1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
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 0-16805
ASSOCIATED PLANNERS REALTY FUND, (A CALIFORNIA LIMITED PARTNERSHIP)
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-4036980
---------- ----------
State or other jurisdiction of (IRS Employer
incorporation or organization Identification)
5933 WEST CENTURY BLVD., 9TH FLOOR, LOS ANGELES, CA 90045-5454
--------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 670-0800
--------------
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
NONE NONE
Securities registered pursuant to Section 12(g) of the Act:
UNITS OF LIMITED PARTNERSHIP INTEREST
-------------------------------------
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports 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 reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [X]
2
Certain statements in the Annual Report on Form 10-K, particularly under Items 1
through 8, constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Such
forward-looking statements involve known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance, or achievements
of the Partnership to be materially different from any future results,
performance, or achievements, expressed or implied by such forward-looking
statements.
PART I
ITEM 1. BUSINESS
Associated Planners Realty Fund (the "Partnership"), was organized in November
1985, under the California Revised Limited Partnership Act. The General Partner
is West Coast Realty Advisors, Inc. ("WCRA" or "the Advisor"), a California
corporation.
The Partnership was organized for the purpose of investing in, holding, and
managing improved, income-producing property, such as residential properties,
office buildings, commercial buildings, industrial properties, mini-warehouse
facilities, and shopping centers ("Properties"), which are believed to have
potential for cash flow and capital appreciation. The Partnership intended on
owning and operating such Properties for investment over an anticipated holding
period of approximately five to ten years. At December 31, 2000, the Partnership
had no employees.
The Partnership's principal investment objectives are to invest the net proceeds
in real 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 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.
The Partnership acquired an 81.2% interest in two office buildings on December
31, 1986 in a joint venture with a related party, a 100% interest in a shopping
center on January 23, 1987, a 100% interest in a commercial office building on
November 12, 1987, and a 100% interest in a mini-warehouse facility on May 9,
1988. The terms of the joint venture called for Associated Planners Realty Fund
to receive 81.2% of the operating profits and depreciation expense on the two
office buildings acquired in 1986. The office buildings were sold in January
1999 and upon disposition of the properties, the Partnership received 81.2% of
the proceeds received from the sale. The mini-warehouse facility acquired in
1988 was sold in May 1995 and the commercial office building acquired in 1987
was sold in February 2000, both to unrelated parties. All properties are located
in California except for the mini-warehouse which was located in Washington. At
December 31, 2000 the Partnership's only remaining property is the shopping
center acquired on January 23, 1987.
The ownership and operation of any income-producing real estate is subject to
those risks inherent in all real estate investments. These include national and
local economic conditions, the supply of and demand for similar types of real
property, 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 subject to competitive conditions that exist in the local
markets where it operates rental real estate. These conditions are discussed in
Item 2 -- "Properties".
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3
The Partnership is operated by 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.
At December 31, 2000, the Partnership's remaining property is held for sale. The
General Partner plans to liquidate the Partnership after the final property is
sold and any remaining notes receivable are liquidated. There is no assurance
that the remaining property will be sold and the Partnership will be liquidated
during 2001. The financial statements do not contain any adjustments that might
result from the liquidation of the Partnership.
ITEM 2. PROPERTIES
SHAW VILLA SHOPPING CENTER
On January 23, 1987, the Partnership purchased the Shaw Villa Shopping Center
(the "Center"), located in Clovis, California. The Center was completed in 1978,
and is situated on 69,260 square feet of land. The Center originally consisted
of two buildings of 8,250 and 4,428 square feet each. In January 1995, the
Partnership closed escrow on a parcel of land adjacent to the Shaw Villa
Shopping Center. The purchase price of the land was $206,749, including a
$13,102 acquisition fee paid to the Advisor. An additional 4,000 square feet of
space was then added to the existing 8,250 square foot building and the 4,428
square foot building was also expanded by 3,844 square feet. The construction
was completed during 1995 and total construction costs of $1,372,900 were
allocated to land, building and improvements. Included in the construction cost
was $87,838 of capitalized construction loan interest. After expansion the two
buildings totaled 20,522 square feet. Stores range in size from 1,000 to 3,000
square feet in the larger building. There are ninety-two parking spaces
available within the Center.
Wherehouse Entertainment, Inc. (the "Wherehouse") occupies the 8,250 square foot
building under a lease which runs through February 28, 2011, and calls for
minimum monthly rent of $10,588 per month. The Wherehouse's 2000 rental income
represented 49% of the total Partnership consolidated rental revenue.
In October 1996, the Partnership obtained permanent financing from a major
insurance company to replace the construction loan obtained to finance the
expansion. The terms of the loan are as follows: Principal - $1,500,000;
Interest Rate of 9.10% fixed for five years then may be adjusted to the weekly
average of the five-year Treasury Note yield for the seventh week prior to the
Adjustment Date (5th anniversary date) plus 250 basis points, but in no event
less than the existing rate, nor to exceed the maximum rate allowed by law;
amortized over 20 years; due November 1, 2006; and current monthly payments of
principal, interest and property taxes of $13,593.
This Center is dependent upon the vitality of the consumer market in the general
area. There are several other small shopping centers in the area, similar to the
one owned by the Partnership. A large enough customer base exists for the retail
and service business in the general area. Although all areas of California have
occasionally been affected by economic slowdowns, layoffs, plant closings and
military cutbacks, these economic factors are not expected to significantly
impact the occupancy of the shopping center.
The building and improvements are depreciated over 31.5 to 40 years using a
straight-line method for both financial and income tax reporting purposes. The
financial and income tax basis of the property are the same. In the opinion of
the General Partner, the property is adequately insured. The property is managed
by West Coast Realty Management, Inc. ("WCRM").
The occupancy rate of the property for the past five years was 100% during 1996
and 1997, 91% during 1998, 92% during 1999, and 88% during 2000. The occupancy
rate was 92% at December 31, 2000.
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4
The total original acquisition cost of the Shaw Villa Shopping Center was
$2,854,221. The acquisition date was January 23, 1987.
As of December 31, 2000, the Center is being held for sale. There is no
assurance that the property will be sold during 2001.
ITEM 3. LEGAL PROCEEDINGS
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
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PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
At December 31, 2000, there were 7,499 limited partnership units outstanding and
605 unit holders of record. The units sold are not freely transferable and no
public market for the sold units presently exists or is likely to develop. There
are no units available for sale at December 31, 2000.
Distributions totaling $509,932, $1,581,371, and $257,891 were made to limited
partners in 2000, 1999, and 1998. The General Partner distributions totaled $0,
$31,502, and $28,654 for 2000, 1999 and 1998.
The Partnership pays distributions on a semi-annual basis and at the discretion
of management. The semi-annual distributions include cash distributions for the
previous six months of operations.
The limited partner distribution amounts for 2000, 1999 and 1998 are summarized
below:
UNITS TOTAL
RECORD DATE DATE PAID PER UNIT OUTSTANDING PAID
----------- ----------------- -------- ----------- ---------
December 31, 1997 February 6, 1998 20.39 7,499 152,905
June 30, 1998 August 10, 1998 14.00 7,499 104,986
December 31, 1998 February 12, 1999 20.50 7,499 153,729
February 28, 1999 March 13, 1999 190.38 7,499 1,427,642
March 15, 2000 April 5, 2000 64.00 7,499 479,936
July 31, 2000 August 18, 2000 4.00 7,499 29,996
Distributions are made based on income from operations, before depreciation and
amortization, available as a result of the previous six months of operations.
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data should be read in conjunction with the financial
statements and related notes and Item 7. Management Discussion and Analysis of
Financial Condition and Results of Operations appearing elsewhere in this
report.
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
Operations for the years ended
December 31:
Revenues $ 686,610 $ 829,676 $ 728,167 $802,528 $ 722,358
Net income 304,614 355,486 148,902 202,403 177,055
Net income per Limited Partner 33.73 39.09 15.88 22.31 19.69
Unit*
Distributions per Limited Partner 68.00 210.88 34.39 39.79 33.65
Unit*
Financial position at December 31,
Total assets $4,187,472 $4,405,136 $5,906,905 $6,092,548 $6,146,615
Note payable 1,368,968 1,405,674 1,439,198 1,469,817 1,497,782
Partners' equity 2,755,861 2,961,179 4,218,566 4,356,209 4,392,108
- ----------
*Net income and distributions per limited partner unit were based on the
weighted average number of outstanding units.
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ITEM 7. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Certain statements in the Management Discussion and Analysis constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 (the "Reform Act"). Such forward-looking
statements involve known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of the
Partnership to be materially different from any future results, performance or
achievements, expressed or implied by such forward-looking statements.
RESULTS OF OPERATIONS - 2000 VS. 1999
Operations for the year ended December 31, 2000, reflect the operations of the
Simi Valley building prior to its sale on February 4, 2000 and of the Shaw Villa
Shopping Center for the entire year.
Net income for the year ended December 31, 2000 of $304,614 was $50,872 lower
than the net income for the year ended December 31, 1999 of $355,486, primarily
because the gain recognized on the Simi Valley property sale in February 2000
was less than the gain recognized from the sale of the Encinitas, California
properties in January 1999.
Rental revenue decreased $129,832 (29.85%) as compared to 1999. The decrease in
rental revenue was the result of the vacancy of the Simi Valley property,
starting May 31, 1999, and its subsequent sale in February 2000. On February 4,
2000 the Partnership sold the Simi Valley property to an unaffiliated buyer for
$2,350,000 and received cash and a note receivable for $1,750,000. The
Partnership recognized a gain of $291,151 from the sale of the property.
Interest income increased $76,464 primarily due to interest income on the note
receivable received in connection with the sale of the Simi Valley property.
Costs and expenses decreased $92,194 (19.44%) as compared to 1999. The decrease
is due to decreases in operating and depreciation expenses of $100,521 resulting
from the sale of the Simi Valley property. General and administrative expenses
increased $11,531, primarily due to professional fees.
Cash basis income for the year ended December 31, 2000 was $87,699. In contrast
cash basis income for the year ended December 31, 1999 was $102,024. Cash basis
income is derived by adding depreciation and amortization expense, and the
minority interest in the net income, less the gain on sale of properties, to net
income.
The number of limited partnership units remained unchanged at 7,499 for 2000 and
1999. Net income per limited partnership unit decreased from $39.09 in 1999 to
$33.73 in 2000.
RESULTS OF OPERATIONS - 1999 VS. 1998
Operations for the year ended December 31, 1999 reflect an entire period of
operations for the two properties owned by the Partnership.
Net income increased $206,584 (139%) to $355,486 from $148,902 for the years
ended December 31, 1999 and 1998. The increase is largely due to the gain
recognized from the sale of two properties in 1999.
Rental revenue decreased $283,022 (39%) as compared to 1998. This can be
attributed to the sale of the two Calle Magdalena properties during January
1999. These two office buildings, located in Encinitas, California, were sold to
unaffiliated buyers for a total of $1,675,000. The Partnership recognized a
total gain of $475,938 from the sale of the properties. Of this amount $95,089
was allocated to the minority interest.
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7
Overall costs and expenses decreased $98,234 (17%) to $471,190 for the year
ended December 31, 1999. Most of the cost decrease is due to the sale of the two
Calle Magdalena properties. Due to the sale the Partnership has one remaining
note payable which reduced interest expense $20,015. Since the Partnership had a
smaller property portfolio, operating expenses decreased $71,889.
Cash basis income (net income plus depreciation and amortization expense, plus
minority interest in income, less gain on sale) for 1999 was $102,024 in 1999,
which is a $220,002 decrease from 1998.
Net income per limited partnership unit increased from $15.88 in 1998 to $39.09
in 1999.
QUARTERLY FINANCIAL DATA (UNAUDITED)
For the year ending December 31, 2000
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
----------- ----------- ----------- -----------
Total revenues $378,933 $101,689 $ 103,005 $ 102,983
Net income (loss) 284,865 (6,954) 16,727 9,976
Net income (loss) per limited
partnership unit 31.98 (1.04) 1.80 0.99
For the year ending December 31, 1999
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
----------- ----------- ----------- -----------
Total revenues $544,564 $480,622 $ 77,198 $ 81,080
Net income (loss) 414,720 277,911 (42,048) (32,400)
Net income (loss) per limited
partnership unit 49.39 1.44 (5.43) (6.31)
LIQUIDITY AND CAPITAL RESOURCES
During the year ended December 31, 2000, the Partnership made distributions to
the limited partners and the general partners totaling $509,932 of which
$232,458 constituted a return of capital. This includes the distribution of
proceeds from the sale of the Simi Valley property in April 2000. Distributions
compared favorably to the $378,850 in cash generated from property operations
(net income plus depreciation expense). During the year ended December 31, 1999,
the Partnership distributed $1,612,873 to the general and limited partners and
$288,871 for the minority interest. Proceeds from the sale of the two properties
located in Encinitas were distributed March 1999. It is the intention of
management to make semi-annually distributions of cash, subject to the
maintenance of reasonable reserves. The semi-annual distributions will include
cash distributions for the previous six months of operations.
Management uses cash as its primary measure of the Partnership's liquidity. The
amount of cash that represents adequate liquidity for a real estate limited
partnership, in the short-term and long-term, depends on several factors. Among
them are:
1. Relative risk of the partnership;
2. Condition of the partnership's properties;
3. Stage in the partnership's life cycle (e.g., money-raising,
acquisition, operating or disposition phase); and
4. Distributions to partners.
The Partnership believes that it has the ability to generate sufficient cash to
meet both short-term and long-term liquidity needs, based upon the above four
factors.
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8
The first factor refers to the risk of Partnership's investments. The
Partnership's investments in properties were paid for in cash or on a moderately
leveraged basis.
The second factor relates to the condition of the Partnership's property. The
Partnership's property is in good condition. There is no foreseeable need to
increase reserves to fund deferred or unusual maintenance and repair
expenditures.
The third factor relates to life cycle. The Partnership completed its funding,
acquisition and operating stages of properties in previous years. The
Partnership is in the disposition stage. As part of the disposition stage, the
Partnership has listed its remaining property for sale.
The fourth factor relates to Partnership distributions. The Partnership is
currently making semi-annual distributions from operations. Such distributions
are subject to payments of Partnership expenses and reasonable reserves for
expenses, maintenance, and replacements. In addition, at least six months of
cash profits are left in the Partnership's balance sheet at each quarter end,
since the Partnership makes distributions to the limited partners one month
after each record date of June 30, and December 31. The General Partner believes
that the Partnership will have the ability to meet its cash requirements in both
the short-term and long-term.
Slowdowns in the economy, inflation and changing prices have had a nominal
effect on the Partnership's revenues and income from continuing operations.
During the fourteen years of the Partnership's existence, inflationary pressures
in the U.S. economy have been minimal, and this has been consistent with the
experience of the Partnership in operating rental real estate in California. The
Partnership has several lease clauses with its tenants that will help alleviate
much of the negative impact of inflation. Among these are the triple net leases
at the Shaw Villa Shopping Center giving the Partnership an ability to pass on
higher operating costs to its tenants.
The General Partner is attempting to sell the remaining property owned by the
Partnership. Once the Shaw Villa Shopping Center is sold and the note receivable
taken in connection with the sale of the Simi Valley property is liquidated, the
net proceeds will be distributed to the limited and general partners in
accordance with the partnership agreement, and the partnership will then be
terminated and dissolved. There is no assurance that the remaining property will
be sold and the partnership will be liquidated during 2001. The financial
statements do not contain any adjustments that might result from the liquidation
of the partnership.
CASH FLOWS 2000 VS. 1999
Cash resources increased $113,192 during the year ended December 31, 2000
compared to a $5,223 increase in cash resources for the year ended December 31,
1999. Cash provided by operating activities increased by $118,991 for the year
ended December 31, 2000 with the largest contributor being $304,614 in net
income offset by $291,151 resulting from the sale of the Simi Valley property.
Investing activities resulted in a $535,616 increase in cash resources for the
year 2000, due to cash proceeds from the sale of the Simi Valley property of
$481,250 and principal payments on the note receivable of $54,366. For the year
ended December 31, 2000 financing activities used $546,638 because of
distributions to limited partners totaling $509,932 and repayments on notes
payable of $36,706.
CASH FLOWS 1999 VS. 1998
Cash flows from operating activities decreased $199,910 to $113,012. This
decrease can be attributed to the sale of the two properties. Cash from
investing activities increased to $1,569,730, which is due to the proceeds
received from the sale of two properties. The Partnership distributed a majority
of the proceeds to partners, causing cash flows used in financing activities to
increase $1,600,304 from 1998. Distributions to the Limited Partners totaled
$1,581,371, while distributions to the General Partner
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totaled $31,502. In contrast 1998 had distributions to the Limited Partners of
$257,891 and distributions to the General Partner of $28,654.
NEW ACCOUNTING PRONOUNCEMENTS
Effective January 1, 2001, the Company will adopt the requirements of Financial
Accounting Standards Board (FASB) Statement of Financial Accounting Standards
(SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities",
as amended by SFAS No. 137, "Accounting for Derivative Instruments and Hedging
Activities - Deferral of the Effective Date of FASB Statement No. 133", and SFAS
No. 138, "Accounting for Derivative Instruments and Certain Hedging Activities -
an amendment of FASB Statement 133", and supplemented by implementation guidance
issued by FASB's Derivative Implementation Group. SFAS No. 133 requires, among
other things, that all derivatives be recognized as either assets or liabilities
and measured at estimated fair value. The corresponding derivative gains and
losses should be reported based upon the hedge relationship, if such a
relationship exists. Changes in the estimated fair value of derivatives that are
not designated as hedges or that do not meet the hedge accounting criteria in
SFAS No. 133 are required to be reported in income. Implementation of SFAS No.
133, as amended, is not expected to have a material impact on the Company's
financial statements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
None
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
PAGE
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Report of Independent Certified Public Accountants ....................... 11
Balance Sheets - December 31, 2000 and 1999 .............................. 12
Consolidated Statements of Income for the years ended
December 31, 2000, 1999 and 1998 ................................. 13
Statements of Partners' Equity for the years ended
December 31, 2000, 1999 and 1998.................................. 14
Consolidated Statements of Cash Flows for the years ended
December 31, 2000, 1999 and 1998 ................................. 15
Summary of Accounting Policies ........................................... 16-17
Notes to Consolidated Financial Statements ............................... 18-21
Financial Statement Schedules
Schedule III-Real Estate and Accumulated Depreciation ............ 27
Schedule IV-Mortgage Loan on Real Estate ......................... 28
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Associated Planners Realty Fund
(a California Limited Partnership)
Los Angeles, California
We have audited the accompanying consolidated balance sheets of Associated
Planners Realty Fund (a California limited partnership) and consolidated
entities, as of December 31, 2000 and 1999 and the related consolidated
statements of income, partners' equity, and cash flows for each of the three
years in the period ended December 31, 2000. We have also audited the schedules
listed in the accompanying index. These consolidated financial statements and
schedules are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these consolidated financial
statements and schedules based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the consolidated
financial statements and schedules are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements and schedules. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall consolidated financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
As discussed in Note 8, the Partnership's remaining property is held for sale as
of December 31, 2000. The General Partner plans to liquidate the Partnership
after the final property is sold and any notes receivable are liquidated. The
financial statements do not contain any adjustments that might result from the
liquidation of the Partnership.
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Associated Planners
Realty Fund (a California limited partnership) and consolidated entities, at
December 31, 2000 and 1999, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2000, in
conformity with accounting principles generally accepted in the United States of
America.
Also, in our opinion, the schedules presents fairly, in all material respects,
the information set forth therein.
BDO SEIDMAN, LLP
Los Angeles, California
February 2, 2001
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ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEETS
December 31,
------------------------
2000 1999
---------- ----------
ASSETS
Rental real estate held for sale, less accumulated
depreciation (Notes 2, and 8) $2,371,148 $4,385,483
Cash and cash equivalents 113,192 5,223
Note receivable (Note 3) 1,695,634 -
Other assets 7,498 14,430
---------- ----------
Total assets $4,187,472 $4,405,136
========== ==========
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES
Accounts payable:
Trade $ 31,000 $ 2,270
Related party (Note 6(d)) 6,875 13,934
Notes payable (Note 4) 1,368,968 1,405,674
Security deposits and prepaid rent 12,614 11,419
Other liabilities 12,154 10,660
---------- ----------
Total liabilities 1,431,611 1,443,957
---------- ----------
PARTNERS' EQUITY
Limited partners:
$1,000 stated value per unit - authorized 7,500 units; 2,618,867 2,875,885
issued and outstanding 7,499 units
General partner 136,994 85,294
---------- ----------
Total partners' equity 2,755,861 2,961,179
---------- ----------
Total liabilities and partners' equity $4,187,472 $4,405,136
========== ==========
See accompanying summary of accounting policies and notes to consolidated
financial statements.
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ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31,
--------------------------------
2000 1999 1998
-------- -------- --------
REVENUES
Rental (Notes 2 and 5) $305,157 $434,989 $718,011
Gain on sale of property (Note 2) 291,151 475,938 -
Interest 90,302 13,838 10,156
-------- -------- --------
TOTAL REVENUE 686,610 924,765 728,167
-------- -------- --------
COST AND EXPENSES
Operating (Note 6) 82,667 130,037 201,926
General and administrative (Note 6) 98,960 87,429 54,863
Depreciation and amortization 74,236 127,387 166,283
Interest expense 126,133 129,337 149,352
-------- -------- --------
TOTAL COST AND EXPENSE 381,996 474,190 572,424
-------- -------- --------
INCOME FROM OPERATIONS 304,614 450,575 155,743
MINORITY INTEREST IN NET LOSS (INCOME) OF JOINT
VENTURES (Note 6(c)) - (95,089) (6,841)
-------- -------- --------
NET INCOME $304,614 $355,486 $148,902
-------- -------- --------
NET INCOME PER LIMITED PARTNERSHIP UNIT (Note 7) $ 33.73 $ 39.09 $ 15.88
-------- -------- --------
See accompanying summary of accounting policies and notes to consolidated
financial statements.
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ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF PARTNERS' EQUITY
YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
Limited Partners
---------------------- General
Units Amount Partner Total
----- ----------- -------- -----------
BALANCE, January 1, 1998 7,499 4,303,000 53,209 4,356,209
Net income for the year - 119,047 29,855 148,902
Distribution to limited partners (Note 7) - (257,891) - (257,891)
Distribution to general partners - - (28,654) (28,654)
----- ----------- -------- -----------
BALANCE, December 31, 1998 7,499 4,164,156 54,410 4,218,566
Net income for the year - 293,100 62,386 355,486
Distribution to limited partners (Note 7) - (1,581,371) - (1,581,371)
Distribution to general partners - - (31,502) (31,502)
----- ----------- -------- -----------
BALANCE, December 31, 1999 7,499 $ 2,875,885 $ 85,294 $ 2,961,179
Net income for the year - 252,914 51,700 304,614
Distribution to limited partners (Note 7) - (509,932) - (509,932)
Distribution to general partners - - - -
----- ----------- -------- -----------
BALANCE, December 31, 2000 7,499 2,618,867 136,994 2,755,861
===== =========== ======== ===========
See accompanying summary of accounting policies and notes to consolidated
financial statements.
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ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
Years ended December 31, 2000 1999 1998
- ------------------------ ---------- ----------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 304,614 $ 355,486 $148,902
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 74,236 127,387 166,283
Minority interest in net (loss) income -- 95,089 6,841
Gain on sale of property (291,151) (475,938) --
Increase (decrease) from changes in operating
assets and liabilities:
Other assets 6,932 28,064 (2,682)
Accounts payable - trade 28,730 (8,644) (5,238)
Accounts payable - related party (7,059) (491) 1,050
Security deposits and prepaid rent 1,195 (7,941) (2,234)
Other liabilities 1,494 -- --
---------- ----------- --------
Net cash provided by operating activities 118,991 113,012 312,922
---------- ----------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of rental real estate 481,250 1,569,730 --
Principal payments from notes receivable 54,366
Rental real estate improvements -- -- (7,850)
---------- ----------- --------
Net cash provided by (used in) investing activities 535,616 1,569,730 (7,850)
---------- ----------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to limited partners (509,932) (1,581,371) (257,891)
Distributions to general partners -- (31,502) (28,654)
Distributions to minority interest -- (288,871) (17,800)
Principle payments on notes payable (36,706) (33,524) (30,619)
---------- ----------- --------
Net cash used in financing activities (546,638) (1,935,268) (334,964)
---------- ----------- --------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 107,969 (252,526) (29,892)
CASH AND CASH EQUIVALENTS, beginning of year 5,223 257,749 287,641
---------- ----------- --------
CASH AND CASH EQUIVALENTS, end of year $ 113,192 $ 5,223 $257,749
========== =========== ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest $ 126,410 $ 118,677 $138,438
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITY
Note receivable issued in sale of real estate $1,750,000 -- --
========== =========== ========
See accompanying summary of accounting policies and notes to consolidated
financial statements.
15
16
ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
SUMMARY OF ACCOUNTING POLICIES
BUSINESS
Associated Planners Realty Fund (the "Partnership"), a California limited
partnership, was formed on November 19, 1985 under the Revised Limited
Partnership Act of the State of California. The Partnership was formed to
acquire income-producing real property throughout the United States with an
emphasis on properties located in California and the southwestern states. The
Partnership purchased these properties on an all cash basis or on a moderately
leveraged basis and intended on owning and operating such properties for
investment over an anticipated holding period of approximately five to ten
years.
BASIS OF PRESENTATION
The consolidated 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.
The consolidated financial statements include the accounts of Associated
Planners Realty Fund and all joint ventures in which it has a majority interest.
RENTAL REAL ESTATE AND DEPRECIATION
Assets are stated at cost. Depreciation is computed using the straight-line
method over estimated useful lives ranging from 5 to 40 years.
In the event that facts and circumstances indicate that the cost of an asset may
be impaired, an evaluation of recoverability would be performed. If an
evaluation is required, the estimated future undiscounted cash flows associated
with the asset would be compared to the carrying amount to determine if a
write-down to market value is required.
RENTAL INCOME
Rental revenue is recognized on a straight-line basis to the extent that rental
revenue is deemed collectible and collection is probable.
STATEMENTS OF CASH FLOWS
For the 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.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
COMPREHENSIVE INCOME
Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive
Income," ("SFAS 130") establishes standards for reporting and display of
comprehensive income and its components in a full set of
16
17
ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
SUMMARY OF ACCOUNTING POLICIES
general-purpose financial statements. Comprehensive income is comprised of net
income and all changes to stockholders' equity except those due to investments
by owners and distribution to owners. The Company does not have any components
of comprehensive income for each of the years ended December 31, 2000, 1999 and
1998.
NET INCOME PER LIMITED PARTNERSHIP UNIT
Net income per limited partnership unit is calculated by dividing the limited
partners share of net income by the weighted average number of limited
partnership units outstanding for the period.
NEW ACCOUNTING PRONOUNCEMENTS
Effective January 1, 2001, the Company will adopt the requirements of Financial
Accounting Standards Board (FASB) Statement of Financial Accounting Standards
(SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities",
as amended by SFAS No. 137, "Accounting for Derivative Instruments and Hedging
Activities - Deferral of the Effective Date of FASB Statement No. 133", and SFAS
No. 138, "Accounting for Derivative Instruments and Certain Hedging Activities -
an amendment of FASB Statement 133", and supplemented by implementation guidance
issued by FASB's Derivative Implementation Group. SFAS No. 133 requires, among
other things, that all derivatives be recognized as either assets or liabilities
and measured at estimated fair value. The corresponding derivative gains and
losses should be reported based upon the hedge relationship, if such a
relationship exists. Changes in the estimated fair value of derivatives that are
not designated as hedges or that do not meet the hedge accounting criteria in
SFAS No. 133 are required to be reported in income. Implementation of SFAS No.
133, as amended, is not expected to have a material impact on the Company's
financial statements.
17
18
ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 -- NATURE OF PARTNERSHIP
The Partnership began accepting subscriptions in March 1986 and completed its
funding in December 1987.
Under the terms of the partnership agreement, the General Partner, West Coast
Realty Advisors, is entitled to cash distributions ranging from 10% to 15%. The
General Partner is also entitled to allocations of 10% of operating income
before depreciation, 1% of depreciation and amortization, and 15% of the gain on
sale of properties, in accordance with the partnership agreement.
NOTE 2 -- RENTAL REAL ESTATE
As of December 31, 2000, the Partnership owns the following rental real estate
property:
Location (Property Name) Date Purchased Cost
- ------------------------ ---------------- ---------
Clovis, California January 23, 1987 2,854,220
The major categories of property are:
December 31, 2000 1999
- ------------ ---------- ----------
Land $ 878,646 $1,631,966
Buildings and improvements 1,959,465 3,822,668
Furniture and fixtures 16,109 16,109
---------- ----------
2,854,220 5,470,743
Less accumulated depreciation 483,072 1,085,260
---------- ----------
Rental real estate, net $2,371,148 $4,385,483
========== ==========
A significant portion of the Partnership's rental revenue was earned from
tenants whose individual rents represent more than 10% of total rental revenue.
Specifically:
Three tenants accounted for 49%, 14%, and 11% in 2000;
Two tenants accounted for 62% and 24% in 1999;
Three tenants accounted for 20%, 14%, and 11% in 1998;
On February 4, 2000 the Partnership sold the Simi Valley property to an
unaffiliated buyer for $2,350,000 and received cash and a note receivable for
$1,750,000. The Partnership recognized a gain of $291,151 from the sale of the
property. The net proceeds received from the sale were distributed to the
limited partners and the General partner in accordance with the Partnership
Agreement on April 5, 2000 to holders of units as of March 15, 2000.
Two office buildings located in Encinitas, California (179 and 187 Calle
Magdalena) were sold to unaffiliated buyers during January 1999 at a sales price
of $775,000 and $900,000, respectively. The net proceeds received from the sale
equaled $576,977 and $670,698, respectively, which was distributed to the
limited partners and the General Partner in accordance with the terms of the
Partnership Agreement. The Partnership also recognized a gain of $193,886 and
$186,963, respectively from the sale.
18
19
ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 -- NOTE RECEIVABLE
On February 4, 2000, the Partnership sold its property located in the Simi
Valley of California to an unaffiliated buyer for $2,350,000 and received cash
and a note receivable for $1,750,000. The note, which is secured by the property
sold, provides for interest at 6.00% and monthly payments of principal and
interest of $10,492. The note matures on February 4, 2004 and all remaining
amounts of principal and interest are due on that date. The fair value of the
note receivable was $1,695,634 as of December 31, 2000.
NOTE 4 -- NOTES PAYABLE
The Partnership holds permanent financing secured by a first deed of trust from
a major insurance company on the Shaw Villa Shopping Center. The terms of the
loan are as follows: Principal - $1,500,000; Interest rate of 9.10% fixed until
October 2001 then may be adjusted to the weekly average of the five year
Treasury Note yield for the seventh week prior to the adjustment date (5th
anniversary date) plus 250 basis points, but in no event less than the existing
rate, nor to exceed the maximum rate allowed by law; Amortized over twenty
years; due November 1, 2006; and current monthly payments of principal, interest
and property taxes of $13,593. The fair value of the note approximated
$1,302,765 based on current lending rates which approximate industry lending
rate on this type of property at this location.
The aggregate annual future maturities at December 31, 2000 are as follows:
Years ending December 31, Amount
- ------------------------- ----------
2001 $ 40,189
2002 44,002
2003 48,178
2004 52,750
2005 57,755
Thereafter 1,126,094
----------
Total $1,368,968
==========
NOTE 5 -- FUTURE MINIMUM RENTAL INCOME
As of December 31, 2000, future minimum rental income under existing leases,
excluding month to month rental agreements, that have remaining noncancelable
terms in excess of one year are as follows:
Years ending December 31, Amount
- ------------------------- ----------
2001 $ 272,575
2002 233,813
2003 213,260
2004 213,583
2005 212,473
Thereafter 882,222
----------
Total $2,027,926
==========
Future minimum rental income does not include lease renewals or new leases that
may result after a noncancelable lease expires.
19
20
ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 -- RELATED PARTY TRANSACTIONS
(a) In accordance with the partnership agreement, compensation earned by or
services reimbursed to the General Partner consisted of the following:
Year ended December 31,
---------------------------------
2000 1999 1998
------- ------- -------
Partnership management fees $ - $21,771 $28,654
Administrative services:
Data processing 4,800 4,044 4,800
Postage 2,500 1,802 2,500
Investor processing 1,875 1,900 1,875
Investor Communications 1,475 1,144 1,475
Duplication 900 600 900
Miscellaneous 450 241 450
------- ------- -------
$12,000 $31,502 $40,654
======= ======= =======
(b) Property management fees to West Coast Realty Management, Inc. ("WCRM"), an
affiliate of the General Partner, were $15,446, $26,424 and $36,671 for 2000,
1999 and 1998.
(c) An affiliate owned an 18.8% minority interest in the two office buildings
which were sold in January 1999. Distributions of $288,871 and $17,800 for 1999
and 1998 were made to the affiliate in connection with the minority interest.
The minority interest in net income was $95,089 and $6,841 for 1999 and 1998.
(d) Related party accounts payable are as follows:
December 31,
-------------------
2000 1999
------ -------
West Coast Realty Advisors, Inc. $3,000 $ 6,000
West Coast Realty Management, Inc. 3,875 7,934
------ -------
$6,875 $13,934
====== =======
NOTE 7 -- NET INCOME AND CASH DISTRIBUTIONS PER LIMITED PARTNERSHIP
The Limited Partner cash distributions, computed in accordance with the
Partnership Agreement, were as follows:
Outstanding Amount
Record Date Distribution Units Per Unit Total
- ------------------------ ----------- -------- ----------
March 15, 2000 7,499 64.00 $ 479,936
July 31, 2000 7,499 4.00 29,996
----------
Total $ 509,932
----------
February 28, 1999 7,499 20.50 $ 153,729
December 31, 1998 7,499 190.38 1,427,642
----------
Total $1,581,371
==========
June 30, 1998 7,499 14.00 $ 104,986
December 31, 1997 7,499 20.39 152,905
----------
Total $ 257,891
==========
20
21
ASSOCIATED PLANNERS REALTY FUND AND CONSOLIDATED ENTITIES
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Partnership pays distributions on a semi-annual basis and at the discretion
of management. The semi-annual distributions include cash distributions for the
previous six months of operations.
NOTE 8 -- LIQUIDATION OF PARTNERSHIP
At December 31, 2000, the Partnership's remaining properties is held for sale.
The General Partner plans to liquidate the Partnership after the final property
is sold and any remaining notes receivable are liquidated. There is no assurance
that the remaining property will be sold and the Partnership will be liquidated
during 2001. The financial statements do not contain any adjustments that might
result from the liquidation of the Partnership.
NOTE 9 -- SUBSEQUENT EVENT
On February 15, 2001 the Partnership distributed $37,495 or $5.00 per Limited
Partnership unit, payable to holders of units as of December 31, 2000.
21
22
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
22
23
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Partnership is managed by the General Partner. The Limited Partners
have no right to participate in the management of the Partnership or its
business. The General Partner is West Coast Realty Advisors, Inc., a California
corporation.
Resumes of the General Partner's principal officers and directors and a
description of the General Partner are set forth in the following paragraphs.
See description below.
WEST COAST REALTY ADVISORS, INC.
West Coast Realty Advisors, Inc. ("WCRA") is a California corporation
formed on May 10, 1983 for the purpose of structuring real estate programs and
to act as general partner of such programs. It is a subsidiary of Associated
Financial Group, Inc.
W. THOMAS MAUDLIN JR. (Born 1936) is a Director and President of West
Coast Realty Advisors, Inc. Mr. Maudlin has been active in the real estate area
for over 30 years, serving as co-developer of high-rise office buildings and
condominiums. He has structured transactions for syndicators in apartment
housing, including sale leasebacks, all-inclusive trust deeds, buying and
restructuring transactions to suit a particular buyer, and as a buyer acting as
a principal. Mr. Maudlin was co-developer of the Gateway Los Angeles office
building, a 165,000 square foot, fourteen-story office building located in West
Los Angeles. From 1980 to 1985, in partnership with the Muller Company, he
developed eleven acres in San Bernardino which included a 42,000 square-foot
office building, a six-plex movie theater and two restaurants. From 1980 to
1985, Mr. Maudlin was involved in building a 134-unit condominium development in
San Bernardino, California, a shopping center, and a restaurant in Ventura. He
is a graduate of the University of Southern California.
NEAL NAKAGIRI (Born 1954) serves as a Director of West Coast Realty
Advisors, Inc. Mr. Nakagiri is also President and General Counsel of Associated
Financial Group, Inc., the parent company of the General Partner. He is also
President for two other subsidiaries, Associated Securities Corp. and Associated
Planners Investment Advisory, Inc. He joined the "Associated" group of companies
in March 1985. He was Vice President of Compliance with Morgan, Olmstead,
Kennedy & Gardner from 1984 to 1985, First Vice President and Director of
Compliance with Jefferies and Co., Inc. from 1981 to 1984, Vice President and
Director of Compliance at W & D Securities, Inc. from 1980 to 1983, and an
Investigator with the National Association of Securities Dealers, Inc. from 1976
to 1980. He has a B.A. degree in Economics from UCLA (1976) and a J.D. from
Loyola Law School of Los Angeles (1991). He is a member of the California Bar
and the Compliance and Legal Division of the Securities Industry Association.
JOHN R. LINDSEY, (Born 1946) serves as Vice President/Treasurer of West
Coast Realty Advisors, Inc. He is responsible for all facets of financial
management of the Associated Financial Group, Inc. Previously, Mr. Lindsey was a
consultant specializing in financial services, worked for a large financial
institution and performed audits and consulting assignments for Price Waterhouse
Coopers. He is a Certified Public Accountant and a member of the California
Society of CPAs and the American Institute of CPAs. He received a BS in Business
Administration and Accounting from the University of Southern California in
1968.
23
24
SHIRLEY J. CORIA, (Born 1956) serves as Secretary of West Coast Realty
Advisors, Inc. Ms. Coria is also Senior Vice President of Human Resources &
Corporate Secretary of Associated Financial Group, Inc. Ms. Coria is responsible
for all facets of Human Resources (both internally and for all affiliated branch
offices). She also oversees all aspects of securities, insurance and investment
advisory licensing and registration for those reps affiliated with Associated
Securities Corp. and Associated Planners Investment Advisory, Inc. Ms. Coria
holds a Bachelors of Arts degree in Social Work from California State University
at Los Angeles as well as certification in Human Resource Management from UCLA.
She also holds a Masters of Science degree in Human Resources Design from
Claremont Graduate University.
24
25
ITEM 11. EXECUTIVE COMPENSATION
During its last calendar year, the Registrant paid no direct or indirect
compensation to directors or officers.
The Registrant has no annuity, pension or retirement plans, or existing
plan or arrangement pursuant to which compensatory payments are proposed to be
made in the future to directors or officers.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The Registrant is a limited partnership and has no officers or
directors. The Registrant has no outstanding securities possessing general
voting rights.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The Registrant was organized in November 1985 as a California Limited
Partnership. Its General Partner is WCRA. The Registrant has no executive
officers or directors. An officer of the General Partner made an original
limited partnership contribution to the Partnership in November 1985, which was
subsequently paid back to him in March 1988 when the Partnership met its minimum
funding requirement. The General Partner and its affiliates are entitled to
compensation from the Partnership for the following services rendered:
1. For Partnership management services rendered to the Partnership, the
General Partner is entitled to receive up to 10% of all distributions of
cash from operations. In addition the General Partner is entitled to
reimbursement for certain public offering expenses, the cost of certain
personnel employed in the organization of the Partnership, and certain
administrative services performed by the General Partner. For the year
ended December 31, 2000 the amount paid the General Partner was $12,000.
2. For property management services the General Partner engaged WCRM an
affiliate of the General Partner. For the year ended December 31, 2000
WCRM earned property management fees of $15,466 from the Partnership. On
December 31, 2000 the Partnership was indebted to WCRM for $3,875, which
was paid subsequent to year-end.
3. For the year ended December 31, 2000 the General Partner received a
10% allocation of operating income before depreciation of $8,769, a 1%
allocation of depreciation expense of $742, and a 15% allocation of the
gain on sale of the Simi Valley property of $43,673.
25
26
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) 1. FINANCIAL STATEMENTS
The following financial statements of Associated Planners Realty
Income Fund, a California Limited Partnership, are included in
PART II, ITEM 8:
PAGE
----
Report of Independent Certified Public Accountants ............... 11
Balance Sheets - December 31, 2000 and 1999 ...................... 12
Consolidated Statements of Income for the years ended
December 31, 2000, 1999, and 1998 ........................... 13
Statements of Partners' Equity for the years ended
December 31, 2000, 1999, and 1998 ........................... 14
Consolidated Statements of Cash Flows for the years ended
December 31, 2000, 1999, and 1998 ........................... 15
Summary of Accounting Policies ................................... 16-17
Notes to Consolidated Financial Statements ....................... 18-21
(c) FINANCIAL STATEMENT SCHEDULES
Schedule III--Real Estate and Accumulated Depreciation ........... 27
Schedule IV--Mortgage Loan on Real Estate ........................ 28
All other schedules have been omitted because they are either not
required, not applicable, or the information has been otherwise
supplied.
(b) REPORTS ON FORM 8-K
NONE
(c) EXHIBITS
NONE
26
27
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2000
INFORMATION REQUIRED BY RULE 12-28 IS AS FOLLOWS
Cost
Subsequent Gross Amount at which
Initial Cost Capitalized Carried at Close of
-------------------- Subsequent Period
Building to ----------------------
and Acquisition Building and Total Accumulated
Description Encumbrances Land Improvements Improvements Land Improvements Cost Depreciation
- ---------------- ------------ -------- ------------ ------------ -------- ------------ -------- ------------
Shaw Villa
Shopping Center
Clovis, CA 1,368,968 657,924 551,066 1,645,230 878,646 1,975,574 2,854,220 483,072
---------- -------- -------- --------- -------- ---------- ---------- ---------
Total $1,368,968 $657,924 $551,066 $1,645,230 $878,646 $1,975,574 $2,854,220 $483,072
========== ======== ======== ========= ======== ========== ========== =========
Life (Years)
on which
Depreciation
is Computed
Year ------------
Construction Date Building and
Description Completed Acquired Improvements
- ---------------- ------------ -------- ------------
Shaw Villa
Shopping Center
Clovis, CA 1978 1-87 31.5-40
Total
A reconciliation of cost for A reconciliation of accumulated
the years ending December 31, depreciation for the years ending
1998, 1999, and 2000 follows: December 31, 1998, 1999, and 2000
follows:
Balance at January 31, 1998 $ 7,030,222 Balance at January 31, 1998 $1,265,127
1998 Additions 7,850 1998 Depreciation 166,283
------------ -----------
Balance at December 31, 1998 7,038,072 Balance at December 31, 1998 1,431,410
1999 Additions - 1999 Depreciation 127,387
1999 Dispositions (1,567,329) 1999 Dispositions (473,537)
------------ -----------
Balance at December 31, 1999 5,470,743 Balance at December 31, 1999 $1,085,260
2000 Additions - 2000 Depreciation 74,236
2000 Dispositions (2,616,523) 2000 Dispositions (676,424)
------------ -----------
Balance at December 31, 2000 $ 2,854,220 Balance at December 31, 2000 $ 483,072
============ ===========
27
28
SCHEDULE IV - MORTGAGE LOAN ON REAL ESTATE DECEMBER 31, 2000
INFORMATION REQUIRED BY RULE 12-29 IS AS FOLLOWS
Final Period Delinquent
Interest Maturity Payment Prior Face Carrying Principal/
Description Rate Date Terms Liens Amount Amount Interest
- ----------- -------- --------- --------------- ----- ---------- --------- ----------
Shaw Villa 9.10% 11/1/2006 Monthly None $1,500,000 $1,368,968 None
Shopping Center- Principal &
Clovis, CA Interest;
Payment
amortized over
20 years,
balloon payment
11/2006
A reconciliation of mortgage loan payable for the years ended December 31, 1998,
1999, and 2000 as follows:
Balance at January 31, 1998 1,469,817
1998 Paydowns (30,619)
----------
Balance at December 31, 1998 1,439,198
1999 Paydowns (33,524)
----------
Balance at December 31, 1999 $1,405,674
2000 Paydowns (36,706)
----------
Balance at December 31, 2000 $1,368,968
==========
28
29
SIGNATURES
Pursuant to the requirements of the 13 or 15(d) 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 FUND
A California Limited Partnership
(Registrant
By: COAST REALTY ADVISORS, INC.
(A General Partner))
/s/ W. Thomas Maudlin, Jr. W. THOMAS MAUDLIN, JR.
- ------------------------------------ (President)
/s/ John R. Lindsey JOHN R. LINDSEY
- ------------------------------------ (Vice President/Treasurer)
Date: March 30, 2001
29