SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1996 Commission File Number 0-17678
SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP
(Exact name of small business issuer as specified in its charter)
Delaware 04-2973618
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
One International Place, Boston, MA 02110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 330-8600
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>
SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM I
<TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (NOTE 1)
Three Months Ended,
March 31,
1996 1995
<S> <C> <C>
REVENUES:
Rooms........................................................... $ - $ -
Food and beverage............................................... - -
Marina.......................................................... - -
Telephone and parking........................................... - -
Gift Shop....................................................... - -
Other........................................................... - -
Interest income................................................. - -
--------------- --------
Total revenues............................................. - -
--------------- --------
OPERATING EXPENSES:
Rooms........................................................... - -
Food and beverage............................................... - -
Marina.......................................................... - -
Telephone and parking........................................... - -
Gift shop....................................................... - -
General & administrative........................................ - -
Sales and marketing............................................. - -
Real estate taxes............................................... - -
Utilities....................................................... - -
Repairs & maintenance........................................... - -
Management fees................................................. - -
Other........................................................... - -
Depreciation & amortization..................................... - -
--------------- --------
Total operating expenses................................... - -
--------------- --------
Operating income (loss) before interest
expense and minority interest................................... - -
Interest expense................................................... - -
--------------- --------
Income (loss) before minority interest.......................... - -
--------------- --------
Minority interest share of Operating
Partnership's (income) loss..................................... - -
--------------- --------
Net income (loss).......................................... $ - $ -
=============== ========
Net income (loss) allocated to General
Partners........................................................ $ - $ -
=============== ========
Net income (loss) allocated to Investor
Limited Partners................................................ $ - $ -
=============== ========
Net income (loss) per Unit of Investor
Limited Partnership Interest.................................... $ - $ -
=============== ========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES
<TABLE>
CONSOLIDATED BALANCE SHEETS
(NOTE 1)
- - - -----------------------------------------------------------------------------------------------------------------------------
March 31, December 31,
1996 1995
(Unaudited) (Audited)
- - - -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Total Assets $ - $ -
============ =======
Total Liabilities $ - $ -
------------ -------
Partners' Capital:
Investor Limited Partners, 835 units authorized, 759.5 units outstanding as of
March 31, 1996 and as of
December 31, 1995 - -
General Partners - -
-------------- -------
Total partners capital - -
-------------- -------
Total liabilities and partners
capital $ - $ -
============= =======
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements. 3
<PAGE>
SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOW
(UNAUDITED) (NOTE 1)
- - - -------------------------------------------------------------------------------------------------------------------------------
Three Months Ended
March 31,
1996 1995
- - - -------------------------------------------------------------------------------------------------------------------------------
Cash flow from operating activities:
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Net Loss:............................................................. $ - $ -
Minority Interest in Operating Partnerships........................... - -
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization.................................... - -
Changes in assets and liabilities:
Increase in accrued interest payable,
accounts payable and other...................................... - -
Increase in accounts receivable, prepaid
expenses and other........................................... - -
------------- -------
Net cash provided by operating
activities.................................................... - -
------------- -------
Cash flows from investing activities:
Improvements to land and buildings............................... - -
------------- -------
Net cash used in investing activities:................................. - -
------------- -------
Cash flows from financing activities:
Increase in fees payable to related parties...................... - -
------------- -------
Net cash provided by financing
activities....................................................... - -
------------- -------
Net increase in cash and cash equivalents.............................. - -
Cash, beginning of period.............................................. - -
------------- -------
Cash, end of period.................................................... $ - $ -
============= =======
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(UNAUDITED) (NOTE 1)
- - - ------------------------------------------------------------------------------------------------------
Investor
FOR THE THREE MONTHS ENDED Limited
MARCH 31, 1996 AND 1995 Units Partners General Total
- - - ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balance,
March 31, 1996 759.5 $ - $ - $ -
===== ========== ========== ======
Balance,
March 31, 1995 767 $ - $ - $ -
===== =========== ========== ======
</TABLE>
<PAGE>
SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP
ITEM 1. - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996
ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements included herein have been prepared by the
Registrant, without audit, pursuant to the rules and regulations of the
Securities and Exchange commission. The Registrant's accounting and financial
reporting policies are in conformity with generally accepted accounting
principles and include all adjustments in interim periods considered necessary
for a fair presentation of the results of operations. Certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Registrant's latest annual
report on Form 10-K.
TAXABLE LOSS
The Partnership's taxable loss for 1996 is expected to be zero which is the same
for financial reporting purposes.
ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS
OR PLAN OF OPERATION
The Partnership currently has no cash or cash equivalents. The Partnership's
sole source of revenue is distributions from Sixty-Six Inc. ("66 Inc."), a
Delaware corporation, in which the Partnership has a 100% equity interest. 66
Inc. has not made a distribution to the Partnership during the past two fiscal
years or during the first quarter of fiscal 1996; nor are any distributions
expected to be made in the near future, or possibly ever. Accordingly, limited
partners will not receive a return on their investment in the Partnership.
The Partnership's only asset is its 100% interest in 66 Inc. 66Inc. holds a
13.35% Class B Limited Partnership interest in 2301 SE 17th St., Ltd. ("2301
Ltd."), a Florida limited partnership, which in turn owns the Pier 66 Hotel
Resort and Marina located in Fort Lauderdale, Florida (the "Property"). Pursuant
to an order confirming the Joint Plan of Reorganization, as Modified (the
"Modified Plan"), issued on June 16, 1993, with respect to the bankruptcy filing
by the prior owners of the Property, the only circumstances under which the
Partnership will receive a distribution from 2301 Ltd. would be upon a sale or
refinancing of the Property. If the Property were sold or refinanced, the
Partnership, through its ownership of 66 Inc., would have a subordinated
interest in 13.35% of the net sale or refinancing proceeds available to 2301
Ltd. after (i) the discharge of all debts of the resort (including the mortgage
indebtedness encumbering the Property), and (ii) a distribution to all other
partners of 2301 Ltd. equal to the sum of (a) their invested capital, plus (b) a
return on such investment equal to a 20% compounded, pre-tax, annual return from
the date of investment (less any previous distribution payments received). There
are, to the knowledge of the Partnership, no current plans to sell or refinance
the Property.
Based on what the Partnership believes to be the present value of the Property
after satisfaction of the current debt on the Property, 66 Inc. would not be
entitled to receive any distributions from 2301 Ltd. Accordingly, the value of
the Class B Interest in 2301 Ltd. is estimated to be $0.
Although the general partner of the Partnership (the "General Partner") has no
obligation to do so, it has, since January 1, 1994 paid all operating expenses
of the Partnership. If the General Partner were to stop funding the
Partnership's operating expenses, the Partnership would not have any assets with
which to pay its operational expenses.
<PAGE>
SIGNATURE
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.
SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP
By: THREE WINTHROP PROPERTIES, INC.,
Its General Partner:
By: /s/ Michael L. Ashner
Michael L. Ashner
Chief Executive Officer
By: /s/ Edward V. Williams
Edward V. Williams
Chief Financial Officer
DATED: May 14, 1996
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<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information
extracted from unaudited financial statements for the
three month period ending March 31, 1996 and is
qualified in its entirety by reference to such financial
statements
</LEGEND>
<CIK> 0000823669
<NAME> SIXTY-SIX ASSOCIATES LIMITED PARTNERSHIP
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 00.00
<EPS-DILUTED> 00.00
</TABLE>
