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 June 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 ___
Page 1 of 23 Pages
CLOVER INCOME PROPERTIES, L.P.
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS
Cash $ 282,936 $ 292,557
State Tax Refund Receivable - 16,733
----------- -----------
Total current assets 282,936 309,290
----------- -----------
INVESTMENT IN THE WILLOWBROOK JOINT
VENTURE, at equity 4,125,802 4,192,426
OTHER DEFERRED COSTS, less accumulated
amortization of $217,249 and $205,134,
respectively 301,880 313,995
----------- -----------
TOTAL ASSETS $ 4,710,618 $ 4,815,711
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable $ - $ -
Accrued expenses 9,750 50,250
Due to affiliates - 3,000
----------- -----------
Total current liabilities 9,750 53,250
----------- -----------
PARTNERS' CAPITAL
General partner - -
Limited partners 4,700,868 4,762,461
----------- -----------
Total partners' capital 4,700,868 4,762,461
----------- -----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 4,710,618 $ 4,815,711
=========== ===========
The accompanying notes are an integral part of these statements.
2
CLOVER INCOME PROPERTIES L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
For the Six Months Ended
June 30, 1995 June 30, 1994
------------- -------------
REVENUES
Rental income $ - $ 528,184
Other income - 61,243
Interest income 3,026 3,260
----------- ------------
Total revenues 3,026 592,687
----------- ------------
EXPENSES
Depreciation and amortization 12,115 129,352
Operating expenses - 292,456
Professional services 15,154 14,047
General and administrative 11,943 4,687
----------- ------------
Total expenses (Including
affiliate transactions of
4,062 and $34,209 for the six
months ended 6/30/95 and 6/30/94,
respectively) 39,212 440,542
SHARE OF INCOME FROM THE
WILLOWBROOK JOINT VENTURE 94,290 78,356
----------- ------------
NET INCOME $ 58,104 $ 230,501
=========== ============
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 3.79 $ 15.18
=========== ============
The accompanying notes are an integral part of these statements.
3
CLOVER INCOME PROPERTIES L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
June 30, 1995 June 30, 1994
------------- -------------
REVENUES
Rental income $ - $ 264,060
Other income - 18,208
Interest income 2,034 2,045
----------- ------------
Total revenues 2,034 284,313
----------- ------------
EXPENSES
Depreciation and amortization 6,057 64,758
Operating expenses - 159,661
Professional services 6,758 7,301
General and administrative 5,924 581
----------- ------------
Total expenses (Including affiliate
transactions of $4,062 and $17,704
for the three months ended 6/30/95
and 6/30/94, respectively) 18,739 232,301
SHARE OF INCOME FROM THE
WILLOWBROOK JOINT VENTURE 48,763 47,984
----------- ------------
NET INCOME $ 32,058 $ 99,996
=========== ============
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 2.10 $ 6.57
=========== ============
The accompanying notes are an integral part of these statements.
4
CLOVER INCOME PROPERTIES, L.P.
STATEMENT OF PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 1995
(Unaudited)
General Limited
Partner Partners Total
--------- ----------- -----------
Balance at January 1, 1995 $ - $ 4,762,461 $ 4,762,461
Partners' distributions, $7.90
per limited partnership unit (1,197) (118,500) (119,697)
Net Income 1,197 56,907 58,104
--------- ----------- -----------
Balance at June 30, 1995 $ - $ 4,700,868 $ 4,700,868
========= =========== ===========
The accompanying notes are an integral part of these statements.
5
CLOVER INCOME PROPERTIES, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
June 30, 1995 June 30, 1994
------------- ------------
OPERATING ACTIVITIES
Cash received from rentals $ - $ 526,757
Other income received - 29,207
Interest received 3,026 3,260
Distributions received from The
Willowbrook Joint Venture 160,914 160,914
Cash paid for operating expenses (53,864) (259,489)
------------- ------------
Net cash provided by operating activities 110,076 460,649
------------- ------------
INVESTING ACTIVITIES
Cash Paid for Investment Property - (52,369)
Contributions paid to The
Willowbrook Joint Venture - (4,116)
------------- ------------
Net cash (used in) investing activities - (56,485)
------------- ------------
FINANCING ACTIVITIES
Partners' distributions (119,697) (282,726)
------------- ------------
NET INCREASE (DECREASE)IN CASH (9,621) 121,438
CASH, beginning of period 292,557 370,737
------------- ------------
CASH, end of period $ 282,936 $ 492,175
============= ============
6
CLOVER INCOME PROPERTIES, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
June 30, 1995 June 30, 1994
------------- -------------
RECONCILIATION OF NET INCOME
TO CASH PROVIDED BY OPERATING ACTIVITIES
NET INCOME $ 58,104 $ 230,501
ADJUSTMENTS
Depreciation and amortization 12,115 129,352
Income from investment in The
Willowbrook Joint Venture (94,290) (78,356)
Distributions received from The
Willowbrook Joint Venture 160,914 160,914
Decrease in prepaid expenses - 34,399
Decrease in rents receivable - 659
Decrease (increase) in other receivables 16,733 (32,036)
Increase in accounts payable - 27,270
(Decrease) in prepaid rents - (2,086)
(Decrease) in accrued expenses (40,500) (1,643)
(Decrease) in tenants security deposits - (3,607)
(Decrease) in due to affiliates (3,000) (4,718)
------------- ------------
Total adjustments $ 51,972 $ 230,148
------------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 110,076 $ 460,649
============= ===========
7
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
JUNE 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:
For the Six
Months Ended
June 30, 1995
-------------
Current Assets $ 387,403
Investment property, net of accumulated depreciation 9,624,835
Other noncurrent assets 1,100
Total assets $ 10,013,338
============
Current liabilities $ 398,318
Capital -
Clover Income Properties, L.P. 3,800,014
Clover Income Properties II, L.P. 3,800,014
Clover Income Properties III, L.P. 2,014,992
------------
8
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
1. INVESTMENT IN THE WILLOWBROOK JOINT VENTURE (continued):
For the Six
Months Ended
June 30, 1995
-------------
Total liabilities and capital $ 10,013,338
============
Revenues $ 1,011,487
Expenses 791,748
------------
Net income $ 219,739
============
The Joint Venture made distributions from operations to the Partnership
in the amount of $160,914 during the first six months of 1995. (Also
see Note 3).
The investment in The Willowbrook Joint Venture, at equity of
$4,125,802, 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 ($68,949) 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.
9
CLOVER INCOME PROPERTIES, L.P.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
Management Reimbursable
Fees Costs
---------- ------------
Amount payable at January 1, 1995 $ -- $ 3,000
Incurred during the six months
ended June 30, 1995 -- 4,062
Payments made in 1995 -- (7,062)
------- -------
Amount payable at June 30, 1995 $ -- $ --
======= =======
3. SUBSEQUENT DISTRIBUTION:
In July 1995, the Partnership received a $26,819 distribution from the
Willowbrook Joint Venture. In July 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.
10
THE WILLOWBROOK JOINT VENTURE
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS
Cash $ 365,420 $ 193,081
Prepaid expenses 14,795 136,682
Rents receivable 7,188 868
----------- -----------
Total Current Assets 387,403 330,631
----------- -----------
INVESTMENT PROPERTY, at cost 13,401,742 13,378,885
Less - accumulated depreciation (3,776,907) (3,520,401)
----------- -----------
Net investment property 9,624,835 9,858,484
----------- -----------
OTHER ASSETS
Utility deposit 1,100 1,100
----------- -----------
TOTAL ASSETS $10,013,338 $10,190,215
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable -- $ 17,447
Accrued expenses 22,494 26,563
Tenants' security deposits 37,796 40,748
Prepaid rents 11,749 8,936
Due to affiliate 326,279 326,240
----------- -----------
Total current liabilities 398,318 419,934
----------- -----------
PARTNERS'CAPITAL
Clover Income Properties, L.P. 3,800,014 3,866,638
Clover Income Properties II, L.P. 3,800,014 3,866,638
Clover Income Properties III, L.P. 2,014,992 2,037,005
----------- -----------
Total partners' capital 9,615,020 9,770,281
----------- -----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $10,013,338 $10,190,215
=========== ===========
The accompanying notes are an integral part of these statements.
11
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF OPERATIONS
(Unaudited)
For the Six Months Ended
June 30, 1995 June 30, 1994
------------- -------------
REVENUES
Rental income $ 997,340 $1,014,175
Other income 13,617 33,532
Interest income 530 1,812
---------- ----------
Total revenues 1,011,487 1,049,519
---------- ----------
EXPENSES
Depreciation 256,506 255,782
Operating expenses (Including
affiliate transactions of $16,863 and
$62,815 for the six months
ended 6/30/95 and 6/30/94
respectively) 530,294 603,745
Professional services 4,948 4,466
General & administrative -- 2,921
---------- ----------
Total expenses 791,748 866,914
---------- ----------
NET INCOME $ 219,739 $ 182,605
========== ==========
The accompanying notes are an integral part of these statements.
12
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
June 30, 1995 June 30, 1994
------------- -------------
REVENUES
Rental income $502,607 $511,312
Other income 8,033 26,833
Interest income 46 1,274
-------- --------
Total revenues 510,686 539,419
-------- --------
EXPENSES
Depreciation 128,253 127,919
Operating expenses (Including
affiliate transactions of $774 and
$29,639 for the three months
ended 6/30/95 and 6/30/94
respectively) 268,792 296,699
Professional services -- 2,218
General & administrative -- 758
-------- --------
Total expenses 397,045 427,594
-------- --------
NET INCOME $113,641 $111,825
======== ========
The accompanying notes are an integral part of these statements.
13
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF PARTNERS' CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 1995
(Unaudited)
Clover Clover Clover
Income Income Income
Properties, Properties Properties
L.P. II, L.P. III, L.P. Total
----------- ----------- ----------- -----------
Balance January 1, 1995 $ 3,866,638 $ 3,866,638 $ 2,037,005 $ 9,770,281
Net income 94,290 94,290 31,159 219,739
Partners' distributions (160,914) (160,914) (53,172) (375,000)
----------- ----------- ----------- -----------
Balance June 30, 1995 $ 3,800,014 $ 3,800,014 $ 2,014,992 $ 9,615,020
=========== =========== =========== ===========
The accompanying notes are an integral part of these statements.
14
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
June 30, June 30,
1995 1994
----------- -----------
OPERATING ACTIVITIES
Cash received from rentals $ 993,833 $ 1,019,992
Other income received 13,617 33,532
Interest income received 530 1,812
Cash paid for operating expenses (437,784) (504,417)
----------- -----------
Net cash provided by operating activities 570,196 550,919
----------- -----------
INVESTING ACTIVITIES
Cash paid for investment property (22,857) (17,966)
FINANCING ACTIVITIES
Partners' distributions (375,000) (375,000)
Partners' contributions -- 9,592
----------- -----------
Net cash (used in) financing activities (375,000) (365,408)
----------- -----------
NET INCREASE IN CASH 172,339 167,545
Cash, beginning of period 193,081 178,813
----------- -----------
Cash, end of period $ 365,420 $ 346,358
=========== ===========
The accompanying notes are an integral part of these statements.
15
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
June 30, June 30,
1995 1994
--------- ---------
RECONCILIATION OF NET INCOME
TO CASH PROVIDED BY OPERATING ACTIVITIES
NET INCOME $ 219,739 $ 182,605
Adjustments
Depreciation 256,506 255,782
Decrease in prepaid expenses 121,887 145,867
(Increase) in rents receivable (6,320) (735)
(Decrease) in accounts payable (17,447) (12,382)
(Decrease) in accrued expenses (4,069) (8,312)
(Decrease) in security deposits (2,952) (2,711)
Increase in prepaid rents 2,813 6,552
Increase (decrease) in due to affiliates 39 (15,747)
--------- ---------
Total adjustments 350,457 368,314
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 570,196 $ 550,919
========= =========
The accompanying notes are an integral part of these statements.
16
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
JUNE 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 June 30, 1995.
Land $ 1,421,205
Building 11,003,748
Furniture and fixtures 976,789
------------
13,401,742
Less: Accumulated depreciation (3,776,907)
------------
$ 9,624,835
============
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 six months ended
June 30, 1995, $4,113 of such costs were incurred by the Joint Venture.
17
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
Management Reimbursable
Fees Costs
---------- ------------
Amount payable at January 1, 1995 $ 319,132 $ 7,108
Incurred during six months
ended June 30, 1995 $ 12,750 $ 4,113
Payments made during 1995 (12,750) (4,074)
--------- ---------
Amount payable at
June 30, 1995 $ 319,132 $ 7,147
========= =========
3. SUBSEQUENT DISTRIBUTIONS:
In July, 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.
18
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 June 30, 1995, the Partnership had cash on hand of $282,936, 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 $110,076 for the
six months ended June 30, 1995 as compared to $460,649 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
$570,196 for the six months ended June 30, 1995 as compared to $550,919 for the
same period in 1994. The increase in cash flow from operations over the period
was due to a decrease in cash paid for operating expenses, partially offset by a
decrease in cash received from rentals, interest and other income.
The General Partner believes that the Partnership's current and future
cash flows will be sufficient to meet the Partnership's liquidity requirements,
absent any unanticipated cost increases or adverse market conditions.
As of June 30, 1995, the Partnership had paid all outstanding amounts
owed to Clover and its affiliates. As of June 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.
19
During the second quarter of 1995, one elevator at Willowbrook
Apartments was replaced for a total of $22,857, which amount is reflected in
cash paid for investing activities. One common area hallway was recarpeted and
painted and additional common area hallways will be recarpeted during the last
half of 1995. A roof replacement originally planned for 1995 has been
indefinitely postponed and plans to resurface and restripe the parking lot are
currently being reevaluated.
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.
Results of Operations
Three Months and Six Months
Ended June 30, 1995 vs. June 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 $2,034 and $3,026 for the three and
six months ended June 30, 1995, as compared to $2,045 and $3,260 for the same
periods in 1994. There was no other income for the three and six months ended
June 30, 1995 as compared to $18,208 and $61,243 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 six months ended
June 30, 1995 due to the sale of the Holly Tree Apartments in 1994.
20
The Partnership's income before depreciation and amortization for the
three and six months ended June 30, 1995 was $38,115 and $70,219 compared to
$164,754 and $359,853 for the same periods in 1994. The decrease over these
periods is primarily the result of the sale of Holly Tree 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 six months ended June 30, 1995 was
$502,607 and $997,340 as compared to $511,312 and $1,014,175 for the same
periods in 1994. Other income for the three and six months ended June 30, 1995
was $8,033 and $13,617 as compared to $26,833 and $33,532 for the same periods
in 1994. Interest income for the three and six months ended June 30, 1995 was
$46 and $530 as compared to $1,274 and $1,812 for the same periods in 1994. The
decrease in rental income is primarily the result of a decrease in average
rental rates and average occupancy over the period.
The average effective rental rates for the Willowbrook Apartments for
the three and six months ended June 30, 1995 were $1,806 and $3,603 as compared
to $1,818 and $3,626 for the same periods in 1994. The average occupancy for the
Willowbrook Apartments for the three and six months ended June 30, 1995 was
93.10% and 92.83% as compared to 94.10% and 93.60% for the same periods in 1994.
Operating expenses for the Willowbrook Apartments for the three and six
months ended June 30, 1995 were $268,792 and $530,294 as compared to $296,699
and $603,745 for the same periods in 1994. The decrease in operating expenses
over the period is primarily the result of decreased utility expense due to the
very mild winter in the first quarter of 1995 as well as slightly 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 six months ended June 30, 1995 was $241,894 and $476,245 as
compared to $239,744 and $438,387 for the same periods in 1994. The increase in
income before depreciation and amortization in 1995 is primarily the result of
decreased operating expenses.
21
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.
22
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: August 11, 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 March 31, 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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 282,936
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 282,936
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,710,618
<CURRENT-LIABILITIES> 9,750
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 4,700,868
<TOTAL-LIABILITY-AND-EQUITY> 4,710,618
<SALES> 0
<TOTAL-REVENUES> 3,026
<CGS> 0
<TOTAL-COSTS> 39,212
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 58,104
<INCOME-TAX> 0
<INCOME-CONTINUING> 58,104
<DISCONTINUED> 0
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<NET-INCOME> 58,104
<EPS-PRIMARY> 0
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</TABLE>
