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, 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 March 31, 1996: 11,052.
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Part I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
(Unaudited)
(Amounts in thousands)
<CAPTION>
March 1996 December 1995
(Unaudited) (Audited)
______________ ______________
ASSETS
<S> <C> <C>
Cash $ 227 $ 187
Restricted cash 34 34
Accounts receivable 2 7
Prepaid expenses 11 16
______ ______
Total current assets 274 245
Property, plant and equipment:
Land 2,103 2,103
Buildings 6,512 6,517
Furniture and fixtures 958 948
Land improvements 69 50
Building improvements 7 0
Equipment 11 11
______ ______
9,660 9,629
Less accumulated depreciation 2,396 2,352
______ ______
7,264 7,277
Other assets:
Deposits 5 5
______ ______
Total assets $7,543 $7,527
====== ======
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL
<S> <C> <C>
Accounts payable $ 17 $ 22
Other accrued liabilities 51 9
Tenant deposits 33 33
Unearned rent 5 5
______ ______
Total current liabilities 106 69
General partners' deficit (20) (20)
Limited partners' capital
(11,052 units) 7,457 7,477
______ ______
Total partners' capital $7,437 $7,457
______ ______
Total liabilities and
partners' capital $7,543 $7,527
====== ======
<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>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS
ENDED MARCH 31, 1996 AND 1995
(Unaudited)
(Amounts in thousands, except per limited partnership unit data)
<CAPTION>
Three months ended
March 31
___________________________
1996 1995
______ ______
<S> <C> <C>
Revenues:
Rents $ 385 $ 362
Interest 2 3
Other 13 12
_____ _____
Total revenues 400 377
Expenses:
General and
administrative 47 52
Salaries and wages 34 33
Taxes and licenses 43 44
Management fees 19 19
Repairs and maintenance 72 43
Insurance 5 5
Depreciation
and amortization 44 42
_____ _____
Total expenses 264 238
_____ _____
Net income $ 136 $ 139
===== =====
Net income per limited
partnership unit $12.16 $12.47
===== =====
<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>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF PARTNERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
(Amounts in thousands)
<CAPTION>
General Limited
Partners Partners Total
__________ __________ __________
<S> <C> <C> <C>
Three months ended March 31, 1995:
Balance at December 31, 1994 $ (19) $ 7,636 $ 7,618
Net income 1 139 141
Capital distributions (2) (156) (158)
_________ _________ _________
Balance at March 31, 1995 $ (19) $ 7,619 $ 7,600
========= ========= =========
Three months ended March 31, 1996:
Balance at December 31, 1995 $ (20) $ 7,477 $ 7,457
Net income 1 134 136
Capital distributions (2) (154) (156)
_________ _________ _________
Balance at March 31, 1996 $ (20) $ 7,457 $ 7,437
========= ========= =========
<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>
<TABLE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
(Amounts in thousands)
<CAPTION>
1996 1995
_________ _________
<S> <C> <C>
Operating activities:
Net income $ 136 $ 139
_______ _______
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 44 42
Changes in operating assets
and liabilities:
Accounts receivable 5 (1)
Prepaid expenses 5 (2)
Accrued liabilities 42 41
Accounts payable (5) (6)
Tenant security deposits 0 2
Unearned rent 0 (1)
_______ _______
Net cash provided by
operating activities 227 214
_______ _______
Investing activities:
Capital expenditures (31) (1)
_______ _______
Net cash used in
investing activities (31) (1)
_______ _______
Financing activities:
Distributions to partners (156) (156)
Decrease in due to affiliate 0 (1)
_______ _______
Net cash used in
financing activities (156) (157)
_______ _______
Increase in cash 40 56
Cash, beginning of period 187 218
_______ _______
Cash, end of period $ 227 $ 274
======= =======
<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>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
FOR THE QUARTER ENDED MARCH 31, 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 March 31, 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.
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, 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.
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
MARCH 31, 1996
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 98.4% and it generated enough
cash to meet the financial obligations of the Partnership
and pay a cash distribution of $145,127 in the second quarter
of 1996. The previous cash distribution was $156,291 making
the total of cash distributions paid to Partners during 1996
amount to $301,418 or $27 per Limited Partnership unit of
ownership.
Cash and equivalents increased to $226,510 at March 31,
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
First quarter year-to-year rent revenues increased by
$23,352 or approximately 6.4%. Average occupancy
increased to a very respectable level. The average
occupancy was 98.4% in the first quarter of 1996 as
compared to 97.8% in the first quarter of 1995.
Year-to-year total revenues increased by $22,927
or approximately 6.1%.
While total revenues were growing, first quarter
year-to-year total expenses increased by $26,361
or 10.8%. All major expense categories remained
stable except for the repairs and maintenance category.
The repairs and maintenance items which contributed
the most to the increase are mentioned below.
About $12,500 more new carpet and vinyl was replaced
during the first quarter of 1996 as compared to the
first quarter of 1995. Some of the new carpet was
installed as part of a program to improve 15 units to
market as deluxe units. The deluxe units will rent for
$30 to $50 more per month than regular units.
The increase of approximately $5,000 in lawns and
grounds maintenance was due to tree trimming and
removal which occurs as needed. The other increases
were for additional cleaning and interior painting
and supplies which were necessary due to resident
turnover and releasing of apartments.
The Partnership's budgeted capital expenditures in 1996
are for the refurbishment of the pool, resealing and
striping of the parking lot, landscape upgrading, a
perimeter fence, and other items. Most of the capital
expenditures are intended to enhance the community's
security, marketability and curb appeal and about 28%
of these capital costs had been incurred as of the
end of the first quarter.
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 March 31, 1996
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
May 14, 1996 Thomas H. Lowder
Date Thomas H. Lowder
General Partner
May 14, 1996 Douglas B. Nunnelley
Date Douglas B. Nunnelley
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-01-1996
<PERIOD-END> Mar-31-1996
<PERIOD-TYPE> 3-Mos
<CASH> 227
<SECURITIES> 0
<RECEIVABLES> 2
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 274
<PP&E> 9,660
<DEPRECIATION> 2,396
<TOTAL-ASSETS> 7,264
<CURRENT-LIABILITIES> 106
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 7,437
<TOTAL-LIABILITY-AND-EQUITY> 7,543
<SALES> 0
<TOTAL-REVENUES> 400
<CGS> 0
<TOTAL-COSTS> 264
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 136
<INCOME-TAX> 0
<INCOME-CONTINUING> 136
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 136
<EPS-PRIMARY> 12.16
<EPS-DILUTED> 0
<FN>
The earnings per share data noted above refers to
net income per limited partnership unit.
</TABLE>
