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 September 30, 2003 |
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Commission file number 33-18756 |
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
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 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 STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
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September 30, |
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December 31, |
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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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$ |
16,036,506 |
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$ |
16,018,401 |
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Accumulated depreciation |
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(8,361,375 |
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(7,959,382 |
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7,675,131 |
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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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8,398,242 |
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8,782,130 |
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Cash: |
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Rental operation |
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130,663 |
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138,910 |
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Partnership |
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12,639 |
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27,368 |
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143,302 |
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166,278 |
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Restricted deposits: |
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Tenant trust - security deposits |
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116,765 |
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119,646 |
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Reserve accounts |
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580,725 |
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651,193 |
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697,490 |
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770,839 |
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Other assets: |
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Accounts receivable |
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39,739 |
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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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32,536 |
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19,115 |
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96,354 |
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82,973 |
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TOTAL ASSETS |
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$ |
9,335,388 |
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$ |
9,802,220 |
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LIABILITIES |
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Mortgage notes payable |
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$ |
12,226,526 |
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$ |
12,257,788 |
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Accounts payable |
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246,049 |
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259,338 |
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Due to affiliates |
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796,635 |
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740,768 |
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Accrued liabilities |
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134,696 |
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111,491 |
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Security deposits payable |
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119,194 |
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120,483 |
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TOTAL LIABILITIES |
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13,523,100 |
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13,489,868 |
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Minority interests in property partnerships |
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365,711 |
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388,449 |
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PARTNERS’ DEFICIT |
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Limited partners |
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(4,476,681 |
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(4,004,129 |
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General partner |
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(76,742 |
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(71,968 |
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(4,553,423 |
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(4,076,097 |
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TOTAL LIABILITIES AND PARTNERS’ DEFICIT |
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$ |
9,335,388 |
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$ |
9,802,220 |
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See Accompanying Notes to Consolidated Financial Statements.
2
ASSISTED
HOUSING FUND L.P. I AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenue: |
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Rent |
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$ |
424,818 |
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$ |
412,096 |
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$ |
1,305,460 |
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$ |
1,252,520 |
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Miscellaneous |
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16,935 |
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17,748 |
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45,623 |
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51,355 |
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441,753 |
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429,844 |
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1,351,083 |
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1,303,875 |
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Rental operating expenses: |
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Repairs and maintenance |
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104,321 |
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102,037 |
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307,319 |
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278,200 |
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Utilities |
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80,918 |
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69,630 |
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252,070 |
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231,752 |
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General and operating |
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93,882 |
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94,764 |
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314,947 |
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321,057 |
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Taxes and insurance |
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94,640 |
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91,973 |
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271,193 |
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270,764 |
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Interest |
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74,181 |
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65,953 |
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232,902 |
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210,473 |
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Depreciation |
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139,904 |
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137,839 |
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401,993 |
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410,953 |
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587,846 |
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562,196 |
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1,780,424 |
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1,723,199 |
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Loss from rental operations |
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(146,093 |
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(132,352 |
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(429,341 |
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(419,324 |
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