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Previous: MRI BUSINESS PROPERTIES FUND LTD II, 10-Q, 1995-08-11 |
Next: LESCO INC/OH, 10-Q, 1995-08-11 |
<PAGE>
FORM 10Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly report pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended Commission File
June 30, 1995 No. 0-11980
VENETIAN PARK ASSOCIATES
(Exact name of registrant as specified in its charter)
California 95-3887496
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
3250 Ocean Park Blvd., Ste.380
Santa Monica, CA 90405
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code:
(310) 450-6866
------------------
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 .
----- ----
<PAGE>
PART I. FINANCIAL INFORMATION
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
---------- ------------
<S> <C> <C>
CURRENT ASSETS:
Cash $ 104,533 $ 139,074
Tenant Rents Receivable 6,126 6,126
Tenants Security Deposits 77,996 83,987
Prepaid Expenses 7,826 22,657
---------- ----------
TOTAL CURRENT ASSETS 196,481 251,844
---------- ----------
RESTRICTED DEPOSITS & FUNDED RESERVES:
Mortgage Impound 79,014 61,258
Reserve for Replacement 125,790 113,204
---------- ----------
TOTAL RESTRICTED DEPOSITS & RESERVES 204,804 174,462
---------- ----------
Net Fixed Assets 7,542,549 7,683,189
---------- ----------
OTHER ASSETS:
Prepaid Loan Fees 21,152 21,628
Deposits 3,675 8,571
---------- ----------
TOTAL OTHER ASSETS 24,827 30,199
---------- ----------
TOTAL ASSETS $7,968,661 $8,139,694
========== ==========
</TABLE>
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
BALANCE SHEETS
LIABILITIES AND PARTNERS' EQUITY
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
---------- ------------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts Payable & Accrued Expenses $ 53,520 $ 54,280
Accrued Interest 36,152 37,923
Tenants Prepaid Rents 3,548 4,980
Tenants Security Deposits 77,977 76,177
Current Portion of Long Term Debt 99,464 99,464
---------- ----------
TOTAL CURRENT LIABILITIES 270,661 272,824
---------- ----------
OTHER LIABILITIES:
Mortgage Payable -- 1st Trust Deed 5,613,026 5,663,587
---------- ----------
TOTAL OTHER LIABILITIES 5,613,026 5,663,587
---------- ----------
Partners Equity 2,084,974 2,203,283
---------- ----------
TOTAL LIABILITIES AND PARTNERS EQUITY $7,968,661 $8,139,694
========== ==========
</TABLE>
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
1995 1994
------------ ------------
<S> <C> <C>
Operating Revenue:
Rental Income $369,167 $377,481
Other Rental and Interest Income 23,948 21,701
-------- --------
TOTAL OPERATING REVENUE 393,115 399,182
-------- --------
Operating Expenses:
Repair and Maintenance 64,082 53,875
Utilities 46,255 37,501
Managers Salaries 47,745 39,036
Management Fees 19,656 19,929
General and Administrative 34,644 28,836
Real Property Taxes and Insurance 31,247 32,280
Financial Expenses 115,387 118,701
Depreciation 70,320 70,280
Amortization 238 237
-------- --------
TOTAL OPERATING EXPENSES 429,574 400,675
-------- --------
NET INCOME (LOSS) FROM OPERATIONS $(36,459) $ (1,493)
======== ========
</TABLE>
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
1995 1994
---------- ----------
<S> <C> <C>
Operating Revenue:
Rental Income $ 730,043 $766,049
Other Rental and Interest Income 44,579 41,252
--------- --------
TOTAL OPERATING REVENUE 774,622 807,301
--------- --------
Operating Expenses:
Repair and Maintenance 136,379 108,626
Utilities 90,476 80,265
Managers Salaries 91,341 74,953
Management Fees 38,719 40,323
General and Administrative 101,314 77,173
Real Property Taxes and Insurance 62,495 64,399
Financial Expenses 231,091 238,034
Depreciation 140,640 140,560
Amortization 476 476
--------- --------
TOTAL OPERATING EXPENSES 892,931 824,809
--------- --------
NET INCOME (LOSS) FROM OPERATIONS $(118,309) $(17,508)
========= ========
</TABLE>
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
1995 1994
---------- ----------
<S> <C> <C>
Cash flows from operating activities: Net Income/(Loss) $(118,309) $(17,508)
--------- --------
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation and amortization 141,116 141,036
Change in assets -- (increase) decrease:
Tenant rents receivable 0 0
Tenants security deposits 5,991 11,013
Prepaid expenses 14,831 0
Restricted deposits and reserves (30,342) 24,336
Deposits 4,896 (4,509)
Change in liabilities -- increase (decrease):
Accounts payable and accrued expenses (2,531) 7,288
Tenants prepaid rents (1,432) 2,601
Tenants security deposit payable 1,800 (1,475)
--------- --------
Total adjustments 134,329 180,290
--------- --------
Net cash flow provided by (used in) operating activities: 16,020 162,782
--------- --------
Cash flow from financing activities:
Principal reduction of long-term debt (50,561) (45,200)
Capital distributions to partners 0 (2,075)
--------- --------
Net cash used by financing activities (50,561) (47,275)
--------- --------
Net increase (decrease) in cash (34,541) 115,507
Cash at beginning of Period 139,074 71,869
--------- --------
Cash at end of Period $ 104,533 $187,376
========= ========
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest expense $ 218,192 $223,553
State franchise tax 800 800
</TABLE>
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENT OF PARTNER'S EQUITY
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30,
1995
----------
<S> <C>
Balance at January 1, 1995 $2,203,283
Net income (loss) (118,309)
Cash Distributions 0
----------
BALANCE AT JUNE 30, 1995 $2,084,974
==========
</TABLE>
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1995
1) BASIS OF PRESENTATION
---------------------
See the Form 10-K for the Year Ended December 31, 1994 for appropriate
disclosure to the Financial Statements. The Financial statements
included in the 10-Q omit substantially all disclosures.
2) ADJUSTING ENTRIES
-----------------
All adjustments which are necessary for a fair presentation of the
Financial Statements have been made to the Financial Statements
presented. All such adjustments are of a normal recurring nature.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
RESULTS OF OPERATIONS
GENERAL
Operating income for the first half of this year was $774,622 vs.
$807,301 during the first half of 1994, a decline of $32,679 due
primarily to higher vacancies and continuing delinquency losses.
During the first six months of this year, the property sustained a
negative cash flow of $118,309 vs. a negative cash flow of $17,508
during the first six months of 1994, a difference of $100,801.
Vacancy losses increased by $6,987 or 7.63% ($98,541 this year through
June 30th vs. $91,554 through the same date last year). Delinquent
account collections were disappointing as many former tenants, now
jobless, have left the area. Net delinquency losses this year through
June 30th were $16,966 more than those sustained during the first half
of last year. The Partnership's collection agent will, of course, continue
to pursue theses accounts.
Operating expenses and replacements were $892,931 during this year's
first half vs. $824,809 during the corresponding period last year, an
increase of $68,122.
Cash in the bank as of June 30, 1995, was $182,529 including $77,996 in
refundable tenants' security deposits vs. $270,495 at the same time last
year, a decline of $87,966. The Property's FHA replacement reserve
account as of June 30, 1995, was $125,790 vs. $113,204 at the same time
the year before, an increase of $12,586.
LIQUIDITY AND CAPITAL RESOURCES
There were no cash distributed in June, 1995 to the limited partners
per HUD-FHA regulations. Because of decreased operating revenues and
the need to retain cash-on-hand for exterior painting and other
scheduled maintenance and replacement requirements, it is impossible to
issue a cash distribution at this time.
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Not Applicable
ITEM 2. CHANGES IN SECURITIES
Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable
ITEM 5. OTHER INFORMATION
Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) EXHIBITS
Exhibits other than those listed have been omitted because they are
nonexistent, inapplicable or because the required information is
given in the Financial Statements or notes thereto.
b) REPORTS ON FORM 8-K
Not Applicable
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused the report to be signed on its behalf by the
undersigned thereunto duly authorized.
VENETIAN PARK ASSOCIATES, LTD.
DATED: July 28, 1995 By /s/ NORMAN JACBOSON
-----------------------------
Norman Jacobson
General Partner
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> APR-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 387,333
<SECURITIES> 0
<RECEIVABLES> 38,779
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 426,112
<PP&E> 11,015,288
<DEPRECIATION> 3,472,739
<TOTAL-ASSETS> 7,968,661
<CURRENT-LIABILITIES> 270,661
<BONDS> 5,613,026
<COMMON> 0
0
0
<OTHER-SE> 2,084,974
<TOTAL-LIABILITY-AND-EQUITY> 7,968,661
<SALES> 0
<TOTAL-REVENUES> 393,115
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 314,187
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 115,387
<INCOME-PRETAX> (36,459)
<INCOME-TAX> 0
<INCOME-CONTINUING> (36,459)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (36,459)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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