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 June 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 June 30, 1996: 11,052.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
(Unaudited)
<CAPTION>
June 1996 December 1995
(Unaudited) (Audited)
______________ ______________
ASSETS
<S> <C> <C>
Cash $ 252,319 $ 187,282
Restricted cash 34,406 34,420
Accounts receivable 1,789 7,176
Prepaid expenses 5,510 16,238
_________ _________
Total current assets 294,024 245,116
Property, plant and equipment:
Land 2,102,784 2,102,784
Buildings 6,511,825 6,517,075
Furniture and fixtures 964,969 947,994
Land improvements 89,221 50,397
Building improvements 7,125 0
Equipment 12,724 10,953
_________ _________
9,688,648 9,629,203
Less accumulated depreciation 2,439,554 2,352,469
_________ _________
7,249,094 7,276,734
Other assets:
Deposits 4,796 4,796
_________ _________
Total assets $7,547,913 $7,526,646
========= =========
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 11,837 $ 21,606
Other accrued liabilities 92,330 9,328
Tenant deposits 30,837 33,279
Unearned rent 5,427 5,182
Due to affiliate 0 16
_________ _________
Total current liabilities 140,431 69,411
General partners' deficit (20,704) (20,206)
Limited partners' capital
(11,052 units) 7,428,186 7,477,441
_________ _________
Total partners' capital $7,407,482 $7,457,235
_________ _________
Total liabilities and
partners' capital $7,547,913 $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 SIX MONTHS
ENDED JUNE 30, 1996 AND 1995
(Unaudited)
<CAPTION>
Three months ended Six months ended
June 30 June 30
___________________ __________________
1996 1995 1996 1995
______ ______ ______ ______
<S> <C> <C> <C> <C>
Revenues:
Rents $ 364,922 $ 354,530 $ 750,148 $ 716,404
Interest 2,206 1,374 4,546 5,790
Other 7,155 14,881 19,219 25,293
_______ _______ _______ _______
Total revenues 374,283 370,785 773,913 747,487
Expenses:
General and
administrative 27,004 25,986 46,525 50,726
Salaries and wages 31,024 30,634 65,276 63,657
Taxes and licenses 43,413 35,159 86,826 78,647
Management fees 18,661 18,265 38,122 36,771
Repairs and maintenance 61,940 56,120 134,416 99,025
Utilities 28,436 28,621 55,743 56,156
Insurance 4,128 5,707 8,254 10,860
Depreciation
and amortization 43,814 42,148 87,085 84,266
_______ _______ _______ _______
Total expenses 258,420 242,640 522,247 480,108
_______ _______ _______ _______
Net income $ 115,863 $ 128,145 $ 251,665 $ 267,379
======= ======= ======= =======
Net income per limited
partnership unit $ 10.38 $ 11.48 $ 22.54 $ 23.95
======= ======= ======= =======
<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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
<CAPTION>
General Limited
Partners Partners Total
__________ __________ __________
<S> <C> <C> <C>
Six months ended June 30, 1995:
Balance at December 31, 1994 $ (18,598) $ 7,636,289 $ 7,617,691
Net income 2,674 264,705 267,379
Capital distributions (3,349) (351,560) (334,909)
_________ _________ _________
Balance at June 30, 1995 $ (19,273) $ 7,569,434 $ 7,550,161
========= ========= =========
Six months ended June 30, 1996:
Balance at December 31, 1995 $ (20,206) $ 7,477,441 $ 7,457,235
Net income 2,517 249,149 251,665
Capital distributions (3,014) (298,404) (301,418)
_________ _________ _________
Balance at June 30, 1996 $ (20,704) $ 7,428,186 $ 7,407,482
========= ========== =========
<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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
<CAPTION>
1996 1995
_________ _________
<S> <C> <C>
Operating activities:
Net income $ 251,665 $ 267,379
_______ _______
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 87,085 84,266
Changes in operating assets
and liabilities:
Accounts receivable 5,403 (822)
Prepaid expenses 10,728 5,723
Accrued liabilities 83,002 78,547
Accounts payable (9,769) (4,650)
Tenant security deposits (2,442) 365
Unearned rent 245 (1,616)
_______ _______
Net cash provided by
operating activities 425,917 429,192
_______ _______
Investing activities:
Capital expenditures (59,446) (8,751)
_______ _______
Net cash used in
investing activities (59,446) (8,751)
_______ _______
Financing activities:
Distributions to partners (301,418) (334,909)
Decrease in due to affiliate (16) (782)
_______ _______
Net cash used in
financing activities (301,434) (335,691)
_______ _______
Increase in cash 65,037 84,750
Cash, beginning of period 187,282 218,417
_______ _______
Cash, end of period $ 252,319 $ 303,167
======= =======
<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 JUNE 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 June 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 JUNE 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 six
month periods ended June 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
JUNE 30, 1996
LIQUIDITY AND CAPITAL RESOURCES
Cash flow at the property is primarily produced by the rental
of apartment units. During the second quarter the property's
physical occupancy averaged 92.5% and it generated enough
cash to meet the financial obligations of the Partnership
and pay a cash distribution of $133,964 in the third quarter
of 1996. The previous cash distributions were $301,418 making
the total of cash distributions paid to Partners during 1996
amount to $435,382 or $39 per Limited Partnership unit of
ownership.
Cash and equivalents increased to $252,319 at June 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
Second quarter year-to-year rent revenues were stable.
Average occupancy for the quarter decreased. The
average occupancy was 92.5% in the second quarter of 1996
as compared to 96.4% in the second quarter of 1995. Year-
to-year total revenues were higher primarily due to higher
rent rates.
While total revenues were stable, second quarter year-to-
year total expenses increased by approximately $16,000. Of
this increase, about $8,500 was from an increase in property
tax expense, $6,000 was related repairs and maintenance for
new floor tile being installed, and $1,500 was related to an
increase in insurance expense.
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 one-half 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 June 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
August 9, 1996 Thomas H. Lowder
Date Thomas H. Lowder
General Partner
August 9, 1996 Douglas B. Nunnelley
Date Douglas B. Nunnelley
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Jun-30-1996
<CASH> 252,319
<SECURITIES> 0
<RECEIVABLES> 1,789
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 294,024
<PP&E> 9,688,648
<DEPRECIATION> 2,439,554
<TOTAL-ASSETS> 7,547,913
<CURRENT-LIABILITIES> 140,431
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,407,482
<TOTAL-LIABILITY-AND-EQUITY> 7,547,913
<SALES> 0
<TOTAL-REVENUES> 773,913
<CGS> 0
<TOTAL-COSTS> 522,247
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 251,665
<INCOME-TAX> 0
<INCOME-CONTINUING> 251,665
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 251,665
<EPS-PRIMARY> 22.54
<EPS-DILUTED> 22.54
<FN>
The earnings per share data noted above refers to
net income per limited partnership unit.
</FN>
</TABLE>
