UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to .
Commission File Number : 0-14857
PAINEWEBBER EQUITY PARTNERS ONE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Virginia 04-2866287
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
265 Franklin Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-8118
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 .
PAINEWEBBER EQUITY PARTNERS ONE LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
June 30, 1995 and March 31, 1995
(Unaudited)
(In Thousands)
ASSETS
June 30 March 31
Operating investment properties:
Land $ 3,962 $ 3,962
Buildings and improvements 25,800 25,769
29,762 29,731
Less accumulated depreciation (8,444) (8,222)
21,318 21,509
Investments in unconsolidated
joint ventures, at equity 24,794 25,036
Cash and cash equivalents 6,216 6,460
Escrowed cash 90 -
Prepaid expenses 5 12
Accounts receivable, net 104 77
Accounts receivable - affiliates 259 215
Deferred rent receivable - 29
Deferred expenses, net 422 234
$ 53,208 $ 53,572
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses $ 523 $ 285
Bonds payable 1,648 1,648
Notes payable 9,865 9,900
Minority interest in net assets of
consolidated joint venture 187 187
Total partners' capital 40,985 41,552
$ 53,208 $ 53,572
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the three months ended June 30, 1995 and 1994
(In Thousands)
(Unaudited)
General Limited
Partners Partners
Balance at March 31, 1994 $(804) $52,611
Net loss ( 4) (349)
BALANCE AT JUNE 30, 1994 $(808) $52,262
Balance at March 31, 1995 $(912) $42,464
Net loss (2) (312)
Cash distributions (3) (250)
BALANCE AT JUNE 30, 1995 $(917) $41,902
See accompanying notes.
PAINEWEBBER EQUITY PARTNERS ONE LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended June 30, 1995 and 1994
(In Thousands, except for per Unit data)
(Unaudited)
1995 1994
REVENUES:
Rental income and expense
reimbursements $ 444 $ 454
Interest and other income 85 72
529 526
EXPENSES:
Property operating expenses 271 288
Depreciation and amortization 250 253
Interest expense 260 249
General and administrative 126 120
Bad debt expense 27 1
934 911
Operating loss (405) (385)
Investment income:
Interest income on notes receivable
from unconsolidated ventures 200 200
Partnership's share of unconsolidated
ventures' losses (109) (168)
NET LOSS $ (314) $ (353)
Net loss per Limited
Partnership Unit $(0.16) $(0.18)
Cash distributions per Limited
Partnership Unit $ 0.13 $ -
The above net loss and cash distributions per Limited Partnership Unit are is
based upon the 2,000,000 Limited Partnership Units outstanding during each
period.
See accompanying notes.
PAINEWEBBER EQUITY PARTNERS ONE LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended June 30, 1995 and 1994
Increase (Decrease) in Cash and Cash Equivalents
(In Thousands)
(Unaudited)
1995 1994
Cash flows from operating activities:
Net loss $ (314) $(353)
Adjustments to reconcile net loss to
net cash provided by (used for)
operating activities:
Partnership's share of
unconsolidated ventures' losses 109 168
Depreciation and amortization 245 253
Amortization of deferred financing costs 5 4
Interest expense on zero coupon loans - 150
Changes in assets and liabilities:
Escrowed cash (90) (36)
Prepaid expenses 7 (36)
Accounts receivable (27) (50)
Accounts receivable - affiliates (44) 157
Deferred rent receivable 29 46
Deferred expenses (216) (339)
Accounts payable and accrued expenses 238 295
Total adjustments 256 612
Net cash provided by (used for)
operating activities (58) 259
Cash flows from investing activities:
Distributions from unconsolidated
joint ventures 290 721
Additions to operating investment properties (31) (214)
Additional investments in unconsolidated
joint ventures (157) -
Net cash provided by
investing activities 102 507
Cash flows from financing activities:
Repayment of principal and deferred
interest on long-term debt (35) (547)
Distributions to partners (253) -
Net cash used for financing
activities (288) (547)
Net increase (decrease) in cash
and cash equivalents (244) 219
Cash and cash equivalents, beginning of period 6,460 6,263
Cash and cash equivalents, end of period $ 6,216 $ 6,482
Cash paid during the period for interest $ 304 $ 638
See accompanying notes.
1. General
The accompanying financial statements, footnotes and discussion should be
read in conjunction with the financial statements and footnotes in the
Partnership's Annual Report for the year ended March 31, 1995.
In the opinion of management, the accompanying financial statements,
which have not been audited, reflect all adjustments necessary to present
fairly the results for the interim period. All of the accounting
adjustments reflected in the accompanying interim financial statements are
of a normal recurring nature.
2. Investments in Unconsolidated Joint Venture Partnerships
As of June 30, 1995 and 1994, the Partnership had investments in five
unconsolidated joint venture partnerships which own operating properties as
more fully described in the Partnership's Annual Report. The unconsolidated
joint ventures are accounted for by using the equity method because the
Partnership does not have a voting control interest in the ventures. Under
the equity method, the assets, liabilities, revenues and expenses of the
unconsolidated joint ventures do not appear in the Partnership's financial
statements. Instead, the investments are carried at cost adjusted for the
Partnership's share of each venture's earnings, losses and distributions.
The Partnership reports its share of unconsolidated joint venture earnings
or losses three months in arrears.
Summarized operations of the unconsolidated joint ventures, for the
periods indicated, are as follows:
CONDENSED COMBINED SUMMARY OF OPERATIONS
For the three months ended March 31, 1995 and 1994
(in thousands)
1995 1994
Revenues:
Rental revenues and
expense recoveries $ 2,711 $ 2,594
Interest and other income 24 27
2,735 2,621
Expenses:
Property operating expenses 907 806
Real estate taxes 658 709
Mortgage interest expense 223 226
Interest expense payable to partner 200 200
Depreciation and amortization 774 754
2,762 2,695
Net loss $ (27) $ (74)
Net loss:
Partnership's share of
combined income (loss) $ (97) $ (147)
Co-venturers' share of
combined incomes (loss) 70 73
$ (27) $ (74)
RECONCILIATION OF PARTNERSHIP'S SHARE OF OPERATIONS
For the three months ended June 30, 1995 and 1994
(in thousands)
1995 1994
Partnership's share of combined
loss, as shown above $ (97) $ (147)
Amortization of excess basis (12) (21)
Partnership's share of
unconsolidated
ventures' losses $ (109) $ (168)
3.Operating Investment Properties
At June 30, 1995 and March 31, 1995, the Partnership's balance sheet
includes two operating investment properties: the wholly-owned Crystal Tree
Commerce Center and the Sunol Center Office Buildings, owned by Sunol Center
Associates, a majority-owned and controlled joint venture. The Crystal Tree
Commerce Center consists of three one-story retail plazas containing an
aggregate of 74,923 square feet of leasable space and one four-story office
building containing 40,115 square feet of leasable space, located in North
Palm Beach, Florida. The Sunol Center Office Buildings comprise 116,680
square feet of leasable space, located in Pleasanton, California. The
Partnership reports the operations of Sunol Center Associates on a three-
month lag.
The following is a combined summary of property operating expenses for the
Crystal Tree Commerce Center and the Sunol Center Office Buildings as
reported in the Partnership's consolidated statements of operations for the
three months ended June 30, 1995 and 1994 (in thousands):
1995 1994
Real estate taxes $ 32 $ 68
Repairs and maintenance 57 58
Utilities 36 33
Management fees 23 23
Administrative and other 123 106
$ 271 $ 288
4.Related Party Transactions
Accounts receivable - affiliates at June 30, 1995 and March 31, 1995
includes $138,000 and $100,000, respectively, due from one joint venture for
interest earned on a permanent loan and $106,000 and $100,000, respectively,
of investor servicing fees due from three of the joint ventures for
reimbursement of certain expenses incurred in reporting Partnership
operations to the Limited Partners of the Partnership. Accounts receivable -
affiliates at both June 30, 1995 and March 31, 1995 also includes $15,000 of
expenses paid by the Partnership on behalf of the joint ventures and other
affiliates.
Included in general and administrative expenses for the three months ended
June 30, 1995 and 1994 is $54,000 and $52,000, respectively, representing
reimbursements to an affiliate of the Managing General Partner for providing
certain financial, accounting and investor communication services to the
Partnership.
Also included in general and administrative expenses for the three months
ended June 30, 1995 and 1994 is $1,000 and $11,000, respectively,
representing fees earned by Mitchell Hutchins Institutional Investors, Inc.
for managing the Partnership's cash assets.
5. Notes Payable
Notes payable at June 30, 1995 and March 31, 1995 consist of the
following (in thousands):
June 30 March 31
9.125% nonrecourse loan payable to an
insurance company, which is secured by the
625 North Michigan Avenue operating
investment property. Monthly payments
including interest of $55 are due
beginning July 1, 1994 through maturity on
May 31, 1999. The terms of the note were
modified effective May 31, 1994 (see
discussion below). $ 6,413 $ 6,437
8.39% nonrecourse note payable to an
insurance company, which is secured by the
Crystal Tree Commerce Center operating
investment property. Monthly payments
including interest of $28 are due
beginning November 15, 1994 through
maturity on September 19, 2001 (see
discussion below). 3,452 3,463
$ 9,865 $ 9,900
On April 29, 1988, the Partnership borrowed $4,000,000 in the form of a
zero coupon loan secured by the 625 North Michigan operating property which
bore interest at an annual effective compounded rate of 9.8% and had a
scheduled maturity date in May of 1995. During the quarter ended June 30,
1994, an agreement was reached with the lender of the zero coupon loan on a
proposal to refinance the loan. The terms of the agreement called for the
Partnership to make a principal pay down of $541,000. The maturity date of
the loan, which now requires principal and interest payments on a monthly
basis as set forth above, was extended to May 31, 1999. The terms of the
loan agreement also required the establishment of an escrow account for real
estate taxes, as well as a capital improvement escrow which is to be funded
with monthly deposits from the Partnership aggregating approximately $700,000
through the scheduled maturity date. Formal closing of the modification and
extension agreement occurred on May 31, 1994.
In addition, during 1986 and 1987 the Partnership received the proceeds
from three additional nonrecourse zero coupon loans in the initial amounts of
$3 million, $4.5 million and approximately $1.9 million, which were secured
by the Warner/Red Hill office building, the Monterra Apartments and the
Chandler's Reach Apartments, respectively. Legal liability for the repayment
of the two loans secured by the Warner/Red Hill and Monterra properties
rested with the related joint ventures and, accordingly, these amounts were
recorded on the books of the joint ventures. Interest expense on the
Warner/Red Hill and Monterra loans accrued at 9.36%, compounded annually, and
was due at maturity in August of 1993 and September of 1994, respectively, at
which time total principal and interest payments aggregating $5,763,000 and
$8,645,000, respectively, became due and payable. The nonrecourse zero
coupon loan secured by the Chandler's Reach Apartments, which bore interest
at 10.5%, compounded annually, matured on August 1, 1994 with an outstanding
balance of $3,462,000.
During the quarter ended December 31, 1993, the Partnership negotiated and
signed a letter of intent to modify and extend the maturity of the Warner/Red
Hill zero coupon loan with the existing lender. The terms of the extension
and modification agreement, which was finalized in August 1994, provide for a
10-year extension of the note effective as of the original maturity date of
August 15, 1993. During the term of the agreement, the loan will bear
interest at 2.875% per annum and monthly principal and interest payments of
$24,000 will be required. In addition, the lender required a participation
in the proceeds of a future sale or debt refinancing in order to enter into
this agreement. Accordingly, upon the sale or refinancing of the property,
the lender will receive 40% of the residual value of the property, as
defined, after the payment of the outstanding balance of the loan payable.
During September 1994, the Partnership obtained three new nonrecourse,
current-pay mortgage loans and used the proceeds to pay off the zero coupon
loans secured by the Monterra and Chandler's Reach apartment properties.
These three new loans are in the amounts of $3,600,000 secured by the
Chandler's Reach Apartments, $4,920,000 secured by the Monterra Apartments
and $3,480,000 secured by the Crystal Tree Commerce Center. The legal
liability for the loans secured by the Chandler's Reach Apartments and the
Monterra Apartments rests with the related joint ventures and, accordingly,
these amounts are recorded on the books of the joint ventures. The
Partnership has indemnified the Monterra and Chandler's Reach joint ventures,
along with the related co-venture partners, against all liabilities, claims
and expenses associated with these borrowings. The three new nonrecourse
loans have terms of seven years and mature in September of 2001. The
Chandler's Reach loan bears interest at a rate of 8.33% and requires monthly
principal and interest payments of $29,000. The Monterra loan bears interest
at a rate of 8.45% and requires monthly principal and interest payments of
$40,000. The Crystal Tree loan bears interest at a rate of 8.39% and
requires monthly principal and interest payments of $28,000.
6. Bonds Payable
Bonds payable consist of the Sunol Center joint venture's share of
liabilities for bonds issued by the City of Pleasanton, California for public
improvements that benefit the Sunol Center operating investment property.
Bond assessments are levied on a semi-annual basis as interest and principal
become due on the bonds. The bonds for which the operating investment
property is subject to assessment bear interest at rates ranging from 5% to
7.87%, with an average rate of 7.2%. Principal and interest are payable in
semi-annual installments. In the event the operating investment property is
sold, Sunol Center Associates will no longer be liable for the bond
assessments.
7. Contingencies
The Partnership is involved in certain legal actions. The Managing General
Partner believes these actions will be resolved without material adverse
effect on the Partnership's financial statements, taken as a whole.
PAINEWEBBER EQUITY PARTNERS ONE LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
As discussed in the Annual Report, subsequent to the completion of the last
of the debt refinancing transactions during fiscal 1995, management performed an
analysis of its cash flows and liquidity needs for the purpose of determining
the timing and amount of the reinstatement of quarterly distributions to the
partners. Based on such analysis, quarterly distributions were reinstated with
the payment made on May 15, 1995 for the quarter ended March 31, 1995 at the
rate of 1% per annum on original invested capital. Management had suspended the
Partnership's regular quarterly distributions in order to accumulate the funds
necessary to complete the refinancings of the zero coupon loans secured by the
Warner/Red Hill, Monterra, Chandler's Reach and 625 North Michigan properties.
Management believes that it is prudent to distribute cash flow conservatively at
the present time due to the potential capital needs associated with the
Partnership's commercial office/R&D buildings and retail property. Capital
improvements are planned at 625 North Michigan over the next two years,
including the completion of facade repairs, common area enhancements, elevator
control system upgrading and a possible lobby area retail space expansion and
renovation. Significant leasing costs will be incurred at Sunol Center and
major leasing costs could be incurred at the Crystal Tree Commerce Center.
Occupancy at Sunol Center increased to 66% at June 30, 1995 from 32% at March
31, 1995 as a result of a tenant that signed a 7-year lease on 39,085 square
feet taking occupancy during the first quarter. In addition, during the first
quarter a new 48,000 square foot lease was signed, which will increase the
property's occupancy level to 90% once this new tenant takes full occupancy in
April 1996. During the first quarter of fiscal 1996, the Partnership funded
$1,246,000 to Sunol Center to cover operating deficits and to pay for tenant
improvements in connection with the new leases. With the new leasing activity,
no further operating deficits are expected at Sunol Center over the next several
years. At Crystal Tree, thirteen tenant leases, representing approximately 14%
of the property's leasable area, are scheduled to expire by the end of calendar
1995. While management is optimistic that most of these tenants will renew,
market conditions in the south Florida area remain very competitive.
Despite the leasing gains achieved at most of the properties in fiscal 1995,
there remains a significant amount of vacant space at the office/R&D properties.
In addition, market conditions continue to be extremely competitive and there
continues to be an oversupply of available space in most markets due to the
trend toward corporate downsizing and restructurings which has occurred in the
wake of the last national recession. The competitive conditions faced by the
Partnership's Warner/Red Hill and 1881 Worcester Road investments are especially
severe at the present time. Management's most recent evaluation of the
Partnership's investment properties, performed during the current quarter,
indicates that conditions in the markets for suburban office/R&D space in the
Orange County and Boston areas, where these properties are located, continue to
be adversely affected by corporate restructurings, cutbacks in government
defense spending and the reduced rate of growth in the high technology
industries. In management's opinion, the recovery of these market areas appears
to be lagging behind recoveries of similar market segments in other areas of the
country. While occupancy at 1881 Worcester Road increased during fiscal 1995, a
lease with the property's largest tenant is due to expire in July 1996. This
tenant, which occupies 41% of the building's net leasable area, has given no
indication of their intention to either renew the lease or vacate the building.
However, management believes that this tenant, which occupies space in other
buildings in the local area, may desire to consolidate their lease obligations
which could preclude them from renewing at 1881 Worcester Road. At Warner/Red
Hill, in addition to the decline in occupancy experienced during fiscal 1995,
one of the property's major tenants that occupies approximately 25% of the
property's net rentable area has been experiencing cash flow problems and has
retained a commercial leasing agent to market a portion of its space for
sublease. Unless its operations improve in the near-term, this tenant is
unlikely to renew its lease which is scheduled to expire in July 1998.
Furthermore, to the extent that its operating results deteriorate further, and
if the tenant is unable to sublease the space, the Partnership may be unable to
collect future rent owed under the lease obligation.
In light of the circumstances facing the 1881 Worcester Road and Warner/Red
Hill properties and given the improving conditions in other market sectors which
may provide the Partnership with opportunities to sell its other remaining
investment properties over next 5 to 7 years, management reviewed the carrying
values of its 1881 Worcester Road and Warner/Red Hill investments for potential
impairment as of March 31, 1995. In conjunction with such review, the
Partnership elected early application of Statement of Financial Accounting
Standards No. 121, `Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of''(SFAS 121). In accordance with SFAS 121,
an impairment loss with respect to an operating investment property is
recognized when the sum of the expected future net cash flows (undiscounted and
without interest charges) is less than the carrying amount of the asset. An
impairment loss is measured as the amount by which the carrying amount of the
asset exceeds its fair value, where fair value is defined as the amount at which
the asset could be bought or sold in a current transaction between willing
parties, that is other than a forced or liquidation sale. The effect of such
application was the recognition of impairment losses on the operating
investment properties owned by Warner/Red Hill Associates and Framingham 1881 -
Associates which were recorded as of March 31, 1995. Both impairment losses
resulted because, in management's judgment, the physical attributes of these
properties and their locations relative to their competition, combined with the
lack of near-term prospects for future improvement in market conditions in the
local markets in which the properties are located, are not expected to enable
the ventures to recover the carrying values of the assets within the practicable
remaining holding period. Warner/Red Hill Associates recognized an impairment
loss in fiscal 1995 of $6,784,000 to write down the operating investment
property to its estimated fair value of $3,600,000. Framingham 1881 -
Associates also recognized an impairment loss in fiscal 1995 of $2,983,000 to
write down the operating investment property to its estimated fair value of
$2,200,000. Fair value was estimated using independent appraisals of the
operating properties. Such appraisals make use of a combination of certain
generally accepted valuation techniques, including direct capitalization,
discounted cash flows and comparable sales analysis.
As discussed in the Annual Report, during the fourth quarter of fiscal 1995,
the Partnership received an offer to purchase the 1881 Worcester Road property.
The proposed purchase price, while slightly in excess of the Partnership's most
recent independent appraised value for the property, was substantially below the
amount of the Partnership's original investment. Nonetheless, management had
agreed to accept the offer because, in their judgment, the property's future
appreciation potential was limited over the expected remaining holding period as
a result of the market conditions discussed above. However, during the current
quarter the prospective buyer withdrew its offer to purchase 1881 Worcester
Road. Management has no current plans to actively solicit other offers to
purchase this property. The occupancy level at 1881 Worcester Road has remained
stable at 79% as of June 30, 1995. The R&D segment of the suburban Boston
market has not performed as well as traditional office space in recent months.
As a result, management has decided to reposition the 1881 Worcester Road
building from R&D space to traditional office use. Management believes that
repositioning the property in this manner could allow for increased rental rates
and a potentially quicker lease up of the remaining vacant space. Management
estimates that tenants could be secured and improvements performed to the
building over the next 12 months to complete such a repositioning. The total
costs of completing the improvements are expected to be less than $200,000.
Management's plans with respect to Warner/Red Hill are to aggressively market
vacant space to maintain above market occupancy levels and to attempt to
maximize the total returns to the Partnership from this operating asset.
At June 30, 1995, the Partnership and its consolidated joint venture had
available cash and cash equivalents of $6,216,000. These funds, along with the
future cash flow distributions from the operating properties, will be utilized
for the working capital requirements of the Partnership, monthly loan payments,
and for the funding of capital enhancements, potential leasing costs and
operating deficits for the operating investment properties and for distributions
to the partners. The source of future liquidity and distributions to the
partners is expected to be from the sales of the operating investment
properties.
RESULTS OF OPERATIONS
Three Months Ended June 30, 1995
The Partnership's net loss decreased by $39,000 for the three months ended
June 30, 1995 when compared to the same period in the prior year primarily due
to a decrease in the Partnership's share of unconsolidated ventures' losses of
$59,000. The Partnership's share of unconsolidated ventures' losses decreased
primarily as a result of decreases in the net losses at the Monterra Apartments
and the Warner/Red Hill Business Center. The net loss at the Monterra
Apartments decreased primarily as a result of a significant decrease in interest
expense. Interest expense decreased due to the refinancing of the zero coupon
bond secured by Monterra in September 1994. The refinancing transaction changed
Monterra's debt from a compounding zero coupon loan with a balance of $8,645,000
bearing interest at 9.36% at the time of the refinancing to a current pay
mortgage loan with an outstanding balance of $4,896,000 bearing interest at
8.45% at the end of the current quarter. The net loss at the Warner/Red Hill
Business Center decreased mainly due to a significant decrease in depreciation
expense. Depreciation expense decreased due to the write down of the operating
investment property to its estimated fair value at the end of fiscal 1995 in
accordance with SFAS 121, as discussed further above. As a result of the write-
down, the remaining depreciable basis of the operating investment property was
significantly lower than the prior fiscal year. The decrease in the
Partnership's share of unconsolidated ventures' losses was partially offset by
an increase in the Partnership's operating loss of $20,000. Operating loss
increased primarily due to an increase in bad debt expense of $26,000 at the
Crystal Tree Commerce Center.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
As discussed in the Partnership's quarterly report on Form 10-K for the
year ended March 31, 1995, in November 1994, a series of purported class actions
(the "New York Limited Partnership Actions") were filed in the United States
District Court for the Southern District of New York concerning PaineWebber
Incorporated's sale and sponsorship of various limited partnership investments,
including those offered by the Partnership. On May 30, 1995, the court
certified class action treatment of the claims asserted in the litigation.
Refer to the description of the claims in the prior quarterly report for further
information. The General Partners continue to believe that the action will be
resolved without material adverse effect on the Partnership's financial
statements, taken as a whole.
Item 2. through 5. NONE
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: NONE
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed by the registrant during the quarter
for which this report is filed.
PAINEWEBBER EQUITY PARTNERS ONE LIMITED PARTNERSHIP
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
PAINEWEBBER EQUITY PARTNERS ONE
LIMITED PARTNERSHIP
By: First Equity Partners, Inc.
Managing General Partner
By: /s/ Walter V. Arnold
Walter V. Arnold
Senior Vice President and
Chief Financial Officer
Dated: August 11, 1995
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<LEGEND>
This schedule contains summary financial information extracted from the
Partnership's interim financial statements for the three months ended June 30,
1995 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
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