-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, lslW8MkTMK0+4S19ptEpfeUa/ibSrEC3A9T7bFP+6a5FefLB0XdfttaIgG3vHwHj P4klaNiE8qknzIYoICazMw== 0000792334-94-000002.txt : 19941110 0000792334-94-000002.hdr.sgml : 19941110 ACCESSION NUMBER: 0000792334-94-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941109 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BALCOR GROWTH FUND CENTRAL INDEX KEY: 0000792334 STANDARD INDUSTRIAL CLASSIFICATION: 6500 IRS NUMBER: 363378299 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15646 FILM NUMBER: 94558385 BUSINESS ADDRESS: STREET 1: BALCOR PLAZA 4849 GOLF RD CITY: SKOKIE STATE: IL ZIP: 60077 BUSINESS PHONE: 7086772900 MAIL ADDRESS: STREET 1: 4849 GOLF ROAD CITY: SKOKIE STATE: IL ZIP: 60077 FORMER COMPANY: FORMER CONFORMED NAME: BALCOR OPPORTUNITY FUND DATE OF NAME CHANGE: 19860930 FORMER COMPANY: FORMER CONFORMED NAME: BALCOR REALTY INVESTORS 86 SERIES II DATE OF NAME CHANGE: 19860731 10-Q 1 BALCOR GROWTH FUND 3RD QTR. 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES - ----- EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 1994 ------------------ 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 0-15646 ------- BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION ------------------------------------------------------- (Exact name of registrant as specified in its charter) Illinois 36-3378299 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Balcor Plaza 4849 Golf Road, Skokie, Illinois 60077-9894 - ---------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (708) 677-2900 -------------- 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 ----- ----- BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION (An Illinois Limited Partnership) BALANCE SHEETS September 30, 1994 and December 31, 1993 (Unaudited) ASSETS 1994 1993 ------------- ------------- Cash and cash equivalents $ 1,898 $ 43,067 Investment in joint ventures with affiliates 1,086,257 1,410,102 ------------- -------------- $ 1,088,155 $ 1,453,169 ============= ============== LIABILITIES AND PARTNERS' CAPITAL Loan payable - affiliate $ 715,645 $ 695,645 Accounts payable 7,278 14,556 Due to affiliates 129,113 77,796 ------------- -------------- Total liabilities 852,036 787,997 Affiliate's participation in joint venture 400,429 444,738 Partners' capital (7,084 Limited Partnership Interests issued and outstanding) (164,310) 220,434 ------------- -------------- $ 1,088,155 $ 1,453,169 ============= ============== The accompanying notes are an integral part of the financial statements. BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION (An Illinois Limited Partnership) STATEMENTS OF INCOME AND EXPENSES for the nine months ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Expenses: Interest on short-term loan from an affiliate $ 27,227 $ 18,110 Administrative 117,734 84,758 Participation in losses of joint ventures with affiliates 260,845 283,852 ------------- ------------- Total expenses 405,806 386,720 ------------- ------------- Loss before affiliate's participation in loss from joint venture (405,806) (386,720) Affiliate's participation in loss from joint venture 21,062 26,672 ------------- ------------- Net loss $ (384,744) $ (360,048) ============= ============= Net loss allocated to General Partner $ (3,847) $ (3,600) ============= ============= Net loss allocated to Limited Partners $ (380,897) $ (356,448) ============= ============= Net loss per Limited Partnership Interest (7,084 issued and outstanding) $ (53.77) $ (50.32) ============= ============= The accompanying notes are an integral part of the financial statements. BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION (An Illinois Limited Partnership) STATEMENTS OF INCOME AND EXPENSES for the quarters ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Expenses: Interest on short-term loan from an affiliate $ 10,537 $ 6,076 Administrative 40,998 34,794 Participation in losses of joint ventures with affiliates 89,468 119,197 ------------- ------------- Total expenses 141,003 160,067 ------------- ------------- Loss before affiliate's participation in loss from joint venture (141,003) (160,067) Affiliate's participation in loss from joint venture 5,987 14,471 ------------- ------------- Net loss $ (135,016) $ (145,596) ============= ============= Net loss allocated to General Partner $ (1,350) $ (1,455) ============= ============= Net loss allocated to Limited Partners $ (133,666) $ (144,141) ============= ============= Net loss per Limited Partnership Interest (7,084 issued and outstanding) $ (18.87) $ (20.35) ============= ============= The accompanying notes are an integral part of the financial statements. BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION (An Illinois Limited Partnership) STATEMENTS OF CASH FLOWS for the nine months ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Operating activities: Net loss $ (384,744) $ (360,048) Adjustments to reconcile net loss to net cash used in operating activities: Affiliate's participation in loss from joint venture (21,062) (26,672) Participation in losses of joint ventures with affiliates 260,845 283,852 Net change in: Accounts payable (7,278) (6,043) Due to affiliates 51,317 20,666 ------------- ------------- Net cash used in operating activities (100,922) (88,245) ------------- ------------- Investing activities: Capital contributions to joint venture with an affiliate (27,000) (15,000) Distribution from joint venture with an affiliate 90,000 100,000 ------------- ------------- Net cash provided by investing activities 63,000 85,000 ------------- ------------- Financing activity: Proceeds from loan payable - affiliate 20,000 Distribution to joint venture partner - affiliate (23,247) (25,830) ------------- ------------- Net cash used in financing activity (3,247) (25,830) ------------- ------------- Net change in cash and cash equivalents (41,169) (29,075) Cash and cash equivalents at beginning of period 43,067 74,390 ------------- ------------- Cash and cash equivalents at end of period $ 1,898 $ 45,315 ============= ============= The accompanying notes are an integral part of the financial statements. BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION (An Illinois Limited Partnership) NOTES TO FINANCIAL STATEMENTS 1. Accounting Policy: A reclassification has been made to the previously reported 1993 statements in order to provide comparability with the 1994 statements. In the opinion of management, all adjustments necessary for a fair presentation have been made to the accompanying statements for the nine months and quarter ended September 30, 1994, and all such adjustments are of a normal and recurring nature. 2. Transactions with Affiliates: Expenses paid and payable by the Partnership to affiliates during the nine months and quarter ended September 30, 1994 are: Paid -------------------- Nine Months Quarter Payable ----------- -------- --------- Reimbursement of expenses to the General Partner, at cost: Accounting $23,592 $16,278 $13,625 Data processing 8,652 3,075 6,821 Investor communications 8,064 5,564 2,980 Legal 416 287 331 Portfolio management 6,560 4,526 4,294 Other 1,225 845 292 As of September 30, 1994, $715,645 is owed to the General Partner for funds advanced to the Partnership while it was in a pre-operating status and to provide additional working capital, $20,000 of which was borrowed during the nine months ended September 30, 1994. During the nine months ended September 30, 1994 and 1993, the Partnership incurred interest expense of $27,227 and $18,110, respectively. The Partnership paid no interest expense during either nine month period. As of September 30, 1994, interest expense of $100,770 is payable to the General Partner. Interest expense was computed at the American Express Company cost of funds rate plus a spread to cover administrative costs. As of September 30, 1994, this rate was 5.362%. BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION (An Illinois Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS Balcor Growth Fund A Real Estate Investment for Capital Appreciation (the "Partnership") was formed in 1985 to invest in and operate income-producing real property. The Partnership raised $7,084,000 from sales of Limited Partnership Interests and utilized these proceeds to acquire joint venture interests in two real properties. The Partnership is currently involved in the operation of these joint ventures. Inasmuch as the management's discussion and analysis below relates primarily to the time period since the end of the last fiscal year, investors are encouraged to review the financial statements and the management's discussion and analysis contained in the annual report for 1993 for a more complete understanding of the Partnership's financial position. Operations - ---------- Summary of Net Loss - ------------------- The operations of the Partnership are primarily comprised of the Partnership's participation in the operations of the Post Lake and Redwood Shores apartment complexes. The net loss remained relatively unchanged during the nine months and quarter ended September 30, 1994 as compared to the same periods in 1993. Further discussion of the Partnership's operations is summarized below. 1994 Compared to 1993 - --------------------- The net loss from Post Lake Apartments decreased during the nine months and quarter ended September 30, 1994 as compared to the same period in 1993 primarily due to higher rental rates in 1994. The net loss from Redwood Shores Apartments increased during the quarter ended September 30, 1994 as compared to the same period in 1993 primarily due to legal expenses incurred in connection with a potential mortgage bond refinancing. As a result of higher interest rates and outstanding balances in 1994, interest expense on the Partnership's short-term loan with an affiliate increased during the nine months and quarter ended September 30, 1994 as compared to the same periods in 1993. Primarily as a result of increased accounting and portfolio management costs and data processing fees, administrative expenses increased during the nine months and quarter ended September 30, 1994 as compared to the same periods in 1993. Liquidity and Capital Resources - ------------------------------- The cash or near cash position of the Partnership decreased from December 31, 1993 to September 30, 1994. The net cash generated from the Partnership's investing activities, which consists of the Partnership's share of the distributions from the Atlanta Lakes Joint Venture less the contributions to the Redwood Shores Joint Venture, was used for the Partnership's operating and financing activities. The operating activities consist primarily of the payment of Partnership administrative expenses, and the financing activities consist of distributions to the affiliated joint venture partner on the Atlanta Lakes Joint Venture and borrowings from the General Partner. The Partnership classifies the cash flow performance of the properties as either positive, a marginal deficit or a significant deficit, each after consideration of debt service payments (interest expense plus principal payments). A deficit is considered to be significant if it exceeds $250,000 annually or 20% of the property's rental and service income. During the nine months ended September 30, 1994 and 1993, Post Lake Apartments generated positive cash flow while Redwood Shores Apartments experienced a marginal cash flow deficit. During the nine months ended September 30, 1994 and 1993, the mortgage on the Redwood Shores Apartments required principal payments of $260,000 and $237,500, respectively, which caused the property's cash flow deficits. The joint venture partners on Redwood Shores (Redwood Partners and the seller) are required to fund their share of any cash flow deficit the property generates. While the cash flow of the properties in which the Partnership holds joint venture interests has improved, the General Partner continues to pursue a number of actions aimed at improving the cash flow of these properties including refinancing of mortgage loans, improving property operating performance, and seeking rent increases where market conditions allow. As of September 30, 1994, $715,645 is owed to the General Partner for funds advanced to the Partnership while it was in a pre-operating status and to provide additional working capital. The General Partner may continue to provide additional short-term loans to the Partnership for working capital or liquidity purposes, although there is no assurance that such loans will be available. Should such short-term loans not be available, the General Partner will seek alternative third party sources of financing working capital. However, the current economic environment and its impact on the real estate industry make it unlikely that the Partnership would be able to secure financing from third parties to fund working capital needs or operating deficits. Should additional borrowings be needed and not be available either through the General Partner or third parties, the Partnership may be required to dispose of one or both of its joint venture interests to satisfy these obligations. The Partnership may need additional borrowings during 1994 to fund its share of deficits anticipated at Redwood Shores Apartments. It is not expected that the Partnership will generate substantial Net Cash Receipts, and any cash flow that is generated is expected to be used to finance the Partnership's share of improvements that are intended to enhance the value of the properties and to repay General Partner advances. It is not possible to predict when or if the Partnership will distribute Net Cash Receipts to Limited Partners. Inflation has several types of potentially conflicting impacts on real estate investments. Short-term inflation can increase real estate operating costs which may or may not be recovered through increased rents and/or sales prices, depending on general or local economic conditions. In the long-term, inflation can be expected to increase operating costs and replacement costs and may lead to increased rental revenues and real estate values. BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION (An Illinois Limited Partnership) PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- (a) Exhibits: (4) Form of Subscription Agreement set forth as Exhibit 4.1 to Amendment No. 3 dated October 1, 1986 to the Registrant's Registration Statement on Form S-11 (Registration No. 33-4963) and Form of Confirmation regarding Interests in the Registrant set forth as Exhibit 4.2 to the Registrant's Report on Form 10-Q for the quarter ended June 30, 1992 (Commission File No. 0-15646) are incorporated herein by reference. (27) Financial Data Schedule of the Registrant for the nine month period ending September 30, 1994 is attached hereto. (b) Reports on Form 8-K: There were no reports filed on Form 8-K during the quarter ended September 30, 1994. ATLANTA LAKES JOINT VENTURE (An Illinois General Partnership) ATLANTA LAKES JOINT VENTURE (An Illinois General Partnership) BALANCE SHEETS September 30, 1994 and December 31, 1993 (Unaudited) ASSETS 1994 1993 ------------- ------------- Cash and cash equivalents $ 54,002 $ 49,917 Escrow deposits 261,548 89,216 Accounts and accrued interest receivable 217,346 194,214 Deferred expenses, net of accumulated amortization of $163,018 in 1994 and $146,533 in 1993 56,781 73,266 ------------- ------------- 589,677 406,613 ------------- ------------- Investment in real estate, at cost: Land 3,794,165 3,794,165 Buildings and improvements 21,297,917 21,297,917 ------------- ------------- 25,092,082 25,092,082 Less accumulated depreciation 6,806,812 6,316,843 ------------- ------------- Investment in real estate, net of accumulated depreciation 18,285,270 18,775,239 ------------- ------------- $ 18,874,947 $ 19,181,852 ============= ============= LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 1,556 $ 3,112 Accrued liabilities, principally real estate taxes 173,268 Security deposits 108,609 94,845 Mortgage note payable 15,467,983 15,617,286 ------------- ------------- Total liabilities 15,751,416 15,715,243 Partners' capital 3,123,531 3,466,609 ------------- ------------- $ 18,874,947 $ 19,181,852 ============= ============= The accompanying notes are an integral part of the financial statements. ATLANTA LAKES JOINT VENTURE (An Illinois General Partnership) STATEMENTS OF INCOME AND EXPENSES for the nine months ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Income: Rental and service $ 2,829,100 $ 2,700,997 Interest on short-term investments 4,224 5,215 ------------- ------------- Total income 2,833,324 2,706,212 ------------- ------------- Expenses: Interest on mortgage note payable 1,078,905 1,092,047 Depreciation 489,969 487,722 Amortization of deferred expenses 16,485 16,485 Property operating 1,109,582 1,018,443 Real estate taxes 173,268 173,540 Property management fees 118,588 119,248 Administrative 9,605 5,249 ------------- ------------- Total expenses 2,996,402 2,912,734 ------------- ------------- Net loss $ (163,078) $ (206,522) ============= ============= The accompanying notes are an integral part of the financial statements. ATLANTA LAKES JOINT VENTURE (An Illinois General Partnership) STATEMENTS OF INCOME AND EXPENSES for the quarters ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Income: Rental and service $ 948,721 $ 909,736 Interest on short-term investments 1,303 1,359 ------------- ------------- Total income 950,024 911,095 ------------- ------------- Expenses: Interest on mortgage note payable 358,484 362,966 Depreciation 163,323 162,574 Amortization of deferred expenses 5,495 5,495 Property operating 369,062 390,355 Real estate taxes 57,756 57,846 Property management fees 40,323 43,683 Administrative 1,933 223 ------------- ------------- Total expenses 996,376 1,023,142 ------------- ------------- Net loss $ (46,352) $ (112,047) ============= ============= The accompanying notes are an integral part of the financial statements. ATLANTA LAKES JOINT VENTURE (An Illinois General Partnership) STATEMENTS OF CASH FLOWS for the nine months ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Operating activities: Net loss $ (163,078) $ (206,522) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation of property 489,969 487,722 Amortization of deferred expenses 16,485 16,485 Net change in: Escrow deposits (172,332) (181,263) Accounts and accrued interest receivable (23,132) 180,810 Accounts payable (1,556) (3,000) Accrued liabilities 173,268 173,540 Security deposits 13,764 (7,423) ------------- ------------- Net cash provided by operating activities 333,388 460,349 ------------- ------------- Financing activities: Distribution to joint venture partners (180,000) (200,000) Principal payments on mortgage note payable (149,303) (136,160) ------------- ------------- Net cash used in financing activities (329,303) (336,160) ------------- ------------- Net change in cash and cash equivalents 4,085 124,189 Cash and cash equivalents at beginning of period 49,917 131,510 ------------- ------------- Cash and cash equivalents at end of period $ 54,002 $ 255,699 ============= ============= The accompanying notes are an integral part of the financial statements. ATLANTA LAKES JOINT VENTURE (An Illinois General Partnership) NOTES TO FINANCIAL STATEMENTS 1. Accounting Policy: In the opinion of management, all adjustments necessary for a fair presentation have been made to the accompanying statements for the nine months and quarter ended September 30, 1994, and all such adjustments are of a normal and recurring nature. 2. Interest Expense: During the nine months ended September 30, 1994 and 1993, the Partnership incurred and paid interest expense on the mortgage note payable of $1,078,905 and $1,092,047, respectively. REDWOOD PARTNERS (An Illinois General Partnership) REDWOOD PARTNERS (An Illinois General Partnership) BALANCE SHEETS September 30, 1994 and December 31, 1993 (Unaudited) ASSETS 1994 1993 ------------- ------------- Cash and cash equivalents $ 13,263 $ 19,602 Bond reserve 2,478,000 2,478,000 Accounts and accrued interest receivable 280,347 223,250 ------------- ------------- 2,771,610 2,720,852 ------------- ------------- Investment in real estate, at cost: Land 6,043,941 6,043,941 Buildings and improvements 22,942,335 22,942,335 ------------- ------------- 28,986,276 28,986,276 Less accumulated depreciation 6,416,106 5,868,117 ------------- ------------- Investment in real estate, net of accumulated depreciation 22,570,170 23,118,159 ------------- ------------- $ 25,341,780 $ 25,839,011 ============= ============= LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 3,892 $ 3,890 Accrued liabilities 70,739 Security deposits 116,450 119,810 Mortgage note payable 26,010,000 26,270,000 ------------- ------------- Total liabilities 26,201,081 26,393,700 Partners' capital (859,301) (554,689) ------------- ------------- $ 25,341,780 $ 25,839,011 ============= ============= The accompanying notes are an integral part of the financial statements. REDWOOD PARTNERS (An Illinois General Partnership) STATEMENTS OF INCOME AND EXPENSES for the nine months ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Income: Rental and service $ 2,584,839 $ 2,578,529 Interest on short-term investments 226,140 226,547 ------------- ------------- Total income 2,810,979 2,805,076 ------------- ------------- Expenses: Interest on mortgage note payable 1,721,675 1,741,996 Depreciation 547,989 547,989 Property operating 586,236 589,549 Real estate taxes 212,218 211,442 Property management fees 100,950 95,641 Administrative 30,753 9,442 ------------- ------------- Total expenses 3,199,821 3,196,059 ------------- ------------- Loss before seller's participation in loss of joint venture (388,842) (390,983) Seller's participation in loss of joint venture 30,230 29,801 ------------- ------------- Net loss $ (358,612) $ (361,182) ============= ============= The accompanying notes are an integral part of the financial statements. REDWOOD PARTNERS (An Illinois General Partnership) STATEMENTS OF INCOME AND EXPENSES for the quarters ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Income: Rental and service $ 851,165 $ 866,674 Interest on short-term investments 77,032 75,084 ------------- ------------- Total income 928,197 941,758 ------------- ------------- Expenses: Interest on mortgage note payable 572,688 579,599 Depreciation 182,663 182,663 Property operating 199,473 202,839 Real estate taxes 70,739 70,480 Property management fees 25,171 32,181 Administrative 16,606 342 ------------- ------------- Total expenses 1,067,340 1,068,104 ------------- ------------- Loss before seller's participation in loss of joint venture (139,143) (126,346) Seller's participation in loss of joint venture 6,559 ------------- ------------- Net loss $ (132,584) $ (126,346) ============= ============= The accompanying notes are an integral part of the financial statements. REDWOOD PARTNERS (An Illinois General Partnership) STATEMENTS OF CASH FLOWS for the nine months ended September 30, 1994 and 1993 (Unaudited) 1994 1993 ------------- ------------- Operating activities: Net loss $ (358,612) $ (361,182) Adjustments to reconcile net loss to net cash provided by operating activities: Seller's participation in loss from joint venture (30,230) (29,801) Depreciation of property 547,989 547,989 Net change in: Accounts receivable (57,097) (59,434) Accounts payable 2 (2,750) Due to affiliate (506) Accrued liabilities 70,739 70,481 Security deposits (3,360) (7,715) ------------- ------------- Net cash provided by operating activities 169,431 157,082 ------------- ------------- Financing activities: Capital contributions by joint venture partners 54,000 30,000 Capital contributions by joint venture partner - seller 30,230 29,801 Principal payments on mortgage note payable (260,000) (237,500) ------------- ------------- Net cash used in financing activities (175,770) (177,699) ------------- ------------- Net change in cash and cash equivalents (6,339) (20,617) Cash and cash equivalents at beginning of period 19,602 39,495 ------------- ------------- Cash and cash equivalents at end of period $ 13,263 $ 18,878 ============= ============= The accompanying notes are an integral part of the financial statements. REDWOOD PARTNERS (An Illinois General Partnership) NOTES TO FINANCIAL STATEMENTS 1. Accounting Policy: In the opinion of management, all adjustments necessary for a fair presentation have been made to the accompanying statements for the nine months and quarter ended September 30, 1994, and all such adjustments are of a normal and recurring nature. 2. Interest Expense: During the nine months ended September 30, 1994 and 1993, the Partnership incurred and paid interest expense on the mortgage note payable of $1,721,675 and $1,741,996, respectively. 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. BALCOR GROWTH FUND A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION By: /s/Thomas E. Meador ----------------------------- Thomas E. Meador President and Chief Executive Officer (Principal Executive Officer) of Balcor Partners-XX, the General Partner By: /s/Allan Wood ------------------------------ Allan Wood Executive Vice President, and Chief Accounting and Financial Officer (Principal Accounting and Financial Officer) of Balcor Partners-XX, the General Partner Date: November 9, 1994 -------------------------- EX-27 2 FDS FOR BALCOR GROWTH FUND 3RD QTR. 10-Q
5 1000 9-MOS DEC-31-1994 SEP-30-1994 2 0 0 0 0 2 0 0 1088 852 0 0 0 0 (164) 1088 0 0 0 240 118 0 27 (385) 0 (385) 0 0 0 (385) (53.77) (53.77)
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