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CF INCOME PARTNERS L.P. REPORTS 1992 SECOND QUARTER AND SIX-MONTH RESULTS

 CF INCOME PARTNERS L.P. REPORTS 1992 SECOND QUARTER
 AND SIX-MONTH RESULTS
 LOS ANGELES, Aug. 11 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, today reported a consolidated net loss of $7,309,000, or $.55 per unit, for the three months ended June 30, 1992, compared to a consolidated net loss of $6,046,000, or $.46 per unit, for the three months ended June 30, 1991. For the six months ended June 30, 1992, the partnership reported a consolidated net loss of $9,439,000, or $.71 per unit, compared to a consolidated net loss of $8,909,000, or $.67 per unit, for the six months ended June 30, 1991.
 The increased net loss in the second quarter and first six months of 1992 was primarily attributable to a $4,814,000 provision for loss on real estate, offset in part by reduced losses from real estate held for resale, continuing reductions in general and administrative expenses and reduced interest expense on the partnership's revolving credit facility.
 Operating income from the partnership's investment portfolio (income from real estate held for investment before interest expense, ground rent and depreciation) of $4,585,000 for the second quarter and $9,275,000 for the first six months of 1992 remained relatively stable when compared to 1991. An increase in losses after interest expense, ground rent and depreciation of $94,000 for the second quarter of 1992 and an increase in losses of $134,000 for the first six months of 1992 in the investment portfolio operations were primarily the result of an increase in interest expense on property debt. The increased interest expense was because of the compounding effect of the interest deferral features on certain mortgage loans, coupled with the increased interest rate and amortization of loan fees paid in 1991 upon the extension of $17,250,000 of notes payable secured by the Laguna Hills and El Toro, Calif., shopping centers.
 The activity of the partnership's resale portfolio resulted in a loss of $564,000 for the second quarter of 1992 and $1,219,000 for the six months ended June 30, 1992 before financing costs and general and administrative expenses incurred in administering the resale portfolio as compared to a loss of $943,000 for the second quarter of 1991 and $1,923,000 for the six months ended June 30, 1991. The decreased losses of $379,000 for the second quarter and $704,000 for the six months of 1992 in the resale portfolio primarily resulted from reduced sales activity. Losses during both 1992 and 1991 resulted from a strategic decision to stimulate sales in a declining real estate market by lowering sales prices, thus reducing the partnership's inventory of real estate held for sale and associated holding costs.
 Interest expense on the partnership's revolving credit facility, which was primarily used for the acquisition of the properties in the resale portfolio, was $368,000 in the second quarter of 1992 compared to $579,000 in the second quarter of 1991 and $745,000 for the six months ended June 30, 1992, compared to $1,128,000 for the comparable 1991 period. The $211,000 and $383,000 decreases in interest expense for the second quarter and six months of 1992, respectively, was principally because of repayments of principal on the revolving credit facility during 1991 and a reduced prime rate.
 General and administrative expenses associated with the real estate portfolios and partnership administration decreased $124,000 to $457,000 for the second quarter of 1992 and $329,000 to $918,000 for the first six months of 1992, compared to $581,000 and $1,247,000 for the same 1991 periods, respectively.
 The partnership also reported that a construction loan of approximately $11,150,000 secured by Koll-LaVerne, an industrial property in the resale portfolio, matured on Feb. 17, 1992. The investment committee and board of directors of the general partner determined that the additional capital investment of $2,500,000 requested by the lender to grant an 18-month extension was not in the best interests of the partnership. On June 25, 1992, the lender filed a notice of default and the property may be foreclosed upon on or about Oct. 15, 1992. A $4,814,000 provision for loss on real estate representing the partnership's remaining equity in Koll- LaVerne has been taken.
 A special meeting of unitholders of the partnership will be held on Aug. 12, 1992, to seek approval to amend the partnership's Amended and Restated Agreement of Limited Partnership by modifying the debt limitations in the partnership agreement.
 CF Income Partners L.P. is a publicly traded master limited partnership which has invested in income-producing multifamily residential, commercial and industrial properties.
 CF INCOME PARTNERS L.P. AND OPERATING PARTNERSHIPS
 Consolidated Statements of Operations
 (In thousands, except per unit data)
 (Unaudited)
 For the three months For the six months
 ended ended
 June 30, June 30,
 1992 1991 1992 1991
 Real
 Estate Held For
 Investment:
 Rental revenue $6,121 $6,211 $12,337 $12,619
 Tenant
 reimbursements 740 752 1,567 1,638
 Operating
 expenses (2,276) (2,373) (4,629) (4,744)
 Total 4,585 4,590 9,275 9,513
 Depreciation (1,244) (1,297) (2,155) (2,587)
 Ground rent (88) (128) (169) (261)
 Interest expense
 on property debt (3,857) (3,675) (7,685) (7,265)
 Loss from real estate
 held for investment (604) (510) (734) (600)
 Real Estate Held For
 Resale:
 Sales 992 4,098 992 5,508
 Cost of sales (1,061) (4,508) (1,061) (6,072)
 Loss from operations (469) (428) (1,094) (428)
 Loss from real estate
 held for sale (538) (838) (1,163) (992)
 Loss from investments
 in real estate
 partnerships (26) (105) (56) (931)
 Loss from real estate
 held for resale (564) (943) (1,219) (1,923)
 Other Income
 (Expense):
 Interest income 20 28 34 127
 General and
 administrative
 expenses (457) (581) (918) (1,247)
 Interest expense on
 Prime Line (368) (579) (745) (1,128)
 Interest expense on
 Start-Up Loan (522) (521) (1,043) (1,037)
 Amortization of
 organization costs --- (160) --- (321)
 Other income
 (expense) (1,327) (1,813) (2,672) (3,606)
 Loss before provisions
 for loss on real
 estate (2,495) (3,266) (4,625) (6,129)
 Provision for loss
 on real estate (4,814) (2,780) (4,814) (2,780)
 Net loss ($7,309) ($6,046) ($9,439) ($8,909)
 Weighted average
 number of units
 outstanding 13,199 13,199 13,199 13,203
 Net loss per unit ($0.55) ($0.46) ($0.71) ($0.67)
 Cash distribution
 paid per unit --- $0.04 --- $0.08
 -0- 8/11/92
 /CONTACT: Barbara J. Pape, 213-930-6246, or Leeann Morein, 213-930-7050, both of CF Income Partners L.P./
 (CFI) CO: CF Income Partners L.P. ST: California IN: FIN SU: ERN


AL-JL -- LA013 -- 8936 08/11/92 11:52 EDT
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Date:Aug 11, 1992
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