SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
___________
FORM 10Q
(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 0-16773
CLOVER INCOME PROPERTIES, L.P.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
22-2772496
(IRS employer identification no.)
23 WEST PARK AVENUE, MERCHANTVILLE, NEW JERSEY 08109
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (609) 662-1116
________________________________________________________________
Former name, address and former fiscal year, if changed since last report
Indicate by check 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
<TABLE>
CLOVER INCOME PROPERTIES, L.P.
BALANCE SHEETS
(Unaudited)
ASSETS
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
CURRENT ASSETS
Cash $ 274,166 $ 292,557
State Tax Refund Receivable - 16,733
Total current assets 274,166 309,290
INVESTMENT IN THE WILLOWBROOK JOINT
VENTURE, at equity 4,061,948 4,192,426
OTHER DEFERRED COSTS, less accumulated
amortization of $223,307 and $205,134,
respectively 295,822 313,995
TOTAL ASSETS $ 4,631,936 $ 4,815,711
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable $ - $ -
Accrued expenses 17,924 50,250
Due to affiliates - 3,000
Total current liabilities 17,924 53,250
PARTNERS' CAPITAL
General partner - -
Limited partners 4,614,012 4,762,461
Total partners' capital 4,614,012 4,762,461
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 4,631,936 $ 4,815,711
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
CLOVER INCOME PROPERTIES L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
REVENUES
Rental income $ - $ 528,184
Other income - 62,930
Interest income 4,419 13,921
Total revenues 4,419 605,035
EXPENSES
Depreciation and amortization 18,173 135,539
Operating expenses - 316,415
Professional services 58,269 18,951
General and administrative 12,319 9,924
Total expenses (Including
affiliate transactions of
4,062 and $36,379 for the nine
months ended 9/30/95 and 9/30/94,
respectively) 88,761 480,829
SHARE OF INCOME FROM THE
WILLOWBROOK JOINT VENTURE 110,893 97,754
INCOME BEFORE GAIN ON
SALE OF PROPERTY 26,551 221,960
GAIN ON SALE OF PROPERTY - 2,503,521
NET INCOME $ 26,551 $ 2,725,481
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 1.65 $ 181.42
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
CLOVER INCOME PROPERTIES L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Three Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
REVENUES
Rental income $ - $ -
Other income - 1,687
Interest income 1,393 10,661
Total revenues 1,393 12,348
EXPENSES
Depreciation and amortization 6,058 6,187
Operating expenses - 23,959
Professional services 43,115 4,904
General and administrative 376 5,237
Total expenses (Including affiliate
transactions of -0-
and $2,170 for the three months
ended 9/30/95 and 9/30/94,
respectively) 49,549 40,287
SHARE OF INCOME FROM THE
WILLOWBROOK JOINT VENTURE 16,603 19,398
LOSS BEFORE GAIN ON
SALE OF PROPERTY (31,553) (8,541)
GAIN ON SALE OF PROPERTY - 2,503,521
NET INCOME (LOSS) $ (31,553) $ 2,494,980
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT $ (2.14) $ 166.24
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
CLOVER INCOME PROPERTIES, L.P.
STATEMENT OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(Unaudited)
<CAPTION>
General Limited
Partner Partners Total
<S> <C> <C> <C>
Balance at January 1, 1995 $ - $ 4,762,461 $ 4,762,461
Partners' distributions, $11.55
per limited partnership unit (1,750) (173,250) (175,000)
Net Income 1,750 24,801 26,551
Balance at September 30, 1995 $ - $ 4,614,012 $ 4,614,012
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
CLOVER INCOME PROPERTIES, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
OPERATING ACTIVITIES
Cash received from rentals $ - $ 524,546
Other income received - 23,026
Interest received 4,419 13,921
Distributions received from The
Willowbrook Joint Venture 241,371 241,371
Cash paid for operating expenses (89,181) (434,116)
Net cash provided by operating
activities 156,609 368,748
INVESTING ACTIVITIES
Cash Paid for Investment Property - (52,370)
Proceeds from sale of property - 6,500,000
Settlement costs paid from sale
of property - (71,993)
Contributions paid to The
Willowbrook Joint Venture - (4,116)
Net cash provided by investing
activities - 6,371,521
FINANCING ACTIVITIES
Partners' distributions (175,000) (6,834,189)
NET (DECREASE)IN CASH (18,391) (93,920)
CASH, beginning of period 292,557 370,737
CASH, end of period $ 274,166 $ 276,817
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
CLOVER INCOME PROPERTIES, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
RECONCILIATION OF NET INCOME
TO CASH PROVIDED BY OPERATING
ACTIVITIES
NET INCOME $ 26,551 $ 2,725,481
ADJUSTMENTS
Depreciation and amortization 18,173 135,539
Income from investment in The
Willowbrook Joint Venture (110,893) (97,754)
Gain on sale of property - (2,503,521)
Distributions received from The
Willowbrook Joint Venture 241,371 241,371
Decrease in prepaid expenses - 40,293
Decrease in rents receivable - 659
Decrease (increase) in other receivables 16,733 (32,036)
(Decrease) in accounts payable - (10,877)
(Decrease) in prepaid rents - (4,297)
(Decrease) in accrued expenses (32,326) (13,721)
(Decrease) in tenants security deposits - (42,980)
(Decrease) in due to affiliates (3,000) (69,409)
Total adjustments $ 130,058 $ (2,356,733)
NET CASH PROVIDED BY OPERATING
ACTIVITIES $ 156,609 $ 368,748
</TABLE>
The accompanying notes are an integral part of these statements.
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
Readers of this quarterly report should refer to the Partnership's
audited financial statements as of December 31, 1994, as certain
footnote disclosures which would substantially duplicate those
contained in such audited financial statements have been omitted from
this report.
1. INVESTMENT IN THE WILLOWBROOK JOINT VENTURE:
On December 17, 1987, the Partnership acquired a 50% interest in The
Willowbrook Joint Venture (the Joint Venture) for $6,450,000. The
Joint Venture owns the Willowbrook Apartments, a 299-unit mid-rise
apartment complex located in Baltimore, Maryland.
On April 8, 1992, the Partnership and Clover Income Properties II,
L.P., an affiliated partnership, consummated an agreement which was
effective April 1, 1992, with Clover Income Properties III, L.P.,
(CIP III), an affiliated partnership, pursuant to which CIP III
acquired an interest in The Willowbrook Joint Venture. The
Partnership reduced its interest from 50% to 42.91% and received a
distribution of $1,100,000 from the Joint Venture, of which
$1,000,000 was distributed to the limited partners in April 1992. A
summary of the Joint Venture's financial statements is as follows:
<TABLE>
<CAPTION>
For the Nine
Months Ended
September 30, 1995
<S> <C>
Current Assets $ 350,538
Investment property, net of accumulated depreciation 9,515,004
Other noncurrent assets 1,100
Total assets $ 9,866,642
Current liabilities $ 400,429
Capital -
Clover Income Properties, L.P. 3,736,160
Clover Income Properties II, L.P. 3,736,160
Clover Income Properties III, L.P. 1,993,893
</TABLE>
<TABLE>
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
1. INVESTMENT IN THE WILLOWBROOK JOINT VENTURE (continued):
<CAPTION>
For the Nine
Months Ended
September 30, 1995
<S> <C>
Total liabilities and capital $ 9,866,642
Revenues $ 1,523,808
Expenses 1,265,376
Net income $ 258,432
</TABLE>
The Joint Venture made distributions from operations to the
Partnership in the amount of $241,371 during the first nine months of
1995. (Also see Note 3).
The investment in The Willowbrook Joint Venture, at equity of
$4,061,948, includes the Partnership's gain ($325,788) on the sale of
14.18% of its interest in the Joint Venture before the deduction of
$10,758 in expenses relating to the sale and the write-off of 14.18%
of the unamortized deferred costs ($62,892) related to the initial
acquisition of the Joint Venture interest by the Partnership.
Therefore, the amount of the investment, at equity, reflected here
does not correspond to the Partnership's capital account balance in
the Joint Venture.
2. TRANSACTIONS WITH AFFILIATES:
Holly Tree which was sold July 1, 1994, was managed by an affiliate
of the General Partner pursuant to a management agreement which
provided for an annual fee not to exceed 5% of the gross revenues
from the Property. The General Partner and its affiliates were
entitled to reimbursement for administrative services rendered to the
Partnership, direct expenses of Partnership operations and goods and
services used by and for the Partnership.
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
<TABLE>
<CAPTION>
Management Reimbursable
Fees Costs
<S> <C> <C>
Amount payable at January 1, 1995 $ - $ 3,000
Incurred during the nine months
ended September 30, 1995 - 4,062
Payments made in 1995 - (7,062)
Amount payable at September 30, 1995 $ - $ -
</TABLE>
3. SUBSEQUENT DISTRIBUTION:
In October 1995, the Partnership received a $26,819 distribution from
the Willowbrook Joint Venture. In October 1995, the Partnership made
a cash distribution of $54,750 to the Limited Partners and $553 to
the General Partner.
4. GENERAL:
The financial statements reflect all adjustments which are, in the
opinion of the General Partner, necessary for a fair statement of the
results for the interim period presented. Such adjustments are of a
normal recurring nature.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
BALANCE SHEETS
(Unaudited)
ASSETS
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
CURRENT ASSETS
Cash $ 134,911 $ 193,081
Prepaid expenses 208,770 136,682
Rents receivable 6,857 868
Total current assets 350,538 330,631
INVESTMENT PROPERTY, at cost 13,420,164 13,378,885
Less - accumulated depreciation (3,905,160) (3,520,401)
Net investment property 9,515,004 9,858,484
OTHER ASSETS
Utility deposit 1,100 1,100
TOTAL ASSETS $ 9,866,642 $ 10,190,215
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable $ - $ 17,447
Accrued expenses 30,778 26,563
Tenants' security deposits 33,342 40,748
Prepaid rents 10,030 8,936
Due to affiliate 326,279 326,240
Total current liabilities 400,429 419,934
PARTNERS' CAPITAL
Clover Income Properties, L.P. 3,736,160 3,866,638
Clover Income Properties II, L.P. 3,736,160 3,866,638
Clover Income Properties III, L.P. 1,993,893 2,037,005
Total partners' capital 9,466,213 9,770,281
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 9,866,642 $ 10,190,215
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30,1995 September 30, 1994
<S> <C> <C>
REVENUES
Rental income $ 1,500,565 $ 1,514,541
Other income 22,395 41,542
Interest income 848 2,645
Total revenues 1,523,808 1,558,728
EXPENSES
Depreciation 384,759 383,988
Operating expenses (Including
affiliate transactions of $16,977 and
$89,057 for the nine months
ended 9/30/95 and 9/30/94,
respectively) 873,438 931,413
Professional services 7,179 7,128
General & administrative - 8,388
Total expenses 1,265,376 1,330,917
NET INCOME $ 258,432 $ 227,811
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Three Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
REVENUES
Rental income $ 503,225 $ 500,366
Other income 8,778 8,010
Interest income 318 833
Total revenues 512,321 509,209
EXPENSES
Depreciation 128,253 128,206
Operating expenses (Including
affiliate transactions of $114 and
$29,163 for the three months
ended 9/30/95 and 9/30/94,
respectively) 343,144 327,668
Professional services 2,231 2,662
General & administrative - 5,467
Total expenses 473,628 464,003
NET INCOME $ 38,693 $ 45,206
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(Unaudited)
<CAPTION>
Clover Clover Clover
Income Income Income
Properties, Properties Properties
L.P. II, L.P. III, L.P. Total
<S> <C> <C> <C> <C>
Balance January 1, 1995 $ 3,866,638 $ 3,866,638 $ 2,037,005 $ 9,770,281
Net income 110,893 110,893 36,646 258,432
Partners' distributions (241,371) (241,371) (79,758) (562,500)
Balance September 30,
1995 $ 3,736,160 $ 3,736,160 $ 1,993,893 $ 9,466,213
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, September 30,
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES
Cash received from rentals $ 1,495,670 $ 1,517,689
Other income received 22,395 41,542
Interest income received 848 2,645
Cash paid for operating expenses (973,304) (1,002,733)
Net cash provided by operating activities 545,609 559,143
INVESTING ACTIVITIES
Cash paid for investment property (41,279) (62,266)
FINANCING ACTIVITIES
Partners' distributions (562,500) (562,500)
Partners' contributions - 9,592
Net cash (used in) financing activities (562,000) (552,908)
NET (DECREASE) IN CASH (58,170) (56,031)
Cash, beginning of period 193,081 178,813
Cash, end of period $ 134,911 $ 122,782
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, September 30,
1995 1994
<S> <C> <C>
RECONCILIATION OF NET INCOME
TO CASH PROVIDED BY OPERATING ACTIVITIES
NET INCOME $ 258,432 $ 227,811
Adjustments
Depreciation 384,759 383,988
(Increase) in prepaid expenses (72,088) (51,034)
(Increase) in rents receivable (5,989) (3,154)
(Decrease) increase in accounts payable (17,447) 11,770
Increase (decrease) in accrued expenses 4,215 (74)
(Decrease) in security deposits (7,406) (4,847)
Increase in prepaid rents 1,094 6,302
Increase (decrease) in due to affiliates 39 (11,619)
Total adjustments 287,177 331,332
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 545,609 $ 559,143
</TABLE>
The accompanying notes are an integral part of these statements.
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
Readers of this quarterly report should refer to the Joint Venture's
audited financial statements as of December 31, 1994, as certain
footnote disclosures which would substantially duplicate those
contained in such audited financial statements have been omitted from
this report.
1. INVESTMENT PROPERTY:
On December 17, 1987, the Joint Venture acquired the Willowbrook
Apartments, a mid-rise apartment complex comprising 299 apartment
units contained in eight five-story buildings. The complex is
located in Baltimore, Maryland. The following is a summary of
investment property as of September 30, 1995.
<TABLE>
<CAPTION>
<S> <C>
Land $ 1,421,205
Building 11,003,748
Furniture and fixtures 995,211
13,420,164
Less: Accumulated depreciation (3,905,160)
$ 9,515,004
</TABLE>
2. TRANSACTIONS WITH AFFILIATES:
Effective February 21, 1995, NPI-CL Management, L.P. ("NPI") which is
unaffiliated with the Partners, replaced an affiliate of the Partners
as Property Manager. Until this time, as compensation for property
management services performed by an affiliate of the Partners with
respect to the Property, the affiliate was entitled to a management
fee in an amount not to exceed 5% of gross revenues.
The general partners of CIP, CIP II and CIP III and their affiliates
were entitled to reimbursement for administrative services rendered
to the Joint Venture and direct expenses of operations and goods and
services used by and for the Joint Venture. For the nine months
ended September 30, 1995, $4,227 of such costs were incurred by the
Joint Venture.
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
<TABLE>
<CAPTION>
Management Reimbursable
Fees Costs
<S> <C> <C>
Amount payable at January 1, 1995 $ 319,132 $ 7,108
Incurred during nine months
ended September 30, 1995 $ 12,750 $ 4,227
Payments made during 1995 (12,750) (4,188)
Amount payable at
September 30, 1995 $ 319,132 $ 7,147
</TABLE>
3. SUBSEQUENT DISTRIBUTIONS:
In October, 1995, the Joint Venture paid total distributions of
$62,500 to its partners.
4. GENERAL:
The financial statements reflect all adjustments which are, in
the opinion of the joint venture partners, necessary for a fair
statement of results for the interim periods presented. Such
adjustments are of a normal recurring nature.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Financial Condition, Liquidity and Capital Resources
The Partnership's only remaining interest in real estate is a
42.91% interest in The Willowbrook Joint Venture, a joint venture
which owns the Willowbrook Apartments. Consequently, the
Partnership's primary remaining source of operating cash flow will be
distributions from The Willowbrook Joint Venture.
On September 30, 1995, the Partnership had cash on hand of
$274,166, as compared to $292,557 on December 31, 1994. These funds,
along with future operating cash flow, will be utilized for working
capital needs and for distributions to the Limited Partners.
The Partnership's net cash flow from operations was $156,609 for
the nine months ended September 30, 1995 as compared to $368,748 for
the same period in 1994. The decrease in net cash flow from
operations over the period was primarily due to a decrease in cash
received from rentals as a result of the sale of Holly Tree on July
1, 1994.
The Willowbrook Joint Venture's net cash flow from operations
was $545,609 for the nine months ended September 30, 1995 as compared
to $559,143 for the same period in 1994. The decrease in cash flow
from operations over the period was due to a decrease in cash
received from rentals, interest and other income, partially offset by
a decrease in cash paid for operating expenses.
The General Partner believes that the Partnership's current and
future cash flows will be sufficient to meet the Partnership's
liquidity requirements over the next twelve months and the
foreseeable future, absent any unanticipated cost increases or
adverse market conditions.
As of September 30, 1995, the Partnership had paid all
outstanding amounts owed to Clover and its affiliates. As of
September 30, 1995, The Willowbrook Joint Venture, however, owed a
total of $326,279 to Clover and its affiliates, including $7,147 for
reimbursable costs and $319,132 for accrued property management fees.
The payment of such amounts will be made from The Willowbrook Joint
Venture's cash flow when available and from the proceeds of any sales
or refinancing of the assets of The Willowbrook Joint Venture.
During the second quarter of 1995, one elevator at Willowbrook
Apartments was replaced for a total cost of $22,857. During the
third quarter of 1995, air conditioning equipment was purchased at a
cost of $18,422. These amounts are reflected in cash paid for
investing activities. One common area hallway has been recarpeted
and painted and additional common areas are scheduled to be
recarpeted and painted during the last quarter of 1995. A roof
replacement and plans to resurface and restripe the parking lot
originally planned for 1995 have been indefinitely postponed.
Effective February 21, 1995, the General Partner and certain of
its affiliates entered into an agreement with NPI-CL Management L.P.
("NPI"), an entity unaffiliated with the Partnership or its General
Partner, pursuant to which NPI began providing day-to-day asset
management services for the Partnership as well as property
management services for the Joint Venture. NPI is an affiliate of
National Property Investors, Inc., a diversified real estate
management company with offices in Jericho, New York and Atlanta,
Georgia.
On August 17, 1995, the partners of NPI agreed to sell their
interest in NPI to an affiliate of Insignia Financial Group, Inc.
("Insignia"). According to Commercial Property News and the
National Multi-Housing Council, Insignia is the largest property
manager in the United States. The sale of the partnership interests
in NPI is subject to certain conditions and is expected to close in
January 1996. The General Partner does not believe this transaction
will have a significant impact on the Partnership.
Results of Operations
Three Months and Nine Months
Ended September 30, 1995 vs. September 30, 1994
Until the sale of Holly Tree, the Partnership earned revenues
primarily from rental income from the Holly Tree Park Apartments.
Revenues from the Willowbrook Apartments are not included in
Partnership revenues.
The Partnership earned interest of $1,393 and $4,419 for the
three and nine months ended September 30, 1995, as compared to
$10,661 and $13,921 for the same periods in 1994. There was no other
income for the three and nine months ended September 30, 1995 as
compared to $1,687 and $62,930 for the same periods in 1994. The
decrease in other income over these periods is primarily due to
refunds of state income tax overpayments received in the first
quarter of 1994 as well as other income received by Holly Tree
Apartments in 1994.
There were no operating expenses for the three and nine months
ended September 30, 1995 due to the sale of the Holly Tree Apartments
in 1994.
The Partnership incurred a loss before depreciation and
amortization of $25,495 for the three months ended September 30, 1995
compared to income before depreciation and amortization of $2,501,167
for the same period in 1994. The decrease is primarily due to the
gain on the sale of Holly Tree recorded in the third quarter of 1994
and to legal and accounting fees incurred in the third quarter of
1995 in connection with efforts to sell the Willowbrook Apartments,
partially offset by decreased operating expenses as a result of the
sale of Holly Tree.
The Partnership's income before depreciation and amortization
for the nine months ended September 30, 1995 was $44,724 compared to
$2,861,020 for the same period in 1994. The decrease over this
period is primarily the result of the sale of Holly Tree and
increased legal and accounting fees incurred in 1995, somewhat offset
by increased income from the Willowbrook Joint Venture.
Rental income for the Willowbrook Apartments, as operated by The
Willowbrook Joint Venture, for the three and nine months ended
September 30, 1995 was $503,225 and $1,500,565 as compared to
$500,366 and $1,514,541 for the same periods in 1994. Other income
for the three and nine months ended September 30, 1995 was $8,778 and
$22,395 as compared to $8,010 and $41,542 for the same periods in
1994. Interest income for the three and nine months ended September
30, 1995 was $318 and $848 as compared to $833 and $2,645 for the
same periods in 1994. The decrease in rental income for the nine
months ended September 30, 1995, as compared to the same period in
1994, is primarily the result of a decrease in average rental rates
over the period.
The average effective rental rates for the Willowbrook
Apartments for the three and nine months ended September 30, 1995
were $1,786 and $5,360 as compared to $1,787 and $5,409 for the same
periods in 1994. The average occupancy for the Willowbrook
Apartments for the three and nine months ended September 30, 1995 was
94.2% and 93.6% as compared to 93.5% and 93.5% for the same periods
in 1994.
Operating expenses for the Willowbrook Apartments for the three
and nine months ended September 30, 1995 were $343,144 and $873,438
as compared to $327,668 and $931,413 for the same periods in 1994.
The increase in operating expenses for the three months ended
September 30, 1995, as compared to the same period in 1994, is
primarily due to increased costs of painting, wallcovering, carpet
replacement and advertising incurred during the third quarter of
1995, partially offset by lower utility costs. The decrease in
operating expenses for the nine months ended September 30, 1995, as
compared to the same period in 1994, is primarily the result of
decreased utility expense due to the very mild winter in the first
quarter of 1995 as well as decreased salaries and wages.
Additionally, snow removal was $860 in the first quarter of 1995,
compared to $9,380 in the same period of 1994.
The Joint Venture's income before depreciation and amortization
for the three and nine months ended September 30, 1995 was $166,946
and $643,191 as compared to $173,412 and $611,799 for the same
periods in 1994. The decrease in income before depreciation and
amortization for the three months ended September 30, 1995, as
compared to the same period in 1994, is primarily due to increased
operating expenses; partially offset by slightly higher rental
income. The increase in income before depreciation and amortization
for the nine months ended September 30, 1995, as compared to the same
period in 1994, is primarily due to decreased operating expenses,
partially offset by decreases in rental, other and interest incomes.
PART II-OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
No report on Form 8-K was required to be filed during
the period.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
CLOVER INCOME PROPERTIES, L.P.
(Registrant)
By: C.I.P. Management Corp.
By: Donald N. Love
Donald N. Love, President
By: Stanley E. Borucki
Stanley E. Borucki, Treasurer
Date: November 13, 1995
??
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from the
Quarterly Report on Form 10-Q for the quarter ended September 30, 1995 for
Clover Income Properties, L.P. and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 274,166
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 274,166
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,631,936
<CURRENT-LIABILITIES> 17,924
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 4,614,012
<TOTAL-LIABILITY-AND-EQUITY> 4,631,936
<SALES> 0
<TOTAL-REVENUES> 4,419
<CGS> 0
<TOTAL-COSTS> 88,761
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 26,551
<INCOME-TAX> 0
<INCOME-CONTINUING> 26,551
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 26,551
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
