<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 March 31, 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
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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
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(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
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CHRISKEN PARTNERS CASH INCOME FUND L.P.
INDEX
PAGE
PART I FINANCIAL INFORMATION ----
Item 1. Consolidated Financial Statements
Consolidated Balance Sheet at March 31, 1995 2
Consolidated Statements of Operations
for the Three Months Ended March 31,
1995 and 1994 3
Consolidated Statement of Partners' Capital
for the Three Months Ended March 31, 1995 4
Consolidated Statements of Cash Flows For the
Three Months Ended March 31, 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
SIGNATURES
1
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Chrisken Partners Cash Income Fund L.P.
(A DELAWARE LIMITED PARTNERSHIP)
Consolidated Balance Sheet
March 31, 1995
(UNUADITED)
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Cash and cash equivalents $384,437
Restricted cash 377,320
Accounts receivable 11,264
Prepaid expenses 31,418
------
804,439
Investment in real estate, at cost;
Land 2,220,195
Buildings and improvements 13,583,379
Equipment 282,426
-------
16,086,000
Accumulated depreciation (3,296,979)
-----------
12,789,021
----------
Total assets $13,593,460
-----------
-----------
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $51,825
Tenants' security deposits 64,475
Deferred income and prepaid rent 90,828
Accrued real estate taxes 157,886
-------
Total liabilities 365,014
Partners' capital, 37,732 limited
partnership units
issued and outstanding 13,228,446
-----------
Total liabilities and partners'
capital $13,593,460
-----------
-----------
</TABLE>
SEE ACCOMPANYING NOTE.
2
<PAGE>
ChrisKen Partners Cash Income Fund L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Operations
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31
1995 1994
-----------------------------
REVENUE
<S> <C> <C>
Rental $561,082 $543,366
Other 35,212 28,039
------ ------
Total revenue 596,294 571,405
EXPENSES
Property operations and maintenance 124,487 130,494
Depreciation and amortization 125,189 114,412
General and administrative 228,831 242,977
Management Fee - Affiliate 31,740 31,348
------ ------
Total expenses 510,247 519,231
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Income before other income 86,047 52,174
Other income:
Interest income 9,282 5,772
----- -----
Net income $95,329 57,946
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Net income allocated to general partners $9,533 $5,795
------ ------
------ ------
Net income allocated to limited partners $85,796 $52,151
------- -------
------- -------
Net income allocated to limited partners
per limited partnership unit outstanding $2.27 $1.38
----- -----
----- -----
Limited partnership units outstanding 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
Three months ended March 31, 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) ---- (166,385) (166,385)
Net income 9,533 85,796 95,329
----- ------ ------
Balance at March 31, 1995 $219,912 $13,008,534 $13,228,446
-------- ----------- -----------
-------- ----------- -----------
<FN>
(A) Cash distributions paid per limited partnership unit were $4.41
</TABLE>
SEE ACCOMPANYING NOTE.
4
<PAGE>
ChrisKen Partners Cash Income Fund, L.P..
(A DELAWARE LIMITED PARTNERSHIP)
Consolidated Statement of Cash Flows
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31
1995 1994
-----------------------------
CASH FLOW FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income $95,329 $57,946
Adjustments to reconcile net income to net cash
(used in) provided by operating activities:
Depreciation and amortization 125,189 114,412
Bad debt expense 8,283 17,395
Net changes in operating assets and liabilities:
(Increase ) decrease in accounts receivable (10,131) 8,372
Increase in prepaid expenses (27,009) (17,904)
Decrease in accounts payable and accrued
expenses (263,274) (100,155)
Increase in deferred income and prepaid rent 2,169 9,587
Increase (decrease) in tenants' security deposits 4,408 (92)
Decrease in due to affiliates (3,917) (4,231)
------- -------
Net cash (used in) provided by operating activities (68,953) 85,330
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (212,700) (26,054)
--------- --------
Cash used in investing activities (212,700) (26,054)
CASH FLOW FROM FINANCING ACTIVITIES
Distributions to partners (166,385) (166,439)
--------- ---------
Cash used in financing activities (166,385) (166,439)
--------- ---------
Net decrease in cash and cash equivalents (448,038) (107,163)
Cash and cash equivalents, beginning of period 832,475 1,157,891
------- ---------
Cash and equivilents, end of period $384,437 $1,050,728
-------- ----------
-------- ----------
SEE ACCOMPANYING NOTE.
</TABLE>
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
Regulations 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 residen-
tial 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 $384,437 and $832,475 as
of March 31, 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 March 31, 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 97% at March 31, 1995, 95% at
December 31, 1994, and 96% at March 31, 1994. While occupancy of the units
remained relatively stable, rental rates have increased. Springdale Apartments
occupancy has increased due to continued marketing efforts. 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 86% at March 31, 1995, 83% at Decem-
ber 31, 1994, and 85% at March 31, 1994. Gold Coast Storage occupancy has
increased due to improved market conditions. 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 $393,941 for Springdale Apartments for the three months
ended March 31, 1995 increased 3.8% from rental revenue of $379,581 for the
three months ended March 31, 1994. The increase in rental revenue resulted from
increases in occupancy and 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. Rental revenue at Gold Coast Storage
increased by 5.5% from $191,824 for the three months ended March 31, 1994 to
$202,353 for the
7
<PAGE>
three months ended March 31, 1995 due to an increase in rental rates, occupancy,
and sundry income. 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 three months ended March 31, 1995 of $596,294 increased
by 4.4% from the three months ended March 31, 1994 of $571,405 primarily as a
result of increased occupancy and higher rental rates at both Springdale
Apartments and Gold Coast Storage.
Expenses for the three months ended March 31, 1995, attributable to
Springdale Apartments of $259,384 were 7.4% lower than expenses for the three
months ended March 31, 1994 of $279,997 due primarily to decreased property
operating and maintenance expenses. Expenses attributable to Gold Coast Storage
for the three months ended March 31, 1995 of $198,254 increased by approximately
1.3% from the three months ended March 31, 1994 of $195,729 primarily due to an
increase property operating and maintenance expenses. Overall expenses for the
three months ended March 31, 1995 of $510,247 decreased by approximately 1.8%
from the three months ended March 31, 1994 of $519,231 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 three months ended March 31, 1995 of $134,557 from
Springdale Apartments increased by approximately 35% from the three months ended
March 31, 1994 of $99,584 due primarily to increased rental revenue and
decreased property operating and maintenance expenses. Net income for the three
months ended March 31, 1995 of $4,099 from Gold Coast Storage increased by 205%
compared to a net loss for the three months ended March 31, 1994 of $3,905 due
to increased rental rates, occupancy, and sundry income partially offset by
increased property operating and maintenance expenses. Overall net income for
the three months ended March 31, 1995 of $95,329 increased by approximately 65%
from the three months ended March 31, 1994 of $57,946 due to increased rental
revenue at both of the Specified Properties and overall reduced property
operating and maintenance expenses.
Net cash used in operations for the three months ended March 31, 1995 was
$68,953 compared to net cash provided by operations of $85,330 for the three
months ended March 31, 1994. The change was primarily the result of increased
net income during the three months ended March 31, 1995, offset by a large
decrease in accounts payable and acrued expenses.
Distributions to Limited Partners during the three months ended March 31,
1995 totalled $166,385 compared to distributions of $166,439 during the three
months ended March 31, 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.
(b) On February 6, 1995, the Partnership filed a Current Report on
Form 8-K wherein it reported information under Item 4 concerning
the discontinuance of Coopers & Lybrand, LLP as independent
auditors and the engagement of Ernst & Young, LLP as independent
auditors for the fiscal year ended December 31, 1994. No
financial statements were 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: May 10, 1994 By: /s/John F. Kennedy
-------------------------
John F. Kennedy
Director and President
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 761757
<SECURITIES> 0
<RECEIVABLES> 11264
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 804439
<PP&E> 16086000
<DEPRECIATION> 3296979
<TOTAL-ASSETS> 13593460
<CURRENT-LIABILITIES> 365014
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 13228446
<TOTAL-LIABILITY-AND-EQUITY> 13593460
<SALES> 561082
<TOTAL-REVENUES> 596294
<CGS> 0
<TOTAL-COSTS> 510247
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 95329
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 95327
<EPS-PRIMARY> 2.27
<EPS-DILUTED> 0
</TABLE>
