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 March 31, 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 [ ]
<PAGE>
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PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
MARCH 31, 1995 AND DECEMBER 31, 1994
(Unaudited)
(Amounts in thousands)
<CAPTION>
03/31/95 12/31/94
(Unaudited) (Audited)
______________ ______________
ASSETS
<S> <C> <C>
Cash $ 274 $ 218
Restricted cash 27 27
Accounts receivable 2 1
Prepaid expenses 12 10
______ ______
Total current assets 315 256
Property, plant and equipment:
Land 2,103 2,103
Buildings 6,510 6,510
Furniture and fixtures 934 934
Land improvements 42 42
Equipment 11 10
______ ______
9,600 9,599
Less accumulated depreciation 2,224 2,182
______ ______
7,376 7,417
Other assets:
Deposits 5 5
______ ______
Total assets 7,696 7,678
====== ======
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<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 7 $ 13
Other accrued liabilities 51 10
Tenant deposits 29 27
Unearned rent 9 10
Due to affiliate 0 1
______ ______
Total current liabilities 96 61
General partners' deficit (19) (19)
Limited partners' capital
(11,052 units) 7,619 7,636
______ ______
Total partners' capital $7,600 $7,617
______ ______
Total liabilities and
partners' capital $7,696 $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.
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<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
(Amounts in thousands, except per limited partnership unit data)
<CAPTION>
Three months ended Three months ended
March 31, 1995 March 31, 1994
______________ ______________
<S> <C> <C>
Revenues:
Rents $ 362 $ 363
Interest 3 3
Other 12 12
______ ______
Total revenues 377 378
Expenses:
General and
administrative expenses 52 47
Salaries and wages 33 33
Taxes and licenses 44 37
Management fees 19 19
Repairs and maintenance 43 60
Insurance 5 6
Depreciation and amortization 42 75
______ ______
Total expenses 238 278
______ ______
Net income 139 100
====== ======
Net income per limited
partnership unit 12.47 9.00
====== ======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
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RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF PARTNERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
(Amounts in thousands)
<CAPTION>
General Limited
Partners Partners Total
__________ __________ __________
<S> <C> <C> <C>
Three months ended 03/31/94:
Balance at December 31, 1993 $ (16) $ 7,899 $ 7,883
Net income 1 99 100
Capital distributions (2) (188) (190)
_________ _________ _________
Balance at March 31, 1994 $ (17) $ 7,810 $ 7,793
========= ========= =========
Three months ended 03/31/95:
Balance at December 31, 1994 $ (19) $ 7,636 $ 7,617
Net income 1 138 139
Capital distributions (1) (155) (156)
_________ _________ _________
Balance at March 31, 1995 $ (19) $ 7,619 $ 7,600
========= ========= =========
<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>
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RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
(Amounts in thousands)
<CAPTION>
1995 1994
_________ _________
<S> <C> <C>
Operating activities:
Net income $ 139 $ 100
_______ _______
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 42 75
Changes in operating assets
and liabilities:
Accounts receivable (1) (2)
Prepaid expenses (2) 7
Accrued liabilities 41 34
Accounts payable (6) 5
Tenant security deposits 2 0
Unearned rent (1) (3)
_______ _______
Net cash provided by
operating activities 214 216
_______ _______
Investing activities:
Capital expenditures (1) (1)
_______ _______
Net cash used in
investing activities (1) (1)
_______ _______
Financing activities:
Distributions to partners (156) (190)
Decrease in due to affiliate (1) (6)
_______ _______
Net cash used in
financing activities (157) (196)
_______ _______
Increase in cash 56 19
Cash, beginning of period 218 241
_______ _______
Cash, end of period $ 274 $ 260
======= =======
<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 MARCH 31, 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 March 31, 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 MARCH 31, 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 month periods
ended March 31, 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. Colonial Properties, Inc., an affiliate
of the Lowders, managed the apartments until 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
MARCH 31, 1995
LIQUIDITY AND CAPITAL RESOURCES
Cash flow at the property is primarily produced by the rental
of apartment units. During the first quarter the property's
physical occupancy averaged 97.8% and it generated enough
cash to meet the financial obligations of the Partnership
and pay a cash distribution of $178,618 in the second quarter
of 1995. The previous cash distribution was $156,291 making
the total of cash distributions paid to Partners during 1995
amount to $334,909 or $30 per Limited Partnership unit of
ownership.
Cash and equivalents increased to $274,205 at March 31, 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
First quarter year-to-year rent revenues remained stable.
Average occupancy for the quarter also held firm. The
average occupancy was 97.8% in the first quarter of 1995
as compared to 97.7% in the first quarter of 1994. The
year-to-year total revenues were also relatively unchanged.
While total revenues were stable, first quarter year-to-year
expenses decreased by approximately $40,000. Of this
decrease, about $7,000 was from lower operating expenses and
$33,000 was related to reduced charges to depreciation. Most
of the cost savings is in the maintenance expense category
where the lower turnover has reduced the expenditures for
new carpet, interior paint and contract labor. Property tax
expense increased year-to-year because we increased the
accrual to reflect the 1994 reassessment.
The Partnership's capital expenditures in 1995 will be for
refurbishment of signage and additional landscape plantings
to increase and improve the property's curb appeal. An
automatic guard gate will be added to improve security.
Also, the plans for 1995 include resurfacing of the tennis
courts and some roof repairs.
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 has
solicited buyers for the property and has received an offer
on the property. However, it is the opinion of the General
Partner that the offer is unsatisfactory and it is not in
the best interest of the Limited Partners to sell at this
time.
<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
None were filed for the quarter ended March 31, 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
March 12, 1995 Thomas H. Lowder
Date Thomas H. Lowder
General Partner
March 12, 1995 Douglas B. Nunnelley
Date Douglas B. Nunnelley
Principal Financial Officer
