FLORIDA INCOME FUND, L.P.
INDEX
PART I
FINANCIAL INFORMATION PAGE NO.
Balance Sheets at March 31, 1996
and December 31, 1995 . . . . . . . . . . . . . . . . . .2
Statements of Income for the Three
Months Ended March 31, 1996 and 1995. . . . . . . . . . .3
Statements of Cash Flows for the Three
Months Ended March 31, 1996 and 1995. . . . . . . . . . .4
Notes to Financial Statements . . . . . . . . . . . . . .5
Management's Discussion and Analysis of
Financial Condition and Results of Operations . . . . .5-7
PART II
OTHER INFORMATION
Items 1 through 6 . . . . . . . . . . . . . . . . . . . .8
PART III
Signatures. . . . . . . . . . . . . . . . . . . . . . . .9
COVER LETTER
EXHIBIT 27 - FINANCIAL DATA SCHEDULE
PAGE 1<PAGE>
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<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION
FLORIDA INCOME FUND, L.P.
BALANCE SHEETS
(Unaudited)
March 31 Dec. 31
1996 1995
________________________
<S> <C> <C>
ASSETS
Current Assets
Cash 364,300 72,979
A/R Trade 23,916 21,993
Prepaid Expenses and Other 95,561 60,457
_______ _______
Total Current Assets 483,777 155,429
Rental Properties, Net of Accumulated
Depreciation of $3,316,953 at
03/31/96 and $3,088,938 at 12/31/95 8,116,733 8,187,168
Intangible Assets
Deferred Loan Costs 104,899 119,022
_________ _________
Total Assets 8,705,409 8,461,619
LIABILITIES AND PARTNER'S CAPITAL
Current Liabilities
Current maturities of notes
and mortgages payable 2,563,136 2,573,342
Accounts Payable - Trade 147,139 52,122
Accrued Expenses 62,376 67,899
Customer and Security Deposits 137,533 128,605
Deposit on Sale of Rental Property 325,883 329,323
_________ _________
Total Current Liabilities 3,236,067 3,151,291
NOTES AND MORTGAGES PAYABLE 2,319,718 2,326,353
NOTES AND MORTGAGES PAYABLE TO AFFILIATES 1,400,000 1,400,000
PARTNERS'S CAPITAL
General Partners Capital (94,216) (92,291)
Limited Partners Capital 1,638,728 1,676,266
Net Income 205,112 -0-
__________ __________
Total Partners Equity 1,749,624 1,583,975
Total Liabilities and
Partners Capital 8,705,409 8,461,619
See Accompanying Notes to the Financial Statements
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PAGE 2<PAGE>
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FLORIDA INCOME FUND, L.P.
STATEMENTS OF INCOME
(Unaudited)
For Three Months Ended
03/31/96 03/31/95
______________________
<S> <C> <C>
REVENUES:
Rental Income 787,794 654,428
Interest Income -0- -0-
_______ _______
Total Income 787,794 654,428
COSTS AND EXPENSES:
Depreciation 77,372 76,089
Property Expenses 327,459 317,009
Interest and
Financing costs 169,428 171,701
Other Expense 8,423 10,571
_______ _______
Total Costs and
Expenses 582,682 575,370
Net Income 205,112 79,058
</TABLE>
See Accompanying Notes to the Financial Statements
PAGE 3<PAGE>
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FLORIDA INCOME FUND, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
For Three Months Ended
03/31/96 03/31/95
______________________
<S> <C> <C>
Cash flows from operating activities
Net Income 205,112 79,058
Adjustments to reconcile net income to net
cash provided by operational activities
Depreciation and Amortization 85,795 86,660
(Increase) decrease in accounts receivables (1,923) 5,343
(Increase) decrease in prepaid expenses (32,844) (2,544)
Increase (decrease) in accounts
payable and accrued expenses 89,494 (112,531)
Increase (decrease) in security deposits 8,928 17,680
________ _________
Net cash flows provided by operating activities 354,562 73,666
Cash flows from investing activities
Improvements to rental properties (6,937) (339,565)
________ _________
Net cash used in investing activities (6,937) (339,565)
Cash flows from financing activities
Proceeds of long term borrowings
from unaffiliated companies -0- 150,000
Repayment of long term borrowings
to unaffiliated companies (16,841) (14,149)
Loan origination fees paid -0- (5,800)
Partner distributions paid (39,463) (52,684)
_________ _________
Net cash flows used by financing activities (56,304) 77,367
Net increase (decrease) in cash 291,321 (188,532)
Cash December 31 72,979 522,415
Cash March 31 364,300 333,883
</TABLE>
See Accompanying Notes to the Financial Statements
PAGE 4<PAGE>
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FLORIDA INCOME FUND, L.P.
NOTES TO FINANCIAL STATEMENT
MARCH 31, 1996
(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, 1995. 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, 1996, and March 31,
1995, the Partnership paid $5,162 and $39,364 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 $6,450 were incurred during the first quarter
of 1996. This compares to $101,705 of costs that were incurred
during the first quarter of 1995.
NOTE 3 - BALANCE SHEET
The Balance Sheet at December 31, 1995, 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, 1996, was $364,300. This compares to its
cash position of $72,979 at December 31, 1995. At March 31,
1995, the Partnership's cash position was $333,883.
PAGE 5<PAGE>
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Liquidity - Continued
The increase in cash from December 31, 1995, to March 31, 1996,
was primarily due to the following factors. Cash provided by
operations was $354,562, payments for property improvements were
$6,937, principal pay downs of debt totalled $16,841. Partner
distributions totalled $39,463. The Partnership's total
investment in properties for its portfolio at March 31, 1996, was
$11,433,686. This compares to its total property investment at
December 31, 1995 of $11,426,749. 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 first mortgage on the Gallery Motel (now called Seaside Inn)
in the amount of $2,535,546 has been extended to November, 1996.
An affiliate of the General Partner has an option to purchase the
motel on or before January 7, 1997. A majority if the limited
partners must first approve the terms of sale and a modification
of the partnership agreement.
The Partnership secured a private capital source to make a
$650,000 second mortgage loan on Seaside Inn. This money was
used to renovate the motel. The Partnership completed the
renovation in 1995.
Results of Operations
The Partnership's net income for the three months ended March 31,
1996, was $205,112. This compares with net income of $79,058 for
the same period a year ago.
The major variances from a year ago are due primarily to an
increase in rental revenue at Seaside Inn.
For the three month period ended March 31, 1996, total revenue
increased by $133,366 as compared to the same period one year
ago. This increase was primarily attributable to Seaside Inn.
Seaside Inn increased $129,432. Seaside Inn's revenue
increased mainly due to an increase in number of room
nights rented due to completion of the motel
renovations. The motel rented 433 more rooms in the
first quarter of 1996 as compared to the first quarter
of 1995. Average daily rate also increased from
$199.46 to $217.19.
PAGE 6<PAGE>
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Results of Operations - Continued
Corporate Park's and Edison Square's revenue increased mainly due
to increases in lease rates. Villas Plaza's revenue decreased
because of a decrease in occupancy. At March 31, 1996, Corporate
Park was 100% occupied, Villas Plaza was 71% occupied, and Edison
Square was 93% occupied.
For the three months ended March 31, 1996, depreciation expense
has increased by $1,283. As of March 31, 1996, the Partnership
has paid $6,937 for property improvements.
Property expenses increased $10,450 for the three month period
primarily because of higher expenses incurred at Seaside Inn for
reservations, travel agent commissions and marketing.
For the three months, interest expense has decreased $2,273
mainly due to a decrease in the prime interest rate.
The Partnership indebtedness decreased by $8,939 from the time
period March 31, 1995, to March 31, 1996. As of March 31, 1996,
the Partnership had an outstanding debt of $6,282,854 compared to
$6,291,793 at March 31, 1995. The Partnership's outstanding debt
as of December 31, 1995, was $6,299,695. Other expenses
decreased $2,148.
Property and equipment has increased from $10,892,139 at March
31, 1995, to $11,433,686 at March 31, 1996. Property and
equipment was $11,426,749 as of December 31, 1995.
For the quarter ended March 31, 1996, the cash distribution to
partners totalled $39,463. The distribution for the three month
period totalled $39,463.
PAGE 7<PAGE>
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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
NONE
PAGE 8<PAGE>
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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)
5/7/96 Lawrence A. Raimondi
President and Director, and CEO
Mariner Capital Management, Inc.
(Principal Executive Officer)
(SIGNATURE)
5/7/96 Joe K. Blacketer
Secretary/Treasurer
Mariner Capital Management, Inc.
(Principal Financial and
Accounting Officer)
(SIGNATURE)
PAGE 9
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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 364,300
<SECURITIES> 0
<RECEIVABLES> 23,916
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 483,777
<PP&E> 11,433,686
<DEPRECIATION> 3,316,953
<TOTAL-ASSETS> 8,705,409
<CURRENT-LIABILITIES> 3,236,067
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,705,409
<SALES> 787,794
<TOTAL-REVENUES> 787,794
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 413,254
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 169,428
<INCOME-PRETAX> 205,112
<INCOME-TAX> 0
<INCOME-CONTINUING> 205,112
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 205,112
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
