PINX:YYEUE Realmark Property Investors Limited Partnership V Quarterly Report 10-Q Filing - 3/31/2012

Effective Date 3/31/2012

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
 
 
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended March 31, 2012
 
or
 
[     ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the transition period from __________ to __________
 
Commission File Number: 0-16561
 
 
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP - V
 (Exact name of registrant as specified in its charter)
 
 
          Delaware                                                                                                                                     16-1275925
(State of organization)                                                                                                           (IRS Employer Identification No.)
 
 
2350 North Forest Road, Getzville, New York 14068
(Address of principal executive offices)
 
(716) 636-9090
(Registrant’s telephone number)
 
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 x  No  o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files)     Yes  o No  x
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).Yes  oNo   x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes  oNo     x
 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.Yes  oNo     x
 
 
 
 

 
Part 1 - FINANCIAL INFORMATION
 
Item 1 - Financial Statements
 
 
 
Condensed Consolidated Balance Sheets
                 
           
(Unaudited)
   
           
March 31,
 
December 31,
Assets
         
2012
 
2011
                 
Property and equipment, at cost
   
 $    2,278,513
 
       2,269,866
Less accumulated depreciation
     
      (1,901,507)
 
      (1,881,302)
           
          377,006
 
          388,564
Cash
         
                      -
 
                 810
Accounts receivable, net
     
              2,112
 
              2,173
Other assets
       
              3,650
 
              3,512
                 
    Total assets
       
 $       382,768
 
          395,059
                 
Liabilities and Partners' Deficit
           
                 
Payables to affiliated parties
     
       2,446,215
 
       2,261,921
Accounts payable and accrued expenses
   
          188,300
 
          305,524
Accrued interest payable to affiliated parties
 
          443,647
 
          422,521
Security deposits and prepaid rent
   
            18,769
 
            32,122
Partners' deficit
       
      (2,714,163)
 
      (2,627,029)
                 
    Total liabilities and partners' deficit
   
 $       382,768
 
          395,059
 
 
 

 
2

 

Condensed Consolidated Statements of Operations
(Unaudited)
                 
           
Three months ended March 31,
                 
           
2012
 
2011
                 
Rental income
       
 $       74,663
 
          65,883
Interest and other
       
               186
 
                    -
                 
    Total income
       
          74,849
 
          65,883
                 
                 
Property operating costs
     
          71,010
 
          90,221
Other administrative expenses
     
          21,214
 
          21,225
Administrative expense - affiliates
   
            9,400
 
            9,878
Interest
         
          40,154
 
          34,841
Depreciation
       
          20,205
 
          20,050
                 
    Total expenses
       
        161,983
 
        176,215
                 
                 
    Net loss
         
 $      (87,134)
 
       (110,332)
                 
Net loss per limited partnership unit
   
 $          (4.02)
 
             (5.10)
                 
Weighted average limited partnership
         
  units outstanding
       
          21,003
 
          21,003
                 
 
 
 
 
 
3

 
 
 
Condensed Consolidated Statements of Cash Flows
(Unaudited)
                 
           
Three months ended March 31,
                 
           
2012
 
2011
Cash provided by:
             
  Operating activities:
             
         Net loss
         
 $       (87,134)
 
        (110,332)
         Adjustments
             
         Depreciation
       
           20,205
 
           20,050
         Other, principally changes in other assets
     
                and liabilities      
           66,119
 
           90,282
                 
       Net cash used in operating activities
   
               (810)
 
                     -
                 
Cash and equivalents at beginning of period
 
                810
 
                     -
                 
Cash and equivalents at end of period
   
 $                  -
 
                     -
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 

 
 
4

 
Notes to Consolidated Financial Statements
Three months ended March 31, 2012 and 2011
(Unaudited)
 
Organization
 
Realmark Property Investors Limited Partnership - V (the Partnership), a Delaware limited partnership, was formed on February 28, 1986, to invest in a diversified portfolio of income-producing real estate investments. The general partners are Realmark Properties, Inc. (the corporate general partner) and Joseph M. Jayson (the individual general partner). Joseph M. Jayson is the sole shareholder of J.M. Jayson & Company, Inc. Realmark Properties, Inc. is a wholly-owned subsidiary of J.M. Jayson & Company, Inc.  Under the partnership agreement, the general partners and their affiliates can receive compensation for services rendered and reimbursement for expenses incurred on behalf of the Partnership.
 
Basis of Presentation
 
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the instructions to Form 10-Q.  Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet at December 31, 2011  has been derived from the audited financial statements at that date. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation, have been included. The Partnership’s significant accounting policies are set forth in its December 31, 2011 Form 10-K. The interim financial statements should be read in conjunction with the financial statements included therein. The interim results should not be considered indicative of the annual results.
 
Property and Equipment
 
Two of the three buildings of the office complex known as Commercial Park West in Durham, North Carolina were sold in December 2006.  The mortgage on the buildings was paid off in the amount of $5,606,725 at the closing date with the sales proceeds and an advance from an affiliate in the amount of $790,000.  At March 31, 2012, the Partnership owned and operated the one remaining building at the complex known as Commercial Park West.
 
 
PART I - Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Liquidity and Capital Resources
 
As a result of the operating loss at Commercial Park West, the Partnership relied on cash advances from affiliates of the general partner to fund operations during the first three months of 2012. In accordance with the settlement of the lawsuit (Part II, Item 1), it is anticipated that with the sale of the remaining property, the Partnership may be in a position to make distributions to the limited partners.
 
 
 
 
 
 
 
5

 
 
Results of Operations
 
As compared to the first three months of 2011, the Partnership’s loss decreased approximately $23,000 from a loss of $110,000 in 2011 to a loss of $87,000 in 2012.
 
As compared to the first three months of 2011, rental income at Commercial Park West increased approximately $9,000 for the three months ended March 31, 2012.
 
As compared to the first three months of 2011, total expenses decreased approximately $14,000.  Property operations decreased approximately $20,000 due to repairs during the first three months of 2011 not incurred in 2012.  Administrative expense to affiliates and other administrative expenses remained consistent.  Interest expense increased approximately $6,000.
 
PART I - Item 3.   Quantitative and Qualitative Disclosures About Market Risk
 
The Partnership’s cash equivalents are short-term, non-interest bearing bank accounts.
 
PART I - Item 4.   Controls and Procedures
 
Disclosure Controls and Procedures: The Partnership’s management, with the participation of the Partnership’s Individual General Partner, Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on such evaluation, the Partnership’s Individual General Partner, Principal Executive Officer and Principal Financial Officer have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective.
 
Internal Control Over Financial Reporting:  There have been no significant changes in the Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting. Management assessed the effectiveness of our internal control over financial reporting as of March 31, 2012. In making this assessment, our management used the criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6

 
 
PART II - OTHER INFORMATION
 
Item 1.   Legal Proceedings
 
As previously reported, the Partnership, as a nominal defendant, the General Partners of the Partnership and of affiliated public partnerships (the “Realmark Partnerships”) and the officers and directors of the Corporate General Partner, as defendants, had been involved in a class action litigation in New York State court. The Partnership’s settlement of this litigation is described in its Annual Report on Form 10-K for the year ended December 31, 2011.
 
Item 5. Other Information
 
(a)  Reports on Form 8-K
 
      None.
 
Item 6.  Exhibits
 
  31.  Certification Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 
     
  32.  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 
     
 
101.INS   
XBRL Instance Document*
     
 
101.SCH   
XBRL Taxonomy Extension Schema Document*
     
 
101.CAL   
XBRL Taxonomy Extension Calculation Linkbase Document*
     
 
101.DEF   
XBRL Taxonomy Extension Definition Linkbase Document*
     
 
101.LAB   
XBRL Taxonomy Extension Label Linkbase Document*
     
 
101.PRE   
XBRL Taxonomy Extension Presentation Linkbase Document*
     
  In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed.”
 

 
 
 
 
 
 
 
 
7

 
 
SIGNATURES
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
REALMARK PROPERTY INVESTORS LIMITED PARTNERHIP - V
 
 
 May 15, 2012 /s/ Joseph M. Jayson
 Date Joseph M. Jayson,
  Individual General Partner
  Principal Executive Officer and
  Principal Financial Officer
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8

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