|
|
|
|
|
|
|
|
|
|
Previous: METROPOLITAN LIFE SEPARATE ACCOUNT E, 497, 1998-11-09 |
Next: PC QUOTE INC, DEFS14A, 1998-11-09 |
<PAGE>
FORM 10-Q
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 the Quarterly Period Ended Commission File
September 30, 1998 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, Including 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 .
--- ---
Indicate the number of shares (units) outstanding of each of the issuer's
classes of common stock (units) as of the latest practicable date (applicable
only to corporate issuer)
6,041 limited partnership units issued and outstanding.
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
REPORT ON FORM 10-Q
For the Quarter Ended September 30, 1998
INDEX
PAGE NO.
--------
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS:
Balance Sheets 3-4
Statements of Operations 5-6
Statements of Changes in Partners' Equity 7
Statements of Cash Flows 8
Notes to Financial Statements 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 10
PART II. OTHER INFORMATION 11
SIGNATURE 12
<PAGE>
PART I. FINANCIAL INFORMATION
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1998 1997
------------- ------------
(unaudited) (audited)
CURRENT ASSETS:
<S> <C> <C>
Cash $ 34,577 $ 51,337
Tenants' Rents Receivable 43,036 2,778
Tenants' Security Deposits 96,632 108,486
Prepaid Expenses 35,461 24,019
---------- ----------
TOTAL CURRENT ASSETS 209,706 186,620
---------- ----------
RESTRICTED DEPOSITS & FUNDED RESERVES:
Mortgage Escrow Deposits 85,157 66,682
Reserve for Replacements 160,379 141,500
---------- ----------
TOTAL RESTRICTED DEPOSITS & RESERVES 245,536 208,182
---------- ----------
Fixed Assets, Net 6,653,159 6,860,291
---------- ----------
OTHER ASSETS:
Prepaid Loan Fees 17,813 18,769
Deposits 10,080 13
---------- ----------
TOTAL OTHER ASSETS 27,893 18,782
---------- ----------
TOTAL ASSETS $7,136,294 $7,273,875
---------- ----------
---------- ----------
</TABLE>
The accompanying notes are an integral part of these Financial Statements.
3
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
BALANCE SHEETS
LIABILITIES AND PARTNERS' EQUITY
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1998 1997
------------- ------------
(unaudited) (audited)
CURRENT LIABILITIES:
<S> <C> <C>
Accounts Payable & Accrued Expenses $ 113,492 $ 88,656
Accrued Interest 35,466 35,466
Tenants' Prepaid Rents 5,965 1,276
Tenants' Security Deposits 91,334 100,178
Current Portion of Long Term Debt 127,095 127,095
---------- ----------
TOTAL CURRENT LIABILITIES 373,352 352,671
---------- ----------
OTHER LIABILITIES:
Mortgage Payable - 1st Trust Deed 5,219,996 5,312,939
---------- ----------
TOTAL OTHER LIABILITIES 5,219,996 5,312,939
---------- ----------
Partners Equity 1,542,946 1,608,265
---------- ----------
TOTAL LIABILITIES AND PARTNERS EQUITY $7,136,294 $7,273,875
---------- ----------
---------- ----------
</TABLE>
The accompanying notes are an integral part of these Financial Statements.
4
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
September 30, September 30,
1998 1997
------------- -------------
Operating Revenue:
<S> <C> <C>
Rental Income $384,049 $ 348,392
Other Rental and Interest Income 17,752 13,931
--------- ---------
TOTAL OPERATING REVENUE 401,801 362,323
--------- ---------
Operating Expenses:
Repair and Maintenance 69,594 108,443
Utilities 48,073 43,505
Managers' Salaries 45,863 49,681
Management Fees 16,645 18,152
General and Administrative 61,130 49,248
Real Property Taxes and Insurance 33,789 34,964
Financial Expenses 109,539 113,492
Depreciation 69,044 70,086
Amortization 478 239
--------- ---------
TOTAL OPERATING EXPENSES 454,155 487,810
--------- ---------
NET INCOME (LOSS) FROM OPERATIONS $(52,354) $(125,487)
--------- ---------
NET INCOME (LOSS) FROM OPERATIONS
(6,041 Limited Partnership units issued and outstanding) $ (8.67) $ (20.77)
--------- ---------
--------- ---------
</TABLE>
The accompanying notes are an integral part of these Financial Statements.
5
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
NINE MONTHS NINE MONTHS
ENDED ENDED
September 30, September 30,
1998 1997
------------- -------------
Operating Revenue:
<S> <C> <C>
Rental Income $1,147,058 $1,045,320
Other Rental and Interest Income 47,765 55,781
---------- ----------
TOTAL OPERATING REVENUE 1,194,823 1,101,101
---------- ----------
Operating Expenses:
Repair and Maintenance 147,624 268,212
Utilities 141,959 131,152
Managers' Salaries 137,226 138,944
Management Fees 59,690 55,055
General and Administrative 135,478 156,088
Real Property Taxes and Insurance 99,580 102,957
Financial Expenses 330,497 336,867
Depreciation 207,132 210,258
Amortization 956 717
---------- ----------
TOTAL OPERATING EXPENSES 1,260,142 1,400,250
---------- ----------
NET INCOME (LOSS) FROM OPERATIONS $ (65,319) $ (299,149)
---------- ----------
---------- ----------
NET INCOME (LOSS) PER UNIT
(6,041 Limited Partnership units issued and outstanding) $ (10.81) $ (49.52)
---------- ----------
---------- ----------
</TABLE>
The accompanying notes are an integral part of these Financial Statements.
6
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENT OF PARTNER'S EQUITY
(Unaudited)
<TABLE>
<CAPTION>
NINE MONTHS
ENDED
September 30,
1998
-------------
<S> <C>
Balance at January 1, 1998 $1,608,265
Net income (loss) (65,319)
Cash Distributions 0
----------
BALANCE AT SEPTEMBER 30, 1998 $1,542,946
----------
----------
</TABLE>
The accompanying notes are an integral part of these Financial Statements.
7
<PAGE>
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
NINE MONTHS NINE MONTHS
ENDED ENDED
September 30, September 30,
1998 1997
------------- -------------
<S> <C> <C>
Cash flows from operating activities: Net Income/(Loss) $(65,319) $(299,149)
-------- ---------
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation and amortization 208,088 210,975
Change in assets - (increase) decrease:
Tenant rents receivable (40,258) 0
Tenants' security deposits 11,854 (16,214)
Prepaid expenses (11,442) (13,315)
Restricted deposits and reserves (37,354) (16,384)
Deposits (10,067) 939
Change in liabilities - increase (decrease):
Accounts payable and accrued expenses 24,836 53,784
Tenants prepaid rents 4,689 2,108
Tenants security deposit payable (8,844) 3,052
-------- ---------
Total adjustments 141,502 224,945
-------- ---------
Net cash flow provided by (used in) operating activities: 76,183 (74,204)
-------- ---------
Cash flow from financing activities:
Principal reduction of long-term debt (92,943) (86,104)
Capital distributions to partners 0 (61,020)
-------- ---------
Net cash used by financing activities (92,943) (147,124)
-------- ---------
Net increase (decrease) in cash (16,760) (221,328)
Cash at beginning of Period 51,337 286,908
-------- ---------
Cash at end of Period $ 34,577 $ 65,580
-------- ---------
-------- ---------
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest expense $310,187 $ 316,012
State franchise tax $ 800 $ 800
</TABLE>
The accompanying notes are an integral part of these Financial Statements.
8
<PAGE>
Venetian Park Associates, Ltd.
Notes to Financial Statements
Six Months Ended September 30, 1998
1) BASIS OF PRESENTATION
See the Form 10-K for the Year Ended December 31, 1997 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.
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
RESULTS OF OPERATIONS
GENERAL
Operating income for the nine months ended September 30, 1998, was
$1,194,823 vs. $1,101,101 during the corresponding period last year, a
jump of $93,722. Net loss this year through September 30th was $65,319
vs. a net loss of $299,149 last year during the comparable period, an
overall cash flow improvement of $233,830.
Rental Income for September, 1998 was $1,147,058 vs. $1,045,320 in
September, 1997, an increase of $101,738. Operating expenses this year
through September 30th were $1,260,142 vs. $1,400,250 in September,
1997, a slash of $140,108.
On September 30, 1998, the Property's cash accounts stood at $131,209
(including $96,632 in tenant refundable security deposits) vs. $159,823
on the same date the year before, a decline of $28,614 due largely to
rental losses sustained during the fire at the Property this year. We
are in the process of retrieving the rental losses from the burned
apartments under our Loss of Rent insurance claim with Travelers
Insurance. We have booked $41,638 as rent loss under Tenant Receivables
on the balance sheet and expect the funds to be remitted shortly. The
rebuilt apartments, when finished, are expected to rent for premiums
above our regular rent schedule.
LIQUIDITY AND CAPITAL RESOURCES
Although this year's third quarter operating results are substantially
improved over last year's third quarter, no cash distribution can be
made until the Property generates a more substantial ongoing cash flow
than that which now prevails.
10
<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 OF 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
11
<PAGE>
SIGNATURE
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 in the City of Santa Monica,
California.
VENETIAN PARK ASSOCIATES, LTD.
(A California Limited Partnership)
Dated: October 30, 1998 /s/ Norman Jacobson
--------------------------------
Norman Jacobson
General Partner
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 376,745
<SECURITIES> 0
<RECEIVABLES> 78,497
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 455,242
<PP&E> 11,015,288
<DEPRECIATION> 4,334,236
<TOTAL-ASSETS> 7,136,294
<CURRENT-LIABILITIES> 373,352
<BONDS> 5,219,996
0
0
<COMMON> 0
<OTHER-SE> 1,542,946
<TOTAL-LIABILITY-AND-EQUITY> 7,136,294
<SALES> 0
<TOTAL-REVENUES> 1,194,823
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 929,645
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 330,497
<INCOME-PRETAX> (65,319)
<INCOME-TAX> 0
<INCOME-CONTINUING> (65,319)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (65,319)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
|
|