<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Wasington, 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: March 31, 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 000-16757
CONCORD MILESTONE PLUS, L.P.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 52-1494615
- --------------------------------- --------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
5200 TOWN CENTER CIRCLE
4TH FLOOR
BOCA RATON, FLORIDA 33486
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (407) 394-9260
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Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
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 for the past 90 days. Yes __X__ No ____
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the provisions of Rule 10-01 of Regulation
S-X and the instructions to Form 10-Q. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included.
Certain reclassifications were made to the accompanying 1995 financial
statements to conform to the 1996 presentation.
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CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)
BALANCE SHEETS
MARCH 31, 1996 (Unaudited) AND DECEMBER 31, 1995
ASSETS
March 31, December 31,
1996 1995
----------- -----------
Property, at cost
Building and improvements $15,265,793 $15,262,476
Less: accumulated depreciation 4,396,229 4,253,132
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Building and improvements, net 10,869,564 11,009,344
Land 10,987,034 10,987,034
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Total property 21,856,598 21,996,378
Cash and cash equivalents 621,794 218,872
Accounts receivable 156,882 168,344
Prepaid expenses 49,064 32,690
Other assets, net 62,786 73,454
Due from affiliates, net 86,564 47,879
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Total assets $22,833,688 $22,537,617
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LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Bonds payable, net $16,439,021 $16,425,967
Accrued interest 520,981 130,246
Accrued expenses and other liabilities 335,834 337,268
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Total liabilities 17,295,836 16,893,481
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Partners' capital:
General partner (67,186) (66,124)
Limited partners:
Class A Interests, 1,518,800 5,605,038 5,710,260
Class B Interests, 2,111,072 0 0
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Total partners' capital 5,537,852 5,644,136
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Total liabilities and partners' capital $22,833,688 $22,537,617
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<PAGE>
CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)
STATEMENTS OF REVENUES AND EXPENSES
(Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
--------- ---------
Revenues:
Rent $ 636,244 $638,137
Reimbursed expenses 85,552 126,926
Interest and other income 3,364 5,254
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Total revenues 725,160 770,317
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Expenses:
Interest expense 390,735 380,452
Depreciation and amortization 159,222 160,881
Management and property expense 202,785 250,993
Professional fees and other expenses 28,764 27,931
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Total expenses 781,506 820,257
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Net income $(56,346) $(49,940)
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Income per weighted average
Limited Partnership 100 Class A
Interests outstanding $ (3.71) $ (3.29)
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CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 1996 (Unaudited) and
FOR THE YEAR ENDED DECEMBER 30, 1995
General Class A Class B
Total Partner Interests Interests
----------- --------- ---------- ---------
PARTNER'S CAPITAL (DEFICIT)
December 31, 1994 $ 6,151,653 $(61,049) $6,212,702 $ 0
Distributions (199,707) (1,997) (197,710) 0
Net Loss (307,810) (3,078) (304,732) 0
------------ ---------- ---------- ---------
PARTNERS' CAPITAL (DEFICIT)
December 31, 1995 5,644,136 (66,124) 5,710,260 0
Distributions (49,938) (499) (49,439) 0
Net Loss (56,346) (563) (55,783) 0
------------ ---------- --------- ---------
PARTNERS' CAPITAL (DEFICIT)
March 31, 1996 $ 5,537,852 $(67,186) $5,605,038 $ 0
------------ ---------- --------- ---------
------------ ---------- --------- ---------
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<PAGE>
CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
March 31, March 31,
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(56,346) $(49,940)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization 159,222 160,881
Change in operating assets and liabilities:
Decrease in accounts receivable 11,462 105,632
(Increase) decrease in prepaid expenses (16,374) 1,941
Decrease (increase) in other assets, net 7,596 (7,546)
Increase in due from affiliates, net (38,685) 0
Increase in accrued interest 390,735 380,452
(Decrease) increase in accrued expenses and
other liabilities (1,434) 11,710
(Decrease) in due to affiliate 0 (22,302)
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Net cash provided by operating activities 456,176 580,828
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CASH FLOWS FROM INVESTING ACTIVITY:
Property improvements (3,316) 0
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CASH FLOWS FROM FINANCING ACTIVITY:
Cash distributions to Partners (49,938) (50,001)
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NET INCREASE IN CASH AND CASH EQUIVALENTS 402,922 530,827
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 218,872 344,020
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CASH AND CASH EQUIVALENTS, END OF PERIOD $621,794 $874,847
--------- ---------
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the period for interest $ 0 $ 0
--------- ---------
--------- ---------
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<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
ORGANIZATION AND CAPITALIZATION
Concord Milestone Plus, L.P., a Delaware limited partnership (the
"Partnership"), was formed on December 12, 1986, to acquire existing
income-producing commercial and industrial real estate. The Partnership
began operations on August 20, 1987.
The Partnership commenced a public offering on April 8, 1987 in order to
fund the Partnership's real property acquisitions. The Partnership
terminated its public offering on April 2, 1988 and was fully subscribed to
with a total of 16,452 Bond Units and 15,188 Equity Units issued. Each Bond
Unit consists of $1,000 principal amount of Bonds and 36 Class B Interests.
Each Equity Unit consists of 100 Class A Interests and 100 Class B
Interests. Capital contributions to the Partnership consisted of
$15,187,840 from the sale of the Equity Units and $592,272 which represent
the Class B Interests from the sale of the Bond Units.
RESULTS OF OPERATIONS
COMPARISON OF QUARTER ENDED MARCH 31, 1996 TO QUARTER ENDED MARCH 31, 1995
Revenues of the Partnership decreased $45,157, or 5.9%, to $725,160 for
the quarter ended March 31, 1996 from $770,317 for the quarter ended March
31, 1995 primarily due to a decrease in reimbursed expenses of approximately
$41,000. Reimbursed expenses decreased primarily due to a decrease in common
area maintenance expenses and insurance expense.
Management and property expenses decreased $48,208, or 19.2%, to $202,785
for the quarter ended March 31, 1996 from $250,993 for the quarter ended
March 31, 1995 primarily due to a decrease in common area maintenance
expenses as a result of cost savings efforts by management and a decrease in
insurance expense due to a lower premium in 1996.
Interest expense increased $10,283, or 2.7%, to $390,735 for the quarter
ended March 31, 1996 from $380,452 for the quarter ended March 31, 1995
primarily due to the scheduled increase in the interest rate on the Bond
from 9.25% in 1995 to 9.50% in 1996.
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LIQUIDITY AND CAPITAL RESOURCES
The General Partner believes that the Partnership's working capital is
sufficient to meet the Partnership's current operating requirements for the
remainder of the year. Nevertheless, because the cash revenues and expenses
of the Partnership will depend on future facts and circumstances relating to
the Partnership's properties, as well as market and other conditions beyond
the control of the Partnership, a possibility exists that cash flow
deficiencies may occur. There are currently no material commitments for
capital expenditures other than as described below.
The Bonds are due and payable on November 30, 1997 in the aggregate
principal amount of $16,452,000 and bear interest, payable semi-annually, at
9.5% (increasing to 10% on November 30, 1996). At or prior to November 30,
1997, it is expected that the Partnership will seek to refinance the Bonds
and/or sell one or more of its properties to repay the Bonds. No assurance
can be given as to whether the Partnership will be able to refinance the
Bonds or sell its properties or if the Partnership is able to do so, that
the terms of any such refinancing and/or sale would be attractive to the
Partnership.
Net cash provided by operating activities of $456,176 for the quarter
ended March 31, 1996 is comprised of (i) a net loss of $56,346, (ii)
adjustments of $159,222 for depreciation and amortization expense and (iii) a
change in operating assets and liabilities of $353,300.
Net cash provided by operating activities of $580,828 for the quarter
ended March 31, 1995 is comprised of (i) a net loss of $49,940, (ii)
adjustments of $160,881 for depreciation and amortization expense and (iii) a
change in operating assets and liabilities of $469,887.
Net cash used in investing activities of $3,316 for the quarter ended
March 31, 1996 is comprised of capital expenditures for property
improvements.
Net cash used in financing activities of $49,938 for the quarter ended
March 31, 1996 is comprised of cash distributions to Partners.
Net cash used in financing activities of $50,001 for the quarter ended
March 31, 1995 is comprised of cash distributions to Partners.
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<PAGE>
PART II - OTHER INFORMATION
ITEM 6. REPORTS ON FORM 8-K
(a) Exhibits - previously filed.
(b) No reports on form 8-K were filed during the quarter covered by this
Report.
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<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.
DATE: May 15, 1996 CONCORD MILESTONE PLUS, L.P.
----------------------------
(Registrant)
BY: CM PLUS CORPORATION
----------------------------
General Partner
By: /s/ Robert Mandor
----------------------------
Robert Mandor
Director and Vice President
By: /s/ Joan LeVine
----------------------------
Joan LeVine
Secretary and Treasurer
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 621,794
<SECURITIES> 0
<RECEIVABLES> 156,882
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 26,252,827
<DEPRECIATION> 4,396,229
<TOTAL-ASSETS> 22,833,688
<CURRENT-LIABILITIES> 0
<BONDS> 16,439,021
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 22,833,688
<SALES> 0
<TOTAL-REVENUES> 725,160
<CGS> 0
<TOTAL-COSTS> 390,771
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 390,735
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (56,346)
<EPS-PRIMARY> (3.71)<F1>
<EPS-DILUTED> 0
<FN>
<F1>LOSS PER WEIGHTED AVERAGE LIMITED PARTNERSHIP 100 CLASS A INTERESTS OUTSTANDING
</FN>
</TABLE>
