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 September 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________ to ________________
Commission File No. 0-15511
Berry and Boyle Development Partners
(A Massachusetts Limited Partnership)
(Exact name of registrant as specified in its charter)
Massachusetts 04-2895800
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
57 River Street, Wellesley Hills, MA 02181
(Address of principal executive offices) (Zip Code)
(617) 237-0544
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 and 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 ___
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
<TABLE>
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
---------------
ASSETS
September 30,
1995 December 31,
Property, at cost (Notes 2, 3, 5, and 6): (Unaudited) 1994
----------- ----
<S> <C> <C>
Land $5,128,479 $5,110,277
Buildings and improvements 15,561,584 15,561,584
Equipment, furnishings and fixtures 1,316,658 1,305,337
22,006,721 21,977,198
Less accumulated depreciation (4,218,094) (3,923,245)
17,788,627 18,053,953
Cash and cash equivalents (Notes 2 and 4) 347,254 176,028
Short-term investments (Note 2) 602,690 983,455
Real estate tax escrows 56,234 28,115
Deposits and prepaid expenses 3,784 10,138
Accounts and interest receivable 4,998 -
Investment in partnership (Notes 2 and 6) 344,902 361,061
Deferred expenses, net of accumulated
amortization of $269,930 and $251,449 (Note 2) 44,386 62,867
Total assets $19,192,875 $19,675,617
LIABILITIES AND PARTNERS' EQUITY
Mortgage notes payable (Note 7) 8,759,700 8,838,924
Accounts payable and accrued expenses 241,574 209,932
Due to affiliates (Note 9) 3,265 10,928
Rents received in advance - 6,483
Tenant security deposits 68,600 76,863
Total liabilities 9,073,139 9,143,130
Partners' equity (Note 8) 10,119,736 10,532,487
Total liabilities and partners' equity $19,192,875 $19,675,617
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
-------------
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
----- ----- ----- ----
Revenue:
<S> <C> <C> <C> <C>
Rental income $580,410 646,578 $1,796,928 $1,901,763
Interest income 12,569 9,771 42,231 28,357
Other income 17,242 18,305 49,043 45,005
Total revenue 610,221 674,654 1,888,202 1,975,125
Expenses:
General and administrative (Note 9) 40,139 31,809 129,859 106,284
Operations 305,540 262,365 818,469 728,445
Depreciation and amortization 104,443 105,227 313,332 315,962
Interest 205,749 208,205 619,091 626,294
Equity in loss (income) from partnership (Note 6) 4,188 1,679 2,219 1,833
Total expenses 660,059 609,285 1,882,970 1,778,818
Net income (loss) ($49,838) $65,369 $5,232 $196,307
Net income (loss) allocated to:
General Partners ($498) $1,307 $105 $3,926
Per unit of Investor Limited
Partner interest:
36,411 units issued (1.36) 1.76 0.14 5.28
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
-------------
Investor Total
General Limited Partners'
Partners Partners Equity
<S> <C> <C> <C>
Balance at December 31, 1993 ($57,273) $11,076,979 $11,019,706
Cash distributions (14,304) (700,911) (715,215)
Net income (loss) 4,560 223,436 227,996
Balance at December 31, 1994 (67,017) 10,599,504 10,532,487
Cash distributions (8,360) (409,623) (417,983)
Net income (loss) 262 4,970 5,232
Balance at September 30, 1995 ($75,115) $10,194,851 $10,119,736
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (decrease) in cash and cash equivalents
(Unaudited)
-------------
ine Months Ended
September 30,
1995 1994
----- ----
Cash flows from operating activities:
<S> <C> <C>
Interest received $42,231 $28,611
Cash received from rents 1,782,182 1,888,447
Cash received from other income 49,043 45,005
Administrative expenses (142,911) (114,439)
Rental operations expenses (813,318) (714,965)
Interest paid (619,398) (626,573)
Net cash provided by operating activities 297,829 506,086
Cash flows from investing activities:
Purchase of fixed assets (29,523) -
Cash received from short-term investments 380,765 51,741
Distributions from partnership 13,940 18,700
Net cash provided (used0 by investing activities 365,182 70,441
Cash flows from financing activities:
Distributions to partners (417,983) (575,888)
Deposits and prepaid expenses 5,422 (95)
Principal payments on mortgage note payable (79,224) (71,740)
Net cash provided (used) by financing activities (491,785) (647,723)
Net increase (decrease) in cash and cash equivalents 171,226 (71,196)
Cash and cash equivalents at beginning of period 176,028 214,586
Cash and cash equivalents at end of period $347,254 $143,390
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (decrease) in cash and cash equivalents
(Unaudited)
-------------
Reconciliation of net income (loss) to net cash provided by operating
activities:
Nine Months Ended
September 30,
1995 1994
---- ----
<S> <C> <C>
Net income (loss) $5,232 $196,307
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 313,332 315,962
Equity in loss from partnership 2,219 1,833
Change in assets and liabilities net of effects from investing and financing
activities:
Increase in real estate tax escrow (28,119) (27,951)
Decrease (increase) in accounts
and interest receivable (4,998) 254
Decrease (increase) in prepaid expenses - 821
Increase (decrease) in rents received in advance (6,483) (9,923)
Increase (decrease) in accounts
payable and accrued expenses 32,251 24,860
Increase (decrease) in due to affiliates (7,342) 7,316
Increase (decrease) in tenant security deposits (8,263) (3,393)
Net cash provided by operating activities $297,829 $506,086
</TABLE>
<PAGE>
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
----------
1. Organization of Partnership:
Berry and Boyle Development Partners (A Massachusetts Limited Partnership) (the
"Partnership"), was formed on October 23, 1985. Berry and Boyle Management
("Management"), a California Limited Partnership, and Berry and Boyle Realty
Advisors ("Advisors") (A Massachusetts Limited Partnership), are the General
Partners. A total of 2,033 individual Limited Partners owning 36,411 Units have
contributed $18,205,500 of capital to the Partnership. At December 31, 1993, the
total number of Limited Partners was 2,035. Except under certain limited
circumstances upon termination of the Partnership, the General Partners are not
required to make any additional capital contributions. The General Partners or
their affiliates will receive various fees for services and reimbursement for
various organizational and selling costs incurred on behalf of the Partnership.
The accompanying consolidated financial statements present the activity of the
Partnership for the nine months ended September 30, 1995 and 1994.
The Partnership will continue until December 31, 2010, unless earlier terminated
by the sale of all or substantially all of the assets of the Partnership, or by
the dissolution and liquidation of the joint ventures.
2. Significant Accounting Policies:
A. Basis of Presentation
The consolidated financial statements include the accounts of the
Partnership and its subsidiaries: Canyon View Joint Venture and
Broadmoor Pines Joint Venture. All intercompany accounts and
transactions have been eliminated in consolidation. The Partnership
accounts for its investment in Casabella Associates utilizing the
equity method of accounting. The Partnership's investment account is
adjusted to reflect its pro rata share of profits, losses and
distributions from Casabella Associates.
The Partnership follows the accrual method of accounting.
B. Cash and Cash Equivalents
The Partnership considers all highly liquid debt instruments purchased
with a maturity of three months or less to be cash equivalents.
C. Depreciation
Depreciation is provided for by the use of the straight-line method
over estimated useful lives as follows:
Buildings and improvements 40 years
Equipment, furnishings and fixtures 5 years
D. Deferred Expenses
Costs of obtaining various mortgages on the properties are being
amortized over the term of the related mortgage notes payable using the
straight-line method. Buy down fees relating to permanent loan
refinancings (see Note 7) are being amortized over a three year period.
Any unamortized costs remaining at the date of a refinancing are
expensed in the year of refinancing.
E. Offering Costs
Costs in connection with the offering of Units were charged to Limited
Partners' equity upon the sale of the related Units.
F. Income Taxes
No provision is made for income taxes since the Partners are required
to include on their tax returns their pro rata share of the
Partnership's taxable income or loss. If the Partnership's tax returns
are examined by the Internal Revenue Service or a state taxing
authority, and such an examination results in a change in partnership
taxable income or loss, such change will be reported to the Partners.
G. Rental Income
Leases require the payment of rent in advance, however, rental income
is recorded as earned.
<PAGE>
Page for depreciation footnote
<PAGE>
4. Cash and Cash Equivalents:
Cash and cash equivalents at September 30, 1995 and December 31, 1994 consisted
of the following:
September 30, December 31,
1995 1994
Cash on hand ....................... $ 82,416 $ 26,000
Money market accounts .............. 264,838 150,028
--------- ---------
$347,254 $ 176,028
5. Joint Venture and Property Acquisitions:
Canyon View
On September 29, 1987, the Partnership acquired a majority interest in the
Canyon View Joint Venture which owns and operates a 168-unit multifamily
residential property located in Tucson, Arizona. The Partnership has been
designated as the managing joint venture partner and will control all decisions
regarding the operation and sale of the property.
In accordance with the terms of the purchase agreement and the joint venture
agreement, through September 30, 1995, the Partnership has contributed total
capital of $6,715,984 to the Canyon View Joint Venture, which was used to repay
a portion of the construction loan from a third party lender, to pay certain
costs related to the refinancing of the permanent loan, to cover operating
deficits incurred during the lease up period and to fund certain capital
improvements. In addition, the Partnership funded $745,902 of property
acquisition costs which were subsequently treated as a capital contribution to
the joint venture.
Net cash from operations (as defined in the joint venture agreement) will be
distributed as available to each joint venture partner not less often than
quarterly, as follows:
First, to the Partnership until it has received an annual
non-cumulative 11.25% priority return on its capital contribution for
such year.
Second, the balance 75% to the Partnership and 25% to the other joint
venture partner.
Income from operations will be allocated to the Partnership and the other joint
venture partner generally in accordance with the distribution of net cash from
operations.
Losses from operations will generally be allocated 100% to the Partnership.
In the case of certain capital transactions and distributions, as defined in the
joint venture agreement, the allocation of related profits, losses and cash
distributions, if any, would be different than as described above and would be
effected by the relative balances in the individual partners' capital accounts.
Broadmoor Pines
On October 12, 1988, the Partnership acquired Broadmoor Pines, a 108-unit
residential property located in Colorado Springs, Colorado and simultaneously
contributed the property to a joint venture comprised of the Partnership and the
property developer. The Partnership owns a majority interest in the joint
venture and, therefore, the accounts and operations of the joint venture have
been consolidated into those of the Partnership.
Through September 30, 1995, the Partnership has made cash payments in the form
of capital contributions totaling $5,959,862 and has funded $684,879 of property
acquisition costs which were treated as a capital contribution to the joint
venture.
The Partnership has been designated the managing joint venture partner of the
joint venture and will have control over all decisions affecting the joint
venture and the property.
Net cash from operations (as defined in the joint venture agreement) is to be
distributed as available to each joint venture partner quarterly, as follows:
First, to the Partnership an amount equal to 11.25% per annum,
noncumulative (computed daily on a simple noncompounded basis from the
date of completion funding) of its respective capital investment, as
defined in the joint venture agreement;
Second, the balance 80% to the Partnership, and 20% to the property
developer.
Losses from operations and depreciation for the joint venture are allocated 100%
to the Partnership.
All profits from operations to the extent of cash distributions shall first be
allocated to the Partnership and the property developer in the same proportion
as the cash distributions. Any remaining profits are allocated 80% to the
Partnership and 20% to the property developer.
In the case of certain capital transactions and distributions as defined in the
joint venture agreement, the allocation of related profits, losses and cash
distributions, if any, would be different than as described above and would be
effected by the relative balances in the individual partners' capital accounts.
6. Investment in Partnership:
On November 5, 1990, Partnership contributed $400,000 to purchase an approximate
8% interest in Casabella Associates, a general partnership among the
Partnership, Berry and Boyle Development Partners II (A Massachusetts Limited
Partnership) ("DPII") and Berry and Boyle Development Partners III (A
Massachusetts Limited Partnership) ("DPIII"). In addition to its contribution
referred to above, the Partnership incurred $83,668 of acquisition costs,
including $41,400 in acquisition fees paid to the General Partners.
On September 28, 1990, Casabella Associates purchased a majority interest in the
Casabella I Joint Venture, an Arizona joint venture that owned and operated
Casabella Phase I, a 61-unit residential property located in Scottsdale,
Arizona. On April 23, 1991, Casabella Associates, acquired a majority interest
in the Casabella Joint Venture which owned Casabella Phase II, a 93-unit
residential community, located adjacent to Casabella Phase I. On that date,
Casabella Associates and EW Casabella I Limited Partnership contributed their
interests in the Casabella I Joint Venture to the Casabella Joint Venture. In
addition, the permanent lender funded a $7,320,000 permanent loan, the proceeds
of which were used to refinance the $2,700,000 loan pertaining to Phase I and,
together with cash contributions of Casabella Associates, to repay the
construction loan for Phase II. As a result of such transactions, by operation
of law, Casabella Joint Venture, which is comprised of Casabella Associates and
EW Casabella I Limited Partnership, now owns both Phases I and II of Casabella.
Casabella is now managed and operated as one single 154-unit residential
community.
On June 30, 1992, Casabella Joint Venture refinanced its original $7,320,000
permanent loan using the proceeds of a new first mortgage loan in the amount of
$7,300,000. Under the terms of the new note, monthly principal and interest
payments of $61,887, based on a fixed interest rate of 9.125%, are required over
the term of the loan. The balance of the note will be due on July 15, 1997. The
costs associated with this refinancing totaled $112,117 and were funded by
Casabella Associates.
7. Mortgage Notes Payable:
All of the property owned by the Partnership is pledged as collateral for the
mortgage notes payable outstanding at September 30, 1995 and December 31, 1994,
which consisted of the following:
September 30, December 31,
1995 1994
Canyon View ........................ $ 5,173,832 $ 5,228,197
Broadmoor Pines .................... 3,585,868 3,610,727
----------- -----------
$ 8,759,700 $ 8,838,924
Canyon View is subject to a nonrecourse first mortgage in the original principal
amount of $5,380,000. Under the terms of the note, monthly principal and
interest payments of $45,610, based on a fixed interest rate of 9.125%, are
required over the term of the loan. The balance of the note will be due on July
15, 1997.
Broadmoor Pines is subject to a nonrecourse first mortgage in the original
principal amount of $3,650,000. Under the terms of the note, monthly payments of
$31,980 including principal and interest, at the rate of 9.75%, are payable. The
balance of the note is payable on September 15, 1997.
Interest accrued at September 30, 1995 and December 31, 1994 consisted of
$34,239 and $34,831, respectively, relating to the Canyon View and Broadmoor
Pines Joint Ventures.
The aggregate principal amounts of long term borrowings due during the calendar
years 1995 through 1997, respectively, are as follows, $106,466, $116,824, and
$8,615,327.
8. Partners' Equity:
Under the terms of the Partnership Agreement profits are generally allocated 98%
to the Limited Partners and 2% to the General Partners; losses are allocated 99%
to the Limited Partners and 1% to the General Partners.
Cash distributions to the partners are governed by the Partnership Agreement and
are made, to the extent available, 98% to the Limited Partners and 2% to the
General Partners.
The allocation of the related profits, losses, and distributions, if any, would
be different than described above in the case of certain events defined in the
Partnership Agreement, such as the sale of an investment property or an interest
in a joint venture partnership.
9. Related Party Transactions:
For the nine months ended September 30, 1995 and 1994, general and
administrative expenses included $50,415 and $44,822, respectively, of salary
reimbursements paid to the General Partners for certain administrative and
accounting personnel who performed services for the Partnership.
Due to affiliates at September 30, 1995 and December 31, 1994 consisted of
$3,265 and $10,928, respectively, relating to reimbursable costs due to Berry
and Boyle Inc.
During the nine months ended September 30, 1995 and 1994, $92,033 and $96,628 of
property management fees had been paid or accrued to Berry and Boyle Residential
Services, an affiliate of the General Partners of the Partnership.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity; Capital Resources
At the close of the offering on February 26, 1987, the Partnership had admitted
2,033 Limited Partners who contributed capital of $18,205,500 to the
Partnership. These offering proceeds, net of organizational and offering costs
of $2,730,825, provided $15,474,675 of net proceeds to be used for the purchase
of income-producing residential properties, including related fees and expenses,
and working capital reserves. The Partnership has expended $14,384,167 to (i)
acquire its joint venture interests in the Canyon View Joint Venture, Broadmoor
Pines Joint Venture and Casabella Associates, (ii) pay acquisition expenses,
including acquisition fees to one of the General Partners, and (iii) pay certain
costs associated with the refinancing of the Canyon View and Broadmoor Pines
permanent loans. The Partnership distributed $56,437 to the Limited Partners as
a return of capital resulting from excess reserves. The remaining net proceeds
of $1,034,071 were used to establish initial working capital reserves. These
reserves are used periodically to enable the Partnership to meet its various
financial obligations including contributions to the various joint ventures that
may be required. As of September 30, 1995, $312,736 cumulatively was contributed
to the joint ventures for this purpose.
The working capital reserves of the Partnership consist of cash and cash
equivalents and short-term investments. Together these amounts provide the
Partnership with the necessary liquidity to carry on its day-to-day operations
and to make necessary contributions to the various joint ventures. Thus far in
1995, the aggregate net decrease in working capital reserves has been $209,539.
This decrease resulted primarily from cash provided by operations of $297,829,
offset by purchases of fixed assets totaling $29,523, distributions to partners
of $417,983 and $79,224 of principal payments on mortgage notes payable.
Canyon View
As of September 30, 1995, the property was 78% occupied, compared to 96%
approximately one year ago. At September 30, 1995 and 1994, the market rents for
the various unit types were as follows:
Unit Type 1995 1994
--------- ---- ----
One bedroom one bath ............................. 725 $675
Two bedroom two bath ............................. 810 761
Two bedroom two bath w/den ....................... 980 925
Broadmoor Pines
As of September 30, 1995, the property was 94% occupied, compared to 94%
approximately one year ago. At September 30, 1995 and 1994, the market rents for
the various unit types were as follows:
Unit Type 1995 1994
--------- ---- ----
One bedroom two bath w/den ................... $ 864 $ 864
Two bedroom two bath ......................... 975 975
Two bedroom two bath w/den ................... 1,175 1,175
Casabella
As of September 30, 1995, the property was 90% occupied, compared to 88%
approximately one year ago. At September 30, 1995 and 1994, the average monthly
rents collected for the various unit types were as follows:
Unit Type 1995 1994
--------- ---- ----
One bedroom two bath w/den ................... $ 805 $ 775
Two bedroom two bath ......................... 930 895
Two bedroom two bath w/den ................... 1,136 1,068
Results of Operations
The Partnership's operating results for the three months ended September 30,
1995 consisted of interest earned on short-term investments of $12,371,
administrative expenses of $36496, the Partnership's share of the loss from
Casabella Associates of $4,188 and the income allocated from Canyon View and
Broadmoor Pines, as follows:
Canyon Broadmoor
View Pines
Revenue ..................................... $ 295,938 $ 301,912
Expenses:
General and administrative ................ 1,843 1,800
Operations ................................ 188,632 116,908
Depreciation and amortization ............. 58,920 45,523
Interest .................................. 118,240 87,509
367,635 251,740
Net income (loss) ........................... ($ 71,697) $ 50,172
The Partnership's operating results for the three months ended September 30,
1994 consisted of interest earned on short-term investments of $9,453,
administrative expenses of $28,455, the Partnership's share of the loss from
Casabella Associates of $1,679 and the income allocated from Canyon View and
Broadmoor Pines, as follows:
Canyon Broadmoor
View Pines
Revenue ...................................... $362,862 $302,339
Expenses:
General and administrative ................. 1,677 1,677
Operations ................................. 155,752 106,613
Depreciation and amortization .............. 58,538 46,689
Interest ................................... 119,855 88,350
335,822 243,329
Net income (loss) ............................ $ 27,040 $ 59,010
The Partnership's operating results for the nine months ended September 30, 1995
consisted of interest earned on short-term investments of $41,374,
administrative expenses of $119,398, the Partnership's share of the loss from
Casabella Associates of $2,219 and the income allocated from Canyon View and
Broadmoor Pines, as follows:
Canyon Broadmoor
View Pines
Total revenue ............................. $ 998,547 $ 848,281
Expenses:
General and administrative .............. 5,388 5,073
Operations .............................. 479,881 338,588
Depreciation and amortization ........... 176,762 136,570
Interest ................................ 355,964 263,127
1,017,995 743,358
Net income (loss) ........................ ($ 19,448) $ 104,923
The Partnership's operating results for the nine months ended September 30,
1994 consisted of interest earned on short-term investments of $27,367,
administrative expenses of $96,121, the Partnership's share of the loss from
Casabella Associates of $1,833 and the income allocated from Canyon View and
Broadmoor Pines, as follows:
Canyon Broadmoor
View Pines
Total revenue ................................ $1,070,127 $ 877,631
Expenses:
General and administrative ................. 5,132 5,031
Operations ................................. 419,178 309,267
Depreciation and amortization .............. 175,615 140,347
Interest ................................... 360,702 265,592
960,627 720,237
Net income (loss) ............................ $ 109,500 $ 157,394
Comparison of Operating Results for the Nine Months Ended September 30, 1995 and
1994:
Interest income increased 49% over the prior period as a result of higher
interest rates on the Partnership's short term investments. General and
administrative expenses increased 22% due to increased legal expense and
printing and mailing expense. Operating expenses increased 12% as a result of
increases in repairs and maintenance, salaries and wages, and advertising and
promotion.
Thus far in 1995, the Partnership has made the following cash distributions to
its Partners:
Feb 15 May 15 Aug. 15 Total
Limited Partners ....... $136,541 $136,541 $136,541 $409,623
General Partners ....... 2,787 2,787 2,787 $ 8,360
-------- -------- -------- --------
$139,328 $139,328 $139,328 $417,983
======== ======== ======== ========
<PAGE>
PART II - OTHER INFORMATION
-----------------
ITEM 1. Legal Proceedings
Response: None
ITEM 2. Changes in Securities
Response: None
ITEM 3. Defaults Upon Senior Securities
Response: None
ITEM 4. Submission of Matters to a Vote of Security Holders
Response: None
ITEM 5. Other Information
Response: None
ITEM 6. Exhibits and Reports on Form 8-K
Response: None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
(Registrant)
BY: BERRY AND BOYLE MANAGEMENT
A General Partner
BY: BERRY AND BOYLE INC.
A General Partner
James E. Glynn, Treasurer
Date: _________________________, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-mos
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Sep-30-1995
<CASH> 347,254
<SECURITIES> 602,690
<RECEIVABLES> 4,998
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 22,006,721
<DEPRECIATION> 4,218,094
<TOTAL-ASSETS> 19,192,875
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 10,119,736
<TOTAL-LIABILITY-AND-EQUITY> 19,192,875
<SALES> 0
<TOTAL-REVENUES> 1,888,202
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,263,879
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 619,091
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,232
<EPS-PRIMARY> 0.000
<EPS-DILUTED> 0.000
</TABLE>
