FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarter ended March 31, 2003 |
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Commission file number 33-18756 |
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ASSISTED HOUSING FUND L.P. I
(Exact name of registrant as specified in its charter)
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Washington |
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91-1391150 |
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(State of organization) |
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(IRS Employer |
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1301 Fifth Avenue, Suite 1330, Seattle, WA 98101 |
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(Address of principal executive offices) (Zip code) |
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Registrant’s telephone number, including area code: (206) 377-1310 |
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Securities registered pursuant to Section 12(b) of the Act: None |
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Securities registered pursuant to Section 12(g) of the Act: |
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Units of Limited Partnership Interest
(Title of class)
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 ý No o
Part I. Financial Information
Item 1. Financial Statements
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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March 31, |
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December
31, |
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(Unaudited) |
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ASSETS |
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Rental property and equipment, at cost: |
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Buildings and equipment |
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$ |
16,037,801 |
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$ |
16,018,401 |
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Accumulated depreciation |
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(8,090,555 |
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(7,959,382 |
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7,947,246 |
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8,059,019 |
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Land |
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723,111 |
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723,111 |
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8,670,357 |
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8,782,130 |
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Cash: |
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Rental operation |
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126,482 |
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138,910 |
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Partnership |
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21,548 |
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27,368 |
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148,030 |
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166,278 |
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Restricted deposits: |
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Tenant trust - security deposits |
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118,166 |
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119,646 |
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Reserve accounts |
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618,607 |
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651,193 |
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736,773 |
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770,839 |
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Other assets: |
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Accounts receivable |
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43,134 |
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39,779 |
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Accounts receivable - DGPs |
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24,079 |
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24,079 |
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Prepaid expenses |
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34,934 |
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19,115 |
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102,147 |
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82,973 |
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$ |
9,657,307 |
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$ |
9,802,220 |
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2
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March 31, |
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December
31, |
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(Unaudited) |
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LIABILITIES AND PARTNERS’ EQUITY (DEFICIT) |
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Liabilities: |
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Mortgage notes payable |
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$ |
12,247,575 |
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$ |
12,257,788 |
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Accounts payable |
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309,031 |
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259,338 |
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Due to affiliates |
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750,643 |
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740,768 |
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Accrued liabilities |
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120,077 |
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111,491 |
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Security deposits payable |
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120,132 |
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120,483 |
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13,547,458 |
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13,489,868 |
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Minority interests in property partnerships |
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381,690 |
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388,449 |
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Partners’ equity (deficit): |
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Limited partners |
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(4,197,915 |
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(4,004,129 |
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General partner |
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(73,926 |
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(71,968 |
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(4,271,841 |
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(4,076,097 |
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$ |
9,657,307 |
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$ |
9,802,220 |
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See accompanying notes to consolidated financial statements.
3
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Quarter |
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Quarter |
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Revenue: |
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Rent |
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$ |
448,953 |
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$ |
415,821 |
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Miscellaneous |
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14,434 |
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12,664 |
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463,387 |
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428,485 |
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Rental operating expenses: |
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Repairs and maintenance |
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89,791 |
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97,973 |
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Utilities |
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85,474 |
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85,337 |
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General and operating |
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128,089 |
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113,070 |
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Taxes and insurance |
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100,180 |
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65,241 |
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Interest |
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76,294 |
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79,003 |
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Depreciation |
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131,173 |
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136,170 |
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611,001 |
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576,794 |
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Income (loss) from rental operations |
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(147,614 |
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(148,309 |
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Other income (expense): |
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Interest earned on partnership cash |
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19 |
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30 |
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Minority interest in operations |
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6,759 |
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6,775 |
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General and administrative |
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(54,908 |
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(3,805 |
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</ | ||||