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 0-16684
MULTI-BENEFIT REALTY FUND '87-1
(Exact name of small business issuer as specified in its charter)
California 94-3026785
(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 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>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
MULTI-BENEFIT REALTY FUND '87-1
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 2,146
Receivables and deposits 282
Restricted escrows 98
Other assets 215
Investment properties:
Land $ 1,742
Buildings and related personal property 23,816
25,558
Less accumulated depreciation (13,280) 12,278
$ 15,019
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 198
Tenant security deposit liabilities 93
Accrued property taxes 306
Other liabilities 241
Mortgage notes payable 12,117
Partners' (Deficit) Capital
General Partner $ (133)
Limited Partner "A" Unit holders -
96,284 units issued and outstanding (2,061)
Limited Partner "B" Unit holders -
75,152 units issued and outstanding 4,258 2,064
$ 15,019
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
b)
MULTI-BENEFIT REALTY FUND '87-1
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues:
Rental revenue $1,262 $1,244
Other income 94 73
Total revenues 1,356 1,317
Expenses:
Operating 548 526
General and administrative 40 49
Depreciation 287 258
Interest 247 252
Property taxes 91 93
Total expenses 1,213 1,178
Net income $ 143 $ 139
Net income allocated to general partner $ 1 $ 1
Net income allocated to limited partners 142 138
$ 143 $ 139
Net income per limited partnership "A" and
"B" units $ 0.83 $ 0.80
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
c)
MULTI-BENEFIT REALTY FUND '87-1
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Total
Partners'
General Limited Partners (Deficit)
Partner "A" Units "B" Units Capital
<S> <C> <C> <C> <C>
Original capital contributions $ 1 $ 9,706 $ 7,538 $ 17,245
Limited partnership units at
December 31, 1999 and
March 31, 2000 -- 96,284 75,152 171,436
Partners' (deficit) capital at
December 31, 1999 $ (134) $ (2,141) $ 4,196 $ 1,921
Net income for the three months
ended March 31, 2000 1 80 62 143
Partners' (deficit) capital
at March 31, 2000 $ (133) $ (2,061) $ 4,258 $ 2,064
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
d)
MULTI-BENEFIT REALTY FUND '87-1
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 143 $ 139
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 287 258
Amortization of loan costs 16 20
Change in accounts:
Receivables and deposits 48 (10)
Other assets (26) (18)
Accounts payable (24) 66
Tenant security deposit liabilities 6 (1)
Accrued property taxes (30) 38
Other liabilities (181) 15
Net cash provided by operating activities 239 507
Cash flows from investing activities:
Property improvements and replacements (71) (175)
Net withdrawals from restricted escrows 145 111
Net cash provided by (used in) investing
activities 74 (64)
Cash flows from financing activities:
Payments on mortgage notes payable (20) (18)
Distributions to partners (427) --
Net cash used in financing activities (447) (18)
Net (decrease) increase in cash and cash equivalents (134) 425
Cash and cash equivalents at beginning of period 2,280 1,291
Cash and cash equivalents at end of period $ 2,146 $ 1,716
Supplemental disclosure of cash flow information:
Cash paid for interest $ 231 $ 233
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
e)
MULTI-BENEFIT REALTY FUND '87-1
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Multi-Benefit
Realty Fund '87-1 (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 ConCap Equities, Inc. (the "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 Hunt Club Associates, Ltd. The General Partner of this
consolidated partnership is the General Partner. The Partnership may remove the
general partner of Hunt Club Associates, Ltd.; therefore, the consolidated
partnership is controlled and consolidated by the Partnership. All significant
interpartnership balances have been eliminated.
Limited Partnership Units
The Partnership has issued two classes of Units of Depositary Receipts
("Units"), "A" Units and "B" Units. The two classes of Units are entitled to
different rights and priorities as to cash distributions and Partnership
allocations. The Units represent economic rights attributable to the limited
partnership interests in the Partnership and entitle the holders thereof ("Unit
holders") to participate in certain allocations and distributions of the
Partnership.
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 General Partner. The 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 General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for (i) certain payments to affiliates for
services and (ii) reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership.
<PAGE>
The following transactions with the General Partner and/or its affiliates were
incurred during the three months ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 67 $ 65
Reimbursement for services of affiliates (included in
general and administrative expenses) 24 26
During the three months ended March 31, 2000 and 1999, affiliates of the 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 $67,000 and
$65,000 for the three months ended March 31, 2000 and 1999, respectively.
An affiliate of the General Partner received reimbursements of accountable
administrative expenses amounting to approximately $24,000 and $26,000 for the
three months ended March 31, 2000 and 1999, respectively.
AIMCO and its affiliates currently own 59,995 "A" and 37,548 "B" limited
partnership units in the Partnership representing 62.31% and 49.96% 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 62.31% and 49.96% 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 General
Partner because of their affiliation with the General Partner.
Note D - Commitment
The Partnership is required by the Partnership Agreement to maintain working
capital reserves of not less than 5% of Net Invested Capital, as defined in the
Partnership Agreement. In the event expenditures are made from this reserve,
operating revenue shall be allocated to such reserve to the extent necessary to
maintain the foregoing level. Reserves, consisting of cash and cash equivalents
totaling approximately $2,146,000, exceeded the reserve requirement of
approximately $759,000 at March 31, 2000.
Note E - Distribution
During the three months ended March 31, 2000, the Partnership paid a cash
distribution from operations, which was declared and accrued at December 31,
1999, of approximately $427,000 of which approximately $423,000 ($4.39 per
limited partnership "A" Unit) was paid to the "A" unit limited partners. There
were no distributions paid or declared during the three months ended March 31,
1999.
<PAGE>
Note F - Segment Information
Description of the types of products and services from which the reportable
segment derives its revenues: The Partnership has one reportable segment:
residential properties. The Partnership's residential property segment consists
of three apartment complexes, one each in Ohio, Indiana and Utah. The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less.
Measurement of segment profit or loss: The Partnership evaluates performance
based on segment profit (loss) before depreciation. The accounting policies of
the reportable segment 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.
Factors management used to identify the Partnership's reportable segments: The
Partnership's reportable segment consists of investment properties that offer
similar products and services. Although each of the investment properties are
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 month periods ended March 31, 2000 and 1999,
is shown in the tables below. The "Other" column includes Partnership
administration related items and income and expense not allocated to the
reportable segment.
<TABLE>
<CAPTION>
2000 Residential Other Totals
(in thousands)
<S> <C> <C> <C>
Rental income $ 1,262 $ -- $ 1,262
Other income 79 15 94
Interest expense 247 -- 247
Depreciation 287 -- 287
General and administrative expense -- 40 40
Segment profit (loss) 168 (25) 143
Total assets 13,930 1,089 15,019
Capital expenditures for investment
properties 71 -- 71
</TABLE>
<TABLE>
<CAPTION>
1999 Residential Other Totals
(in thousands)
<S> <C> <C> <C>
Rental income $ 1,244 $ -- $ 1,244
Other income 62 11 73
Interest expense 252 -- 252
Depreciation 258 -- 258
General and administrative expense -- 49 49
Segment profit (loss) 177 (38) 139
Total assets 13,442 1,481 14,923
Capital expenditures for investment
properties 175 -- 175
</TABLE>
Note G - 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 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 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 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 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 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 OPERATIONS
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 discussions 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 operations. 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 each
of the three months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Carlin Manor Apartments 91% 91%
Columbus, Ohio
Hunt Club Apartments 95% 93%
Indianapolis, Indiana
Shadow Brook Apartments 97% 98%
West Valley City, Utah
Results of Operations
The Partnership's net income for the three months ended March 31, 2000, was
approximately $143,000 compared to net income of approximately $139,000 for the
three months ended March 31, 1999. The increase in net income for the three
months ended March 31, 2000 is attributable to an increase in total revenues
partially offset by an increase in total expenses. The increase in total
revenues is due to increases in rental income and other income. Rental income
increased due to increased rental rates at Hunt Club and Carlin Manor partially
offset by increased concession costs and bad debt expense primarily at Carlin
Manor. The increase in other income is attributable to an increase in telephone
commissions received at Shadow Brook Apartments and, to a lesser extent, to an
increase in interest income as a result of higher average cash balances held in
interest bearing accounts and an increase in tenant charges.
The increase in total expenses is due to an increase in depreciation expense and
operating expense partially offset by reduced general and administrative
expense. The increase in depreciation expense is primarily attributable to fixed
asset additions during the last twelve months. The increase in operating expense
is due to a decrease in net insurance proceeds, an increase in utility expenses
at Hunt Club Apartments, increased contract labor costs, and increased employee
bonuses, partially offset by a decrease in snow removal at Hunt Club Apartments
due to less severe snow fall than in the three months ended March 31, 1999, and
reduced maintenance salaries. General and administrative expense decreased due
to reduced general partner reimbursements and printing and mailing costs
associated with investor communications. Included in general and administrative
expenses at both March 31, 2000 and 1999, are reimbursements to the General
Partner allowed under the Partnership Agreement associated with its management
of the Partnership. In addition, 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.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of its investment properties to assess
the feasibility of increasing rents, maintaining or increasing occupancy levels
and protecting the Partnership from increases in expenses. As part of this plan,
the 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 General Partner will
be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Partnership had cash and cash equivalents of
approximately $2,146,000 as compared to approximately $1,716,000 at March 31,
1999. Cash and cash equivalents decreased approximately $134,000 for the three
months ended March 31, 2000, from the Partnership's year ended December 31,
1999, due to approximately $447,000 of cash used in financing activities, which
was partially offset by approximately $239,000 of cash provided by operating
activities and approximately $74,000 of cash provided by investing activities.
Cash used in financing activities consisted primarily of distributions to
partners and, to a lesser extent, of payments of principal made on the mortgage
encumbering Hunt Club Apartments. Cash provided by investing activities
consisted of net withdrawals from restricted escrows maintained by the mortgage
lender which were partially offset by property improvements and replacements.
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 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 each of the Registrant's properties are detailed below.
Carlin Manor
Approximately $124,000 was budgeted for capital improvements for the year 2000
at Carlin Manor Apartments consisting primarily of carpet and vinyl replacement,
air conditioning unit replacement, structural upgrades, heating improvements,
parking lot improvements, and appliance replacements. During the three months
ended March 31, 2000, the Partnership completed approximately $35,000 of
budgeted capital improvements at Carlin Manor, consisting primarily of carpet
replacement and appliance replacement. These improvements were funded primarily
from replacement reserves.
Hunt Club
Approximately $193,000 was budgeted for capital improvements for the year 2000
at Hunt Club Apartments consisting primarily of structural upgrades, fencing,
carpet and vinyl replacement, and appliance replacement. During the three months
ended March 31, 2000, the Partnership completed approximately $18,000 of
budgeted capital improvements at Hunt Club, consisting primarily of floor
covering replacements and appliance replacements. These improvements were funded
from operating cash flow and replacement reserves.
<PAGE>
Shadow Brook
Approximately $138,000 was budgeted for capital improvements for the year 2000
at Shadow Brook Apartments consisting primarily of carpet and vinyl replacement,
roof replacement, and lighting improvements. During the three months ended March
31, 2000, the Partnership completed approximately $18,000 of budgeted capital
improvements at Shadow Brook, consisting primarily of carpet and vinyl
replacement. These improvements were funded from replacement reserves.
The additional capital expenditures for 2000 at the Partnership's properties
will be made only to the extent of cash available from operations and
Partnership reserves. To the extent that such budgeted capital improvements are
completed, the Partnership's distributable cash flow, if any, may be adversely
affected at least in the short term.
The Partnership's assets are currently thought to be sufficient for any
near-term needs (exclusive of capital improvements) of the Partnership. The
mortgage indebtedness of approximately $12,117,000 is amortized over varying
periods and requires one balloon payment in October 2000 and two in November
2003. The 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 will risk losing
such properties through foreclosure.
During the three months ended March 31, 2000, the Partnership paid a cash
distribution from operations, which was declared and accrued at December 31,
1999, of approximately $427,000 of which approximately $423,000 ($4.39 per
limited partnership "A" Unit) was paid to the "A" unit limited partners. There
were no distributions paid or declared during the three months ended March 31,
1999. The Partnership's distribution policy is reviewed on a semi-annual basis.
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. There can be no assurance,
however, that the Partnership will generate sufficient funds from operations
after required capital expenditures to permit further distributions to its
partners during the remainder of 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 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 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 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
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 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:
None filed during the quarter ended March 31, 2000.
<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.
MULTI-BENEFIT REALTY FUND '87-1
By: CONCAP EQUITIES, INC.
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
Multi-Benefit Realty Fund '87-1 2000 First Quarter 10-QSB and is qualified in
its entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000802200
<NAME> Multi-Benefit Realty Fund '87-1
<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> 2,146
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 25,558
<DEPRECIATION> 13,280
<TOTAL-ASSETS> 15,019
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 12,117
0
0
<COMMON> 0
<OTHER-SE> 2,064
<TOTAL-LIABILITY-AND-EQUITY> 15,019
<SALES> 0
<TOTAL-REVENUES> 1,356
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,213
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 247
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 143
<EPS-BASIC> 0.83 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
