UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1995
Commission file Number 0-14422
RIVERCHASE INVESTORS I, LTD.
(Exact name of registrant as specified in its charter.)
Florida 64-0712672
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2101 6th Avenue North, STE 750,
Birmingham, AL 35203-2764
(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code:
(205) 250-8700
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 [ ]
Number of Units of the Registrant's Limited Partnership
Units of Ownership outstanding as of September 30, 1995: 11,052.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
(Unaudited)
(Amounts in thousands)
<CAPTION>
September 1995 December 1994
(Unaudited) (Audited)
______________ ______________
ASSETS
<S> <C> <C>
Cash $ 334 $ 218
Restricted cash 33 27
Accounts receivable 8 1
Prepaid expenses 0 10
______ ______
Total current assets 375 256
Property, plant and equipment:
Land 2,103 2,103
Buildings 6,510 6,510
Furniture and fixtures 936 934
Land improvements 50 42
Equipment 11 10
______ ______
9,610 9,599
Less accumulated depreciation 2,310 2,182
______ ______
7,300 7,417
Other assets:
Deposits 5 5
______ ______
Total assets $7,680 $7,678
====== ======
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 14 $ 13
Other accrued liabilities 137 10
Tenant deposits 35 27
Unearned rent 5 9
Due to affiliate 0 1
______ ______
Total current liabilities 190 60
General partners' deficit (20) (19)
Limited partners' capital
(11,052 units) 7,510 7,636
______ ______
Total partners' capital $7,490 $7,618
______ ______
Total liabilities and
partners' capital $7,680 $7,678
====== ======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS
ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
(Amounts in thousands, except per limited partnership unit data)
<CAPTION>
Three months ended Nine months ended
Sept. 30 Sept. 30
___________________ __________________
1995 1994 1995 1994
______ ______ ______ ______
<S> <C> <C> <C> <C>
Revenues:
Rents $ 368 $ 359 $1,085 $1,077
Interest 1 2 7 6
Other 9 11 34 33
_____ _____ _____ _____
Total revenues 378 372 1,126 1,116
Expenses:
General and
administrative 50 49 157 150
Salaries and wages 29 37 93 106
Taxes and licenses 40 48 119 121
Management fees 19 19 55 55
Repairs and maintenance 62 65 161 180
Insurance 6 9 16 22
Depreciation
and amortization 43 46 128 195
_____ _____ _____ _____
Total expenses 249 273 729 829
_____ _____ _____ _____
Net income $ 129 $ 98 $ 397 $ 287
===== ===== ===== =====
Net income per limited
partnership unit $11.58 $ 8.80 $35.53 $25.70
===== ===== ===== =====
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF PARTNERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
(Amounts in thousands)
<CAPTION>
General Limited
Partners Partners Total
__________ __________ __________
<S> <C> <C> <C>
Nine months ended Sept 30, 1994:
Balance at December 31, 1993 $ (16) $ 7,899 $ 7,883
Net income 3 284 287
Capital distributions (5) (519) (525)
_________ _________ _________
Balance at Sept 30, 1994 $ (18) $ 7,663 $ 7,645
========= ========= =========
Nine months ended Sept 30, 1995:
Balance at December 31, 1994 $ (19) $ 7,636 $ 7,618
Net income 4 393 397
Capital distributions (5) (519) (525)
_________ _________ _________
Balance at Sept 30, 1995 $ (20) $ 7,510 $ 7,490
========= ========= =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPT 30, 1995 AND 1994
(Unaudited)
(Amounts in thousands)
<CAPTION>
1995 1994
_________ _________
<S> <C> <C>
Operating activities:
Net income $ 397 $ 287
_______ _______
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 128 195
Changes in operating assets
and liabilities:
Accounts receivable (7) (2)
Prepaid expenses 10 3
Accrued liabilities 127 121
Accounts payable 1 6
Tenant security deposits 8 (1)
Unearned rent (5) 1
Restricted Cash (6) 0
_______ _______
Net cash provided by
operating activities 652 611
_______ _______
Investing activities:
Capital expenditures (11) (5)
_______ _______
Net cash used in
investing activities (11) (5)
_______ _______
Financing activities:
Distributions to partners (525) (525)
Decrease in due to affiliate (1) (6)
_______ _______
Net cash used in
financing activities (525) (531)
_______ _______
Increase in cash 116 76
Cash, beginning of period 218 241
_______ _______
Cash, end of period $ 334 $ 317
======= =======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
NOTE 1. THE PARTNERSHIP
Riverchase Investors I, Ltd. ("the Partnership") is a limited
partnership organized under the laws of the State of Florida,
pursuant to a Certificate and Agreement of Limited Partnership
dated February 22, 1985, as amended and restated as of
December 30, 1985. The Partnership owns and operates 248
apartment units in Temple Terrace, Florida. The Partnership
leases the apartment units to individuals under short-term
lease agreements.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements, which should be read
in conjunction with the financial statements of Riverchase
Investors I, Ltd. included in the 1994 Annual Report filed on
Form 10-K, are unaudited but have been prepared in the ordinary
course of business for the purpose of providing information
with respect to the interim period. The General Partners
believe that all adjustments (none of which were other than
normal recurring accruals) necessary for a fair presentation
for such periods have been included. The operating results
for the quarter ended September 30, 1995 may not be indicative
of the operating results for the entire year.
INCOME TAXES
The accompanying financial statements do not include a
provision for income taxes since the taxable income of the
Partnership is included in the tax returns of the Partners.
<PAGE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
NET INCOME PER LIMITED PARTNERSHIP UNIT
Net income per Limited Partnership unit is computed by
dividing 99% of net income (Limited Partners' share) by
the weighted average Limited Partnership units outstanding
during the period. The weighted average Limited Partnership
units outstanding was 11,052 during the three and nine
month periods ended September 30, 1995 and 1994.
NOTE 3. TRANSACTIONS WITH RELATED PARTIES
MANAGEMENT FEES
Colonial Properties Services, Inc., an affiliate of the
Lowders, has actively managed the apartments since
September 29, 1993. The annual fee for the management of the
property is 5% of the gross collected revenues of the
property.
<PAGE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
SEPTEMBER 30, 1995
LIQUIDITY AND CAPITAL RESOURCES
Cash flow at the property is primarily produced by the rental
of apartment units. During the third quarter the property's
physical occupancy averaged 94.0% and it generated enough
cash to meet the financial obligations of the Partnership
and pay a cash distribution of $167,455 in the fourth quarter
of 1995. The previous cash distributions were $524,691 making
the total of cash distributions paid to Partners during 1995
amount to $692,146 or $62 per Limited Partnership unit of
ownership.
Cash and equivalents increased to $334,257 at September 30,
1995 from $218,417 at December 31, 1994. The increase is due
to cash retained to pay for the accrued liabilities which will
come due at the end of the year.
RESULTS OF OPERATIONS
Third quarter year-to-year rent revenues were stable.
Average occupancy for the quarter remained high. The
average occupancy was 94.0% in the third quarter of 1995
as compared to 95.5% in the third quarter of 1994. Year-
to-date total revenues increased by approximately 1%.
While total revenues were stable, third quarter year-to-
year total expenses decreased by approximately $24,000.
Salaries and wages accounted for over $8,000 of the
savings. Painting completed in the prior year reduced
the need for painting and labor in the current period.
Property taxes also decreased by approximately $8,000
for the quarter. This variance is due to an adjusting
entry made in the third quarter of 1994 to increase
our accrual for the year. An adjusting accrual was not
required in the third quarter of 1995.
The Partnership's budgeted capital expenditures in 1995
were for the refurbishment of signage, additional landscape
plantings, and an automatic guard gate. Also, the plans
included resurfacing of the tennis courts and some
roof repairs. Approximately one-half of these capital
expenses had been incurred as of the end of the quarter.
The Partnership has been in existence now for about ten
years which was the originally contemplated term of
operation. With that consideration in mind, the General
Partner continues to solicit buyers for the property and
will inform the Limited Partners when a satisfactory
offer is received.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Inapplicable
ITEM 2. CHANGES IN SECURITIES
Inapplicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Inapplicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS
Inapplicable
ITEM 5. OTHER INFORMATION
Inapplicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
None were filed for the quarter
ended September 30, 1995
<PAGE>
RIVERCHASE INVESTORS I, LTD.
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, as amended, the Registrant
has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
RIVERCHASE INVESTORS I, LTD.
Registrant
November 14, 1995 Thomas H. Lowder
Date Thomas H. Lowder
General Partner
November 14, 1995 Douglas B. Nunnelley
Date Douglas B. Nunnelley
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-START> Jan-01-1995
<PERIOD-END> Sep-30-1995
<PERIOD-TYPE> 9-Mos
<CASH> 334
<SECURITIES> 0
<RECEIVABLES> 8
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 375
<PP&E> 9,610
<DEPRECIATION> 2,310
<TOTAL-ASSETS> 7,300
<CURRENT-LIABILITIES> 190
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 7,490
<TOTAL-LIABILITY-AND-EQUITY> 7,680
<SALES> 0
<TOTAL-REVENUES> 1,126
<CGS> 0
<TOTAL-COSTS> 729
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 397
<INCOME-TAX> 0
<INCOME-CONTINUING> 397
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 397
<EPS-PRIMARY> 35.53
<EPS-DILUTED> 0
<FN>
The earnings per share data noted above refers to
net income per limited partnership unit.
</TABLE>
