<PAGE> 1
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, 1999
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 33-11064
EREIM LP Associates
(Exact name of registrant as specified in its governing instrument)
New York 58-1739527
(State of Organization) (I.R.S. Employer Identification No.)
787 Seventh Avenue, New York, New York 10019
(Address of principal executive office) (Zip Code)
(Registrant's telephone number, including area code) (212) 554-1926
Indicate by check mark 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> 2
EREIM LP ASSOCIATES
CONTENTS
PART I - FINANCIAL INFORMATION
Item 1 - Financial statements:
Balance sheets at September 30, 1999 and
December 31, 1998
Statements of income for the three and nine
months ended September 30, 1999 and 1998
Statement of partners' capital for the nine
months ended September 30, 1999
Statements of cash flows for the nine months
ended September 30, 1999 and 1998
Notes to financial statements
Item 2 - Management's Discussion and Analysis of Financial Condition
and Results of Operations
PART II - OTHER INFORMATION
Items 1 through 6
Signatures
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
EREIM LP ASSOCIATES
BALANCE SHEETS
SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
(unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 1999 1998
- ------ ------------- ------------
<S> <C> <C>
Cash $ 10,000 $ 10,000
Guaranty fee receivable from affiliate 17,734 121,698
Investment in joint venture, at equity 30,716,846 32,023,757
------------- ------------
TOTAL ASSETS $ 30,744,580 $ 32,155,455
============= ============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Deferred guaranty fee $ 810,922 $ 998,058
Due to affiliates 32,613 649
Accrued liabilities 6,991 17,919
------------- ------------
TOTAL LIABILITIES 850,526 1,016,626
------------- ------------
PARTNERS' CAPITAL:
General partners:
Equitable 30,380,369 31,695,037
EREIM LP Corp. (486,315) (556,208)
------------- ------------
TOTAL PARTNERS' CAPITAL 29,894,054 31,138,829
------------- ------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 30,744,580 $ 32,155,455
============= ============
</TABLE>
See notes to financial statements.
3
<PAGE> 4
EREIM LP ASSOCIATES
STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(unaudited)
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1999 1998 1999 1998
-------- -------- ----------- --------
REVENUE:
<S> <C> <C> <C> <C>
Equity in net income (loss) of joint venture $424,730 $330,523 $(1,306,911) 363,611
Guaranty fee from affiliate 82,619 124,481 264,542 379,714
-------- -------- ----------- --------
TOTAL REVENUE 507,349 455,004 (1,042,369) 743,325
-------- -------- ----------- --------
EXPENSES:
General and administrative 7,012 7,012 21,036 21,036
-------- -------- ----------- --------
TOTAL EXPENSES 7,012 7,012 21,036 21,036
-------- -------- ----------- --------
NET INCOME (LOSS) $500,337 $447,992 $(1,063,405) $722,289
======== ======== =========== ========
</TABLE>
See notes to financial statements.
4
<PAGE> 5
EREIM LP ASSOCIATES
STATEMENT OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
(unaudited)
<TABLE>
<CAPTION>
EREIM
Equitable LP Corp. Total
------------ --------- ------------
<S> <C> <C> <C>
Balance, December 31,1998 $ 31,695,037 $(556,208) $ 31,138,829
Capital contributions -- -- --
Distributions to partners -- (181,370) (181,370)
Net income (loss) (1,314,668) 251,263 (1,063,405)
------------ --------- ------------
Balance, September 30, 1999 $ 30,380,369 $(486,315) $ 29,894,054
============ ========= ============
</TABLE>
See notes to financial statements.
5
<PAGE> 6
EREIM LP ASSOCIATES
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(unaudited)
<TABLE>
<CAPTION>
September 30, September 30,
1999 1998
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (1,063,405) $ 722,289
------------- -------------
Adjustments to reconcile net income (loss ) to
net cash provided by operating activities:
Equity in net (income) loss of joint venture 1,306,911 (363,611)
Distributions from joint venture -- 671,591
Decrease in guaranty fee receivable from affiliate 103,964 118,265
Decrease in deferred guaranty fee (187,136) (187,136)
Increase in due to affiliates 31,964 26,721
Decrease in accrued liabilities (10,928) (5,685)
------------- -------------
Total adjustments 1,244,775 260,145
------------- -------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 181,370 982,434
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to general partners (181,370) (982,434)
------------- -------------
NET CASH USED IN FINANCING ACTIVITIES (181,370) (982,434)
------------- -------------
NET CHANGE IN CASH -- --
CASH AT BEGINNING OF PERIOD 10,000 10,000
------------- -------------
CASH AT END OF PERIOD $ 10,000 $ 10,000
============= =============
</TABLE>
See notes to financial statements.
6
<PAGE> 7
EREIM LP ASSOCIATES
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
(unaudited)
The financial statements of the Partnership included herein have been
prepared by the Partnership pursuant to the rules and regulations of the
Securities and Exchange Commission. In the opinion of management, the
accompanying unaudited financial statements reflect all adjustments, which
are of a normal recurring nature, to present fairly the Partnership's
financial position, results of operations, and cash flows at the dates and
for the periods presented. These financial statements should be read in
conjunction with the Partnership's audited financial statements and notes
thereto included in the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1998, as certain footnote disclosures which would
substantially duplicate those contained in such audited financial
statements have been omitted from this report. Interim results of
operations are not necessarily indicative of results to be expected for the
fiscal year.
1. GUARANTY AGREEMENT
The Partnership has entered into a guaranty agreement with EML Associates
(the "Venture"), a joint venture in which the Partnership holds a 20%
interest and invests in income-producing real properties and a fixed-rate
mortgage loan, to provide a minimum return to ML/EQ Real Estate Portfolio,
L.P.'s ("ML/EQ") limited partners on their contributions. Payments on the
guaranty are due 90 days following the earlier of the sale or other
disposition of all the properties and mortgage loans and notes or the
liquidation of ML/EQ. The minimum return will be an amount which, when
added to the cumulative distributions from ML/EQ to its limited partners,
will enable ML/EQ to provide its limited partners with a minimum return
equal to their capital contributions plus a simple annual return of 9.75%
on their adjusted capital contributions calculated from the dates of
ML/EQ's investor closings at which investors acquired their Beneficial
Assignee Certificates ("BACs"). Adjusted capital contributions are the
limited partners' original cash contributions reduced by distributions of
sale or financing proceeds and by distributions of certain funds in
reserves, as more particularly described in ML/EQ's Partnership Agreement.
The limited partners' original cash contributions have been adjusted by
that portion of distributions paid through September 30, 1999 resulting
from cash available to ML/EQ as a result of sale or financing proceeds paid
to the Venture.
The minimum return is subject to reduction in the event that certain taxes,
other than local property taxes, are imposed on ML/EQ or the Venture, and
is also subject to certain other limitations. If there were no
distributions until December 31, 2002, the expiration of the term of ML/EQ,
the maximum liability of the Partnership to the Venture under the guaranty
agreement as of September 30, 1999 is limited to $108,123,498, plus the
value of the Partnership's interest in the Venture less any amounts
contributed by the Partnership to the Venture to fund cash deficits. The
Venture has assigned its rights under the guaranty agreement to ML/EQ.
ML/EQ will have recourse under the guaranty agreement only to the
Partnership and EREIM LP Corp. as a general partner of the Partnership but
not to The Equitable Life Assurance Society of the United States
("Equitable"). Equitable has entered into a Keep Well Agreement with EREIM
LP Corp. to permit EREIM LP Corp. to pay its obligations with respect to
the guaranty agreement as they become due; provided, however, that the
maximum liability of Equitable under the Keep Well Agreement is an amount
equal to the lesser of (i) two percent of the total admitted assets of
Equitable (as determined in accordance with New York Insurance Law) or (ii)
$271,211,250. The Keep Well Agreement provides that only EREIM LP Corp. and
its successors will have the right to enforce Equitable's obligation with
respect to the guaranty agreement.
Capital contributions by the BAC holders to ML/EQ totaled $108,484,500. As
of September 30, 1999, the cumulative 9.75% simple annual return was
$111,229,302. As of September 30, 1999, cumulative distributions by ML/EQ
to the BAC holders totaled $117,499,548, of which $27,663,548 is
attributable to income from operations and $89,836,000 is attributable to
sales of Venture assets, principal payments on mortgage loans, and other
capital events. Management does not currently believe that future cash
distributions to the limited partners from liquidation of Venture assets
will be sufficient to provide the specified minimum return. Accordingly,
the shortfall will be funded by the guarantor, up to the above described
maximum.
7
<PAGE> 8
EREIM LP ASSOCIATES
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
(unaudited)
1. GUARANTY AGREEMENT (Continued)
Effective as of January 1, 1997, the Partnership entered into an amendment
to the Joint Venture Agreement of the Venture between the Partnership and
ML/EQ pursuant to which the Partnership agreed to defer, without interest,
its rights to receive 20% of the Venture's distributions of sale or
financing proceeds until ML/EQ has received aggregate distributions from
the Venture in an amount equal to the capital contributions made to ML/EQ
by the BAC holders plus a noncompounded cumulative return computed at the
rate of 9.75% per annum on contributions outstanding from time to time.
Prior to the amendment, the Partnership had a right to receive 20% of all
the Venture's distributions of sale or financing proceeds on a pari passu
basis with ML/EQ. The amendment has the effect of accelerating the return
of original contributions to BAC holders to the extent that sale or
financing proceeds are realized prior to the dissolution of ML/EQ.
2. INVESTMENT IN JOINT VENTURE
In March, 1988, ML/EQ had its initial investor closing. ML/EQ contributed
$90,807,268 to the Venture. The Partnership contributed zero coupon
mortgage notes to the Venture in the amount of $22,701,817. The Venture
purchased an additional $5,675,453 of zero coupon mortgage notes from
Equitable.
In May, 1988, ML/EQ had its second and final investor closing. ML/EQ
contributed $14,965,119 to the Venture. The Partnership contributed zero
coupon mortgage notes to the Venture in the amount of $3,741,280, including
accrued interest. The Venture purchased an additional $935,320 of zero
coupon mortgage notes from Equitable to bring the total amount of zero
coupon mortgage notes owned by the Venture to $33,053,870, including
accrued interest as of the dates of acquisition. One of the zero notes was
accounted for as a deed in lieu of foreclosure by the Venture on July 22,
1994. The remaining note was due on June 30, 1995. The borrower defaulted
on its obligation to repay the loan, and the collateral, Brookdale Center,
was transferred to Equitable and the Venture on December 16, 1996 as
tenants in common, pursuant to a Chapter 11 bankruptcy plan for
reorganization filed with the Bankruptcy Court by the borrower.
8
<PAGE> 9
EREIM LP ASSOCIATES
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
(unaudited)
2. INVESTMENT IN JOINT VENTURE (Continued)
The financial position and results of operations of the Venture are
summarized as follows:
SUMMARY OF FINANCIAL POSITION
SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
(unaudited)
<TABLE>
<CAPTION>
September 30 December 31
------------- -------------
<S> <C> <C>
Assets:
Rental properties held for sale $ 54,416,400 $ 41,869,718
Rental properties, net of accumulated depreciation of
$5,586,628 in 1998 -- 39,873,242
------------- -------------
Net rental properties 54,416,400 81,742,960
Mortgage loan receivable -- 6,000,000
Cash and cash equivalents 9,650,056 10,677,613
Accounts receivable and accrued investment income 4,604,925 2,892,290
Deferred rent concessions 745,857 809,836
Deferred leasing costs -- 302,184
Prepaid expenses and other assets 892,075 875,369
Interest receivable 220,481 84,220
------------- -------------
Total assets $ 70,529,794 $ 103,384,472
============= =============
Liabilities and equity:
Accounts payable and accrued real estate expenses $ 1,700,858 $ 1,691,368
Accrued capital expenditures 174,532 788,395
Security deposits and unearned rent 230,503 343,922
Joint venturers' equity 68,423,901 100,560,787
------------- -------------
Total liabilities and equity $ 70,529,794 $ 103,384,472
============= =============
Partnership's share of joint venture equity $ 30,716,846 $ 32,023,757
============= =============
</TABLE>
9
<PAGE> 10
EREIM LP ASSOCIATES
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999
(unaudited)
2. INVESTMENT IN JOINT VENTURE (Continued)
SUMMARY STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(unaudited)
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
Revenue:
Rental income $ 12,646,826 $ 15,115,871
Lease termination income 191,661 12,501
Interest on loans receivable 51,250 461,250
------------ ------------
Total revenue 12,889,737 15,589,622
------------ ------------
Operating expenses:
Real estate operating expenses 5,532,616 6,207,514
Depreciation and amortization 789,345 2,519,718
Real estate taxes 1,602,427 1,363,810
Property management fees 262,017 334,383
------------ ------------
Total operating expenses 8,186,405 10,425,425
------------ ------------
Income from property operations 4,703,332 5,164,197
------------ ------------
Other income (expense):
Loss on sale of real estate assets (212,979) --
Loss on write-down of real estate assets (11,371,847) (3,581,890)
General and administrative expense (90,337) (115,936)
Interest and other nonoperating income 437,286 351,684
------------ ------------
Total other income (expense), net (11,237,877) (3,346,142)
------------ ------------
Net income (loss) $ (6,534,545) $ 1,818,055
============ ============
Partnership's share of equity in net income (loss) of joint $ (1,306,911) $ 363,611
venture ============ ============
</TABLE>
- --------------------------------------------------------------------------------
3. REAL ESTATE PROPERTIES HELD FOR SALE
At September 30, 1999 16/18 Sentry Park West and Northland Mall properties
are classified as held for sale, and accordingly the application of
depreciation has been suspended. The carrying value Northland Mall was
adjusted to the lower of cost or estimated net realizable value, resulting
in a loss of $9,257,167 recorded during 1999. The 16/18 Sentry Park West
property was sold on October 28, 1999 (see footnote 5).
10
<PAGE> 11
4. LEGAL PROCEEDINGS
As discussed in the Notes to Consolidated Financial Statements of the
Partnership's December 31, 1998 audited financial statements, the
Partnership is a defendant in a consolidated action brought in the Court of
Chancery of the State of Delaware entitled IN RE: ML/EQ Real Estate
Partnership Litigation. In August 1999, Plaintiffs filed an amended
complaint alleging that, in addition to the allegations made previously,
certain distributions from ML/EQ were improperly characterized as sale or
financing proceeds rather than distributable cash. Defendants have filed a
motion to dismiss the amended complaint on statute of limitations grounds.
A Northland Mall tenant filed a lawsuit in 1999 in the State Court of
Michigan against the Venture for breach of lease. The parties entered into
a settlement agreement pursuant to which Equitable, the co-venturer,
paid the tenant the full settlement payment.
5. SUBSEQUENT EVENT
On October 28, 1999, the Venture consummated the sale of the 16/18 Sentry
Park West property at a sales price of $29.05 million. The net sales
proceeds received were $28,420,559, which resulted in a gain of $4,726,752.
11
<PAGE> 12
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following analysis of the results of operations and financial condition of
the Partnership should be read in conjunction with the financial statements and
the related notes to financial statements included elsewhere herein.
Certain Forward-Looking Information
Certain of the statements contained in this Quarterly Report on Form 10-Q
constitute forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements include, without limitation,
statements regarding future capital expenditures relating to renovation and
development activities. These forward-looking statements are included in this
Quarterly Report on Form 10-Q based on the intent, belief or current
expectations of the Partnership. However, such forward-looking statements are
not guarantees of future performance and involve risks and uncertainties, and
actual results may differ materially from those projected in the forward-looking
statements as a result of various factors. Although the Partnership believes
that the expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its expectations will
be achieved. Factors that could cause actual results to differ materially from
the Partnership's current expectations include general local market conditions,
the investment climate for particular property types, individual property
issues, construction delays due to unavailability of materials, weather
conditions or other causes, leasing activities, risks associated with the Year
2000 issue, and the other risks detailed from time to time in the Partnership's
SEC reports, including the Annual Report on Form 10-K for the year ended
December 31, 1998.
Liquidity and Capital Resources
As of September 30, 1999, the Partnership had cash of $10,000, and the Venture,
in which the Partnership owns 20% interest, had approximately $9.7 million in
cash and cash equivalents. The cash is expected to be used for general working
capital purposes or capital improvements. The Partnership may establish
additional working capital reserves as the General Partners from time to time
determine are appropriate.
In the third quarter of 1999, as a result of the sale of the 300 Delaware
property, a distribution of sale and financing proceeds of $1.55 per BAC was
made to holders of record as of July 23, 1999. The cash balances that remain
have been retained primarily to fund potential costs that may be required to
improve tenancy at Northland Mall. In addition, these funds may be required to
cover other general working capital requirements.
In August 1999, a purchase and sale agreement was executed for 16/18 Sentry Park
West at a price of $29.05 million. The property sold on October 28, 1999 for
$29.05 million. The net sales proceeds received were $28,420,559, which resulted
in a gain of $4,726,752. Based on the amendment to the Joint Venture Agreement
effective as of January 1, 1997, EREIM LP Associates agreed to defer, without
interest, its right to receive 20% of the Venture's distribution of sale or
financing proceeds, thereby entitling the Partnership to receive 100% of the
sale or financing proceeds attributable to the sales.
Regarding Northland Mall, the property is being held for sale, and management is
currently evaluating offers that have been received. However, there is no
certainty as to when the property will be sold.
12
<PAGE> 13
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Financial Condition
The decrease in guarantee fee receivable of approximately $104,000, or 85%, from
$122,000 at December 31, 1998 to $18,000 at September 30, 1999 is attributable
to the payments to EREIM LP by ML/EQ $181,000 of guaranty fees in 1999, offset
by the accrual of $77,000 of guaranty fee receivable for 1999.
Results of Operations
Equity in net income of the Venture increased approximately $94,000, or 28%, and
decreased approximately $1.7 million, or 459%, for the three and nine months
ended September 30, 1999, respectively, from $331,000 for the three months and
$364,000 for the nine months ended September 30, 1998 to $425,000 for the three
months and negative $1.3 million for the nine months ended September 30, 1999.
The third quarter increase and the nine month decrease are due primarily to the
$650,000 write-down of 1850 Westfork recorded in the third quarter 1998, of
which the Partnership's portion was approximately $130,000, the $2.9 million
write-down of Richland Mall recorded in second quarter 1998, of which the
Partnership's portion was approximately $580,000, offset by the $11.4 million
write-downs of 300 Delaware and Northland Mall recorded during the first six
months of 1999, of which the Partnership's portion was approximately $2.3
million.
Year 2000
The inability of computers, software and other equipment to recognize and
properly process data fields containing a two-digit year is commonly referred to
as the Year 2000 compliance issue (Y2K). As the year 2000 approaches, such
systems may be unable to accurately process certain date-based information.
Y2K exposures of the Partnership and the Venture continue to be assessed.
Potential critical exposures include reliance on third party vendors and
building systems that are not Y2K compliant. The Venture continues to
communicate with our third party service vendors in an effort to assess Y2K
compliance status and the adequacy of Y2K efforts.
Each property owned by the Venture has been individually assessed in an effort
to identify critical Y2K issues specific to each property. The inventory survey,
assessment and remediation efforts for 16 Sentry Park West, 18 Sentry Park West
and Northland Mall have been completed.
The Partnership and the Venture have incurred total costs to date relating to
Y2K of approximately $62,200. The total property assessment costs to the Venture
were approximately $49,500 and the total cost for quality assurance for third
party engineers and consultants were approximately $12,700. No material costs
were incurred to remediate and test non-compliant building systems. In addition,
contingency plans were developed for each of the buildings owned by the Venture
and are in place for the remaining property, Northland Mall. Contingency plans
may involve the engagement of additional security services, implementation of
temporary systems modifications, and the identification and engagement of
alternate service vendors. Additional contingency plans may be developed as
circumstances warrant.
The failure to adequately address the Year 2000 issue may result in a cessation
or disruption of building operations, the closure of buildings owned by the
Venture, or delay in distributions to BAC Holders. There could be unexpected
costs associated with Y2K issues and these costs cannot be predicted at this
time. These unexpected costs could be incurred prior to or after the year 2000.
In order to reduce the potential impact on the operations of the Partnership and
the Venture, Partnership contingency plans were completed.
Quantitative and Qualitative Disclosures About Market Risk
Market risk is the exposure to loss resulting from changes in interest rates,
foreign currency exchange rates, commodity prices, and equity prices. As of
September 30, 1999, the Partnership had no material exposure to market risk.
13
<PAGE> 14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
As discussed in the Notes to Consolidated Financial Statements of the
Partnership's December 31, 1998 audited financial statements, the
Partnership is a defendant in a consolidated action brought in the Court of
Chancery of the State of Delaware entitled IN RE: ML/EQ Real Estate
Partnership Litigation. In August 1999, Plaintiffs filed an amended
complaint alleging that, in addition to the allegations made previously,
certain distributions from ML/EQ were improperly characterized as sale or
financing proceeds rather than distributable cash. Defendants have filed a
motion to dismiss the amended complaint on statute of limitations grounds.
A Northland Mall tenant filed a lawsuit in 1999 in the State Court of
Michigan against the Venture for breach of lease. The parties entered into
a settlement agreement pursuant to which Equitable, the co-venturer, paid
the tenant the full settlement payment.
Item 2. Changes in Securities
Response: None
Item 3. Default Upon Senior Securities
Response: None
Item 4. Submission of Matters to a Vote of Security Holders
Response: None
Item 5. Other Information
Response: None
Item 6. Exhibits and Reports on Form 8-K
Response:
a) Exhibits
27 Financial Data Schedule (for SEC filing purposes only)
b) Reports
None
14
<PAGE> 15
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Partnership has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
EREIM LP Associates
By: EREIM LP Corp.
General Partner
By: /s/Debra L. Keller
------------------------------------------
Debra L. Keller
Vice President and Assistant Treasurer
(Principal Accounting Officer)
Dated: November 12, 1999
15
<PAGE> 16
EXHIBIT INDEX
Exhibit No. Description
- ----------- --------------------------------------------------------
27 Financial Data Schedule (for SEC filing purposes only)
16
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF EREIM LP ASSOCIATES FOR THE PERIOD ENDED SEPTEMBER 30,
1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 10,000
<SECURITIES> 0
<RECEIVABLES> 17,734
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 27,734
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 30,744,580
<CURRENT-LIABILITIES> 39,604
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 29,894,054
<TOTAL-LIABILITY-AND-EQUITY> 30,744,580
<SALES> 0
<TOTAL-REVENUES> (1,042,369)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 21,036
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,063,405)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,063,405)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,063,405)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
