10-Q 1 g71271e10-q.txt INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarterly Period Ended JUNE 30, 2001 Commission file number 33-22420-A INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP (Exact name of Registrant as specified in its charter) NORTH CAROLINA 56-1610635 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) IJL FINANCIAL CENTER, P.O. BOX 1012 CHARLOTTE, NC 28201-1012 (Address of principal executive offices) (Zip Code) (704) 379-9164 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the Registrant has (1) filed all reports required to be filed required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve 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 [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date. No limited partnership units outstanding at August 11, 2001 Page 1 of 8 Sequentially Numbered Pages 2 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED BALANCE SHEETS AS OF JUNE 30, 2001, AND DECEMBER 31, 2000

See Notes to Condensed Financial Statements 2 3 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED STATEMENT OF OPERATIONS (Unaudited)

See Notes to Condensed Financial Statements 3 4 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED STATEMENT OF PARTNERS' EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2001, AND 2000 (Unaudited)

See Notes to Condensed Financial Statements 4 5 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP CONDENSED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000

See Notes to Condensed Financial Statements 5 6 INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 2000 1. BASIS OF PRESENTATION: The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended June 30, 2001, are not necessarily indicative of the results that may be expected for the year ending December 31, 2001. 2. ORGANIZATION AND SUMMARY OF ACCOUNTING POLICIES: Interstate Land Investors I Limited Partnership (the "Partnership" or "Registrant") is a North Carolina limited partnership. The Partnership filed a registration statement in 1988 and offered the sale of the limited partnership interests to persons who were admitted as limited partners. The offering became effective September 7, 1988, and was terminated September 30, 1988. Capital Contributions of $100 were received from the general partners and $5,100,000 from the limited partners. The limited partnership interests were sold in $1,000 units. On August 11, 2001, there were 524 unit holders of record. On May 11, 2001, the Partnership sold all 97 acres of undeveloped land (the "Property") located in York County, South Carolina, to Greenfield Development for $4,176,315. The Partnership will be liquidated in the third or fourth quarter of 2001. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 1. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2001, the Registrant had cash on hand in the amount of $45,229. This amount reflects the remainder of the proceeds received from the sale of all 97 acres of the Property and the cash distribution to limited partners in the amount of $3,799,500 or $745 per unit. The Registrant will retain this cash balance to pay for final tax paperwork, audit and database maintenance for the partnership. 6 7 2. RESULTS OF OPERATIONS The Partnership reported a net income $267,815 for the six months ended June 30, 2001, as compared to the net loss of $8,460 for the six months ended June 30, 2000. The income reflects the revenue from the sale of the property. Professional and legal fees increased from $7,925 to $12,939 reflecting higher legal fees incurred from the review of documents pertaining to the sale of the property. Closing costs pertaining to the sale of the property were $445,459. General and administrative expenses increased from $3,030 to $5,476, reflecting higher database maintenance fees paid in the current year. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION On June 29, 2000, the Partnership entered into a contract with Greenfield Development Company, LLC, to sell the entire tract of unimproved land for $4,176,315 or $45,000 acre. Limited partners voted their majority and notice of limited partner majority vote approving the sale was given on August 7, 2000. On May 11, 2001, Greenfield purchased all 97 acres of the property. On June 29, 2001, a cash distribution of $745 per unit was distributed to the limited partners. The partnership is now liquidated. The contract also included the purchase of approximately 97 acres of land owned by Interstate Lane Investors II. A majority of the investors in that Partnership have approved the sale and the property was sold on May 11, 2001. 7 8 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None (b) Reports on Form 8-K Form 8-K was filed on May 11, 2001. INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP SIGNATURE 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. INTERSTATE LAND INVESTORS I LIMITED PARTNERSHIP (REGISTRANT) BY: /S/J. CHRISTOPHER BOONE ----------------------- J. CHRISTOPHER BOONE ISC REALTY CORPORATION, GENERAL PARTNER AND PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER OF THE REGISTRANT DATE: AUGUST 11, 2001 8

INTERSTATE LAND INVESTORS I LTD PARTNERSHIP 10-Q