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, 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 0-6146
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(Exact name of registrant as specified in its charter)
Michigan 38-1954699
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6100 Glades Road, Suite 205
Boca Raton, Florida 33434
(Address of principal executive offices) (Zip Code)
(407) 487-6700
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last
report)
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 report), and (2) has been subject to such
filing requirements for the past 90 days.
Yes x No
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
COMMISSION FILE NUMBER 0-6146
FORM 10-Q
June 30, 1995
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Financial Condition, as of June 30, 1995
and December 31, 1994 (Unaudited).............................3
Statements of Operations, for the three months and the six months
ended June 30, 1995 and 1994 (Unaudited)......................4
Statements of Cash Flows, for the six months ended
June 30, 1995 and 1994 (Unaudited)............................5
Notes to Financial Statements (Unaudited)..........................6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations...........................7
PART II. OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K...................................8
ITEM 1. FINANCIAL STATEMENTS
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
June 30, December 31,
1995 1994
ASSETS (Unaudited)
Investment in real estate
Land $ 180,051 $ 180,051
Buildings and improvements 1,649,859 1,638,115
Allowance for loss on real estate (525,000) (525,000)
1,304,910 1,293,166
Less accumulated depreciation 943,385 884,891
Net investment in real estate 361,525 408,275
Other assets
Cash 384 78,583
Investments, at cost which approximates market 413,333 396,500
Accounts receivable 10,711 1,723
Prepaid insurance 6,982 19,530
Escrow deposits and other assets 2,500 2,500
Total other assets 433,910 498,836
Total assets $ 795,435 $ 907,111
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 6,452 $ 8,787
Accrued liabilities to affiliates 1,489 5,747
Accrued liabilities 21,129 37,540
Security deposits 9,310 9,910
Total liabilities 38,380 61,984
Partners' capital
Limited Partners, 1,077 units 750,055 837,317
General Partner, 10 units 7,000 7,810
Total Partners' capital 757,055 845,127
Total liabilities and
Partners' capital $ 795,435 $ 907,111
3
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Revenues
Rents and other tenant
charges $ 89,427 $ 90,121 $ 181,671 $ 187,370
Other income 9,968 6,876 17,530 13,803
99,395 96,997 199,201 201,173
Expenses
Maintenance, custodial
salaries and related
expense 18,604 17,554 36,278 34,655
Real estate management fees 4,674 4,723 9,357 9,670
Investment management fees 2,242 2,350 4,484 4,752
Property taxes 7,314 7,314 14,628 14,628
Depreciation and
amortization 29,424 28,355 58,494 56,196
Insurance 4,854 4,953 9,708 9,906
Utilities 20,860 20,134 47,646 42,301
Repair and maintenance 32,173 24,635 69,623 44,088
Legal and accounting 4,544 3,962 10,786 10,706
Administrative and other 14,423 13,423 26,269 23,055
139,112 127,403 287,273 249,957
Net (loss) $ (39,717) $ (30,406) $ (88,072) $ (48,784)
Allocated to
Limited partners,
1,077 units $ (39,352) $ (30,126) $ (87,262) $ (48,335)
General partners,
10 units (365) (280) (810) (449)
$ (39,717) $ (30,406) $ (88,072) $ (48,784)
Net (loss) per
partnership unit based
on 1,087 average units
outstanding $ (36.54) $ (27.97) $ (81.02) $ (44.88)
4
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30,
1995 1994
Operating Activities
Net (loss) $ (88,072) $ (48,784)
Adjustments to reconcile net (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 58,494 56,196
(Increase) decrease in accounts receivable (8,988) 422
Decrease in prepaid insurance 12,548 12,780
(Decrease) increase in accounts payable (2,335) 2,183
Decrease in accrued liabilities (16,411) (18,411)
Decrease in accrued liabilities to affiliates (4,258) -
(Decrease) in security deposits (600) (437)
Net cash (used in) provided by operating
activities (49,622) 3,949
Investing Activities
Capital improvements to real estate (11,744) (8,588)
Distribution to Partners - (108,700)
Net cash used in investing
activities (11,744) (117,288)
(Decrease) in cash and cash equivalents (61,366) (113,339)
Cash and cash equivalents - January 1 475,083 602,020
Cash and cash equivalents - June 30 $ 413,717 $ 488,681
5
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
The financial statements reflect all adjustments which are normal and recurring
in nature and, in the opinion of management, necessary to a fair statement of
the results of the interim periods presented. It is suggested that these
financial statements be read in conjunction with the financial statements and
the notes included in the Partnership's latest annual report on Form 10-K. The
results of operations for interim periods should not be considered as indicative
of the results to be expected for a full year.
6
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
June 30, 1995
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The current operations of the Partnership are centered on the one apartment
complex (located in Fort Worth, Texas) owned by the Partnership.
The Partnership's total revenues increased $2,398 or 2% for the three month
period ended June 30, 1995 as compared with the same period of the prior year.
Total revenues remained relatively constant for the six months ended June 30,
1995 as compared to the same period in 1994. Other income increased $3,092 or
45% for the three months, and $3,727 or 27% for the six months ended June 30,
1995, as compared to the same periods of 1994. The increases are due primarily
to increased interest on investments.
Total expenses of the Partnership increased $11,709 or 9% for the quarter, and
$37,316 or 15% for the six month period ending June 30, 1995 as compared to the
same periods of the prior year. Repair and maintenance costs increased $7,538
or 31%, and $25,535 or 58%, for the three and six month periods, respectively,
as compared to the same periods of 1994. Increases for both periods are due
primarily to continued efforts to enhance Warwick Apartments.
The liquidity of the Partnership is dependent upon the timely receipt of cash
collections on rental revenue at Warwick Apartments. The Partnership has no
credit facilities currently in place. Limited Partners have no obligation to
provide additional funds in excess of their initial cash contributions. In
order to protect the Partnership in the event of a reduction in cash flow,
management closely monitors the Partnership's cash position, and, when
necessary, will reserve adequate funds to continue operations of the Partnership
in the foreseeable future. Funds reserved are generally invested in short-term
investments. The Partnership endeavors to maintain adequate liquidity on a
short-term basis through its cash flow and reserve policies. However, there
can be no assurance of the continued performance of Warwick Apartments. An
unanticipated decline in the performance of Warwick Apartments could have a
negative effect upon the long-term liquidity of the Partnership.
Funds generated from operations have primarily been used to meet Partnership
obligations and, when possible, to distribute funds to the Partners. There
was no distribution of funds for the six months ended June 30, 1995.
7
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
June 30, 1995
PART II - OTHER INFORMATION
Item 6. Exhibits and Report on Form 8-K
(a) Exhibits:
(i) Exhibit 27 - Financial Data Schedule
(b) No report on Form 8-K has been filed during the quarter ended
June 30, 1995.
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.
MULTIVEST REAL ESTATE FUND, LTD.
(Series I), a Michigan Limited
Partnership
(Registrant)
By: MULTIVEST REAL ESTATE, INC.,
a Delaware corporation
Its: Corporate General Partner
RICHARD L. DAVIS
Date: August 14, 1995
Richard L. Davis
President -
Chief Executive Officer
JOHN J. KAMMERER
Date: August 14, 1995
John J. Kammerer
Principal Accounting Officer
8