FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[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 number 0-16805
ASSOCIATED PLANNERS REALTY FUND
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-4036980
(State or other Jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5933 W. CENTURY BLVD., SUITE 900
LOS ANGELES, CALIFORNIA 90045
(Address of principal executive offices)
(Zip Code)
(310) 670-0800
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last
report)
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
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
ITEM 1. FINANCIAL STATEMENTS
In the opinion of the General Partner of Associated Planners Realty Fund
(the"Partnership"), all adjustments necessary for a fair presentation of the
Partnership's results for the three and nine months ended September 30, 1995
and 1994, have been made in the following financial statements
which are of normal recurring entries in nature. However, such financial
statements are unaudited and are subject to any year-end adjustments that
may be necessary.
<TABLE>
BALANCE SHEETS
September 30, 1995 (Unaudited) and December 31, 1994
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
ASSETS
RENTAL REAL ESTATE, net of accumulated
depreciation (Notes 1& 2) $4,498,552 $5,982,471
CASH & CASH EQUIVILENTS 173,282 36,227
CONSTRUCTION IN PROGRESS 1,182,637 68,411
INVESTMENT-GOVERNMENT SECURITIES ACCOUNT --- 55,554
OTHER ASSETS 33,433 112,713
$5,887,904 $6,255,376
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE $22,221 $24,757
CONSTRUCTION LOAN PAYABLE 1,033,363 ---
SECURITY DEPOSITS AND PREPAID RENT 43,574 20,103
TOTAL LIABILITIES 1,099,158 44,860
MINORITY INTEREST (Note 1) 223,594 224,618
COMMITMENTS AND CONTINGENCIES (Note 5)
PARTNERS' EQUITY:
Limited Partner:
$1,000 stated value per unit;
authorized 7,500 units;
issued - 7,499 4,214,788 5,653,977
General Partner: 350,364 331,921
TOTAL PARTNERS EQUITY 4,565,152 5,985,898
5,887,904 6,255,376
</TABLE>
[FN]
See accompanying notes to financial statements.<PAGE>
<PAGE>
<TABLE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
Nine Months Ended September 30, 1995
(Unaudited)
<CAPTION>
Limited Partners General
Total Units Amount Partner
<S> <C> <C> <C> <C>
BALANCE, December 31, 1994 $5,985,898 7,499 $5,653,977 $331,921
Net income 251,516 -- 217,851 33,665
Distributions to limited partners (1,657,040) -- (1,657,040) --
Distribution to General Partner (15,222) -- -- (15,222)
BALANCE, September 30, 1995 $4,565,152 7,499 $4,214,788 $350,364
Nine Months Ended September 30, 1994
(Unaudited)
<CAPTION>
Limited Partners General
Total Units Amount Partner
<S> <C> <C> <C> <C>
BALANCE, December 31, 1993 $6,116,709 7,499 $5,819,311 $297,398
Net income 164,308 --- 138,326 25,982
Distributions to limited partners (273,713) --- (273,713) ---
BALANCE, September 30, 1994 $6,007,304 7,499 $5,683,924 $323,380
</TABLE>
[FN]
See accompanying notes to financial statements
<PAGE>
<TABLE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
STATEMENTS OF INCOME
Three and Nine Months Ended September 30, 1995 and 1994
(Unaudited)
<CAPTION>
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
REVENUES:
Rental $131,182 $191,920 $472,953 $566,811
Gain on sale of property --- --- 116,749 ---
Interest 3,794 2,413 14,516 6,150
134,976 194,333 604,218 572,961
COSTS AND EXPENSES:
Operating 36,960 39,854 119,320 132,756
Property taxes 7,274 13,737 32,197 43,677
Property management fees 5,544 9,596 22,337 28,358
Unrealized (gain) loss in
government securities --- (755) --- 4,554
General and administrative 27,159 27,059 85,278 84,464
Depreciation 27,771 35,373 94,594 106,119
104,708 133,775 353,726 399,928
LESS MINORITY INTEREST
IN NET (INCOME) LOSS OF
JOINT VENTURE 2,507 2,902 (1,024) 8,725
NET INCOME $27,761 $57,656 $251,516 $164,308
NET INCOME PER
LIMITED PARTNERSHIP UNIT $3.00 $6.50 $29.05 $18.45
</TABLE>
[FN]
See accompanying notes to financial statements.<PAGE>
<PAGE>
<TABLE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 1995 and 1994
(Unaudited)
<CAPTION>
Nine Months Nine Months
Ended Ended
September 30, September 30,
1995 1994
<S> <C> <C>
Cash flows from operating activities:
Net income $251,516 $164,308
Adjustment to reconcile net income to
net cash provided by operating activities:
Depreciation 94,594 106,119
Proceeds from sale of investment
in government securities account 55,898 6,272
Unrealized loss - (gain)
investment in government securities (344) 4,554
Minority interest in net income (loss) (1,024) (8,725)
Gain on sale of property (116,749) ---
Increase (decrease) from changes in:
Other assets 79,280 (87,015)
Accounts payable (2,536) (21,303)
Security deposits 23,471 1,276
Net cash provided by operating activities 384,106 165,486
Cash flows used in investing activities:
Furniture & Fixture additions (11,746) ---
Construction in progress (1,114,226) ---
Proceeds from sale of property 1,517,819 ---
Net cash provided by investing activities 391,847 ---
Cash flows used in financing activities:
Construction loan proceeds 1,033,363 ---
Distribution to general partner (15,221) ---
Distributions to limited partners (1,657,040) (273,713)
Distributions to minority interest --- (1,236)
Net cash (used in) financing activities (638,898) (274,949)
Net increase (decrease) in cash and cash equivalents 137,055 (109,463)
Cash and cash equivalents at beginning of period 36,227 139,748
Cash and cash equivalents at end of period $173,282 $30,285
</TABLE>
[FN]
See accompanying notes to financial statements.
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
Summary of Accounting Policies
Business
Associated Planners Realty Fund (the "Partnership"), a California
limited partnership, was formed on November 19, 1985 under the Revised
Limited Partnership Act of the State of California for the purpose of
acquiring and operating real estate.
Basis of Presentation
The consolidated financial statements do not give effect to any assets
that the partners may have outside of their interest in the partnership, nor
to any personal obligations, including income taxes, of the partners.
The consolidated financial statements include the accounts of Associated
Planners Realty Fund and all joint ventures in which it has a majority
interest. All adjustments necessary for the fair presentation of the
financial statements have been recorded and are of normal recurring entries
in nature.
Rental Real Estate
Assets are stated at cost. Depreciation is computed using the straight
- -line method over estimated useful lives ranging from five to 35 years for
financial reporting purposes and five to 40 years for income tax purposes.
Rental Income
Rental income is recognized when the amount is due and payable under
the terms of a lease agreement.
Investment in Government Securities
Investment in Government Securities, which represent trading
securities, are accounted for in accordance with SFAS No. 115. The
difference between historical cost and market value are reported as
unrealized gains or losses in the statement of income.
Statements of Cash Flows
For the purpose of the statements of cash flows, the Partnership
considers cash in the bank and all highly liquid investments purchased with
original maturities of three months or less, to be cash and cash equivalents.
Reclassification
Certain amounts in the 1995 financial statements have been
reclassified for comparative purposes.
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Three and Nine Months Ended September 30, 1995 and 1994 (Unaudited)
and Year Ended December 31, 1994
Note 1 - Nature of Partnership Business
Associated Planners Realty Fund, a California limited partnership (the
"Fund"), was formed on November 19, 1985 under the Revised Limited
Partnership Act of the State of California for the purpose of acquiring and
operating real estate. The Fund did not begin operations until 1986.
Under the terms of the partnership agreement, the General Partner is
entitled to cash distributions and net income allocations varying from 1% for
depreciation allocations to 15% of cash and income after the limited partners
have received cash distributions equal to their initial cash investment plus
a cumulative 8% return. The General Partner is also entitled to cash
distributions and net income allocations of 10% from ongoing partnership
operations. Further, the General Partner receives acquisition fees for
locating and negotiating the purchase of rental real estate and management
fees for operating the Partnership.
The partnership currently has interests in four rental real estate
properties. Two are wholly-owned and two are jointly owned by the
Partnership (81.2%) and an affiliate (18.8%) (Note 2). The affiliate's
interests have been reflected as minority interests.
Note 2 - Rental Real Estate
As of September 30, 1995 and December 31, 1994, the Fund's net real
estate investment is as follows:
September 30, December 31,
1995 1994
Land $2,001,428 $2,644,667
Buildings and Improvements 3,439,174 4,418,832
5,440,602 7,063,499
Less Accumulated Depreciation 942,050 1,081,028
Net Real Estate Investment $4,498,552 $5,982,471
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
Note 2 - Rental Real Estate (continued)
On May 15, 1995, the Shurgard Mini-Warehouse Facility located at 11315
Meridian South, Puyallup, Washington was sold to Shurgard Storage Centers,
Inc. ("the Buyer"). The gross sales price was $1,550,000, although the
Partnership received $1,510,976 in net proceeds as a result of the
transaction. This net proceeds amount is calculated as the gross sale price
of $1,550,000 less $23,486 in excise taxes paid to the State of Washington,
less $4,332 in miscellaneous escrow closing costs, less $11,206 in prepaid
user rents, net of rent receivable and property taxes, attributable to the
Partnership. Net sales proceeds for tax reporting purposes are $1,522,182.
The amount of consideration received from the sale of the building was
arrived at through an arms-length negotiation process with the Buyer. The
sale was consummated for all cash without the use of seller provided
financing, or other installment sale techniques.
The Buyer of the property is an affiliate of the original seller of the
property that the Partnership acquired the property from in 1987.
Note 3 - Related Party Transactions
(a) For Partnership management services rendered to the Partnership,
the General Partner is entitled to receive 10% of all distributions of cash
from operations. These amounts totaled $6,791 for the quarter ended
September 30, 1995 and $9,999 for the quarter ended September 30, 1994, and
$24,455 for the nine months ended September 30, 1995, and $30,413 for the
nine months ended September 30, 1994.
(b) For administrative services provided to the Partnership, the General
Partner is entitled to reimbursement for the cost of certain personnel and
relevant expenses. These amounts totaled $9,000 for the nine months ended
September 30, 1995, and September 30, 1994 and $3,000 for the three months
ended September 30, 1995 and September 30, 1994.
(c) Property management fees incurred, in accordance with the
Partnership Agreement, to West Coast Realty Management, Inc., an affiliate of
the corporate General Partner, totaled $5,544 for the quarter ended September
30, 1995, $9,596 for the quarter ended September 30, 1994, $22,337 for the
nine months ended September 30, 1995, and $28,358 for the nine months ended
September 30, 1994.
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Three and Nine Months Ended September 30, 1995 and 1994 (Unaudited)
and Year Ended December 31,1994
(continued)
Note 4 - Net Income and Cash Distributions Per Limited Partnership Unit
<TABLE>
During the nine months ended September 30, 1995 and 1994, the
Partnership made distribtutions to the Limited Partners as follows:
<CAPTION>
Record Distribution Units Date Total
Date Per Unit Outstanding Paid Distribution
1994
<S> <C> <C> <C> <C>
December 31, 1993 $12.50 7,499 February 9, 1994 $93,738
March 31, 1994 12.00 7,499 May 5, 1994 89,988
June 30, 1994 12.00 7,499 August 2, 1994 89,988
September 30, 1994 10.00 7,499 October 31, 1994 74,990
1995
<S> <C> <C> <C> <C>
December 31, 1994 $10.00 7,499 February 3, 1995 $74,990
March 31, 1995 10.00 7,499 May 5, 1995 74,990
June 30, 1995 Range $182.69 to $207.69 7,499 July 7, 1995 1,506,960
June 30, 1995 7.50 7,499 November 6, 1995 56,242
September 30, 1995 7.50 7,499 November 6, 1995 56,242
</TABLE>
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Three and Nine Months Ended September 30, 1995 and 1994 (Unaudited)
and Year Ended December 31, 1994
(Continued)
Note 5 - Construction in Progress and Construction Loan Payable
In January 1995, the Partnership closed escrow on a parcel of land
adjacent to the Shaw Villa Shopping Center. The purchase price of the land
was $206,749, including a $13,102 acquisition fee paid to the Advisor. The
purchase was financed using $23,602 in cash, and the reminder by a one
year construction loan from Valliwide Bank of Fresno. The loan bears
interest at 2% over the bank's prime rate. The total construction loan
commitment is for $1,365,000. The construction loan amortization is interest
only with payments via additional draws against this loan. Total
construction costs incurred as of September 30, 1995 were $1,182,637, while
borrowings on the construction loan were $1,033,363. Included in
construction costs is $47,299 in construction loan interest that was
capitalized.
This additional work is expected to enhance the value of the parcel and
operating cash flows in the long run. The construction loan is expected to
be replaced by permanent financing in December 1995. The Partnership has
already received a commitment from a major insurance company to replace the
construction loan with a twenty year loan. The material terms of this
commitment are: 1) Amount of the loan: $1,500,000, 2) Term: 10 years with 20
year amortization 3) Interest Rate: 9.625%, or the rate equal to the weekly
average of the five-year Treasury Note yield for the seventh week prior to
loan closing, plus 250 basis points, and 4) Payments: $14,105 per month, if
the interest rate is 9.625%.
Note 6 - Subsequent Event
The Partnership distributed $112,485 ($15.00 per unit) on November 6,
1995 to Limited Partners of record as of June 30, 1995 and September 30, 1995.
On August 2, 1995, Wherehouse Entertainment, Inc. ("Wherehouse") filed
for relief through Chapter 11 Bankruptcy protection. The Wherehouse is a
major tenant of the Shaw Villa Shopping Center in Clovis, California. The
Partnership expects that Merrill Lynch Capital Partners, L.P., which controls
over 90% of the Wherehouse, will work diligently to resolve its debt
restructuring problems. At this time, it appears that the Wherehouse will be
able to materially honor its lease commitment.
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Introduction
Associated Planners Realty Fund (the "Partnership") was organized in
November 1985, under the California Revised Limited Partnership Act. The
Partnership began offering units for sale on March 28, 1986. As of December
27, 1987, the Partnership had raised $7,499,000 in gross capital
contributions. The Partnership netted approximately $6,720,000 after sales
commissions and syndication costs.
The Partnership was organized for the purpose of investing in, holding,
and managing improved, leveraged income-producing property, such as
residential property, office buildings, commercial buildings, industrial
properties, and shopping centers. The Partnership intends to own and operate
such properties for investment over an anticipated holding period of
approximately five to ten years.
The Partnership's principal investment objectives are to invest in
rental real estate properties which will:
(1) Preserve and protect the Partnership's invested capital;
(2) Provide for cash distributions from operations;
(3) Provide gains through potential appreciation; and
(4) Generate Federal income tax deductions so that during the early
years of property operations, a portion of cash distributions may be
treated as a return of capital for tax purposes and, therefore, may
not represent taxable income to the limited partners.
The ownership and operation of any income-producing real estate is
subject to those risks inherent in all real estate investments, including
national and local economic conditions, the supply and demand for similar
types of properties, competitive marketing conditions, zoning changes,
possible casualty losses, increases in real estate taxes, assessments, and
operating expenses, as well as others.
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The Partnership is operated by the General Partner subject to the terms
of the Amended and Restated Agreement of Limited Partnership. The
Partnership has no employees, and all administrative services are provided by
West Coast Realty Advisors, Inc., the General Partner.
Results of Operations
Rental revenue for the three and nine months ended September 30, 1995
decreased from that for the three and nine months ended September 30, 1994 by
approximately $60,738 and $93,858, respectively, due to the continued vacancy
of the single-tenant Santa Fe Business Park Building and due to the sale of
Puyallup, Washington mini-storage property in May, 1995. Costs and expenses
related to the properties operation decreased for the three and nine months
ended September 30, 1995 vs. the three and nine months ended September 30,
1994 by approximately $29,067 and $46,546, respectively, primarily due to
decreased property taxes, property management fees and depreciation expense
attributable to the single tenant Sante Fe Business Park building vacancy and
the sale of the Puyallup, Washington mini-warehouse building to Shurgard
Storage Centers Inc. in May 1995.
The Partnership generated $346,110 in income from operations before
depreciation of $94,594 for the nine months ended September 30, 1995 compared
to $270,427 in income from operatons before depreciation of $106,119 for the
nine months ended September 30, 1994. This increase is primarily
attributable to the gain of $116,749 on the sale of the Puyallup, Washington
mini-warehouse building in May 1995.
On May 15, 1995, the Shurgard Mini-Warehouse Facility located at 11315
Meridian South, Puyallup, Washington was sold to Shurgard Storage Centers,
Inc. ("the Buyer"). The gross sales price was $1,550,000, although the
Partnership received $1,510,976 in net proceeds as a result of the
transaction. This net proceeds amount is calculated as the gross sale price
of $1,550,000 less $23,486 in excise taxes paid to the State of Washington,
less $4,332 in miscellaneous escrow closing costs, less $11,206 in prepaid
user rents, net of rent receivable and property taxes, attributable to the
Partnership. Net sales proceeds for tax reporting purposes are $1,522,182.
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The amount of consideration received from the sale of the building was
arrived at through an arms-length negotiation process with the Buyer. The
sale was consummated for all cash without the use of seller provided
financing, or other installment sale techniques.
The Buyer of the property is an affiliate of the original seller of the
property that the Partnership acquired the property from in 1987.
The Partnership distributed $1,506,960 (ranging from $182.69 to $207.39
per unit) of the proceeds from the sale of the Puyallup, Washington mini-
warehouse property on July 7, 1995 to the Limited Partners of record as of
June 30, 1995.
On August 2, 1995, Wherehouse Entertainment, Inc. ("Wherehouse") filed
for relieve through Chapter 11 Bankruptcy protection. The Wherehouse is a
major tenant of the Shaw Villa Shopping Center in Clovis, California. The
Partnership expects that Merrill Lynch Capital Partners, L.P., which controls
over 90% of the Wherehouse, will work diligently to resolve its debt
restructuring problems. The Wherehouse is continuing to make monthly rent
payments on the Shaw Villa Shopping Center property since this site has
proven to be profitable to the Wherehouse. Nevertheless, the Partnership
has elected to take a cautious approach in terms of declaring
distributions to investors until more reliable information is obtained.
Liquidity and Capital Resources
During the nine months ended September 30, 1995, $384,106 in cash was
provided by operating activities. This resulted from cash basis income of
$346,110 from operations (net income plus depreciation expense) plus $55,898
in proceeds received from the liquidation of the government securities
account and $79,280 decrease in other assets (primarily due to the
reclassification of deposits used in the construction in progress of the
Shaw Villa property) and a $23,471 increase in security deposits and prepaid
rents (due to prepaid rents received prior to September 30, 1995 which
was not received prior to December 31, 1994). These positive operating cash
flows were offset by a $116,749 gain on the sale of the Puyallup, Washington
mini-warehouse property and $2,536 decrease in accounts payable (attributable
to normal decrease in trade payables). Cash provided by investing activities
totalled $391,847 for the nine months ended September 30, 1995 of which
$1,517,819 was from proceeds received in connection with the sale of the
mini-warehouse property in Puyallup, Washingotn, offset by $1,114,226 in
costs pertaining to the construction in progress of the Shaw Villa property
and $11,746 relating to furniture and fixture additions. Cash used in
financing activities totalled $638,898 for the nine months ended September
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
30, 1995 of which $1,657,040 in distributions paid to the limited partners
offset by $1,033,363 was loan proceeds received in connection with the
construction in progress of the Shaw Villa property.
In January 1995, the Partnership closed escrow on a parcel of land
adjacent to the Shaw Villa Shopping Center. The purchase price of the land
was $206,749, including a $13,102 acquisition fee paid to the Advisor. The
purchase was financed using $23,602 in cash, with the remainder paid for
by a one year construction loan from Valliwide Bank of Fresno. The loan
bears interest at 2% over the bank's prime rate. The total construction loan
commitment is for $1,365,000. The construction loan is interest only with
payments via additional draws against this loan. Total construction costs
incurred as of September 30, 1995 were $1,182,637 while borrowings on the
construction loan were $1,033,363. Included in total construction costs is
$47,299 capitalized interest.
On August 2, 1995, Wherehouse Entertainment, Inc. ("Wherehouse") filed
for relief through Chapter 11 Bankruptcy protection. The Wherehouse is a
major tenant of the Shaw Villa Shopping Center in Clovis, California. The
Partnership expects that Merrill Lynch Capital Partners, L.P., which controls
over 90% of the Wherehouse, will work diligently to resolve its debt
restructuring problems. The Wherehouse is continuing to make monthly rent
payments on the Shaw Villa Shopping Center property. Nevertheless, the
Partnership has elected to take a cautious approach in terms of declaring
partnership distributions until more reliable information is obtained.
Construction at the shopping center is expected to be completed in two
phases. First, 4,000 square feet of additional space will be erected on the
new parcel, contiguous to an existing building at Shaw Villa. Construction
was completed on June 15, 1995 and the Wherehouse moved into this space. In
the second phase, the space previously occupied by the Wherehouse will then
be remodeled and expanded by approximately 3,800 more square feet, for a total
of 8,200 square feet. This construction was completed by September 15, 1995.
The Wherehouse will then be relocated to the remodeled space, and the
Partnership will attempt to lease the new 4,000 square foot space.
This additional work is expected to enhance the value of the parcel and
operating cash flows in the long run. The construction loan is expected to
be replaced by permanent financing in December 1995. The Partnership has
already received a commitment from a major insurance company to replace the
construction loan with a twenty year loan.
The Partnership's cash reserve is invested primarily in a liquid money
market mutual fund, learning interest at money market rates. The money
market fund is invested to provide stability and safety of principal,
competitive interest rates, and quick availability of funds, in that order of
importance.
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
PART II
O T H E R I N F O R M A T I O N
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K
(a) Information required under this section has been included in the
financial statements.
(b) Reports on Form 8-K
None
<PAGE>
ASSOCIATED PLANNERS REALTY FUND
(A California Limited Partnership)
S I G N A T U R E S
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.
ASSOCIATED PLANNERS REALTY FUND
A California Limited Partnership
(Registrant)
November 14, 1995 By: WEST COAST REALTY ADVISORS, INC.
A California Corporation,
General Partner
William T. Haas
William T. Haas
Director and Executive Vice President / Secretary
November 14, 1995
Michael G. Clark
Michael G. Clark
Vice President / Treasurer
[ARTICLE] 5
[CIK] 0000785791
[NAME] ASSOCIATED PLANNERS REALTY FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 9-MOS
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-START] JAN-01-1995
[PERIOD-END] SEP-30-1995
[CASH] 173,282
[SECURITIES] 0
[RECEIVABLES] 23,276
[ALLOWANCES] 0
[INVENTORY] 0
[CURRENT-ASSETS] 206,715
[PP&E] 6,623,238
[DEPRECIATION] (942,049)
[TOTAL-ASSETS] 5,887,904
[CURRENT-LIABILITIES] 65,795
[BONDS] 0
[COMMON] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[OTHER-SE] 4,565,152
[TOTAL-LIABILITY-AND-EQUITY] 5,887,904
[SALES] 470,722
[TOTAL-REVENUES] 604,219
[CGS] 352,703
[TOTAL-COSTS] 352,703
[OTHER-EXPENSES] 0
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 0
[INCOME-PRETAX] 251,516
[INCOME-TAX] 0
[INCOME-CONTINUING] 0
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 251,516
[EPS-PRIMARY] 29.05
[EPS-DILUTED] 29.05
</TABLE>
