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CRITEF-III PARTNERSHIP REPORTS THIRD QUARTER CASH FLOW FROM OPERATIONS OF 32 CENTS PER BAC

 ROCKVILLE, Md., Nov. 18 /PRNewswire/ -- Capital Realty Investors Tax Exempt Fund III Limited Partnership (CRITEF-III) (AMEX: CRL) reported that cash flow from the partnership's operations for the three months ended Sept. 30, 1993, was approximately $1.7 million (32 cents per Beneficial Assignee Certificate, or BAC), up from $1.6 million (approximately 30 cents per BAC) for the same period last year.
 For the nine months ended Sept. 30, 1993, cash flow from partnership operations was approximately $5.6 million ($1.06 per BAC), up from approximately $4.5 million (85 cents per BAC) for the first nine months of last year. This increase is due to one-time property tax refunds totaling approximately $400,000 (6 cents per BAC) and improved operations of the multifamily properties underlying the partnership's investments in tax-exempt mortgage revenue bonds.
 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 cash flow from partnership reserves. Total cash flow is the basis for paying distributions to BAC holders. Total cash flow is composed of cash flow from the partnership's operations (which includes both operating income and the use of property level reserves) and net withdrawals from the partnership's reserves.
 Net income for the three months ended Sept. 30, 1993, was $513,345 (approximately 10 cents per BAC), up from $186,288 (approximately 4 cents per BAC) for the same three months of last year.
 CRITEF III is a partnership formed in 1987. It invested in eight federally tax-exempt mortgage revenue bonds and three working capital loans, which were used to finance multifamily housing. The eight underlying multifamily housing properties are located in seven states.
 CAPITAL REALTY INVESTORS TAX EXEMPT FUND III LIMITED PARTNERSHIP
 (CRITEF III)
 Summary of Cash Flow and Net Income
 (Unaudited)
 For the three months For the nine months
 ended Sept. 30, ended Sept. 30,
 1993 1992 1993 1992
 Cash Flow:
 Cash flow from
 the partnership's
 operations $1,664,768 $1,582,632 $5,589,131 $4,468,729
 Net withdrawals
 from working capital/
 interest reserves 498,777 587,286 860,599 1,993,219
 Total cash flow $2,163,545 $2,169,918 $6,449,733 $6,461,948
 Distributions paid
 or accrued to:
 General partner $ 21,852 $ 21,916 $ 65,143 $ 65,266
 BAC holders $2,141,693 $2,148,002 $6,384,590 $6,396,682
 Cash Flow per BAC:
 Cash flow from
 the partnership's
 operations $ 0.3166 $ 0.3010 $ 1.0629 $ 0.8498
 Net withdrawals
 from working capital/
 interest reserves 0.0949 0.1117 0.1637 0.3791
 Total cash flow $ 0.4115 $ 0.4127 $ 1.2266 $ 1.2289
 Distribution per BAC
 paid or accrued to
 BAC holders $ 0.4073 $ 0.4085 $ 1.2142 $ 1.2165
 Financial Statement
 Net Income:
 Net rental income
 (includes
 depreciation) $ 556,134 $ 252,025 $1,701,633 $ 904,210
 Other income
 (expenses) (42,789) (65,737) (181,482) (127,229)
 Net income $ 513,345 $ 186,288 $1,520,151 $ 776,981
 Net income allocated
 to BAC holders
 (98.99 pct.) $ 508,160 $ 184,406 $1,504,797 $ 769,133
 Net income per BAC $ 0.10 $ 0.04 $ 0.29 $ 0.15
 BACs outstanding 5,258,268 5,258,268 5,258,268 5,258,268
 -0- 11/18/93
 /CONTACT: James T. Pastore, 301-231-0323, or Kathleen G. Sloan, 301-231-0384, both for CRITEF-III/
 (CRL)


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

DC-IH -- DC014 -- 5982 11/18/93 11:26 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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