10-Q 1 c64555e10-q.txt QUARTERLY REPORT 1 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 June 30, 2001 [ ] 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 0-7798 FIRST WILKOW VENTURE, A LIMITED PARTNERSHIP (Exact Name of Registrant as Specified in Its Charter) Illinois 36-6169280 ----------------------------- -------------------------------- (State of Organization) (IRS Employer Identification No.) 180 North Michigan Avenue, Chicago, Illinois 60601 --------------------------------------------------- (Address of Principal Executive Offices) Registrant's Telephone Number, including area code: (312) 726-9622 -------------- 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 [ ] 2 INDEPENDENT ACCOUNTANT'S REPORT To the Partners First Wilkow Venture We have reviewed the accompanying consolidated balance sheet of First Wilkow Venture (the "Partnership") as of June 30, 2001, and the related consolidated statement of operations for the three and six months ended June 30, 2001 and 2000, and the consolidated statement of cash flows for the six months ended June 30, 2001 and 2000. These consolidated financial statements are the responsibility of the management of the Partnership. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial and accounting matters. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying consolidated financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying consolidated balance sheet for the year ended December 31, 2000, was audited by us, and we expressed an unqualified opinion on it in our report dated February 14, 2001, but we have not performed any auditing procedures since that date. PHILIP ROOTBERG & COMPANY, LLP Chicago, IL August 2, 2001 3 FIRST WILKOW VENTURE (A LIMITED PARTNERSHIP) CONSOLIDATED BALANCE SHEET

Note: Balance Sheet at 12/31/00 taken from the audited financial statements at that date. See accountant's report and accompanying notes to consolidated financial statements 4 FIRST WILKOW VENTURE CONSOLIDATED STATEMENT OF OPERATIONS THREE AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000 (UNAUDITED)

See accountant's report and accompanying notes to consolidated financial statements 5 FIRST WILKOW VENTURE CONSOLIDATED STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2001 AND 2000 (UNAUDITED)

See accountant's report and accompanying notes to consolidated financial statements 6 FIRST WILKOW VENTURE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2001 1 - Financial Statements The consolidated financial statements have been prepared in accordance with 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. Certain amounts at June 30, 2000, have been reclassified to conform to the presentation at June 30, 2001. Reference is made to the Registrant's annual report for the year ended December 31, 2000, 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 July 10, 2001, the Registrant made a distribution to its partners in the amount of $170,916.00, or $1.00 per unit, based on 170,916 units outstanding at June 30, 2001. 7 FIRST WILKOW VENTURE FORM 10-Q MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS JUNE 30, 2001 Overview Reference is made to the Registrant's annual report for the year ended December 31, 2000, for a discussion of the Registrant's business. On January 10, 2001, the Registrant made a distribution to its partners in the amount of $128,187.00, or $.75 per unit. On April 10, 2001, the Registrant made a distribution to its partners in the amount of $683,664.00, or $4.00 per unit. On April 26, 2001, the Registrant invested $280,000 to release the letter of credit held by the mortgagee as credit enhancement for an additional 7.00% interest in Arlington LLC. On May 31, 2001, the Registrant invested $300,000 to obtain a 15.79% interest in M&J/Battery LLC, which has a 14.50% interest in 600 Battery Street LLC, which owns 600 Battery Street, an office building in San Francisco, California. On June 6, 2001, M&J/Retail Limited Partnership invested a total of $371,000, to obtain an 11.24% interest in M&J/Bayfair 580 LLC, which has a 99.00% interest in Bayfair 580 LLC, which owns Bayfair Mall, a shopping center located in San Leandro, California. 8 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 June 30, 2001 and 2000. 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:/s/ Marc R. Wilkow ----------------------------------- Marc R. Wilkow, General Partner and President of M&J Wilkow, Ltd., its Managing Agent DATED: August 10, 2001 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 August 10, 2001. /s/ Clifton J. Wilkow -------------------------------------- Clifton J. Wilkow, General Partner and Executive Vice President of M&J Wilkow, Ltd. /s/ Thomas Harrigan --------------------------------- Thomas Harrigan, Senior Vice President of M&J Wilkow, Ltd.

FIRST WILKOW VENTURE 10-Q