UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-18498
Krupp Cash Plus-V Limited Partnership
Massachusetts 04-3021560
(State or other jurisdiction of (IRS employer
incorporation or organization) identification no.)
470 Atlantic Avenue, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip Code)
(617) 423-2233
(Registrant's telephone number, including area code)
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>
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
Real estate assets:
Investment in Joint Venture (Note 2) $23,434,995 $23,748,539
Mortgage backed securities ("MBS")
(Note 3) 928,433 984,565
Total real estate assets 24,363,428 24,733,104
Cash and cash equivalents 2,216,547 2,665,531
Interest receivable and other assets 27,691 38,469
Total assets $26,607,666 $27,437,104
LIABILITIES AND PARTNERS' EQUITY
Total liabilities $ 57,370 $ 16,535
Partners' equity (Note 4)
Limited Partners
(2,060,450 units outstanding) 26,590,869 27,455,184
General Partners (40,573) (34,615)
Total Partners' equity 26,550,296 27,420,569
Total liabilities and partners' equity $26,607,666 $27,437,104
</TABLE>
The accompanying notes are an integral
part of the financial statements.
<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Revenues:
Partnership's share of Joint Venture
net income (Note 2) $219,288 $175,645 $715,394 $476,041
Interest income - MBS 21,629 28,398 65,788 97,950
Interest income - other 34,108 24,947 102,598 67,640
Total revenues 275,025 228,990 883,780 641,631
Expenses:
General and administrative
(including reimbursements to
affiliates of $14,646, $24,526,
$43,937 and $73,576 respectively) 31,134 34,095 88,084 111,151
Asset management fees to an
affiliate 36,310 36,572 107,794 109,211
Amortization of organization costs - - - 3,334
Total expenses 67,444 70,667 195,878 223,696
Net income $207,581 $158,323 $687,902 $417,935
Allocation of net income (Note 4):
Net income per Unit of
Depositary Receipt (2,060,450
Units outstanding) $ .10 $ .08 $ .33 $ .20
Corporate Limited Partner $ 10 $ 8 $ 33 $ 20
General Partners $ 2,076 $ 1,583 $ 6,879 $ 4,179
</TABLE>
The accompanying notes are an integral
part of the financial statements.
<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
1995 1994
<S> <C> <C>
Operating activities:
Net income $ 687,902 $ 417,935
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of organization costs - 3,334
Amortization of MBS discount (583) (11,127)
Distributions from Joint Venture 1,028,938 851,793
Partnership's share of Joint Venture net
income (715,394) (476,041)
Decrease in interest receivable
and other assets 10,778 6,823
Increase in total liabilities 40,835 13,124
Net cash provided by operating
activities 1,052,476 805,841
Investing activities:
Principal collections on MBS 56,715 662,609
Purchase of short-term investment (977,406) -
Maturity of short-term investment 977,406 -
Net cash provided by investing
activities 56,715 662,609
Financing activity:
Distributions (1,558,175) (1,558,218)
Net decrease in cash and cash equivalents (448,984) (89,768)
Cash and cash equivalents, beginning of period 2,665,531 2,459,797
Cash and cash equivalents, end of period $ 2,216,547 $ 2,370,029
</TABLE>
The accompanying notes are an integral
part of the financial statements.
<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted in this report on Form 10-Q
pursuant to the Rules and Regulations of the Securities and Exchange
Commission. In the opinion of the General Partners of Krupp Cash Plus-V
Limited Partnership (the "Partnership"), the disclosures contained in this
report are adequate to make the information presented not misleading. See
Notes to Financial Statements included in the Partnership's Annual Report on
Form 10-K for the year ended December 31, 1994 for additional information
relevant to significant accounting policies followed by the Partnership.
In the opinion of the General Partners of the Partnership, the accompanying
unaudited financial statements reflect all adjustments (consisting only of
normal recurring accruals) necessary to present fairly the Partnership's
financial position as of September 30, 1995, its results of operations for
the three and nine months ended September 30, 1995 and 1994 and cash flows
for the nine months ended September 30, 1995 and 1994.
The results of operations for the three and nine months ended September 30,
1995 are not necessarily indicative of the results which may be expected for
the full year. See Management's Discussion and Analysis of Financial
Condition and Results of Operations included in this report.
2. Investment in Joint Venture Partnership
Condensed financial statements of the Joint Venture are as follows:
SPRING VALLEY PARTNERSHIP
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS
September 30, December 31,
1995 1994
<S> <C> <C>
Property at cost $ 53,302,422 $53,129,983
Less accumulated depreciation (11,616,607) (10,243,666)
41,685,815 42,886,317
Other assets 1,491,473 955,221
Total assets $ 43,177,288 $43,841,538
LIABILITIES AND PARTNERS' EQUITY
Total liabilities $ 97,853 $ 133,768
Partners' equity:
The Partnership 21,552,446 21,865,990
Joint venture partners 21,526,989 21,841,780
Total partners' equity 43,079,435 43,707,770
Total liabilities and
partners' equity $ 43,177,288 $43,841,538
</TABLE>
Continued
<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS, Continued
2. Investment in Joint Venture, Continued
SPRING VALLEY PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Revenues $1,702,500 $1,397,012 $ 4,906,370 $ 4,462,351
Property operating
expenses (797,736) (592,579) (2,099,774) (2,164,641)
Income before
depreciation 904,764 804,433 2,806,596 2,297,710
Depreciation (465,310) (452,436) (1,372,941) (1,343,718)
Net income $ 439,454 $ 351,997 $ 1,433,655 $ 953,992
Allocation of net income:
The Partnership $ 219,288 $ 175,646 $ 715,394 $ 476,041
Joint Venture Partner 220,166 176,351 718,261 477,951
Net income $ 439,454 $ 351,997 $ 1,433,655 $ 953,992
</TABLE>
3. MBS
At September 30, 1995, the Partnership's MBS portfolio had a market value of
$990,000 and unrealized gains of $62,000. The Portfolio's maturity dates
range from 2016 to 2017.
4. Changes in Partners' Equity
A summary of changes in Partners' Equity for the nine months ended September
30, 1995 is as follows:
<TABLE>
<CAPTION>
Corporate Total
Limited General Partners
Unitholders Partner Partners Equity
<C> <C> <C> <C> <C>
Balance at
December 31, 1994 $27,455,662 $(478) $(34,615) $27,420,569
Net income 680,990 33 6,879 687,902
Distributions (1,545,263) (75) (12,837) (1,558,175
Balance at
September 30, 1995 $26,591,389 $(520) $(40,573) $26,550,296
</TABLE>
<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Liquidity and Capital Resources
The Partnership's sources of liquidity are derived from the distributions it
receives from its investment in Spring Valley and the interest and principal
collections on its MBS.
Throughout 1994 management attracted strong national tenants to the Spring
Valley Marketplace by agreeing to fund buildouts for some tenants. As a result,
operations at the mall have exhibited stabilized growth, and the Partnership has
benefitted from increased distributions received from the Marketplace.
Management expects that the stabilized performance of the mall will enable the
Marketplace to continue as a strong contributor to the Partnership's liquidity.
Distributions in 1993 and 1994 were partly funded by liquidity provided by the
MBS in the form of prepayments. As this prepayment trend slows the
Partnership's capital resources are affected. Although higher distributions
received from the Marketplace have somewhat offset the reduced liquidity
from the MBS, the
Partnership may have to periodically adjust its distributions as a result of the
lower MBS payments.
<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
Distributable Cash Flow and Net Cash Proceeds from Capital Transactions
Shown below is the calculation of Distributable Cash Flow and Net Cash
Proceeds from Capital Transactions as defined by Section 17 of the Partnership
Agreement for the nine months ended September 30, 1995 and from inception to
September 30, 1995. The General Partners provide certain of the information
below to meet requirements of the Partnership Agreement and because they believe
that it is an appropriate Supplemental measure of operating performance.
However, Distributable Cash Flow and Net Cash Proceeds from Capital Transactions
should not be considered by the reader as a substitute to net income or as an
indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.
<TABLE>
<CAPTION>
(In $1,000's except per Unit amounts)
For the nine months Inception to
Ended September 30, September 30,
1995 1995
<S> <C> <C>
Distributable Cash Flow:
Net income for tax purposes $ 861 $ 6,109
Items not requiring or (not providing)
the use of operating funds:
Amortization of organization costs - 50
Distributions from joint venture 1,029 9,027
Partnership's share of joint venture
taxable net income (889) (5,953)
Total Distributable Cash Flow ("DCF") $1,001 $ 9,233
Limited Partners' Share of DCF $ 991 $ 9,141
Limited Partners' Share of DCF
per Unit $ .48 $ 4.44(c)
General Partners' Share of DCF $ 10 $ 92
Net Proceeds from Capital Transactions:
Principal collections on MBS, net of
discount amortization $ 56 $ 4,440
Distributions:
Limited Partners $1,541(a) $14,976(b)
Limited Partners' Average per Unit $ .75(a) $ 7.27(b)(c)
General Partners $ 10(a) $ 92(b)
Total Distributions $1,551(a) $15,068(b)
</TABLE>
(a) Represents distributions paid in 1995, except the February, 1995
distribution, and includes an estimate of the November, 1995 distribution.
(b) Includes an estimate of the November, 1995 distribution.
(c) Limited Partners average per Unit return of capital as of November, 1995 is
$2.83 = ($7.27 - $4.44)
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
Operations
The Marketplace experienced an increase in net income for the three and
nine months ended September 30, 1995 as compared to the same period in 1994.
Income increased at the Marketplace due to increased occupancy during the three
and nine months ended September 30, 1995 as compared to the same period in
1994.
The increase in Partnership revenue for the three and nine months ended
September 30, 1995 as compared to the same period in 1994 is primarily due to
increased net income from the Marketplace. For the three and nine months ended
September 30, 1995 as compared to the same period in 1994, the Partnership
realized a decrease in MBS interest income which was offset by an increase in
interest received on other short term investments. The decrease in MBS interest
income is the result of the slowing of the prepayments that were experienced in
the first half of 1994.
The Partnership's general and administrative expenses have decreased for
the three and six months ended of 1995 as compared to a same period in 1994 due
to a reduction in investor service costs.
<PAGE>
KRUPP CASH PLUS-V LIMITED PARTNERSHIP
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Response: None
Item 2. Changes in Securities
Response: None
Item 3. Defaults upon Senior Securities
Response: None
Item 4. Submission of Matters to a Vote of Security Holders
Response: None
Item 5. Other Information
Response: None
Item 6. Exhibits and Reports on Form 8-K
Response: None
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Krupp Cash Plus-V Limited Partnership
(Registrant)
BY: /s/Marianne Pritchard
Marianne Pritchard
Treasurer and Chief Accounting
Officer of Krupp Plus Corporation, a
General Partner
DATE: October 30, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Krupp Cash
Plus V. Limited partnership financial statement for the quarter ended September
30, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,216,547
<SECURITIES> 928,433
<RECEIVABLES> 27,691
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 23,434,995
<DEPRECIATION> 0
<TOTAL-ASSETS> 26,607,666
<CURRENT-LIABILITIES> 57,370
<BONDS> 0
<COMMON> 26,550,296<F1>
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 26,607,666
<SALES> 883,780
<TOTAL-REVENUES> 883,780
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 195,878
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 687,902
<INCOME-TAX> 0
<INCOME-CONTINUING> 687,902
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 687,902
<EPS-PRIMARY> 0<F2>
<EPS-DILUTED> 0<F2>
<FN>
<F1>Represents total equity of general partners ($40,573) and limited partners
$26,590,869.
<F2>Net income allocated $6,879 to general partners and $681,023 to the limited
partners for the nine months ended 9/30/95. Average net income is $.33 per
unit for 2,060,450 units outstanding.
</FN>
</TABLE>
