CORNERSTONE REALTY FUND LLC

CIK:0001073149|SEC Filings

Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended	5 Months Ended	9 Months Ended
Condensed Statements of Operations (Unaudited) (USD $)	Sep. 30, 2010	May 31, 2011	Sep. 30, 2010
Revenues:
Rental revenues	$ 579,000	$ 1,054,000	$ 1,785,000
Tenant reimbursements and other income	128,000	291,000	364,000
Total revenues	707,000	1,345,000	2,149,000
Expenses:
Property operating and maintenance	213,000	352,000	642,000
Property taxes	112,000	254,000	334,000
General and administrative	59,000	261,000	246,000
Depreciation and amortization	202,000	416,000	589,000
Impairment of real estate			560,000
Total expenses	586,000	1,283,000	2,371,000
Interest expense		107,000
Income (loss) from continuing operations	121,000	(45,000)	(222,000)
Income (loss) from discontinued operations	56,000		141,000
Net income (loss)	177,000	(45,000)	(81,000)
Net income (loss) allocable to managing member
From continuing operations	12,000	(5,000)	(22,000)
From discontinued operations	6,000		14,000
Net income (loss) allocable to managing member	18,000	(5,000)	(8,000)
Net income (loss) allocable to unit holders
From continuing operations	109,000	(40,000)	(200,000)
From discontinued operations	50,000		127,000
Net income (loss) allocable to unit holders	$ 159,000	$ (40,000)	$ (73,000)
Per unit amounts:
Basic and diluted net income (loss) from continuing operations allocable to unit holders	$ 1.10	$ (0.41)	$ (2.03)
Basic and diluted net income (loss) from discontinued operations allocable to unit holders	$ 0.51		$ 1.29
Basic and diluted weighted average number of units outstanding	98,670	98,627	98,725

Condensed Statements of Cash Flows (Unaudited) (USD $)	5 Months Ended	9 Months Ended
Condensed Statements of Cash Flows (Unaudited) (USD $)	May 31, 2011	Sep. 30, 2010
OPERATING ACTIVITIES
Net loss	$ (45,000)	$ (81,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of deferred financing costs	11,000
Depreciation and amortization	416,000	604,000
Provision for bad debt	(4,000)	148,000
Impairment of real estate		560,000
Straight-line rent and amortization of acquired above/below market leases, net	21,000	(34,000)
Changes in operating assets and liabilities:
Tenant and other receivables, net	4,000	(104,000)
Prepaid expenses and other assets	(67,000)	(84,000)
Accounts payable, accrued liabilities and prepaid rent	123,000	(41,000)
Real estate taxes payable	(35,000)	146,000
Tenant security deposits		(10,000)
Net cash provided by operating activities	424,000	1,104,000
INVESTING ACTIVITIES
Capital expenditures	(69,000)	(127,000)
Net cash used in investing activities	(69,000)	(127,000)
FINANCING ACTIVITIES
Repayment of note payable	(22,000)
Cash distributions to unit holders	(1,230,000)	(623,000)
Cash distributions to managing member	(56,000)
Units repurchased and retired	(49,000)	(49,000)
Deferred financing costs		(16,000)
Net cash used in financing activities	(1,357,000)	(688,000)
Net (decrease) increase in cash and cash equivalents	(1,002,000)	289,000
Cash and cash equivalents at beginning of period	4,356,000	761,000
Cash and cash equivalents at end of period	3,354,000	1,050,000
Supplemental disclosure of non-cash financing and investing activities:
Cash paid for interest	96,000
Accrued additions to real estate		$ (5,000)

Condensed Balance Sheet (Unaudited) (USD $)	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 4,356,000
Investments in real estate
Land	9,593,000
Buildings and improvements, net	15,649,000
Intangible asset - in-place leases, net	104,000
Total investments in real estate	25,346,000
Other assets
Tenant and other receivables, net	292,000
Prepaid expenses and other assets	19,000
Deferred financing cost, net	77,000
Leasing commissions, net	195,000
Total assets	30,285,000
LIABILITIES
Accounts payable, accrued liabilities and prepaid rent	157,000
Distributions payable	622,000
Real estate taxes payable	231,000
Tenant security deposits	254,000
Note payable	3,987,000
Total liabilities	5,251,000
Commitments and contingencies (Note 8)
Members' capital (100,000 units authorized and issued as of December 31, 2010; 98,670 units outstanding as of December 31, 2010)	25,034,000
Total liabilities and members' capital	$ 30,285,000