FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
(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, 1998
[ ] 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 0-15675
DAVIDSON GROWTH PLUS, L.P.
(Exact name of small business issuer as specified in its charter)
Delaware 52-1462866
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
55 Beattie Place, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
a)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 1998
(in thousands, except unit data)
Assets
Cash and cash equivalents $ 711
Receivables and deposits 584
Restricted escrows 484
Other assets 286
Investment properties:
Land $ 4,650
Buildings and related personal property 19,366
24,016
Less accumulated depreciation (9,751) 14,265
$16,330
Liabilities and Partners' Capital (Deficit)
Liabilities
Accounts payable $ 55
Tenant security deposit liabilities 138
Accrued property taxes 343
Other liabilities 276
Mortgage notes payable 11,846
Minority Interest 185
Partners' Capital (Deficit)
General partners' $ (714)
Limited partners' (28,371.75 units 4,201 3,487
issued and outstanding)
$16,330
See Accompanying Notes to Consolidated Financial Statements
b)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except unit data)
(Unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
1998 1997 1998 1997
Revenues:
Rental income $ 1,227 $ 1,219 $ 3,718 $ 3,621
Other income 91 62 217 174
Total revenues 1,318 1,281 3,935 3,795
Expenses:
Operating 522 586 1,570 1,666
General and administrative 50 50 197 157
Depreciation 201 199 591 585
Interest 261 267 787 800
Property taxes 109 115 341 343
Total expenses 1,143 1,217 3,486 3,551
Minority interest in net
income of joint venture (18) (13) (45) (41)
Net income $ 157 $ 51 $ 404 $ 203
Net income allocated to
general partners (3%) $ 5 $ 2 $ 12 $ 6
Net income allocated to
limited partners (97%) 152 49 392 197
$ 157 $ 51 $ 404 $ 203
Net income per limited
partnership unit: $ 5.36 $ 1.73 $ 13.82 $ 6.94
Distributions per limited
partnership unit $ 15.26 $ 12.27 $ 27.17 $ 24.57
See Accompanying Notes to Consolidated Financial Statements
c)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
(in thousands, except unit data)
Limited
Partnership General Limited
Units Partners' Partners' Total
Original capital contributions 28,371.75 $ 1 $28,376 $28,377
Partners' (deficit) capital at
December 31, 1997 28,371.75 $ (702) $ 4,580 $ 3,878
Distributions to partners -- (24) (771) (795)
Net income for the nine months
ended September 30, 1998 -- 12 392 404
Partners' (deficit) capital at
September 30, 1998 28,371.75 $ (714) $ 4,201 $ 3,487
See Accompanying Notes to Consolidated Financial Statements
d)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended
September 30,
1998 1997
Cash flows from operating activities:
Net income $ 404 $ 203
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 591 585
Amortization of discounts and loan costs 78 79
Minority interest in net income of joint venture 45 41
Change in accounts:
Receivables and deposits (180) (189)
Other assets 12 (35)
Accounts payable (117) (10)
Tenant security deposit liabilities 17 7
Accrued property taxes 158 178
Other liabilities 1 4
Net cash provided by operating activities 1,009 863
Cash flows from investing activities:
Property improvements and replacements (260) (138)
Net deposits to restricted escrows (15) (14)
Net cash used in investing activities (275) (152)
Cash flows from financing activities:
Payments on mortgage notes payable (177) (164)
Distributions to partners (795) (718)
Distributions to minority partner (131) (71)
Net cash used in financing activities (1,103) (953)
Net decrease in cash and cash equivalents (369) (242)
Cash and cash equivalents at beginning of period 1,080 1,108
Cash and cash equivalents at end of period $ 711 $ 866
Supplemental disclosure of cash flow information:
Cash paid for interest $ 709 $ 722
See Accompanying Notes to Consolidated Financial Statements
e)
DAVIDSON GROWTH PLUS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Davidson Growth
Plus, L.P. (the "Partnership") have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the
opinion of Davidson Growth Plus GP Corporation (the "Managing General Partner"),
all adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. Operating results for the three and
nine month periods ended September 30, 1998, are not necessarily indicative of
the results that may be expected for the fiscal year ended December 31, 1998.
For further information, refer to the consolidated financial statements and
footnotes thereto included in the Partnership's annual report on Form 10-KSB for
the fiscal year ended December 31, 1997.
Certain reclassifications have been made to the 1997 information to conform to
the 1998 presentation.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements of the Partnership include its 99% limited
partnership interest in The New Fairways, LP and its 82.5% general partnership
interest in Sterling Crest Joint Venture ("Sterling Crest"). The Partnership
may remove the General Partner of The New Fairway, L.P., and has a controlling
interest in Sterling Crest; therefore, these two partnerships are controlled and
consolidated by the Partnership. All significant interpartnership balances have
been eliminated.
NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES
The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. Affiliates of the Managing General Partner provide
property management and asset management services to the Partnership. The
Partnership Agreement provides for payments to affiliates for services and as
reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership.
The following payments were made to the Managing General Partner and/or its
affiliates during the nine months ended September 30, 1998 and 1997:
1998 1997
(in thousands)
Property management fees (included in operating expenses) $204 $192
Reimbursement for services of affiliates, including
approximately $20,000 and $17,000 of construction
services reimbursements for the nine months ended
September 30, 1998 and 1997, respectively (included in
general and administrative and operating expenses) 118 122
For the period from January 1, 1997, through August 31, 1997, the Partnership
insured its properties under a master policy through an agency affiliated with
the Managing General Partner, but with an insurer unaffiliated with the Managing
General Partner. An affiliate of the Managing General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which was later acquired by the agent who placed the master policy. The
agent assumed the financial obligations to the affiliate of the Managing General
Partner which received payments on these obligations from the agent. The amount
of the Partnership's insurance premiums that accrued to the benefit of the
affiliate of the Managing General Partner by virtue of the agent's obligations
was not significant.
The Partnership Agreement provides for the Managing General Partner to receive a
fee for managing the affairs of the Partnership. The fee is 2% of adjusted cash
from operations, as defined in the partnership agreement. Payment of this
management fee is subordinated and is payable only after the Partnership has
distributed, to the limited partners, adjusted cash from operations in any year
equal to 10% of the limited partners adjusted invested capital as defined in the
partnership agreement. Unpaid subordinated partnership management fees at
September 30, 1998, are approximately $101,000. Included in the $101,000
subordinated management fee payable at September 30, 1998, were partnership
management fees of approximately $14,000 and $15,000 for the nine month periods
ended September 30, 1998 and 1997, respectively.
On September 26, 1997, an affiliate of the Managing General Partner purchased
Lehman Brothers' Class "D" subordinated bonds of SASCO, 1992-M1. These bonds
are secured by 55 multi-family apartment mortgage loan pairs held in Trust,
including the Fairway Apartments owned by the Partnership.
On August 27, 1998, an affiliate of the Managing General Partner (the
"Purchaser") commenced a tender offer for limited partnership interests in the
Partnership. The Purchaser offered to purchase up to 10,000 of the outstanding
units of limited partnership interest ("Units") in the Partnership at a purchase
price of $400 per Unit, net to the seller in cash. The expiration date for the
tender offer was extended to November 16, 1998.
NOTE C - DISTRIBUTIONS TO PARTNERS
During the nine months ended September 30, 1998, the Partnership paid cash
distributions from operations of approximately $795,000. During the nine months
ended September 30, 1997, the Partnership distributed approximately $718,000
from operations to the partners.
NOTE D - TRANSFER OF CONTROL; SUBSEQUENT EVENT
On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and
into Apartment Investment and Management Company ("AIMCO"), a publicly traded
real estate investment trust, with AIMCO being the surviving corporation (the
"Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control
of the Managing General Partner. In addition, AIMCO also acquired approximately
51% of the outstanding common shares of beneficial interest of Insignia
Properties Trust ("IPT"), the entity which controls the Managing General Partner
of the Partnership. Also, effective October 1, 1998 IPT and AIMCO entered into
an Agreement and plan of Merger pursuant to which IPT is to be merged with and
into AIMCO or a subsidiary of AIMCO (the "IPT Merger"). The IPT Merger requires
the approval of the holders of a majority of the outstanding IPT Shares.
AIMCO has agreed to vote all of the IPT Shares owned by it in favor of the IPT
Merger and has granted an irrevocable limited proxy to unaffiliated
representatives of IPT to vote the IPT Shares acquired by AIMCO and its
subsidiaries in favor of the IPT Merger. As a result of AIMCO's ownership and
its agreement, the vote of no other holder of IPT is required to approve the
merger. The Managing General Partner does not believe that this transaction will
have a material effect on the affairs and operations of the Partnership.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's investment properties consist of three apartment complexes.
The following table sets forth the average occupancy of the properties for the
nine months ended September 30, 1998 and 1997:
Average Occupancy
1998 1997
Brighton Crest Apartments
Marietta, Georgia 95% 92%
The Fairway Apartments
Plano, Texas 92% 92%
The Village Apartments
Brandon, Florida 98% 99%
Results of Operations
The increase in occupancy at the Brighton Crest Apartments is primarily
attributable to increased marketing and advertising efforts along with
concessions currently being offered to attract tenants.
The Partnership realized net income of approximately $404,000 for the nine
months ended September 30, 1998, compared to net income of approximately
$203,000 for the nine months ended September 30, 1997. For the three months
ended September 30, 1998, the Partnership realized net income of approximately
$157,000 compared to a net income of approximately $51,000 for the corresponding
period of 1997. The increase in net income for the three and nine month periods
ended September 30, 1998, is primarily attributable to an increase in rental
revenues and other income and a decrease in operating expenses. Partially
offsetting the increase in net income for the nine months ended September 30,
1998 was an increase in general and administrative expenses. Rental revenues
increased primarily due to increased average annual rental rates at all the
Partnership's properties and an increase in occupancy at Brighton Crest
Apartments. Other income increased primarily due to an increase in tenant
charges at all the Partnership's properties. The decrease in operating expenses
is primarily attributable to a decrease in major repairs and maintenance
resulting from a rehabilitation project being performed in 1997 at The Fairway
Apartments. These expenses primarily consisted of exterior building repairs
that included wood replacement, painting, and gutter repairs. Included in
operating expenses for the nine months ended September 30, 1997, is
approximately $176,000 of major repairs and maintenance comprised primarily of
expenses relating to the gutter and roof repair project. Included in operating
expenses for the nine months ended September 30, 1998, is approximately $98,000
of major repairs and maintenance comprised primarily of exterior painting,
parking lot repairs, landscaping, and other exterior building improvements. The
increase in general and administrative expenses primarily consisted of an
increase in legal expenses resulting from a lawsuit filed by a former employee
of an affiliate of the Managing General Partner. The lawsuit was resolved and
the Partnership's indemnification obligations to the affiliates of the Managing
General Partner were fulfilled during the first quarter of 1998.
As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expense. As part of this plan, the Managing General Partner attempts to protect
the Partnership from the burden of inflation-related increases in expenses by
increasing rents and maintaining a high overall occupancy level. However, due to
changing market conditions, which can result in the use of rental concessions
and rental reductions to offset softening market conditions, there is no
guarantee that the Managing General Partner will be able to sustain such a plan.
Liquidity and Capital Reserves
The Partnership held cash and cash equivalents of approximately $711,000 at
September 30, 1998, compared to cash and cash equivalents of approximately
$866,000 at September 30, 1997. For the nine months ended September 30, 1998,
net cash decreased approximately $369,000, compared to a net decrease of
approximately $242,000 for the nine months ended September 30, 1997. Net cash
provided by operating activities increased primarily due to an increase in
rental income and other income and a decrease in operating expenses, as
discussed above. Partially offsetting the increase in net cash provided by
operating activities was an increase in cash used to pay accounts payable due to
the timing of payments to vendors. Net cash used in investing activities
increased as a result of an increase in property improvements and replacements.
Net cash used in financing activities increased primarily due to an increase in
distributions to partners and to an increase in distributions to the minority
interest partner.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the various properties to adequately maintain the
physical assets and other operating needs of the Partnership and to comply with
Federal, State, and local legal and regulatory requirements. Such assets are
currently thought to be sufficient for any near-term needs of the Partnership.
The Managing General Partner is currently assessing the need for capital
improvements at each of the Partnership's properties. To the extent that
additional capital improvements are required, the Partnership's distributable
cash flow, if any, may be adversely affected. The mortgage indebtedness of
approximately $11,846,000, net of discount, is amortized over periods ranging
from approximately 21 to 29 years with balloon payments due in 2002 and 2003.
The Managing General Partner will attempt to refinance such indebtedness or sell
the properties prior to such maturity date. If the properties cannot be
refinanced or sold for a sufficient amount, the Partnership will risk losing
such properties through foreclosure. Cash distributions of approximately
$795,000 and $718,000 were paid to the partners during the nine months ended
September 30, 1998, and 1997, respectively. Future cash distributions will
depend on the levels of net cash generated from operations, refinancings,
property sales and the availability of cash reserves. The Partnership's
distribution policy will be reviewed on a quarterly basis. There can be no
assurance, however, that the Partnership will generate sufficient funds from
operations to permit further distributions to its partners in 1998 or subsequent
periods.
Transfer of Control; Subsequent Event
On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and
into Apartment Investment and Management Company ("AIMCO"), a publicly traded
real estate investment trust, with AIMCO being the surviving corporation (the
"Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control
of the Managing General Partner. In addition, AIMCO also acquired approximately
51% of the outstanding common shares of beneficial interest of Insignia
Properties Trust ("IPT"), the entity which controls the Managing General Partner
of the Partnership. Also, effective October 1, 1998 IPT and AIMCO entered into
an Agreement and plan of Merger pursuant to which IPT is to be merged with and
into AIMCO or a subsidiary of AIMCO (the "IPT Merger"). The IPT Merger requires
the approval of the holders of a majority of the outstanding IPT Shares.
AIMCO has agreed to vote all of the IPT Shares owned by it in favor of the IPT
Merger and has granted an irrevocable limited proxy to unaffiliated
representatives of IPT to vote the IPT Shares acquired by AIMCO and its
subsidiaries in favor of the IPT Merger. As a result of AIMCO's ownership and
its agreement, the vote of no other holder of IPT is required to approve the
merger. The Managing General Partner does not believe that this transaction
will have a material effect on the affairs and operations of the Partnership.
Year 2000
GENERAL DESCRIPTION OF THE YEAR 2000 ISSUE AND THE NATURE AND EFFECTS OF THE
YEAR 2000 ON INFORMATION TECHNOLOGY (IT) AND NON-IT SYSTEMS
The Year 2000 Issue is the result of computer programs being written using two
digits rather than four to define the applicable year. The Partnership is
dependent upon the Managing General Partner and its affiliates for management
and administrative services ("Managing Agent"). Any computer programs or
hardware that have date-sensitive software or embedded chips may recognize a
date using "00" as the year 1900 rather than the year 2000. This could result
in a system failure or miscalculations causing disruptions of operations,
including, among other things, a temporary inability to process transactions,
send invoices, or engage in similar normal business activities.
The Managing Agent has determined that it will be required to modify or replace
significant portions of its software and certain hardware so that those systems
will properly utilize dates beyond December 31, 1999. The Managing Agent
presently believes that with modifications or replacements of existing software
and certain hardware, the Year 2000 Issue can be mitigated. However, if such
modifications and replacements are not made, or are not completed timely, the
Year 2000 Issue could have a material impact on the operations of the Managing
Agent and the Partnership.
STATUS OF PROGRESS IN BECOMING YEAR 2000 COMPLIANT
The Managing Agent's plan to resolve the Year 2000 Issue involves the following
four phases: assessment, remediation, testing and implementation. To date, the
Managing Agent has fully completed its assessment of all information systems
that could be significantly affected by the Year 2000, and has begun the
remediation, testing and implementation phase on both hardware and software
systems. Assessments are continuing in regards to embedded systems in operating
equipment. The Managing Agent anticipates having all phases complete by June 1,
1999.
In addition to the areas the Partnership is relying on the Managing Agent to
verify compliance with, the Partnership has certain operating equipment,
primarily at the property sites, which needed to be evaluated for Year 2000
compliance. The focus of the Managing General Partner was to the security
systems, elevators, heating-ventilation-air-conditioning systems, telephone
systems and switches, and sprinkler systems. The Managing General Partner is
currently engaged in the identification of all non-compliant operational
systems, and is in the process of estimating the costs associated with any
potential modifications or replacements needed to such systems in order for them
to be Year 2000 compliant. It is not expected that such costs would have a
material adverse affect upon the operations of the Partnership.
RISK ASSOCIATED WITH THE YEAR 2000
The Managing General Partner believes that the Managing Agent has an effective
program in place to resolve the Year 2000 issue in a timely manner and has
appropriate contingency plans in place for critical applications that could
affect the Partnership's operations. To date, the Managing General Partner is
not aware of any external agent with a Year 2000 issue that would materially
impact the Partnership's results of operations, liquidity or capital resources.
However, the Managing General Partner has no means of ensuring that external
agents will be Year 2000 compliant. The Managing General Partner does not
believe that the inability of external agents to complete their Year 2000
resolution process in a timely manner will have a material impact on the
financial position or results of operations of the Partnership. However, the
effect of non-compliance by external agents is not readily determinable.
Other
Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements speak only as of the date of
this quarterly report. The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates of revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Managing General Partner and several of their affiliated
partnerships and corporate entities. The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at the time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates as well as a recently
announced agreement between Insignia and AIMCO. The complaint seeks monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking dismissal
of the action. In lieu of responding to the motion, the plaintiffs have filed
an amended complaint. The Managing General Partner has filed demurrers to the
amended complaint, which are scheduled to be heard on January 8, 1999. The
Managing General Partner believes the action to be without merit, and intends to
vigorously defend it.
On July 30, 1998 certain entities claiming to own limited partnership interests
in certain limited partnerships whose general partners were, at the time,
affiliates of Insignia filed a complaint entitled Everest Properties LLC. v.
Insignia Financial Group, Inc. in the Superior Court of the State of California,
County of Los Angeles. The action involves 44 real estate limited partnerships
(including the Partnership) in which the plaintiffs allegedly own interests and
which Insignia Affiliates allegedly manage or control (the "Subject
Partnerships"). The complaint names as defendants Insignia, several Insignia
Affiliates alleged to be managing partners of the defendant limited
partnerships, the Partnership and the Managing General Partner. Plaintiffs
allege that they have requested from, but have been denied by each of the
Subject Partnerships, lists of their respective limited partners for the purpose
of making tender offers to purchase up to 4.9% of the limited partner units of
each of the Subject Partnerships. The complaint also alleges that certain of
the defendants made tender offers to purchase limited partner units in many of
the Subject Partnerships, with the alleged result that plaintiffs have been
deprived of the benefits they would have realized from ownership of the
additional units. The plaintiffs assert eleven causes of action, including
breach of contract, unfair business practices, and violations of the partnership
statutes of the states in which the Subject Partnerships are organized.
Plaintiffs seek compensatory, punitive and treble damages. The Managing General
Partner filed an answer to the complaint on September 15, 1998. The Managing
General Partner believes the claims to be without merit and intends to defend
the action vigorously.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature. The Managing General Partner believes all such
pending or outstanding litigation will be resolved without a material adverse
effect upon the business, financial condition or operations of the Partnership.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
report.
b) Reports on Form 8-K:
None filed during the quarter ended September 30, 1998.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
DAVIDSON GROWTH PLUS L.P.
BY: DAVIDSON GROWTH PLUS GP CORPORATION
Its Managing General Partner
By: /s/ Patrick Foye
Patrick Foye
Executive Vice President
By: /s/Timothy R. Garrick
Timothy R. Garrick
Vice President - Accounting
(Duly Authorized Officer)
DATE: November 12, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Davidson Growth Plus, L.P. 1998 Third Quarter 10-QSB and is qualified in
its entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000795757
<NAME> DAVIDSON GROWTH PLUS, L.P.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 711
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 24,016
<DEPRECIATION> 9,751
<TOTAL-ASSETS> 16,330
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 11,846
0
0
<COMMON> 0
<OTHER-SE> 3,487
<TOTAL-LIABILITY-AND-EQUITY> 16,330
<SALES> 0
<TOTAL-REVENUES> 3,935
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,486
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 787
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 404
<EPS-PRIMARY> 13.82<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
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