UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
- ------ SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended
December 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
- ------ THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File Number
0-17718
-------
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
------------------------------------------------
(Exact name of registrant as specified in its charter)
Wisconsin 39-1618677
- -------------------------------- ---------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
20875 Crossroads Circle
Suite 800
Waukesha, Wisconsin 53186
- -------------------------------- ---------------------------
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code (414) 798-0900
--------------
Securities registered pursuant to Section 12(b) of the Act:
None
----
Securities registered pursuant to Section 12(g) of the Act:
LIMITED PARTNERSHIP INTERESTS
-----------------------------
(Title of Class)
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 requirement
for the past 90 days.
Yes X No
--------- ---------
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
1995 FORM 10-K
TABLE OF CONTENTS
-----------------
Part I
Item 1 Business
Item 2 Properties
Item 3 Legal Proceedings
Item 4 Submission of Matters to a Vote of
Security Holders
Part II
Item 5 Market for Registrant's Common Equity and
Related Stockholder Matters
Item 6 Selected Financial Data
Item 7 Management's Discussion and Analysis of
Financial Condition and Results of
Operations
Item 8 Financial Statements and Supplementary
Data
Item 9 Changes in and Disagreements with
Accountants on Accounting and Financial
Disclosure
Part III
Item 10 Directors and Executive Officers of the
Registrant
Item 11 Executive Compensation
Item 12 Security Ownership of Certain Beneficial
Owners and Management
Item 13 Certain Relationships and Related
Transactions
Part IV
Item 14 Exhibits, Financial Statement Schedules,
and Reports on Form 8-K
Financial Statements and Supplementary Data
Signatures
PART 1
Item 1. BUSINESS
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP (the "Registrant"
or "Partnership") is a Wisconsin Limited Partnership formed on
April 1, 1988, under the Wisconsin Revised Uniform Limited
Partnership Act. The Registrant was originally organized to
acquire, for cash (no debt), real estate projects, including real
estate for restaurants, mobile home communities, apartment
complexes and other commercial properties. The Partnership raised
$9,866,000 in Limited Partnership Interests (9,866 Interests at
$1,000 per unit) pursuant to a registration statement on Form S-11
under the Securities Act of 1933. The Partnership has utilized the
net offering proceeds to acquire the real property investments
described under "Properties" (Item 2).
The officers and employees of RAL Asset Management Group, a
Wisconsin general partnership, and its affiliates performed
services for the Registrant until June 1, 1993. RAL Asset
Management Group is controlled by the General Partners of the
Partnership. Effective June 1, 1993 the Partnership made separate
property and partnership management agreements.
The partnership management agreement is with an unrelated
management company. The property management agreement is with a
related entity with the same general partners as the Partnership.
The related property management firm simultaneously subcontracted
with the same unrelated management company handling the partnership
management. The terms and conditions of these agreements are
similar to the above related party agreements, which they replace.
The Registrant itself employs individual onsite managers and
maintenance personnel in the mobile home parks and apartment
complexes. The Registrant employed five at March 30, 1996.
<TABLE>
Provided below is certain financial information by property type
for the three years covered by this report:
<CAPTION>
Apartment Mobile Home Commercial
Complexes Parks Properties
---------------- ---------------- --------------
1995 1994 1993 1995 1994 1993 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Number of properties
owned at Decmeber 31:
3 3 3 2 2 2 1 1 1
Gross rental
revenues (000's) $623 620 587 $463 438 433 $51 51 51
</TABLE>
Item 2. PROPERTIES
As of March 30, 1996, the Registrant owned the following
properties:
Date of
Property Name Purchase Approximate Size
- ------------------- --------- -----------------------------
Evergreen Estates 07/29/88 161 mobile home sites on
Mobile Home Park approximately 32 acres of land
Faribault, MN*
Cedar Crossing 12/23/88 Minority ownership (12.291%) in
Apartments a 109 unit garden apartment
Frederick, MD complex (RAL Yield + Equities IV
Limited Partnership, an
affiliated limited partnership
owns the remaining interest)
Champion Auto Center 02/28/89 A 7,176 square foot building
Ashwaubenon, WI 28,800 sq. ft. of land
Camelot Homes 10/17/89 73 mobile home sites on 39 acres
Mobile Home Park of land
Pulaski, WI*
Muir Heights 01/12/90 66 unit apartment complex
Apartments
Madison, WI*
Forest Downs 01/03/91 35 unit apartment complex
Apartments
Hales Corners, WI*
*Denotes a material property, having gross revenues greater than
10% of total revenues.
The real estate business is highly competitive and the Partnership
competes with other real estate investment entities many of which
have greater financial resources. No one firm or group of firms,
in the opinion of the General Partners, is dominate in the
industry. The Partnership, therefore, faces substantial
competition from a variety of sources for attractive real estate
investment opportunities and attracting and retaining tenants for
its existing properties.
Any commercial, residential or mobile home community properties
acquired by the Partnership have competition for tenants from
similar properties in the vicinity. To the extent that the
Partnership owns or acquires commercial properties, such as
restaurants or shopping centers, which have leases entitling the
Partnership to participate in gross receipts of tenants above fixed
minimum amounts, the success of the Partnership will depend in part
on the success of its tenants in competing with similar businesses
in the vicinity.
Leases on Investment Properties:
The mobile home parks and apartments lease rental spaces
(apartments) and receive income on a monthly basis from tenant
leases which normally have lease terms of one year or less.
In the opinion of management of the Partnership, all properties are
adequately covered by insurance.
MATERIAL PROPERTIES
- -------------------
Following is information with respect to each property whose
revenues are greater than 10% of total revenues as denoted above.
<TABLE>
The following is a listing of the approximate average physical
occupancy rates for the Partnership's material properties during
each of the last five years:
<CAPTION>
Occupancy Rate
------------------------------------
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Camelot MHP 90% 99% 98% 94% 92%
Evergreen MHP 92% 91% 88% 87% 89%
Forest Downs Apts. 99% 95% 85% 84% 96%
Muir Heights Apts. 95% 99% 96% 91% 91%
</TABLE>
<TABLE>
The following is a listing of the average annual per unit rental
rates for the Partnership's material properties for each of the
last five years:
<CAPTION>
Annual Per Unit Rental Rate
------------------------------------
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Camelot MHP $1,610 1,643 1,559 1,501 1,488
Evergreen MHP $2,248 2,179 2,269 2,281 2,152
Forest Downs Apts. $6,435 6,384 6,774 6,861 6,510
Muir Heights Apts. $6,367 6,242 6,086 6,050 5,753
</TABLE>
The Federal tax basis for each of the material properties is
identical to the book basis as listed in Schedule III on page F-16
of this report. Depreciation information for tax purposes on the
properties is as follows:
Type of Asset Rate Method Depreciable Life
------------- ---- ------ ----------------
Land Improvements SL MACRS 15-40 Year
Building SL MACRS 31.5-40 Year
Equipment DDB MACRS 7-12 Year
<TABLE>
Real estate tax information for the three years covered by this
report for material properties is as follows:
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Camelot MHP
Tax rate .03517 .03417 .03441
Real estate taxes $20,834 19,536 20,216
Evergreen MHP
Tax rate .029600 .026700 .026835
Real estate taxes $18,882 17,032 17,118
Forest Downs Apts.
Tax rate .033490 .042902 .042174
Real estate taxes $46,886 55,772 55,766
Muir Heights Apts.
Tax rate .032068 .032976 .032976
Real estate taxes $68,945 70,899 87,126
</TABLE>
Item 3. LEGAL PROCEEDINGS
The Partnership is not subject to any material pending legal
proceedings.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of security holders
during 1995.
PART II
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
(a)&(b) As of March 30, 1996, there were approximately 1,150
record holders of Interests of the Partnership. There
is no public market for Interests and it is not
anticipated that a public market for Interests will
develop. The General Partners will not redeem or
repurchase Interests.
(c) All cash available for distribution other than sale or
refinancing proceeds is distributed 95% to the Limited
Partners and 5% to the General Partners, at least semi
-annually. See attached financial statements and footnotes
for a detailed discussion of amounts and timing of
distributions to Limited Partners.
Item 6. SELECTED FINANCIAL DATA
<TABLE>
Year Ended Year Ended Year Ended Year Ended Year Ended
12/31/95 12/31/94 12/31/93 12/31/92 12/31/91
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Rental Income
$1,136,844 $1,109,467 $1,071,488 $1,026,253 $984,097
Interest Income 8,176 4,676 5,959 14,727 42,200
Net Income 280,769 279,261 268,031 341,999 281,076
Total Assets 7,319,180 7,366,491 7,642,215 7,985,253 8,327,590
Note Payable 118,718 0 0 0 0
Distributions to
Limited Ptnrs:
Cash Flow 415,612 530,300 604,295 665,957 690,620
Return of Capital
0 0 0 0 0
Per Interest Data:(A)
Distributions 42.13 53.75 61.25 67.50 70.00
Net Income 27.04 26.89 25.81 32.93 27.06
<FN>
The above selected financial data should be read in conjunction
with financial statements and related footnotes elsewhere herein.
</FN>
</TABLE>
(A) The Net Income per Interest is computed on the basis of the
net income allocated to the Limited Partners divided by the
outstanding Interests at the end of the period.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP is a Wisconsin
Limited Partnership formed on April 1, 1988, under the Wisconsin
Revised Uniform Limited Partnership Act. The Registrant was
organized to acquire new and existing income producing properties
for cash. Also, the Partnership may acquire undeveloped property
on which improvements are to be constructed. The Partnership will
not purchase or lease any property from, or sell or lease property
to, the General Partners or their Affiliates, other than a purchase
of property which such persons have temporarily purchased and held
title to on behalf of the Partnership, and then only at their cost.
The Partnership has purchased six income-producing properties to-
date (see Item (2)).
Liquidity and Capital Resources:
Properties acquired by the Partnership are intended to be held for
approximately seven to ten years. During the properties' holding
periods, the investment strategy is to maintain (on the "triple net
lease" properties) and improve (on the residential properties)
occupancy rates through the application of professional property
management (including selective capital improvements). Cash flow
generated from property operations is distributed to the partners
on a quarterly or semi-annual basis. The Partnership also
accumulates working capital reserves for normal repairs,
replacements, working capital, and contingencies.
Net cash flow provided from operating activities was $501,000 in
1995, $521,000 in 1994, and $567,000 in 1993. As of December 31,
1995, the Partnership had cash of approximately $255,000
representing undistributed cash flow, working capital reserves, and
tenant security deposits. Total short term liabilities were
approximately $278,000.
The Partnership has not experienced, and is not currently
experiencing any liquidity problems. It is not expected that the
Partnership will experience liquidity problems due to the nature of
the current liabilities. Approximately $94,000 of the current
liabilities represent tenant security deposits. The majority of
the remaining current liabilities are accrued and escrowed real
estate taxes payable in installments in 1996. The Partnership
expects to meet all of its obligations as they come due.
Total distributions to Limited Partners in 1995 were approximately
$416,000.
During 1995, the Partnership financed a 17 pad expansion of the
Camelot mobile home park in Pulaski, Wisconsin, with a $125,000
bank loan. The note has a 5 year term with a 9.95% interest rate
and is secured by a real estate mortgage on the improved lots and
a general business security agreement. The pads were completed and
ready for occupancy June 1, 1995.
Results of Operations:
<TABLE>
Net income for the year ended December 31, 1995 was $281,000
compared to $279,000 in 1994 and $268,000 in 1993. This included
$34,000 of income in 1995, $30,000 in 1994 and $25,000 in 1993
related to the investment in the Cedar Crossings apartment complex.
The following is a listing of approximate average physical
occupancy rates for the Partnership's residential properties for
the periods covered by this report:
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
1. Evergreen Estates
Mobile Home Park 92% 91% 88%
2. Cedar Crossing Apartments 100% 99% 96%
3. Camelot Mobile Home Park 90% 99% 98%
4. Muir Heights Apartments 95% 99% 96%
5. Forest Downs Apartments 99% 95% 85%
</TABLE>
Inflation:
The effect of inflation on the Partnership has not been material to
date. Should the rate of inflation increase substantially over the
life of the Partnership, it is likely to influence ongoing
operations, in particular, the operating expenses of the
Partnership. All of the Partnership's commercial leases contain
clauses permitting pass-through of certain increased operating
costs. Residential leases are typically of one year or less in
duration; this allows the Partnership to react quickly (through
increases in rent) to changes in the level of inflation. These
factors should serve to reduce, to a certain degree, any impact of
rising costs on the Partnership.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See Index to Financial Statements and Financial Statement Schedule
on page F-1, incorporated herein by reference.
The supplemental financial information specified by Item 302 of
Regulation S-K is not applicable.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
a. Effective November 11, 1994, RAL Income & Equity Growth V
Limited Partnership (RAL V) dismissed its prior certifying
accountants, Ernst & Young LLP (E & Y), and retained Kolb Lauwasser
& Company, S.C. as its new certifying accountants. E & Y's report
on RAL V's financial statements for the fiscal year ended December
31, 1993 contained no adverse opinion or a disclaimer of opinion,
and was not qualified as to uncertainty, audit scope or accounting
principles. The decision to change accountants was approved by RAL
V's general partners.
During the fiscal year ended December 31, 1993 there were no
disagreements between RAL V and E & Y on any matters of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of E & Y, would have caused it to make a
reference to the subject matter of the disagreements in connection
with its reports.
None of the "reportable events" described in Item 304(a)(1)(ii)
occurred with respect to RAL V within the fiscal year ended
December 31, 1993.
b. Effective November 11, 1994, RAL V engaged Kolb Lauwasser
& Company, S.C. as its principal accountants. During the two
fiscal years ended December 31, 1993 and the subsequent interim
period to the date hereof, RAL V did not consult Kolb Lauwasser &
Company, S.C. regarding any of the matters or events set forth in
Item 304(a)(2)(i) and (ii) of Regulation S-K.
PART III
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP
The General Partners of RAL Income + Equity Growth V Limited
Partnership are Robert A. Long, John A. Hanson, Thomas R. Brophy,
and Bart Starr. The General Partners manage and control the
Partnership's affairs and have the general responsibility and the
ultimate authority in all matters affecting the partnership's
business. The Partnership has available to it the services,
personnel, and experience of certain other organizations affiliated
with the General Partners, including RAL Asset Management Group.
The relationship of the General Partners to their affiliates is
described under the caption "Conflicts of Interest" on pages 10
through 12 of the Prospectus, a copy of which is filed with Form S-
11 for this Partnership and is incorporated herein by reference.
The general partners and significant employees of First Financial
Realty Management are as follows:
Position with RAL Asset
Name Management Group
- ---- -----------------------
Robert A. Long General Partner
John A. Hanson General Partner
Thomas R. Brophy General Partner
Bart Starr General Partner
Douglas C. Heston President (FFRM)
Christine D. Kennedy Controller (FFRM)
There is no family relationship among any of the foregoing
officers. The business experience of the General Partners and
significant employees includes the following:
Robert A. Long, age 54, has, since January 1982, been a partner in
RAL Asset Management Group. He is co-founder of RAL Asset
Management Group. Since 1966 Mr. Long has been involved in real
estate consulting, development and syndication. Mr. Long is a
licensed securities agent. Since 1981 Mr. Long has been involved
as an individual, general partner, or affiliate in ownership and
management of twenty-six (26) mobile home parks totaling over 2,600
pads in the states of Wisconsin and Minnesota. Prior to 1981, Mr.
Long developed or purchased over 200 commercial properties in six
states and currently owns individually or through partnerships over
50 restaurants (land and building) leased to restaurant operators,
including Pizza Hut, Hardee's, Taco Bell, and Rocky Rococo (or
their franchisees). Mr. Long also played professional football for
the Green Bay Packers, Atlanta Falcons, and Washington Redskins.
Mr. Long received a Bachelor of Science Degree in Business from
Wichita State University in 1965 and is currently Executive
Director of the Vince Lombardi Scholarship Fund for Wichita State
University. Mr. Long is also on the Board of Directors of Roundy's
Inc., a major Midwest food distributor and originator of the Pick
'N Save stores.
John A. Hanson, age 54, has, since March 1982, been a partner in
RAL Asset Management Group. Mr. Hanson is involved individually,
as a general partner, or as an affiliate, in the ownership and
management of twenty-six (26) mobile home parks in the states of
Wisconsin and Minnesota. Mr. Hanson has been involved in pension
and profit-sharing and tax consulting for 25 years. In 1975 he
founded, and since that time has been president of Pension
Designers, Inc., of Appleton, Wisconsin, a firm that specializes in
structuring and consulting with respect to qualified retirement
plans, estate planning, investment sales and sales of life, health
and disability insurance products to individuals, groups or
corporations. From 1966 to 1971 Mr. Hanson was engaged in tax
consulting, having management and tax accounting responsibilities
for a farm management firm with approximately 200 clients. Mr.
Hanson is past president of the Fox River Valley Association of
Life Underwriters, and the General Agents and Managers Association,
an associate member of the American Society of Pension Actuaries,
a member of the International Association of Financial Planners, a
qualifying and life member of the Million Dollar Round Table, and
a registered principal with the National Association of Securities
Dealers. Mr. Hanson received his Bachelor of Science Degree in
Agri-Business from the University of Wisconsin - River Falls in
1966. Mr. Hanson is a licensed securities agent.
Thomas R. Brophy, CLU, ChFC., age 50, has, since March 1982, been
a partner of RAL Asset Management Group. Mr. Brophy is involved
individually, as a general partner, or as an affiliate in the
ownership and management of twenty-six (26) mobile home parks in
the states of Wisconsin and Minnesota which total approximately
2,600 pads. Mr. Brophy has been a NASD registered securities
representative since 1969, active in the marketing and sales of
mutual funds, unit investment trusts, stocks, bonds, limited
partnerships and private ventures. Since 1967 Mr. Brophy has also
been active in the marketing, selling, training, supervising and
managing of personnel, with respect to qualified retirement plans
and personal or business life, health and disability insurance
plans. He is active in the financial planning field, having been
conferred the degree of Chartered Financial Consultant, by the
American College, Bryn Mawr, PA, in 1984. He is associated with
the Principal Financial Group. Mr. Brophy is an active member of
the National and Wisconsin Association of Life Underwriters,
Million Dollar Round Table, Fox Valley Estate Planning Council and
International Association of Financial Planners. He is recipient
of the Fox River Valley Association of Life Underwriters' 1983
"Agent of the Year" award. A 1967 Bachelor of Science graduate
from Marquette University, Mr. Brophy went on for advanced studies
in insurance, receiving his Chartered Life Underwriter (CLU) degree
from the American College, Bryn Mawr, PA, in 1975. Mr. Brophy is
a licensed securities agent.
Bart Starr, age 63, has, since January 1984, been a partner in RAL
Asset Management Group. He is a University of Alabama graduate
with a B.S. Degree in Education. Since 1970, he has been a partner
in the Bart Starr Motor Company, Birmingham, Alabama, and since
January 1984. Since 1979 he has been a member of the Board of
Directors of the Sentry Insurance Company, Stevens Point,
Wisconsin. He was a Green Bay Packer football player from 1956-
1972, the Green Bay Packer Head Coach from 1975-1983, the NFL Most
Valuable Player in 1966, and the Most Valuable Player in Super
Bowls I and II. Mr. Starr was a CBS Game Analyst in 1973 and 1974
and the first winner of the Byron White Award in 1967. Mr. Starr
has been the recipient of numerous civic and sports awards and is
actively engaged in many charitable and public service
organizations.
The following individuals are the employees of the General Partners
who make significant contributions to the business of the
Partnership:
Douglas C. Heston, age 42, is President of First Financial Realty
Management (FFRM). FFRM and affiliates own and/or manage over 50
investment properties. Mr. Heston received a B.A. degree from Duke
University (North Carolina) with a double major in Economics and
Public Policy Analysis (Statistics) in 1975. He received an M.S.
degree in Real Estate Investment Analysis from the University of
Wisconsin in 1979. Previously he worked for real estate appraisal
firms in Atlanta and Milwaukee. He co-founded RAL Asset Management
Group in 1981 and left at the end of 1984 to found his current
firm.
Christine D. Kennedy, age 30, joined RAL Asset Management Group in
December, 1990, as Assistant Controller. In November, 1991 she was
promoted to Controller. She is now Controller for First Financial
Realty Management. Prior to that she worked in the audit
department of Arthur Young & Company in Milwaukee, Wisconsin for
approximately three years. She received her B.B.A. in Accounting
from the University of Wisconsin-Whitewater in 1987. She is a
Certified Public Accountant.
Item 11. EXECUTIVE COMPENSATION
(a,b,c, and d)
The Registrant has not paid and does not propose to pay any
executive compensation to the General Partners or any of
their affiliates (other than described in Item 13 below).
(e) There are no compensatory plans or arrangements regarding
termination of employment or change of control.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
(a) No person owns of record or is known by the Registrant to own
beneficially more than 5% of the outstanding Interests of the
Registrant as of March 30, 1996.
<TABLE>
(b) As of March 30, 1996, the General Partners beneficially owned
the following Interests in the Partnership:
<CAPTION>
Title of Class Name of Partner Percent of Class
- -------------- --------------- ----------------
<S> <C> <C>
General Partnership Robert A. Long 53.79%
Interests John A. Hanson 19.20
Thomas R. Brophy 17.07
Bart Starr 9.94
------
100.00
========
</TABLE>
As of March 31, 1996, the General Partners own 3 Limited
Partnership Interests in the Registrant.
(c) None
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a and b)
Certain General Partners own or control businesses which have
agreed to perform a variety of services for the Partnership.
The Partnership also has various agreements with businesses owned
by, controlled by, or affiliated with certain General Partners
which entitle such businesses to receive fees for services rendered
on terms established by the General Partners as summarized below:
- Reimbursement of certain expenses at the lower of cost or
the prevailing rates for comparable services;
- Property management fees at 5% of gross revenues for
residential properties, 6% for commercial properties if an
Affiliate provides leasing related services, or 3% if such
services are not provided, and 1.6% for net leased
properties with a lease term of ten years or more for the
first five years of the lease term and 1% thereafter;
- Real estate commissions of up to 3% of the contract price
subject to certain limitations.
- Costs and fees paid or payable to affiliates of the General
Partners for the years ended December 31, 1995, 1994 and
1993 are as follows:
<TABLE>
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
RAL Asset Management Group:
Management fees $0 $0 $16,800
Administrative fees $0 $0 $1,767
</TABLE>
The General Partners receive 5% of all Cash Available for
Distribution. Distributions paid to the General Partners were
$22,000 in 1995, $28,000 in 1994 and $32,000 in 1993.
(c) No management person is indebted to the Registrant.
(d) Not applicable.
PART IV
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K
(a) (1 and 2) See Index to Financial Statements and Financial
Statement Schedule on Page F-1
(b) Reports on Form 8-K
None
(c) Exhibits
See Exhibit 27.
(d) Financial Statement Schedule
See Index to Financial Statements and Financial Statement
Schedule on Page F-1.
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
(A Wisconsin Limited Partnership)
TABLE OF CONTENTS TO FINANCIAL STATEMENTS
AND FINANCIAL STATEMENT SCHEDULE
COVERED BY REPORTS OF INDEPENDENT AUDITORS
Reports of Independent Auditors
Balance Sheets at December 31, 1995 and 1994
Statements of Income for the years ended
December 31, 1995, 1994 and 1993
Statements of Partners' Equity for the
years ended December 31, 1995, 1994 and 1993
Statements of Cash Flows for the years ended
December 31, 1995, 1994 and 1993
Notes to Financial Statements
Financial statement schedule: III - Real estate
and accumulated depreciation
Schedules, other than those listed, are omitted for the reason that
they are inapplicable or equivalent information has been included
elsewhere herein.
INDEPENDENT AUDITOR'S REPORT
January 23, 1996
To the Partners of
RAL Income + Equity Growth V Limited Partnership
We have audited the accompanying Balance Sheets of RAL Income +
Equity Growth V Limited Partnership as of December 31, 1995 and
1994, and the related Statements of Income, Partners' Equity and
Cash Flows for the years then ended. Our audits also included the
financial statement schedule listed in the Table of Contents at
Item 14. These financial statements and financial statement
schedule are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements and financial statement schedule based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the 1995 and 1994 financial statements referred to
above present fairly, in all material respects, the financial
position of RAL Income + Equity Growth V Limited Partnership as of
December 31, 1995 and 1994, and the results of their operations and
cash flows for the years then ended in conformity with generally
accepted accounting principles. Also, in our opinion, such
financial statement schedule, when considered in relation to the
basic financial statements taken as a whole, presents fairly in all
material respects the information set forth therein.
Respectfully submitted,
Kolb Lauwasser & Co., S.C.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
To the Partners of
RAL Income + Equity Growth V Limited Partnership
We have audited the accompanying balance sheet of RAL Income +
Equity Growth V Limited Partnership, a Wisconsin Limited
Partnership (the Partnership), as of December 31, 1993, and the
related statements of income, Partners' equity and cash flows for
each of the two years in the period ended December 31, 1993. Our
audits also included the financial statement schedule listed in the
Table of Contents at Item 14. These financial statements and
financial statement schedule are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements and financial statement
schedule based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the
Partnership as of December 31, 1993, and the results of its
operations and its cash flows for the two years in the period ended
December 31, 1993, in conformity with generally accepted accounting
principles. Also, in our opinion, the related financial statement
schedule, when considered in relation to the basic financial
statements taken as a whole, presents fairly in all material
respects the information set forth therein.
Milwaukee, Wisconsin
January 24, 1994 ERNST & YOUNG LLP
<TABLE>
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
Balance Sheets
As of December 31,
<CAPTION>
ASSETS - Note #5 1995 1994
------ ---- ----
<S> <C> <C>
Income-Producing Properties
- ---------------------------
Buildings and land improvements-
Notes #1, #3 and #4 6,416,281 6,270,761
Equipment 256,111 254,013
--------- ---------
6,672,392 6,524,774
Less: Accumulated depreciation 1,406,611 1,153,696
--------- ---------
5,265,781 5,371,078
Land 1,367,405 1,367,405
--------- ---------
Total Income-Producing Property 6,633,186 6,738,483
--------- ---------
Other
- -----
Cash and cash equivalents - Note #1 255,037 171,656
Rent and other receivables - Note #1 7,429 10,398
Investment in joint venture - Note #2 419,781 435,033
Deferred charges - Note #1 1,021 10,921
Prepaid expenses 2,726 -
--------- ---------
Total Other 685,994 628,008
--------- ---------
Total Assets 7,319,180 7,366,491
LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Liabilities
- -----------
Accounts payable and accrued expenses 176,882 192,050
Deferred rents 6,794 9,343
Tenants' security deposits 94,385 85,980
Note payable - Note #5 118,718 -
--------- ---------
Total Liabilities 396,779 287,373
--------- ---------
Partners' Equity (Deficit)
- --------------------------
General partners (107,879) (100,044)
Limited partners 7,030,280 7,179,162
--------- ---------
Total Partners' Equity 6,922,401 7,079,118
--------- ---------
Total Liabilities
and Partners' Equity 7,319,180 7,366,491
========= =========
<FN>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
</FN>
</TABLE>
<TABLE>
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
Statements of Income
--------------------
For the years ended December 31,
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Revenues
- --------
Rental income 1,136,844 1,109,467 1,071,448
--------- --------- ---------
Expenses
- --------
Property management fees 56,943 55,065 35,791
Property management fees - affiliates - - 16,800
Administrative expenses 171,495 147,787 107,885
Administrative expenses - affiliates - - 1,767
Property operating expenses 427,409 418,304 383,079
Amortization and depreciation 264,065 267,003 302,239
--------- --------- ---------
Total Expenses 919,912 888,159 847,561
--------- --------- ---------
Income Before Other Income and Income
from Joint Venture 216,932 221,308 223,887
--------- --------- ---------
Other Income (Expense)
- ----------------------
Interest income 8,176 4,676 5,959
Interest expense (12,781) (3,335) (2,803)
Miscellaneous 34,530 26,723 15,561
--------- --------- ---------
Total Other Income 29,925 28,064 18,717
--------- --------- ---------
Total Other Income Before
Income From Joint Venture 246,857 249,372 242,604
Net Income From Joint Venture 33,912 29,889 25,427
--------- --------- ---------
Net Income 280,769 279,261 268,031
========= ========= =========
Net Income Per Limited
Partnership Interest 27.04 26.89 25.81
========= ========= =========
Allocation of Income:
Limited partners 266,731 265,298 254,628
General partners 14,038 13,963 13,403
--------- --------- ---------
280,769 279,261 268,031
========= ========= =========
<FN>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
</FN>
</TABLE>
<TABLE>
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
Statements of Partners' Equity
------------------------------
For the years ended December 31,
<CAPTION>
Limited General 1995 1994 1993
Partners Partners Total Total Total
-------- -------- ----- ----- -----
<S> <C> <C> <C> <C> <C>
Capital contributions:
Contributed
cash 9,866,000 100 9,866,100 9,866,100 9,866,100
Less: Syndication
costs 1,085,260 - 1,085,260 1,085,260 1,085,260
--------- -------- --------- --------- ---------
Net contributions
8,780,740 100 8,780,840 8,780,840 8,780,840
--------- -------- --------- --------- ---------
Accumulated income:
Balance,
beginning 1,888,675 83,551 1,972,226 1,692,965 1,424,934
Current
net income 266,731 14,038 280,769 279,261 268,031
--------- -------- --------- --------- ---------
Balance,
ending 2,155,406 97,589 2,252,995 1,972,226 1,692,965
--------- -------- --------- --------- ---------
Accumulated distributions:
Balance,
beginning
(3,490,253)(183,695)(3,673,948)(3,115,738)(2,479,638)
Current distributions
(415,612) (21,874) (437,486) (558,210) (636,100)
-------- --------- --------- --------- ---------
Balance,
ending (3,905,865)(205,569)(4,111,434)(3,673,948)(3,115,738)
--------- -------- --------- --------- ---------
Total Partners'
Equity (Deficit)
7,030,281 (107,880) 6,922,401 7,079,118 7,358,067
========= ========= ========= ========= =========
<FN>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
</FN>
</TABLE>
<TABLE>
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
Statements of Cash Flows
------------------------
For the years ended December 31,
<CAPTION>
Cash Increase or (Decrease)
---------------------------
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Cash Flows From Operating Activities
- ------------------------------------
Net income 280,769 279,261 268,031
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization and depreciation 264,065 267,003 302,239
Income from joint venture (33,912) (29,889) (25,427)
Decrease (increase) in
- ----------------------
Rent and other receivables, net 2,969 1,294 (2,645)
Deferred charges (1,250) - -
Prepaid expenses (2,726) - -
Increase (decrease) in
- ----------------------
Accounts payable and
accrued expenses (17,717) (5,775) 14,694
Tenants' security deposits 8,405 9,000 10,337
------- --------- ---------
Net Cash Provided by
Operating Activities 500,603 520,894 567,229
------- --------- ---------
Cash Flows From Investing Activities
- ------------------------------------
Additions to income-producing properties
(net of escrow deposits) (147,618) (65,828) (30,187)
Distributions received from
joint venture 49,164 49,164 43,633
--------- --------- ---------
Net Cash Provided (Used) by
Investing Activities (98,454) (16,664) 13,446
--------- --------- ---------
Cash Flows From Financing Activities
- ------------------------------------
Proceeds from note payable 125,000 - -
Principal payments on note payable (6,282) - -
Distributions to partners (437,486) (558,210) (636,100)
--------- --------- ---------
Net Cash (Used) by
Financing Activities (318,768) (558,210) (636,100)
--------- --------- ---------
Net Increase (Decrease)
in Cash 83,381 (53,980) (55,425)
Cash and cash equivalents-
Beginning of Year 171,656 225,636 281,061
--------- --------- ---------
Cash and cash equivalents -
End of Year 255,037 171,656 225,636
========= ========= =========
Supplementary Information
Interest Paid 12,306 3,335 2,803
========= ========= =========
<FN>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.
</FN>
</TABLE>
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
Notes to Financial Statement
-----------------------------
For the years ended December 31, 1995, 1994 and 1993
Note #1 Summary of Significant Accounting Policies
- ------- ------------------------------------------
A. Organization and Nature of the Business
---------------------------------------
RAL Income + Equity Growth V Limited Partnership (the
Partnership) is a Wisconsin limited partnership formed on April
1, 1988, under the provisions of the Wisconsin Revised Uniform
Limited Partnership Act, to acquire for cash, operate, lease,
develop and eventually sell real estate properties. The
Partnership owns and operates two mobile home parks and an
apartment complex located in the upper midwest. It holds a
minority interest in another apartment complex located in
Maryland. The Partnership also leases a commercial property to
a retail/service business in the upper midwest. The Partnership
will terminate December 31, 2018, except in the event of prior
sale of the Partnership's properties, action by a majority
interest of the limited partners, or certain other events.
Effective June 9, 1990, the Partnership completed its offering
of limited partnership interests. A total of 9,866 interests
were sold for an aggregate contribution of $9,866,000. In
connection with the sale of limited partnership interests, the
Partnership incurred approximately $1,085,000 of costs to raise
capital, which were charged against partners' equity.
B. Method of Accounting
--------------------
Assets, liabilities, revenue and expenses are recognized on the
accrual basis method of accounting.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
C. Income-Producing Properties
---------------------------
Income-producing properties are carried at the lower of cost less
accumulated depreciation or fair value. Cost includes
acquisition fees paid to RAL Asset Management Group. Management
periodically evaluates a property's fair value based upon
occupancy rate and comparison to similar properties in the same
geographic area.
For financial statement purposes, depreciation is determined
using the straight-line method. For income tax reporting
purposes, building and land improvements are depreciated using
the straight-line method while equipment is depreciated using
accelerated methods. Depreciable lives for financial statement
and income tax purposes are set forth below:
<TABLE>
<CAPTION>
Depreciable Lives
------------------------
Financial Income Tax
Statements Reporting
---------- ----------
<S> <C> <C>
Land improvements 30 years 15-40 years
Buildings 30 years 31.5-40 years
Equipment 5 years 7-12 years
</TABLE>
D. Allowance for Doubtful Accounts
-------------------------------
Receivables are reviewed periodically by management to determine
the adequacy of the allowance for doubtful accounts. Based upon
managements' evaluation, no allowance for doubtful accounts was
necessary as of December 31, 1995 and 1994.
E. Deferred Charges
- ----------------
Costs incurred with respect to organizing the Partnership were
deferred and have been fully amortized. Prepaid management fees
incurred in the initial public offering were amortized to expense
on the straight-line method over the term (ten years) of the
management agreement and have been fully amortized. Commission
fees incurred to lease the properties are deferred and amortized
over the respective lease term. The noncompete agreement is
being amortized on a straight-line basis over a five-year period.
Costs incurred in obtaining financing have been capitalized and
are amortized over the term of the agreement (five years).
<TABLE>
Deferred charges consist of the following at
December 31:
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Covenant not-to-compete 54,601 54,601
Loan acquisition costs 1,250 -
------ ------
55,851 54,601
Less: Accumulated
amortization 54,830 43,680
------ ------
1,021 10,921
</TABLE> ====== ======
F. Leases
------
The Partnership has determined that all leases relating to the
income-producing properties are properly classified as operating
leases; therefore, rental income is reported when earned and the
cost of each of the properties, excluding cost of land, is
depreciated over its estimated useful life.
G. Income Taxes
------------
No income taxes will be payable or provided by the Partnership
since net income or loss is includable in the respective tax
returns of the partners. In the initial year of ownership of
partnership interests, each partner's share of taxable income or
loss, tax credits and distributions is allocated to them on a pro
rata basis that considers the number of days in the year during
which their respective interests were held.
<TABLE>
The Partnership files its income tax return on the accrual basis
of accounting. The following reconciles the income reported in
the accompanying Statements of Income to that reported in the tax
returns.
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Net income per Statements of Income 280,769 279,261 268,031
Difference in depreciation/
sale of equipment (52,480) (44,639) (47,998)
Difference in participation
in income from joint venture 16,215 19,359 19,993
Prepaid rent (2,548) 4,950 (4,434)
------- ------- -------
Net income for tax purposes 241,956 258,931 235,592
======= ======= =======
</TABLE>
H. Cash and Cash Equivalents
-------------------------
For purposes of the Statements of Cash Flows, the Partnership
considers all short-term investments in interest-bearing bank
accounts and certificates of deposits with a maturity of three
months or less, to be equivalent to cash. Several demand deposit
accounts are at one financial institution. Such funds on deposit
exceeded the federally insured limit by $173,381 and $66,000 for
the years ended December 31, 1995 and 1994, respectively.
I. Reclassifications
-----------------
Certain information contained in the 1993 financial statements
has been reclassified to conform with the 1995 and 1994
presentation.
Note #2 Investment in Joint Venture
- ------- ---------------------------
On December 23, 1988, the Partnership entered into a joint venture
agreement with an affiliated partnership to acquire and operate the
Cedar Crossing Apartments. All assets, liabilities, revenue and
expenses of the joint venture are included in the financial
statements of the affiliate with the appropriate adjustment of
income for the Partnership's participation in the joint venture.
Profits, losses and distributions are allocated 12.291% to the
Partnership and 87.709% to the affiliate.
<TABLE>
Summarized balance sheet information pertaining to the joint
venture as of December 31 is as follows:
<CAPTION>
1995 1994
---- -----
<S> <C> <C>
Income-producing property
Land 471,017 471,017
Land improvements 164,055 164,055
Buildings 3,337,811 3,337,811
Equipment 286,078 286,078
--------- ---------
4,258,961 4,258,961
Less: Accumulated
depreciation 1,158,527 1,021,337
--------- ---------
Net property and equipment 3,100,434 3,237,624
Other assets 78,559 83,418
--------- ---------
Total Assets 3,178,993 3,321,042
========= =========
Liabilities 43,687 61,641
Equity 3,135,306 3,259,401
--------- ---------
Total Liabilities and
Equity 3,178,993 3,321,042
========= =========
</TABLE>
<TABLE>
Operating results of the joint venture consist of the following for
the years ended December 31:
<CAPTION>
1995 1994 1993
---- ---- ----
<S> <C> <C> <C>
Revenue 651,382 638,822 616,080
Operating expenses (238,287) (238,142) (251,798)
Depreciation (137,190) (157,502) (157,407)
------- ------- -------
Net Income 275,905 243,178 206,875
======= ======= =======
Partnership's share
of net income 33,912 28,889 25,427
======= ======= =======
</TABLE>
Note #3 Income-Producing Properties
- ------- ---------------------------
<TABLE>
A summary of income-producing properties as of December 31 follows:
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Residential properties
(four in 1995 and 1994) 7,596,897 7,449,279
Retail properties
(one in 1995 and 1994) 442,900 442,900
--------- ---------
8,039,797 7,892,179
Less: Accumulated depreciation 1,406,611 1,153,696
--------- ---------
6,633,186 6,738,483
========= =========
</TABLE>
Note #4 Leases of Income-Producing Properties
- ------- -------------------------------------
<TABLE>
The Partnership leases space to a tenant under a noncancellable
operating lease with a term of twenty years. Future minimum annual
rental commitments receivable under the long-term lease agreement
atDecember 31, 1995, is as follows:
<CAPTION>
<S> <C>
1996 51,000
1997 52,000
1998 53,000
1999 53,000
2000 53,000
Thereafter 367,409
-------
629,409
=======
</TABLE>
Note #5 Note Payable
- ------- ------------
The Company is indebted to Mitchell Bank on a five year note dated
February 16, 1995. The note requires monthly payments of $1,658
including interest at 9.95% plus a balloon payment due February 16,
2000. The note is secured by a real estate mortgage on the
improved lots at a mobile home park located in Pulaski, Wisconsin
and a general business security agreement. 118,718
=======
<TABLE>
The following is a retirement schedule of the outstanding debt as
of December 31, 1995:
<CAPTION>
<S> <C>
1996 8,480
1997 9,362
1998 10,338
1999 11,415
2000 79,123
-------
Total 118,718
=======
</TABLE>
Note #6 General Provisions of the Limited Partnership Agreement
- ------- -------------------------------------------------------
Pursuant to the terms of the partnership agreement, net profits or
losses of the Partnership from operations are generally allocated
95% to the limited partners and 5% to the general partners.
Notwithstanding the foregoing, all depreciation from tax-exempt use
properties is allocated to tax-exempt limited partners.
In general, subject to certain limitations, all income from the
sale of property will be allocated first to the limited partners
with deficit capital accounts, then to the limited partners to the
extent of any depreciation deductions not included in their deficit
capital accounts, then to the general partners in an amount equal
to the general partners' share of the amount distributable to the
general partners as sale or refinancing proceeds and the remainder
to the limited partners in proportion to the number of interests
held by each of them on the date of such sale or other disposition
provided that the general partners shall be allocated at least 1%
of such income. Losses on the sale of property will be allocated
95% to the limited partners and 5% to the general partners.
At least semiannually, Cash Available for Distribution (as defined
in the partnership agreement) from operations is distributed 95% to
the limited partners and 5% to the general partners.
Sale or refinancing proceeds shall be distributed first to the
limited partners until they have received an amount equal to their
capital contribution and then to the limited partners until such
amount, when added to Distributions of Cash Available for
Distribution, equals their investment preference of 10% simple
interest per annum and then 85% to the limited partners and 15% to
the general partners.
The partnership agreement provides that, among other things, the
general partners are responsible for managing all aspects of the
operations of the Partnership and may ultimately be held
responsible for any unpaid general obligations of the Partnership,
except for those, if any, which are on a nonrecourse basis.
Note #7 Related Party Transactions
- ------- --------------------------
Certain general partners own or control businesses which have
agreed to perform a variety of services for the Partnership. In
addition, certain general partners were securities agents for the
managing dealer which originally offered the limited partnership
interests.
In consideration for these services, the general partners and their
affiliates have received or will in the future receive certain
compensation at amounts which are provided by the partnership
agreement. The following table sets forth the types, amounts and
recipients of compensation paid annually by the Partnership to the
general partners and their affiliates:
Affiliate and Service Amount of Compensation
--------------------- ----------------------
General partners' and affiliates At lower of cost or prevailing
reimburable expenses. rates at which comparable
services could have been
obtained in the same geographic
area for similar services. The
amount of expenses reimbursed
was $1,767 in 1993.
Property management fee payable Residential property:
to RAL Asset Management Group for
property management and rental At rates prevailing for
services. comparable services where the
properties are located, but not
to exceed 5% of gross revenues.
Other than residential
properties:
At rates prevailing for
comparable services where
properties are located, but not
to exceed 6% of gross revenues
where leasing and related
services are provided, or
3% if such services are not
provided. Property under a net
lease with a term of ten years
or more is subject to an annual
fee of 1.6% of gross revenues
per year for the first five
years plus an annual fee of 1%
of gross revenues per year
thereafter.
Total property management fees
incurred were $16,800 in 1993.
Effective June 1, 1993, the Partnership entered into new property
and partnership management agreements. The partnership management
agreement is with an unrelated management company. The property
management agreement is with a related entity owned by the same
general partners. The related property management firm
simultaneously subcontracted with the same unrelated management
company handling the partnership management. The terms and
conditions of these agreements are similar to the above related
party agreements, which they replace.
<TABLE>
RAL-INCOME & EQUITY GROWTH V LIMITED PARTNERSHIP
(A Wisconsin Limited Partnership)
Schedule of Real Estate and Accumulated Depreciation
December 31, 1995
<CAPTION>
Col. A Col. B Col. C
- ------------------------ ------- ----------------------------
Initial Cost to Partnership
----------------------------
Buildings
Encum- and
Description brances Land Improvements
- ------------------------- ------- -------------- ------------
<S> <C> <C> <C>
Evergreen Estates MHP (a) $ 526,313 $1,260,230
Faribault, MN
Champion Auto Service Center(a) 131,040 311,860
Ashwaubenon, WI
Camelot MHP (a) 175,506 315,212
Pulaski, WI
Muir Heights Apartments (a) 324,331 2,463,332
Madison, WI
Forest Downs Apartments (a) 210,215 1,470,651
Hales Corners, WI ---------- ----------
Total $1,367,405 $5,821,285
========== ==========
</TABLE>
<TABLE>
RAL-INCOME & EQUITY GROWTH V LIMITED PARTNERSHIP
(A Wisconsin Limited Partnership)
Schedule of Real Estate and Accumulated Depreciation (Cont'd)
<CAPTION>
December 31, 1995
Col. A Col. D Col. E
- ---------------- ----------------- ------------------------
Gross Amount at which carried
Costs Capitalized at Close of Period
Subsequent to ------------------------
Acquisition
-----------------
Buildings and
Description Improvements(b) Land Improvements(b) Total(c)
- --------------- --------------- ------- --------------- --------
<S> <C> <C> <C> <C>
Evergreen Estates $ 65,844 $ 526,313 $1,326,074 $1,852,287
Faribault, MN
Champion Auto 0 131,040 311,860 442,900
Ashwaubenon, WI
Camelot MHP 697,356 175,506 1,012,568 1,188,074
Pulaski, WI
Muir Heights 80,010 324,331 2,543,342 2,867,673
Madison, WI
Forest Downs 7,897 210,215 1,478,548 1,688,763
Hales Corners, WI -------- ---------- ---------- ----------
Total $851,107 $1,367,405 $6,672,392 $8,039,797
======== ========== ========== ===========
</TABLE>
<TABLE>
RAL-INCOME & EQUITY GROWTH V LIMITED PARTNERSHIP
(A Wisconsin Limited Partnership)
Schedule of Real Estate and Accumulated Depreciation (Cont'd)
<CAPTION>
December 31, 1995
Col. A Col. F Col. G Col. H Col. I
- ---------------- ------------ ------------ --------- -----------
Depreciable
Accumulated Date Life per
Depreciation Date of Acquired by Income
Description (Book Basis) Construction Partnership Statement
- ---------------- ------------ ------------ --------- -----------
<S> <C> <C> <C> <C>
Evergreen Estates $ 329,673 1969 07/29/88 (d)
Faribault, MN
Champion Auto 67,568 1987 02/28/89 (d)
Ashwaubenon, WI
Camelot MHP 143,891 VAR 10/17/89 (d)
Pulaski, WI
Muir Heights 519,994 1988 01/12/90 (d)
Madison, WI
Forest Downs 345,485 1990 01/03/91 (d)
Hales Corners ----------
Total $1,406,611
==========
</TABLE>
RAL-YIELD EQUITIES V LIMITED PARTNERSHIP
(A Wisconsin Limited Partnership)
NOTES TO SCHEDULE III
(a) All properties are unencumbered at December 31, 1995, except
for Camelot Mobile Home Park's most recent expansion as discussed
previously.
(b) Includes personal property.
(c) The aggregate cost of land, buildings and improvements for
federal income tax purposes includes the Partnership's share of the
Cedar Crossing Apartments fixed assets. For book purpose the
amount invested is treated as an investment on the balance sheet
and is not included in fixed assets.
<TABLE>
(d) Depreciation expense is computed based upon the following
estimated useful lives:
<CAPTION>
Years
-------------------------------
Financial Income
Statement Tax
Purposes Purposes
--------- --------
<S> <C> <C>
Buildings and Improvements 30 15-40
Personal Property 5 7-12
</TABLE>
<TABLE>
(e) Reconciliation of Real Estate
-----------------------------------------------
<S> <C>
Balance at January 1, 1993 $7,796,164
Acquisitions 0
Improvements 30,187
----------
Balance at December 31, 1993 7,826,351
Acquisitions 0
Improvements 65,828
----------
Balance at December 31, 1994 7,892,179
Acquisitions 0
Improvements 147,618
----------
Balance at December 31, 1995 $8,039,797
==========
</TABLE>
<TABLE>
RAL-YIELD EQUITIES V LIMITED PARTNERSHIP
(A Wisconsin Limited Partnership)
Reconciliation of Accumulated Depreciation
<CAPTION>
<S> <C>
Balance at January 1, 1993 $ 640,482
Depreciation expense for the period 257,131
----------
Balance at December 31, 1993 897,613
Depreciation expense for the period 256,083
----------
Balance at December 31, 1994 1,153,696
Depreciation expense for the period 252,915
----------
Balance at December 31, 1995 $1,406,611
==========
</TABLE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf bythe undersigned, thereunto
duly authorized.
RAL INCOME + EQUITY GROWTH V LIMITED PARTNERSHIP
BY: Robert A. Long
--------------------------------------
Robert A. Long, General Partner
DATE: March 30, 1996
-----------------------------------
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.
Signature Title Date
- -----------------------------------------------------------------
Robert A. Long Managing Partner 3/30/96
- -------------------- RAL Asset Management ----------
Robert A. Long Group and General
Partner of RAL Income +
Equity Growth V
Limited Partnership
John A. Hanson Partner - RAL Asset 3/30/96
- -------------------- Management Group and ----------
John A. Hanson General Partner of
RAL Income + Equity
Growth V Limited
Partnership
Christine D. Kennedy Controller, First Financial 3/30/96
- -------------------- Realty Management ----------
Christine D. Kennedy
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
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0
0
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</TABLE>
