Printer Friendly

CRITEF-I PARTNERSHIP REPORTS THIRD QUARTER CASH FLOW FROM OPERATIONS OF 29 CENTS PER BAC

 ROCKVILLE, Md., Nov. 18 /PRNewswire/ -- Capital Realty Investors Tax Exempt Fund Limited Partnership, Series I (CRITEF-I) (AMEX: CRA) reported that cash flow from the partnership's operations for the three months ended Sept. 30, 1993, was $670,491 (approximately 29 cents per Beneficial Assignee Certificate, or BAC), up from $601,612 (approximately 26 cents per BAC) for the same period last year.
 For the nine months ended Sept. 30, 1993, cash flow from partnership operations was $1.8 million (81 cents per BAC) which is unchanged from the first nine months of 1992.
 For the nine months ended Sept. 30, 1993, total cash flow was approximately $1.8 million (80 cents per BAC) compared with approximately $2.1 million (93 cents per BAC) for the first nine months of 1992. The difference is primarily due to two factors: the one-time receipt of proceeds from the sale of one asset during last year's first quarter (16 cents per BAC) and the use of property level reserves to supplement distributions for the first half of last year (6 cents per BAC).
 Cash flow from the partnership's operations, rather than net income, is a more accurate indicator of this partnership's performance because net income includes depreciation, a non-cash item, and does not include deposits or withdrawals to or from partnership reserves. Total cash flow, which includes deposits or withdrawals to partnership reserves, rather than net income, is the basis for paying distributions to BAC holders.
 Net loss for the three months ended Sept. 30, 1993, was $58,967 (approximately 3 cents per BAC) compared with net income of $14,348 (approximately 1 cent per BAC) for the third quarter of 1992.
 CRITEF-I is one of two series of securities issued by one partnership -- Capital Realty Investors Tax Exempt Fund Limited Partnership. The partnership was formed in 1986. It offered Series I BACs to investors and invested the offering's net proceeds in five federally and Minnesota State tax-exempt municipal mortgage revenue bonds used to finance multifamily housing. All of the properties are located in Minnesota.
 CAPITAL REALTY INVESTORS TAX EXEMPT FUND LIMITED PARTNERSHIP,
 SERIES I (CRITEF-I)
 Summary of Cash Flow and Net Income
 (Unaudited)
 For the three months ended For the nine months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Cash Flow:
 Cash flow from the
 partnership's
 operations $670,491 $601,612 $1,839,322 $1,838,593
 Net deposits to
 working capital/
 interest reserves -- -- (26,643) (91,568)
 Net proceeds from
 sale of asset(A) -- -- -- 365,544
 Net other cash flow -- -- (26,643) 273,976
 Total cash flow $670,491 $601,612 $1,812,679 $2,112,569
 Distributions paid or
 accrued for
 the period:(B)
 General partner $ 5,792 $ 5,848 $ 17,423 $ 21,108
 BAC holders $567,220 $ 573,192 $1,707,720 $2,068,873(A)
 Cash Flow per BAC:
 Cash flow from the
 partnership's
 operations $0.2941 $0.2639 $0.8067 $0.8064
 Net deposits to
 working capital/
 interest reserves -- -- (0.0117) (0.0402)
 Net proceeds from
 sale of asset -- -- -- 0.1603
 Net other cash flow -- -- (0.0117) 0.1201
 Total cash flow $0.2941 $0.2639 $0.7950 $0.9265
 Distribution per
 BAC paid or accrued
 for the period to
 BAC Holders(B) $0.2490 $0.2514 $0.7490 $0.9074(A)
 Financial Statement
 Net Income:
 Net rental (loss)
 income(includes
 depreciation) $(21,827) $48,268 $170,521 $62,622
 Mortgage revenue
 bond interest 32,000 32,149 96,000 125,185
 Total investment
 income 10,173 80,417 266,521 187,807
 Other expenses (69,140) (66,069) (185,804) (201,424)
 Net (loss) income $(58,967) $14,348 $ 80,717 $(13,617)
 Net (loss) income
 allocated to BAC
 holders (98.99 pct.)$(58,371) $14,203 $ 79,902 $(13,479)
 Net (loss) income
 per BAC $(0.03) $ 0.01 $0.04 $(0.01)
 BACs outstanding 2,280,000 2,280,000 2,280,000 2,280,000
 (A) The 1992 distribution includes proceeds from the sale of Greenhaven.
 (B) Distributions are paid on a semi-annual basis.
 -0- 11/18/93
 /CONTACT: James T. Pastore, 301-231-0323, or Kathleen G. Sloan, 301-231-0384, both for CRITEF-I/
 (CRA)


CO: Capital Realty Investors Tax Exempt Fund Limited Partnership,
 Series I ST: Maryland IN: FIN SU: ERN


KD-DT -- DC012 -- 5980 11/18/93 11:25 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1993
Words:715
Previous Article:LOUIS F. BANTLE APPOINTED CHAIRMAN EMERITUS BY UST BOARD OF DIRECTORS
Next Article:CRITEF-II PARTNERSHIP REPORTS THIRD QUARTER CASH FLOW FROM OPERATIONS OF 23 CENTS PER BAC
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters