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Previous: LINCORP HOLDINGS INC, 10-Q, 1998-05-14 |
Next: FIDELITY COMMONWEALTH TRUST, 13F-E, 1998-05-14 |
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 period ended March 31, 1998
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 0-8667
------
PUBLIC STORAGE PROPERTIES, LTD.
-------------------------------
(Exact name of registrant as specified in its charter)
California 95-3196921
- --------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
701 Western Ave.
Glendale, California 91201-2349
- --------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
-----------------
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
--- ---
<PAGE>
INDEX
Page
PART I. FINANCIAL INFORMATION
Condensed balance sheets at March 31, 1998
and December 31, 1997 2
Condensed statements of income for the three
months ended March 31, 1998 and 1997 3
Condensed statement of partners' deficit for the
three months ended March 31, 1998 4
Condensed statements of cash flows for the
three months ended March 31, 1998 and 1997 5
Notes to condensed financial statements 6
Management's discussion and analysis of
financial condition and results of operations 7
PART II. OTHER INFORMATION 8
<PAGE>
PUBLIC STORAGE PROPERTIES, LTD.
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
--------------------- --------------------
(Unaudited)
ASSETS
------
<S> <C> <C>
Cash and cash equivalents $ 620,000 $ 546,000
Rent and other receivables 41,000 46,000
Real estate facilities, at cost:
Building, land improvements and equipment 8,012,000 8,001,000
Land 2,511,000 2,511,000
--------------------- --------------------
10,523,000 10,512,000
Less accumulated depreciation (5,609,000) (5,492,000)
--------------------- --------------------
4,914,000 5,020,000
--------------------- --------------------
Other assets 140,000 148,000
--------------------- --------------------
Total assets $ 5,715,000 $ 5,760,000
===================== ====================
LIABILITIES AND PARTNERS' DEFICIT
---------------------------------
Accounts payable $ 60,000 $ 32,000
Deferred revenue 136,000 131,000
Notes payable 13,655,000 14,093,000
Partners' deficit:
Limited partners' deficit, $500 per unit, 20,000 units
authorized, issued and outstanding (6,041,000) (6,308,000)
General partners' deficit (2,095,000) (2,188,000)
--------------------- --------------------
Total partners' deficit (8,136,000) (8,496,000)
--------------------- --------------------
Total liabilities and partners' deficit $ 5,715,000 $ 5,760,000
===================== ====================
</TABLE>
See accompanying notes.
2
<PAGE>
PUBLIC STORAGE PROPERTIES, LTD.
CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------------------
1998 1997
------------------ -------------------
REVENUES:
<S> <C> <C>
Rental income $ 1,107,000 $ 1,050,000
Other income 8,000 2,000
------------------ -------------------
1,115,000 1,052,000
------------------ -------------------
COSTS AND EXPENSES:
Cost of operations 262,000 256,000
Management fees paid to affiliate 66,000 63,000
Depreciation expense 117,000 107,000
Administrative 13,000 10,000
Interest expense 297,000 310,000
------------------ -------------------
755,000 746,000
------------------ -------------------
NET INCOME $ 360,000 $ 306,000
================== ===================
Limited partners' share of net income ($17.80 per unit in 1998
and $15.15 per unit in 1997) $ 356,000 $ 303,000
General partners' share of net income 4,000 3,000
------------------ -------------------
$ 360,000 $ 306,000
================== ===================
</TABLE>
See accompanying notes.
3
<PAGE>
PUBLIC STORAGE PROPERTIES, LTD.
CONDENSED STATEMENT OF PARTNERS' DEFICIT
(UNAUDITED)
<TABLE>
<CAPTION>
Total
Limited General Partners'
Partners Partners Deficit
---------------- ---------------- ----------------
<S> <C> <C> <C>
Balance at December 31, 1997 $ (6,308,000) $ (2,188,000) $ (8,496,000)
Net income 356,000 4,000 360,000
Equity transfer (89,000) 89,000 -
---------------- ---------------- ----------------
Balance at March 31, 1998 $ (6,041,000) $ (2,095,000) $ (8,136,000)
================ ================ ================
</TABLE>
See accompanying notes.
4
<PAGE>
PUBLIC STORAGE PROPERTIES, LTD.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------------
1998 1997
----------------- ----------------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 360,000 $ 306,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 117,000 107,000
Decrease in rent and other receivables 5,000 1,000
Amortization of prepaid loan fees 8,000 8,000
Decrease in other assets - 13,000
Increase in accounts payable 28,000 57,000
Increase in deferred revenue 5,000 4,000
----------------- ----------------
Total adjustments 163,000 190,000
----------------- ----------------
Net cash provided by operating activities 523,000 496,000
----------------- ----------------
Cash flows from investing activities:
Additions to real estate facilities (11,000) (34,000)
----------------- ----------------
Net cash used in investing activities (11,000) (34,000)
----------------- ----------------
Cash flows from financing activities:
Principal payments on note payable (438,000) (277,000)
----------------- ----------------
Net cash used in financing activities (438,000) (277,000)
----------------- ----------------
Net increase in cash and cash equivalents 74,000 185,000
Cash and cash equivalents at the beginning of the period 546,000 69,000
----------------- ----------------
Cash and cash equivalents at the end of the period $ 620,000 $ 254,000
================= ================
</TABLE>
See accompanying notes.
5
<PAGE>
PUBLIC STORAGE PROPERTIES, LTD.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
1. The accompanying unaudited condensed financial statements have been
prepared pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although management believes
that the disclosures contained herein are adequate to make the
information presented not misleading. These unaudited condensed
financial statements should be read in conjunction with the financial
statements and related notes appearing in the Partnership's Form 10-K
for the year ended December 31, 1997.
2. In the opinion of management, the accompanying unaudited condensed
financial statements reflect all adjustments, consisting of only normal
accruals, necessary to present fairly the Partnership's financial
position at March 31, 1998, the results of its operations for the three
months ended March 31, 1998 and its cash flows for the three months
then ended.
3. The results of operations for the three months ended March 31, 1998 are
not necessarily indicative of the results expected for the full year.
6
<PAGE>
PUBLIC STORAGE PROPERTIES, LTD.,
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
- ---------------------
Three months ended March 31, 1998 compared to three months ended March
31, 1997:
The Partnership's net income for the three months ended March 31, 1998
was $360,000 compared to $306,000 for the three months ended March 31, 1997,
representing an increase of $54,000 or 18%. This increase is primarily a result
of increased operating results at the Partnership's real estate facilities and a
decrease in interest expense resulting from a lower note payable balance in 1998
compared to 1997.
Rental income for the three months ended March 31, 1998 was $1,107,000
compared to $1,050,000 for the three months ended March 31, 1997, representing
an increase of $57,000 or 5%. This increase is primarily attributable to
increased occupancy levels and rental rates. The weighted average occupancy
levels at the mini-warehouse facilities were 94% and 92% for the three months
ended March 31, 1998 and 1997, respectively. Average monthly realized rent for
the three months ended March 31, 1998 increased to $.77 per occupied square foot
from $.75 per occupied square foot for the three months ended March 31, 1997.
Cost of operations (including management fees paid to an affiliate) for
the three months ended March 31, 1998 was $328,000 compared to $319,000 for the
three months ended March 31, 1997, representing an increase of $9,000 or 3%.
This increase is mainly attributable to increases in advertising and promotion.
Interest expense decreased $13,000 to $297,000 in the three months
ended March 31, 1998 from $310,000 in the same period in 1997 reflecting the
lower outstanding principal balances on the Partnership's notes payable.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Cash generated from operations ($523,000 for the three months ended
March 31, 1998) has been sufficient to meet all current obligations of the
Partnership.
In the fourth quarter of 1990, quarterly distributions were
discontinued to enable the Partnership to increase its cash available for
principal payments that commenced in 1993.
7
<PAGE>
PART II. OTHER INFORMATION
ITEMS 1 through 5 are inapplicable.
ITEM 6 Exhibits and Reports on Form 8-K
(a) The following Exhibit is included herein:
(27) Financial Data Schedule
(b) Form 8 - K
None.
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.
DATED: May 13, 1998
PUBLIC STORAGE PROPERTIES, LTD.
BY: Public Storage, Inc.
General Partner
BY: /s/ John Reyes
--------------------
John Reyes
Senior Vice President and
Chief Financial Officer
8
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000202953
<NAME> Public Storage Properties, Ltd.
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Mar-31-1998
<EXCHANGE-RATE> 1
<CASH> 620,000
<SECURITIES> 0
<RECEIVABLES> 41,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 801,000
<PP&E> 10,523,000
<DEPRECIATION> (5,609,000)
<TOTAL-ASSETS> 5,715,000
<CURRENT-LIABILITIES> 196,000
<BONDS> 13,655,000
0
0
<COMMON> 0
<OTHER-SE> (8,136,000)
<TOTAL-LIABILITY-AND-EQUITY> 5,715,000
<SALES> 0
<TOTAL-REVENUES> 1,115,000
<CGS> 0
<TOTAL-COSTS> 328,000
<OTHER-EXPENSES> 130,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 297,000
<INCOME-PRETAX> 360,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 360,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 360,000
<EPS-PRIMARY> 17.80
<EPS-DILUTED> 17.80
</TABLE>
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