FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(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, 2001
[ ] 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 0-8639
CONSOLIDATED CAPITAL GROWTH FUND
(Exact name of small business issuer as specified in its charter)
California 94-2382571
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the Partnership was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No____
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
CONSOLIDATED CAPITAL GROWTH FUND
BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
September 30, 2001
Assets
Cash and cash equivalents $ 1,371
Receivables and deposits 634
Restricted escrows 112
Other assets 760
Investment properties:
Land $ 4,610
Buildings and related personal property 43,620
48,230
Less accumulated depreciation (30,792) 17,438
$20,315
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 184
Tenant security deposit liabilities 288
Accrued property taxes 548
Other liabilities 416
Mortgage notes payable 35,441
Partners' Deficit
General partner $ (5,419)
Limited partners (49,196 units issued and
outstanding) (11,143) (16,562)
$ 20,315
See Accompanying Notes to Financial Statements
b)
CONSOLIDATED CAPITAL GROWTH FUND
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per unit data)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenues:
Rental income $ 2,903 $ 2,803 $ 8,566 $ 8,408
Other income 175 184 487 524
Casualty gains (Note C) 23 -- 80 --
Total revenues 3,101 2,987 9,133 8,932
Expenses:
Operating 1,307 1,222 3,768 3,496
General and administrative 117 203 449 515
Depreciation 560 596 1,707 1,817
Interest 648 558 1,772 1,675
Property taxes 188 246 580 598
Total expenses 2,820 2,825 8,276 8,101
Income before extraordinary loss 281 162 857 831
Extraordinary loss on early extinguishment
of debt (Note E) -- -- (64) --
Net income $ 281 $ 162 $ 793 $ 831
Net income allocated to general
partner (1%) $ 3 $ 1 $ 8 $ 8
Net income allocated to limited
partners (99%) 278 161 785 823
$ 281 $ 162 $ 793 $ 831
Per limited partnership unit:
Income before extraordinary loss $ 5.65 $ 3.27 $ 17.25 $ 16.73
Extraordinary loss -- -- (1.29) --
Net income $ 5.65 $ 3.27 $ 15.96 $ 16.73
Distributions per limited partnership
unit $ 79.12 $ 3.88 $101.19 $ 50.84
See Accompanying Notes to Financial Statements
c)
CONSOLIDATED CAPITAL GROWTH FUND
STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
Limited
Partnership General Limited
Units Partner Partners Total
Original capital contributions 49,196 $ 1 $ 49,196 $ 49,197
Partners' deficit at
December 31, 2000 49,196 $ (4,795) $ (6,950) $(11,745)
Distribution to partners -- (632) (4,978) (5,610)
Net income for the nine months
ended September 30, 2001 -- 8 785 793
Partners' deficit at
September 30, 2001 49,196 $ (5,419) $(11,143) $(16,562)
See Accompanying Notes to Financial Statements
d)
CONSOLIDATED CAPITAL GROWTH FUND
STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended
September 30,
2001 2000
Cash flows from operating activities:
Net income $ 793 $ 831
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 1,707 1,817
Amortization of loan costs 56 58
Bad debt 126 132
Casualty gain (80) --
Extraordinary loss on early extinguishment of debt 64 --
Change in accounts:
Receivables and deposits (463) (672)
Other assets (69) (47)
Accounts payable (138) (167)
Tenant security deposit liabilities 47 (11)
Accrued property taxes 507 589
Other liabilities (144) (51)
Due to affiliates -- 98
Net cash provided by operating activities 2,406 2,577
Cash flows from investing activities:
Property improvements and replacements (1,532) (1,246)
Net withdrawals from restricted escrows 272 175
Net insurance proceeds received 115 --
Net cash used in investing activities (1,145) (1,071)
Cash flows from financing activities:
Distributions to partners (5,610) (2,526)
Proceeds from refinancing 10,790 --
Repayment of mortgage note payable (6,000) --
Loan cost paid (371) --
Principal payments on mortgage notes payable (39) --
Net cash used in financing activities (1,230) (2,526)
Net increase (decrease) in cash and cash equivalents 31 (1,020)
Cash and cash equivalents at beginning of period 1,340 1,988
Cash and cash equivalents at end of period $ 1,371 $ 968
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,686 $ 1,617
Included in property improvements and replacements for the nine months ended
September 30, 2001 are approximately $83,000 of improvements which were included
in accounts payable at December 31, 2000.
See Accompanying Notes to Financial Statements
e)
CONSOLIDATED CAPITAL GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements of Consolidated Capital Growth
Fund (the "Partnership" or "Registrant") have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB and Article 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of ConCap Equities, Inc. (the "General Partner"), all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three and nine month
periods ended September 30, 2001, are not necessarily indicative of the results
that may be expected for the fiscal year ending December 31, 2001. For further
information, refer to the financial statements and footnotes thereto included in
the Partnership's Annual Report on Form 10-KSB for the year ended December 31,
2000. The General Partner is a wholly owned subsidiary of Apartment Investment
and Management Company ("AIMCO"), a publicly traded real estate investment
trust.
Segment Reporting: Statement of Financial Accounting Standards ("SFAS") No. 131,
"Disclosure about Segments of an Enterprise and Related Information" established
standards for the way that public business enterprises report information about
operating segments in annual financial statements and requires that those
enterprises report selected information about operating segments in interim
financial reports. It also established standards for related disclosures about
products and services, geographic areas, and major customers. As defined in SFAS
131, the Partnership has only one reportable segment. The General Partner
believes that segment-based disclosures will not result in a more meaningful
presentation than the financial statements as currently presented.
Note B - Distributions
During the nine months ended September 30, 2001, the Partnership paid
distributions of approximately $5,610,000 (approximately $4,978,000 paid to the
limited partners or $101.19 per limited partnership unit) of which approximately
$1,177,000 (approximately $1,165,000 to the limited partners or $23.68 per
limited partnership unit) was from operations and approximately $4,433,000
(approximately $3,813,000 to the limited partners or $77.51 per limited
partnership unit) was from the refinancing proceeds of Doral Springs. Cash
distributions of approximately $2,526,000 (approximately $2,501,000 to the
limited partners or $50.84 per limited partnership unit) were paid from
operations during the nine months ended September 30, 2000. Subsequent to
September 30, 2001, the Partnership declared and paid a distribution of
approximately $821,000 (approximately $813,000 to the limited partners or $16.53
per limited partnership unit) from operations.
Note C - Casualty Events
During the nine months ended September 30, 2001, a net casualty gain of
approximately $80,000 was recorded at Doral Springs Apartments. Approximately
$57,000 of this gain related to a flood that occurred in October 2000. This gain
was a result of the receipt of insurance proceeds of approximately $76,000 and
the write-off of the net book value of the destroyed assets totaling
approximately $19,000. Approximately $23,000 of this gain related to sewer and
water line damage that occurred in November 2000. This gain was a result of the
receipt of insurance proceeds of $39,000 and the write-off of the net book value
of the destroyed assets totaling approximately $16,000.
Note D - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership Agreement provides for (i) certain payments to affiliates for
services and (ii) reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership. The General Partner and its affiliates received
reimbursements and fees during the nine months ended September 30, 2001 and 2000
as reflected in the following table:
2001 2000
(in thousands)
Property management fees (included in operating expenses) $ 462 $ 429
Reimbursement for services of affiliates (included in
general and administrative expenses and investment
properties) 724 276
Partnership management fees (included in general
and administrative expenses) 105 225
Refinance fee (included in loan costs) 108 --
Affiliates of the General Partner are entitled to receive 5% of gross receipts
from all of the Registrant's properties for providing property management
services. The Registrant paid to such affiliates approximately $462,000 and
$429,000 for the nine months ended September 30, 2001 and 2000, respectively.
An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $724,000 and $276,000 for the
nine months ended September 30, 2001 and 2000, respectively. Included in these
amounts at September 30, 2001 and 2000 are approximately $464,000 and $4,000,
respectively, in reimbursements for construction oversight costs.
The Partnership Agreement provides for a fee equal to 9% of the total
distributions made to the limited partners from "cash available for
distribution" (as defined in the Agreement) to be paid to the General Partner
for executive and administrative management services. Affiliates of the General
Partner received approximately $105,000 and $225,000 for the nine months ended
September 30, 2001 and 2000, respectively, for providing these services.
In connection with the refinancing of Doral Springs Apartments on June 28, 2001,
the Partnership paid the General Partner a fee of approximately $108,000
pursuant to the Partnership Agreement.
In addition to its indirect ownership of the general partner interest in the
Partnership, AIMCO and its affiliates owned 31,297.25 limited partnership units
(the "Units") in the Partnership representing 63.62% of the outstanding Units at
September 30, 2001. A number of these Units were acquired pursuant to tender
offers made by AIMCO or its affiliates. It is possible that AIMCO or its
affiliates will acquire additional limited partnership interests in the
Partnership for cash or in exchange for units in the operating partnership of
AIMCO either through private purchases or tender offers. In this regard, on
August 29, 2001, AIMCO Properties, LP commenced a tender offer to acquire any
and all of the Units not owned by affiliates of AIMCO for a purchase price of
$237 per Unit. Pursuant to this offer AIMCO acquired 138 Units during the
quarter ended September 30, 2001. Under the Partnership Agreement, unitholders
holding a majority of the Units are entitled to take action with respect to a
variety of matters, which would include voting on certain amendments to the
Partnership Agreement and voting to remove the General Partner. As a result of
its ownership of 63.62% of the outstanding Units, AIMCO is in a position to
control all such voting decisions with respect to the Registrant. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the General Partner because of its affiliation with
the General Partner.
Note E - Refinancing and Extraordinary Loss
On June 28, 2001, the Partnership refinanced the mortgage encumbering Doral
Springs Apartments. The refinancing replaced indebtedness of approximately
$6,000,000 with a new mortgage in the amount of $10,790,000. The new mortgage
carries a stated interest rate of 7.53%. Interest on the old mortgage was 7.33%.
Principal and interest payments on the mortgage loan of approximately $87,000
are due monthly until the loan matures in July 2021 at which time the loan will
be fully amortized. Total capitalized loan costs were approximately $371,000.
The Partnership recognized an extraordinary loss on the early extinguishment of
debt of approximately $64,000 due to the write-off of unamortized loan costs.
Note F - Legal Proceedings
The Partnership is a party to certain legal actions resulting from its operating
activities. These actions are routine litigation and administrative proceedings
arising in the ordinary course of business and none of which are expected to
have a material adverse effect on the financial condition or results of
operations of the Partnership.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operation. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment properties consist of four apartment complexes. The
following table sets forth the average occupancy of the properties for the nine
months ended September 30, 2001 and 2000:
Average Occupancy
Property 2001 2000
Breckinridge Square 90% 94%
Louisville, Kentucky
Churchill Park 90% 95%
Louisville, Kentucky
The Lakes 92% 86%
Raleigh, North Carolina
Doral Springs 97% 97%
Miami, Florida
The General Partner attributes the decrease in occupancy at Breckinridge Square
and Churchill Park to the slow economy in the Louisville area and to lower
mortgage interest rates influencing more tenants to purchase homes.
The General Partner attributes the increase in occupancy at The Lakes to a fire
in January 2000 which rendered 12 units unleasable during 2000. During 2001,
these units were leasable and occupancy rates returned to the levels they were
prior to the fire.
Results of Operations
The Partnership's net income for the nine months ended September 30, 2001 was
approximately $793,000 compared to approximately $831,000 for the nine months
ended September 30, 2000. The Partnership's net income for the three months
ended September 30, 2001 was approximately $281,000 compared to approximately
$162,000 for the three months ended September 30, 2000.
The decrease in net income for the nine months ended September 30, 2001 is due
to the recognition of an extraordinary loss on the early extinguishment of debt
and an increase in total expenses, partially offset by an increase in total
revenues. The increase in net income for the three months ended September 30,
2001 is due to an increase in total revenues and a decrease in total expenses.
The Partnership recognized an extraordinary loss on the early extinguishment of
debt of approximately $64,000 due to the June 2001 refinancing of the mortgage
encumbering Doral Springs Apartments resulting in the write off of unamortized
loan costs. The increase in total expenses for the nine months ended September
30, 2001 is due to increases in operating and interest expenses partially offset
by a decrease in depreciation and general and administrative expenses. Operating
expense increased due to increases in insurance costs at all of the Registrant's
properties and utilities, especially natural gas costs, at Breckinridge Square
and Churchill Park offset by decreased maintenance expenses at the Lakes
Apartments primarily related to costs for repairs stemming from a January 2000
fire. Interest expense increased at Doral Springs as a result of the mortgage
refinancing in June 2001. Depreciation expense decreased primarily due to the
building becoming fully depreciated during the third quarter of 2000 at
Breckinridge Square. Total expenses decreased for the three months ended
September 30, 2001 due to a decrease in property tax and depreciation expenses
offset by an increase in interest expense. Property tax expense decreased due to
the timing of the receipt of property tax bills in 2000. See above for the
explanation of the decrease in depreciation expense and the increase in interest
expense.
The increase in total revenues for the three and nine months ended September 30,
2001 is due to an increase in rental income and the recognition of two casualty
gains offset by a decrease in other income. Rental income increased for the
three and nine month periods due to an increase in average rental rates at all
the properties and an increase in occupancy at The Lakes which more than offset
decreases in occupancy at Breckinridge Square and Churchill Park. Other income
decreased for the three and nine month periods due to a decrease in interest
income at all the properties as a result of lower average cash balances in
interest bearing accounts during 2001.
During the nine months ended September 30, 2001, a net casualty gain of
approximately $80,000 was recorded at Doral Springs Apartments. Approximately
$57,000 of this gain related to a flood that occurred in October 2000. This gain
was a result of the receipt of insurance proceeds of approximately $76,000 and
the write-off of the net book value of the destroyed assets totaling
approximately $19,000. Approximately $23,000 of this gain related to sewer and
water line damage that occurred in November 2000. This gain was a result of the
receipt of insurance proceeds of $39,000 and the write-off of the net book value
of the destroyed assets totaling approximately $16,000.
General and administrative expenses decreased for the three and nine months
ended September 30, 2001 due to a decrease in partnership management fees which
is the result of less cash distributed from operations to the partners in 2001.
Included in general and administrative expenses are reimbursements to the
General Partner as allowed under the Partnership Agreement. In addition to these
reimbursements, costs associated with the quarterly and annual communications
with investors and regulatory agencies and the annual audit required by the
Partnership Agreement are also included.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expense. As part of this
plan, the General Partner attempts to protect the Partnership from the burden of
inflation-related increases in expenses by increasing rents and maintaining a
high overall occupancy level. However, due to changing market conditions, which
can result in the use of rental concessions and rental reductions to offset
softening market conditions there is no guarantee that the General Partner will
be able to sustain such a plan.
Liquidity and Capital Resources
At September 30, 2001, the Partnership had cash and cash equivalents of
approximately $1,371,000 compared to approximately $968,000 at September 30,
2000. Cash and cash equivalents increased approximately $31,000 from December
31, 2000 due to approximately $2,406,000 of cash provided by operating
activities, largely offset by approximately $1,230,000 and $1,145,000 of cash
used in financing and investing activities, respectively. Cash used in financing
activities consisted primarily of distributions to partners, the repayment of
the mortgage encumbering Doral Springs, principal payments on mortgage notes
payable and loan costs paid offset by proceeds received from the refinancing of
the mortgage encumbering Doral Springs. Cash used in investing activities
consisted of property improvements and replacements offset by net withdrawals
from escrow accounts maintained by the mortgage lender and net insurance
proceeds received. The Partnership invests its working capital reserves in
interest bearing accounts.
On June 28, 2001, the Partnership refinanced the mortgage encumbering Doral
Springs Apartments. The refinancing replaced indebtedness of approximately
$6,000,000 with a new mortgage in the amount of $10,790,000. The new mortgage
carries a stated interest rate of 7.53%. Interest on the old mortgage was 7.33%.
Principal and interest payments on the mortgage loan of approximately $87,000
are due monthly until the loan matures in July 2021 at which time the loan will
by fully amortized. Total capitalized loan costs were approximately $371,000.
The Partnership recognized an extraordinary loss on the early extinguishment of
debt of approximately $64,000 due to the write-off of unamortized loan costs.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the investment properties to adequately maintain the
physical assets and other operating needs of the Registrant and to comply with
Federal, state, local, legal and regulatory requirements. Capital improvements
planned for each of the Registrant's properties are detailed below.
Breckinridge Square Apartments: For 2001, the Partnership budgeted approximately
$409,000 for capital improvements for structural upgrades and floor covering,
appliance, and HVAC unit replacements. The Partnership completed approximately
$379,000 in capital expenditures at Breckinridge Square Apartments during the
nine months ended September 30, 2001, consisting primarily of heating and air
conditioning upgrades, structural improvements, plumbing upgrades and appliance
and floor covering replacements. These improvements were funded primarily from
operations.
Churchill Park Apartments: For 2001, the Partnership budgeted approximately
$290,000 for capital improvements for fencing, interior decoration, structural
and parking lot improvements and floor covering and appliance replacements. The
Partnership completed approximately $225,000 in capital expenditures at
Churchill Park Apartments as of September 30, 2001, consisting primarily of
interior decoration, plumbing, and floor covering, appliance, and water heater
replacements. These improvements were funded primarily from operations.
The Lakes Apartments: For 2001, the Partnership budgeted approximately $316,000
for capital improvements, consisting primarily of floor covering, appliance, and
water heater replacements. The Partnership completed approximately $428,000 in
budgeted and unbudgeted capital expenditures at The Lakes Apartments as of
September 30, 2001, consisting primarily of building improvements, maintenance
equipment, floor covering, air conditioning and appliance replacements and other
enhancements. These improvements were funded primarily from operations and
replacement reserves.
Doral Springs Apartments: For 2001, the Partnership has budgeted approximately
$302,000 for capital improvements, consisting primarily of plumbing upgrades and
cabinet, floor covering, air conditioning and appliance replacements. The
Partnership completed approximately $417,000 in budgeted and unbudgeted capital
expenditures at Doral Springs Apartments as of September 30, 2001, consisting
primarily of plumbing upgrades, floor covering and appliance replacement and
other building improvements. These improvements were funded from operations,
replacement reserves, and insurance proceeds.
Additional capital expenditures will be incurred only if cash is available from
operations and Partnership reserves. To the extent that such budgeted capital
improvements are completed, the Registrant's distributable cash flow, if any,
may be adversely affected at least in the short term.
The Partnership's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant. The mortgage
indebtedness of approximately $10,751,000 on Doral Springs requires monthly
principal and interest payments of approximately $87,000 and matures in July
2021. The mortgage indebtedness of approximately $24,690,000 encumbering
Breckinridge Square, Churchill Park and The Lakes Apartments requires monthly
interest only payments. These notes require balloon payments on December 1,
2005. The General Partner may attempt to refinance the mortgages encumbering
Breckinridge Square, Churchill Park and The Lakes Apartments and/or sell the
properties prior to such maturity dates. If the properties cannot be refinanced
or sold for a sufficient amount, the Registrant will risk losing such properties
through foreclosure.
During the nine months ended September 30, 2001, the Partnership paid
distributions of approximately $5,610,000 (approximately $4,978,000 paid to the
limited partners or $101.19 per limited partnership unit) of which approximately
$1,177,000 (approximately $1,165,000 to the limited partners or $23.68 per
limited partnership unit) was from operations and approximately $4,433,000
(approximately $3,813,000 to the limited partners or $77.51 per limited
partnership unit) was from the refinancing proceeds of Doral Springs. Cash
distributions of approximately $2,526,000 (approximately $2,501,000 to the
limited partners or $50.84 per limited partnership unit) were paid from
operations during the nine months ended September 30, 2000. Subsequent to
September 30, 2001, the Partnership declared and paid a distribution of
approximately $821,000 (approximately $813,000 to the limited partners or $16.53
per limited partnership unit) from operations. The Partnership's distribution
policy is reviewed on a monthly basis. Future cash distributions will depend on
the levels of net cash generated from operations, the availability of cash
reserves, and the timing of debt maturities, refinancings, and/or property
sales. There can be no assurance that the Partnership will generate sufficient
funds from operations, after required capital expenditures, to permit any
additional distributions to its partners during the remainder of 2001 or
subsequent periods.
In addition to its indirect ownership of the general partner interest in the
Partnership, AIMCO and its affiliates owned 31,297.25 limited partnership units
(the "Units") in the Partnership representing 63.62% of the outstanding Units at
September 30, 2001. A number of these Units were acquired pursuant to tender
offers made by AIMCO or its affiliates. It is possible that AIMCO or its
affiliates will acquire additional limited partnership interests in the
Partnership for cash or in exchange for units in the operating partnership of
AIMCO either through private purchases or tender offers. In this regard, on
August 29, 2001, AIMCO Properties, LP commenced a tender offer to acquire any
and all of the Units not owned by affiliates of AIMCO for a purchase price of
$237 per Unit. Pursuant to this offer AIMCO acquired 138 Units during the
quarter ended September 30, 2001. Under the Partnership Agreement, unitholders
holding a majority of the Units are entitled to take action with respect to a
variety of matters which would include voting on certain amendments to the
Partnership Agreement and voting to remove the General Partner. As a result of
its ownership of 63.62% of the outstanding Units, AIMCO is in a position to
control all such voting decisions with respect to the Registrant. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the General Partner because of its affiliation with
the General Partner.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
None.
b) Reports on Form 8-K:
None filed during the quarter ended September 30, 2001.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONSOLIDATED CAPITAL GROWTH FUND
By: CONCAP EQUITIES, INC.
General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President
and Controller
Date: November 5, 2001