UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
Admendment No. 2
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended September 30, 1997
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 2-95449
NATIONAL PROPERTIES INVESTMENT TRUST
Formerly Richard Roberts Real Estate Growth
Trust I (Exact name of registrant as specified in
its charter)
Massachusetts 06-6290322
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
P.O. Box 148 Canton Center, CT 06020
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (860) 693-9624
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 12,13 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
filing requirements for the past 90 days. Yes X No
<PAGE>
The Registrants Form 10-Q for the quarter ended September 30, 1997 is
amended as follows:
Item 2 of the Registrants Form 10-Q for the quarter ended June 30, 1997 is
amended as follows:
Results of Operations have been revised in accordance with Item 303 of
Regulation S-K. *
* Filed herewith
<PAGE>
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Results of Operations
For the quarter ended September 30, 1997, the Trust reported net income
from property operations of $1,625 as compared to a net loss from property
operations of $1,752 for the quarter ended September 30, 1996. For the nine
months ended September 30, 1997, the Trust reported net income from property
operations of $11,412 as compared to net income from property operations of
$2,278 for the nine months ended September 30, 1996. The increase in gross
rental income for the quarter ended September 30, 1997 is the result of
decreases in vacancies resulting in an increase of gross rental of $5,641 and
rent escalations resulting in an increase of gross rental income of $5,167.
Also, the Trust had net income of $1,759 and $11,943 for the quarter and nine
months ended September 30, 1997, compared to a net loss of $1,443 and net income
of $3,620 for the quarter and nine months ended September 30, 1996,
respectively. General and administrative expenses increased by $6,815 for the
quarter ended September 30, 1997 over the quarter ended September 30, 1996 due
to increases in expenses related to the Trusts preparation for the proposed
sale of $3,602 and increases in health insurance premiums of $1,939.
The Managing Trustee was paid $12,000 and $36,000 for the quarter and nine
months ended September 30, 1997, respectively. In addition, the Trust offices
are located at premises owned by the Managing Trustee. No rent was charged to
the Trust in the quarter and nine months ended September 30, 1997, although the
Trust paid utility bills for the office of $435 and $1,571 in the quarter and
nine months ended September 30, 1997, respectively.
<PAGE>
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.
NATIONAL PROPERTIES INVESTMENT TRUST
Date: 12/24/97 By: \s\ Peter M. Stein
Peter M. Stein
Managing Trustee
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 date indicated:
Signature Title Date
/s/ Peter M. Stein Managing Trustee 12/24/97
Peter M. Stein
/s/ Jay Goldman Trustee 12/24/97
Jay W. Goldman
/s/ Robert Reibstein Trustee 12/24/97
Robert Reibstein
