SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the quarter ended March 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to .
Commission file number: 0-14533
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Maryland 52-
1322906
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.
)
7200 Wisconsin Avenue, 11th Floor, Bethesda, Maryland 20814
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (301) 654-
3100
Securities Registered Pursuant to Section 12(b) of the Act:
None.
Securities Registered Pursuant to Section 12(g) of the Act:
Assignee Units.
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 .
There is no public trading market for the Assignee Units (AUs) of
limited partnership interest of the Partnership. Therefore, the
AUs had neither a market selling price nor an average bid or
asked price within the 60 days prior to the date of this filing.
Index to Exhibit is found on page 9.
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
FORM 10-Q
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Reference is made to the Quarterly Report (unaudited) to
Assignee Unit Holders for the three months ended March 31, 1995,
which financial statements and notes thereto are incorporated
herein by reference and attached as Exhibit 20 (sequentially
numbered pages 11-16).
Item 2.
Management's Discussion and Analysis of Financial Condition and
Results of Operations.
For a discussion of the Partnership's financial condition and
operations for the three month period ended March 31, 1995, see
information set forth in the section entitled "Report of
Management" of the Quarterly Report (unaudited) to Assignee Unit
Holders for the three months ended March 31, 1995, which section
is incorporated herein by reference, and is attached as Exhibit
20 (sequentially numbered pages 6-10).
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
For a list of Exhibits as required by Item 601 of
Regulation S-K, see Exhibit Index on page 4 of this report.
(b) Reports on Form 8-K
Not applicable.
No other items were applicable.
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Oxford Residential Properties I
Limited Partnership
By: Oxford Residential
Properties I Corporation, Managing General
Partner of the Registrant
Date:
By:
Donald M. Boardman,
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the
dates indicated.
Date:
By:
Leo E. Zickler,
Chairman of the Board of
Directors and
Chief Executive Officer
Date:
By:
Richard R. Singleton,
Senior Vice President and
Chief Operating Officer
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
EXHIBIT INDEX
Form 10-Q
(Listed according to the number assigned in the Exhibit Table in
Item 601 of Regulation S-K.)
(11) Statement regarding computation of per share earnings.
The information to compute earnings per share is provided in
the financial statements and notes thereto of the Oxford
Residential Properties I Limited Partnership's Quarterly
Report (unaudited) to Assignee Unit Holders, attached as
Exhibit 20 (sequentially numbered pages 11-16).
(20) Report furnished to security holders.
Oxford Residential Properties I Limited Partnership's
Quarterly Report (unaudited) to Assignee Unit Holders for
the quarter ended March 31, 1995, follows on sequentially
numbered pages 5-16 of this report.
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
Quarterly Report
(Unaudited)
March 31, 1995
CONTENTS
Report of Management
Average Occupancy
Summary of Project Data
Consolidated Balance Sheets
Consolidated Statements of Operations
Consolidated Statement of Partners' Capital
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Instructions for Investors who wish to reregister or
transfer ORP Assignee Units
Report of Management
The following report provides additional information about the
consolidated financial condition of Oxford Residential Properties
I Limited Partnership ("Partnership") as of March 31, 1995, and
its consolidated results of operations and cash flow for the
quarter ended March 31, 1995. This report and analysis should be
read together with the consolidated financial statements and
related notes thereto and the selected consolidated financial
data appearing elsewhere in this Quarterly Report.
Recent Developments
On March 18, 1994, the Partnership paid to its Limited
Partners as of December 31, 1993, a cash distribution for 1993 in
the amount of $257,140, or $10 per Assignee Unit, representing an
annualized return of 1% for 1993 based on the total original
capital invested in the Partnership. This was the first
distribution since the distribution made on February 28, 1991,
for the last six months of 1990. On August 29, 1994, the
Partnership paid to its Limited Partners as of June 30, 1994, a
cash distribution for the first half of 1994 in the amount of
$128,570, or $5 per Assignee Unit, which also represents an
annualized return of 1%. In addition, on March 1, 1995, the
Partnership paid to its Limited Partners as of December 31, 1994,
a cash distribution for the second half of 1994 in the amount of
$128,570, or $5 per Assignee Unit, representing an annualized
return of 1% based on the total original capital invested in the
Partnership.
Capital Resources and Liquidity
Current Position. At March 31, 1995, the Partnership held
$2,051,486 in cash, cash equivalents, and the working capital
reserve, compared to $2,099,361 at December 31, 1994. Other
Assets shown on the Balance Sheet increased by $170,119 to
$917,960 at March 31, 1995 from $747,841 at December 31, 1994,
primarily as a result of an increase in prepaid property taxes.
In addition, the mortgage notes require the establishment and
maintenance of two escrows for each property. These escrows are
the Debt Service Payment Funds and the Recurring Replacement
Reserve Funds (for property improvements), which had balances of
$179,600 and $164,829, respectively, at March 31, 1995. In
addition to these accounts, Other Assets also includes Property
Tax Escrows and Property Insurance Escrows totaling $291,416 and
$49,147, respectively. The Property Insurance Escrows, Property
Tax Escrows, and Recurring Replacement Reserve Funds are funded
and maintained monthly, as needed, from property income (except
security deposits), in accordance with formulas established in
the loan agreement or based on expenditures required in the
following month. Accounts Receivable and Prepaid expenses
totaling $36,394 and $196,573, respectively, are also included in
Other Assets.
Unamortized deferred costs at March 31, 1995 and 1994 were
$693,205 and $717,674, respectively. These costs are being
amortized over the term of the mortgages.
Property Operations. The Partnership's future liquidity and
level of cash distributions are dependent upon the net operating
income after debt service and capital expenditures generated by
the Partnership's four investment properties and proceeds from
any sale or refinancing of those properties. To the extent any
individual property does not generate sufficient cash to cover
its operating needs, including debt service, deficits would be
funded by cash generated from the other investment properties, if
any, working capital reserves, if any, or borrowings by the
Partnership. Property improvements in the aggregate amount of
$111,723 were made during the quarter ended March 31, 1995,
compared to $63,726 for the same period in 1994. Of the $111,723
in improvements, $68,370 have been capitalized for financial
statement purposes, compared to $32,828 of the $63,726 in
property improvements in 1994.
Other Sources. Since the Partnership's inception, 40% of the
property management fees owed to Oxford Management Company, Inc.
("OMC") have been subordinated to the receipt by the investors of
certain returns. The property management fees paid to NHP/PMI
since December 10, 1993 are also subject to this subordination
requirement. As of March 31, 1995 and 1994, deferred and unpaid
property management fees to NHP/PMI amounted to $165,072 and
$32,687, respectively.
Report of Management
Results of Operations
The net operating income, before debt service and
refurbishment expenses, from each of the four investment
properties for the three months ended March 31, 1995 and March
31, 1994 is as follows:
Three months
ended March 31,
Property 1995 1994
<TABLE>
<CAPTION>
<S> <C> <C>
The Landings, Indianapolis, IN $107,203 $120,611
Shadow Oaks, Tampa, FL 112,680 128,144
Fairlane East, Dearborn, MI 390,350 335,848
Raven Hill, Burnsville, MN 198,387 189,861
$808,620 $774,464
</TABLE>
In the aggregate, the net operating income reported by the
Partnership for the quarter ended March 31, 1995 increased by
$34,154, or approximately 4.4%, compared to the quarter ended
March 31, 1994. Set forth below is a discussion of the
properties which compares their respective operations for the
three-month periods ended March 31, 1995 and March 31, 1994.
The Landings
The Landings' net operating income for the quarter ended March
31, 1995 decreased by approximately 11.1% from the amount
reported for the same period in 1994. Revenues increased by
approximately 2.8% and operating expenses increased by
approximately 17.7% in 1995, as compared to 1994. The increase
in operating expenses was primarily attributable to an increase
in property taxes, operating expenses, and administrative
expenses. Average occupancy for the quarter ended March 31, 1995
increased to 94%, representing a 1 percentage point increase from
the quarter ended March 31, 1994. During the quarter ended March
31, 1995, the Partnership expended $9,286 on property
improvements, including $4,386 capitalized for accounting
purposes. Project improvements completed during the quarter
ended March 31, 1995 include carpet, vinyl floor and appliance
replacements, and exterior painting. This property is over 20
years old and requires attention to property improvements and
renovations upon turnover to maintain the property's competitive
position.
Shadow Oaks
Shadow Oaks' net operating income for the quarter ended March
31, 1995 decreased by approximately 12.1% from the amount
reported for the same period in 1994. The decrease was the
result of approximately a 1.0% decrease in revenues and
approximately a 10.4% increase in expenses. The increase in
operating expenses is primarily attributable to an increase in
operating and administrative expenses. Average occupancy for the
quarter ended March 31, 1995, decreased to 91%, representing a 5
percentage point decrease from the quarter ended March 31,1994.
However, the average occupancy for the quarter ended March 31,
1995 increased 4 percentage points from the quarter ended
December 31, 1994. Management believes that the decrease in
occupancy rate between March 31, 1995 and March 31, 1994 is the
result of increased home buying in the Tampa area. The Shadow
Oaks property is continuing its resident retention program in an
effort to remain competitive in the market. During the quarter
ended March 31, 1995, the Partnership expended $17,571 on
property improvements, including $9,760 capitalized for
accounting purposes. Property improvements completed during the
quarter ended March 31, 1995 include carpet, vinyl floor and
appliance replacements, lighting replacements, and updating of
landscaping.
Report of Management
Fairlane East
Fairlane East's net operating income for the quarter ended
March 31, 1995 increased by approximately 16.2% from the amount
reported for the same period in 1994. The increase was due to an
increase of approximately 4.6% in revenues and a decrease of
approximately 10.2% in operating expenses. The increase in
revenues can be attributed to a stronger economy in the Dearborn,
Michigan area due to new commercial development. The decrease in
operating expenses is attributable to a decrease in property
taxes and maintenance expenses. Average occupancy for the
quarter ended March 31, 1995, increased to 98%, representing a 4
percentage point increase from the quarter ended March 31, 1994.
The competitive services and rental rates, along with impressive
curb appeal, are contributing factors to the improvement in
occupancy. During the quarter ended March 31, 1995, the
Partnership expended $33,417 on property improvements, including
$26,081 capitalized for accounting purposes. Property
improvements completed during the quarter ended March 31,1995
include fence replacements, carpet, vinyl floor and appliance
replacements, and landscaping improvements.
Raven Hill
Raven Hill's net operating income for the quarter ended March
31, 1995 increased by approximately 4.5% from the amount reported
for the same period in 1994. The increase was the direct result
of an increase of approximately 7.4% in revenues, partially
offset by a 9.1% increase in expenses. The increase in expenses
is primarily attributable to an increase in property taxes.
Average occupancy for the quarter ended March 31, 1995, increased
to 95%, representing a 2 percentage point increase from the
quarter ended March 31, 1994. During the quarter ended March 31,
1995, the Partnership expended $51,449 for property improvements,
including $28,144 capitalized for accounting purposes. Property
improvements completed during the quarter ended March 31, 1995
include roof replacements, refurbishment of indoor pool/spa
areas, resurfacing of racquetball courts, parking lot repairs,
carpet replacements, appliance painting, door replacements,
boiler repairs, landscaping improvements, appliance replacements,
laundry room improvements, installation of card key system for
all garages, and lighting conversion in garages and hallways.
Consolidated Statements of OperationsOther Deductions
Interest expense was $455,412 and $553,506 for the three
months ended March 31, 1995 and March 31, 1994, respectively.
Depreciation expense for the three months ended March 31, 1995
and March 31, 1994 was $273,990 and $258,695, respectively.
Amortization expense for the quarters ended March 31, 1995 and
March 31, 1994 was $24,469 and $23,388, respectively.
For the three months ended March 31, 1995 and March 31, 1994,
of the total property improvements in the aggregate amounts of
$111,723 and $63,726, respectively, $43,353 and $30,898,
respectively, were refurbishment expenses. The remaining
balances of $68,371 and $32,827 have been capitalized for
financial statement purposes. The increase is attributed to a
significant increase in non-capitalizable property maintenance
repairs associated with the overall upgrade of the internal and
external appearance of the buildings.
Interest income was $20,138 and $26,513 for the three months
ended March 31, 1995 and March 31, 1994, respectively.
Partnership administrative expenses for the three months ended
March 31, 1995 and March 31, 1994 were $58,508 and $41,034.
Accounts payable and accrued expenses for the three months ended
March 31, 1995 and March 31, 1994 were $632,388 and $545,281.
Oxford Residential Properties I Limited Partnership
Average Occupancy
The average occupancy for each of the four investment properties
is shown in the following chart:
<TABLE> For the Quarter
Ended
Property/ Acquisition
<CAPTION>
<S> <S> <C> <C> <C> <C> <C>
Location Date 3/31/94 6/30/94 9/30/94 12/31/94 3/31/95
The Landings 10/31/84 93% 95% 98% 96% 94%
Indianapolis, Indiana
Shadow Oaks 02/07/85 96% 96% 93% 87% 91%
Tampa, Florida
Fairlane East 12/23/85 94% 95% 98% 96% 98%
Dearborn, Michigan
Raven Hill 12/24/86 93% 94% 96% 95% 95%
Burnsville, Minnesota
</TABLE>
Summary of Project Data
(Unaudited)
1995 Operating Results Through 3/31/95
<TABLE>
Average NOI Before
Rent Collected1 Property NOI
Property/ Number of March Net Operating Improvements & Property Before
Location Units 1995 1994 Revenues Expenses Debt Service Improvements(2) Debt Servi
ce
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Landings 150 $544 $540 $239,281 $132,078 $107,203 $9,286 $ 97,917
Indianapolis, Indiana
Shadow Oaks 200 $433 $417 249,681 137,001 112,680 17,571 95,109
Tampa, Florida
Fairlane East 244 $871 $860 629,073 238,723 390,350 33,417 356,933
Dearborn, Michigan
Raven Hill 304 $625 $598 562,425 364,038 198,387 51,449 146,938
Burnsville, Minnesota
Totals 898 $1,680,460 $871,840 $808,620 $111,723 $696,897
</TABLE>
1Represents net rental revenue collected for the month divided by
the average number of units occupied during the month.
(2)Represents total property improvement costs incurred through
March 31, 1995, of which $68,371 have been capitalized.
Oxford Residential Properties I Limited Partnership
Consolidated Balance Sheet
<TABLE>
March 31, 1995 December
31,1994
(Unaudited)
Assets
Investment properties, at cost
<CAPTION>
<S> <C> <C>
Land $ 3,682,239 $ 3,682,239
Buildings and improvements,
net of accumulated depreciation
of $11,699,272 and $11,425,282,
respectively 21,671,390 21,877,009
Total Investment Properties 25,353,629 25,559,248
Cash and cash equivalents 1,249,291 1,306,836
Working capital reserve 802,195 792,525
Tenant security deposits 102,867 91,192
Deferred costs, net of amortization
of $2,224,029 and $2,199,560,
respectively 693,205 717,674
Other assets 917,960 747,841
3,765,518 3,656,068
Total Assets $29,119,147 $29,215,316
Liabilities and Partners' Capital
Liabilities
Mortgage notes payable $22,056,116 $22,129,117
Accounts payable and accrued expenses 632,388 545,281
Distributions payable 128,570
Due to affiliates 165,122 131,528
Tenant security deposits 102,867 91,192
Total Liabilities 22,956,493 23,025,688
Partners' Capital
General Partners (1,040,748) (1,040,210)
Assignor Limited Partner 465 466
Assignee Unit Holders (25,714 Assignee
Units issued and outstanding) 7,202,937 7,229,372
Total Partners' Capital 6,162,654 6,189,628
Total Liabilities and Partners'
Capital $29,119,147 $29,215,316
The accompanying notes are an integral part of these
consolidated financial statements.
</TABLE>
Oxford Residential Properties I Limited Partnership
Consolidated Statements of Operations
(Unaudited)
Three months
ended March 31,
<TABLE> 1995 1994
<CAPTION>
Apartment Revenues
<S> <C> <C>
Rental income $1,633,797 $1,564,695
Other income 46,663 45,463
Total Apartment Revenues 1,680,460 1,610,158
Apartment Expenses
Maintenance 247,047 255,843
Operating 144,756 135,906
Administrative 115,775 105,167
Property management fees 83,984 81,717
Property taxes 255,960 229,731
Marketing 24,318 27,330
Total Apartment Expenses 871,840 835,694
Net Operating Income 808,620 774,464
Other Deductions
Interest expense 455,412 553,506
Depreciation and amortization 298,459 282,083
Refurbishment expenses 43,353 30,898
Interest income (20,138) (26,513)
Partnership administrative expenses 58,508 41,034
Total Other Deductions $835,594 $881,008
Loss Before Extraordinary Item $(26,974) $(106,544)
Extraordinary Gain from Debt Forgiveness 169,259
Net Income (Loss) $(26,974) $62,715
Net Income (Loss) Allocated to
Assignee Unit Holders $(26,435) $61,461
(25,714 Assignee Unit Holders)
Loss Before Extraordinary Item
per Assignee Unit $(1.03) $(4.06)
Net Income (Loss) per Assignee Unit $(1.03) $2.39
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
Oxford Residential Properties I Limited Partnership
Consolidated Statement of Partners' Capital
(Unaudited)
<TABLE>
For the period December 31, 1994 through March 31,1995
Limited Partners' Interests
Assignee Assignor
General
Unit Holders Limited
Partner Partners Total
<CAPTION>
<S> <C> <C> <C> <C>
Balance, December 31, 1994 $7,229,372 $466 $(1,040,210) $6,189,628
Net loss, March 31,1995 (26,435) (1) (538) (26,974)
Balance, March 31, 1995 $7,202,937 $465 $(1,040,748) $6,162,654
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
Oxford Residential Properties I Limited Partnership
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
Three months ended March 31,
1995 1994*
Operating activities:
<S> <C> <C>
Net income (loss) $ (26,974) $ 62,715
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization 298,459 282,083
Gain from Debt Forgiveness (169,259)
Changes in assets and liabilities:
Tenant security deposits liability 11,675 8,588
Tenant security deposits (11,675) (8,588)
Other assets (170,119) (690,900)
Accounts payable and accrued expenses 87,107 114,796
Due to affiliates 33,594 (869,072)
Net cash provided by (used in)
operating activities 222,067 (1,269,637)
Investing activities:
Increase in working capital reserves (9,670) (276,699)
Additions to investment properties (68,371) (32,827)
Net cash used in investing activities (78,041) (309,526)
Financing activities:
Refinancing proceeds 22,362,000
Distributions paid (128,570) (257,140)
Mortgage principal paid (73,001) (19,446,661)
Increase in deferred costs (601,464)
Net cash (used in) provided by
financing activities (201,571) 2,056,735
Net (decrease) increase in cash
and cash equivalents (57,545) 477,572
Cash and cash equivalents,
beginning of period 1,306,836 791,944
Cash and cash equivalents,
end of period $1,249,291 $ 1,269,516
</TABLE>
* Reclassified for financial statement purposes only.
The accompanying notes are an integral part of these consolidated
financial statements.
Notes to Financial Statements
(Unaudited)
Note 1. Financial Statements
The consolidated financial statements reflect all adjustments
which, in the opinion of Oxford Residential Properties I
Corporation, the Managing General Partner of Oxford Residential
Properties I Limited Partnership ("Partnership"), are necessary
to present fairly (a) the Partnership's consolidated financial
position as of March 31, 1995 and as of December 31, 1994, (b)
the Consolidated Statements of Operations for the three months
ended March 31, 1995 and March 31, 1994, (c) the Consolidated
Statement of Partners' Capital as of March 31, 1995, and (d) the
Consolidated Statements of Cash Flows for the three months ended
March 31, 1995 and March 31, 1994, according to generally
accepted accounting principles. Although the Managing General
Partner believes that the disclosures presented are adequate to
make the information not misleading, these statements should be
read in conjunction with the audited consolidated financial
statements and the notes included in the Partnership's Annual
Report for the year ended December 31, 1994.
For financial reporting purposes, the income/loss before and
after extraordinary item per Assignee Unit and the extraordinary
gain per Assignee Unit have been calculated by dividing the
portion of the Partnership's net income/loss before and after
extraordinary item or the extraordinary gain allocable to
Assignee Unit Holders (98%) by the 25,714 Assignee Units
outstanding. The extraordinary gain during the quarter ended
March 31, 1994 is related to a $169,259 loan discount which the
Partnership received on the repayment of Raven Hill's previous
mortgage loan as part of the portfolio debt refinancing.
Note 2. Transactions with Affiliates
Neither the Director nor the Executive Officers of the Managing
General Partner, Oxford Residential Properties I Corporation,
receives direct compensation for services rendered to the
Partnership.
Expense reimbursements are for affiliates' personnel costs and
travel expenses that are directly related to the Partnership and
which were not covered separately by fees. Total reimbursements
to the Managing General Partner and its affiliates for the
quarter ended March 31, 1995, were approximately $25,655 for
administrative and accounting related costs, compared to $16,601
for the same period in 1994.
Under the Property Management Agreements with NHP/PMI, the
management fee is equal to 5% of gross collections for all
properties; however, 40% of this fee is subordinated until
certain distribution preference levels to the Limited Partners
are achieved. Property management fees of $33,594 and $32,687
for the three-month period ended March 31, 1995 and March 31,
1994, respectively, have been deferred and are included in due to
affiliates in the accompanying consolidated balance sheets. As
of March 31, 1995, deferred and unpaid property management fees
amounted to $165,072. NHP/PMI also has a separate services
agreement with Oxford Realty Financial Group, Inc. ("ORFG")
pursuant to which ORFG provides certain services to NHP/PMI in
exchange for service fees in an amount equal to 25.41% of all
fees collected by NHP/PMI from certain properties, including
those owned by the Partnership. The management fee level paid to
NHP/PMI is equal to the fee level previously paid to Oxford
Management Company, Inc. ("OMC") prior to December 10, 1993.
Notes to Financial Statements
(Unaudited)
Note 3. Mortgage Notes Payable
Effective January 12, 1994, separate mortgage loans were made
to each of the four new ownership entities (as discussed in prior
reports) in the aggregate original principal amount of
$22,362,000. These mortgage loans are not cross-collateralized,
nor are they cross-defaulted. Each note bears interest at a
fixed rate of 8.25% per annum and matures on February 11, 2004.
The total monthly principal and interest payment is $176,313. As
of March 31, 1995, the total outstanding balance of the four
mortgage notes payable was $22,056,116. The properties are in
compliance with their respective debt service agreements as of
March 31,1995.
The principal terms of the new mortgage notes payable are as
follows:
<TABLE>
Property Mortgage Monthly
Collateralizing Note Debt Maturity Interest
Debt Amount Service (1) Date Rate
<CAPTION>
<S> <C> <C> <C> <C>
The Landings $ 3,387,000 $ 26,705 2/11/04 8.25%
Fairlane East 10,275,000 81,013 2/11/04 8.25%
Raven Hill 5,175,000 40,802 2/11/04 8.25%
Shadow Oaks 3,525,000 27,793 2/11/04 8.25%
$22,362,000 $176,313
</TABLE>
(1) Includes principal and interest.
Note 4. Subsequent Events
On April 11, 1995, an ORP investor filed an action in the United
States District Court for the Central District of California
captioned Susan Burke v. Oxford Residential Properties I Limited
Partnership, et al. The suit alleged that, among other things,
ORP had not responded properly to certain alleged offers made to
purchase Assignee Units. Pursuant to a settlement agreement
dated as of May 5, 1995, the parties executed mutual releases,
the action was dismissed with prejudice, and ORP reimbursed
plaintiff for a portion of her legal costs totaling $112,500.
Instructions for Investors who wish to reregister or transfer ORP
Assignee Units
Please follow the instructions below if you wish to reregister or
transfer ownership of your Oxford Residential Properties I (ORP)
Assignee Units. No transfers or sales can be effected without
the consent of the Managing General Partner and the completion of
the proper documents.
To cover the costs associated with processing transfers,
MMS Escrow & Transfer Agency, Inc. ("MMS"), the transfer agent
for ORP, charges $25 for each transfer of ORP Assignee Units
between related parties, and $50 per seller for each transfer
for consideration (sale). The only exception is a transfer to
a surviving joint holder of Assignee Units when the other
joint holder dies, in which case no fee is charged. MMS will
continue to charge $150 for the conversion of Assignee Units
into a limited partner interest.
To transfer ownership of Assignee Units held in a Merrill
Lynch account, please have your Merrill Lynch financial
consultant contact Merrill Lynch Partnership Operations in New
Jersey at (201) 557-1619 to request the necessary transfer
documents. Merrill Lynch Partnership Operations will only
accept calls from your financial consultant. YOU MUST HAVE
THE PROPER TRANSFER DOCUMENTS FROM MERRILL LYNCH TO EFFECT A
TRANSFER. Your financial consultant must contact Partnership
Operations, as ORP Investor Services does not send out
transfer papers for Assignee Units held in a Merrill Lynch
account.
Investors who no longer hold their Assignee Units in a Merrill
Lynch account should contact ORP Investor Services at (810)
614-4550 or P.O. Box 7090, Troy, Michigan 48007-7090, to
obtain transfer documents. YOU MUST OBTAIN THE PROPER
TRANSFER DOCUMENTS FROM ORP INVESTOR SERVICES TO EFFECT A
TRANSFER OF ASSIGNEE UNITS WHICH YOU HOLD PERSONALLY.
To redeposit your ORP units into a Merrill Lynch account,
please notify ORP Investor Services in writing after the
Merrill Lynch account has been opened. ORP Investor Services
will then instruct Merrill Lynch to deposit the Assignee Units
into the account.
Please remember to notify ORP Investor Services in writing at
the address below or by calling (810) 614-4550 in the event
you change your mailing address or your financial consultant.
We can then continue to provide you and your representative
with timely information about your investment in Oxford
Residential Properties I.
The Quarterly Report on Form 10-Q for the quarter ended March
31, 1995, filed with the Securities and Exchange Commission,
is available to Assignee Unit Holders and may be obtained by
writing:
Investor Services
Oxford Residential Properties I Limited Partnership
P.O. Box 7090
Troy, Michigan 48007-7090
(810) 614-4550
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements of the March 31, 1995 Quarterly Report and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 2051486
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1714032
<PP&E> 25353629
<DEPRECIATION> 0
<TOTAL-ASSETS> 29119147
<CURRENT-LIABILITIES> 900377
<BONDS> 22056116
<COMMON> 6162654
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 29119147
<SALES> 0
<TOTAL-REVENUES> 1680460
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1252022
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 455412
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (26974)
<EPS-PRIMARY> (1.03)
<EPS-DILUTED> 0
</TABLE>
