<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(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, 1996
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: 0-16861
PRUDENTIAL-BACHE/A.G. SPANOS GENESIS INCOME PARTNERS L.P., I
- ---------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 94-3028296
- ---------------------------------------------------------------------------
(State or other jurisdiction of I.R.S. Employer Identification No.)
incorporation or organization)
1341 West Robinhood, Suite B-9, Stockton, CA 95207
- ---------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (209) 478-0140
N/A
- ---------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since
last report
Indicate by check CK 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 such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirement for the past 90 days. Yes _CK_ No__
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
------
<S> <C> <C>
Part I. Financial Information
Item 1: Balance Sheets - September 30, 1996 and
December 31, 1995 . . . . . . . . . . . . . . . . . 3
Statements of operations for the nine months ended
September 30, 1996 and 1995 . . . . . . . . . . . . 4
Statements of operations for the three months ended
September 30, 1996 and 1995 . . . . . . . . . . . . 5
Statement of changes in partners' equity (deficit)
for the nine months ended September 30, 1996 . . . 6
Statements of cash flows for the nine months
ended September 30, 1996 and 1995 . . . . . . . . . 7
Notes to Financial Statements . . . . . . . . . . . 8
Item 2: Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . 15
Part II. Other Information . . . . . . . . . . . . . . . . . 17
</TABLE>
2
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS GENESIS INCOME PARTNERS L.P., I
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1996 1995
---------- ----------
<S> <C> <C>
ASSETS
Property, net $71,717,086 $73,841,245
Cash and cash equivalents 5,107,950 4,151,047
Accounts receivable, affiliate 163,476 328,476
Other assets 17,840 142,325
---------- ----------
$77,006,352 $78,463,093
---------- ----------
---------- ----------
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Mortgage loans payable $59,142,490 $59,764,780
Accounts payable 905,314 914,762
Accounts payable, affiliate 195,695 187,329
Accrued interest 406,722 398,296
Accrued property taxes 753,568 465,828
Unearned rent and tenant deposits 466,929 450,611
---------- ----------
61,870,718 62,181,606
---------- ----------
Partners' equity (deficit):
Limited partners' equity (64,660 units
authorized and outstanding) 9,249,810 10,372,744
Special limited partners' equity (7,749.5 units
authorized and outstanding) 6,862,188 6,862,188
General partners' deficit (976,364) (953,445)
---------- ----------
15,135,634 16,281,487
---------- ----------
$77,006,352 $78,463,093
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
3
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS GENESIS INCOME PARTNERS L.P., I
(A Limited Partnership)
STATEMENTS OF OPERATIONS
For the nine months ended September 30, 1996 and 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Revenues:
Rental $11,488,297 $10,884,631
Land/Lease rentals from affiliates 495,000 180,000
Interest 117,398 106,681
---------- ----------
12,100,695 11,171,312
---------- ----------
Expenses:
Property operating expenses 4,310,831 4,307,186
Property taxes 920,047 883,230
Property management fees to affiliates 343,891 325,356
General and administrative expense 91,343 93,957
Interest expense 3,759,626 3,519,767
Management fees to affiliates 459,532 435,386
Depreciation 2,124,159 2,201,460
---------- ----------
12,009,429 11,766,342
---------- ----------
Net income (loss) $ 91,266 $ (595,030)
---------- ----------
---------- ----------
Net income (loss) allocated to General Partners $ 1,825 $ (11,901)
---------- ----------
---------- ----------
Net income (loss) allocated to Limited Partners $ 89,441 $ (583,129)
---------- ----------
---------- ----------
Net income (loss) allocated to Special
Limited Partners $ -0- $ -0-
---------- ----------
---------- ----------
Net income (loss) per unit of limited
partnership interest $ 1.38 $ (9.02)
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
4
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS GENESIS INCOME PARTNERS L.P., I
(A Limited Partnership)
STATEMENTS OF OPERATIONS
For the three months ended September 30, 1996 and 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Revenues:
Rental $ 3,917,205 $ 3,692,240
Land/Lease rentals from affiliates 165,000 60,000
Interest 43,910 48,799
---------- ----------
4,126,115 3,801,039
---------- ----------
Expenses:
Property operating expenses 1,399,229 1,535,560
Property taxes 289,783 292,505
Property management fees to affiliates 117,409 111,246
General and administrative expense 9,525 7,344
Interest expense 1,217,514 1,172,733
Management fees to affiliates 156,688 147,690
Depreciation 708,053 733,820
---------- ----------
3,898,201 4,000,898
---------- ----------
Net income (loss) $ 227,914 $ (199,859)
---------- ----------
---------- ----------
Net income (loss) allocated to General Partners $ 4,558 $ (3,997)
---------- ----------
---------- ----------
Net income (loss) allocated to Limited Partners $ 223,356 $ (195,862)
---------- ----------
---------- ----------
Net income (loss) allocated to Special
Limited Partners $ -0- $ -0-
---------- ----------
---------- ----------
Net income (loss) per unit of limited
partnership interest $ 3.45 $ (3.03)
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
5
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS GENESIS INCOME PARTNERS L.P., I
(A Limited Partnership)
STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIT)
For the nine months ended September 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Special
Limited Limited General
Total Partners Partners Partners
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Partners' equity
(deficit)-
December 31, 1995 $16,281,487 $10,372,744 $ 6,862,188 $ (953,445)
Net income 91,266 89,441 -0- 1,825
Distributions (1,237,119) (1,212,375) -0- (24,744)
---------- ---------- ---------- ----------
Partners' equity
(deficit)-
September 30, 1996 $15,135,634 $ 9,249,810 $ 6,862,188 $ (976,364)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
See notes to financial statements.
6
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS GENESIS INCOME PARTNERS L.P., I
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 1996 and 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 91,266 $ (595,030)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation 2,124,159 2,201,460
Decrease in other assets 124,485 138,289
Decrease in account receivable, affiliate 165,000 310,803
Increase in accounts payable, affiliate 8,366 5,393
Increase in accrued liabilities 286,718 382,604
Increase in unearned rent and tenant deposits 16,318 4,439
---------- ----------
Total adjustments 2,725,046 3,042,988
---------- ----------
Net cash provided by operating activities 2,816,312 2,447,958
---------- ----------
Cash flows from investing activities:
Land/lease payments -0- 267,498
---------- ----------
Cash flows from financing activities:
Proceeds from mortgage loan payable 9,000,000 -0-
Mortgage loan principal amortization (739,808) (703,275)
Other mortgage loan repayments (8,882,482) -0-
Distributions to partners (1,237,119) (1,237,119)
---------- ----------
Net cash used in financing activities (1,859,409) (1,940,394)
---------- ----------
Net increase in cash and cash equivalents 956,903 775,062
Cash and cash equivalents, beginning of period 4,151,047 4,068,517
---------- ----------
Cash and cash equivalents, end of period $ 5,107,950 $ 4,843,579
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
7
<PAGE>
PRUDENTIAL-BACHE/A. G. SPANOS GENESIS INCOME PARTNERS L.P., I
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE A - FINANCIAL STATEMENT PREPARATION
The September 30, 1996 financial statements have been prepared without
audit. In the opinion of management, the financial statements contain all
adjustments (consisting of normal recurring accruals) necessary to present
fairly the Partnership's financial position, results of operations and cash
flows. The operating results for the nine months ended September 30, 1996
may not necessarily be indicative of the results expected for the full
year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted
accounting principles have been omitted. These financial statements must
be read in conjunction with the financial statements and notes thereto
included in the Partnership's annual report for the year ended December 31,
1995.
Effective January 1, 1996, the Partnership adopted Statement of Financial
Standards ("SFAS") No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed Of." Under SFAS No. 121,
impairment of properties to be held and used is determined to exist when
estimated amounts recoverable through future operations on an undiscounted
basis are below the properties' carrying value. If a property is
determined to be impaired, it should be recorded at the lower of its
carrying value or its estimated fair value. The implementation of SFAS No.
121 did not have a significant impact on the Partnership's financial
position as of September 30, 1996.
8
<PAGE>
NOTE B - PROPERTY
Property is comprised of the following:
<TABLE>
<CAPTION>
September 30, 1996 December 31, 1995
---------------------------------------
<S> <C> <C>
Apartment buildings $ 77,245,362 $ 77,245,362
Equipment 4,937,209 4,937,209
Land 17,147,732 17,147,732
Land held for lease 3,891,758 3,891,758
----------- -----------
103,222,061 103,222,061
Allowance for impairment of assets (1,412,660) (1,412,660)
----------- -----------
101,809,401 101,809,401
Less: Accumulated depreciation (30,092,315) (27,968,156)
----------- -----------
$ 71,717,086 $ 73,841,245
----------- -----------
----------- -----------
</TABLE>
Due to uncertainties regarding the amount to be recovered through future
cash flows from operations and proceeds from dispositions, Land/Lease
rentals of $315,000 for the nine months ended September 30, 1995, were
accounted for as a recovery of the recorded carrying amounts rather than as
revenue. Based on current market conditions, it is not anticipated that
further reductions in the carrying value of the Land/Lease will be required
in 1996.
9
<PAGE>
NOTE C - RELATED PARTY TRANSACTIONS
Set forth below are the fees and other amounts relating to transactions
between the Partnership and the General Partners and their affiliates for
the nine months ended September 30, 1996 and 1995.
<TABLE>
<CAPTION>
1996 1995
-----------------------
<S> <C> <C>
Expensed to the General Partners:
Supervisory management fee $229,766 $217,693
Special distribution 186,066 173,993
Administrative expense reimbursements 43,700 43,700
------- -------
$459,532 $435,386
------- -------
------- -------
Expensed to A.G. Spanos Management, Inc.:
Property management fees $343,891 $325,356
------- -------
------- -------
Accrued to the Partnership:
Ground rent on Land/Leases $495,000 $495,000
------- -------
------- -------
</TABLE>
Accruals of $156,688 and $148,558 for the supervisory management fee,
special distribution and administrative expense reimbursements and $39,007
and $38,771 for property management fees were outstanding at September 30,
1996 and December 31, 1995, respectively. Ground rent of $163,476 and
$328,476 was receivable from affiliates of the Spanos General Partner at
September 30, 1996 and December 31, 1995, respectively. General Partners'
capital account deficit for financial accounting purposes exceeds the
amount the General Partners would be obligated to restore if the
Partnership were to dissolve.
Prudential Securities Incorporated ("PSI"), an affiliate of the Bache
General Partner, owned 1,920 Units at September 30, 1996.
10
<PAGE>
NOTE D - CONTINGENCIES
On or about October 18, 1993 a putative class action, captioned Kinnes et
al. v. Prudential Securities Group Inc. et al. (93 Civ. 654) was filed in
the United States District Court for the District of Arizona, purportedly
on behalf of investors in the Partnership against the Partnership, the
Bache General Partner, PSI and a number of other defendants. On or about
November 16, 1993, a putative class action captioned Connelly et al. v.
Prudential-Bache Securities Inc. et al. (93 Civ. 713) was filed in the
United States District Court for the District of Arizona, purportedly on
behalf of investors in the Partnership against the Partnership, the Bache
General Partner, PSI and a number of other defendants. On or about
November 9, 1993, a putative class action entitled Bottner v. A.G. Spanos
Residential Partners-86 et al. (93 Civ. 7708) was filed in the United
States District Court for the Southern District of New York, purportedly on
behalf of investors in the Partnership against the General Partners, PSI,
Prudential Insurance Company of America and certain of their affiliates and
officers.
On or about May 11, 1994 a policyholder derivative action and putative
class action, captioned Romano et al. v. The Prudential Insurance Company
of America and Prudential Securities Incorporated (94 Civ. 3527), was filed
in the United States District Court for the Southern District of New York,
purportedly on behalf of policyholders of The Prudential Insurance Company
of America ("The Prudential") against The Prudential and PSI as nominal
defendants and against certain officers of The Prudential and its
affiliates, including the present and former chief executive officers of
PSI, and present and former members of The Prudential's board of directors,
the Spanos General Partner and certain of its affiliates as defendants. In
substance the suit alleged that the wrongful acts of the defendants
(essentially the same conspiracy regarding the sales of limited partnership
interests alleged in the consolidated complaint discussed below) have
resulted in substantial losses to PSI as a consequence of fines and
litigation settlements. Because PSI is a wholly owned subsidiary of The
Prudential, its losses allegedly diminished the value of plaintiffs'
interests in The Prudential as policyholders. The complaint contains counts
based upon RICO, intentional and negligent misrepresentation, and unjust
enrichment. Plaintiffs sought unspecified compensatory, general,
consequential, incidental and punitive damages as well as interest, costs
and attorneys' fees. A motion to dismiss the case was filed January 20,
1995 on behalf of The Prudential and the outside directors.
11
<PAGE>
On or about February 13, 1995 an individual action, captioned Estate of
Jean Adams v. Prudential Securities, Inc. et al. (Case No. 1995 CV 00265)
was filed in the Court of Common Pleas in Stark County, Ohio against PSI,
The Prudential, the General Partners, the Partnership and affiliates of the
Spanos General Partner. The action was removed to the United States
District Court for the Northern District of Ohio (Eastern Division) on
March 15, 1995. Plaintiff alleged misrepresentations, breach of fiduciary
duties and civil conspiracy by defendants in connection with the sale of
units of the Partnership. Plaintiff sought unspecified damages, including
punitive damages.
By order of the Judicial Panel on Multidistrict Litigation dated April 14,
1994, the Kinnes and Bottner cases, by order dated June 8, 1994, the
Connelly case, by order dated June 27, 1994, the Romano case, and by order
dated April 7, 1995, the Adams case, were transferred to a single judge of
the United States District Court for the Southern District of New York and,
except for Romano, consolidated for pretrial proceedings under the caption
In re Prudential Securities Incorporated Limited Partnerships Litigation
(MDL Docket 1005). The Romano case was coordinated for pretrial discovery
purposes. On June 8, 1994, plaintiffs in the transferred cases filed a
complaint that consolidated the previously filed complaints and named as
defendants, among others, PSI, certain of its present and former employees
and the General Partners. The Partnership is not named a defendant in the
consolidated complaint, but the name of the Partnership is listed as being
among the limited partnerships at issue in the case. The consolidated
complaint alleges violations of the federal and New Jersey Racketeer
Influenced and Corrupt Organizations Act ("RICO") statutes, fraud,
negligent misrepresentation, breach of fiduciary duties, breach of third-
party beneficiary contracts and breach of implied covenants in connection
with the marketing and sales of limited partnership interests. Plaintiffs
request relief in the nature of rescission of the purchase of securities
and recovery of all consideration and expenses in connection therewith, as
well as compensation for lost use of money invested less cash
distributions; compensatory damages; consequential damages; treble damages
for defendants' RICO violations (both federal and New Jersey); general
damages for all injuries resulting from negligence, fraud, breaches of
contract, and breaches of duty in an amount to be determined at trial;
disgorgement and restitution of all earnings, profits, benefits, and
compensation received by defendants as a result of their unlawful acts; and
costs and disbursements of the action. On November 28, 1994 the transferee
court deemed each of the complaints in the constituent actions (including
Kinnes and Bottner) amended to conform to the allegations of the
12
<PAGE>
consolidated complaint. On August 9, 1995 the Bache General Partner, PSI
and other Prudential defendants entered into a Stipulation and Agreement of
Partial Compromise and Settlement with legal counsel representing
plaintiffs in the consolidated actions. The court preliminarily approved
the settlement agreement by order dated August 29, 1995 and, following a
hearing held November 17, 1995, found that the agreement was fair,
reasonable, adequate and in the best interests of the plaintiff class. The
court gave final approval to the settlement, certified a class of
purchasers of specific limited partnerships, including the Partnership,
released all settled claims by members of the class against the PSI
settling defendants and permanently barred and enjoined class members from
instituting, commencing or prosecuting any settled claim against the
released parties. The full amount due under the settlement agreement has
been paid. The Connelly and Adams cases were dismissed with prejudice as to
the Prudential defendants by court order filed October 25, 1996. These
cases and the consolidated action remain pending against the Spanos
General Partner and certain of its affiliates, however. An agreement in
principle to settle the Romano action has been reached by certain of the
defendants (including PSI and The Prudential but excluding the Spanos
General Partner) and legal counsel for the policyholders. If accepted by
the policyholders and approved by the court, the case will be dismissed
with prejudice as to the settling defendants and the Spanos General
Partner. The Partnership is not named a defendant in the consolidated
complaint and the action is not expected to have a material effect on the
Partnership's financial condition; accordingly, no provision for any loss
that may result upon resolution of this matter has been made in the
accompanying financial statements.
On or about April 15, 1994 a multiparty petition entitled Schreiber, et al.
v. Prudential Securities, Inc., et al. (Cause No. 94-17696) was filed in
the 189th Judicial District Court of Harris County, Texas, purportedly on
behalf of investors in the Partnership against the Partnership, the General
Partners, PSI, The Prudential Insurance Company of America and a number of
other defendants. The Petition alleges common law fraud, fraud in the
inducement and negligent misrepresentation in connection with the offering
of limited partnership interests and negligence, breach of fiduciary duty,
civil conspiracy, and violations of the federal Securities Act of 1933
(sections 11 and 12) and of the Texas Securities and Deceptive Trade
Practices statutes. The suit seeks, among other things, compensatory and
punitive damages, costs and attorney's fees. The ultimate outcome of this
action as well as the impact on the Partnership cannot presently be
determined. Accordingly, no provision for any loss that may result upon
resolution of this matter has been made in the accompanying financial
statements. The General Partners, PSI and the Partnership, where
applicable, believe they have meritorious defenses to this complaint and
intend to vigorously defend themselves in this action.
13
<PAGE>
NOTE E - SUBSEQUENT EVENT
In November 1996, the Partnership paid third quarter cash distributions
of $404,125 and $8,248, respectively to the Unitholders and the General
Partners. Distributions were accrued at September 30, 1996 and are
included in accounts payable.
13
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Capital Resources and Liquidity
The Partnership had cash of $5,108,000 at September 30, 1996. There are
no proposed programs for renovation, improvement or development of the
Properties other than maintenance and repairs (including major repairs)
in the ordinary course which will be paid from operations, and the
Partnership's liquidity position is considered satisfactory.
The Partnership's operating activities provided cash of $2,816,000 in the
first nine months of 1996, of which $601,000 reflects timing differences
relating to prepaid and accrued expense items. Of the balance, $740,000
was applied to scheduled principal amortization on the Partnership's
mortgage debt, $1,237,000 was applied towards cash distributions and
$238,000 was retained. Reported net cash from investing activities
declined (and reported land/lease rentals from affiliates on the statements
of operations increased) for the first nine months of 1996 because the
land/lease payments are no longer accounted for as a recovery of the
recorded carrying amount, as described in Note B to the financial
statements. Cash flows from financing activities reflects the repayment of
the $8,882,000 balance of the Mission Trails mortgage with the proceeds
from a new $9,000,000 mortgage from another lender. Scheduled principal
amortization increased this year, reflecting the fact that the principal
portion of the monthly mortgage payments increases over time.
Results of Operations
Apartment project rental revenue was $11,488,000 for the first nine months
of 1996, an increase of 5.5% compared to the same period last year.
Revenue increased at each of the seven Apartment Projects, reflecting
higher occupancy and increased effective rental rates. Average occupancy
was 95% for the first nine months of 1996 compared to 93.6% for the first
nine months of 1995.
14
<PAGE>
Interest expense increased $240,000 compared to the first nine months of
1995; however $127,000 relates to non-recurring charges for loan fees for
the Mission Trails refinancing ($60,000) and corrections to the lender's
prior year interest billings for Cypress Pointe and Comanche Place
($67,000). The balance of the increase reflects the higher interest rates
on the Casa de Fuentes, Comanche Place and Mission Trails mortgage loans.
Depreciation expense declined $77,000 because certain personal property
assets became fully depreciated in 1995. Comparative third quarter 1996 and
1995 operating results generally reflect the trends discussed above for the
comparative nine-month periods. Property operating expenses for the third
quarter 1996 declined as compared to the third quarter 1995 because of
lower major repair costs.
15
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
This information is incorporated by reference to Note D to the financial
statements filed herewith in Item 1 of Part I of the Partnership's
Quarterly Report.
Item 2. Changes in Securities
(None)
Item 3. Defaults Upon Senior Securities
(None)
Item 4. Submission of Matters to a Vote of Security Holders
(None)
Item 5. Other Information
(None)
Item 6. Exhibits and Reports on Form 8-K
Exhibits
4(a) Certificate of Limited Partnership of Registrant as filed
with the Secretary of State of Delaware, incorporated by
reference to Exhibit 4(a) to Amendment No. 1 to
Registration Statement on Form S-11, File No. 33-9139,
filed with the Securities and Exchange Commission on
January 28, 1987.
4(b) Amendment to Certificate of Limited Partnership of
Registrant as filed with the Secretary of State of
Delaware, incorporated by reference to Exhibit 4(b) to
Amendment No. 2 to Registration Statement on Form S-11,
File No. 33-9139, filed with the Securities and Exchange
Commission on February 20, 1987.
4(c) Amended and Restated Agreement of Limited Partnership of
Registrant, incorporated by reference to Exhibit 4(c) to
Amendment No. 2 to Registration Statement on Form S-11,
File No. 33-9139, filed with the Securities and Exchange
Commission on February 20, 1987.
16
<PAGE>
4(d) Amendments No. 1 through 6 dated June 3, July 2, August 3
and 20, September 10 and October 2, 1987, respectively, to
the Amended and Restated Agreement of Limited Partnership
of Registrant, incorporated by reference to Exhibit 4(d)
to Post-Effective Amendment No. 1 to Registration
Statement on Form S-11, File No. 33-9139, filed with the
Securities and Exchange Commission on November 12, 1987.
4(e) Amendments No. 7 through 13 dated December 4 and 18, 1987
and February 1, March 8 and 25, April 27 and August 12,
1988, respectively, to the Amended and Restated Agreement
of Limited Partnership of Registrant, incorporated by
reference to Exhibit 4(e) of the Annual Report on Form
10-K dated December 31, 1988, File No. 33-9139.
27 Financial Data Schedule (filed herewith)
Reports on Form 8-K
(None)
17
<PAGE>
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, thereunto duly authorized.
PRUDENTIAL-BACHE/A.G. SPANOS GENESIS INCOME PARTNERS, L.P., I
(Registrant)
By: A.G. Spanos Residential Partners-86, General Partner
By: AGS Financial Corporation, a general partner
By: /s/Arthur J. Cole Date: November 14, 1996
---------------------------------
Arthur J. Cole
President and Chief Accounting Officer
By: A.G. Spanos Realty, Inc., a general partner
By: /s/Arthur J. Cole Date: November 14, 1996
---------------------------------
Arthur J. Cole
Vice President and Chief Accounting Officer
18
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> The Schedule contains summary financial
information extracted from the financial
statements for Prudential-Bache/A.G. Spanos
Genesis Income Partners L.P., I, and is
qualified entirely by reference to such
financial statements.
</LEGEND>
<RESTATED>
<CIK> 000803399
<NAME> Prudential-Bache/AG Spanos Genesis Income Partners LP I
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-1-1996
<PERIOD-END> Sep-30-1996
<PERIOD-TYPE> 9-Mos
<CASH> 5107950
<SECURITIES> 0
<RECEIVABLES> 181316
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5289266
<PP&E> 101809401
<DEPRECIATION> 30092315
<TOTAL-ASSETS> 77006352
<CURRENT-LIABILITIES> 2728228
<BONDS> 59142490
0
0
<COMMON> 0
<OTHER-SE> 15135634
<TOTAL-LIABILITY-AND-EQUITY> 77006352
<SALES> 11983297
<TOTAL-REVENUES> 12100695
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8249803
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3759626
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 91266
<EPS-PRIMARY> 1.38
<EPS-DILUTED> 0
</TABLE>
