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 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
Commission file number 0-7239
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(Exact name of registrant as specified in its charter)
Michigan 38-6258639
(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 V
COMMISSION FILE NUMBER 0-7239
FORM 10-Q
March 31, 1996
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Statements of Financial Condition, as of March 31, 1996
(Unaudited) and December 31, 1995.................................3
Statements of Operations, for the three months
ended March 31, 1996 and 1995 (Unaudited).........................4
Statements of Cash Flows, for the three months ended
March 31, 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 V
(a Michigan limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31, December 31,
1996 1995
(Unaudited)
ASSETS
Investment in real estate
Land $ 2,426,149 $ 2,426,149
Land improvements 315,017 315,017
Buildings and improvements 11,404,454 10,732,387
Construction-in-progress - 640,459
14,145,620 14,114,012
Less accumulated depreciation 7,969,099 7,812,077
Net investment in real estate 6,176,521 6,301,935
Other assets
Cash 6,957 16,345
Investments, at costs which
approximates market 1,876,900 2,219,310
Accounts receivable 30,851 10,948
Replacement and repair reserves 42,057 34,197
Prepaid insurance and property taxes 86,594 131,104
Escrow deposits and other assets 167,327 92,796
Deferred charges net of accumulated amortization
of $22,637 and $20,824, respectively 75,602 77,415
Total other assets 2,286,288 2,582,115
Total assets $ 8,462,809 $ 8,884,050
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 3,604,675 $ 3,774,776
Accounts payable 73,873 80,252
Accrued liabilities 123,710 165,244
Accrued liabilities to affiliates 19,061 18,831
Tenants' security deposits and other
liabilities 148,820 145,457
Total liabilities 3,970,139 4,184,560
Partners' capital
Limited Partners, 30,000 units 4,485,088 4,691,695
General Partner, 1,594 units 721,282 721,495
Less subscriptions receivable (713,700) (713,700)
Total Partner's capital 4,492,670 4,699,490
Total liabilities and
Partners' capital $ 8,462,809 $ 8,884,050
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
1996 1995
Revenues
Rents and other tenant charges $ 1,041,818 $ 1,020,654
Other interest 64,467 66,270
1,106,285 1,086,924
Expenses
Maintenance, custodial salaries
and related expenses 95,366 95,018
Real estate management fees 56,999 55,970
Property taxes 69,273 69,741
Depreciation and amortization 158,835 158,361
Insurance 35,334 34,644
Utilities 217,298 232,521
Repairs and maintenance 126,205 163,266
Legal and accounting 5,972 11,486
Interest 85,442 101,219
Administrative and other 83,253 81,969
933,977 1,004,195
Income from existing assets 172,308 82,729
Income from sold properties - 71,913
Net income $ 172,308 $ 154,642
Allocated to
Limited partners, 30,000 units $ 172,113 $ 154,467
General partners, 1,594 units 195 175
$ 172,308 $ 154,642
Net income per partnership unit
based on 30,034 Partnership
units outstanding $ 5.74 $ 5.15
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
1996 1995
Operating Activities
Net income $ 172,308 $ 154,642
Adjustments to reconcile net income to
net cash provided by operating activities:
Amortization of discount on mortgage notes
receivable - (80,232)
Depreciation 157,022 156,548
Decrease in deferred charges 1,813 563
Increase in accounts receivable (19,903) (16,349)
Decrease in prepaid expenses 44,510 42,723
Increase in escrow deposits (74,531) (73,761)
Increase in replacement and repair reserves (7,860) (1,291)
(Decrease) increase in accounts payable (6,379) 16,183
Increase in accrued liabilities to affiliates 230 581
(Decrease) in accrued liabilities (41,534) (40,889)
Increase (decrease) in security deposits 3,363 (605)
Decrease in unfunded distributions payable - (655,610)
Net cash provided by (used in) operating
activities 229,039 (497,497)
Investing Activities
Capital improvements to real estate (31,608) (57,690)
Payments received on wrap-around mortgage
notes receivable - 80,232
Net cash (used in) provided by
investing activities (31,608) 22,542
Financing Activities
Distribution to partners (379,128) (189,564)
Principal payments on mortgage notes payable (170,101) (203,120)
Net cash used in financing activities (549,229) (392,684)
Decrease in cash and cash
equivalents (351,798) (867,639)
Cash and cash equivalents - January 1 2,235,655 3,202,022
Cash and cash equivalents - March 31 $ 1,883,857 $ 2,334,383
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
The financial statements reflect all adjustments which are, 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.
Reclassifications
Certain reclassifications have been made in the 1995 financial statements to
conform to the presentation of 1996 results of operations.
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
March 31, 1996
ITEM 2. MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The current operations of the Partnership are centered on the Partnership's
three residential apartment complexes.
The Partnership's total revenues increased $19,361 or 2% during the first
quarter of 1996 as compared with the same period of the prior year. Rents and
other tenant charges increased $21,164 or 2% due primarily to increased
rental income at the Partnership's Greenhaven Village Apartments.
Total expenses decreased $70,218 or 7% for the period ending March 31, 1996 as
compared to the same period of the prior year. Repairs and maintenance expense
decreased $37,061 or 23% for the quarter ending March 31, 1996, as compared to
the same period for 1995, primarily as a result of decreased repair requirements
at Greenhaven Apartments and Manitoba Apartments. Interest expense decreased
$15,777 or 16% as a result of continued amortization of the mortgage notes
payable principal balances.
The liquidity of the Partnership is dependent upon the timely receipt of cash.
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
of cash flow, management closely monitors the Partnership's cash position and,
when necessary, reserves adequate funds to continue to operate 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 as a result of its cash flow and reserve policies; however,
there can be no assurance as to the continued performance of the Partnership's
rental properties. An unanticipated decline in the performance of the
Partnership's rental properties could have a negative effect upon the long-term
liquidity of the Partnership. Funds in excess of required reserves resulted
in a distribution of $379,128 or $12.00 per partnership unit being paid during
the quarter ended March 31, 1996.
MULTIVEST REAL ESTATE FUND, LTD., SERIES V
(a Michigan limited partnership)
March 31, 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
March 31, 1996.
SIGNATURES
MULTIVEST REAL ESTATE FUND, LTD.,
Series V, a Michigan Limited
Partnership,
(Registrant)
By: MULTIVEST REAL ESTATE, INC.
a Delaware corporation
Its: Corporate General Partner
Date: May 14, 1996 RICHARD L. DAVIS
Richard L. Davis
President -
Chief Executive Officer
Date: May 14, 1996 JOHN J. KAMMERER
John J. Kammerer
Principal Accounting Officer