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CF INCOME PARTNERS L.P. REPORTS 1991 THIRD QUARTER AND NINE MONTHS RESULTS

                CF INCOME PARTNERS L.P. REPORTS 1991
                THIRD QUARTER AND NINE MONTHS RESULTS
    LOS ANGELES, Nov. 19 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, today reported a consolidated net loss of $2,418,000, or $.18 per unit, for the three months ended Sept. 30, 1991, compared to a consolidated net loss of $2,087,000, or $.16 per unit, for the three months ended Sept. 30, 1990.  The partnership reported a consolidated net loss of $11,327,000, or $.86 per unit, for the nine months ended Sept. 30, 1991, compared to a consolidated net loss of $4,064,000, or $.31 per unit, for the comparable 1990 period.
    The increased net loss for the first nine months of 1991 was primarily attributable to a $2,842,000 net loss on the sale of a commercial investment building and a $5,393,000 reduction on the resale portfolio resulting from substantially reduced sales activity. This increased net loss was partially offset as a result of the performance incentive fee not being paid to the general partner and reduced general and administrative expenses.
    Operating results from the partnership's investment portfolio for the third quarter of 1991 were a loss of $514,000 compared to a loss of $200,000 for the same period in 1990.  For the nine months ended Sept. 30, 1991, the investment portfolio had a net loss of $1,114,000 compared to income of $22,000 for the comparable 1990 period.  The decrease was primarily attributable to increased repairs and maintenance expenses, increased legal expenses incurred on tenant claims, tenant billing reconciliations and increased interest expense due to the compounding effect of the interest deferral feature on various loans.
    Included in the loss from the investment portfolio were non-cash expenses consisting primarily of depreciation and deferred interest on property debt, which do not affect available cash flow, totaling $3,073,000 and $3,456,000 for the third quarter of 1991 and 1990, respectively, and $9,081,000 and $8,946,000 for the nine months ended Sept. 30, 1991 and 1990, respectively.
    The activity of the partnership's resale portfolio for the third quarter of 1991 resulted in a loss of $105,000 before financing costs and general and administrative expenses incurred in administering the resale portfolio as compared to income of $485,000 for the third quarter of 1990.  For the nine months ended Sept. 30, 1991, the resale portfolio realized a loss of $2,028,000 compared to income of $3,365,000 for the comparable 1990 period.  The decline primarily resulted from reduced sales activity and prices in the resale portfolio and operating losses on one property.
    Interest expense on the Prime Line, which was primarily used for the acquisition of the resale portfolio, was $1,643,000 for the nine months ended Sept. 30, 1991 compared to $1,827,000 for the comparable period.  The $184,000 decrease in interest expense for the 1991 period was principally due to repayments of the Prime Line and a reduced prime rate.  General and administrative expenses associated with the investment portfolio, the resale portfolio and partnership administration were $1,807,000 for the nine months ended Sept. 30, 1991 compared to $2,306,000 for the comparable 1990 period.  The $499,000 decrease primarily reflects a reduction in overhead expenses.
    For the third quarter of 1991, the partnership will distribute $528,000 or $.04 per unit to unitholders of record as of Oct. 31, 1991, payable Nov. 14, 1991.  The general partner will also receive a distribution of $5,000, which represents the general partner's 1 percent share of total distributions from the partnership.  Under the provisions of the partnership agreement, with the reduction of the quarterly distribution, the performance incentive fee for the third quarter will not be paid to the general partner.
    CF Income Partners L.P. is a publicly traded master limited partnership which has invested in income-producing multi-family 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 3 Months Ended   For the 9 Months Ended
                              Sept. 30,             Sept. 30,
                          1991       1990       1991       1990
    Real
     estate held for
     investment:
     Rental revenue       $6,345    $6,382    $18,964    $18,778
     Tenant
      reimbursements         652       853      2,290      2,472
     Operating
      expenses            (2,412)   (2,319)    (7,156)    (6,635)
        Total              4,585     4,916     14,098     14,615
     Depreciation         (1,297)   (1,271)    (3,884)    (3,800)
     Ground rent             (97)      (80)      (358)      (249)
     Interest expense
      on property
      debt                (3,705)   (3,765)   (10,970)   (10,544)
     (Loss) income
      from real estate
      held for investment   (514)     (200)    (1,114)         22
    Real estate held for
     resale:
      Sales                2,647     2,810      8,155     14,670
      Cost of sales       (2,329)   (2,591)    (8,401)   (13,124)
      Loss from operations  (408)      ---       (836)       ---
     (Loss) income from
      real estate held
      for sale               (90)      219     (1,082)     1,546
     (Loss) income
      from invest-
      ments in real
      estate part-
      nerships               (15)      266       (946)     1,819
      (Loss)
       income from
       real estate
       held for
       resale               (105)      485      (2,028)    3,365
    Other income
     (expense):
     Interest
      income                  25        44         152       184
     Loss on
      sale of real
      estate held for
      investment             (62)      ---      (2,842)      ---
     Performance
      incentive fees to
      General Partner        ---      (435)        ---    (1,463)
     General and
      administra-
      tive
      expenses              (560)     (742)     (1,807)   (2,306)
     Interest
      expense on
      Prime Line            (515)     (552)     (1,643)   (1,827)
     Interest
      expense on
      Start-Up
      Loan                  (527)     (527)     (1,564)   (1,558)
     Amortization
      of organi-
      zation
      costs                 (160)     (160)      (481)     (481)
      Other
       income
       (expense)         (1,799)    (2,372)    (8,185)   (7,451)
        Net
         loss           ($2,418)   ($2,087)  ($11,327)  ($4,064)
    Weighted
     average
     number of
     units
     out-
     standing            13,199     13,314    13,202     13,307
    Net loss
     per unit            ($0.18)    ($0.16)   ($0.86)    ($0.31)
    Cash distri-
     bution
     paid per
     unit                 $0.04      $0.25     $0.12      $0.75
    -0-                      11/19/91
    /CONTACT:  Barbara J. Pape, 310-444-3900, ext. 2235, or Leeann Morein, 310-444-3900, ext. 2236, both of CF Income Partners L.P./
    (CFI) CO:  CF Income Partners L.P. ST:  California IN:  FIN SU:  ERN CH -- LA020 -- 5001 11/19/91 13:50 EST
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Date:Nov 19, 1991
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