UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2004
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 Identification No.) |
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1301 Fifth Avenue, Suite 1330, Seattle, WA |
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98101 |
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(Address of principal executive offices) |
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(Zip code) |
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Registrant’s telephone number, including area code: (206) 377-1310 |
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
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Units of Limited Partnership Interest |
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(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
Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 12b-2 of the Exchange Act. Yes o No ý
ASSISTED HOUSING FUND L.P. I
FORM 10-Q
For the Nine Months Ended September 30, 2004
Table of Contents
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
ASSISTED HOUSING FUND L.P. I AND SUBSIDIARIES
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September 30, |
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2004 |
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December 31, |
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(unaudited) |
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2003 |
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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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$ |
16,123,577 |
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$ |
16,055,005 |
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Accumulated depreciation |
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(9,019,636 |
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(8,565,223 |
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7,103,941 |
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7,489,782 |
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Land |
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723,111 |
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723,111 |
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7,827,052 |
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8,212,893 |
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Cash: |
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Rental operation (Note 5) |
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149,416 |
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177,487 |
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Partnership |
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14,031 |
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5,700 |
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163,447 |
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183,187 |
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Restricted deposits: |
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Tenant trust - security deposits |
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122,907 |
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122,048 |
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Reserve accounts, partially pledged (Note 3) |
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527,367 |
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598,343 |
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650,274 |
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720,391 |
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Other assets: |
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Accounts receivable |
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43,371 |
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32,068 |
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Accounts receivable - DGP (Note 2) |
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24,079 |
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24,079 |
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Prepaid expenses |
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34,964 |
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15,719 |
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102,414 |
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71,866 |
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TOTAL ASSETS |
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$ |
8,743,187 |
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$ |
9,188,337 |
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LIABILITIES |
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Mortgage notes payable (Note 4) |
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$ |
12,180,805 |
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$ |
12,215,065 |
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Accounts payable |
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272,448 |
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266,284 |
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Due to affiliates (Note 2) |
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874,597 |
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798,510 |
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Accrued liabilities |
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195,303 |
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141,530 |
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Security deposits payable |
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116,657 |
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115,974 |
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TOTAL LIABILITIES |
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13,639,810 |
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13,537,363 |
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Commitments and contingencies (Note 6) |
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Minority interests in property partnerships |
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338,938 |
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361,389 |
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PARTNERS' EQUITY (DEFICIT) |
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Limited partners |
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(5,151,998 |
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(4,632,104 |
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General partner |
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(83,563 |
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(78,311 |
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(5,235,561 |
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(4,710,415 |
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TOTAL LIABILITIES AND PARTNERS' DEFICIT |
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$ |
8,743,187 |
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$ |
9,188,337 |
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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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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue: |
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Rent |
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$ |
445,194 |
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$ |
424,818 |
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$ |
1,315,460 |
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$ |
1,305,460 |
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Miscellaneous |
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12,617 |
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16,935 |
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46,450 |
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45,623 |
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457,811 |
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441,753 |
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1,361,910 |
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1,351,083 |
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Rental operating expenses: |
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Repairs and maintenance |
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93,928 |
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104,321 |
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264,803 |
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307,319 |
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