035 $ 271,004 $ 233,944
Expenses:
General and administrative ........ 1,800 1,800 1,800
Operations ........................ 111,724 142,003 80,043
Depreciation and amortization ..... 28,958 42,529 29,140
Interest .......................... 56,593 72,526 70,329
199,075 258,858 181,312
Net income (loss) ................... ($ 17,040) $ 12,146 $ 52,632
For the three months ended September 30, 1994, the Partnership recognized
interest income earned on short term investments of $13,365 and administrative
expenses of $29,859, as well as its share of the income or losses allocated from
the Joint Ventures as follows:
Sin Autumn Villa
Vacas Ridge Antigua
Revenue .............................. $192,298 $247,107 $211,531
Expenses:
General and administrative ......... 1,677 1,677 1,677
Operations ......................... 102,747 89,783 79,709
Depreciation and amortization ...... 28,847 42,365 29,096
Interest ........................... 57,366 74,517 71,290
190,637 208,342 181,772
Net income (loss) .................... $ 1,661 $ 38,765 $ 29,759
For the nine months ended September 30, 1995, the Partnership recognized
interest income earned on short term investments of $62,751 and administrative
expenses of $123,975, 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 ........................ $576,112 $754,499 $701,414
Expenses:
General and administrative ......... 5,400 5,296 5,400
Operations ......................... 294,140 352,121 244,915
Depreciation and amortization ...... 86,874 127,589 87,423
Interest ........................... 170,373 218,342 211,726
556,787 703,348 549,464
Net income (loss) .................... $ 19,325 $ 51,151 $151,950
For the nine months ended September 30, 1994, the Partnership recognized
interest income earned on short term investments of $37,863 and administrative
expenses of $102,186, 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 ........................ $564,778 $725,458 $615,045
Expenses:
General and administrative ......... 5,031 5,329 5,031
Operations ......................... 260,141 253,177 231,705
Depreciation and amortization ...... 86,544 127,093 87,291
Interest ........................... 172,641 222,248 214,544
524,357 607,847 538,571
Net income (loss) .................... $ 40,421 $117,611 $ 76,474
Comparison of Operating Results for the Nine Months Ended September 30, 1995 and
1994:
Interest income increased 66% as a result of higher interest rates on the
Partnership's short term investments. General and administrative expenses
increased 19% due to increased legal expense and printing and mailing expense.
Operating expenses increased 20% 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 Aug 15 Total
Limited Partners ....... $137,789 $121,579 $121,579 $380,947
General Partners ....... 7,252 6,399 6,399 20,050
$145,041 $127,978 $127,978 $400,997
<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: ____________, 1995
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<S> <C>
<PERIOD-TYPE> 9-mos
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Sep-30-1995
<CASH> 563,137
<SECURITIES> 985,896
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 18,898,342
<DEPRECIATION> 4,319,404
<TOTAL-ASSETS> 16,258,324
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 7,270,965
<TOTAL-LIABILITY-AND-EQUITY> 16,258,324
<SALES> 0
<TOTAL-REVENUES> 2,094,776
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,333,133
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 600,441
<INCOME-PRETAX> 0
<INCOME-TAX> 0
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 161,202
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