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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2001
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
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-4036980
(State or other Jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5933 W. CENTURY BLVD., SUITE 900
LOS ANGELES, CALIFORNIA 90045
(Address of principal executive offices)
(Zip Code)
(310) 670-0800
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
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ASSOCIATED PLANNERS REALTY FUND
INDEX
PART I -- FINANCIAL INFORMATION
PAGE NO.
--------
Item 1. Financial Statements
Balance Sheets -
March 31, 2001 and December 31, 2000 3
Statements of Partner's Equity -
Three Months Ended March 31, 2001 and 2000 4
Statements of Income -
Three Months Ended March 31, 2001 and 2000 5
Statements of Cash Flow -
Three Months Ended March 31, 2001 and 2000 6
Summary of Accounting Policies 7
Notes to Financial Statements 9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 12
PART II- OTHER INFORMATION
Item 1. Exhibits and Reports on Form 8-K 16
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEETS
MARCH 31, 2001 DECEMBER 31, 2000
(UNAUDITED) (AUDITED)
-------------- -----------------
ASSETS
Rental real estate held for sale, less accumulated
depreciation (Note 2) $2,353,742 $2,371,148
Cash and cash equivalents 136,768 113,192
Note receivable (Note 3) 1,672,955 1,695,634
Other assets 15,363 7,498
---------- ----------
TOTAL ASSETS $4,178,828 $4,187,472
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES
Accounts payable:
Trade $ 38,714 $ 31,000
Related party (Note 5) 7,310 6,875
Notes payable (Note 4) 1,359,260 1,368,968
Security deposits and prepaid rent 11,787 12,614
Other liabilities 17,855 12,154
---------- ----------
TOTAL LIABILITIES 1,434,926 1,431,611
PARTNERS' EQUITY (NOTES 6 AND 7) LIMITED PARTNERS:
$1,000 stated value per unit -- authorized
7,500 units; issued and outstanding 7,499 2,602,788 2,618,867
General partner 141,114 136,994
---------- ----------
TOTAL PARTNERS' EQUITY 2,743,902 2,755,861
---------- ----------
TOTAL LIABILITIES AND PARTNERS' EQUITY $4,178,828 $4,187,472
========== ==========
See accompanying notes to financial statements.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF PARTNERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2001
(UNAUDITED)
LIMITED PARTNERS GENERAL
TOTAL UNITS AMOUNT PARTNER
----------- ----------- ----------- -----------
BALANCE AT DECEMBER 31, 2000 $ 2,755,861 7,499 $ 2,618,867 $ 136,994
Net income 25,536 -- 21,416 4,120
Distributions to limited partners (37,495) -- (37,495) --
----------- ----------- ----------- -----------
BALANCE AT MARCH 31, 2001 $ 2,743,902 7,499 $ 2,602,788 $ 141,114
=========== =========== =========== ===========
THREE MONTHS ENDED MARCH 31, 2000
(UNAUDITED)
LIMITED PARTNERS GENERAL
TOTAL UNITS AMOUNT PARTNER
---------- ---------- ---------- ----------
BALANCE AT DECEMBER 31, 1999 $2,961,179 7,499 $2,875,885 $ 85,294
Net income 284,865 -- 239,839 45,026
---------- ---------- ---------- ----------
BALANCE AT MARCH 31, 2000 $3,246,044 7,499 $3,115,724 $ 130,320
========== ========== ========== ==========
See accompanying notes to financial statements.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF INCOME
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 2001 MARCH 31, 2000
(UNAUDITED) (UNAUDITED)
------------------ ------------------
REVENUES
Rental (Note 2) $ 90,553 $ 74,988
Gain on sale of property -- 291,151
Interest 26,325 12,794
-------- --------
116,878 378,933
-------- --------
COSTS AND EXPENSES
Operating 11,005 17,366
Property taxes 5,776 7,453
Property management fees (Note 5(c)) 4,310 3,567
General and administrative 21,848 22,389
Depreciation and amortization 17,406 22,018
Interest expense 30,997 21,275
-------- --------
91,342 94,068
-------- --------
NET INCOME $ 25,536 $284,865
======== ========
NET INCOME PER LIMITED PARTNERSHIP
UNIT (Note 6) $ 2.86 $ 31.98
======== ========
See accompanying notes to financial statements.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 2001 MARCH 31, 2000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (UNAUDITED) (UNAUDITED)
-------------- --------------
CASH FLOW FROM OPERATING ACTIVITIES:
Net income $ 25,536 $ 284,865
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 17,406 22,018
Gain on sale of property -- (291,151)
Increase (decrease) from changes in:
Other assets (7,865) (884)
Accounts payable 8,149 (3,389)
Security deposits and prepaid rent (827) 4,272
Other liabilities 5,701 --
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 48,100 15,731
----------- -----------
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Proceeds from sale of rental real estate -- 481,250
Principal payments from note receivable 22,679 10,492
----------- -----------
NET CASH PROVIDED BY INVESTING ACTIVITIES 22,679 491,742
----------- -----------
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayment of notes payable (9,708) (8,845)
Distributions to limited partners (37,495) --
----------- -----------
NET CASH USED IN FINANCING ACTIVITIES (47,203) (8,845)
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 23,576 498,628
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 113,192 5,223
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 136,768 $ 503,851
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest $ 31,071 $ 31,935
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
ACTIVITY:
Note Receivable issued in sale of real estate -- $ 1,750,000
See accompanying notes to financial statements.
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ASSOCIATED PLANNERS REALTY FUND
(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.
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.
STATEMENT 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.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
SUMMARY OF ACCOUNTING POLICIES
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 general-purpose
financial statements. Comprehensive income is comprised of net income and all
changes to Partners' equity except those due to investments by owners and
distribution to owners. The Partnership does not have any components of
comprehensive income for each of the three months ended March 31, 2001 and 2000.
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 Partnership adopted 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, did not have a material impact on
the Partnership's financial statements.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2001 AND 2000 (UNAUDITED)
AND YEAR ENDED DECEMBER 31, 2000
NOTE 1 -- PRESENTATION OF INTERIM INFORMATION
In the opinion of the General Partner of Associated Planners Realty Fund (the
"Partnership"), the accompanying unaudited financial statements include all
normal adjustments considered necessary to present fairly the financial position
as of March 31, 2001, and the results of operations and cash flows for the three
months ended March 31, 2001 and 2000. Interim results are not necessarily
indicative of results for a full year.
The financial statements and notes are presented as permitted by Form 10-Q, and
do not contain certain information included in the Partnership's audited
financial statements and notes for the fiscal year ended December 31, 2000.
NOTE 2 -- RENTAL REAL ESTATE HELD FOR SALE
As of March 31, 2001, 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: March 31, 2001 December 31, 2000
-------------- -----------------
Land $ 878,646 $ 878,646
Building and Improvements 1,959,465 1,959,465
Furniture and Fixtures 16,109 16,109
---------- ----------
2,854,220 2,854,220
Less accumulated depreciation 500,478 483,072
---------- ----------
Net rental real estate held for sale $2,353,742 $2,371,148
========== ==========
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 50%, 13% and 11%, respectively, for the three months
ended March 31, 2001;
Two tenants accounted for 62% and 24%, respectively, for the three months ended
March 31, 2000.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2001 AND 2000 (UNAUDITED)
AND YEAR ENDED DECEMBER 31, 2000 (CONTINUED)
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% 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 receivable balance was
$1,672,955 as of March 31, 2001.
NOTE 4 - NOTES PAYABLE
In October 1996, the Partnership obtained permanent financing secured by a first
deed of trust from a major insurance company to replace the construction loan on
Shaw Villa Shopping Center, which is located in Clovis, California. The terms of
the loan are as follows: Principal - $1,500,000; Interest Rate of 9.1% 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 twenty years; balance due
November 1, 2006; and current monthly payments of principal and interest of
$13,593. The note payable balance was $1,359,260 and $1,368,968 as of March 31,
2001 and December 31, 2000.
The aggregate annual future principal maturities at March 31, 2001 are as
follows:
AMOUNT
-----------
2002 $ 41,110
2003 45,011
2004 49,282
2005 53,959
2006 59,079
Thereafter 1,110,819
-----------
Total $ 1,359,260
===========
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2001 AND 2000 (UNAUDITED)
AND YEAR ENDED DECEMBER 31, 2000 (CONTINUED)
NOTE 5 -- RELATED PARTY TRANSACTIONS
(a) For management services rendered to the Partnership, the General Partner is
entitled to receive 10% of all distributions of cash from operations. These
amounts totaled $0 for the three months ended March 31, 2001 and March 31, 2000.
(b) For administrative services provided to the Partnership, the General Partner
is entitled to reimbursement for the cost of certain personnel and relevant
expenses. These amounts totaled $3,000 for the three months ended March 31, 2001
and March 31, 2000.
(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 $4,310 for the three months ended March 31, 2001 and
$3,567 for the three months ended March 31, 2000.
NOTE 6 - NET INCOME AND CASH DISTRIBUTIONS PER LIMITED PARTNERSHIP LIST
The Net Income per Limited Partnership Unit was computed in accordance with the
partnership agreement using the weighted average number of outstanding limited
partnership units of 7,499 for 2001 and 2000.
The Limited Partner cash distributions, computed in accordance with the
Partnership Agreement, were as follows:
Outstanding Amount Total
Record Date Units Per Unit Distribution
----------- -------- ------------
March 15, 2000 7,499 $64.00 $479,936
July 31, 2000 7,499 4.00 29,996
December 31, 2000 7,499 5.00 37,495
----- ------ --------
Total $547,427
========
NOTE 7 - LIQUIDATION OF PARTNERSHIP
At March 31, 2001, the Partnership's remaining property is held for sale. The
General Partner plans to liquidate the Partnership after the final property is
sold. 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.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
ITEM 2. MANAGEMENT'S 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.
INTRODUCTION
Associated Planners Realty Fund (the "Partnership") was organized in November
1985, under the California Revised Limited Partnership Act. The Partnership
began offering units for sale on March 28, 1986. As of December 27, 1987, the
Partnership had raised $7,499,000 in gross capital contributions. The
Partnership netted approximately $6,720,000 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 intended 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.
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, increases in real estate taxes, assessments, and operating expenses, as
well as others.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
INTRODUCTION (CONTINUED)
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 West Coast Realty
Advisors, Inc., the General Partner.
RESULTS OF OPERATIONS -- THREE MONTHS ENDED MARCH 31, 2001 VS. THREE MONTHS
ENDED MARCH 31, 2000
Operations for the quarter ended March 31, 2001, reflect the operations of the
Partnership's remaining property Shaw Villa Shopping Center. In contrast the
quarter ending March 31, 2000 also includes the operations of the Simi Valley
property prior to its sale on February 4, 2000.
Net income for the quarter ended March 31, 2001 of $25,536 was lower than the
net income for the quarter ended March 31, 2000 of $284,865 primarily as a
result of the $291,151 gain on sale of the Simi Valley property in February
2000.
Rental revenue of $90,553 for the quarter ended March 31, 2001 increased $15,565
(20.76%) from the quarter ended March 31, 2000 due to higher base rents on the
leases contracts for the Shaw Villa Shopping Center. Due to the vacancy of the
Simi Valley property and its subsequent sale in February 2000, the Shaw Villa
Shopping Center was the only income producing property for both these quarters.
Interest income increased $13,531 for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000 primarily due to interest
income on the note receivable received in connection with the sale of the Simi
Valley property.
Operating expenses, property taxes, and property management fees decreased
$7,295 (25.70%) for the quarter ending March 31, 2001, compared to the quarter
ending March 31, 2000, primarily due to the sale of the Simi Valley property in
February 2000. Depreciation and amortization expense decreased $4,612 (20.95%)
because fewer properties were owned during the quarter ended March 31, 2001.
Interest expense increased $9,722 (45.70%) for the quarter ending March 31,
2001, compared to the quarter ending March 31, 2000, primarily due the timing of
the accrual for interest payable in the quarter ending March 31, 2000.
The Partnership generated $42,942 in income from operations before depreciation
expense of $17,406 for the quarter ended March 31, 2001. In contrast cash basis
income for the quarter ended March 31, 2000 was $15,732 before depreciation
expense of $22,018 and $291,151 gain from the sale of the Simi Valley property.
Net income per limited partnership unit for the quarter decreased from $31.98 in
2000 to $2.86 in 2000. The number of limited partnership units outstanding in
each quarter was 7,499.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
LIQUIDITY AND CAPITAL RESOURCES
During the three months ended March 31, 2001, the Partnership made distributions
to the limited partners totaling $37,495 of which $16,079 constituted a return
of capital. During the three months ended March 31, 2000, the Partnership made
no distributions to the general and limited partners. Proceeds from the sale of
the Simi Valley property were distributed in a special cash dividend to holders
of units as of March 15, 2000 in April 2000. 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.
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.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)
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 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 -- THREE MONTHS ENDED MARCH 31, 2001 VS. THREE MONTHS ENDED MARCH 31,
2000
Cash resources increased $23,576 during the three months ended March 31, 2001
compared to a $498,628 increase in cash resources for the three months ended
March 31, 2000. The three months ended March 31, 2001 provided $48,100 in cash
from operating activities with the largest contributor being $25,536 in net
income and $17,406 in depreciation. In contrast, the three months ended March
31, 2000 provided $15,731 in cash from operating activities due primarily to
$284,865 in net income and $22,018 in depreciation, offset by $291,151 resulting
from the gain on the sale of the Simi Valley property. Investing activities
resulted in a $22,679 increase in cash resources during the three months ending
March 31, 2001, due to principal repayments on the note receivable. Investing
activities resulted in a $491,742 increase in cash resources during the three
months ended March 31, 2000, primarily due to cash proceeds from the sale of the
Simi Valley property. For the three months ended March 31, 2001 financing
activities used $47,203 because of distributions to limited partners totaling
$37,495 and repayments on notes payable of $9,708. Cash from financing
activities used $8,845 during the three months ended March 31, 2000 due to
principal repayments on notes payable.
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ASSOCIATED PLANNERS REALTY FUND
(A CALIFORNIA LIMITED PARTNERSHIP)
PART II
O T H E R I N F O R M A T I O N
ITEM 1. EXHIBITS AND REPORTS ON FORM 8-K
(a) Information required under this section has been included in the
financial statements.
(b) Reports on Form 8-K
None
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ASSOCIATED PLANNERS REALTY 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 FUND
A California Limited Partnership
(Registrant)
By: WEST COAST REALTY ADVISORS, INC.
A California Corporation,
General Partner
May 14, 2001 /s/ JOHN R. LINDSEY
------------------------------------
John R. Lindsey
(Vice President/Treasurer,
Principal Financial Officer,
Principal Accounting Officer, and
Duly Authorized Officer)
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