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....................................JUNE 30, 1995
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 0-16792
BASS REAL ESTATE FUND-84
(EXACT NAME OF PARTNERSHIP AS SPECIFIED IN ITS CHARTER)
NORTH CAROLINA 56-1419569
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
4000 PARK ROAD CHARLOTTE, NORTH CAROLINA 28209
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
PARTNERSHIP'S TELEPHONE NUMBER, INCLUDING AREA CODE: (704) 523-9407
____________
INDICATE BY CHECK MARK WHETHER THE PARTNERSHIP (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
PARTNERSHIP WAS REQUIRED TO FILE SUCH REPORTS), AND [2] HAS BEEN SUBJECT TO SUCH
FILING REQUIREMENTS FOR THE PAST 90 DAYS.
YES X NO
_______ ________
BASS REAL ESTATE FUND-84
INDEX
PAGE
NUMBER
PART I. FINANCIAL INFORMATION:
ITEM 1. FINANCIAL STATEMENTS
CONDENSED BALANCE SHEET
AS OF JUNE 30, 1995
(UNAUDITED) 3
CONDENSED STATEMENT OF INCOME
THREE MONTHS AND SIX
MONTHS ENDED
JUNE 30, 1995 AND 1994
(UNAUDITED) 4
STATEMENT OF PARTNERS' DEFICIT 5
(UNAUDITED)
CONDENSED STATEMENT OF CASH
FLOWS
SIX MONTHS ENDED JUNE
30, 1995 AND 1994
(UNAUDITED) 6
NOTES TO CONDENSED FINANCIAL
STATEMENTS (UNAUDITED) 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND
RESULTS OF
OPERATIONS 10
PART II. OTHER INFORMATION 12
SIGNATURES 14
-2-
BASS REAL ESTATE FUND-84
CONDENSED BALANCE SHEET
JUNE 30, DECEMBER 31,
1995 1994
ASSETS (UNAUDITED)
RENTAL PROPERTIES, AT COST:
LAND $ 550,298 $ 550,298
BUILDINGS 6,409,807 6,377,464
FURNISHINGS AND FIXTURES 805,973 788,552
ACCUMULATED DEPRECIATION (2,871,278) (2,794,236)
4,894,800 4,922,078
CASH AND CASH INVESTMENTS 58,655 115,809
RESTRICTED ESCROW DEPOSITS & FUNDED RESERVES 169,577 104,697
DEFERRED COSTS AND OTHER ASSETS, NET 22,540 18,666
TOTAL ASSETS $ 5,145,572 $ 5,161,250
LIABILITIES AND PARTNERS' DEFICIT
MORTGAGE LOANS PAYABLE:
PAYABLE TO BANK $ 2,495,207 $ 2,510,726
PAYABLE TO AFFILIATE 2,856,278 2,856,278
NOTES PAYABLE TO AFFILIATES 114,929 114,929
ACCRUED LIABILITIES:
INTEREST PAYABLE TO AFFILIATE 198,840 215,549
OTHER 64,239 34,724
SECURITY DEPOSITS 49,021 43,116
TOTAL LIABILITIES 5,778,514 5,775,322
PARTNERS' DEFICIT:
LIMITED PARTNERS' INTEREST 0 0
GENERAL PARTNERS' INTEREST (632,942) (614,072)
TOTAL PARTNERS' DEFICIT (632,942) (614,072)
TOTAL LIABILITIES AND PARTNERS' DEFICIT $ 5,145,572 $ 5,161,250
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-3-
BASS REAL ESTATE FUND-84
CONDENSED STATEMENT OF INCOME
(UNAUDITED)
THREE MONTHS SIX MONTHS THREE MONTHS SIX MONTHS
ENDED ENDED ENDED ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1995 1994 1994
REVENUE:
RENTAL INCOME $ 319,654 $ 649,377 $ 300,626 $ 601,637
INTEREST INCOME 1,081 1,560 464 894
OTHER OPERATING INCOME 7,804 19,279 14,664 25,143
328,539 670,216 315,754 627,674
OPERATING EXPENSES:
FEES AND EXPENSES TO AFFILIATES 51,002 110,011 41,499 95,698
PROPERTY TAXES AND INSURANCE 24,843 49,685 21,245 48,897
UTILITIES 22,202 41,212 18,645 35,803
REPAIRS AND MAINTENANCE 30,029 53,513 27,830 51,981
ADVERTISING 11,380 20,335 12,197 23,108
DEPRECIATION AND AMORTIZATION 4,628 77,138 72,390 144,900
OTHER 2,211 6,581 4,116 7,602
146,295 358,475 197,922 407,989
INTEREST EXPENSE:
PAYABLE TO BANK 46,884 93,912 47,448 95,030
PAYABLE TO AFFILIATE 66,050 118,907 67,412 113,861
NONOPERATING EXPENSE 22,503 42,792 21,707 41,270
TOTAL EXPENSES 281,732 614,086 334,489 658,150
NET INCOME (LOSS) $ 46,807 $ 56,130 ($18,735) ($30,476)
NET INCOME (LOSS) ALLOCATED TO GENERAL PARTNERS $ 468 $ 561 ($18,735) ($30,476)
NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS $46,339 $55,569 $ 0 $ 0
NET INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT,
BASED ON NUMBER OF UNITS OUTSTANDING (8,530) $ 5.43 $ 6.51 $ 0 $ 0
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-4-
BASS REAL ESTATE FUND-84
STATEMENT OF PARTNERS' DEFICIT
(UNAUDITED)
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
BALANCE, JANUARY 1, 1995 $ 0 ($614,072) ($614,072)
DISTRIBUTION TO PARTNERS (74,250) (750) (75,000)
REALLOCATION OF PARTNERS' DEFICIT DUE TO DISTRIBUTION 18,681 (18,681) 0
NET INCOME 55,569 561 56,130
BALANCE, JUNE 30, 1995 $ 0 ($632,942) ($632,942)
LIMITED GENERAL
PARTNERS PARTNERS TOTAL
BALANCE, JANUARY 1, 1994 $ 0 ($468,543) ($468,543)
NET LOSS 0 (30,476) (30,476)
BALANCE, JUNE 30, 1994 $ 0 ($499,019) ($499,019)
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-5-
BASS REAL ESTATE FUND-84
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ 56,130 ($30,476)
ADJUSTMENTS TO RECONCILE NET LOSS TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES-
DEPRECIATION AND AMORTIZATION 77,138 144,900
CHANGE IN ASSETS AND LIABILITIES:
INCREASE (DECREASE) IN ACCRUED LIABILITIES 12,806 (16,130)
INCREASE IN ESCROWS AND OTHER ASSETS, NET (62,945) (57,655)
NET CASH PROVIDED BY OPERATING
ACTIVITIES 83,129 40,639
CASH FLOWS FROM INVESTING ACTIVITIES:
ADDITIONS TO RENTAL PROPERTIES (49,764) (59,246)
CASH FLOWS FROM FINANCING ACTIVITIES:
DISTRIBUTION TO PARTNERS (75,000) 0
PAYMENTS ON MORTGAGE LOAN PAYABLE TO BANK (15,519) (14,401)
NET CASH USED IN FINANCING ACTIVITIES (90,519) (14,401)
NET DECREASE IN CASH AND CASH INVESTMENTS (57,154) (33,008)
CASH AND CASH INVESTMENTS, BEGINNING OF YEAR 115,809 81,455
CASH AND CASH INVESTMENTS, JUNE 30 $ 58,655 $ 48,447
THE ACCOMPANYING NOTES ARE AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS.
-6-
BASS REAL ESTATE FUND-84
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Bass Real Estate Fund-84 (the Partnership) was
organized on June 1, 1984, to engage in the acquisition,
development, operation, holding and disposition of income-
producing residential and commercial properties. Limited
partnership interests were sold at $500 per unit (8,530
units) for a total of $4,265,000.
Under the terms of the partnership agreement, net
income (loss) and cash distributions from operations are to
be allocated 99% to the limited partners and 1% to the
general partners. In the event of a sale or liquidation of
the partnership properties, the partnership agreement
provides for special allocations of resultant gains or
losses. Due to recurring financial statement losses, the
limited partners' interest is zero at March 31, 1995, and
future losses will be allocated 100% to the general
partners. In addition, limited partners' deficits resulting
from the allocation of cash distributions have been
reallocated to the general partners in order to return the
limited partners' interest to zero.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Partnership records are maintained on the accrual
basis of accounting in accordance with generally accepted
accounting principles.
In the opinion of management, the accompanying
unaudited financial statements reflect all adjustments
(which include only normal recurring adjustments) necessary
to present fairly the Partnership's financial position as of
June 30, 1995, results of operations for the three months
and six months ended June 30, 1995 and 1994, and cash flow
for the six months ended June 30, 1995 and 1994.
3. RENTAL PROPERTIES
The rental properties consist of two residential
apartment complexes: The Chase on Commonwealth (The Chase)
and Willow Glen Apartments (formerly Sunset Apartments).
Both complexes are managed by Marion Bass Properties, Inc.
The Chase, constructed by Marion Bass Construction
Company for the Partnership, contains 54 one-bedroom and 78
two-bedroom units. The land upon which the complex is
constructed was purchased for the Partnership by Marion F.
Bass and was sold to the Partnership at his acquisition
cost.
Willow Glen Apartments (an existing 120-unit
residential apartment complex) was purchased by the
Partnership in April 1986.
4. MORTGAGE LOAN PAYABLE TO AFFILIATE
The mortgage loan payable to affiliate was obtained in
1987 from Bass Mortgage Income Fund I, Limited Partnership
(the Fund). This mortgage loan was evidenced by a
nonrecourse promissory note maturing in 2002 with original
terms requiring payments of interest only at 11.75% prior to
maturity. Under the mortgage loan, all rental property
associated with The Chase is pledged as collateral. In
January 1994, certain terms of this mortgage loan were
modified in a troubled-debt restructuring approved by the
Partnership, the Fund and the managing general partner. The
restructured mortgage loan agreement includes the following
provisions:
(Bullet) The interest rate has been reduced from 11.75% to 9.5% for
the period from September 1, 1991, through September
30, 1992. Beginning October 1, 1992, through maturity, the
interest rate is 7%
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BASS REAL ESTATE FUND-84
(the Stated Interest Rate) per year. In addition to the
Stated Interest Rate, the Partnership is required to pay
additional interest on a quarterly basis to the extent of net
cash flow from operations, as defined, with total quarterly
interest payments not to exceed 9.5% per year.
(Bullet) The Partnership has executed a nonrecourse promissory note
in the amount of $113,061 representing certain interest
deferred during 1991 and 1992. This promissory note
bears simple interest at 9.5% per year and is secured by a
deed of trust on the property collateralizing the mortgage
loans. The principal and interest on this promissory note
are due and payable on the maturity of the mortgage
loan, except that prepayments in full are permitted at the
same time the mortgage loan is paid.
(Bullet) A tax escrow and replacement reserve will continue to be
funded as required by the restructured loan agreement.
These reserves have been pledged by the Partnership as
additional collateral for the loans.
(Bullet) Finally, as part of the restructuring, the Managing
General Partner agreed to convert certain management fees
payable in the amount of $1,868 to a nonrecourse, subordinated
promissory note from the Partnership to Marion Bass
Properties, Inc. The note bears interest at the applicable
federal rates as provided by the Internal Revenue Service.
(Bullet) The contractual commitment of the General Partner of the
Partnership to loan amounts equal to certain fees payable by
the Partnership to affiliates of the Managing General
Partner has been terminated.
The troubled-debt restructuring is being accounted for under
the provisions of Statement of Financial Accounting Standards No. 15
"Accounting by Debtors and Creditors for Troubled Debt
Restructurings" (the Statement). The Statement requires that the
Partnership account for the effects of the restructuring
prospectively from the time of the restructuring. Thus, interest
expense has been computed by applying a constant effective interest
rate to the carrying amount of the loan and accrued
interest outstanding. This effective rate is the discount rate that
equates the present value of all future noncontingent cash payments
with the carrying amount of the restructured liabilities
outstanding at the date of the restructuring.
In July 1995, the Fund had accepted the Partnership's
proposal for a negotiated prepayment of the mortgage loan
and promissory notes payable to the Fund. There can be no
assurances that the Partnership will be able to meet the
terms of this prepayment agreement by November 30, 1995.
The accompanying financial statements do not reflect any
adjustments related to the acceptance of this proposal.
5. MORTGAGE LOAN PAYABLE TO BANK
The mortgage loan payable to a bank is a 7.5% insured
loan payable over 40 years from June 1981. This mortgage is
insured under Section 221(d)(4) of the National Housing Act,
as amended, and requires monthly payments of $18,238 that
include principal and interest. In addition, the mortgage
also requires the Partnership to fund certain reserves for
capital improvement, insurance and tax expenditures. Under
the Federal Housing Administration Regulatory Agreement
entered into under the mortgage, all rental property
associated with the Willow Glen complex is pledged as
collateral. The agreement contains certain other reporting
and operating requirements, the most significant of which
restricts partnership distributions from Willow Glen
operations to the amount of "surplus cash" as defined. As
of December 31, 1994, "surplus cash" available for
distribution amounted to $85,660. Therefore, a distribution
of $75,000 ($8.70 per limited partnership unit) was made
during the first quarter of 1995.
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BASS REAL ESTATE FUND-84
6. GENERAL PARTNERS AND RELATED PARTY TRANSACTIONS
The general partners are Marion F. Bass (The Individual
General Partner) and Marion Bass Real Estate Group, Inc.,
(The Managing General Partner). The rental properties are
managed by Marion Bass Properties, Inc., which is wholly
owned by Marion F. Bass.
Under the terms of the partnership agreement, the
General Partners or their affiliates charged certain fees
and expenses during the six-month period ending June 30,
1995 as follows:
Management fee of 5% of
gross revenues $33,100
Reimbursed maintenance
salaries and benefits 32,378
Reimbursed property manager
salaries and benefits 44,533
$110,011
The general partners and certain of their affiliates
also perform, without cost to the Partnership, day-to-day
investment, management and administrative functions of the
Partnership.
The general partners are entitled to receive 1% of all
items of partnership income, gain, loss, deduction, credit
and net cash flow from operations. Therefore, during the
first quarter of 1995 the General Partners received a cash
distribution of $750 from available surplus cash that
represented net cash flow from operations for the period
January 1, 1994 through December 31, 1994.
9
BASS REAL ESTATE FUND-84
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
At June 30, 1995, partners' equity had a deficit of
$632,942 and cash and cash reserves amounted to $58,655.
The Partnership had accrued liabilities of $263,079 that
consisted of interest payable to affiliates of $198,840,
1995 property taxes of $42,342, net fees due to an affiliate
of $10,638, trade accounts payable of $10,020, and resident
prepaid rent of $1,239.
Net cash provided by operations totaled $83,129 for the
six months ended June 30, 1995. This is compared to net
cash provided by operating activities of $40,639 for the
corresponding period in 1994. The Partnership had a non-
amortizing mortgage note of $2,856,278 with a 15-year term
requiring minimum interest payments of 7% not to exceed 9.5%
per year. The Partnership also had a 7.5% amortizing
mortgage note in the amount of $2,495,207 and made principal
payments of $15,519 during the six month period ended June
30, 1995.
The 1995 operating plan and budget projects a net cash
flow from partnership activities (exclusive of changes in
assets and liabilities and distribution to partners) of
$70,000 at The Chase and $30,000 at Willow Glen. The budget
assumes that the Partnership will achieve occupancy rates
equivalent to 94% at The Chase and 95% at Willow Glen. For
the six months ended June 30, 1995, actual combined averaged
economic occupancy was 94% and actual combined net cash flow
from partnership activities (exclusive of changes in assets
and liabilities and distribution to partners) was $67,985.
Rents have been increased 5% over rates charged in 1994 to
offset normal increases in operating expenses. Capital
expenditures of $18,473 and $73,730 are budgeted for The
Chase and Willow Glen, respectively, and include selected
replacement of carpeting and appliances at both properties.
This also includes scheduled roof repairs and replacements
of $28,000 at Willow Glen. As of June 30, 1995, actual
capital expenditures and additions to rental property have
totaled $24,015 for the Chase (which included non budgeted
pool repairs of $6,485 and budgeted carpet, appliance and
other miscellaneous replacements of $17,530) and $44,311 for
Willow Glen (which included roof repairs of $25,857 and
carpet, appliance and other miscellaneous replacements of
$18,454). Projected cash flows from the two properties and
available cash reserves, restricted and unrestricted, will
be used to fund the replacements. On the basis of these
estimates and year-to-date results, the Partnership believes
that the cash flow from operations will be sufficient to
meet cash requirements and rebuild cash reserves, which at
June 30, 1995, totaled $58,655. Under the HUD Regulatory
Agreement with respect to Willow Glen, distributions are
limited to "surplus cash" as defined and calculated at the
end of a semi-annual fiscal period. During 1994 Willow Glen
generated "surplus cash" of $85,660 of which $75,000 was
distributed to partners in January, 1995. The difference of
$10,660 was placed in the reserve account for scheduled
replacements. The Partnership does not anticipate a
distribution to be made to partners from 1995 results of
operations. Instead, all cash produced from 1995 operations
will be placed into reserves for future improvements to the
two properties and loan fees associated with the refinancing
of the mortgage loan for The Chase (this action is dependent
upon the approval of the present mortgage loan prepayment to
the Fund).
In January, 1991, the Partnership negotiated a
restructure of the mortgage loan payable to affiliate for
The Chase. Under the terms of the restructured mortgage
loan agreement between the Partnership and the lender (Bass
Mortgage Income Fund I), the following provisions were
instituted:
(Bullet) The interest rate has been reduced from 11.75% to 9.5% for
the period from September 1, 1991, through September 30,
1992. Beginning October 1, 1992, through maturity, the
interest rate is 7% (the Stated Interest Rate) per year.
In addition to the Stated Interest Rate, the Partnership is
required to pay additional interest on a quarterly basis to
the extent of net cash flow from operations, as defined, with
total quarterly interest payments not to exceed 9.5% per year.
10
BASS REAL ESTATE FUND-84
(Bullet) The Partnership has executed a nonrecourse promissory note
in the amount of $113,061 representing certain interest
deferred during 1991 and 1992. This promissory note
bears interest at 9.5% per year and is secured by a deed
of trust on the property collateralizing the mortgage
loans. The principal and interest on this promissory note are
due and payable on the maturity of the mortgage loan,
except that prepayments in full are permitted at the same
time the mortgage loan is paid.
(Bullet) A tax escrow and replacement reserve will continue to be
funded as required by the restructured loan agreement.
These reserves have been pledged by the Partnership as
additional collateral for the loans.
(Bullet) Finally, as part of the restructuring, the Managing
General Partner agreed to convert certain management fees
payable in the amount of $1,868 to a nonrecourse, subordinated
promissory note from the Partnership to Marion Bass
Properties, Inc. The note bears interest at the applicable
federal rates as provided by the Internal Revenue Service.
(Bullet) The contractual commitment of the General Partner of the
Partnership to loan amounts equal to certain fees payable by
the Partnership to affiliates of the Managing General
Partner has been terminated.
The troubled-debt restructuring is being accounted for
under the provisions of Statement of Financial Accounting
Standards No. 15 "Accounting by Debtors and Creditors for
Troubled Debt Restructurings" (the Statement). The
Statement requires that the Partnership account for the
effects of the restructuring prospectively from the time of
the restructuring. Thus, interest expense has been computed
by applying a constant effective interest rate to the
carrying amount of the loan and accrued interest
outstanding. This effective rate is the discount rate that
equates the present value of all future noncontingent cash
payments with the carrying amount of the restructured
liabilities outstanding at the date of the restructuring.
In July 1995, the Fund had accepted the
Partnership's proposal for a negotiated prepayment of the
mortgage loan and promissory notes payable to the Fund.
There can be no assurances that the Partnership will be able
to meet the terms of this prepayment agreement by November
30, 1995. The accompanying financial statements do not
reflect any adjustments related to the acceptance of this
proposal.
Results of Operations
The following discussion relates to the Partnership's
operation of The Chase and Willow Glen Apartments for the
three months and six months ended June 30, 1995 and 1994.
Results of operations for the three months ended June
30, 1995 reflect a combined average economic occupancy of
95% compared to 92% for the corresponding period in 1994. A
second quarter comparison of 1995 and 1994 reflects higher
rental income of $19,028 during 1995 due to increased
occupancy and rents being increased 5% over rates charged
in 1994. Other operating income was $6,860 lower in 1995
due mainly to the receipt of a one-time commission in 1994
from the supplier of laundry equipment. Overall, total
income for the second quarter ended June 30, 1995 was
$12,785 higher than the corresponding period in 1994.
Operating expenses were $146,295 for the three months
ended June 30, 1995, compared to $197,922 for the
corresponding period in 1994 which reflects a variance of
$51,627. Fees and expenses to affiliates that consist of a
management fee of 5% of gross revenues and the reimbursement
of complex employee salaries and benefits were higher by
$9,503. Utilities were higher by $3,557 due to increased
usage of the properties' facilities and amenities. Repairs
and maintenance was $2,199 higher due to turnkey costs
(expenses associated with preparing rental units for
occupation). Depreciation and amortization was $67,762
lower due to a prior period adjustment.
11
BASS REAL ESTATE FUND-84
In applying the principles of Statement of Financial
Accounting Standards No. 15, the Partnership recognized
interest expense payable to affiliates of $48,198 that
reflected an effective interest rate of 6.14% for the three
months ended June 30, 1995. Under the original terms of the
mortgage loan payable to affiliate, the Partnership would
have recognized $83,903 as interest expense based on the
interest rate of 11.75%. Additional interest expense of
$17,852 (based on 2.5% for three months) was recognized and
represents the interest in excess of the Stated Interest
Rate of 7%.
After combined interest expense of $112,934 and
nonoperating expenses (partnership expenses and nonrecurring
replacement costs) of $22,503, partnership operations
recognized a net income of $46,807 for the three months
ended June 30, 1995. This is compared to a net loss of
$18,735 for the corresponding period in 1994.
Overall the Partnership recognized a net increase in
total revenues of $42,542 and a net decrease in operating
expenses of $49,514 for the six months ended June 30, 1995
compared with the corresponding period in 1994. Under the
original terms of the mortgage loan payable to affiliates,
the Partnership would have recognized $167,806 (actual was
$118,907) as interest payable to affiliate based on the
interest rate of 11.75%. After combined interest expense of
$212,819 and nonoperating expenses of $42,792, Partnership
operations recognized a net income of $56,130 for the six
months ended June 30, 1995. This is compared to a net loss
of $30,476 for the corresponding period in 1994.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Response: None
Item 2. Changes in Securities
Response: None
Item 3. Defaults upon Senior Securities
Response: None
Item 4. Submission of Matters to a Vote of Security Holders
Response: None
Item 5. Other Information
Response: None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
4(a) Copy of Limited Partnership Agreement dated as of June
1, 1984, filed as Exhibit 4(a) to Partnership's
Registration Statement of Form S-18 (No. 2-92295A),
filed with the Securities and Exchange Commission on
July 19, 1984, which is incorporated by reference to
such Form S-18.
4(b) Copy of Certificate of Limited Partnership dated as of
June 1, 1984, filed as Exhibit 4(b) to Partnership's
Registration Statement on Form S-18 (No. 2-92295A),
filed with the Securities and Exchange Commission on
July 19, 1984, which is incorporated by reference to
such Form S-18.
4(c) Copy of Amendment to Agreement of Limited Partnership
dated as of March 14, 1986, filed as Exhibit 4(c) to the
Partnership's Form 10-K Annual report for the fiscal
year
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BASS REAL ESTATE FUND-84
ended December 31, 1985, filed with the
Securities and Exchange Commission, which is
incorporated herein by reference to such Form 10-K.
(b) Reports on Form 8-K. No reports of Form 8-K were
filed during the quarter covered by this report.
13
BASS REAL ESTATE FUND-84
SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the Partnership has duly caused this
Report to be signed on its behalf by the undersigned
thereunto duly authorized.
BASS REAL ESTATE FUND-84
By Marion Bass Real Estate Group, Inc. as Managing General
Partner
By /s/ Marion F. Bass
Marion F. Bass, President
Date 8/7/95 hand written in
By /s/ Robert J. Brietz
Robert J. Brietz, Executive Vice President
Date 8/7/95 hand written in
14