SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
___________
FORM 10Q
(Mark One)
X 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 0-19246
CLOVER INCOME PROPERTIES III, L. P
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
22-2935727
(IRS employer identification no.)
23 WEST PARK AVENUE, MERCHANTVILLE, NEW JERSEY 08109
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (609) 662-1116
Former name, address and former fiscal year, if changed since last report
Indicate by check 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
<TABLE>
CLOVER INCOME PROPERTIES III, L.P.
BALANCE SHEETS
(Unaudited)
ASSETS
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
CURRENT ASSETS
Cash $ 107,274 $ 116,337
Total current assets 107,274 116,337
INVESTMENT IN THE WILLOWBROOK JOINT
VENTURE, at equity 1,896,716 1,960,652
OTHER DEFERRED COSTS, less amortization
of $33,306 and $26,169, respectively 192,694 199,831
TOTAL ASSETS $ 2,196,684 $ 2,276,820
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable $ 14,625 $ 18,250
Due to affiliates - 10,395
Total current liabilities 14,625 28,645
PARTNERS' CAPITAL
General partner (deficit) (38,095) (37,433)
Limited partners 2,220,154 2,285,608
Total partners' capital 2,182,059 2,248,175
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 2,196,684 $ 2,276,820
</TABLE>
<TABLE>
CLOVER INCOME PROPERTIES III, L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, 1995 September 30,1994
<S> <C> <C>
REVENUES
Rental income $ - $ 240,393
Interest income 1,646 6,679
Other income - 518
Total revenues 1,646 247,590
EXPENSES
Depreciation and amortization 7,137 54,714
Operating expenses - 119,054
Professional services 36,023 15,266
General and administrative 5,767 4,715
Total expenses (Including affiliate
transactions of $2,482 and $20,194 for
nine months ended 09/30/95 and 09/30/94,
respectively) 48,927 193,749
Share of from The Willowbrook
Joint Venture 15,822 11,480
INCOME (LOSS) BEFORE LOSS ON
SALE OF PROPERTY (31,459) 65,321
LOSS ON SALE OF PROPERTY - (466,357)
NET (LOSS) $ (31,459) $ (401,036)
NET (LOSS) PER
LIMITED PARTNERSHIP UNIT $ (4.27) $ (54.64)
</TABLE>
<TABLE>
CLOVER INCOME PROPERTIES III, L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Three Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
REVENUES
Rental income $ - $ -
Interest income 527 3,911
Other income - -
Total revenues 527 3,911
EXPENSES
Depreciation and amortization 2,380 5,336
Operating expenses - 9,897
Professional services 22,040 2,240
General and administrative 378 1,650
Total expenses (Including affiliate
transactions of -0- and $2,405
for the three months ended 09/30/95
and 09/30/94, respectively) 24,798 19,123
Share of (loss) from The Willowbrook
Joint Venture (8,395) (531)
(LOSS) BEFORE LOSS ON
SALE OF PROPERTY (32,666) (15,743)
LOSS ON SALE OF PROPERTY - (466,357)
NET (LOSS) $ (32,666) $ (482,100)
NET (LOSS) PER
LIMITED PARTNERSHIP UNIT $ (4.43) $ (65.52)
</TABLE>
<TABLE>
CLOVER INCOME PROPERTIES III, L.P.
STATEMENT OF PARTNERS' CAPITAL (DEFICIT)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(Unaudited)
<CAPTION>
General Limited
Partner Partners Total
<S> <C> <C> <C>
Balance (Deficit) at
January 1, 1995 $ (37,433) $ 2,285,608 $ 2,248,175
Partners' distributions, $4.70
per limited partnership unit (347) (34,310) (34,657)
Net (Loss) (315) (31,144) (31,459)
Balance (Deficit) at
September 30, 1995 $ (38,095) $ 2,220,154 $ 2,182,059
</TABLE>
<TABLE>
CLOVER INCOME PROPERTIES III, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
OPERATING ACTIVITIES
Cash received from rentals $ - $ 233,621
Cash paid for expenses (55,810) (205,210)
Interest received 1,646 6,679
Other income received - 518
Distributions received from The
Willowbrook Joint Venture 79,758 79,758
Net cash provided by operating
activities 25,594 115,366
INVESTING ACTIVITIES
Proceeds from the sale of Property - 2,700,000
Settlement cost paid from sale of Property - (28,813)
Investment in The Willowbrook
Joint Venture - (1,360)
Net cash provided by investing
activities - 2,669,827
FINANCING ACTIVITIES
Partner's distributions (34,657) (2,941,761)
NET (DECREASE) IN CASH (9,063) (156,568)
CASH, beginning of period 116,337 269,661
CASH, end of period $ 107,274 $ 113,093
</TABLE>
<TABLE>
CLOVER INCOME PROPERTIES III, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
RECONCILIATION OF NET (LOSS)
TO CASH PROVIDED BY OPERATING ACTIVITIES
Net (loss) $ (31,459) $ (401,036)
Adjustments
Depreciation and amortization 7,137 54,714
Income from investment in The
Willowbrook Joint Venture (15,822) (11,480)
Loss on sale of Property - 466,357 Distributions received from The
Willowbrook Joint Venture 79,758 79,758
Decrease in prepaid expenses - 2,621
Decrease in rents receivable - 1,022
Decrease in utility deposits - 295
(Decrease) in accounts payable (3,625) (7,118)
(Decrease) in accrued expenses - (7,455)
(Decrease) in prepaid rents - (7,794)
(Decrease) in security deposits - (25,600)
(Decrease) in due to affiliates (10,395) (28,918)
Total adjustments 57,053 516,402
Net cash provided by operating activities $ 25,594 $ 115,366
</TABLE>
CLOVER INCOME PROPERTIES III, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
Readers of this quarterly report should refer to the Partnership's
audited financial statements as of December 31, 1994, as certain
footnote disclosures which would substantially duplicate those
contained in such audited financial statements have been omitted
from this report.
1. INVESTMENT IN THE WILLOWBROOK JOINT VENTURE:
On April 8, 1992, the Partnership consummated a transaction, which
was effective April 1, 1992, with the Willowbrook Joint Venture,
Clover Income Properties, L.P. and Clover Income Properties II,
L.P., affiliated partnerships, for the acquisition by the
Partnership of an interest in the Willowbrook Joint Venture (the
Joint Venture), which owns the Willowbrook Apartments, a 299-unit
midrise apartment complex located in Baltimore, Maryland. The
Partnership acquired a 14.18% interest in the Joint Venture for a
cash purchase price of $2,200,000. A summary of the Joint
Venture's financial statements is as follows:
<TABLE>
<CAPTION>
For the Nine
Months Ended
September 30, 1995
<S> <C>
Current Assets $ 350,538
Investment property, net of accumulated depreciation 9,515,004
Other noncurrent assets 1,100
Total assets $ 9,866,642
Current liabilities $ 400,429
Capital -
Clover Income Properties, L.P. 3,736,160
Clover Income Properties II, L.P. 3,736,160
Clover Income Properties III, L.P. 1,993,893
Total liabilities and capital $ 9,866,642
Revenues $ 1,523,808
Expenses 1,265,376
Net Income $ 258,432
</TABLE>
CLOVER INCOME PROPERTIES III, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
1. INVESTMENT IN THE WILLOWBROOK JOINT VENTURE (continued):
The Joint Venture made distributions from operations to the
Partnership in the amount of $79,758 during the first nine
months of 1995. (Also see Note 3).
The investment in The Willowbrook Joint Venture, at equity of
$1,896,716, includes amortization ($97,178) of the additional
costs of the Partnership's share of the investment in the
Joint Venture over the Partnership's share of the net book
value of the Joint Venture on April 1, 1992. The amount by
which the Partnership's share of the investment in the Joint
Venture exceeds the Partnership's share of the net book value
of the Joint Venture, was $651,576. This amount has been
allocated to land and building in the amounts of $75,452 and
$576,124, respectively. The excess costs allocable to the
building are amortized over the remaining estimated useful
life of the building on April 1, 1992, which is 20 years and
9 months. Therefore, the amount of the investment, at
equity, reflected here does not correspond to the
Partnership's capital account balance in the Joint Venture.
2. TRANSACTIONS WITH AFFILIATES
Until the sale of the Mallard Green Apartments on July 1,
1994, the General Partner and its affiliates were entitled to
reimbursement for administrative services rendered to the
Partnership, direct expenses of Partnership operations, and
goods and services used by and for the Partnership. As
compensation for property management services performed by an
affiliate of the General Partner with respect to the
Property, the affiliate was also entitled to a management fee
in an amount not to exceed 5% of gross revenues.
CLOVER INCOME PROPERTIES III, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
<TABLE>
<CAPTION>
Management Reimbursable
Fees Costs
<S> <C> <C>
Amount payable at January 1, 1995 $ 8,395 $ 2,000
Incurred during the nine months
ended September 30, 1995 - 2,484
Payments made in 1995 (8,395) (4,484)
Amount payable at September 30, 1995 $ - $ -
</TABLE>
3. SUBSEQUENT DISTRIBUTION:
In October 1995, the Partnership received $8,862 in
distributions from the Willowbrook Joint Venture. In October
1995, the Partnership made a cash distribution of $9,855 to
the Limited Partners and $100 to the General Partner.
4. GENERAL:
The Financial Statements reflect all adjustments which are,
in the opinion of the General Partner, necessary for a fair
presentation of the results for the interim period presented.
Such adjustments are of a normal recurring nature.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
BALANCE SHEETS
(Unaudited)
ASSETS
<CAPTION>
September 30, December 31,
1995 1994
<S> <C> <C>
CURRENT ASSETS
Cash $ 134,911 $ 193,081
Prepaid expenses 208,770 136,682
Rents receivable 6,857 868
Total Current Assets 350,538 330,631
INVESTMENT PROPERTY, at cost 13,420,164 13,378,885
Less - accumulated depreciation (3,905,160) (3,520,401)
Net investment property 9,515,004 9,858,484
OTHER ASSETS
Utility deposit 1,100 1,100
TOTAL ASSETS $ 9,866,642 $ 10,190,215
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable $ - $ 17,447
Accrued expenses 30,778 26,563
Tenants' security deposits 33,342 40,748
Prepaid rents 10,030 8,936
Due to affiliate 326,279 326,240
Total current liabilities 400,429 419,934
PARTNERS' CAPITAL
Clover Income Properties, L.P. 3,736,160 3,866,638
Clover Income Properties II, L.P. 3,736,160 3,866,638
Clover Income Properties III, L.P. 1,993,893 2,037,005
Total partners' capital 9,466,213 9,770,281
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 9,866,642 $ 10,190,215
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30,1995 September 30, 1994
<S> <C> <C>
REVENUES
Rental income $ 1,500,565 $ 1,514,541
Other income 22,395 41,542
Interest income 848 2,645
Total revenues 1,523,808 1,558,728
EXPENSES
Depreciation 384,759 383,988
Operating expenses (Including
affiliate transactions of $16,977 and
$89,057 for the nine months
ended 9/30/95 and 9/30/94,
respectively) 873,438 931,413
Professional services 7,179 7,128
General & administrative - 8,388
Total expenses 1,265,376 1,330,917
NET INCOME $ 258,432 $ 227,811
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Three Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
REVENUES
Rental income $ 503,225 $ 500,366
Other income 8,778 8,010
Interest income 318 833
Total revenues 512,321 509,209
EXPENSES
Depreciation 128,253 128,206
Operating expenses (Including
affiliate transactions of $114 and
$29,163 for the three months
ended 9/30/95 and 9/30/94,
respectively) 343,144 327,668
Professional services 2,231 2,662
General & administrative - 5,467
Total expenses 473,628 464,003
NET INCOME $ 38,693 $ 45,206
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF PARTNERS' CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
(Unaudited)
<CAPTION>
Clover Clover Clover
Income Income Income
Properties, Properties Properties
L.P. II, L.P. III, L.P. Total
<S> <C> <C> <C> <C>
Balance January 1, 1995 $ 3,866,638 $ 3,866,638 $ 2,037,005 $ 9,770,281
Net income 110,893 110,893 36,646 258,432
Partners' distributions (241,371) (241,371) (79,758) (562,500)
Balance September 30,
1995 $ 3,736,160 $ 3,736,160 $ 1,993,893 $ 9,466,213
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, September 30,
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES
Cash received from rentals $ 1,495,670 $ 1,517,689
Other income received 22,395 41,542
Interest income received 848 2,645
Cash paid for operating expenses (973,304) (1,002,733)
Net cash provided by operating activities 545,609 559,143
INVESTING ACTIVITIES
Cash paid for investment property (41,279) (62,266)
FINANCING ACTIVITIES
Partners' distributions (562,500) (562,500)
Partners' contributions - 9,592
Net cash (used in) financing activities (562,000) (552,908)
NET (DECREASE) IN CASH (58,170) (56,031)
Cash, beginning of period 193,081 178,813
Cash, end of period $ 134,911 $ 122,782
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
THE WILLOWBROOK JOINT VENTURE
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended
September 30, September 30,
1995 1994
<S> <C> <C>
RECONCILIATION OF NET INCOME
TO CASH PROVIDED BY OPERATING ACTIVITIES
NET INCOME $ 258,432 $ 227,811
Adjustments
Depreciation 384,759 383,988
(Increase) in prepaid expenses (72,088) (51,034)
(Increase) in rents receivable (5,989) (3,154)
(Decrease) increase in accounts payable (17,447) 11,770
Increase (decrease) in accrued expenses 4,215 (74)
(Decrease) in security deposits (7,406) (4,847)
Increase in prepaid rents 1,094 6,302
Increase (decrease) in due to affiliates 39 (11,619)
Total adjustments 287,177 331,332
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 545,609 $ 559,143
</TABLE>
The accompanying notes are an integral part of these statements.
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
Readers of this quarterly report should refer to the Joint
Venture's audited financial statements as of December 31,
1994, as certain footnote disclosures which would
substantially duplicate those contained in such audited
financial statements have been omitted from this report.
1. INVESTMENT PROPERTY:
On December 17, 1987, the Joint Venture acquired the
Willowbrook Apartments, a mid-rise apartment complex
comprising 299 apartment units contained in eight five-story
buildings. The complex is located in Baltimore, Maryland.
The following is a summary of investment property as of
September 30, 1995.
Land $ 1,421,205
Building 11,003,748
Furniture and fixtures 995,211
13,420,164
Less: Accumulated depreciation (3,905,160)
$ 9,515,004
2. TRANSACTIONS WITH AFFILIATES:
Effective February 21, 1995, NPI-CL Management, L.P. ("NPI")
which is unaffiliated with the Partners, replaced an
affiliate of the Partners as Property Manager. Until this
time, as compensation for property management services
performed by an affiliate of the Partners with respect to the
Property, the affiliate was entitled to a management fee in
an amount not to exceed 5% of gross revenues.
The general partners of CIP, CIP II and CIP III and their
affiliates were entitled to reimbursement for administrative
services rendered to the Joint Venture and direct expenses of
operations and goods and services used by and for the Joint
Venture. For the nine months ended September 30, 1995,
$4,227 of such costs were incurred by the Joint Venture.
THE WILLOWBROOK JOINT VENTURE
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
2. TRANSACTIONS WITH AFFILIATES (continued):
Transactions with affiliates are summarized below:
<TABLE>
<CAPTION>
Management Reimbursable
Fees Costs
<S> <C> <C>
Amount payable at January 1, 1995 $ 319,132 $ 7,108
Incurred during nine months
ended September 30, 1995 $ 12,750 $ 4,227
Payments made during 1995 (12,750) (4,188)
Amount payable at
September 30, 1995 $ 319,132 $ 7,147
</TABLE>
3. SUBSEQUENT DISTRIBUTIONS:
In October, 1995, the Joint Venture paid total distributions
of $62,500 to its partners.
4. GENERAL:
The financial statements reflect all adjustments which are,
in the opinion of the joint venture partners, necessary for a fair
statement of results for the interim periods presented. Such
adjustments are of a normal recurring nature.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Financial Condition, Liquidity and Capital Resources
The Partnership's only remaining interest in real estate is
a 14.18% interest in The Willowbrook Joint Venture, a joint
venture which owns the Willowbrook Apartments. Consequently, the
Partnership's primary remaining source of operating cash flow
will be distributions from The Willowbrook Joint Venture.
Cash on hand on September 30, 1995 was $107,274 as compared
to $116,337 on December 31, 1994. Current funds, along with
future operating cash flow, will be utilized for working capital
needs and for distributions to the limited partners.
The Partnership's net cash flow from operations was $25,594
for the nine months ended September 30, 1995 as compared to
$115,366 for the same period in 1994. The decrease in net cash
flow from operations for the nine months ended September 30, 1995
is attributable to a decrease in cash received from rentals as a
result of the sale of Mallard Green Apartments ("Mallard Green")
on July 1, 1994.
The Willowbrook Joint Venture's net cash flow from operations
was $545,609 for the nine months ended September 30, 1995 as
compared to $559,143 for the same period in 1994. The decrease in
cash flow from operations over the period was due to a decrease in
cash received from rentals, interest and other income, partially
offset by a decrease in cash paid for operating expenses.
The General Partner believes that the Partnership's current
and future cash availability will be sufficient to meet the
Partnership's liquidity requirements, absent unanticipated
operating costs increase or adverse market conditions.
As of September 30, 1995, the Partnership has paid all
outstanding amounts owed to Clover and its affiliates. As of
September 30, 1995, The Willowbrook Joint Venture, however, owed a
total of $326,279 to Clover and its affiliates, including $7,147
for reimbursable costs and $319,132 for accrued property
management fees. The payment of such amounts will be made from
The Willowbrook Joint Venture's cash flow when available and from
the proceeds of any sales or refinancing of the assets of The
Willowbrook Joint Venture.
During the second quarter of 1995, one elevator at
Willowbrook Apartments was replaced for a total cost of $22,857.
During the third quarter of 1995, air conditioning equipment was
purchased at a cost of $18,422. These amounts are reflected in
cash paid for investing activities. One common area hallway has
been recarpeted and painted and additional common areas are
scheduled to be recarpeted and painted during the last quarter of
1995. A roof replacement and plans to resurface and restripe the
parking lot originally planned for 1995 have been indefinitely
postponed.
Effective February 21, 1995, the General Partner and certain
of its affiliates entered into an agreement with NPI-CL
Management L.P. ("NPI"), an entity unaffiliated with the
Partnership or its General Partner, pursuant to which NPI began
providing day-to-day asset management services for the
Partnership as well as property management services for the Joint
Venture. NPI is an affiliate of National Property Investors,
Inc., a diversified real estate management company with offices
in Jericho, New York and Atlanta, Georgia.
On August 17, 1995 the partners of NPI agreed to sell their
interest in NPI to an affiliate of Insignia Financial Group, Inc.
("Insignia"). According to Commercial Property News and the
National Multi-Housing Council, Insignia is the largest property
manager in the United States. The sale of the partnership
interest in NPI is subject to certain conditions and is expected
to close in January 1996. The General Partner does not believe
this transaction will have a significant impact on the
Partnership.
Results of Operations
Three and Nine Months Ended September 30, 1995 vs.
September 30, 1994
Until the sale of Mallard Green, the Partnership earned
revenues primarily from rental income from the Mallard Green
Apartments. Revenues from the Willowbrook Apartments are not
included in the Partnership's revenues.
There were no operating expenses for the Mallard Green
Apartments for the three and nine months ended September 30, 1995
due to the sale of the Mallard Green Apartments in 1994.
The Partnership's loss before depreciation and amortization
for the three and nine months ended September 30, 1995 was
$30,286 and $24,322, as compared to $476,764 and $346,322 for the
same periods in 1994. The decrease in loss before depreciation
and amortization for the three and nine months ended September
30, 1995 is attributable to the loss on the sale of Mallard Green
in the third quarter of 1994, partially offset by the absence of
operating income from Mallard Green in 1995 and by legal and
accounting costs incurred in the third quarter of 1995 in
connection with efforts to sell the Willowbrook Apartments.
Rental income for the Willowbrook Apartments, as operated by
The Willowbrook Joint Venture, for the three and nine months ended
September 30, 1995 was $503,225 and $1,500,565 as compared to
$500,366 and $1,514,541 for the same periods in 1994. Other
income for the three and nine months ended September 30, 1995 was
$8,778 and $22,395 as compared to $8,010 and $41,542 for the same
periods in 1994. Interest income for the three and nine months
ended September 30, 1995 was $318 and $848 as compared to $833 and
$2,645 for the same periods in 1994. The decrease in rental
income for the nine months ended September 30, 1995, as compared
to the same period in 1994, is primarily the result of a decrease
in average rental rates over the period.
The average effective rental rates for the Willowbrook
Apartments for the three and nine months ended September 30, 1995
were $1,786 and $5,360 as compared to $1,787 and $5,409 for the
same periods in 1994. The average occupancy for the Willowbrook
Apartments for the three and nine months ended September 30, 1995
was 94.2% and 93.6% as compared to 93.5% and 93.5% for the same
periods in 1994.
Operating expenses for the Willowbrook Apartments for the
three and nine months ended September 30, 1995 were $343,144 and
$873,438 as compared to $327,668 and $931,413 for the same periods
in 1994. The increase in operating expenses for the three months
ended September 30, 1995, as compared to the same period in 1994,
is primarily due to increased costs of painting, wallcovering,
carpet replacement and advertising incurred during the third
quarter of 1995, partially offset by lower utility costs. The
decrease in operating expenses for the nine months ended September
30, 1995, as compared to the same period in 1994, is primarily the
result of decreased utility expense due to the very mild winter in
the first quarter of 1995 as well as decreased salaries and wages.
Additionally, snow removal was $860 in the first quarter of 1995,
compared to $9,380 in the same period of 1994.
The Joint Venture's income before depreciation and
amortization for the three and nine months ended September 30,
1995 was $166,946 and $643,191 as compared to $173,412 and
$611,799 for the same periods in 1994. The decrease in income
before depreciation and amortization for the three months ended
September 30, 1995, as compared to the same period in 1994, is
primarily due to increased operating expenses; partially offset by
slightly higher rental income. The increase in income before
depreciation and amortization for the nine months ended September
30, 1995, as compared to the same period in 1994, is primarily due
to decreased operating expenses, partially offset by decreases in
rental, other and interest incomes.
PART II-OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
No report on Form 8-K was required to be filed during
the period.
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 hereunto duly authorized.
CLOVER INCOME PROPERTIES III, L.P.
(Registrant)
By: Crown Management Corp.
By: /S/ Donald N. Love
Donald N. Love, President
By: /S/ Stanley E. Borucki
Stanley E. Borucki, Treasurer
Date: November 13, 1995
??
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from the
Quarterly Report on Form 10-Q for the quarter ended September 30, 1995 for
Clover Income Properties III, L.P. and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 107,274
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 107,274
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,196,684
<CURRENT-LIABILITIES> 14,625
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 2,182,059
<TOTAL-LIABILITY-AND-EQUITY> 2,196,684
<SALES> 0
<TOTAL-REVENUES> 1,646
<CGS> 0
<TOTAL-COSTS> 48,927
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (31,459)
<INCOME-TAX> 0
<INCOME-CONTINUING> (31,459)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (31,459)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
