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May 14, 1996
Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312
Re: Boston Financial Apartment Properties Limited Partnership
Report on Form 10-Q Edgar for Quarter Ended March 31, 1996
File No. 33-78152
Dear Sir/Madam:
Pursuant to the requirements of Rule 901(d) of Regulation S-T, enclosed is one
copy of subject report.
Please stamp and return the enclosed copy of this letter in the enclosed
stamped, self-addressed envelope to acknowledge receipt of this filing.
Very truly yours,
Marie D. Ricciardi
Assistant Controller
REATA Q1 96
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
--------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
For Quarter Ended March 31, 1996 Commission file number 33-78152
-------------------- ----------------
Boston Financial Apartment Properties Limited Partnership
- - ----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-3228655
- - ---------------------------------------------- ---------------------
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
101 Arch Street, Boston, Massachusetts 02110-1106
- - ---------------------------------------------- ---------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-3911
-------------------
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>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
TABLE OF CONTENTS
PART I FINANCIAL STATEMENTS Page No.
Item 1. Financial Statements
Balance Sheets - March 31, 1996 (Unaudited)
and December 31, 1995 1
Statements of Operations (Unaudited) - For the Three
Months Ended March 31, 1996 and 1995 2
Statements of Changes in Partners' Equity (Unaudited) -
For the Three Months Ended March 31, 1996 3
Statements of Cash Flows (Unaudited) - For the Three
Months Ended March 31, 1996 and 1995 4
Notes to the Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
PART II - OTHER INFORMATION
Items 1-6 7
SIGNATURE 8
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
(Unaudited)
Assets
<S> <C> <C>
Fixed assets, at cost:
Land $ 2,810,958 $ 2,810,958
Buildings and improvements 8,447,473 8,446,775
Office equipment 2,540 2,540
------------- ------------
11,260,971 11,260,273
Less accumulated depreciation (486,751) (410,974)
------------- ------------
10,774,220 10,849,299
------------- ------------
Other assets:
Cash and cash equivalents 239,676 209,851
Tenant security deposits (restricted) 53,463 52,521
Escrow deposits 73,539 292,356
Reserve for replacement 250,000 250,000
Other assets 25 8,325
Organizational costs, net of accumulated amortization
of $10,595 and $9,006 in 1996 and 1995, respectively 21,191 22,780
------------- ------------
637,894 835,833
------------- ------------
Total Assets $ 11,412,114 $ 11,685,132
============= ============
Liabilities and Partners' Equity
Liabilities:
Accounts payable and accrued expenses $ 84,517 $ 310,783
Deferred rental revenue 696 4,926
Due to affiliates 6,627 5,636
Tenant security deposits 52,953 51,878
------------- ------------
Total Liabilities 144,793 373,223
------------- ------------
Partners' Equity
General Partner 4,297 2,723
Limited Partners 11,263,024 11,309,186
------------- ------------
Total Partners' Equity 11,267,321 11,311,909
------------- ------------
Total Liabilities and Partners' Equity $ 11,412,114 $ 11,685,132
============= ============
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended March 31, 1996 and 1995
<TABLE>
<CAPTION>
1996 1995
<S> <C> <C>
-------- --------
Revenue:
Rental $396,315 $387,464
Interest and Other 10,874 3,573
-------- --------
Total Revenue 407,189 391,037
-------- --------
Expenses:
Depreciation and amortization 77,366 119,209
Real estate taxes 74,128 73,185
Property operating 78,512 64,986
Interest - affiliate -- 29,417
Management fees - affiliate 19,751 19,267
Interest -- 13,950
-------- --------
Total Expenses 249,757 320,014
-------- --------
Net Income $157,432 $ 71,023
======== ========
Net Income allocated:
General Partner $ 1,574 $ 710
Limited Partners 155,858 70,313
-------- --------
$157,432 $ 71,023
======== ========
Net Income per Limited Partnership Unit
(260 Units at March 31, 1996 and a weighted
average of 215 at March 31, 1995) $ 599 $ 327
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
STATEMENT OF CHANGES IN PARTNERS' EQUITY
(Unaudited)
For the Three Months Ended March 31, 1996
<TABLE>
<CAPTION>
Limited
General Partnership Limited
Partner Units Partners Total
<S> <C> <C> <C> <C>
Balance at December 31, 1995 $ 2,723 260 $ 11,309,186 $ 11,311,909
Cash distribution -- -- (202,020) (202,020)
Net income 1,574 -- 155,858 157,432
------------ ----- ------------ ------------
Balance at March 31, 1996 $ 4,297 260 $ 11,263,024 $ 11,267,321
============ ===== ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31, 1996 and 1995
<TABLE>
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
Net cash provided by operating activities $ 13,726 $ 308,976
----------- -----------
Cash flows from investing activities:
Purchase of fixed assets (698) (198,603)
Escrow deposits 218,817 1,090,000
----------- -----------
Net cash provided by investing activities 218,119 891,397
----------- -----------
Cash flows from financing activities:
Proceeds from sales of partnership interests -- 4,750,000
Syndication costs -- (399,872)
Repayment of note payable -- (3,370,801)
Repayment of note payable to affiliate -- (1,909,449)
Cash distribution (202,020) (85,653)
----------- -----------
Net cash used for financing activities (202,020) (1,015,775)
----------- -----------
Net increase in cash and cash equivalents 29,825 184,598
Cash and cash equivalents, beginning of period 209,851 158,108
----------- -----------
Cash and cash equivalents, end of period $ 239,676 $ 342,706
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
Notes to the Financial Statements (Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with the financial
statements and notes thereto included with the Partnership's 10-K for the year
ended December 31, 1995. In the opinion of management, these financial
statements include all adjustments, consisting only of normal recurring
adjustments, necessary to present fairly the Partnership's financial position
and results of operations. The results of operations for the periods may not be
indicative of the results to be expected for the year. Certain reclassifications
have been made to prior period financial statements to conform to current period
classifications.
No significant events have occurred subsequent to fiscal year 1995, and no
material contingencies exist which require disclosure in this interim
report per Regulation S-X, Rule 10-01, Paragraph (a)(5).
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Liquidity and Capital Resources
At March 31, 1996, the Partnership had cash and cash equivalents of $239,676,
compared with $209,851 at December 31, 1995. There are no significant changes to
cash and cash equivalents during the period due to relatively stable property
operations.
As of March 31, 1996, the Partnership had accounts payable and accrued expenses
of $84,517 compared to $310,783 at December 31, 1995. This decrease is primarily
attributable to the payment of 1995 real estate taxes.
The Partnership made a distribution on February 5, 1996 in the amount of
$202,020 relating to the quarter ending December 31, 1995. The General Partner
will not participate in this distribution so as to allow the Limited Partners to
potentially receive an 8% return on their investment during 1996.
Results of Operations
Operations resulted in net income of $157,432 and $71,023 for the three months
ended March 31, 1996 and 1995, respectively. The net income position is
attributable to rental and other income exceeding operating expenses, interest
expense, depreciation and amortization. At March 31, 1996 and 1995, the
property's occupancy rates were 99% and 97%, respectively. The increase in net
income is due primarily to interest and amortization expense incurred in 1995
related to syndication activity. The increase is also due to improved occupancy,
as well as an increase in interest earned on short term investments.
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6. Exhibits and reports on Form 8-K
(a) Exhibits - None
(b)Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended March 31, 1996.
<PAGE>
BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
SIGNATURE
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.
DATED May 14, 1996 BOSTON FINANCIAL APARTMENT PROPERTIES
Limited Partnership
By: BF Growth Properties Limited Partnership,
its General Partner
By: BF Growth Properties, Inc.
its General Partner
/s/Vincent J. Costantini
Vincent J. Costantini
Vice President and Treasurer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 239,676
<SECURITIES> 0
<RECEIVABLES> 25
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 11,260,971
<DEPRECIATION> 486,751
<TOTAL-ASSETS> 10,774,220<F1>
<CURRENT-LIABILITIES> 144,793
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 11,267,321
<TOTAL-LIABILITY-AND-EQUITY> 11,412,114
<SALES> 0
<TOTAL-REVENUES> 407,189<F2>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 249,757<F3>
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 157,432
<EPS-PRIMARY> 599
<EPS-DILUTED> 0
<FN>
<F1> Includes tenant security deposits of $53,463, Escrow deposits of $73,539,
Replacement reserves of $250,000, and Organizational costs of $21,191.
<F2>Represents Rental revenue of $396,315 and Interest and other revenue of
$10,874.
<F3>Includes $77,366 of Depreciation and amortization expense, $74,128 of Real
estate taxes, $78,512 of Property operating and $19,751 of management fees.
</FN>
</TABLE>
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