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 March 31, 2000
[ ] 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 (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO 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___
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 661
Receivables and deposits 119
Restricted escrows 346
Other assets 257
Investment properties:
Land $ 4,650
Buildings and related personal property 20,440
25,090
Less accumulated depreciation (11,066) 14,024
$ 15,407
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 61
Tenant security deposit liabilities 115
Accrued property taxes 121
Other liabilities 296
Mortgage notes payable 11,539
Minority interest 88
Partners' (Deficit) Capital
General partners $ (722)
Limited partners (28,371.75 units issued and
outstanding) 3,909 3,187
$ 15,407
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
b)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues:
Rental income $ 1,292 $ 1,319
Other income 74 87
Total revenues 1,366 1,406
Expenses:
Operating 497 425
General and administrative 56 68
Depreciation 237 196
Interest 252 259
Property taxes 117 119
Total expenses 1,159 1,067
Income before minority interest
in net income of joint venture 207 339
Minority interest in net income of joint
venture (16) (39)
Net income $ 191 $ 300
Net income allocated to general partners (3%) $ 6 $ 9
Net income allocated to limited partners (97%) 185 291
$ 191 $ 300
Net income per limited partnership unit $ 6.52 $10.26
Distributions per limited partnership unit $ 8.21 $ --
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
c)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 28,371.75 $ 1 $28,376 $28,377
Partners' (deficit) capital at
December 31, 1999 28,371.75 $ (721) $ 3,957 $ 3,236
Distributions to partners -- (7) (233) (240)
Net income for the three
months ended March 31, 2000 -- 6 185 191
Partners' (deficit) capital
at March 31, 2000 28,371.75 $ (722) $ 3,909 $ 3,187
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
d)
DAVIDSON GROWTH PLUS, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 191 $ 300
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 237 196
Amortization of discounts and loan costs 26 26
Minority interest in net income of joint venture 16 39
Change in accounts:
Receivables and deposits 247 97
Other assets (40) (26)
Accounts payable (19) 25
Tenant security deposit liabilities (5) (10)
Accrued property taxes (76) (70)
Other liabilities (21) (27)
Net cash provided by operating activities 556 550
Cash flows from investing activities:
Property improvements and replacements (220) (74)
Net (deposits to) receipts from restricted escrows (79) 24
Net cash used in investing activities (299) (50)
Cash flows from financing activities:
Payments on mortgage notes payable (69) (62)
Distributions to partners (240) --
Distributions to minority partner (33) --
Net cash used in financing activities (342) (62)
Net (decrease) increase in cash and cash equivalents (85) 438
Cash and cash equivalents at beginning of period 746 1,186
Cash and cash equivalents at end of period $ 661 $ 1,624
Supplemental disclosure of cash flow information:
Cash paid for interest $ 226 $ 233
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
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" or "Registrant") 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 month period ended March 31, 2000, are not necessarily indicative of the
results that may be expected for the fiscal year ending December 31, 2000. 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, 1999.
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") which operates
Brighton Crest. Because the Partnership may remove the general partner of The
New Fairways, L.P. and has a controlling interest in Sterling Crest, the
partnerships are controlled and consolidated by the Partnership. All significant
inter-entity balances have been eliminated.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged 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, AIMCO acquired 100% ownership interest in
the Managing General Partner. The Managing General Partner does not believe that
this transaction has had or will have a material effect on the affairs and
operations of the Partnership.
Note C - 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 (i) payments to affiliates for services and
(ii) reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership.
<PAGE>
The following amounts were paid or accrued to the Managing General Partner
and/or its affiliates during the three month periods ended March 31, 2000 and
1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 72 $ 71
Reimbursement for services of affiliates (included in
general and administrative expense) 23 27
Subordinated management fee (included in general and
administrative expense) 8 16
During the three months ended March 31, 2000 and 1999, affiliates of the
Managing General Partner were entitled to receive 5% of gross receipts from all
of the Partnership's properties as compensation for providing property
management services. The Partnership paid to such affiliates approximately
$72,000 and $71,000 for the three months ended March 31, 2000 and 1999,
respectively.
An affiliate of the Managing General Partner received reimbursement of
accountable administrative expenses amounting to approximately $23,000 and
$27,000 for the three months ended March 31, 2000 and 1999, respectively.
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 March
31, 2000, are approximately $141,000. Included in the $141,000 subordinated
management fee payable at March 31, 2000, were Partnership management fees of
approximately $8,000 and $16,000 for the three month periods ended March 31,
2000 and 1999, respectively.
On September 25, 1997, an affiliate of the Managing General Partner purchased
Lehman Brothers' Class "D" subordinated bonds of SASCO, 1992-MI. These bonds are
secured by 55 multi-family apartment mortgage loan pairs held in Trust,
including The Fairway Apartments owned by the Partnership.
AIMCO and its affiliates currently own 14,463.5 limited partnership units in the
Partnership representing 50.979% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership of 50.979% of the outstanding units, AIMCO is in a position to
influence all voting decisions with respect to the Registrant. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the Managing General Partner because of their
affiliation with the Managing General Partner.
<PAGE>
Note D - Distributions to Partners
A cash distribution from operations of approximately $240,000 (approximately
$233,000 to the limited partners or $8.21 per limited partnership unit) was paid
to the partners during the three months ended March 31, 2000. The Partnership
did not make any distributions to its partners during the three months ended
March 31, 1999.
Note E - Segment Information
The Partnership has one reportable segment: residential properties. The
Partnership's residential property segment consists of three apartment complexes
one each in Marietta, Georgia; Plano, Texas; and Brandon, Florida. The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less.
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.
The Partnership's reportable segment consists of investment properties that
offer similar products and services. Although each of the investment properties
is managed separately, they have been aggregated into one segment as they
provide services with similar types of products and customers.
Segment information for the three months ended March 31, 2000 and 1999, is shown
in the following tables (in thousands). The "Other" column includes Partnership
administration related items and income and expense not allocated to the
reportable segment.
2000 Residential Other Totals
Rental income $ 1,292 $ -- $ 1,292
Other income 64 10 74
Interest expense 252 -- 252
Depreciation 237 -- 237
General and administrative expense -- 56 56
Minority interest in net income of
joint venture -- (16) (16)
Segment profit (loss) 253 (62) 191
Total assets 15,198 209 15,407
Capital expenditures for investment
properties 220 -- 220
<PAGE>
1999 Residential Other Totals
Rental income $ 1,319 $ -- $ 1,319
Other income 62 25 87
Interest expense 259 -- 259
Depreciation 196 -- 196
General and administrative expense -- 68 68
Minority interest in net income of
joint venture -- (39) (39)
Segment profit (loss) 382 (82) 300
Total assets 15,379 1,250 16,629
Capital expenditures for investment
properties 74 -- 74
Note F - 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 action 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 one 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 and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek 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 filed demurrers to the amended
complaint which were heard February 1999. Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a Stipulation of Settlement, settling claims, subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999. Preliminary approval of the settlement was obtained on
November 3, 1999 from the Superior Court of the State of California, County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999. Prior to the December 10, 1999 hearing the Court received various
objections to the settlement, including a challenge to the Court's preliminary
approval based upon the alleged lack of authority of class plaintiffs' counsel
to enter the settlement. On December 14, 1999, the Managing General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to disqualify some of the plaintiffs' counsel in the action. The
Managing General Partner does not anticipate that costs associated with this
case will be material to the Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Partnership from time to time.
The discussion of the Partnership's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Partnership's business and
results of operation. Accordingly, actual results could differ materially from
those projected in the forward-looking statements as a result of a number of
factors, including those identified herein.
The Partnership's investment properties consist of three apartment complexes.
The following table sets forth the average occupancy of the properties for the
three months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Brighton Crest Apartments 92% 95%
Marietta, Georgia
The Fairway Apartments 95% 93%
Plano, Texas
The Village Apartments 93% 97%
Brandon, Florida
The Managing General Partner attributes the decrease in occupancy at Brighton
Crest Apartments to many competitive properties in the area offering
concessions. The decrease in occupancy at the Village Apartments is primarily
attributable to increased home purchases and increased tenant utility bills as a
result of sub-metering which allocates the utility bills to each tenant
apartment.
Results of Operations
The Partnership realized net income of approximately $191,000 for the three
months ended March 31, 2000, compared to net income of approximately $300,000
for the three months ended March 31, 1999. The decrease in net income is
primarily attributable to a decrease in total revenues and an increase in total
expenses partially offset by a decrease in minority interest in income from the
joint venture. Total revenues decreased primarily as a result of a decrease in
rental income and, to a lesser extent, a decrease in other income. Rental income
decreased primarily due to decreased occupancy at Brighton Crest and The Village
Apartments, as noted above, and an increase in concession costs at all of the
Partnership's properties. These factors were partially offset by an increase in
average rental rates at all of the Partnership's properties. Other income
decreased primarily due to a decrease in interest income due to decreased cash
balances in interest bearing accounts and a decrease in lease cancellation fees.
The increase in total expenses is primarily attributable to increases in
operating expenses and depreciation expense, partially offset by a decrease in
general and administrative expenses. Operating expenses increased primarily due
to increased maintenance and repairs expenses at The Fairway Apartments and
Brighton Crest Apartments. The increase in depreciation expense is due to an
increase in capital improvements put into service during the past twelve months.
General and administrative expenses decreased primarily due to decreased
reimbursements to the Managing General Partner. Included in general and
administrative expenses at both March 31, 2000 and 1999, are reimbursements to
the Managing General Partner allowed under the Partnership Agreement associated
with its management of the Partnership. Costs associated with the quarterly and
annual communications with investors and regulatory agencies and the annual
audit required by the Partnership Agreement are also included. The decrease in
minority interest in net income of the joint venture is due to decreased
occupancy and increased maintenance expenses at the joint venture's property,
Brighton Crest.
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 Resources
The Partnership held cash and cash equivalents of approximately $661,000 at
March 31, 2000, compared to approximately $1,624,000 at March 31, 1999. The
decrease in cash and cash equivalents of approximately $85,000 from the
Partnership's cash balance at December 31, 1999, is due primarily to
approximately $299,000 of cash used in investing activities and to approximately
$342,000 of cash used in financing activities, which was partially offset by
approximately $556,000 of cash provided by operating activities. Cash used in
investing activities consisted of property improvements and replacements and net
deposits to escrow accounts maintained by the mortgage lenders. Cash used in
financing activities consisted primarily of distributions from operations to the
partners, and to a lesser extent, payments of principal made on the mortgages
encumbering the Partnership's properties and distributions to the minority
partner of Sterling Crest. The Partnership invests its working capital reserves
in money market accounts.
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. Capital
improvements planned for the Partnership's properties are detailed below.
Brighton Crest Apartments
During the three months ended March 31, 2000, the Partnership completed
approximately $76,000 of capital improvements at the property, consisting
primarily of carpet and vinyl replacements, appliances, wall covering, and
interior decoration. These improvements were funded from cash from operations.
The Partnership evaluated the capital improvement needs of the property for the
year. The amount budgeted is approximately $100,000, consisting primarily of air
conditioning unit replacements and carpet and vinyl replacements. Additional
improvements may be considered and will depend on the physical condition of the
property as well as replacement reserves and anticipated cash flow generated by
the property.
Fairway Apartments
During the three months ended March 31, 2000, the Partnership completed
approximately $32,000 of capital improvements at the property, consisting
primarily of carpet and tile replacements, interior decoration, and appliances.
These improvements were funded from operating cash flow. The Partnership
evaluated the capital improvement needs of the property for the year. The amount
budgeted is approximately $150,000, consisting primarily of air conditioning
unit replacements, carpet replacements, interior decoration, parking lot
improvements, and appliances. Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.
The Village Apartments
During the three months ended March 31, 2000, the Partnership completed
approximately $112,000 of capital improvements at the property, consisting
primarily of plumbing upgrades, carpet and vinyl replacements, roof replacement,
and building improvements. These improvements were funded from operating cash
flow. The Partnership evaluated the capital improvement needs of the property
for the year. The amount budgeted in 2000 is approximately $92,000, consisting
primarily of air conditioning unit replacement, appliances, carpet and vinyl
replacements, and plumbing upgrades. Additional improvements may be considered
and will depend on the physical condition of the property as well as replacement
reserves and anticipated cash flow generated by the property.
The additional capital expenditures will be incurred only if cash is available
from operations or from Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Partnership's distributable cash flow,
if any, may be adversely affected.
The Partnership's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Partnership. The mortgage
indebtedness of approximately $11,539,000, net of discounts, 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 and/or sell the properties prior to such maturity dates. If the
properties cannot be refinanced or sold for a sufficient amount, the Partnership
may risk losing such properties through foreclosure.
During the three months ended March 31, 2000, a cash distribution from
operations of approximately $240,000 (approximately $233,000 to the limited
partners or $8.21 per limited partnership unit) was paid to the partners. No
cash distributions were paid to the partners during the three months ended March
31, 1999. Future cash distributions will depend on the levels of net cash
generated from operations, the availability of cash reserves and the timing of
debt maturities, refinancings, and/or property sales. The Partnership's
distribution policy is reviewed on a semi-annual basis. There can be no
assurance, however, that the Partnership will generate sufficient funds from
operations after required capital improvements to permit further distributions
to its partners during the year 2000 or subsequent periods.
<PAGE>
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 action 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 one 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 and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek 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 filed demurrers to the amended complaint which were
heard February 1999. Pending the ruling on such demurrers, settlement
negotiations commenced. On November 2, 1999, the parties executed and filed a
Stipulation of Settlement, settling claims, subject to final court approval, on
behalf of the Partnership and all limited partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the Superior Court of the State of California, County of San Mateo, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of class plaintiffs' counsel to enter the
settlement. On December 14, 1999, the Managing General Partner and its
affiliates terminated the proposed settlement. Certain plaintiffs have filed a
motion to disqualify some of the plaintiffs' counsel in the action. The Managing
General Partner does not anticipate that costs associated with this case will be
material to the Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K filed in the first quarter of calendar year
2000:
None.
<PAGE>
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 J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President
and Controller
Date:
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from DAVIDSON
GROWTH PLUS, L.P. 2000 First 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> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 661
<SECURITIES> 0
<RECEIVABLES> 119
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 25,090
<DEPRECIATION> (11,066)
<TOTAL-ASSETS> 15,407
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 11,539
0
0
<COMMON> 0
<OTHER-SE> 3,187
<TOTAL-LIABILITY-AND-EQUITY> 15,407
<SALES> 0
<TOTAL-REVENUES> 1,366
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,159
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 252
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 191
<EPS-BASIC> 6.52 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
