<PAGE> 1
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 March 31, 1996
Commission file number 1-12428
OASIS RESIDENTIAL, INC.
(Exact name of Registrant as specified in its Charter)
NEVADA 88-0297457
(State or other jurisdiction (I.R.S. Employer
identification of Incorporation or organization) Number)
4041 East Sunset Road, Henderson, Nevada 89014
(Address of Principal Executive Offices)
(702) 435-9800
(Registrant's Telephone Number, Including Area Code)
Indicate by a check mark whether the registrant: (1) has filed all reports 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
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
<TABLE>
<CAPTION>
Class Shares Outstanding Date
- - --------------------------------------------------- ------------------ ------------
<S> <C> <C>
Common, $0. 01 par value 16,237,646 May 10, 1996
$2.25 Series A Cumulative Preferred, $.01 par value 4,165,000 May 10, 1996
</TABLE>
<PAGE> 2
OASIS RESIDENTIAL, INC.
QUARTERLY REPORT ON FORM 10-Q
CONTENTS
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
PART I - FINANCIAL INFORMATION:
Item 1. Consolidated Financial Statements:
Consolidated Balance Sheets as of March 31, 1996
and December 31, 1995 2
Consolidated Statements of Operations for the Three
Months Ended March 31, 1996 and 1995 3
Consolidated Statements of Cash Flows for the Three
Months Ended March 31, 1996 and 1995 4
Notes to Consolidated Financial Statements 5-6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-13
PART II - OTHER INFORMATION 14
Signatures 15
</TABLE>
<PAGE> 3
PART 1. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements:
- - -------------------------------------------
OASIS RESIDENTIAL, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
----------- ------------
(Unaudited)
<S> <C> <C>
Real estate assets:
Land $ 81,893 $ 79,860
Buildings and improvements 450,573 434,341
Furniture and fixtures 31,361 28,132
-------- --------
563,827 542,333
Less accumulated depreciation 42,260 38,743
-------- --------
521,567 503,590
Land held for development 6,064 6,064
Construction in progress 132,202 113,525
-------- --------
Net real estate assets 659,833 623,179
Cash and cash equivalents 83 5,970
Restricted cash 2,852 2,495
Deferred costs and other assets, net 9,608 10,292
-------- --------
Total assets $672,376 $641,936
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Notes payable $288,379 $250,825
Resident deposits and prepaid rent 1,798 1,688
Accounts payable and accrued expenses 4,195 8,969
-------- --------
Total liabilities 294,372 261,482
-------- --------
Commitments
Stockholders' equity:
Preferred stock 42 42
Common stock 162 162
Paid-in capital 386,910 386,910
Distributions in excess of net income (9,110) (6,660)
-------- --------
Total stockholders' equity 378,004 380,454
-------- --------
Total liabilities and stockholders' equity $672,376 $641,936
======== ========
</TABLE>
See notes to consolidated financial statements
2
<PAGE> 4
OASIS RESIDENTIAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
-----------------------------
1996 1995
----------- -----------
<S> <C> <C>
Revenue:
Rental income $ 21,059 $ 16,963
Other income 693 796
----------- -----------
Total revenue 21,752 17,759
----------- -----------
Expenses:
Property operating and maintenance 6,129 4,848
General and administrative 832 698
Real estate taxes 1,150 934
Interest 2,872 2,575
Interest, non-cash (loan fees and costs) 294 330
Depreciation and amortization 3,520 2,769
----------- -----------
Total expenses 14,797 12,154
----------- -----------
Net income 6,955 5,605
Preferred dividend requirement 2,343 -
----------- -----------
Earnings available for common stock $ 4,612 $ 5,605
=========== ===========
Earnings per common share:
Earnings available for common stock $ 0.28 $ 0.35
=========== ===========
Dividends declared per common share $ 0.435 $ 0.41
=========== ===========
Weighted average shares outstanding 16,237,646 16,218,134
=========== ===========
</TABLE>
See notes to consolidated financial statements
3
<PAGE> 5
OASIS RESIDENTIAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
---------------------
1996 1995
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 6,955 $ 5,605
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 3,520 2,769
Interest, non-cash (loan fees and costs) 294 330
Changes in assets and liabilities:
Restricted cash (357) (153)
Deferred costs and other assets 387 (1,708)
Resident deposits and prepaid rent 110 4
Accounts payable and accrued expenses (4,774) 3,014
-------- --------
Net cash provided by operating activities 6,135 9,861
-------- --------
Cash flows from investing activities:
Purchase of real estate assets (4,734) (3,082)
Construction of real estate assets (35,436) (28,792)
-------- --------
Net cash used in investing activities (40,170) (31,874)
-------- --------
Cash flows from financing activities:
Proceeds from mortgage notes payable 38,000 45,272
Principal payments on mortgage notes payable (447) (22,516)
Dividends paid (9,405) (6,649)
-------- --------
Net cash provided by financing activities 28,148 16,107
-------- --------
Net decrease in cash and cash equivalents (5,887) (5,906)
Cash and cash equivalents, beginning 5,970 7,057
-------- --------
Cash and cash equivalents, ending $ 83 $ 1,151
======== ========
Supplemental information:
Cash paid for interest $ 4,722 $ 3,947
======== ========
</TABLE>
See notes to consolidated financial statements
4
<PAGE> 6
OASIS RESIDENTIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
(Unaudited)
1. Basis of presentation:
The accompanying consolidated financial statements have been prepared in
accordance with generally accepted accounting principles applicable to interim
financial information and pursuant to the rules and regulations of the
Securities and Exchange Commission. Accordingly, certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations. However, in the opinion of
management, all adjustments, consisting only of normal recurring adjustments,
necessary for a fair presentation have been included. The Company presumes that
users of the interim financial information herein have read or have access to
the audited financial statements for the preceding fiscal year and that the
adequacy of additional disclosure needed for a fair presentation may be
determined in that context. Accordingly, footnote disclosure which would
substantially duplicate the disclosure contained in the Company's 1995 annual
report to stockholders has been omitted.
The Company capitalizes all direct costs of developing its properties.
Interest is capitalized during development and construction until a property is
completed and ready for occupancy. In computing the amount of interest to be
capitalized for each period, the Company computes the average amount of
development and construction costs incurred on each project and then, allocates
interest costs associated with loans incurred for the purpose of furthering the
Company's development and construction activities. To the extent that the total
development and construction costs exceed the amount of the construction
related loans, the Company applies its average borrowing rate on other than
construction-related loans to such excess construction costs to derive the
amount of additional capitalized interest. General and administrative costs are
expensed, except for the costs incurred in support of the Company's
construction-focused executives. The Company incurred total general and
administrative expenses during the three months ended March 31, 1996 of $1,012.
Of such amounts, the Company capitalized $180, or 18%.
2. Mortgage notes payable
On March 15, 1996 the Company refinanced a $16,000 mortgage loan with
Allstate Insurance collateralized by the 368 unit Oasis Paradise I apartment
community. The new interest rate is 7.1%, a reduction from the previous rate
of 9.03%. The new loan amortizes over a 25 year schedule and matures in 12
years.
3. Dividends paid:
On January 29, 1996, the Company declared a quarterly dividend of $0.435
per common share to shareholders of record on February 9, 1996, payable on
February 20, 1996. The Company also declared a quarterly dividend for its
Series A Cumulative Convertible Preferred Stock of $0.5625 per share payable on
February 15, 1996 to shareholders of record on February 1, 1996.
4. Commitments:
As of March 31, 1996, the Company had eleven multifamily apartment
communities totaling 3,506 units in various stages of development. The total
aggregate cost of these developments is estimated to be $237,700 including land
acquisition costs of approximately $23,224. As of March 31, 1996, the Company
had expended approximately $135,000 in land acquisition and development costs
on these projects.
5
<PAGE> 7
OASIS RESIDENTIAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share data)
(Unaudited)
5. Subsequent Events
On April 30, 1996 the Company declared a quarterly dividend for its common
stock of $.435 per share. The dividend is to be paid on May 21, 1996 to
stockholders of record on May 10, 1996. The Company also announced on April
19, 1996, the declaration of its quarterly dividend on its Series A Cumulative
Convertible Preferred Stock of $0.5625 per share. This preferred dividend is
to be paid on May 15, 1996 to stockholders of record on May 1, 1996.
6
<PAGE> 8
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the
consolidated financial statements and notes thereto appearing elsewhere in this
Form 10-Q.
RESULTS OF OPERATIONS
Increases in the operating results for the periods discussed below are
primarily the result of increases from period to period in the number of
properties owned and operated. Where applicable, comparisons have been made on
a per weighted average unit basis in order to adjust for such changes in the
number of units owned. In computing the per weighted average unit amounts,
income and expenses of the commercial properties have been eliminated.
Comparison of the three months ended March 31, 1996 to the three months ended
March 31, 1995.
The weighted average number of apartment units increased by 1,888 units
for the three months ended March 31, 1996, as compared to the same periods in
1995. This increase was the result of acquiring 276 units in September 1995
and the development of 1,819 units since the end of March 1995. The total
number of units operated as of March 31, 1996 and 1995 was 12,298 and 10,203,
respectively. The weighted average number of apartment units for each of the
periods was as follows:
<TABLE>
<S> <C>
Three months ended March 31, 1996 11,883
Three months ended March 31, 1995 9,995
</TABLE>
For the three months ended March 31, 1996, net income increased by
$1,350,000 over the three months ended March 31, 1995. This increase was
primarily due to increased revenues of $3,993,000, and offset by increases in
expenses of $2,643,000. The net increase is primarily the result of operating
additional units during the three months ended March 31, 1996.
Property operations: The following table presents the Company's results
of operations for its multifamily apartment communities (excluding commercial
property and corporate general and administrative expenses) for the three
months ended March 31, 1996 and 1995:
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-------------------
1996 1995 % CHANGE
------- ------- --------
(In thousands)
<S> <C> <C> <C>
Rental income $20,902 $16,796 24.4%
Other income 622 617 0.8%
------- ------- ----
Total income 21,524 17,413 23.6%
------- ------- ----
Property operating and maintenance 6,093 4,820 26.4%
Real estate taxes 1,137 924 23.2%
Depreciation and amortization 3,451 2,713 27.2%
------- ------- ----
Total expenses, excluding interest expense 10,681 8,457 26.3%
------- ------- ----
Property net income, before interest expense $10,843 $ 8,956 21.1%
======= ======= ====
</TABLE>
7
<PAGE> 9
Rental income for the three months ended March 31, 1996 increased over
the same period of 1995 by approximately $4,106,000 primarily due to the
acquisition and development of additional apartment communities. The weighted
average monthly rental income per apartment unit was approximately $586 and
$560 for the three months ended March 31, 1996 and 1995, respectively.
Other income increased slightly in 1996 over the same period in 1995
primarily due to the operation of additional properties in 1996.
Increases in property operating and maintenance expenses were primarily
the result of operating additional units in 1996 as compared to 1995. On a
weighted average per unit, per month basis, these expenses increased by $10 as
compared to the same period in 1995. This increase is primarily attributable to
additional costs associated with the Company's marketing strategy for its
"brand name" identity and increased replacement of carpet and appliances at
certain communities.
Real estate taxes increased in 1996, primarily due to the acquisition
and development of additional properties. On a weighted average per unit basis,
real estate taxes increased by $4 for the three months ended March 31, 1996 as
compared to the same period in 1995. This increase is due to increases in
property taxes at certain properties for the tax year commencing July 1, 1995.
In Nevada, properties are assessed at their value as of July 1 of each year
and, therefore, properties that are under development as of that date are not
assessed on their full value until July 1 of the following year.
Depreciation and amortization increased in 1996 over the same period in
1995, due to additional properties acquired and developed subsequent to March
31, 1995.
"Same store" portfolio. The following table presents a comparison of
the operating results for the first quarter of 1996 as compared to the first
quarter of 1995 for the communities that the Company owned as of December 31,
1994, consisting of 38 apartment communities, containing 9,819 apartment units:
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1995 % CHANGE
-------- ------- --------
(In thousands)
<S> <C> <C> <C>
Total income $17,291 $17,147 0.8%
------- ------- -----
Real estate taxes 972 922 5.4%
Marketing 187 232 (19.4%)
Salaries and related costs 1,903 1,687 12.8%
Utilities 1,056 1,023 3.2%
Repairs and maintenance 1,154 1,119 3.1%
Other operating expenses 661 617 7.1%
------- ------- -----
Total operating and maintenance expenses 5,933 5,600 5.9%
------- ------- -----
Property operating income $11,358 $11,547 (1.6%)
======= ======= =====
</TABLE>
8
<PAGE> 10
Development communities: The following table presents the operating
results of the communities that have been developed by the Company since
December 31, 1994.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------------------
1996 1995
---------- ---------
(Dollars in thousands)
<S> <C> <C>
Total income $3,753 $266
------ ----
Real estate taxes 129 2
Marketing 116 23
Salaries and related costs 408 57
Utilities 175 37
Repairs and maintenance 151 15
Other operating expenses 145 10
------ ----
Total operating and maintenance expenses 1,124 144
------ ----
Property operating income $2,629 $122
====== ====
Number of apartment units 2,203 384
====== ====
</TABLE>
Acquisition communities: The following table presents the operating
results of the one community that was acquired by the Company in September
1995, Oasis Centennial, containing 276 apartment units.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------------------
1996 1995
-------- ---------
(Dollars in thousands)
<S> <C> <C>
Total income $480 $ -
---- ----
Real estate taxes 36 -
Marketing 10 -
Salaries and related costs 56 -
Utilities 32 -
Repairs and maintenance 12 -
Other operating expenses 27 -
---- ----
Total operating and maintenance expenses 173 -
---- ----
Property operating income $307 $ -
==== ====
Number of apartment units 276 -
==== ====
</TABLE>
9
<PAGE> 11
"Same store" portfolio. The following table presents a comparison of
the operating results of the communities that the Company owned as of December
31, 1993, consisting of 24 apartment communities, containing 5,317 apartment
units:
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1995 % CHANGE
------ ------ --------
(In thousands)
<S> <C> <C> <C>
Total income $9,495 $9,354 1.5%
------ ------ ----
Real estate taxes 529 519 1.9%
Marketing 95 97 (2.1%)
Salaries and related costs 1,029 911 13.0%
Utilities 541 514 5.3%
Repairs and maintenance 670 650 3.1%
Other operating expenses 400 362 10.5%
------ ------ ----
Total operating and maintenance expenses 3,264 3,053 6.9%
------ ------ ----
Property operating income $6,231 $6,301 (1.1%)
====== ====== ====
</TABLE>
Total income increased by $141,000, or 1.5%, for the three months ended
March 31, 1996 over the same period in 1995, primarily due to increases in
rental rates.
Total operating and maintenance expenses increased by $211,000, or
6.9%, for the three months ended March 31, 1996 as compared to the three months
ended March 31, 1995, primarily due to increased salaries and related costs of
$118,000, increased utilities of $27,000, increased repairs and maintenance of
$20,000 and other operating expenses of $38,000. Salaries to "on-site"
personnel were increased in order to retain and attract key employees to
effectively execute its "brand name" strategy to attract and retain tenants.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities decreased by $3,726,000 from
$9,861,000 in 1995 to $6,135,000 in 1996, primarily due to a reduction in
accounts payable and accrued expenses as of March 31, 1996 as compared to March
31, 1995 and partially offset by increased depreciation and amortization and a
reduction in deferred costs and other assets.
Net cash used in investing activities increased by $8,297,000 from
$31,874,000 in 1995 to $40,171,000 in 1996. During the three months ended March
31, 1996, the Company had 13 properties under construction, containing 3,778
apartment units, of which, two properties, Oasis Pointe with 252 units and
Oasis Cove II with 20 units, were completed. The total investment to complete
the 11 properties is anticipated to be $237,690,000 of which the Company had
expended approximately $129,000,000 as of March 31, 1996.
10
<PAGE> 12
The Company funds its development activities through a combination of
working capital, construction loans and Credit Facility debt. At March 31,
1996, the Company had $31,321,000 available in construction loans and had
available borrowing under the credit facility debt available of $74,914,000.
Net cash provided by financing activities increased by $12,042,000,
primarily as a result of lower debt retirement in 1996 as compared to 1995 and
partially offset by decreased borrowing in 1996 and the increase in dividends
paid as a result of issuance of convertible preferred stock in April 1995.
The Company anticipates meeting its short term liquidity requirements
through a combination of cash flow from operations retained for investment
purposes, cash available from its credit facility and construction loans plus
additional long-term borrowings. The Company believes that its net cash
provided by operations will be adequate to meet its operating requirements and
to pay dividends in accordance with Real Estate Investment Trust ("REIT")
requirements.
The Company expects to meet its long-term liquidity requirements, such
as property acquisitions and development and mortgage debt maturities, through
new long-term borrowings, the issuance of debt securities or additional equity
securities of the Company.
INFLATION
The Company leases apartments to its residents under lease terms
generally ranging from six to twelve months. Management believes that the
short-term lease contracts lessen the impact of inflation by giving the Company
the ability to adjust rental rates to market levels as leases expire. The
impact of recent low rates of inflation has not been significant to the
Company's operations, except for the positive effect that low inflation has had
on reducing the Company's interest cost. Inflation, inflationary expectations
and their effects on interest rates may affect the Company in the future by
changing the underlying value of the Company's real estate or by affecting the
Company's costs of financing its operations.
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS:
In 1995, the Financial Accounting Standards Board issued Statements of
Financial Accounting Standards No. 121 "Accounting for Long Lived Assets" and
No. 123 "Accounting for Stock-Based Compensation." These statements are
effective for financial statements for fiscal years beginning after December
15, 1995. Management believes that adoption of Standard No. 121 will not have a
material effect on its financial position or results of operations. Management
intends to adopt the disclosure method of Standard No. 123 and, accordingly,
there will be no impact on the Company's financial position or results of
operations.
11
<PAGE> 13
The following table sets forth certain information with respect to notes
payable at March 31, 1996. As of March 31, 1996, the Company's 5,453 apartment
units and its headquarters commercial center were unencumbered:
<TABLE>
<CAPTION>
BALANCE
NUMBER INTEREST 3/31/96
LENDER PROPERTIES OF UNITS MATURITY RATE (IN THOUSANDS)
- - ------ ----------------- -------- -------- ------------- --------------
<S> <C> <C> <C> <C> <C>
CREDIT FACILITY DEBT
- - --------------------
Wells Fargo Bank Unsecured - 09/98(1) LIBOR + 1.75% $ 75,086
--------
ENCUMBERED
FIXED RATE MORTGAGES PROPERTIES
- - -------------------- ----------
Lutheran Brotherhood Oasis Club 320 10/98 6.90% $ 9,144
FNMA-MBS Oasis Greens 432 08/01 8.63% 12,000
FNMA Oasis Hills 184 10/03 7.50% 2,652
FNMA Oasis Landing 144 10/03 7.50% 4,000
Allstate Oasis Paradise I 368 04/08 7.10% 16,000
Allstate Oasis Paradise II 256 07/97 7.55% 9,266
Bankers Trust Oasis Pearl III 16 04/98 9.75% 593
FNMA-MBS Oasis Plaza 300 08/01 8.63% 6,000
FNMA Oasis Rainbow 232 10/03 7.50% 6,437
Bankers Trust Oasis Reef 60 04/98 9.75% 2,686
FNMA Oasis Springs 304 04/99 9.00% 8,674
Bankers Trust Oasis Star I 44 04/98 9.75% 2,007
FNMA Oasis Topaz 270 12/01 9.50% 6,605
FNMA Oasis Vintage I 336 10/03 7.50% 11,038
Teachers Insurance Oasis Del Mar 560 12/02 8.46% 21,933
Teachers Insurance Various(3) 1,068 1/06 8.13% 40,370
----- --------
4,894 $159,405
----- --------
MORTGAGES WITH FIXED RATE CEILING
- - ---------------------------------
Bank of Montreal Oasis Place 240 07/99 LIBOR + 1%(2) $ 5,000
Bank of Montreal Oasis Heritage 1,129 07/99 LIBOR + 1%(2) 25,000
----- --------
1,369 $ 30,000
----- --------
FIXED RATE TAX EXEMPT
- - ---------------------
Bonds Oasis Park 224 1/26 7.29% $ 7,726(4)
Bonds Oasis Wexford 358 11/25 6.45% 16,160
----- --------
582 $ 23,886
----- --------
CONSTRUCTION LOANS
- - ------------------
Bank One Oasis Deerwood 342 06/00 LIBOR + 1.90% $ 2
----- --------
Totals 7,187 $288,379
===== ========
</TABLE>
(1) The Company has the option to extend the maturity of the facility for one
additional year.
(2) The maximum interest rate on these mortgages is 7.75%.
(3) Communities collateralized are Oasis Bel Air, Oasis Canyon, Oasis Rose,
and Oasis Trails.
(4) $1,090 of the outstanding balance is taxable.
12
<PAGE> 14
Calculation of Funds from Operations and Funds Available for Distribution:
Funds from operations ("FFO") represents the revised definition of
funds from operations as adopted National Association of Real Estate Investment
Trusts ("NAREIT") and recommended to be effective on January 1, 1996. FFO is
defined as income before gains and losses on investments and items (computed in
accordance with generally accepted accounting principles) plus real estate
depreciation and after adjustments for significant non-recurring items, if any.
<TABLE>
<CAPTION>
THREE MONTHS
ENDED
MARCH 31, 1996
----------------
<S> <C> <C>
Net income $ 6,955
Depreciation:
Real estate assets 3,476
-------
FUNDS FROM OPERATIONS $10,431
Add:
Amortization of deferred financing costs 294
Depreciation of non-real estate assets 41
Other amortization 3
-------
10,769
Non-revenue producing capital expenditures:
Property expenditures (4) $ (98)
Corporate expenditures (5) (132) $ (230)
-----
Mortgage principal amortization (447)
-------
FUNDS AVAILABLE FOR DISTRIBUTION $10,092
=======
</TABLE>
NOTES TO CALCULATION OF FUNDS FROM OPERATIONS AND FUNDS AVAILABLE FOR
DISTRIBUTION
1. The Company expenses all recurring non-revenue generating property
expenditures, including carpet and appliance replacements, except for
certain expenditures on acquisition properties where major improvements are
required to bring the property up to the operating standards of the Oasis
portfolio.
2. Deferred financing costs consists primarily of fees and costs incurred in
connection with the Company's indebtedness.
3. Other amortization consists of amortization of corporate organization
expenses.
4. Non-revenue producing expenditures at the properties consist of
improvements and equipment additions that do not enhance the revenue
producing capabilities of the property.
5. Non-revenue producing expenditures at the corporate office consist
primarily of computer and office equipment acquisitions.
13
<PAGE> 15
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
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
None
14
<PAGE> 16
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.
OASIS RESIDENTIAL, INC.
SCOTT S. INGRAHAM 5-14-96
- - --------------------------------------- ------------------
Scott S. Ingraham
President and Chief Operating Officer
ALVIN R. GARRAWAY 5-14-96
- - --------------------------------------- ------------------
Alvin R. Garraway
Vice President and Controller
15
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 83
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 563,827
<DEPRECIATION> 42,260
<TOTAL-ASSETS> 672,376
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
42
<COMMON> 162
<OTHER-SE> 377,800
<TOTAL-LIABILITY-AND-EQUITY> 672,376
<SALES> 21,059
<TOTAL-REVENUES> 21,752
<CGS> 0
<TOTAL-COSTS> 11,631
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,166
<INCOME-PRETAX> 6,955
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,955
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,955
<EPS-PRIMARY> .28
<EPS-DILUTED> .28
</TABLE>
