FLORIDA INCOME FUND, L.P.
INDEX
PART I
FINANCIAL INFORMATION PAGE NO.
Balance Sheets at March 31, 1995
and December 31, 1994 . . . . . . . . . . . . . . . . . .2
Statements of Income for the Three
Months Ended March 31, 1995 and 1994. . . . . . . . . . .3
Statements of Cash Flows for the Three
Months Ended March 31, 1995 and 1994. . . . . . . . . . .4
Notes to Financial Statements . . . . . . . . . . . . . .5
Management's Discussion and Analysis of
Financial Condition and Results of Operations . . . . .5-8
PART II
OTHER INFORMATION
Items 1 through 6 . . . . . . . . . . . . . . . . . . . .9
PART III
Signatures. . . . . . . . . . . . . . . . . . . . . . . .10
PAGE 1<PAGE>
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PART I - FINANCIAL INFORMATION
FLORIDA INCOME FUND, L.P.
BALANCE SHEETS
(Unaudited)
March 31 Dec. 31
1995 1994
_______________________
<S> <C> <C>
ASSETS
Cash 333,883 522,415
Accounts Receivable 33,771 39,114
Property and Equip. - at cost
(net of accumulated depreciation
of $2,991,456 @ 03/31/95 and
$2,915,367 @ 12/31/94 7,900,683 7,631,508
Other Assets 52,784 50,240
Loan Costs 81,923 92,394
__________ __________
Total Assets 8,403,044 8,335,671
LIABILITIES & PARTNERS CAPITAL
Accounts Payable - Trade 112,017 145,417
Other Accrued Liabilities 91,745 170,877
Custodian Liabilities 114,747 97,067
Notes Payable 6,291,793 6,155,942
__________ __________
Total Liabilities 6,610,302 6,569,303
PARTNERS'S CAPITAL
General Partners Capital (85,806) (83,172)
Limited Partners Capital 1,799,490 1,849,540
Net Income 79,058 -0-
__________ __________
Total Partners Equity 1,792,742 1,766,368
Total Liabilities and
Partners Capital 8,403,044 8,335,671
See Accompanying Notes to the Financial Statements
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FLORIDA INCOME FUND, L.P.
STATEMENTS OF INCOME
(Unaudited)
For Three Months Ended
03/31/95 03/31/94
______________________
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REVENUES:
Rental Income 654,428 645,675
Interest Income -0- -0-
_______ _______
Total Income 654,428 645,675
COSTS AND EXPENSES:
Depreciation 76,089 73,640
Property Expenses 317,009 292,546
Interest and
Financing costs 171,701 143,372
Other Expense 10,571 3,778
_______ _______
Total Costs and
Expenses 575,370 513,336
Net Income 79,058 132,339
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See Accompanying Notes to the Financial Statements
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FLORIDA INCOME FUND, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
For Three Months Ended
03/31/95 03/31/94
______________________
<S> <C> <C>
Cash flows from operating activities
Net Income 79,058 132,339
Adjustments to reconcile net income to net
cash provided by operational activities
Depreciation and Amortization 86,660 77,418
(Increase) decrease in accounts receivables 5,343 (13.036)
(Increase) decrease in prepaid expenses (2,544) (1,773)
Increase (decrease) in accounts
payable and accrued expenses (112,531) (18,362)
Increase (decrease) in security deposits 17,680 15,327
________ ________
Net cash flows provided by operating activities 73,666 191,913
Cash flows from investing activities
Improvements to rental properties (339,565) (77,316)
_________ _________
Net cash used in investing activities (339,565) (77,316)
Cash flows from financing activities
Net borrowings (prepayments)
under line of credit agreement -0- 30,000
Proceeds of long term borrowings
from unaffiliated companies 150,000 -0-
Repayment of long term borrowings
to unaffiliated companies (14,149) (18,001)
Loan origination fees paid (5,800) -0-
Partner distributions paid (52,684) (79,026)
_________ _________
Net cash flows used by financing activities 77,367 (67,027)
Net increase (decrease) in cash (188,532) (47,570)
Cash December 31 522,415 69,940
Cash March 31 333,883 117,510
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See Accompanying Notes to the Financial Statements
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FLORIDA INCOME FUND, L.P.
NOTES TO FINANCIAL STATEMENT
MARCH 31, 1995
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The accompanying financial statements have been prepared in
accordance with the instructions to Form 10-Q and therefore do
not include all disclosures necessary for a fair presentation of
the Partnerships' financial position, results of operations and
cash flows in conformity with generally accepted accounting
principles, as set forth in the Partnerships' Form 10-K for the
period ended December 31, 1994. In management's opinion, all
adjustments have been made to the financial statements necessary
for a fair presentation of interim periods presented.
NOTE 2 - RELATED PARTY TRANSACTIONS
During the three month period ended March 31, 1995, and March 31,
1994, the Partnership paid $39,364 and $38,088 in Management Fees
to Mariner Capital Management, Inc., the Managing General
Partner, in accordance with the Partnership Agreement. These
expenses are included in the property expenses. The General
Partners and their affiliates are also entitled to reimbursement
of costs (including amounts of any salaries paid to employees or
its affiliates) directly attributable to the operation of the
Partnership that could have been provided by independent parties.
Costs amounting to $101,705 were incurred during the first
quarter of 1995. This compares to $91,409 of costs that were
incurred during the first quarter of 1994.
NOTE 3 - BALANCE SHEET
The Balance Sheet at December 31, 1994, has been taken from the
Audited Financial Statements at that date.
NOTE 4- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity
The Partnership's cash position including interest bearing
deposits at March 31, 1995, was $333,883. This compares to its
cash position of $522,415 at December 31, 1994. At March 31,
1994, the Partnership's cash position was $117,510.
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Liquidity - Continued
The decrease in cash from December 31, 1994, to March 31, 1995,
was primarily due to the following factors. Cash provided by
operations was $73,666, payments for property improvements were
$339,565, principal pay downs of debt totalled $14,149. An
additional $150,000 was funded for the Gallery Motel
improvements. Partner distributions totalled $52,684 and the
Partnership has paid $5,800 in loan fees in order to extend the
Gallery Motel loan. The Partnership's total investment in
properties for its portfolio at March 31, 1995, was $10,892,139.
This compares to its total property investment at December 31,
1994 of $10,546,875. Other than as discussed herein, there are
no known trends, demands, commitments, events or uncertainties
that in management's opinion, will result or are reasonably
likely to result in the registrant's liquidity increasing or
decreasing in any material way.
Capital Resources
The Partnership has a first mortgage loan on Corporate Office
Park and Villas Plaza Shopping Center for $1,350,000 at a rate of
12%. This loan matured December 31, 1994. The Partnership is in
the process of obtaining a new loan in the amount of $1,400,000
to be used to pay this loan in full and to cover loan costs.
The first mortgage on the Gallery Motel in the amount of
$2,568,884 has been extended to May 1, 1995, while the financial
institution considers the Partnership's request for a longer loan
term. An affiliate of the General Partner has extended an offer
to purchase the motel, however no firm contract has been entered
into as of this date. Because an affiliate is the intended
purchaser, the sale will be contingent on approval of a majority
of the Limited Partnership interests.
The Partnership has secured a private capital source to make a
$650,000 second mortgage loan on the Gallery Motel. This money
will be used to renovate the motel. During the first quarter of
1995, the remaining $150,000 loan was funded to the Partnership.
During the first quarter of 1995, the Partnership expended
approximately $315,000 for the first renovation phase at the
Gallery Motel. The Partnership anticipates completion of the
renovation to occur in the next two quarters.
Results of Operations
The Partnership's net income for the three months ended March 31,
1995, was $79,058. This compares with net income of $132,359 for
the same period a year ago.
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Results of Operations - Continued
The major variances from a year ago are due to an increase in
rental revenue, and an increase in depreciation expense,
amortization expense, interest expense and property expense.
For the three month period ended March 31, 1995, and 1994, total
revenue increased by $8,753. This increase was attributable to
the following properties:
The Gallery Motel decreased $15,812; Edison Square
increased $21,346; Villas Plaza decreased $5,468;
Corporate Park increased $8,687. The Gallery Motel's
revenue decreased mainly due to a decrease in number of
room nights rented due to the motel renovations. The
motel rented 229 less rooms in the first quarter of
1995 as compared to the first quarter of 1994. Average
daily rate increased from $181.91 to $199.46 which
mitigated the effect of the lost room night revenue.
Edison Square's revenue increased mainly due to increased
occupancy. Villas Plaza's revenue decreased because of a
decrease in occupancy. Corporate Park's revenue increased due to
the center being 100% occupied in the first quarter. At March
31, 1995, Corporate Park was 100% occupied, Villas Plaza was 76%
occupied, and Edison Square was 93% occupied.
For the three months ended March 31, 1995, depreciation expense
has increased by $2,449. As of March 31, 1995, the Partnership
has paid $339,565 for property improvements. These asset
additions are primarily improvements at the Gallery Motel.
Property expenses increased $24,463 for the three month period
primarily because of higher expenses incurred at the Gallery
Motel for reservations, travel agent commissions and marketing.
For the three months, interest expense has increased $28,329
mainly due to an increase in the Edison Square loan and the
additional loan for the Gallery improvements.
The Partnership indebtedness increased by $776,545 from the time
period March 31, 1995, to March 31, 1994. As of March 31, 1995,
the Partnership had an outstanding debt of $6,291,793 compared to
$5,515,248 at March 31, 1994. The Partnership's outstanding debt
as of December 31, 1994, was $6,155,942. Other expenses
increased $6,793 due to loan costs incurred for the Gallery Motel
loan extension.
PAGE 7<PAGE>
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Results of Operations - Continued
Property and equipment has increased from $10,221,736 at March
31, 1994, to $10,892,139 at March 31, 1995. Property and
equipment was $10,546,875 as of December 31, 1994.
For the quarter ended March 31, 1995, the cash distribution to
partners totalled $52,684. The distribution for the three month
period totalled $52,684.
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PART II
OTHER INFORMATION
FLORIDA INCOME FUND, L.P.
ITEM 1. LEGAL PROCEEDINGS
NONE
ITEM 2. CHANGES IN SECURITIES
NONE
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
NONE
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
NONE
ITEM 5. OTHER MATERIALLY IMPORTANT EVENTS
NONE
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
(b) REPORTS ON FORM 8-K
None
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PART III
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.
FLORIDA INCOME FUND, L.P.
MARINER CAPITAL MANAGEMENT, INC.
MANAGING GENERAL PARTNER
(Registrant)
5/1/95 Lawrence A. Raimondi
President and Director, and CEO
Mariner Capital Management, Inc.
(Principal Executive Officer)
(SIGNATURE)
5/1/95 Michael J. Scullion
Secretary/Treasurer
Mariner Capital Management, Inc.
(Principal Financial and
Accounting Officer)
(SIGNATURE)
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