<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the period ended March 31, 1996
------------------------------------------------------
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 Number: 0-12538
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FIRST CAPITAL INSTITUTIONAL REAL ESTATE, LTD. - 1
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 59-2197264
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Two North Riverside Plaza, Suite 950, Chicago, Illinois 60606-2607
- ------------------------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
(312) 207-0020
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(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 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
--- ---
DOCUMENTS INCORPORATED BY REFERENCE:
The First Amended and Restated Certificate and Agreement of Limited Partnership
filed as Exhibit A to the definitive Prospectus dated October 25, 1982, included
in the Registrant's Registration Statement on Form S-11 (Registration No.
2-79092), is incorporated herein by reference in Part I of this report.
<PAGE>
BALANCE SHEETS
(All dollars rounded to nearest 00s)
<TABLE>
<CAPTION>
March 31,
1996 December 31,
(Unaudited) 1995
- --------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investment in commercial rental properties:
Land $ 5,501,700 $ 5,501,700
Buildings and improvements 30,605,000 30,584,800
- --------------------------------------------------------------------------
36,106,700 36,086,500
Accumulated depreciation and amortization (12,217,900) (11,937,500)
- --------------------------------------------------------------------------
Total investment properties, net of accumulated
depreciation and amortization 23,888,800 24,149,000
Cash and cash equivalents 4,319,900 4,254,900
Rents receivable 151,300 149,800
Other assets 4,200 200
- --------------------------------------------------------------------------
$28,364,200 $28,553,900
- --------------------------------------------------------------------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable and accrued expenses $ 300,100 $ 432,500
Due to Affiliates 57,600 21,900
Real estate commissions due to Managing General
Partner 403,000 403,000
Distributions payable 420,000 385,200
Security deposits 148,400 145,800
Other liabilities 79,700 109,000
- --------------------------------------------------------------------------
1,408,800 1,497,400
- --------------------------------------------------------------------------
Partners' capital:
General Partners (deficit) (381,300) (359,300)
Limited Partners (60,000 Units issued and
outstanding) 27,336,700 27,415,800
- --------------------------------------------------------------------------
26,955,400 27,056,500
- --------------------------------------------------------------------------
$28,364,200 $28,553,900
- --------------------------------------------------------------------------
</TABLE>
STATEMENTS OF PARTNERS' CAPITAL
For the quarter ended March 31, 1996 (Unaudited)
and the year ended December 31, 1995
(All dollars rounded to nearest 00s)
<TABLE>
<CAPTION>
General Limited
Partners Partners Total
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Partners' (deficit) capital,
January 1, 1995 $(255,700) $28,679,700 $28,424,000
Net (loss) income for the year ended
December 31, 1995 (103,600) 276,900 173,300
Distributions for the year ended December
31, 1995 (1,540,800) (1,540,800)
- -------------------------------------------------------------------------------
Partners' (deficit) capital, December 31,
1995 (359,300) 27,415,800 27,056,500
Net (loss) income for the quarter ended
March 31, 1996 (22,000) 340,900 318,900
Distributions for the quarter ended
March 31, 1996 (420,000) (420,000)
- -------------------------------------------------------------------------------
Partners' (deficit) capital,
March 31, 1996 $(381,300) $27,336,700 $26,955,400
- -------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
STATEMENTS OF INCOME AND EXPENSES
For the quarters ended March 31, 1996 and 1995
(Unaudited)
(All dollars rounded to nearest 00s
except per Unit amounts)
<TABLE>
<CAPTION>
1996 1995
- --------------------------------------------------------------------------
<S> <C> <C>
Income:
Rental $1,217,000 $1,267,000
Interest 51,500 56,500
- --------------------------------------------------------------------------
1,268,500 1,323,500
- --------------------------------------------------------------------------
Expenses:
Depreciation and amortization 280,400 295,400
Property operating:
Affiliates 73,300 69,900
Nonaffiliates 249,700 274,800
Real estate taxes 92,500 132,200
Insurance--Affiliate 15,100 15,700
Repairs and maintenance 173,200 155,100
General and administrative:
Affiliates 11,000 13,400
Nonaffiliates 54,400 45,400
- --------------------------------------------------------------------------
949,600 1,001,900
- --------------------------------------------------------------------------
Net income $ 318,900 $ 321,600
- --------------------------------------------------------------------------
Net (loss) allocated to General Partners $ (22,000) $ (23,400)
- --------------------------------------------------------------------------
Net income allocated to Limited Partners $ 340,900 $ 345,000
- --------------------------------------------------------------------------
Net income allocated to Limited Partners per Unit
(60,000 Units outstanding) $ 5.68 $ 5.75
- --------------------------------------------------------------------------
</TABLE>
STATEMENTS OF CASH FLOWS
For the quarters ended March 31, 1996 and 1995
(Unaudited)
(All dollars rounded to nearest 00s)
<TABLE>
<CAPTION>
1996 1995
- ------------------------------------------------------------------------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 318,900 $ 321,600
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 280,400 295,400
Changes in assets and liabilities:
(Increase) in rents receivable (1,500) (67,500)
(Increase) decrease in other assets (4,000) 100
(Decrease) increase in accounts payable and accrued
expenses (132,400) 1,200
Increase in due to Affiliates 35,700 46,400
(Decrease) increase in other liabilities (29,300) 10,900
- ------------------------------------------------------------------------------
Net cash provided by operating activities 467,800 608,100
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Cash flows from investing activities:
Payments for capital and tenant improvements (20,200) (115,100)
- ------------------------------------------------------------------------------
Net cash (used for) investing activities (20,200) (115,100)
- ------------------------------------------------------------------------------
Cash flows from financing activities:
Distributions paid to Partners (385,200) (349,800)
Increase in security deposits 2,600 6,900
- ------------------------------------------------------------------------------
Net cash (used for) financing activities (382,600) (342,900)
- ------------------------------------------------------------------------------
Net increase in cash and cash equivalents 65,000 150,100
Cash and cash equivalents at the beginning of the
period 4,254,900 4,238,600
- ------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period $4,319,900 $4,388,700
- ------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
March 31, 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
DEFINITION OF SPECIAL TERMS:
Capitalized terms used in this report have the same meaning as those terms
have in the Partnership's Registration Statement filed with the Securities and
Exchange Commission on Form S-11. Definitions of these terms are contained in
Article III of the First Amended and Restated Certificate and Agreement of
Limited Partnership, which is included in the Registration Statement and
incorporated herein by reference.
ACCOUNTING POLICIES:
The financial statements have been prepared in accordance with generally
accepted accounting principles. Under this method of accounting, revenues are
recorded when earned and expenses are recorded when incurred.
Preparation of the Partnership's financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
The financial information included in these financial statements is unaudited;
however, in management's opinion, all adjustments (consisting of only normal,
recurring accruals) necessary for a fair presentation of the results of
operations for the periods included have been made. Results of operations for
the quarter ended March 31, 1996, are not necessarily indicative of the
operating results for the year ending December 31, 1996.
The financial statements include the Partnership's 50% interest in three joint
ventures with Affiliated partnerships. These joint ventures were formed for
the purpose of each acquiring a 100% interest in certain real property and are
operated under the common control of the Managing General Partner.
Accordingly, the Partnership's pro rata share of the ventures' revenues,
expenses, assets, liabilities and Partners' capital was included in the
financial statements.
Commercial rental properties held for investment are recorded at cost, net of
any provisions for value impairment, and depreciated (exclusive of amounts, if
any, allocated to land and value impairments) on the straight-line method over
their estimated useful lives. Upon classifying a commercial rental property as
held for disposition, no depreciation or amortization of such property is
provided in the financial statements. Lease acquisition fees are recorded at
cost and amortized over the life of the lease. Maintenance and repair costs
are expensed against operations as incurred; expenditures for improvements are
capitalized to the appropriate property accounts and depreciated over the
estimated life of the improvements.
During the first quarter of 1996, the Partnership adopted the Financial
Accounting Standards Board Statement No. 121 "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of" (the
"Standard"). The Standard established guidance for determining if the value of
defined assets are impaired, and if so, how impairment losses should be
measured and reported in the financial statements. The Standard also addressed
the accounting for long-lived assets that are expected to be disposed of. The
adoption of the Standard did not have a material effect on the Partnership's
financial statements.
Cash equivalents are considered all highly liquid investments with maturity of
three months or less when purchased.
Certain reclassifications have been made to the previously reported 1995
statements in order to provide comparability with the 1996 statements. These
reclassifications have no effect on net income or Partners' (deficit) capital.
Reference is made to the Partnership's annual report for the year ended
December 31, 1995 for a description of other accounting policies and
additional details of the Partnership's financial condition, results of
operations, changes in Partners' capital and changes in cash balances for the
year then ended. The details provided in the notes thereto have not changed
except as a result of normal transactions in the interim or as otherwise
disclosed herein.
2. RELATED PARTY TRANSACTIONS:
In accordance with the Partnership Agreement, subsequent to March 31, 1983,
the Termination of the Offering, the General Partners are entitled to 10% of
distributable Cash Flow (as defined in the Partnership Agreement) as their
Subordinated Partnership Management Fee, provided that Limited Partners first
receive specified non-cumulative annual rates of return on their Capital
Investment. For the quarter ended March 31, 1996, the General Partners were
not entitled to any cash distributions.
In accordance with the Partnership Agreement, Net Profits (exclusive of
depreciation and Net Profits from the sale or disposition of Partnership
properties) are allocated: first, to the General Partners, in an amount equal
to the greater of the General Partners' Subordinated Partnership Management
Fee or 1% of such Net Profits; second, the balance, if any, to the Limited
Partners. Net Profits from the sale or disposition of a Partnership property
are allocated: first, to the General Partners, in an amount equal to the
aggregate amount of depreciation previously allocated to them; second, to the
General Partners and the Limited Partners with negative balances in their
capital accounts pro rata in proportion to such respective negative balances,
to the extent of the total of such negative balances; third, to the General
Partners, in an amount necessary to make the aggregate amount of their capital
accounts equal to the greater of the Sale Proceeds to be distributed to the
General Partners with respect to the sale or disposition of such property or
1% of such Net Profits; and fourth, the balance, if any, to the Limited
Partners. Net Losses (exclusive of depreciation and Net Losses from the sale,
disposition or provision for value impairment of Partnership properties) are
allocated 1% to the General Partners and 99% to the Limited Partners. All
depreciation is allocated 10% to the General Partners and 90% to the Limited
Partners. Net Losses from the sale, disposition or provision for value
impairment of Partnership properties are allocated: first, to the extent that
the balance in the General Partners' capital accounts exceeds their Capital
Investment or the balance in the capital accounts of the Limited Partners
exceeds the amount of their Capital Investment (the "Excess Balances"), to the
General Partners and the Limited Partners pro rata in proportion to such
Excess Balances until such Excess Balances are reduced to zero; second, to the
General Partners and the Limited Partners and among them (in the ratio which
their respective capital account balances bear to the aggregate of all capital
acount balances) until the balance in their capital accounts shall be reduced
to zero; third, the balance, if any, 99% to the Limited Partners and 1% to the
General Partners. In all events there shall be allocated to the General
Partners not less than 1% of Net Profits and Net Losses from the sale,
disposition or provision for value impairment of a Partnership property. For
the quarter ended March 31, 1996, the General Partners were allocated a Net
Loss of $22,000.
Fees and reimbursements paid and payable by the Partnership to Affiliates
during the quarter ended March 31, 1996 were as follows:
<TABLE>
<CAPTION>
Paid Payable
- ----------------------------------------------------------------------
<S> <C> <C>
Property management and leasing fees $44,800 $36,900
Reimbursement of property insurance premiums, at cost None 15,100
Reimbursement of expenses, at cost:
--Accounting 8,400 3,300
--Investor communication 5,100 2,300
--Legal 5,100 None
--Other 800 None
- ----------------------------------------------------------------------
$64,200 $57,600
- ----------------------------------------------------------------------
</TABLE>
As of March 31, 1996, the Partnership owed approximately $403,000 to the
Managing General Partner for real estate commissions earned in connection with
the sales of Partnership properties. These commissions have been accrued but
not paid. In accordance with the Partnership Agreement, the Partnership will
not pay the General Partners or any
Affiliates a real estate commission from the sale of a Partnership property
until Limited Partners have received cumulative distributions of Sale or
Financing Proceeds equal to 100% of their Original Capital Contribution, plus
a cumulative return (including all Cash Flow (as defined in the Partnership
Agreement) which has been distributed to the Limited Partners from the initial
date of investment) of 6% simple interest per annum on their Capital
Investment from the initial date of investment.
4
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the Partnership's annual report for the year ended
December 31, 1995, for a discussion of the Partnership's business.
OPERATIONS
The table below is a recap of the Partnership's share of certain operating
results of each of its remaining properties for the quarters ended March 31,
1996 and 1995. The discussion following the table should be read in conjunction
with the Financial Statements and Notes thereto appearing in this report.
<TABLE>
<CAPTION>
Comparative
Operating Results
(a) For the
Quarters Ended
3/31/96 3/31/95
- ------------------------------------------
<S> <C> <C>
PEACHTREE PALISADES OFFICE BUILDING
Rental revenues $ 349,200 $ 398,500
- ------------------------------------------
Property net (loss) $ (14,300) $ (2,800)
- ------------------------------------------
Average occupancy 90% 93%
- ------------------------------------------
LAKEWOOD SQUARE SHOPPING CENTER (50%)
Rental revenues $ 326,600 $ 312,800
- ------------------------------------------
Property net income $ 154,000 $ 157,700
- ------------------------------------------
Average occupancy 96% 83%
- ------------------------------------------
FOXHALL SQUARE BUILDING (50%)
Rental revenues $ 413,900 $ 425,400
- ------------------------------------------
Property net income $ 144,800 $ 125,100
- ------------------------------------------
Average occupancy 84% 85%
- ------------------------------------------
12621 FEATHERWOOD BUILDING (50%)
Rental revenues $ 127,300 $ 130,300
- ------------------------------------------
Property net income $ 48,700 $ 44,100
- ------------------------------------------
Average occupancy 100% 100%
- ------------------------------------------
</TABLE>
(a) Excludes certain income and expense items which are not directly related to
individual property operating results such as interest income and general
and administrative expenses.
Net income for the quarter ended March 31, 1996 decreased $2,700 when compared
to the quarter ended March 31, 1995. The decrease in net income for the
quarterly periods under comparison was primarily due to diminished operating
results at Peachtree Palisades ("Peachtree") and Lakewood Square Shopping
Center ("Lakewood") of $11,500 and $3,700, respectively, increased general and
administrative costs of $6,600 resulting from an increase in accounting fees
and a reduction in interest income of $5,000 resulting from a decrease in rates
available on the Partnership's short-term investments. Partially offsetting the
decrease in net income was improved operating results at Foxhall Square
("Foxhall") and 12621 Featherwood Building ("Featherwood") of $19,700 and
$4,600, respectively.
Total rental revenues decreased $50,000 or 3.9% for the quarter ended March 31,
1996, when compared to the quarter ended March 31, 1995. The primary factors
which caused the decrease in rental revenues for the quarterly periods under
comparison were: 1) decreased rental income at Peachtree due to a decrease in
base rental rates resulting from the expiration of certain tenants' leases that
were at rental rates significantly above market and a decrease in the average
occupancy and 2) decreased rental revenues at Foxhall due to a decrease in
revenues generated from the parking garage facility. Partially offsetting the
decrease in rental revenues was increased rental revenues at Lakewood as a
result of an increase in the average occupancy. Rental revenues at Featherwood
remained relatively stable during the quarterly periods under comparison.
Total real estate tax expense decreased $39,700 for the quarter ended March 31,
1996 when compared to the quarter ended March 31, 1995. Real estate tax expense
decreased for all of the Partnership's properties, more significantly at
Featherwood and Foxhall, primarily due to decreases in the assessed values of
the properties for real estate tax purposes.
Total repairs and maintenance expense increased $18,100 for the quarter ended
March 31, 1996 when compared to the quarter ended March 31, 1995. The increase
was primarily due to: 1) increased repairs and maintenance at Peachtree
resulting from an increase in cleaning supplies, janitorial services and
salaries and 2) increased architectural costs at Lakewood.
Total property operating expenses for the quarter ended March 31, 1996
decreased $21,700 when compared to the quarter ended March 31, 1995. The
decrease was primarily the result of decreased personnel costs, utilities and
professional fees at Peachtree. Partially offsetting the decrease was increased
utilities and professional fees at Foxhall and increased security expense at
Featherwood and Lakewood.
To increase and/or maintain occupancy levels at the Partnership's properties,
the Managing General Partner, through its Affiliated asset and property
management groups, continues to take the following actions: 1) implementation
of marketing programs, including hiring of third-party leasing agents or
providing on-site leasing personnel, advertising, direct mail campaigns and
development of building brochures; 2) early renewal of existing tenants' leases
and addressing any expansion needs these tenants may have; 3) promotion of
local broker events and networking with local brokers; 4) networking with
national level retailers; 5) cold-calling other businesses and tenants in the
market area; and 6) providing rental concessions or competitively pricing
rental rates depending on market conditions.
LIQUIDITY AND CAPITAL RESOURCES
One of the Partnership's objectives is to dispose of its properties when market
conditions allow for the achievement of the maximum possible sales price. In
the interim, the Partnership continues to manage and maintain its remaining
properties. Notwithstanding the Partnership's intention relative to property
sales, another primary objective of the Partnership is to provide cash
distributions to Limited Partners from Partnership operations. To the extent
cumulative cash distributions exceed net income, such excess distributions are
treated as a return of capital. Cash Flow (as defined in the Partnership
Agreement) is generally not equal to Partnership net income or cash flows as
defined by generally accepted accounting principles ("GAAP"), since certain
items are treated differently under the Partnership Agreement than under GAAP.
Management believes that to facilitate a clear understanding of the
Partnership's operations, an analysis of Cash Flow (as defined in the
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
Partnership Agreement) should be examined in conjunction with an analysis of
net income or cash flows, as defined by GAAP. The following table includes a
reconciliation of Cash Flow (as defined in the Partnership Agreement) to cash
flow provided by operating activities as defined by GAAP. Such amounts are not
indicative of actual distributions to Partners and should not neccessarily be
considered as an alternative to the results disclosed in the Statements of
Income and Expenses and Statements of Cash Flows.
<TABLE>
<CAPTION>
Comparative Cash Flow Results
For the Quarters Ended
3/31/96 3/31/95
- ---------------------------------------------------------------------------
<S> <C> <C>
Cash Flow (as defined in the Partnership
Agreement) $ 599,300 $ 617,000
Items of reconciliation:
(Increase) in current assets (5,500) (67,400)
(Decrease) increase in current liabilities (126,000) 58,500
- ---------------------------------------------------------------------------
Net cash provided by operating activities $ 467,800 $ 608,100
- ---------------------------------------------------------------------------
Net cash (used for) investing activities $ (20,200) $ (115,100)
- ---------------------------------------------------------------------------
Net cash (used for) financing activities $ (382,600) $ (342,900)
- ---------------------------------------------------------------------------
</TABLE>
The decrease in Cash Flow (as defined in the Partnership Agreement) of $17,700,
for the quarter ended March 31, 1996 when compared to quarter ended March 31,
1995, was primarily due to the decrease in net income, as previously discussed,
exclusive of depreciation and amortization.
The increase in the Partnership's cash position of $65,000 as of March 31, 1996
when compared to December 31, 1995 was primarily the result of net cash
provided by operating activities exceeding payments made for capital, tenant
improvement and leasing costs and distributions paid to Limited Partners.
Liquid assets of the Partnership as of March 31, 1996 were comprised of
undistributed cash from operations retained for working capital purposes.
Net cash provided by operating activities continues to be the Partnership's
primary source of funds. Net cash provided by operating activities decreased by
$140,300 for the quarter ended March 31, 1996 when compared to the quarter
ended March 31, 1995. This decrease was primarily due to the timing of the
payment of certain Partnership expenses and to a lesser extent to the decrease
in net income, as previously discussed.
The decrease in net cash (used for) investing activities of $94,900 for the
quarter ended March 31, 1996 when compared to the quarter ended March 31, 1995
was due to a decrease in expenditures for capital, tenant improvement and
leasing costs for the Partnership's properties. The Partnership maintains
working capital reserves to pay for these types of capital expenditures. During
the quarter ended March 31, 1996, the Partnership spent $20,200 for capital,
tenant improvement and leasing costs and has budgeted to spend an additional
$1,100,000 during the remainder of 1996. Of the remaining budgeted amount,
approximately $420,000, $365,000 and $315,000 relate to anticipated capital,
tenant improvement and leasing costs expected to be incurred at Foxhall,
Lakewood and Peachtree, respectively. Actual amounts expended in 1996 may vary
depending on a number of factors including actual leasing activity and other
market conditions throughout the year. The Managing General Partner believes
these expenditures are necessary to increase and/or maintain occupancy levels
in very competitive markets, maximize rental rates charged to new and renewing
tenants and prepare the remaining properties for eventual disposition.
The increase in net cash (used for) financing activities of $39,700 for the
quarter ended March 31, 1996 when compared to the quarter ended March 31, 1995
was due primarily to an increase in distributions paid to Limited Partners.
The Managing General Partner continues to take a conservative approach to
projections of future rental income and to maintain higher levels of cash
reserves due to the anticipated capital, tenant improvement and leasing costs
necessary to be made at the Partnership's properties during the next several
years. As a result of this, cash continues to be retained to supplement working
capital reserves. For the quarter ended March 31, 1996, Cash Flow (as defined
in the Partnership Agreement) retained to supplement working capital reserves
approximated $179,300.
Distributions to Limited Partners for the quarter ended March 31, 1996 were
declared in the amount of $420,000, or $7.00 per Unit. Cash distributions are
made 60 days after the last day of each fiscal quarter. The amount of future
distributions to Limited Partners will ultimately be dependent upon the
performance of the Partnership's investments as well as the Managing General
Partner's determination of the amount of cash necessary to supplement working
capital reserves to meet future liquidity requirements of the Partnership.
Accordingly, there can be no assurance as to the amounts and/or availability of
cash for future distributions to Partners.
6
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
- ------- --------------------------------
(a) Exhibits: None
(b) Reports on Form 8-K:
There were no reports filed on Form 8-K during the quarter ended
March 31, 1996.
<PAGE>
[PAGE]
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.
FIRST CAPITAL INSTITUTIONAL REAL ESTATE, LTD.--1
BY: FIRST CAPITAL FINANCIAL CORPORATION
MANAGING GENERAL PARTNER
Date: May 13, 1996 By: /s/ DOUGLAS CROCKER II
---------------------------------------
DOUGLAS CROCKER II
President and Chief Executive Officer
Date: May 13, 1996 By: /s/ NORMAN M. FIELD
---------------------------------------
NORMAN M. FIELD
Vice President--Finance and Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000730212
<NAME> First Capital Institutional Real Estate
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1996
<CASH> 4,319,900
<SECURITIES> 0
<RECEIVABLES> 151,300
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,475,400
<PP&E> 36,106,700
<DEPRECIATION> 12,217,900
<TOTAL-ASSETS> 28,364,200
<CURRENT-LIABILITIES> 926,100
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 26,955,400
<TOTAL-LIABILITY-AND-EQUITY> 28,364,200
<SALES> 0
<TOTAL-REVENUES> 1,268,500
<CGS> 0
<TOTAL-COSTS> 603,800
<OTHER-EXPENSES> 65,400
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 318,900
<INCOME-TAX> 0
<INCOME-CONTINUING> 318,900
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 318,900
<EPS-PRIMARY> 5.68
<EPS-DILUTED> 5.68
</TABLE>
