<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
[ ] TRANSITION REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
---------------------- ----------------------
Commission File Number 0-17602
- -------------------------------------------------------------------------------
ChrisKen Partners Cash Income Fund L.P.
- -------------------------------------------------------------------------------
(Exact name of small business issuer as Specified in its
certificate of Limited partnership)
Delaware 36-3521124
- ------------------------------------- ---------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
345 North Canal Street, Chicago, Illinois 60606
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(312) 454-1626
- -------------------------------------------------------------------------------
(Issuer's telephone number)
- -------------------------------------------------------------------------------
(Former name, former address and formal fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 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>
CHRISKEN PARTNERS CASH INCOME FUND L.P.
---------------------------------------
INDEX
PART I FINANCIAL INFORMATION PAGE
Item 1. Consolidated Financial Statements
Consolidated Balance Sheet at June 30,
1995 2
Consolidated Statements of Income
for the Three Months and Six Months Ended
June 30, 1995 and 1994 3
Consolidated Statement of Partners'
Capital for the Six Months Ended
June 30, 1995 4
Consolidated Statements of Cash Flows For
the Six Months Ended June 30, 1995
and 1994 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis or
Plan of Operation 7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 9
Item 2. Changes in Securities 9
Item 3. Defaults Upon Senior Securities 9
Item 4. Submissions of Matters to a Vote of
Security Holders 9
Item 5. Other Information 9
Item 6. Exhibits and Reports on Form 8-K 9
SIGNATURE
1
<PAGE>
Chrisken Partners Cash Income Fund L.P.
(A DELAWARE LIMITED PARTNERSHIP)
Consolidated Balance Sheet
June 30, 1995
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Cash and cash equivalents $ 532,105
Restricted cash 377,320
Accounts receivable 11,027
Prepaid expenses 20,937
-------------
941,389
Investment in real estate, at cost:
Land 2,220,195
Buildings and improvements 13,648,596
Equipment 282,426
-------------
16,151,217
Accumulated depreciation (3,422,166)
-------------
12,729,051
-------------
Total assets $13,670,440
-------------
-------------
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 49,676
Deferred income and prepaid rent 79,763
Tenants' security deposits 63,843
Accrued real estate taxes 247,611
-------------
Total liabilities 440,893
Partners' capital, 37,732 limited partnership units issued and
outstanding 13,229,547
-------------
Total liabilities and partners' capital $13,670,440
-------------
-------------
</TABLE>
SEE ACCOMPANYING NOTE.
2
<PAGE>
Chrisken Partners Cash Income Fund L.P.
(A DELAWARE LIMITED PARTNERSHIP)
Consolidated Statements of Income
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
------------------------------------------------
1995 1994 1995 1994
------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Rental $565,290 $534,800 $1,126,372 $1,078,166
Interest 6,873 6,318 16,155 12,090
Other 35,173 51,326 70,385 79,365
------------------------------------------------
Total revenue 607,336 592,444 1,212,912 1,169,621
EXPENSES
Property operations and maintenance 103,504 118,516 227,991 249,010
Depreciation and amortization 125,187 114,913 250,376 229,325
General and administrative 184,744 195,303 413,575 438,280
Management fees - Affiliate 30,032 29,576 61,772 60,924
------------------------------------------------
Total expenses 443,467 458,308 953,714 977,539
------------------------------------------------
Net income $163,869 $134,136 $ 259,198 $ 192,082
------------------------------------------------
------------------------------------------------
Net income allocated to general partners $ 16,387 $ 13,414 $ 25,920 $ 19,208
------------------------------------------------
------------------------------------------------
Net income allocated to limited partners $147,482 $120,722 $ 233,278 $ 172,874
------------------------------------------------
------------------------------------------------
Net income allocated to limited partners per
limited partnership unit outstanding $ 3.91 $ 3.20 $ 6.18 $ 4.58
------------------------------------------------
------------------------------------------------
Limited partnership units outstanding 37,732 37,732 37,732 37,732
------------------------------------------------
------------------------------------------------
</TABLE>
SEE ACCOMPANYING NOTE.
3
<PAGE>
Chrisken Partners Cash Income Fund L.P.
(A DELAWARE LIMITED PARTNERSHIP)
Consolidated Statement of Partners' Capital
Six months ended June 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PARTNER CAPITAL ACCOUNTS
-----------------------------------------
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
-----------------------------------------
<S> <C> <C> <C>
Balance at December 31, 1994 $210,379 $13,089,123 $13,299,502
Distributions (A) - (329,153) (329,153)
Net income 25,920 233,278 259,198
-----------------------------------------
Balance at June 30, 1995 $236,299 $12,993,248 $13,229,547
-----------------------------------------
-----------------------------------------
(A) Summary of 1995 quarterly cash distributions paid per limited
partnership unit:
First quarter $4.41
Second quarter 4.31
</TABLE>
SEE ACCOMPANYING NOTE.
4
<PAGE>
Chrisken Partners Cash Income Fund L.P.
(A DELAWARE LIMITED PARTNERSHIP)
Consolidated Statements of Cash Flows
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30
---------------------------
1995 1994
---------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $259,198 $ 192,082
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 250,376 229,325
Bad debt expense 15,446 12,824
Net changes in operating assets and liabilities:
Increase in accounts receivable (17,057) (4,637)
Increase in prepaid expenses (16,528) (19,263)
Decrease in accounts payable and accrued
expenses (175,698) (122,488)
Increase (decrease) in deferred income and
prepaid rent (8,896) 12,897
Increase (decrease) in tenants' security deposits 3,776 (2,275)
Decrease in due to affiliates (3,917) (4,815)
---------------------------
Net cash provided by operating activities 306,700 293,650
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (277,917) (62,967)
---------------------------
Cash used in investing activities (277,917) (62,967)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners (329,153) (324,263)
---------------------------
Cash used in financing activities (329,153) (324,263)
---------------------------
Net decrease in cash and cash equivalents (300,370) (93,580)
Cash and cash equivalents, beginning of period 832,475 1,157,891
---------------------------
Cash and equivalents, end of period $532,105 $1,064,311
---------------------------
---------------------------
</TABLE>
SEE ACCOMPANYING NOTE.
5
<PAGE>
Chrisken Partners Cash Income Fund L.P.
(A DELAWARE LIMITED PARTNERSHIP)
Note to Consolidated Financial Statements
1. INTERIM ACCOUNTING POLICIES
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and 310(b) of
Regulation of S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. The consolidated financial statements are the
representation of the General Partners and reflect all adjustments which are, in
the opinion of the General Partners, necessary for a fair presentation of the
financial position and results of operations of the Partnership. The General
Partners believe that all such adjustments are normal and recurring. For
further information, refer to the consolidated financial statements and notes
thereto included in the Partnership's Annual Report on Form 10-KSB for the year
ended December 31, 1994.
6
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Chrisken Partners Cash Income Fund L.P. (CPCIF or the Partnership) is a
Delaware limited partnership organized on May 4, 1987, with Chrisken Income
Properties, Inc. (Managing General Partner) and Chrisken Limited Partnership I
as General Partners. Pursuant to a public offering (the Offering), CPCIF sold
37,732 limited partnership units. CPCIF has 99.99% ownership interests in
Springdale Associates Limited Partnership and Chicago I Self-Storage Limited
Partnership. Springdale Associates Limited Partnership owns a 199-unit
residential complex located in Waukesha, Wisconsin (Springdale Apartments), and
Chicago I Self-Storage Limited Partnership owns a 155,997 square foot self-
storage facility located in Chicago, Illinois (Gold Coast Storage).
LIQUIDITY AND CAPITAL RESOURCES
The Partnership had cash and cash equivalents of $532,105 and $832,475 as
of June 30, 1995 and December 31, 1994, respectively. The reduction in cash and
cash equivalents is primarily due to capital improvement expenditures and
reductions in accounts payable. Restricted cash represents operating and
contingency reserves (Reserve) equal to approximately 2% of the gross proceeds
of the Offering ($377,320 at June 30, 1995 and December 31, 1994) as required by
the Limited Partnership Agreement. The Reserve is available for unanticipated
contingencies and repairs at the Springdale Apartments and Gold Coast Storage
(collectively the "Specified Properties"). The General Partners believe the
current amount of the Reserve is adequate to satisfy cash requirement needs.
RESULTS OF OPERATIONS
Occupancy at the Springdale Apartments was 95% at June 30, 1995, 95% at
December 31, 1994, and 97% at June 30, 1994. While occupancy of the units
remained relatively stable, rental rates have moderately increased. The General
Partners believe that occupancy at Springdale Apartments will remain between 95
- - 98% for the remainder of 1995.
Occupancy at Gold Coast Storage was 82% at June 30, 1995, 83% at
December 31, 1994, and 85% at June 30, 1994. During the second quarter of 1995
the Partnership began converting approximately 4,000 square feet of undivided
storage space that had been previously occupied rent free by a charitable, not-
for-profit organization. After conversion, the space yielded approximately
2,900 square feet of revenue generating space, of which approximately 58% had
been leased as of June 30, 1995. Gold Coast Storage occupancy should remain
stable in the future.
Management continues to aggressively market both apartment units at
Springdale Apartments and lease space at Gold Coast Storage in order to increase
occupancy percentages at both locations.
Rental revenue of $779,597 for Springdale Apartments for the six months
ended June 30, 1995 increased 2% from rental revenue of $764,461 for the six
months ended June 30, 1994. The increase in rental revenue resulted from
increased rental rates. The General Partners anticipate that rental revenues
will maintain at this level through the remainder of 1995 with an overall
increase in rental rates for the year. Rental revenue at Gold Coast Storage
increased by 6.1% from $393,070 for the six months ended June 30, 1994 to
$417,160 for the six months ended June 30, 1995 due to an increase in rental
rates and income generating space as discussed above. The General Partners
believe that rental revenue at Gold Coast Storage will remain relatively stable
over the next few years. Overall rental revenue for the six months ended June
30, 1995 of
7
<PAGE>
$1,212,912 increased by 3.4% from the six months ended June 30, 1994 of
$1,169,621 primarily as a result of higher rental rates at both Springdale
Apartments and Gold Coast Storage.
Expenses for the six months ended June 30, 1995, attributable to Springdale
Apartments of $527,785 were 7% lower than expenses for the six months ended June
30, 1994 of $567,253 due primarily to decreased property operating and
maintenance expenses partially offset by higher depreciation expense due to
under estimated depreciation expense for the six months ended June 30, 1994.
Expenses attributable to Gold Coast Storage for the six months ended June 30,
1995 of $367,736 increased by approximately 5.5% from the six months ended June
30, 1994 of $348,383 primarily due to increased property operating and
maintenance expenses. The cost to convert the aforementioned 4,000 square feet
of storage space, although minimal, is reflected in the increased Gold Coast
Storage property operating and maintenance expenses. Overall expenses for the
six months ended June 30, 1995 of $953,714 decreased by approximately 2.5% from
the six months ended June 30, 1994 of $977,539 primarily as a result of a
combination of the foregoing factors affecting the Specified Properties.
Management anticipates expenses to continue to be lower in 1995 than in 1994.
Net income for the six months ended June 30, 1995 of $251,812 from
Springdale Apartments increased by approximately 31% from the six months ended
June 30, 1994 of $192,082 due primarily to increased rental revenue and
decreased property operating and maintenance expenses. Net income for the six
months ended June 30, 1995 of $49,424 from Gold Coast Storage increased by 11%
compared to a net income for the six months ended June 30, 1994 of $44,487 due
to increased rental revenue partially offset by increased property operating and
maintenance expenses. Overall net income for the six months ended June 30, 1995
of $243,043 increased by approximately 35% from the six months ended June 30,
1994 of $179,992 due to increased rental revenue at both of the Specified
Properties and overall reduced property operating and maintenance expenses
partially offset by higher depreciation expense.
Net cash provided by operations for the six months ended June 30, 1995 was
$306,700 compared to net cash provided by operations of $293,650 for the six
months ended June 30, 1994. The change was primarily the result of increased
net income during the six months ended June 30, 1995, offset by a significant
decrease in accounts payable and accrued expenses.
Distributions to Limited Partners during the six months ended June 30, 1995
totalled $329,153 compared to distributions of $324,263 during the six months
ended June 30, 1994. The General Partners anticipate that distributions to
Limited Partners will remain relatively stable throughout 1995, provided that
revenues and expenses also remain stable.
8
<PAGE>
CHRISKEN PARTNERS CASH INCOME FUND L.P.
(A DELAWARE LIMITED PARTNERSHIP)
Items 1 through 5 are omitted because of the absence of conditions under
which they are required.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) No exhibits are being filed with this Report.
9
<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 thereto duly authorized.
ChrisKen Partners Cash Income Fund L.P.
---------------------------------------
(Registrant)
By: ChrisKen Income Properties
Inc., Managing General
Partner
Date: August 11, 1994 By:/s/John F. Kennedy
----------------------------
John F. Kennedy
Director and President
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 909425
<SECURITIES> 0
<RECEIVABLES> 11027
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 16151217
<DEPRECIATION> 3422166
<TOTAL-ASSETS> 13670440
<CURRENT-LIABILITIES> 440893
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 13229547
<TOTAL-LIABILITY-AND-EQUITY> 13670440
<SALES> 1126372
<TOTAL-REVENUES> 1212912
<CGS> 0
<TOTAL-COSTS> 953714
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 259198
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 6.18
<EPS-DILUTED> 0
</TABLE>
