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, 1996
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, 1996: 11,052.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
(Unaudited)
<CAPTION>
September 1996 December 1995
(Unaudited) (Audited)
-------------- --------------
ASSETS
<S> <C> <C>
Cash $ 266,180 $ 187,282
Restricted cash 34,406 34,420
Accounts receivable 2,485 7,176
Prepaid expenses 26,361 16,238
--------- ---------
Total current assets 329,432 245,116
Property, plant and equipment:
Land 2,102,784 2,102,784
Buildings 6,511,825 6,517,075
Furniture and fixtures 964,259 947,994
Land improvements 93,341 50,397
Building improvements 13,710 0
Equipment 16,472 10,953
--------- ---------
9,707,392 9,629,203
Less accumulated depreciation 2,483,949 2,352,469
--------- ---------
7,223,443 7,276,734
Other assets:
Deposits 4,796 4,796
--------- ---------
Total assets $7,557,670 $7,526,646
========= =========
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 12,088 $ 21,606
Other accrued liabilities 130,071 9,328
Tenant deposits 27,181 33,279
Unearned rent 2,800 5,182
Due to affiliate 0 16
--------- ---------
Total current liabilities 172,140 69,411
General partners' deficit (20,923) (20,206)
Limited partners' capital
(11,052 units) 7,406,453 7,477,441
--------- ---------
Total partners' capital $7,385,530 $7,457,235
--------- ---------
Total liabilities and
partners' capital $7,557,670 $7,526,646
========= =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS
ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
<CAPTION>
Three months ended Nine months ended
September 30 September 30
------------------ -----------------
1996 1995 1996 1995
------ ------ ------ ------
<S> <C> <C> <C> <C>
Revenues:
Rents $ 343,450 $ 368,106 $ 1,093,598 $ 1,084,510
Interest 2,438 906 6,984 6,677
Other 13,172 9,012 32,391 34,324
------- ------- --------- ---------
Total revenues 359,060 378,024 1,132,973 1,125,511
Expenses:
General and
administrative 17,825 20,747 64,350 71,199
Salaries and
wages 30,795 28,882 96,071 92,539
Taxes and licenses 34,707 40,235 121,533 118,882
Management fees 17,532 18,679 55,654 55,450
Repairs and maintenance 63,530 61,569 198,192 160,594
Utilities 32,382 29,973 88,125 86,129
Insurance 5,637 5,307 13,891 16,441
Depreciation
and amortization 44,395 43,329 131,480 127,595
------- ------- --------- --------
Total expenses 246,803 248,721 769,296 728,829
------- ------- --------- ---------
Net income $ 112,257 $ 129,303 $ 363,677 $ 396,682
======= ======= ========= =========
Net income per limited
partnership unit $ 10.06 $ 11.58 $ 32.58 $ 35.53
======= ======= ========= =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF PARTNERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
<CAPTION>
General Limited
Partners Partners Total
---------- ---------- ----------
<S> <C> <C> <C>
Nine months ended September 30, 1995:
Balance at December 31, 1994 $ (18,598) $ 7,636,289 $ 7,617,691
Net income 3,967 392,715 396,682
Capital distributions (5,247) (519,444) (524,691)
--------- --------- ---------
Balance at September 30, 1995 $ (19,878) $ 7,509,560 $ 7,489,682
========= ========= =========
Nine months ended September 30, 1996:
Balance at December 31, 1995 $ (20,206) $ 7,477,441 $ 7,457,235
Net income 3,637 360,040 363,677
Capital distributions (4,354) (431,028) (435,382)
--------- --------- ---------
Balance at September 30, 1996 $ (20,923) $ 7,406,453 $ 7,385,530
========= ========== =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
<CAPTION>
1996 1995
--------- ---------
<S> <C> <C>
Operating activities:
Net income $ 363,677 $ 396,682
------- -------
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 131,480 127,595
Changes in operating assets
and liabilities:
Accounts receivable 4,705 (6,636)
Prepaid expenses (10,123) 9,510
Accrued liabilities 120,743 126,643
Accounts payable (9,518) 541
Tenant security deposits (6,098) 8,115
Unearned rent (2,382) (4,787)
Restricted cash 0 (5,550)
------- -------
Net cash provided by
operating activities 592,484 652,113
------- -------
Investing activities:
Capital expenditures (78,188) (10,800)
------- -------
Net cash used in
investing activities (78,188) (10,800)
------- -------
Financing activities:
Distributions to partners (435,382) (524,691)
Decrease in due to affiliate (16) (782)
------- -------
Net cash used in
financing activities (435,398) (525,473)
------- -------
Increase in cash 78,898 115,840
Cash, beginning of period 187,282 218,417
------- -------
Cash, end of period $ 266,180 $ 334,257
======= =======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 1996
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 1995
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, 1996 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, 1996
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, 1996 and 1995.
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, 1996
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 88.3%
and it generated enough cash to meet the financial obligations of the
Partnership and pay a cash distribution of $122,800 in the fourth quarter of
1996. The previous cash distributions were $435,382 making the total of cash
distributions paid to Partners during 1996 amount to $558,182 or $50 per Limited
Partnership unit of ownership.
Cash and equivalents increased to $266,180 at September 30, 1996 from $187,282
at December 31, 1995. 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 average occupancy decreased, which resulted in the
decrease in third quarter rent revenues. The average occupancy was 88.3% in the
third quarter of 1996 as compared to 94.0% in the third quarter of 1995.
However, year-to-date total rent revenues increased by approximately $9,088 or
.8% due primarily to increased rental rates.
While year-to-date total revenues were stable, total expenses increased
approximately $40,000. The majority of the increase in expenses, about $37,500,
is related to repairs and maintenance expense. New carpet and floor tile
accounted for approximately $24,500 or 65% of the increase in repairs and
maintenance expense. Other items contributing to the variance were exterior
building repairs and appliance repair and replacement.
The Partnership's budgeted capital expenditures in 1996 were for the
refurbishment of the pool, resealing and restriping of the parking lot,
landscape upgrading, a perimeter fence, and other items. Approximately
two-thirds of these capital expenses had been incurred as of the end of the
quarter.
<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, 1996
<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, 1996 Thomas H. Lowder
Date Thomas H. Lowder
General Partner
November 14, 1996 Douglas B. Nunnelley
Date Douglas B. Nunnelley
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-Mos
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Sep-30-1996
<CASH> 266,180
<SECURITIES> 0
<RECEIVABLES> 2,485
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 329,432
<PP&E> 9,707,392
<DEPRECIATION> 2,483,949
<TOTAL-ASSETS> 7,557,670
<CURRENT-LIABILITIES> 172,140
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,385,530
<TOTAL-LIABILITY-AND-EQUITY> 7,557,670
<SALES> 0
<TOTAL-REVENUES> 1,132,973
<CGS> 0
<TOTAL-COSTS> 769,296
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 363,677
<INCOME-TAX> 0
<INCOME-CONTINUING> 363,677
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 363,677
<EPS-PRIMARY> 32.58
<EPS-DILUTED> 32.58
<FN>
The Earnings Per Share data noted above refers to net income per limited
partnership units.
</FN>
</TABLE>
