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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, 2004
Transition Report Pursuant to Section 13 or 15(d) of the Securities
----- Exchange Act of 1934
For the transition period from to .
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Commission File Number 0-7798
FIRST WILKOW VENTURE, A LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in Its Charter)
Illinois 36-6169280
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(State of Organization) (IRS Employer Identification No.)
180 North Michigan Avenue, Chicago, Illinois 60601
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(Address of Principal Executive Offices)
Registrant's Telephone Number, including area code: (312) 726-9622
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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
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FIRST WILKOW VENTURE
(A LIMITED PARTNERSHIP)
CONSOLIDATED BALANCE SHEET
March 31,
2004 December 31,
(Unaudited) 2003
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ASSETS
REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS
Real Estate:
Land $ 4,030,069 $ 4,030,069
Buildings and Improvements 32,322,909 31,659,299
Fixtures and Equipment 46,999 46,999
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Total 36,399,977 35,736,367
Less-Accumulated Depreciation 13,980,378 13,709,271
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Net Real Estate 22,419,599 22,027,096
Investments in Real Estate Partnerships 6,856,061 7,241,842
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Total 29,275,660 29,268,938
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LOANS RECEIVABLE 86,963 86,963
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OTHER ASSETS
Cash and Cash Equivalents 6,945,393 6,602,360
Certificates of Deposit - Restricted 250,000 250,000
Receivables 915,609 881,089
Deposits 811,121 1,020,331
Deferred Charges 1,176,560 1,196,706
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Total 10,098,683 9,950,486
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TOTAL ASSETS $39,461,306 $39,306,387
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
MORTGAGES PAYABLE $20,511,360 $20,516,241
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OTHER LIABILITIES
Accounts Payable and Accrued Expenses 216,134 345,792
Accrued Property Taxes 1,059,150 1,301,996
Deferred State Income Taxes 170,000 170,000
Security Deposits and Prepaid Rent 557,692 506,740
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Total 2,002,976 2,324,528
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MINORITY INTEREST 3,224,765 3,151,441
=========== ===========
PARTNERS' CAPITAL (170,916 units authorized and issued) 13,722,205 13,314,177
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TOTAL LIABILITIES AND PARTNERS' CAPITAL $39,461,306 $39,306,387
=========== ===========
Note: Balance Sheet at 12/31/03 taken from the audited financial statements at
that date.
See accompanying notes to consolidated financial statements
FIRST WILKOW VENTURE
CONSOLIDATED STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(UNAUDITED)
Three Months
Ended March 31,
-------------------------------
2004 2003
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REVENUES
Rental Income $ 2,332,733 $ 2,005,892
Interest Income 100,727 30,392
Other Revenue 19,633 9,406
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2,453,093 2,045,690
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PARTNERSHIP INVESTMENTS' INCOME
Share of Net Income 329,033 103,190
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EXPENSES
Operating Expenses 982,528 1,019,922
Real Estate Taxes 328,924 241,177
Depreciation and Amortization 340,845 327,675
Interest Expense 402,927 411,696
General and Administrative 14,150 31,564
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2,069,374 2,032,034
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INCOME BEFORE MINORITY INTEREST 712,752 116,846
MINORITY INTEREST IN
SUBSIDIARIES' NET INCOME (116,714) (43,595)
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NET INCOME $ 596,038 $ 73,251
=========== ===========
UNITS USED TO COMPUTE PER UNIT AMOUNTS 170,916 170,916
NET INCOME PER UNIT $ 3.49 $ 0.43
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DISTRIBUTION PER UNIT $ 1.10 $ 1.10
=========== ===========
See accompanying notes to consolidated financial statements
FIRST WILKOW VENTURE
CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(UNAUDITED)
Three Months Ended March 31,
---------------------------------
2004 2003
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CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 596,038 $ 73,251
Noncash Items Included in Net Income:
Depreciation and Amortization 340,845 327,675
Decrease (Increase) in operating assets:
Receivables and Prepaid Expenses - net (34,520) 24,697
Deposits 209,210 130,035
Decrease (Increase) in operating liabilities:
Accounts Payable and Accrued Expenses (129,658) 124,204
Accrued Property Taxes (242,846) (279,475)
Security Deposits and Prepaid Rent 50,952 (37,278)
Share of Partnership Investments' Net Income (329,033) (103,190)
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Net Cash Provided by Operating Activities 460,988 259,919
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CASH FLOWS FROM INVESTING ACTIVITIES
Partnership Investment Draws 714,814 185,652
Collection of Loan Receivable 0 123,638
Investment in Land and Buildings and Improvements (663,610) (190,171)
Increase in Minority Interest 73,324 204
Investment in Deferred Charges (49,592) (104,677)
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Net Cash Provided by Investing Activities 74,936 14,646
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CASH FLOWS FROM FINANCING ACTIVITIES
Cash Distribution to Partners (188,010) (188,008)
Proceeds from Mortgage Financing 55,176 74,034
Mortgage Principal Payments (60,057) (43,298)
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Net Cash Used by Financing Activities (192,891) (157,272)
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NET INCREASE IN CASH AND CASH EQUIVALENTS 343,033 117,293
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 6,602,360 4,562,781
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CASH AND CASH EQUIVALENTS - END OF PERIOD $ 6,945,393 $ 4,680,074
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See accompanying notes to consolidated financial statements
FIRST WILKOW VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2004
1 - Financial Statements
The financial statements have been prepared in accordance with U.S.
generally accepted accounting principles. Under this method of accounting,
revenues are recorded when earned and expenses are recorded when incurred.
No provision for federal income taxes has been made since First Wilkow
Venture (the "Registrant") is a partnership and the partners report their
pro rata share of income or loss individually.
Reference is made to the Registrant's annual report for the year ended
December 31, 2003, for a description of other accounting principles and
additional details for the Registrant's financial condition, results of
operations, changes in partners' capital and statement of cash flows for
the year then ended. The details provided in the notes thereto have not
changed as a result of normal transactions in the interim.
2 - Subsequent Events
On April 10, 2004, the Registrant made a distribution to its partners in
the amount of $564,022.80, or $3.30 per unit, based on 170,916 units
outstanding as of March 31, 2004.
FIRST WILKOW VENTURE
FORM 10-Q
MANAGEMENT DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
MARCH 31, 2004
Overview
Reference is made to the Registrant's annual report for the year ended
December 31, 2003, for a discussion of the Registrant's business.
On January 10, 2004, the Registrant made a distribution to its partners
in the amount of $188,010, or $1.10 per unit.
On February 24, 2004, Tower Square Shopping Center, the sole asset of M
& J/Eden Prairie Limited Partnership, was sold for $13,100,000, resulting in net
cash proceeds of $4,983,000, after satisfaction of the outstanding mortgage
obligation. The transaction netted a gain on sale of $4,285,000. Through March
31, 2004, the Registrant received a distribution related to the sale of
$353,000.
REMARKS
In the opinion of the General Partners, the financial information of this
report includes all adjustments, including estimated provisions for items
normally settled at year end, and is a fair statement of the results for the
interim ended March 31, 2004 and 2003.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
FIRST WILKOW VENTURE
By: Marc R. Wilkow
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Marc R. Wilkow, General Partner and
President of M&J Wilkow, Ltd., its
Managing Agent
DATED: May 13, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant, in the capacities indicated, on May 13, 2004.
By: Clifton J. Wilkow
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Clifton J. Wilkow, General Partner and
Executive Vice President of
M&J Wilkow, Ltd.
By: Thomas Harrigan
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Thomas Harrigan, Senior Vice President of
M&J Wilkow, Ltd.