SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 10-Q/A
AMENDMENT TO GENERAL FORM FOR REGISTRATION OF SECURITIES
Filed pursuant to Section 12(g)
THE SECURITIES EXCHANGE ACT OF 1934
ASSOCIATED PLANNERS REALTY INCOME FUND
(Exact name of registrant as specified in its charter)
AMENDMENT NO. 1
File No. 33-11013
The undersigned Registrant hereby amends the following items, financial
statements, exhibits or other portions of its General Form for
Registration of Securities on Form 10-Q as set forth in the pages
attached hereto:
10-Q for the Quarter ending June 30, 1995
Item 1 and 2
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment to be signed on its behalf by
the undersigned thereunto duly authorized.
ASSOCIATED PLANNERS REALTY INCOME FUND
(Registrant)
Date:
By: West Coast Realty Advisors, Inc. (General Partner)
By:
Michael G. Clark, Vice President/Treasurer
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
ITEM 1. FINANCIAL STATEMENTS
In the opinion of the General Partner of Associated Planners Realty
Income Fund (the "Partnership"), all adjustments necessary for a fair
presentation of the Partnership's results for the three and six months
ended June 30, 1995 and 1994, have been made in the following financial
statements. However, such financial statements are unaudited and are
subject to any year-end adjustments that may be necessary.
BALANCE SHEETS
June 30, 1995 (Unaudited) and December 31, 1994
June 30, December 31,
1995 1994
(Unaudited)
ASSETS
RENTAL REAL ESTATE, net of
accumulated depreciation (Note 2) $4,121,886 $4,160,924
CASH & CASH EQUIVALENTS 51,477 85,804
INVESTMENT IN GOVERNMENT SECURITIES 168,949 163,272
OTHER ASSETS 66,580 25,929
$4,408,892 $4,435,929
LIABILITIES AND PARTNERS' EQUITY
ACCRUED LIABILITIES $17,687 $24,316
PREPAID RENT 2,258 ---
PROPERTY SECURITY DEPOSITS 28,290 30,698
TOTAL LIABILITIES 48,235 55,014
COMMITMENTS AND CONTINGENCIES
PARTNERS' EQUITY:
Limited Partner:
$1,000 stated value per unit;
authorized 12,000 units;
issued and outstanding - 5,096 4,166,817 4,196,996
General Partner: 193,840 183,919
TOTAL PARTNERS EQUITY 4,360,657 4,380,915
$4,408,892 $4,435,929
[FN]
See accompanying notes to financial statements.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY
Six Months Ended June 30, 1995
(Unaudited)
Limited Partners General
Total Units Amount Partner
BALANCE, December 31, 1994 $4,380,915 5,096 $4,196,996 $183,919
Net income 55,071 --- 45,150 9,921
Distributions to limited partners (75,329) --- (75,329) ---
BALANCE, June 30, 1995 $4,360,657 5,096 $4,166,817 $193,840
Six Months Ended June 30, 1994
(Unaudited)
Limited Partners General
Total Units Amount Partner
BALANCE, December 31, 1993 $4,381,340 5,096 $4,228,487 $152,853
Net income 101,942 --- 87,350 14,592
Distributions to limited partners(127,400) --- (127,400) ---
BALANCE, June 30, 1994 $4,355,882 5,096 $4,188,437 $167,445
[FN]
See accompanying notes to financial statements.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
STATEMENTS OF INCOME
Three and Six Months Ended June 30, 1995 and 1994
(Unaudited)
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1995 1994 1995 1994
(Unaudited) (Unaudited)(Unaudited) (Unaudited)
REVENUES:
Rental $102,270 $125,357 $175,633 $247,115
Interest 3,549 2,172 5,526 3,719
105,819 127,529 181,159 250,834
COSTS AND EXPENSES:
Operating 20,504 13,166 33,338 26,688
Property taxes 5,003 4,892 9,293 9,784
Property management fees 4,226 6,268 7,428 12,356
General and administrative 15,493 20,317 29,021 42,729
Unrealized (gain) loss from investment in
government securities 2,607 4,677 (2,030) 8,475
Depreciation and amortization 24,519 24,500 49,038 48,860
72,352 73,820 126,088 148,892
NET INCOME $33,467 $53,709 $55,071 $101,942
NET INCOME PER
LIMITED PARTNERSHIP UNIT $5.48 $9.05 $8.86 $17.14
[FN]
See accompanying notes to financial statements.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1995 and 1994
(Unaudited)
Six Months Six Months
Ended Ended
June 30, June 30,
1995 1994
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income $55,071 $101,942
Adjustment to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 49,038 48,860
Net proceeds from (purchases) sales of investments
in government securities (3,647) 7,534
Unrealized loss (gain) from investment in
government securities (2,030) 8,475
Increase (decrease) from changes in:
Other assets (40,651) 11,784
Accounts payable (6,629) (43,326)
Prepaid rent 2,258 1,747
Security deposits (2,408) ---
Net cash provided by operating activities 51,002 137,016
Cash flows from investing activities:
Additions to rental real estate (10,000) (31,136)
Net cash used in investing activities (10,000) (31,136)
Cash flows from financing activities:
Distributions to limited partners (75,329) (127,400)
Net increase in cash and cash equivalents (34,327) (21,520)
Cash and cash equivalents at beginning of period 85,804 40,278
Cash and cash equivalents at end of period $51,477 $18,758
[FN]
See accompanying notes to financial statements.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
SUMMARY OF ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying balance sheet as of June 30, 1995, the income
statements and statements of cash flow for the three and six month
periods ended June 30, 1995, and 1994 are unaudited, but in the opinion
of management includes all adjustments, consisting only of normal
recurring accruals, necessary for a fair presentation of the financial
position and results of operations for the periods presented. The
results of operations for the three and six month periods ended
June 30, 1995, are not necessarily indicative of results to be expected
for the year ended December 31, 1995.
The financial statements do not give effect to any assets that the
partners may have outside of their interest in the partnership, nor to
any personal obligations, including income taxes, of the partners.
BUSINESS
Associated Planners Realty Income Fund ("the Partnership"), a
California limited partnership, was formed on December 23, 1986 under
the Revised Limited Partnership Act of the State of California for the
purpose of developing or acquiring, managing and operating unleveraged
income producing real estate. The Partnership met its minimum funding
of $1,200,000 on February 26, 1988 and terminated its offering on
September 5, 1989.
RENTAL REAL ESTATE AND DEPRECIATION
Assets are stated at cost. Depreciation is computed using the
straight-line method over an estimated useful lives ranging from 31.5
to 40 years for financial reporting and income tax reporting purposes.
ORGANIZATIONAL COSTS
Organizational costs are capitalized and amortized over the first five
years of the partnership.
LEASE COMMISSIONS
Lease commissions which are paid to real estate brokers for locating
tenants are capitalized and amortized over the life of the lease.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
SUMMARY OF ACCOUNTING POLICIES
(Continued)
RENTAL INCOME
Rental revenue is recognized on a straight-line basis to the extent
that rental revenue is deemed collectible.
INVESTMENT IN GOVERNMENT SECURITIES
Investment in Government Securities, which represent trading
securities, are accounted for in accordance with SFAS No. 115. The
difference between historical cost and market value are reported as
unrealized gains or losses in the statements of income.
STATEMENT OF CASH FLOWS
For purposes of the statements of cash flows, the Partnership
considers cash in the bank, and all highly-liquid investments purchased
with original maturities of three months or less to be cash and cash
equivalents.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Three and Six Months Ended June 30, 1995 and 1994 (Unaudited)
and December 31, 1994
Note 1 - Nature of Partnership Business
Associated Planners Realty Income Fund, a California limited
partnership (the "Fund"), was formed on December 23, 1986 under the
Revised Limited Partnership Act of the State of California for the
purpose of acquiring, managing and operating income-producing real
estate.
Under the terms of the partnership agreement, the General Partner
(West Coast Realty Advisors, Inc. and W. Thomas Maudlin Jr.) is entitled
to cash distributions and net income allocations varying from 1% for
depreciation allocations to 15% of cash and income after the limited
partners have received cash distributions equal to their initial cash
investment plus a cumulative 8% return. The General Partner is also
entitled to cash distributions and net income allocations of 10% from
ongoing partnership operations. Further, the General Partner receives
acquisition fees for locating and negotiating the purchase of rental
real estate and management fees for operating the Partnership.
Note 2 - Rental Real Estate
As of June 30, 1995 and December 31, 1994 the Fund's net real estate
investment in the Yorba Center Building and PROCARE Industrial Building
is as follows:
June 30, December 31,
1995 1994
Land $1,282,861 $1,282,861
Buildings and Improvements 3,416,327 3,406,327
4,699,188 4,689,188
Less Accumulated Depreciation 577,302 528,264
Net Real Estate Investment $4,121,886 $4,160,924
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
Three and Six Months Ended June 30, 1995 and 1994 (Unaudited)
and December 31, 1994 (continued)
Note 3 - Related Party Transactions
(a) For Partnership management services rendered to the Partnership,
the General Partner is entitled to receive 10% of all distributions of
Cash from Operations. These amounts totaled $8,352 for the six months
ended June 30, 1995 and $14,156 for the six months ended June 30, 1994.
(b) For administrative services rendered to the Partnership, the
General Partner, in accordance with the partnership agreement, was
reimbursed $6,000 for the six months ended June 30, 1995 and 1994,
and $3,000 for the three months ended June 30, 1995 and 1994.
(c) Property management fees incurred in accordance with the
Partnership Agreement to West Coast Realty Management, Inc., an
affiliate of the corporate General Partner, totaled $7,428 for the six
months ended June 30, 1995, $12,356 for the six months ended
June 30, 1994, $4,226 for the three months ended June 30, 1995,
and $6,268 for the three months ended June 30, 1994.
(d) During 1990, the Partnership acquired a 90% undivided interest in
property located in San Marcos, California (Note 2). The remaining 10%
interest is owned by Associated Planners Realty Growth Fund, an
affiliate.
Note 4 - Net Income and Cash Distributions Per Limited Partnership Unit
The Net Income per Limited Partnership Unit was computed in
accordance with the Partnership Agreement on the basis of the number of
outstanding limited partnership units. Cash distributions of $8.50,
$6.25 and $12.50 per unit are reflected for the distribution dates of
May 5, 1995, February 3, 1995 and January 31, 1994 respectively. The
record date in each case was March 31, 1995, December 31, 1994 & 1993
respectively.
Note 5 - Subsequent Events
The partnership distributed $50,960 ($10.00 per unit) on
August 4, 1995 to Limited Partners of record as of June 30, 1995.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Introduction
Associated Planners Realty Income Fund (the "Partnership") was
organized in December 1986, under the California Revised Limited
Partnership Act. The Partnership began offering units for sale on
October 20, 1987. As of March 31, 1990, the Partnership had raised
$4,652,625 in gross capital contributions. The Partnership netted
approximately $4,173,000 after sales commissions and syndication costs.
The Partnership was organized for the purpose of investing in,
holding, and managing improved, leveraged income-producing property,
such as residential property, office buildings, commercial buildings,
industrial properties, and shopping centers. The Partnership intends
to own and operate such properties for investment over an anticipated
holding period of approximately five to ten years.
The Partnership's principal investment objectives are to invest
in rental real estate properties which will:
(1) Preserve and protect the Partnership's invested capital;
(2) Provide for cash distributions from operations;
(3) Provide gains through potential appreciation; and
(4) Generate Federal income tax deductions so that during the
early years of property operations, a portion of cash
distributions may be treated as a return of capital for tax
purposes and, therefore, may not represent taxable income to
the limited partners.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The ownership and operation of any income-producing real estate
is subject to those risks inherent in all real estate investments,
including national and local economic conditions, the supply and demand
for similar types of properties, competitive marketing conditions,
zoning changes, possible casualty losses, and increases in real estate
taxes, assessments, and operating expenses, as well as others.
The Partnership is operated by West Coast Realty Advisors, Inc.
("WCRA") (the corporate General Partner) and Mr. W. Thomas Maudlin Jr.
(an individual General Partner), collectively the "General Partner,"
subject to the terms of the Amended and Restated Agreement of Limited
Partnership. The Partnership has no employees, and all administrative
services are provided by WCRA, the corporate General Partner.
Results of Operations
Operations for the quarter ended June 30, 1995 reflect an entire
period of operations for all Partnership properties. Rental income for
the three and six months ended June 30, 1995 decreased over that for
the three and six months ended June 30, 1994 by approximately $23,100
and $71,500 as a result of a vacancy at the San Marcos building from
January 8, 1995 to February 13, 1995. In addition, the new tenant (No
Fear Inc.) entered into a lease at a rate that was 30% less than the
rate on the lease of the prior tenant (Professional Care Products).
The statement of cash flows reflects proceeds from the sales
(purchases) of government securities for 1995 and 1994. These amounts
pertain to gross sales and (purchases) of government securities and are
not being reflected as net sales or (purchases) for the periods being
reported.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The Partnership generated $104,109 in income from operations
before depreciation expense of $49,038 for the six months ended
June 30, 1995 compared to $150,802 in income from operations before
depreciation expense of $48,860 for the six months ended June 30, 1994.
Interest income increased $1,807 (48.6%) as a result of higher interest
rates and higher investable cash balances. Operating and General and
Administrative expenses decreased $7,058 (10.2%) as a result of lower
repairs and maintenance and utilities for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994.
At June 30, 1995, the Yorba Center Shopping Center was 90%
leased to seven tenants.
Liquidity and Capital Resources
During the six months ended June 30, 1995, $51,002 in cash was
provided by operating activities. This resulted from a net cash basis
income of $104,109 (net income plus depreciation expense) plus $2,258
decreased in prepaid rents. These operating cash flow additions were
offset by a $40,651 increase in other assets (due to prepaid leasing
costs paid in connection with the new tenant, No Fear, Inc.), a $6,629
decrease in accounts payable (attributable to a normal decrease in
trade accounts payable), a $3,107 increase in an investment in
government securities (due to re-invested interest), a $2,030 in
unrealized gain in government securities and a $2,408 decrease in
security deposits (due to a lower security deposit received from the
new tenant, No fear Inc. compared to the old tenant, Professional Care
Products). Cash used in investing activities totalled $10,000 in
connection with tenant improvements on the San Marcos property. Cash
used in financing activities totalled $75,329 due to the distributions
to the limited partners during the six months ended June 30, 1995.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The Partnership's cash reserve is invested primarily in a pool of
government securities managed by an outside independent investment
firm. This reserve is intended to provide stability and safety of
principal, competitive interest rates and quick availability of funds.
With the purchase of the 90% interest in the PROCARE Industrial
Building in January 1990, the Partnership had completed its
acquisition program.
ASSOCIATED PLANNERS REALTY INCOME FUND
(A California Limited Partnership)
S I G N A T U R E S
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.
ASSOCIATED PLANNERS REALTY INCOME FUND
A California Limited Partnership
(Registrant)
Date: ____________________ By: WEST COAST REALTY ADVISORS, INC.
A California Corporation
A General Partner
William T. Haas
Director and Executive Vice President
Secretary
Date: ____________________
Michael G. Clark
Vice President / Treasurer