<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
/X/QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
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: 0-17683
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS L.P., I
- ---------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 94-3069380
- ---------------------------------------------------------------------------
(State or other jurisdiction of I.R.S. Employer Identification No.)
incorporation or organization)
1341 West Robinhood, Suite B-9, Stockton, CA 95207
- ---------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (209) 478-0140
N/A
- ---------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since
last report
Indicate by check CK 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 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 _CK_ No__
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
------
<S> <C> <C>
Part I. Financial Information
Item 1: Balance Sheets - June 30, 1996 and
December 31, 1995 . . . . . . . . . . . . . . . . . 3
Statements of operations for the six months ended
June 30, 1996 and 1995 . . . . . . . . . . . . . . 4
Statements of operations for the three months ended
June 30, 1996 and 1995 . . . . . . . . . . . . . . 5
Statement of changes in partners' equity (deficit)
for the six months ended June 30, 1996 . . . . . . 6
Statements of cash flows for the six months
ended June 30, 1996 and 1995 . . . . . . . . . . . 7
Notes to Financial Statements . . . . . . . . . . . 8
Item 2: Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . 15
Part II. Other Information . . . . . . . . . . . . . . . . . 17
</TABLE>
2
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS L.P., I
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
---------- ----------
<S> <C> <C>
ASSETS
Property, net $79,235,647 $80,837,637
Cash and cash equivalents 4,099,464 3,262,675
Other assets (net of accumulated amortization
of $1,266,430 and $1,256,116, respectively) 364,430 463,630
---------- ----------
$83,699,541 $84,563,942
---------- ----------
---------- ----------
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Mortgage loans payable $65,842,643 $66,361,897
Accounts payable 1,251,135 571,286
Accounts payable, affiliate 195,315 197,612
Accrued interest 437,751 434,618
Unearned rent and tenant deposits 542,873 518,766
---------- ----------
68,269,717 68,084,179
---------- ----------
Partners' equity (deficit):
Limited partners' equity (316,828 units
authorized and outstanding) 7,840,538 8,869,479
Subordinated limited partners' equity (46,364 units
authorized and outstanding) 8,878,175 8,878,175
General partners' deficit (1,288,889) (1,267,891)
---------- ----------
15,429,824 16,479,763
---------- ----------
$83,699,541 $84,563,942
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
3
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS L.P., I
(A Limited Partnership)
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1996 and 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Revenues:
Rental $ 7,842,199 $ 7,521,844
Interest 51,346 44,109
---------- ----------
7,893,545 7,565,953
---------- ----------
Expenses:
Property operating expenses 2,802,467 2,606,006
Property taxes 535,129 514,662
Property management fees to affiliates 233,956 223,767
General and administrative expense 78,747 78,896
Interest expense 2,588,671 3,048,705
Management fees to General Partners 313,688 300,874
Depreciation 1,601,990 1,813,794
---------- ----------
8,154,648 8,586,704
---------- ----------
Net loss $ (261,103) $(1,020,751)
---------- ----------
---------- ----------
Net loss allocated to General Partners $ (5,222) $ (20,415)
---------- ----------
---------- ----------
Net loss allocated to Limited Partners $ (255,881) $(1,000,336)
---------- ----------
---------- ----------
Net loss allocated to Subordinated Limited
Partners $ -0- $ -0-
---------- ----------
---------- ----------
Net loss per unit of limited partnership
interest $ (0.81) $ (3.16)
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
4
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS L.P., I
(A Limited Partnership)
STATEMENTS OF OPERATIONS
For the three months ended June 30, 1996 and 1995
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Revenues:
Rental $ 3,906,708 $ 3,741,976
Interest 26,364 24,724
---------- ----------
3,933,072 3,766,700
---------- ----------
Expenses:
Property operating expenses 1,467,118 1,340,107
Property taxes 267,318 256,689
Property management fees to affiliates 116,814 108,411
General and administrative expense 40,122 39,017
Interest expense 1,294,373 1,526,758
Management fees to General Partners 156,268 149,410
Depreciation 800,995 906,897
---------- ----------
4,143,008 4,327,289
---------- ----------
Net loss $ (209,936) $ (560,589)
---------- ----------
---------- ----------
Net loss allocated to General Partners $ (4,199) $ (11,212)
---------- ----------
---------- ----------
Net loss allocated to Limited Partners $ (205,737) $ (549,377)
---------- ----------
---------- ----------
Net loss allocated to Subordinated Limited
Partners $ -0- $ -0-
---------- ----------
---------- ----------
Net loss per unit of limited partnership
interest $ (0.65) $ (1.73)
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
5
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS L.P., I
(A Limited Partnership)
STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIT)
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Subordinated
Limited Limited General
Total Partners Partners Partners
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Partners' equity
(deficit)-
December 31, 1995 $16,479,763 $ 8,869,479 $ 8,878,175 $(1,267,891)
Net loss (261,103) (255,881) -0- (5,222)
Distributions (788,836) (773,060) -0- (15,776)
---------- ---------- ---------- ----------
Partners' equity
(deficit)-
June 30, 1996 $15,429,824 $ 7,840,538 $ 8,878,175 $(1,288,889)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
See notes to financial statements.
6
<PAGE>
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS L.P., I
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (261,103) $(1,020,751)
---------- ----------
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation 1,601,990 1,813,794
Amortization of loan fees included in
interest expense 10,314 110,872
Decrease in other assets 88,886 92,340
Increase in accounts payable 288,564 237,783
Decrease in accounts payable, affiliate (2,297) (698,524)
Increase in unearned rent and tenant deposits 24,107 186
---------- ----------
Total adjustments 2,011,564 1,556,451
---------- ----------
Net cash provided by operating activities 1,750,461 535,700
---------- ----------
Cash flows from financing activities:
Mortgage loan principal amortization (519,254) (405,396)
Distributions to partners (394,418) -0-
---------- ----------
(913,672) (405,396)
---------- ----------
Net increase in cash and cash equivalents 836,789 130,304
Cash and cash equivalents, beginning of period 3,262,675 2,777,213
---------- ----------
Cash and cash equivalents, end of period $ 4,099,464 $ 2,907,517
---------- ----------
---------- ----------
SUPPLEMENTAL SCHEDULE OF FINANCING ACTIVITIES
Accrued distributions to partners 788,836 -0-
Increase in distribution payable 394,418 -0-
---------- ----------
Cash used in distribuitons to partners 394,418 -0-
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
7
<PAGE>
PRUDENTIAL-BACHE/A. G. SPANOS REALTY PARTNERS L.P., I
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE A - FINANCIAL STATEMENT PREPARATION
The June 30, 1996 financial statements have been prepared without audit.
In the opinion of management, the financial statements contain all
adjustments (consisting of normal recurring accruals) necessary to present
fairly the Partnership's financial position, results of operations and cash
flows. The operating results for the six months ended June 30, 1996 may
not necessarily be indicative of the results expected for the full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted
accounting principles have been omitted. These financial statements must
be read in conjunction with the financial statements and notes thereto
included in the Partnership's annual report for the year ended December 31,
1995. Certain reclassifications have been made to prior year amounts in
order to be in conformity with the current year presentation.
Effective January 1, 1996, the Partnership adopted Statement of Financial
Standards ("SFAS") No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed Of." Under SFAS No. 121,
impairment of properties to be held and used is determined to exist when
estimated amounts recoverable through future operations on an undiscounted
basis are below the properties' carrying value. If a property is
determined to be impaired, it should be recorded at the lower of its
carrying value or its estimated fair value. The implementation of SFAS No.
121 did not have a significant impact on the Partnership's financial
position as of June 30, 1996.
7
<PAGE>
NOTE B - PROPERTY
Property is comprised of the following:
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
-----------------------------------
<S> <C> <C>
Apartment buildings $ 83,030,825 $ 83,030,825
Equipment 4,369,974 4,369,974
Land 18,053,226 18,053,226
----------- -----------
105,454,025 105,454,025
Less: Accumulated depreciation (26,218,378) (24,616,388)
----------- -----------
$ 79,235,647 $ 80,837,637
----------- -----------
----------- -----------
</TABLE>
8
<PAGE>
NOTE C - RELATED PARTY TRANSACTIONS
Set forth below are the fees and other amounts relating to transactions
between the Partnership and the General Partners and their affiliates for
the six months ended June 30, 1996 and 1995.
<TABLE>
<CAPTION>
1996 1995
-----------------------
<S> <C> <C>
Expensed to the General Partners:
Supervisory management fee $156,844 $150,437
Special distribution 142,969 136,562
Administrative expense reimbursements 13,875 13,875
------- -------
$313,688 $300,874
------- -------
------- -------
Expensed to A.G. Spanos Management, Inc.:
Property management fees $233,956 $223,767
------- -------
------- -------
</TABLE>
Accruals of $39,047 and $42,142 for property management fees and $156,268
and $155,470 for General Partner fees were outstanding at June 30, 1996
and December 31, 1995, respectively. The General Partners' capital account
deficit for financial accounting purposes exceeds the amount the General
Partners would be obligated to restore if the Partnership were to dissolve.
Prudential Securities Incorporated ("PSI"), an affiliate of the Bache
General Partner, owned 4,663 Units at June 30, 1996.
9
<PAGE>
NOTE D - CONTINGENCIES
On or about October 18, 1993 a putative class action, captioned Kinnes et
al. v. Prudential Securities Group Inc. et al. (93 Civ. 654) was filed in
the United States District Court for the District of Arizona, purportedly
on behalf of investors in the Partnership against the Partnership, the
Bache General Partner, PSI and a number of other defendants. On or about
November 16, 1993, a putative class action captioned Connelly et al. v.
Prudential-Bache Securities Inc. et al. (93 Civ. 713) was filed in the
United States District Court for the District of Arizona, purportedly on
behalf of investors in the Partnership against the Partnership, the Bache
General Partner, PSI and a number of other defendants. On or about July
23, 1993 a putative class action, captioned Kahn v. Prudential-Bache
Properties, Inc. et al. (Index No. 11867/93) was filed in the Supreme Court
of the State of New York, County of New York, purportedly on behalf of
investors in the Partnership against the General Partners, PSI, The
Prudential Insurance Company of America and certain of their affiliates and
officers. The case was subsequently removed to the United States District
Court for the Southern District of New York (93 Civ. 5976).
On or about May 11, 1994 a policyholder derivative action and putative
class action, captioned Romano et al. v. The Prudential Insurance Company
of America and Prudential Securities Incorporated (94 Civ.3527), was filed
in the United States District Court for the Southern District of New York,
purportedly on behalf of policyholders of The Prudential Insurance Company
of America ("The Prudential") against The Prudential and PSI as nominal
defendants and against certain officers of The Prudential and its
affiliates, including the present and former chief executive officers of
PSI, and present and former members of The Prudential's board of directors,
the Spanos General Partner and certain of its affiliates as defendants. In
substance the suit alleged that the wrongful acts of the defendants
(essentially the same conspiracy regarding the sales of limited partnership
interests alleged in the consolidated complaint discussed below) have
resulted in substantial losses to PSI as a consequence of fines and
litigation settlements. Because PSI is a wholly owned subsidiary of The
Prudential, its losses allegedly diminished the value of plaintiffs'
interests in The Prudential as policyholders. The complaint contains counts
based upon RICO, intentional and negligent misrepresentation, and unjust
enrichment. Plaintiffs sought unspecified compensatory, general,
consequential, incidental and punitive damages as well as interest, costs
and attorneys' fees. A motion to dismiss the case was filed January 20,
1995 on behalf of The Prudential and the outside directors.
10
<PAGE>
On or about February 13, 1995 an individual action, captioned Estate of
Jean Adams v. Prudential Securities, Inc. et al. (Case No. 1995 CV 00265)
was filed in the Court of Common Pleas in Stark County, Ohio against PSI,
The Prudential, the General Partners, the Partnership and affiliates of the
Spanos General Partner. The action was removed to the United States
District Court for the Northern District of Ohio (Eastern Division) on
March 15, 1995. Plaintiff alleged misrepresentations, breach of fiduciary
duties and civil conspiracy by defendants in connection with the sale of
units of the Partnership. Plaintiff sought unspecified damages, including
punitive damages.
By order of the Judicial Panel on Multidistrict Litigation dated April 14,
1994, the Kinnes and Kahn cases, by order dated June 8, 1994, the Connelly
case, by order dated June 27, 1994, the Romano case, and by order dated
April 7, 1995, the Adams case, were transferred to a single judge of the
United States District Court for the Southern District of New York and,
except for Romano, consolidated for pretrial proceedings under the caption
In re Prudential Securities Incorporated Limited Partnerships Litigation
(MDL Docket 1005). The Romano case was coordinated for pretrial discovery
purposes. On June 8, 1994, plaintiffs in the transferred cases filed a
complaint that consolidated the previously filed complaints and named as
defendants, among others, PSI, certain of its present and former employees
and the General Partners. The Partnership is not named a defendant in the
consolidated complaint, but the name of the Partnership is listed as being
among the limited partnerships at issue in the case. The consolidated
complaint alleges violations of the federal and New Jersey Racketeer
Influenced and Corrupt Organizations Act ("RICO") statutes, fraud,
negligent misrepresentation, breach of fiduciary duties, breach of third-
party beneficiary contracts and breach of implied covenants in connection
with the marketing and sales of limited partnership interests. Plaintiffs
request relief in the nature of rescission of the purchase of securities
and recovery of all consideration and expenses in connection therewith, as
well as compensation for lost use of money invested less cash
distributions; compensatory damages; consequential damages; treble damages
for defendants' RICO violations (both federal and New Jersey); general
damages for all injuries resulting from negligence, fraud, breaches of
contract, and breaches of duty in an amount to be determined at trial;
disgorgement and restitution of all earnings, profits, benefits, and
compensation received by defendants as a result of their unlawful acts; and
costs and disbursements of the action. On November 28, 1994 the transferee
court deemed each of the complaints in the constituent actions (including
Kinnes and Kahn) amended to conform to the allegations of the consolidated
11
<PAGE>
complaint. On August 9, 1995 the Bache General Partner, PSI and other
Prudential defendants entered into a Stipulation and Agreement of Partial
Compromise and Settlement with legal counsel representing plaintiffs in the
consolidated actions. The court preliminarily approved the settlement
agreement by order dated August 29, 1995 and, following a hearing held
November 17, 1995, found that the agreement was fair, reasonable, adequate
and in the best interests of the plaintiff class. The court gave final
approval to the settlement, certified a class of purchasers of specific
limited partnerships, including the Partnership, released all settled
claims by members of the class against the PSI settling defendants and
permanently barred and enjoined class members from instituting, commencing
or prosecuting any settled claim against the released parties. The full
amount due under the settlement agreement has been paid. The consolidated
action remains pending against the Spanos General Partner and certain of
its affiliates. Because the Prudential settlement did not include the
Romano action, that case is still pending against all defendants. Although
the order approving the partial settlement agreement dismissed the
consolidated complaint on the merits and with prejudice as against the PSI
settling defendants, it expressly continued the action against all
nonsettling defendants, including the Spanos General Partner, and preserved
all claims against them. The Partnership is not named a defendant in the
consolidated complaint and the action is not expected to have a material
effect on the Partnership's financial condition; accordingly, no provision
for any loss that may result upon resolution of this matter has been made
in the accompanying financial statements.
On or about April 15, 1994 a multiparty petition entitled Schreiber, et al.
v. Prudential Securities, Inc., et al. (Cause No. 94-17696) was filed in
the 189th Judicial District Court of Harris County, Texas, purportedly on
behalf of investors in the Partnership against the Partnership, the General
Partners, PSI, The Prudential Insurance Company of America and a number of
other defendants. The Petition alleges common law fraud, fraud in the
inducement and negligent misrepresentation in connection with the offering
of limited partnership interests and negligence, breach of fiduciary duty,
civil conspiracy, and violations of the federal Securities Act of 1933
(sections 11 and 12) and of the Texas Securities and Deceptive Trade
Practices statutes. The suit seeks, among other things, compensatory and
punitive damages, costs and attorneys' fees. The ultimate outcome of this
action as well as the impact on the Partnership cannot presently be
determined. Accordingly, no provision for any loss that may result upon
resolution of this matter has been made in the accompanying financial
statements. The General Partners, PSI and the Partnership, where
applicable, believe they have meritorious defenses to this complaint and
intend to vigorously defend themselves in this action.
12
<PAGE>
NOTE E - SUBSEQUENT EVENTS
In August 1996, the Partnership paid second quarter cash distributions
of $386,530 and $7,888, respectively, to the Unitholders and
General Partners. Distributions were accrued at June 30, 1996 and are
included in accounts payable.
13
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Capital Resources and Liquidity
The Partnership had cash of $4,099,000 at June 30, 1996. There are no
proposed programs for renovation, improvement or development of the
Properties other than maintenance and repairs (including major repairs) in
the ordinary course which will be paid from operations, and the
Partnership's liquidity position is considered satisfactory.
The Partnership's operating activities provided net cash of $1,750,000 in
the first six months of 1996, of which $399,000 reflects timing differences
relating to prepaid and accrued expense items. Of the balance, $519,000
was applied to scheduled principal amortization on the Partnership's
mortgage debt, $789,000 was applied towards cash distributions and $43,000
was retained. Cash provided by operating activities in the first six
months of 1995 reflects the payment of $700,000 of fees incurred in prior
years and is not directly comparable with cash provided by operating
activities in 1996. As adjusted for the effect of the fee deferral and
changes in timing differences, cash provided by operating activities
improved from $904,000 in the first six months of 1995 to $1,351,000 in
comparable period this year, reflecting the Properties' improved operating
performance. Scheduled principal amortization increased this year,
reflecting the fact that the principal portion of the monthly mortgage
payments increases over time.
The Partnership resumed paying distributions for the first quarter of 1996.
Distributions had been suspended following the second quarter of 1992.
Future distributions will be dependent on the operations of the
Partnership.
Results of Operations
Rental revenue was $7,842,000 for the first six months of 1996, an
increase of 4.3% over the same period last year. Revenue increased at
seven of the eight Properties, principally because of increased effective
rental rates. Revenue at Harbor Pointe was essentially unchanged from the
corresponding period last year. Overall, the weighted average occupancy of
the Apartment Projects was 94.3% for the first six months of 1996 compared
to 93.6% for the same period last year.
14
<PAGE>
Property operating expenses were $2,802,000 for the first six months of
1996 compared to $2,606,000 for the first six months of 1995. Operating
expenses excluding major repairs and furnished unit expense increased
$122,000 or approximately 5.2% over the first six months of 1995.
Expense categories showing the greatest increases were maintenance, up
$67,000 or 9.2% reflecting the generally higher costs of operating an aging
property portfolio and utilities up $21,000 or 3.8%. Major repairs (i.e.,
exterior painting, asphalt work and other expensive repairs that do not
recur on an annual basis) increased to $256,000 for the first six months of
1996 compared to $205,000 for the same period last year. Furnished unit
expense was up $23,000 over the first six months of 1995, reflecting the
increased furnished unit rentals, but this expense was offset by the higher
rents received for those apartments. Property management fees, which
are 3% of property revenue, increased with the increase in revenue.
Interest expense declined $460,000, reflecting the lower interest rates
now applicable on five of the Partnership mortgage loans. In addition,
interest expense for the first six months of 1995 included $100,000 of
loan fee amortization not charged in 1996 because the fees became fully
amortized in 1995. Depreciation expense declined $212,000 because certain
personal property assets became fully depreciated in 1995. Comparative
second quarter 1996 and 1995 operating results generally reflect the trends
discussed above for the comparative six-month periods.
15
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
This information is incorporated by reference to Note D to the financial
statements filed herewith in Item 1 of Part I of the Partnership's
Quarterly Report.
Item 2. Changes in Securities
(None)
Item 3. Defaults Upon Senior Securities
(None)
Item 4. Submission of Matters to a Vote of Security Holders
(None)
Item 5. Other Information
(None)
Item 6. Exhibits and Reports on Form 8-K
Exhibits
4(a) Certificate of Limited Partnership of Registrant as
filed with the Secretary of State of Delaware,
incorporated by reference to Exhibit 4(a) to
Registration Statement on Form S-11, File No. 33-22613,
filed with the Securities and Exchange Commission on
October 14, 1988.
4(b) Amendment to Certificate of Limited Partnership of
Registrant as filed with the Secretary of State of
Delaware, incorporated by reference to Exhibit 4(b) to
Amendment No. 1 to Registration Statement on Form S-11,
File No. 33-22613, filed with the Securities and
Exchange Commission on October 14, 1988.
4(c) Amended and Restated Agreement of Limited Partnership of
Registrant, incorporated by reference to Exhibit 4(c) to
Amendment No. 1 to Registration Statement on Form S-11,
File No. 33-22613, filed with the Securities and
Exchange Commission on October 14, 1988.
16
<PAGE>
4(d) Amendments No. 1 through 7 dated November 21, and
December 30, 1988 and January 31, February 28, March 31,
April 28, and May 31, 1989 to the Amended and Restated
Agreement of Limited Partnership of Registrant,
incorporated by reference to Exhibit 4(d) to
Post-Effective Amendment No. 1 to Registration Statement
on Form S-11, File No. 33-22613, filed with the
Securities and Exchange Commission on June 30, 1989.
4(e) Amendments No. 8 through 14 dated June 30, August 11
and 31, September 29, October 31, and December 1 and 22,
1989 to the Amended and Restated Agreement of Limited
Partnership of Registrant, incorporated by reference to
Exhibit 4(e) to Annual Report on Form 10-K, File No.
0-17683, filed with the Securities and Exchange
Commission on March 28, 1991.
27 Financial Data Schedule (filed herewith)
Reports on Form 8-K
(None)
17
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PRUDENTIAL-BACHE/A.G. SPANOS REALTY PARTNERS, L.P., I (Registrant)
By: A.G. Spanos Realty Partners, L.P., General Partner
By: AGS Financial Corporation, a general partner
By: /s/Arthur J. Cole Date: August 14, 1996
---------------------------------
Arthur J. Cole
President and Chief Accounting Officer
By: A.G. Spanos Realty Capital, Inc., a general partner
By: /s/Arthur J. Cole Date: August 14, 1996
---------------------------------
Arthur J. Cole
Vice President and Chief Accounting Officer
18
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> The Schedule contains summary financial
information extracted from the financial
statements for Prudential-Bache/A.G. Spanos
Realty Partners L.P., I, and is qualified
entirely by reference to such financial
statements.
</LEGEND>
<RESTATED>
<CIK> 000844159
<NAME> Prudential-Bache/A.G. Spanos Realty Partners L.P., I
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-1-1996
<PERIOD-END> Jun-30-1996
<PERIOD-TYPE> 6-Mos
<CASH> 4099464
<SECURITIES> 0
<RECEIVABLES> 364430
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4463894
<PP&E> 105454025
<DEPRECIATION> 26218378
<TOTAL-ASSETS> 83699541
<CURRENT-LIABILITIES> 2427074
<BONDS> 65842643
0
0
<COMMON> 0
<OTHER-SE> 15429824
<TOTAL-LIABILITY-AND-EQUITY> 83699541
<SALES> 7842199
<TOTAL-REVENUES> 7893545
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5565977
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2588671
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (261103)
<EPS-PRIMARY> (0.81)
<EPS-DILUTED> 0
</TABLE>
