<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
SEPTEMBER 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
SEPTEMBER 30, DECEMBER 31,
1995 1994
______________ ______________
Current Assets:
Cash $ 77,905 $ 139,074
Tenant Rents Receivable 6,126 6,126
Tenants Security Deposits 83,495 83,987
Prepaid Expenses 25,771 22,657
______________ _____________
TOTAL CURRENT ASSETS 193,297 251,844
______________ _____________
RESTRICTED DEPOSITS & FUNDED RESERVES:
Mortgage Impound 90,325 61,258
Reserve for Replacement 132,083 113,204
______________ ______________
TOTAL RESTRICTED DEPOSITS & RESERVE 222,408 174,462
______________ ______________
Net Fixed Assets 7,472,229 7,683,189
______________ ______________
OTHER ASSETS:
Prepaid Loan Fees 20,914 21,628
Deposits 2,675 8,571
______________ ______________
TOTAL OTHER ASSETS 23,589 30,199
______________ ______________
TOTAL ASSETS $ 7,911,523 $ 8,139,694
============== ===============
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
SEPTEMBER 30, DECEMBER 31,
1995 1994
______________ ______________
CURRENT LIABILITIES:
Accounts Payable & Accrued Expenses $ 77,308 $ 54,280
Accrued Interest 36,152 37,923
Tenants Prepaid Rents 3,276 4,980
Tenants Security Deposits 82,273 76,177
Current Portion of Long Term Debt 99,464 99,464
______________ ______________
TOTAL CURRENT LIABILITIES 298,473 272,824
______________ ______________
OTHER LIABILITIES:
Mortgage Payable - 1st Trust Deed 5,587,924 5,663,587
______________ ______________
TOTAL OTHER LIABILITIES 5,587,924 5,663,587
______________ ______________
Partners' Equity 2,025,126 2,203,283
______________ ______________
TOTAL LIABILITIES AND PARTNERS' EQUITY $ 7,911,523 $ 8,139,694
============== ==============
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
SEPTEMBER 30, SEPTEMBER 30,
1995 1994
_______________ _______________
<S> <C> <C>
Operating Revenue:
Rental Income $ 347,227 $ 392,032
Other Rental and Interest Income 22,869 21,398
_______________ _______________
TOTAL OPERATING REVENUE 370,096 413,430
_______________ _______________
Operating Expenses:
Repair and Maintenance 65,957 89,677
Utilities 49,012 33,021
Managers Salaries 38,220 44,092
Management Fees 18,505 20,672
General and Administrative 42,682 37,637
Real Property Taxes and Insurance 31,526 39,486
Financial Expenses 113,484 120,107
Depreciation 70,320 70,697
Amortization 238 239
_______________ _______________
TOTAL OPERATING EXPENSES 429,944 455,628
_______________ _______________
NET INCOME (LOSS) FROM OPERATIONS $ (59,848) $ (42,198)
=============== ===============
</TABLE>
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
NINE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994
_______________ _______________
Operating Revenue:
Rental Income $ 1,077,270 $ 1,210,167
Other Rental and Interest Income 67,448 50,333
_______________ _______________
TOTAL OPERATING REVENUE 1,144,718 1,260,500
_______________ _______________
Operating Expenses:
Repair and Maintenance 202,336 228,280
Utilities 139,488 93,614
Managers Salaries 129,561 112,271
Management Fees 57,224 62,951
General and Administrative 143,996 125,727
Real Property Taxes and Insurance 94,021 118,458
Financial Expenses 344,575 361,892
Depreciation 210,960 212,091
Amortization 714 714
_______________ _______________
TOTAL OPERATING EXPENSES 1,322,875 1,315,998
_______________ _______________
NET INCOME (LOSS) FROM OPERATIONS $ (178,157) $ (55,498)
=============== ===============
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>
NINE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994
______________ ______________
<S> <C> <C>
Cash flows from operating activities: Net Income/(Loss) $ (178,157) $ (55,498)
______________ ______________
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation and amortization 211,674 212,805
Change in assets - (increase) decrease:
Tenant rents receivable 0 0
Tenants security deposits 492 10,654
Prepaid expenses (3,114) 0
Restricted deposits and reserves (47,946) 18,453
Deposits 5,896 (1,225)
Change in liabilities - increase (decrease):
Accounts payable and accrued expenses 21,257 8,719
Tenants prepaid rents (1,704) (51)
Tenants security deposit payable 6,096 (2,065)
______________ ______________
Total adjustments 192,651 247,290
______________ ______________
Net cash flow provided by (used in) operating activities: 14,494 191,792
______________ ______________
Cash flow from financing activities:
Principal reduction of long-term debt (75,663) (68,456)
Capital distributions to partners 0 (67,039)
______________ ______________
Net cash used by financing activities (75,663) (135,495)
______________ ______________
Net increase (decrease) in cash (61,169) 56,297
Cash at beginning of Period 139,074 71,869
______________ ______________
Cash at end of Period $ 77,905 $ 128,166
============== ==============
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest expense $ 327,467 $ 334,674
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
NINE MONTHS
ENDED
SEPTEMBER 30,
1995
______________
Balance at January 1, 1995 $ 2,203,283
Net income (loss) (178,157)
Cash Distributions 0
______________
BALANCE AT SEPTEMBER 30, 1995 $ 2,025,126
==============
The accompanying notes are an intergral part of these Financial Statements.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
NOTES TO FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 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 nine months of this year was $1,144,718
vs. $1,260,500 during the corresponding period last year, a decrease of
$115,782. During the first nine months of this year, the partnership
property sustained a negative cash flow of $61,169 vs. a positive cash
flow of $56,297 during the first nine months of last year, a difference of
$117,466.
Vacancy losses this year through September 30th were $154,443 vs. $128,124
by the same time last year, an increase of $26,318. At the same time, net
delinquency losses were $32,560 vs. $12,735, a jump of $19,825 during the
respective periods. While our overall vacancy factor for the year remains
at approximately 11% of scheduled gross, the fact that the number of move-
ins vs. move-outs is finally in balance is reason to believe that we will
soon be able to whittle away at the vacancy factor.
Total repair and maintenance during the first nine months of 1995 were
$202,336 vs. $228,280, an increase of $25,944 due to higher turnover
costs and extraordinary landscaping services and supplies.
The cost of restoring student occupied apartments is higher than with non-
student tenants. While the property has always enjoyed a large percentage
of its tenancy from persons 55 years of age and up, we are embarking
upon a Senior Connection program to increase the percentage. This program
will entail such activities as bridge instruction, travel seminars, tennis
and golf programs, arts and crafts and other such activities. A logo for
the Senior Connection has been designed and newsletter and flyers will be
provided existing tenants in this age group as well as prospective
tenants.
Cash in the bank as of September 30, 1995, was $161,400 including $83,495
in refundable tenants' security deposits vs. $211,644 at the same time
last year, a decline of $50,244. The Property's FHA replacement reserve
account as of September 30, 1995, was $132,083 vs. $108,452 at the same
time the year before, an increase of $23,631.
LIQUIDITY AND CAPITAL RESOURCES
There were no cash distributed in September, 1995 to the limited partners
per HUD-FHA regulations. Because of continued high vacancies and
increased operating expenses, we must continue to hold back on cash
distributions.
<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: October 31, 1995 By /s/ NORMAN JACOBSON
---------------------------
Norman Jacobson
General Partner
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 383,808
<SECURITIES> 0
<RECEIVABLES> 55,486
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 439,294
<PP&E> 11,015,288
<DEPRECIATION> 3,543,059
<TOTAL-ASSETS> 7,911,523
<CURRENT-LIABILITIES> 298,473
<BONDS> 5,587,924
<COMMON> 0
0
0
<OTHER-SE> 2,025,126
<TOTAL-LIABILITY-AND-EQUITY> 7,911,523
<SALES> 0
<TOTAL-REVENUES> 370,096
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 316,460
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 113,484
<INCOME-PRETAX> (59,848)
<INCOME-TAX> 0
<INCOME-CONTINUING> (59,848)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (59,848)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
