Item 1. Business. The registrant is a North Carolina limited partnership formed in July 1986 (hereinafter referred to as the "Partnership"). The Partnership engaged in a "blind pool offering," the proceeds of which were used to purchase income-producing real property. During the year ended December 31, 1988, the Partnership received the minimum investment required to remove subscribers' funds from escrow. The Partnership's offering terminated with a total subscription of $3,195,000 from investor limited partners. The net proceeds were used to purchase the properties described in Item 2
Item 2. Properties. On June 23, 1989, the Partnership purchased the EastPark Executive Center, an office complex comprised of two buildings located in Charlotte, North Carolina with net leasable area of 45,300 square feet, for a purchase price of $3,155,138 of which $1,500,000 was provided by a first mortgage loan bearing interest at 10.5% per annum and having a term of 10 years. This mortgage loan became due in July 1999 and was refinanced with First Union National Bank. In 1998, the Partnership recorded a loss of $1,392,468 to reflect the $2,365,800 estimated sales value of the EastPark facility, net of related costs to sell. In 1999, the Partnership recorded an additional loss of $81,262 to expense additional improvements and to reflect a $2,323,500 reduced sales value, net of current related costs to sell.
On November 30, 1989, the Partnership acquired the BB&T Bank Building (formerly the UCB Building), a three-story office building in Greenville, South Carolina with net leasable area of 39,138 square feet, for a purchase price of $4,202,544 of which $3,110,000 was provided by a first mortgage loan from United Omaha. This mortgage loan became due on December 1, 1996 and was refinanced with First Union National Bank. On April 24, 1998, this property was sold for $3,471,000, resulting in a loss to the Partnership of $206,428.
In connection with the office building purchases, $26,312 of acquisition costs were capitalized.
No further purchases of real property are projected and no funds are available for that purpose. (See Item 7 below, "Status of EastPark Facility" for recent developments regarding the property.)
Item 3.
Item 3. Legal Proceedings. The Partnership is not involved in any legal proceedings and was not so involved during the year ended December 31, 2001.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders. Not applicable.
PART II
Item 5.
Item 5. Market for the Partnership's Common Equity and Related Stockholder Matters. There is no established public trading market for the Partnership's securities. The Partnership has approximately 520 limited partners. Cash distributions made to the limited partners during the recent years are set out in the Statements of Cash Flow included in the Financial Statements included in Part II, Item 8 of this Report.
Item 6.
Item 6. Selected Financial Data.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Liquidity and Capital Resources
During the year ended December 31, 2001, the Partnership continued to fund working capital requirements, although working capital was decreased by approximately $1,370,000. The decrease in the working capital is mainly due to the reclassification of long-term debt to short-term due to the loan maturing on June 30, 2002. The General Partners anticipate seeking refinancing with Wachovia (f/k/a First Union National Bank), however no assurances can be given that such refinancing will occur. The working capital deficit at December 31, 2001 was $1,305,665.
The cumulative unpaid priority return to the unit holders increased from $2,895,185 at December 31, 2000 to $3,137,969 at December 31, 2001. This increase resulted from no distributions being made to partners during the year pursuant to the Limited Partnership Agreement. Based on current and projected commercial real estate market conditions, the General Partners believe that it is reasonably unlikely that a sale of the Partnership properties would produce net sale proceeds sufficient to pay any of such priority return. Furthermore, the General Partners believe that it is reasonably unlikely that the Partnership's operating income or any refinancing of Partnership debt would generate sufficient funds to pay the priority return.
During the year ended December 31, 2001, the Partnership had net income of $84,672 as compared to the net income of $65,282 in 2000. (See "Results of Operations" below for explanation of variance.) Rental income, operating expenses and interest expense for the years ended December 31, 2001 and 2000 resulted exclusively from the operations of the Partnership's commercial real estate properties. The EastPark Executive Center buildings were 93% leased at both December 31, 2001 and December 2000.
See Item 13 (Certain Relationships and Related Transactions) for a discussion regarding leasing commissions, management fees and repair service fees paid to FSK Properties, LLC, a General Partner of the Partnership, as well as administrative reimbursements paid to Internet Services Corporation.
In the event that funds derived from operations are insufficient to meet the Partnership's working capital needs, the General Partners have agreed to fund the shortfall.
Forward-Looking Statements
This report contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Partnership. These forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements.
Results of Operations
Comparison of 2001 results with 2000.
Net income for the year ended December 31, 2001 increased by approximately $19,000 or 30% as compared to the same period of the prior year. Rental income increased by 6% due to rental escalations as provided by the current leases and the additional space leased by the GSA during 2001. Repairs and maintenance increased approximately $38,000 as compared to the prior year due to the installation of new security lights, gates and signage on the property. Professional fees increased by approximately $15,000 due to commissions on the new leases and additional costs of the management company. Interest expense is down approximately $41,000 due to lower rates on the floating rate loan with Wachovia.
Comparison of 2000 results with 1999.
Operating income for the year ended December 31, 2000 was $205,529. This is a 91% increase from the prior year. The main cause for the increase is due to the recording of a loss on impairment of value for the EastPark facility of $81,262 in the prior year. In 2000, there was no further impairment of value recorded. Operating income exclusive of the impairment was up approximately $16,000 or 9%. Rental income was up slightly due to escalation increases on the current leases. Professional fees are down approximately $32,000 from the prior years, but increase in repairs and maintenance almost completely offsets the decrease in professional fees.
Status of EastPark Facility
The General Partners remain committed on selling the EastPark facility and continue to have it listed with a commercial real estate broker. At this time, the facility is not under contract with any potential buyers. The General Partners are also working towards extending the leases with the current tenants. Although the facility is 93% leased, all current tenants have the option to cancel their leases within the next two years. The GSA has the election to cancel its lease in November 2002 and accounts for 86% of the total rental income; accordingly, the General Partners will focus their lease extension efforts on the GSA. During 2001, the Partnership renewed a 1,902 square foot lease with a smaller tenant at the same rate as then in effect for an additional two-year period. This lease will now expire on July 31, 2003. The remaining tenant's lease expired on February 1, 2002 and the General Partners are currently negotiating to renew this lease. The General Partners will continue to search for the best offer for the property and manage it at acceptable standards until such time as the Partnership can sell the property to a qualified buyer.
Item 8.
Item 8. Financial Statements and Supplementary Data. The financial statements are attached hereto.
INDEPENDENT AUDITOR'S REPORT
To the Partners Yager/Kuester Public Fund Limited Partnership Fort Mill, South Carolina
We have audited the accompanying balance sheets of Yager/Kuester Public Fund Limited Partnership as of December 31, 2001 and 2000, and the related statements of operations, partners' equity and cash flows for each of the three years in the period ended December 31, 2001. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Yager/Kuester Public Fund Limited Partnership as of December 31, 2001 and 2000, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States of America.
/s/ McGladrey & Pullen, LLP
Charlotte, North Carolina February 19, 2002
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
BALANCE SHEETS DECEMBER 31, 2001 AND 2000
See Notes to Financial Statements.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
See Notes to Financial Statements
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
STATEMENTS OF PARTNERS' EQUITY YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
See Notes to Financial Statements.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
(Continued)
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS (CONTINUED) YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
See Notes to Financial Statements.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 1. NATURE OF BUSINESS AND ORGANIZATION, PARTNERSHIP AGREEMENT AND SIGNIFICANT ACCOUNTING POLICIES
Nature of business and organization: The Partnership is a North Carolina limited partnership formed in July 1986. The purpose of the Partnership is to acquire, operate, hold for investment and sell commercial rental property. The partnership has property located in Charlotte, North Carolina.
The general partners of the Partnership are DRY Limited Partnership, a North Carolina limited partnership in which Dexter R. Yager, Sr. is the general partner and FSK Limited Partnership, a North Carolina limited partnership in which Faison S. Kuester, Jr. is the general partner.
Partnership agreement: Under the terms of the partnership agreement, all taxable income, tax losses and cash distributions from operations are to be allocated 99% to the limited partners and 1% to the general partners until the limited partners receive a return of their initial capital contributions and a "Priority Return". The Priority Return is a sum equal to 8% per annum cumulative, but not compounded, (prorated for any partial year) of the adjusted capital contributions of the limited partners, calculated from the last day of the calendar quarter in which each limited partner is admitted to the Partnership to the date of payment. Thereafter, taxable income, tax losses and cash distributions from operations will be allocated 75% to the limited partners and 25% to the general partners.
Upon the sale or refinancing of any future partnership properties, the partnership agreement specifies certain allocations of net proceeds and taxable gain or loss from the transaction.
A summary of the Partnership's significant accounting policies follows:
Use of management's estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents: For purposes of reporting the statements of cash flows, the Partnership includes all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with an original maturity of three months or less as cash and cash equivalents on the accompanying balance sheets. At various times throughout the year, the Partnership may have cash balances at financial institutions which exceed federally-insured amounts.
Investments: The leased property held for sale is stated at the lower of cost less accumulated depreciation or fair market value. Depreciation is computed by the straight-line method over 40 years for buildings and over 15 years for building improvements. Depreciation was discontinued in 1998 subsequent to the recognition of impairment (see Note 4).
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 1. NATURE OF BUSINESS AND ORGANIZATION, PARTNERSHIP AGREEMENT AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Investment in securities available for sale: Financial Accounting Standards Board Statement No. 115 requires that management determine the appropriate classification of securities at the date individual investment securities are acquired, and that the appropriateness of such classification be reassessed at each balance sheet date. Since the Partnership neither buys securities in anticipation of short-term fluctuations in market prices nor can commit to holding debt securities to their maturities, the investment in debt and marketable equity securities have been classified as available for sale in accordance with Statement No. 115. Available-for-sale securities are stated at fair value, and unrealized holding gains and losses are reported as a separate component of partners' equity. Realized gains and losses, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in income. Realized gains and losses are determined on the basis of the specific securities sold.
Deferred charges: Deferred charges are related to prepaid fees which are amortized over the length of the related loans, 1 to 10 years, on a straight-line basis.
Deferred leasing commissions: Deferred leasing commissions related to obtaining specific leases are amortized using the straight-line method over the noncancelable lease terms which range from three to seven years.
Revenue recognition: Rental revenue is recognized evenly over the term of the lease. In connection with negotiating and obtaining leases, the Partnership's management may at times grant concessions, such as free rent for a specific number of months during the lease. These costs are amortized over the life of the lease.
Disclosures about the fair value of financial instruments: Financial Accounting Standards Board Statement No. 107, Disclosures About Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Statement 107 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. At December 31, 2001 and 2000, the carrying values of the Partnership's financial instruments, including accounts receivable which are due on demand and the mortgage payable which bears interest at market rates, approximate their fair values.
Partnership equity: The Financial Accounting Standards Board issued Statement No. 128, Earnings Per Share. The Statement specifies the computation, presentation, and disclosure requirements for earnings per share. Management believes that Statement No. 128 is analogous to limited partnership units and accordingly, additional disclosures for partnership units are presented in the accompanying financial statements.
Income taxes: Under current income tax laws, income or loss of the Partnership is included in the income tax returns of the partners. Accordingly, the Partnership will make no provision for federal or state income taxes.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 1. NATURE OF BUSINESS AND ORGANIZATION, PARTNERSHIP AGREEMENT AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Reclassifications: The Company's policy is to reclassify certain amounts reported in prior year financial statements when necessary for conformity with classifications adopted in the current year. These reclassifications do not have a material effect on prior year financial statements.
NOTE 2. WORKING CAPITAL RESERVE
Per the Partnership Agreement, a minimum working capital reserve of $94,500 must be maintained to fund any expenditures that the cash flow from properties on operating leases is insufficient to meet. The combined balance of cash and cash equivalents and securities available for sale exceeds this requirement at December 31, 2001 and 2000 by $30,306 and $36,822, respectively.
Securities available for sale may be sold in order to fund future operating cash flow expenditures.
NOTE 3. SECURITIES AVAILABLE FOR SALE
The following is a summary of the Partnership's securities available for sale as of December 31, 2001 and 2000:
At December 31, 2001, the Partnership did not have trading or held to maturity securities.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 3. SECURITIES AVAILABLE FOR SALE (CONTINUED)
Gross realized gains and losses from the sale of securities available for sale for the years ended December 31, 2001, 2000 and 1999 are as follows:
The Partnership has only equity securities. Equity securities have no maturity date. Therefore, there are no amortized cost or fair values of securities available for sale as of December 31, 2001 by contractual maturity.
Proceeds from sales of securities available for sale during the years ended December 31, 2001, 2000 and 1999 are as follows:
Dividend income included in nonoperating income (expense) in the accompanying Statements of Operations totaled $5,774, $9,059 and $10,361 for the years ended December 31, 2001, 2000 and 1999, respectively.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 4. LEASED PROPERTY HELD FOR SALE
The Partnership leases office facilities under various lease agreements. The following schedule provides an analysis of the Partnership's investment in property held for lease by major classes as of December 31, 2001 and 2000, respectively.
The following is a schedule by year of all minimum future rentals on noncancelable operating leases as of December 31, 2001:
The property is currently contracted with a real estate broker. It is the intention of the General Partners to market and sell the property. The sales proceeds will be used to pay off debt/liabilities and return partners' equity. In 1998, the Partnership recorded a loss of $1,392,468 to reflect the $2,365,800 estimated sales value of the assets, net of related selling costs. In 2000, the Partnership recorded an additional loss of $81,262 to expense additional improvements and to reflect the $2,323,500 reduced sales value of the assets, net of related selling costs. This estimate is subject to potential significant change. Subsequent to the recognition of the impairment, depreciation and amortization of the related assets were discontinued.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 5. NOTE PAYABLE, BANK, LONG-TERM DEBT AND PLEDGED ASSETS
Long-term debt and pledged assets consists of the following at December 31, 2001 and 2000:
NOTE 6. PRIORITY RETURN
The cumulative unpaid priority return to the limited partners is $3,137,969 and $2,895,185 at December 31, 2001 and 2000, respectively. There were no cash distributions to the limited partners for the priority return for the years ended December 31, 2001, 2000 and 1999. Based on current and projected real estate market conditions, the General Partners believe that it is reasonably unlikely that a future sale of the Partnership property would produce sufficient net sales proceeds to pay the priority return.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 7. RELATED PARTY TRANSACTIONS
Management expenses paid to a General Partner and to Internet Services Corporation, a related party, in connection with day-to-day operations of the Partnership amounted to $17,585, $16,493, and $16,471 for the years ended December 31, 2001, 2000 and 1999, respectively. Also, allocated expenses were paid to related parties in the amounts of $68,638, $56,569 and $66,572 for the years ended December 31, 2001, 2000 and 1999, respectively.
NOTE 8. MAJOR TENANTS
Rental income for the years ended December 31, 2001, 2000 and 1999, respectively, included approximate rentals from the following major tenants which accounted for 10% or more of the total rental income of the Partnership for those years:
Accounts receivable from the major tenant identified above was as follows at December 31, 2001 and 2000, respectively:
The major tenant identified above has the option to terminate its lease agreement with the Partnership two years prior to the end of the lease. If the option is exercised, the tenant may terminate its lease with the Partnership by November 2002.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
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NOTE 9. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
The following tables present summarized quarterly data for the years ended December 31, 2001 and 2000:
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Not applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Partnership. The Partnership has no executive officers and directors. The General Partners of the partnership are DRY Limited Partnership, the sole General Partner of which is Dexter R. Yager, Sr., and FSK Limited Partnership, the sole General Partner of which is Faison S. Kuester, Jr.
Following is a brief discussion of the background and experience of Messrs. Kuester and Yager.
Faison S. Kuester, Jr., 56, graduated from the University of North Carolina at Chapel Hill with a Bachelor of Arts Degree in History in 1967. He is a resident of Charlotte, North Carolina. After three years service in the United States Army as a Lieutenant, Mr. Kuester joined Independence Development Corporation in 1972 serving as a director of leasing and management for a period of three years. In 1974, Mr. Kuester formed his own company, Kuester Realty and Management, in order to lease and manage commercial properties in Charlotte, North Carolina and surrounding communities. In addition to leasing and managing various commercial properties, Kuester Realty developed two medical clinics in the Charlotte area. In 1980, Kuester Properties, Inc. ("KPI") was formed to specialize in on-site management of apartment communities in the southeastern United States. The following year Cauble and Kuester Company, Inc. was organized to lease and manage commercial properties in the metropolitan Atlanta area. This partnership brought together Cauble and Company, experienced mortgage lenders and leasing agents in the Atlanta market, and Kuester Realty and Management. Finally, in 1983, Kuester Development Corporation was formed to allow the Kuester companies to engage in selective real estate development projects in the southeastern United States.
Through Kuester Development Corporation, a wholly-owned subsidiary of KPI, Mr. Kuester has been directly involved with the development of several commercial real estate properties in North and South Carolina and Georgia. These include the First United National Bank Building in Wilmington, North Carolina, two retail office showroom projects, two medical office buildings and residential condominiums in Charlotte, North Carolina, an office building in Savannah, Georgia, and an office building in Greenville, South Carolina. Kuester Development Corporation also has developed over 1000 apartment units throughout Charlotte, North Carolina since 1983.
In October 1996, Mr. Kuester formed FSK Properties, LLC to provide management, leasing and brokerage services to his clients. FSK Properties, LLC serves as property manager of the Partnership property.
Dexter R. Yager, Sr., 62, is the President and founder of D&B Yager Enterprises, Inc., Mr. Yager's Amway distributorship business. Through D&B Yager Enterprises, Inc., Mr. Yager has been an independent business owner for Amway Corporation for over 35 years during which time he has achieved the status of Founder's Crown Ambassador, which is the highest level attainable as an Amway distributor. The Amway Corporation, now known as Quixtar, is one of the largest manufacturers of home care products in the world. He is also a former member and past president of the Amway Distributor Association Board of Directors. Mr. Yager has many other family-owned businesses and is responsible for the development of several businesses, including the following: Yager Personal Development, Inc., which handles Mr. Yager's services as a speaker at Amway events, Yager Construction Company, Inc., which is a general building contractor; and YFP, LLC (f/k/a as The Dexter and Birdie Yager Family Limited Partnership), which owns various real estate investments and manages real estate for the Yager family.
Mr. Yager has significant experience in real estate investment for his own account. Mr. Yager personally, and through partnerships in which he and his wife own a majority interest, has made investments in raw land, office buildings, shopping centers, and other commercial and residential real estate having a market value in excess of $10,000,000. He has made substantial additional real estate investments through partnerships in which he does not own a majority interest.
Item 11.
Item 11. Executive Compensation. The Partnership does not employ any executive officers or directors. Dexter R. Yager, Sr. and Faison S. Kuester have policy making functions with regard to Partnership operations. See Item 10 for the relationship of such persons to the Partnership. See Item 13 for a description of payments made to FSK Properties, LLC for property management services and to Internet Services Corporation, Inc. for accounting and management services.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management. The General Partners initially contributed a total of $2,500 to the capital of the Partnership, consisting of a $1,600 contribution from DRY Limited Partnership and $900 from FSK Limited Partnership. The General Partners own a 1% interest in all items of Partnership income, gain, loss, deductions
or credits including 1% of net cash from operations. The General Partners also own a residual 25% interest in net cash from a sale or refinancing of the Partnership Property, subordinated to the receipt by the Limited Partners of the return of their capital contributions and their priority return and to the payment of any subordinated real estate commissions due to affiliates of the General Partners.
The General Partners do not own any Limited Partnership interest in the Partnership.
Item 13.
Item 13. Certain Relationships and Related Transactions. During the fiscal year ended December 31, 2001, FSK Properties, LLC received $48,796 for management fees, commissions and repair service fees. Internet Services Corporation, Inc. received $37,427 for providing accounting/management services. Internet Services Corporation is owned equally by three trusts, the beneficial interests of which inure to the benefit of three children of Dexter R. Yager, Sr., the sole General Partner of DRY Limited Partnership, which limited partnership is one of the two general partners of the Partnership. Janitorial services for the EastPark Executive Center are provided by Marquis Cleaning Services, which is operated and owned by Dexter R. Yager's nephew.
The General Partners believe that the terms for the above mentioned services are as favorable as those the Partnership could obtain from unaffiliated parties.
PART IV
Item 14.
Item 14. Exhibits, Financial Statements Schedules and Reports on Form 8-K.
(a)(1) The following financial statements of the Partnership are included in Part II, Item 8 hereof.
(i) Independent Auditor's Report (ii) Balance Sheets as of December 31, 2001 and 2000 (iii) Statements of Operations for years ended December 31, 2001, 2000 and 1999 (iv) Statements of Partners' Equity for years ended December 31, 2001, 2000 and 1999 (v) Statements of Cash Flows for years ended December 31, 2001, 2000 and 1999 (vi) Notes to Financial Statements
(a)(2) All schedules have been omitted because they are inapplicable, not required, or the information is included elsewhere in the financial statements or notes thereto.
(a)(3) Exhibits:
(4) Instrument defining rights of securities holders - set forth in the Limited Partnership Agreement which is contained in the Prospectus incorporated herein by reference.
(10.1)* Limited Partnership Agreement
(10.2)** Exclusive Leasing and Management Agreement dated October 1, 1994 (EastPark Executive Center).
(10.3)***Listing Agreement of Property for Lease and/or Sale dated December 22, 1998 (EastPark Executive Center).
(23) Consent of Independent Auditor
(b) Reports on Form 8-K: None.
(c) Exhibits: The exhibits listed in Item 14(a)(3) above and not incorporated herein by reference are filed with this Form 10-K.
(d) Financial Statement Schedules: There are no financial statement schedules included in this Form 10-K report.
- ------------------------------------------------------------------------------ * Incorporated by reference to Exhibit A of the Partnership's Prospectus dated December 1, 1987, Registration Number 33-07056-A.
** Incorporated by reference to Exhibit 3 of the Partnership's Form 10-K for the year ended December 31, 1995.
*** Incorporated by reference to Exhibit 3 of the Partnership's Form 10-K for the year ended December 31, 1998.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Partnership has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
YAGER/KUESTER PUBLIC FUND LIMITED PARTNERSHIP
By: FSK Limited Partnership
March 28, 2002 By: /s/ Faison S. Kuester, Jr. ------------------------------- Faison S. Kuester, Jr. General Partner (Principal Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on March 28, 2002 by the following persons on behalf of the Partnership and in the capacities and on the dates indicated.
/s/Thomas K. Emery /s/ Faison S. Kuester - ------------------------------- ------------------------------------ Thomas K. Emery Faison S. Kuester, Jr., General (Principal Accounting Officer) Partner of FSK Limited Partnership, General Partner of the Partnership
Date March 28, 2002 Date March 28, 2002
/s/ Dexter R. Yager, Sr. ------------------------------------ Dexter R. Yager, Sr., General Partner of DRY Limited Partnership, General Partner of the Partnership
Date March 28, 2002