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 September 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 0-6146
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)
(561) 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
September 30, 1996
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Financial Condition, as of September 30, 1996
(Unaudited) and December 31, 1995 . . . . . . . . . . . . . 3
Statements of Operations, for the three month and nine month
periods ended September 30, 1996 and 1995 (Unaudited) . . . 4
Statements of Cash Flows, for the three months ended
September 30, 1996 and 1995 (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
September 30, December 31,
1996 1995
ASSETS (Unaudited)
Investment in real estate
Land $ - $ 180,051
Buildings and improvements - 1,412,867
Construction-in-progress - 245,758
Allowance for loss on real estate - (525,000)
- 1,313,676
Less accumulated depreciation - 869,909
Net investment in real estate - 443,767
Other assets
Cash 1,529 32,795
Investments, at cost which approximate market 1,265,047 342,791
Accounts receivable 29,897 488
Prepaid insurance 28 18,505
Escrow deposits and other assets 2,500 2,500
Total other assets 1,299,001 397,079
Total assets $ 1,299,001 $ 840,846
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 5,871 $ 7,090
Accrued liabilities to affiliates 53,123 5,987
Accrued liabilities 108 40,329
Security deposits - 9,460
Total liabilities 59,102 62,866
Partners' capital
Limited Partners, 1,077 units 1,228,458 770,788
General Partner, 10 units 11,441 7,192
Total Partner's capital 1,239,899 777,980
Total liabilities and
Partners' capital $ 1,299,001 $ 840,846
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
1996 1995 1996 1995
Revenues
Rents and other tenant charges $ 97,123 $ 99,158 $ 275,736 $ 280,829
Other income 8,973 25,699 24,693 43,229
106,096 124,857 300,429 324,058
Expenses
Maintenance, custodial salaries
and related expense 23,751 18,542 62,402 54,820
Real estate management fees 4,922 4,116 14,011 13,473
Investment management fees - 2,242 2,242 6,726
Property taxes 8,489 7,314 23,717 21,942
Depreciation and amortization 28,467 29,354 88,267 87,848
Insurance 4,968 4,854 14,904 14,562
Utilities 17,852 21,216 63,098 68,862
Repair and maintenance 35,510 30,149 98,985 99,772
Legal and accounting 3,100 204 14,471 10,990
Administrative and other 9,385 12,762 35,994 39,031
136,444 130,753 418,091 418,026
Loss from operations (30,348) (5,896) (117,662) (93,968)
Gain on sale of property 579,582 - 579,582 -
Net income (loss) $ 549,234 $ (5,896) $ 461,920 $ (93,968)
Allocated to
Limited partners, 1,077 units $ 544,181 $ (5,842) $ 457,670 $ (93,104)
General partners, 10 units 5,053 (54) 4,250 (864)
$ 549,234 $ (5,896) $ 461,920 $ (93,968)
Net income (loss) per
partnership unit based
on 1,087 Partnership
units outstanding $ 505.28 $ (5.42) $ 424.95 $ (86.45)
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
1996 1995
Operating Activities
Net income $ 461,920 $ (93,968)
Adjustments to reconcile net income
(loss) to net cash (used in) provided
by operating activities:
Depreciation and amortization 88,267 87,848
Gain on sale (579,582) -
Increase in accounts receivable (29,409) (21,295)
Decrease in prepaid insurance 18,477 14,482
(Decrease) increase in accounts payable (1,219) 46,665
Decrease in accrued liabilities (40,221) (12,720)
Increase (decrease) in accrued
liabilities to affiliates 47,136 (2,188)
Decrease in security deposits (9,460) (745)
Net cash (used in) provided by
operating activities (44,091) 18,079
Investing Activities
Net proceeds from sale of property 950,000 -
Capital improvements to real estate (14,919) (12,528)
Net cash provided by (used in)
investing activities 935,081 (12,528)
Increase in cash and cash equivalents 890,990 5,551
Cash and cash equivalents - January 1 375,586 475,083
Cash and cash equivalents - September 30 $ 1,266,576 $ 480,634
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.
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
September 30, 1996
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
On September 24, 1996, the Partnership sold its remaining property, Warwick
Apartments. The Partnership is now in the process of completing its liquidation
and dissolution program.
Warwick Apartments was sold for $1,000,000 less closing costs and proration of
income and expenses, including a real estate commission paid to an affiliate of
the Corporate General Partner in the amount of $50,000. The Partnership
recognized a gain on sale in the amount of $579,582. Warwick Apartments and
five additional properties owned by other MultiVest partnerships were sold on
separate sales contracts to a purchaser not affiliated with the Partnership or
its General Partner. Your General Partner believes that the terms and
conditions of the sale were favorable to the Partnership.
The Partnership's total revenues decreased $18,761 or 15% and $23,629 or 7% for
the three and month periods ended September 30, 1996 as compared with the same
periods of the prior year. Rents and other tenant charges remained relatively
constant for the quarter and the nine month periods as compared to the same
periods of 1995. Other income decreased $16,726 or 65% for the three months and
$18,536 or 43% for the nine months ended September 30, 1996 as compared to the
same periods of 1995. The decreases are due primarily to refunds during 1995 of
prior year real estate taxes.
Total expenses of Partnership increased $5,691 or 4% for the quarter, and
remained relatively constant for the nine month period ending September 30,
1996 as compared to the same periods of the prior year. Repair and maintenance
costs increased $5,361 or 18% for the quarter due primarily to increased
plumbing and sewer repair costs.
There was no distribution of funds during the nine months ended September 30,
1996.
MULTIVEST REAL ESTATE FUND, LTD. (SERIES I)
(a Michigan limited partnership)
September 30, 1996
PART II - OTHER INFORMATION
Item 6. Exhibits and Report on Form 8-K
(b) No report on Form 8-K has been filed during the quarter ended
September 30, 1996.
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
Date: NOVEMBER 14, 1996 RICHARD L. DAVIS
Richard L. Davis
President -
Chief Executive Officer
Date: NOVEMBER 14, 1996 JOHN J. KAMMERER
John J. Kammerer
Principal Accounting Officer