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, 1998
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, 1998: 11,052.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
March 31, 1998 AND DECEMBER 31, 1997
<CAPTION>
March 31, 1998 December 31, 1997
(Unaudited) (Audited)
-------------- --------------
ASSETS
<S> <C> <C>
Cash $ 131,935 $ 62,322
Restricted cash 31,198 31,197
Accounts receivable 4 6,775
Prepaid expenses 12,859 19,320
--------- ---------
Total current assets 175,996 119,614
Property, plant and equipment:
Land 2,102,784 2,102,784
Buildings 6,724,619 6,724,619
Furniture and fixtures 1,027,261 1,027,261
Land improvements 151,994 138,429
Equipment 20,986 20,842
--------- ---------
10,027,644 10,013,935
Less accumulated depreciation 2,772,057 2,719,923
--------- ---------
7,255,587 7,294,012
Other assets:
Deposits 4,920 4,920
--------- ---------
Total assets $7,436,503 $7,418,546
========= =========
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
Accounts payable $ 13,528 $ 33,608
Other accrued liabilities 49,603 9,161
Tenant deposits 31,736 31,197
Unearned rent 10,864 4,614
Due to affiliate 5,999 13
--------- ---------
Total current liabilities 111,730 78,593
General partners' deficit (21,530) (20,163)
Limited partners' capital
(11,052 units) 7,346,303 7,360,116
--------- ---------
Total partners' capital $7,324,773 $7,339,953
--------- ---------
Total liabilities and
partners' capital $7,436,503 $7,418,546
========= =========
<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 ENDED
MARCH 31, 1998 AND 1997
(Unaudited)
<CAPTION>
Three months ended
March 31
----------------------------
1998 1997
------ ------
<S> <C> <C>
Revenues:
Rents $ 335,108 $ 339,481
Interest 1,313 1,544
Other 22,551 16,334
------- -------
Total revenues 358,972 357,359
Expenses:
General and
administrative 25,109 18,899
Salaries and wages 26,616 23,220
Taxes and licenses 37,975 42,858
Management fees 18,541 17,802
Repairs and maintenance 90,635 60,139
Utilities 26,978 27,082
Insurance 5,627 6,498
Depreciation 52,134 46,232
------- -------
Total expenses 283,615 242,730
------- -------
Net income $ 75,357 $ 114,629
======= =======
Net income per limited
partnership unit $ 6.75 $ 10.27
======= =======
<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 THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
<CAPTION>
General Limited
Partners Partners Total
---------- ---------- ----------
<S> <C> <C> <C>
Three months ended March 31, 1997:
Balance at December 31, 1996 $ (20,919) $ 7,406,832 $ 7,385,913
Net income 1,146 113,483 114,629
Capital distributions ( 893) ( 88,416) ( 89,309)
--------- --------- ---------
Balance at March 31, 1997 $ (20,666) $ 7,431,899 $ 7,411,233
========= ========= =========
Three months ended March 31, 1998:
Balance at December 31, 1997 $ (20,163) $ 7,360,116 $ 7,339,953
Net income 754 74,603 75,357
Capital distributions ( 2,121) ( 88,416) ( 90,537)
--------- --------- ---------
Balance at March 31, 1998 $ (21,530) $ 7,346,303 $ 7,324,773
========= ========== =========
<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 THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
<CAPTION>
1998 1997
--------- ---------
<S> <C> <C>
Operating activities:
Net income $ 75,357 $ 114,629
------- -------
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 52,134 46,232
Changes in operating assets
and liabilities:
Accounts receivable 6,771 11,923
Prepaid expenses 6,461 6,428
Accrued liabilities 40,442 39,346
Accounts payable (20,080) (2,356)
Tenant security deposits 538 3,255
Unearned rent 6,250 810
Due to affiliate 5,986 (14,723)
------- -------
Net cash provided by
operating activities 173,859 205,544
------- -------
Investing activities:
Capital expenditures (13,709) ( 4,219)
------- -------
Net cash used in
investing activities (13,709) ( 4,219)
------- -------
Financing activities:
Distributions to partners (90,537) ( 89,309)
------- -------
Net cash used in
financing activities (90,537) ( 89,309)
------- -------
Increase in cash 69,613 112,016
Cash, beginning of period 62,322 124,242
------- -------
Cash, end of period $ 131,935 $ 236,258
======= =======
<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 MARCH 31, 1998
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.
<PAGE>
RIVERCHASE INVESTORS I, LTD.
(A LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
MARCH 31, 1998
LIQUIDITY AND CAPITAL RESOURCES
Cash flow at the property is generated from the rental of apartment units.
During the first quarter the property's physical occupancy rate averaged 91.26%
and it generated sufficient cash to meet the financial obligations of the
Partnership and pay a cash distribution of $78,145 in the second quarter of
1998. The total of cash distributions paid to Partners in the first and second
quarters of 1998 amounted to $168,682 or $15 per Limited Partnership unit of
ownership.
Cash and equivalents increased to $131,935 at March 31, 1998 from $62,322 at
December 31, 1997. The increase is primarily due to cash retained to pay for the
accrued liabilities which will come due at the end of the year.
The Partnership's budget for capital expenditures in 1998 is approximately
$170,900. The planned capital improvements include resurfacing the parking lot,
adding amenities to make deluxe units and screening of patios.
RESULTS OF OPERATIONS
The rent revenue for the first quarter of 1998 was $335,108 while the rent
revenue for the first quarter of 1997 was $339,481. The average occupancy rate
was 91.26% in the first quarter of 1998 as compared to 90.73% in the first
quarter of 1997. First quarter year-to-date total rent revenues remained
constant due primarily to stable occupancy rates.
While first quarter 1998 revenues remained constant compared
to first quarter 1997 revenues, total expenses before depreciation increased by
$34,983. The majority of the increase in expenses, approximately $30,500, was
related to repairs and maintenance expense. This consisted of an increase of
$14,000 in carpet repairs, $6,600 in replacing flooring, $6,100 to maintain
landscape and $3,800 in plumbing repairs. These increased costs reflect the
aging of the physical asset.
<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 March 31, 1998
<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
May 15, 1998 /s/ Thomas H. Lowder
Date Thomas H. Lowder
General Partner
May 15, 1998 /s/ Howard B. Nelson, Jr.
Date Howard B. Nelson, Jr.
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-Mos
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Mar-31-1998
<CASH> 163,132
<SECURITIES> 0
<RECEIVABLES> 4
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 175,994
<PP&E> 10,027,644
<DEPRECIATION> 2,772,057
<TOTAL-ASSETS> 7,436,501
<CURRENT-LIABILITIES> 111,730
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 7,324,772
<TOTAL-LIABILITY-AND-EQUITY> 7,436,502
<SALES> 0
<TOTAL-REVENUES> 358,970
<CGS> 0
<TOTAL-COSTS> 283,614
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 75,356
<INCOME-TAX> 0
<INCOME-CONTINUING> 75,356
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 75,356
<EPS-PRIMARY> 6.75
<EPS-DILUTED> 6.75
<FN>
The earnings per share data noted above refers to net income per limited
partnership unit.
</FN>
</TABLE>
