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
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
<PAGE>
<TABLE>
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
---------------
ASSETS
June 30,
1995 December 31,
Property, at cost (Notes 2, 3, 5, and 6): (Unaudited) 1994
----------- ----
<S> <C> <C>
Land $5,110,277 $5,110,277
Buildings and improvements 15,561,584 15,561,584
Equipment, furnishings and fixtures 1,315,231 1,305,337
21,987,092 21,977,198
Less accumulated depreciation (4,119,810) (3,923,245)
17,867,282 18,053,953
Cash and cash equivalents (Notes 2 and 4) 219,288 176,028
Short-term investments (Note 2) 792,473 983,455
Real estate tax escrows 28,118 28,115
Deposits and prepaid expenses 6,010 10,138
Accounts and interest receivable 3,510 -
Investment in partnership (Notes 2 and 6) 353,512 361,061
Deferred expenses, net of accumulated
amortization of $263,769 and $251,449 (Note 2) 50,541 62,867
Total assets $19,320,734 $19,675,617
LIABILITIES AND PARTNERS' EQUITY
Mortgage notes payable (Note 7) 8,786,619 8,838,924
Accounts payable and accrued expenses 152,072 209,932
Due to affiliates (Note 9) 2,221 10,928
Rents received in advance - 6,483
Tenant security deposits 70,920 76,863
Total liabilities 9,011,832 9,143,130
Partners' equity (Note 8) 10,308,902 10,532,487
Total liabilities and partners' equity $19,320,734 $19,675,617
<PAGE>
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
-------------
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
----- ----- ----- ----
Revenue:
<S> <C> <C> <C> <C>
Rental income $610,352 620,123 $1,216,518 $1,255,185
Interest income 14,501 9,411 29,662 18,586
Other income 15,252 13,645 31,801 26,700
Total revenue 640,105 643,179 1,277,981 1,300,471
Expenses:
General and administrative (Note 9) 47,763 39,397 89,720 74,475
Operations 258,509 246,036 512,929 466,080
Depreciation and amortization 104,445 105,227 208,889 210,735
Interest 206,368 208,769 413,342 418,089
Equity in loss (income) from partnership (Note 6) 1,269 1,927 (1,969) 154
Total expenses 618,354 601,356 1,222,911 1,169,533
Net income (loss) $21,751 $41,823 $55,070 $130,938
Net income (loss) allocated to:
General Partners $435 $836 $1,101 $2,619
Per unit of Investor Limited
Partner interest:
36,411 units issued 0.59 1.13 1.48 3.52
<PAGE>
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 4,560 223,436 227,996
Balance at December 31, 1994 (67,017) 10,599,504 10,532,487
Cash distributions (5,573) (273,082) (278,655)
Net income 2,754 52,316 55,070
Balance at June 30, 1995 ($69,836) $10,378,738 $10,308,902
<PAGE>
BERRY AND BOYLE DEVELOPMENT PARTNERS
(A Massachusetts Limited Partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (decrease) in cash and cash equivalents
(Unaudited)
-------------
Six Months Ended
June 30,
1995 1994
----- ----
Cash flows from operating activities:
<S> <C> <C>
Interest received $29,662 $20,303
Cash received from rents 1,204,092 1,239,804
Cash received from other income 31,801 26,700
Administrative expenses (111,016) (94,906)
Rental operations expenses (563,033) (446,806)
Interest paid (413,544) (418,273)
Net cash provided by operating activities 177,962 326,822
Cash flows from investing activities:
Purchase of fixed assets (9,894) -
Cash received from short-term investments 190,982 194,029
Distributions from partnership 9,520 14,450
Net cash provided (used0 by investing activities 190,608 208,479
Cash flows from financing activities:
Distributions to partners (278,655) (436,560)
Deposits and prepaid expenses 5,650 (95)
Principal payments on mortgage note payable (52,305) (47,269)
Net cash provided (used) by financing activities (325,310) (483,924)
Net increase (decrease) in cash and cash equivalents 43,260 51,377
Cash and cash equivalents at beginning of period 176,028 214,586
Cash and cash equivalents at end of period $219,288 $265,963
<PAGE>
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:
Three Months Ended
March 31,
1995 1994
---- ----
Net income (loss) $55,070 $130,938
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 208,889 210,735
Equity in loss from partnership (1,969) 154
Change in assets and liabilities net of effects from investing and financing
activities:
Increase in real estate tax escrow (3) (3)
Decrease (increase) in accounts
and interest receivable (3,510) 1,717
Decrease (increase) in prepaid expenses (1,842) -
Increase (decrease) in rents received in advance (6,483) (9,923)
Increase (decrease) in accounts
payable and accrued expenses (57,861) (11,885)
Increase (decrease) in due to affiliates (8,386) 10,547
Increase (decrease) in tenant security deposits (5,943) (5,458)
Net cash provided by operating activities $177,962 $326,822
</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 six months ended June 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.
<TABLE>
3. Property:
Property, at cost, consisted of the following at June 30, 1995:
Initial Cost Costs Capitalized
to Partnership Subsequent to Acquisition
Buildings Equipment, Buildings Equipment,
Property and Furnishings and Furnishings
Description Land Improvements & Fixtures Land Improvements & Fixtures
Canyon View at Ventana,
a 168-unit residential
rental complex located
<S> <C> <C> <C> <C> <C> <C>
in Tucson, Arizona $2,932,796 $8,591,969 $719,461 $15,947 $10,095 $30,161
Broadmoor Pines, a 108-unit
residential rental
complex located in
2,148,811 6,891,420 559,282 12,723 68,100 6,327
$5,081,607 $15,483,389 $1,278,743 $28,670 $78,195 $36,488
Depreciation expense for the six months ended June 30, 1995 and 1994 and accumulated depreciation
at June 30, 1995 and December 31, 1994 consisted of the following:
Accumulated Depreciation
June 30, Dec. 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Buildings and improvements $194,672 $195,000 $2,826,521 $2,631,849
Equipment, furnishings and fixtures 1,894 3,411 1,293,290 1,291,396
$196,566 $198,411 $4,119,811 $3,923,245
Each of the properties is encumbered by a nonrecourse mortgage note payable (see Note 7).
3.
Property (continued):
Property, at cost, consisted of the following at June 30, 1995:
Gross Amount at Which Carried
at Close of Period
Buildings Equipment,
Property and Furnishings Accumulated
Description Land Improvements & Fixtures Total Depreciation
Canyon View at Ventana,
a 168-unit residential
rental complex located
<S> <C> <C> <C> <C> <C>
in Tucson, Arizona $2,948,743 $8,602,064 $749,622 $12,300,429 $2,398,483
Broadmoor Pines, a 108-unit
residential rental
complex located in
Colorado Springs, 2,161,534 6,959,520 565,609 9,686,663 1,721,327
Colorado
$5,110,277 $15,561,584 $1,315,231 $21,987,092 $4,119,810
</TABLE>
<PAGE>
4. Cash and Cash Equivalents:
Cash and cash equivalents at June 30, 1995 and December 31, 1994 consisted of
the following:
June 30, December 31,
1995 1994
Cash on hand ............................. $ 15,296 $ 26,000
Money market accounts .................... 203,992 150,028
-------- --------
$219,288 $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 June 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 June 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 June 30, 1995 and December 31, 1994, which
consisted of the following:
June 30, December 31,
1995 1994
Canyon View ........................ $5,192,352 $5,228,197
Broadmoor Pines .................... 3,594,267 3,610,727
---------- ----------
$8,786,619 $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 June 30, 1995 and December 31, 1994 consisted of $34,344 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 six months ended June 30, 1995 and 1994, general and administrative
expenses included $34,966 and $30,415, 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 June 30, 1995 and December 31, 1994 consisted of $2,221 and
$10,928, respectively, relating to reimbursable costs due to Berry and Boyle
Inc.
During the six months ended June 30, 1995 and 1994, $62,433 and $63,407 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 June 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 $147,722.
This decrease resulted primarily from cash provided by operations of $177,962,
offset by distributions to partners of $278,655 and $52,305 of principal
payments on mortgage notes payable.
Canyon View
As of June 30, 1995, the property was 84% occupied, compared to 88%
approximately one year ago. At June 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 June 30, 1995, the property was 92% occupied, compared to 91%
approximately one year ago. At June 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 $ 798
Two bedroom two bath ......................... 975 946
Two bedroom two bath w/den ................... 1,175 1,034
Casabella
As of June 30, 1995, the property was 73% occupied, compared to 77%
approximately one year ago. At June 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 June 30, 1995
consisted of interest earned on short-term investments of $14,228,
administrative expenses of $44,227, the Partnership's share of the loss from
Casabella Associates of $1,269 and the income allocated from Canyon View and
Broadmoor Pines, as follows:
Canyon Broadmoor
View Pines
Revenue ...................................... $334,461 $291,416
Expenses:
General and administrative ................. 1,800 1,736
Operations ................................. 144,521 113,988
Depreciation and amortization .............. 58,921 45,524
Interest ................................... 118,658 87,710
323,900 248,958
Net loss ..................................... $ 10,561 $ 42,458
The Partnership's operating results for the three months ended June 30, 1994
consisted of interest earned on short-term investments of $9,335, administrative
expenses of $35,990, the Partnership's share of the income from Casabella
Associates of $1,927 and the income allocated from Canyon View and Broadmoor
Pines, as follows:
Canyon Broadmoor
View Pines
Revenue ...................................... $341,526 $292,318
Expenses:
General and administrative ................. 1,730 1,677
Operations ................................. 133,601 112,435
Depreciation and amortization .............. 58,539 46,688
Interest ................................... 120,237 88,532
314,107 249,332
Net loss ..................................... $ 27,419 $ 42,986
The Partnership's operating results for the six months ended June 30, 1995
consisted of interest earned on short-term investments of $29,003,
administrative expenses of $82,902, the Partnership's share of the income from
Casabella Associates of $1,969 and the income allocated from Canyon View and
Broadmoor Pines, as follows:
Canyon Broadmoor
View Pines
Total revenue ................................ $702,609 $546,369
Expenses:
General and administrative ................. 3,545 3,273
Operations ................................. 291,249 221,680
Depreciation and amortization .............. 117,842 91,047
Interest ................................... 237,724 175,618
650,360 491,618
Net income (loss) ............................ $ 52,249 $ 54,751
The Partnership's operating results for the six months ended June 30, 1994
consisted of interest earned on short-term investments of $17,914,
administrative expenses of $67,666, the Partnership's share of the loss from
Casabella Associates of $154 and the income allocated from Canyon View and
Broadmoor Pines, as follows:
Canyon Broadmoor
View Pines
Total revenue ................................ $707,265 $575,292
Expenses:
General and administrative ................. 3,455 3,354
Operations ................................. 263,426 202,654
Depreciation and amortization .............. 117,077 93,658
Interest ................................... 240,847 177,242
624,805 476,908
Net income (loss) ............................ $ 82,460 $ 98,384
Comparison of Operating Results for the Six Months Ended June 30, 1995 and 1994:
General and administrative expenses increased 20% due to increased legal expense
and printing and mailing expense. Operating expenses increased 10% 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 Total
Limited Partners $ 136,541 $136,541 $273,082
General Partners 2,787 2,787 $5,574
----------- ---------- ------
$ 139,328 $139,328 $278,656
======== ======== ========
<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: August 9, 1995
