SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
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 0-9242
Century Properties Fund XIV
(Exact name of Registrant as specified in its charter)
California 94-2535195
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5665 Northside Drive N.W., Ste. 370, Atlanta, Georgia 30328
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (770) 916-9090
N/A
Former name, former address and fiscal year, if changed since last report.
Indicate by check mark whether 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_____
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 12, 13, or 15(d) of the Securities Exchange
Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes _____ No _____
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the
latest practicable date __________________.
1 of 16
CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Consolidated Balance Sheets
September 30, December 31,
1995 1994
Assets
Cash and cash equivalents $ 2,654,000 $ 714,000
Other assets 1,223,000 1,136,000
Real Estate:
Real estate 51,528,000 53,142,000
Accumulated depreciation (21,711,000) (21,751,000)
Allowance for impairment of value (4,205,000) (4,205,000)
------------- -------------
Real estate, net 25,612,000 27,186,000
Deferred costs, net 624,000 639,000
------------- -------------
Total assets $ 30,113,000 $ 29,675,000
============= =============
Liabilities and Partners' Equity
Notes payable $ 21,337,000 $ 21,480,000
Deferred interest, accrued expenses and
other liabilities 1,840,000 1,286,000
------------- -------------
Total liabilities 23,177,000 22,766,000
------------- -------------
Commitments and Contingencies
Partners' Equity:
General partners 26,000 25,000
Limited partners (64,806 units outstanding at
September 30, 1995 and December 31, 1994) 6,910,000 6,884,000
------------- -------------
Total partners' equity 6,936,000 6,909,000
------------- -------------
Total liabilities and partners' equity $ 30,113,000 $ 29,675,000
============= =============
See notes to consolidated financial statements.
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Operations
For the Nine Months Ended
September 30, September 30,
1995 1994
Revenues:
Rental $ 6,423,000 $ 5,947,000
Interest and other income 523,000 184,000
----------- -------------
Total revenues 6,946,000 6,131,000
----------- -------------
Expenses:
Operating 3,279,000 3,399,000
Interest 1,697,000 1,850,000
Depreciation 1,164,000 1,149,000
General and administrative 174,000 446,000
Loss on property sale 605,000 -
----------- -------------
Total expenses 6,919,000 6,844,000
----------- -------------
Net income (loss) $ 27,000 $ (713,000)
=========== =============
Net income (loss) per limited partnership unit $ 0.40 $ (10.79)
=========== =============
See notes to consolidated financial statements.
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Operations
For the Three Months Ended
September 30, September 30,
1995 1994
Revenues:
Rental $ 2,077,000 $ 2,080,000
Interest and other income 20,000 86,000
----------- ------------
Total revenues 2,097,000 2,166,000
----------- ------------
Expenses:
Operating 1,188,000 1,428,000
Interest 565,000 611,000
Depreciation 383,000 383,000
General and administrative 51,000 54,000
----------- ------------
Total expenses 2,187,000 2,476,000
----------- ------------
Net loss $ (90,000) $ (310,000)
=========== ============
Net loss per limited partnership unit $ (1.36) $ (4.69)
=========== ============
See notes to consolidated financial statements.
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Cash Flows
For the Nine Months Ended
September 30, September 30,
1995 1994
Operating Activities:
Net income (loss) $ 27,000 $ (713,000)
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 1,309,000 1,311,000
Loss on property disposition 605,000 -
Deferred costs paid (122,000) (451,000)
Changes in operating assets and liabilities: -
Other assets (87,000) (299,000)
Deferred interest, accrued expenses and
other liabilities 554,000 (161,000)
----------- ------------
Net cash provided by (used in) operating activities 2,286,000 (313,000)
----------- ------------
Investing Activities:
Net proceeds from property disposition 931,000 -
Additions to real estate (1,109,000) (324,000)
----------- ------------
Net cash (used in) investing activities (178,000) (324,000)
----------- ------------
Financing Activities:
Notes payable proceeds - 16,418,000
Satisfaction of notes payable - (20,211,000)
Notes payable principal payments (168,000) (229,000)
----------- ------------
Net cash (used in) financing activities (168,000) (4,022,000)
----------- ------------
Increase (Decrease) in Cash and Cash Equivalents 1,940,000 (4,659,000)
Cash and Cash Equivalents at Beginning of Period 714,000 5,717,000
----------- ------------
Cash and Cash Equivalents at End of Period $ 2,654,000 $ 1,058,000
=========== ============
Supplemental Disclosure of Cash Flow Information:
Interest paid in cash during the period $ 1,580,000 $ 1,671,000
=========== ============
See notes to consolidated financial statements.
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. General
The accompanying consolidated financial statements, footnotes and
discussions should be read in conjunction with the financial
statements, related footnotes and discussions contained in the
Partnership's Annual Report for the year ended December 31, 1994.
Certain accounts have been reclassified in order to conform to the
current period.
The financial information contained herein is unaudited. In the
opinion of management, all adjustments necessary for a fair
presentation of such financial information have been included. All
adjustments are of a normal recurring nature, except as described
in Notes 3 through 5.
The results of operations for the nine and three months ended
September 30, 1995 and 1994 are not necessarily indicative of the
results to be expected for the full year.
On August 17, 1995, the stockholders of National Property
Investors, Inc. ("NPI, Inc."), the sole shareholder of NPI Equity
Investments II, Inc. ("MGP" or "NPI Equity"), the entity which
controls Fox Realty Investors and Fox Capital Management
Corporation, the general partners of the Partnership, entered into
an agreement to sell to IFGP Corporation, an affiliate of Insignia
Financial Group, Inc. ("Insignia"), all of the issued and
outstanding stock of NPI, Inc. The sale of the stock is subject to
the satisfaction of certain conditions and is scheduled to close in
January 1996.
2. Transactions with Related Parties
(a) An affiliate of NPI, Inc. received reimbursement of
administrative expenses amounting to $108,000 and $129,000
during the nine months ended September 30, 1995 and 1994.
These reimbursements are included in general and administrative
expenses.
(b) An affiliate of NPI, Inc., is entitled to receive 5% of annual
gross receipts from all residential properties it manages. For
the period ended September 30, 1995 and 1994, affiliates of
NPI, Inc. received $196,000 and $142,000, respectively, which
are included in operating expenses.
(c) For the nine months ended September 30, 1994, an affiliate of
NPI, Inc. was paid a fee of $5,000 relating to successful real
estate tax appeals on the Partnership's properties. These fees
are included in operating expenses.
3. Condemnation Settlement
In April 1995, the Partnership received $250,000 as a settlement
with the City of Bozeman in connection with a right of way
agreement pertaining to the condemnation of part of the property at
the Partnership's University Square Shopping Center property. The
condemnation will enable the City of Bozeman and the State of
Montana to undertake substantial road improvements. The
condemnation will not affect any of the structures at the property,
nor does MGP believe it will adversely affect the property. An
additional parcel of land was acquired in the settlement and
6 of 16
CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. Condemnation Settlement (Continued)
will enable the Partnership to develop an out parcel with separate
access to the shopping center. The Partnership will, however, be
required to construct new access roads to the property and to move
its shopping center sign at a cost of approximately $100,000. The
net settlement of $150,000 is included in interest and other income
for the nine month period ended September 30, 1995.
4. Loss on Property Sale
On September 12, 1995, the Partnership sold its Greenbriar Plaza
Shopping Center property for $1,050,000. After closing expenses of
$119,000, net proceeds received by the Partnership were $931,000.
For financial statement purposes, the sale resulted in a loss of
$605,000. A provision for loss on sale of $605,000 was recorded
during the six months ended June 30, 1995.
5. Notes Payable
(a) On September 15, 1994, the Partnership satisfied the $1,684,000
outstanding mortgage encumbering the Duck Creek Shopping
Center.
(b) On July 5, 1994, the Partnership paid down $2,109,000 of the
existing mortgages encumbering Registrant's St. Charleston
Village, Sun River and Torrey Pines Village Apartments and
replaced the remaining $16,418,000 with new first mortgages.
The Partnership incurred closing costs and fees of $441,000 in
connection with these refinancings.
6. Subsequent Events
(a) On October 6, 1995, the Partnership sold its Duck Creek
Shopping Center property for $2,250,000. After closing
expenses of $124,000, net proceeds received by the Partnership
will be approximately $2,126,000. For financial statement
purposes, any gain or loss recognized on the sale will not be
material.
(b) On October 17, 1995, the Partnership distributed $3,001,000
($46.31 per unit) to the limited partners and $61,000 to the
general partners from the proceeds of the sale of the
Partnership's Greenbriar Plaza Shopping Center and Duck Creek
Shopping Center properties.
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
This item should be read in conjunction with the Consolidated Financial
Statements and other Items contained elsewhere in this Report.
Liquidity and Capital Resources
As of November 1, 1995, Registrant's real estate properties consist of five
commercial properties located in Texas, California and Montana and three
residential apartment complexes located in Nevada and Arizona. The
properties are leased to tenants subject to leases with original lease
terms ranging from six months to one year for residential properties and
with remaining lease terms of up to twenty years for commercial properties.
Registrant receives rental income from its properties and is responsible
for operating expenses, administrative expenses, capital improvements and
debt service payments. As of November 1, 1995, eleven of the nineteen
properties originally purchased by Registrant were sold or otherwise
disposed. It is anticipated that Registrant's Wingren Plaza will be sold
in the fourth quarter of 1995. Registrant is currently marketing selected
properties for sale.
All of Registrant's properties, except St. Charleston Village and Torrey
Pines, generated positive cash flow for the nine months ended September 30,
1995. The cash flow deficits at Registrant's St. Charleston Village and
Torrey Pines properties were attributable to significant capital
improvements incurred during the nine months ended September 30, 1995. On
September 12, 1995, the Partnership sold its Greenbriar Plaza Shopping
Center property for $1,050,000. After closing expenses of $119,000, net
proceeds received by the Partnership were $931,000. For financial
statement purposes, the sale resulted in a loss of $605,000. A provision
for loss on sale of $605,000 was recorded during the six months ended June
30, 1995. As described in Item 1, Note 6, in October 1995, Registrant sold
its Duck Creek Shopping Center property and received net proceeds of
approximately $2,126,000. In April 1995, Registrant reached a settlement
with the City of Bozeman in the amount of $250,000 in connection with a
right of way agreement pertaining to the condemnation of part of the
property at the Partnership's University Square Shopping Center property.
The condemnation will enable the City of Bozeman and State of Montana to
undertake substantial road improvements. The condemnation will not affect
any of the structures at the property, nor does MGP believe it will
adversely affect the property. An additional parcel of land was acquired
in the settlement and will enable the Partnership to develop an out parcel
with separate access to the shopping center. Registrant will, however, be
required to construct new access roads to the property and to move its
shopping center sign at a cost of approximately $100,000. In May 1995,
Registrant accepted a release of the assignor's guarantee from a vacating
tenant at Registrant's The Oaks Shopping Center property. In July 1995,
the vacant space was re-leased for a ten year period, commencing November
1, 1995, at similar terms and conditions as the previous tenant.
Registrant uses working capital reserves provided from any undistributed
cash flow from operations as its primary source of liquidity. For the long
term, cash from operations will remain Registrant's primary source of
liquidity. In order to preserve working capital reserves required for
necessary capital improvements to properties and to provide resources for
potential refinancing of properties with balloon payments (with maturity
dates beginning in 1996), cash distributions from operations remained
suspended during 1995 as they were in prior years. On October 17, 1995,
Registrant distributed $3,001,000 ($46.31 per unit) to the limited partners
and $61,000 to the general partners from the proceeds of the sale of
Registrant's Greenbriar Plaza Shopping Center and Duck Creek Shopping
Center properties. Cash distributions from operations will continue to be
suspended until additional properties
8 of 16
CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Liquidity and Capital Resources (Continued)
are sold. Upon the sale of additional properties, it is anticipated that
all or a portion of the sales proceeds will be distributed.
The level of liquidity based upon cash and cash equivalents improved by
$1,940,000 at September 30, 1995, as compared to December 31, 1994.
Registrant's $2,286,000 of cash provided by operating activities was only
partially offset by $178,000 of net cash used by investing activities and
$168,000 of cash used in notes payable principal payments (financing
activities). Cash provided by operating activities increased due to
improved operations. Cash used in financing activities consisted of
$1,109,000 of improvements to real estate, which was significantly offset
by net proceeds from the sale of Registrant's Greenbriar Plaza Shopping
Center property of $931,000. An extensive siding repair program is
required at St. Charleston Village and Torrey Pines Village Apartments.
The program began in 1994 and is expected to be completed by the end of
1995. To date, Registrant has expended approximately $900,000 of the
estimated cost of approximately $1 million. The project is being funded
from cash flow from operations, established replacement reserves and
working capital reserves. All other increases (decreases) in certain
assets and liabilities are the result of the timing of receipt and payment
of various operating activities.
On August 7, 1995, seventeen apartment units at Registrant's St. Charleston
Village Apartment property were destroyed by fire and an additional eight
apartment units were affected. Registrant anticipates receiving sufficient
insurance proceeds to rebuild these units and replace their related lost
operating receipts. The replacement of the units is anticipated to be
completed during the fourth quarter of 1995.
Working capital reserves are invested in a money market account or in
repurchase agreements secured by United States Treasury obligations. The
Managing General Partner believes that, if market conditions remain
relatively stable, cash flow from operations, when combined with working
capital reserves, will be sufficient to fund required capital improvements
and regular debt service payments until May 1996, when balloon payments
(including deferred interest) of $2,841,000 are due on Registrant's The
Oaks Shopping Center property. Registrant will attempt to extend the due
date of the loans or find replacement financing. Although management is
confident that the loans can be refinanced, if the loans are not refinanced
or extended, or the property is not sold, Registrant could lose this
property through foreclosure. If the property is lost through foreclosure,
Registrant would not recognize a loss for financial reporting purposes.
As required by the terms of the settlement of the actions brought against,
among others, DeForest Ventures I L.P. ("DeForest") relating to the tender
offer made by DeForest in October 1994 (the "First Tender Offer") for units
of limited partnership interest in Registrant and certain affiliated
partnerships, DeForest commenced a second tender offer (the "Second Tender
Offer") on June 2, 1995 for units of limited partnership interest in
Registrant. Pursuant to the Second Tender Offer, DeForest acquired an
additional 2,188 units of Registrant which, when added to the units
acquired during the First Tender Offer, represents approximately 40.8% of
the total number of outstanding units of Registrant. The Managing General
Partner believes that the tender will not have a significant impact on
future operations or liquidity of Registrant. Also in connection with the
settlement, an affiliate of the Managing General Partner has made available
to Registrant a credit line of up to $150,000 per property owned by
Registrant. Based on present plans, management does not anticipate the
need to borrow in the near future. Other than cash and cash equivalents
the line of credit is Registrant's only unused source of liquidity.
9 of 16
CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Liquidity and Capital Resources (Continued)
On August 17, 1995, Insignia Financial Group, Inc. and certain of its
affiliates (collectively, "Insignia") entered into agreements pursuant to
which (i) the stockholders of NPI, Inc., the sole shareholder of NPI
Equity, agreed to sell to Insignia all of the issued and outstanding stock
of NPI, Inc., (ii) DeForest agreed to sell its units of Registrant to
Insignia and (iii) Insignia would acquire all of the interests in NPI-AP
Management, L.P., the property manager at Registrant's residential
properties. The consummation of these transactions is subject to the
satisfaction of certain conditions (including, third party consents and
other conditions not within the control of the parties to the agreement)
and is scheduled to close in January 1996. Upon closing, it is expected
that Insignia will elect new officers and directors of NPI Equity.
Insignia is a fully integrated real estate service company specializing in
the ownership and operation of securitized real estate assets. According
to Commercial Property News and the National Multi-Housing Council, since
1992 Insignia has been the largest property manager in the United States.
The Managing General Partner does not believe these transactions will have
a significant effect on Registrant's liquidity or results of operation.
At this time it appears that the investment objective of capital growth
will not be attained and that investors will not receive a return of all
their invested capital. The extent to which invested capital is returned
to investors is dependent upon the performance of Registrant's remaining
properties and the markets in which such properties are located and on the
sales price of the remaining properties. In this regard, some or all of
the remaining properties have been held longer than originally expected.
The ability to hold and operate these properties is dependent on
Registrant's ability to obtain financing, refinancing or debt modification
as required.
Real Estate Market
The national real estate market suffered from the effects of the real
estate recession including, but not limited to, a downward trend in market
values of existing properties. In addition, the bailout of the savings and
loan associations and sales of foreclosed properties by auction reduced
market values and caused a further restriction on the ability to obtain
credit. These factors caused a decline in market property values and
served to reduce market rental rates and/or sales prices. Management
believes, however, that the emergence of new institutional purchasers,
including real estate investment trusts and insurance companies, relatively
low interest rates and the improved economy, have created a more favorable
market for Registrant's properties.
Results of Operations
Nine Months Ended September 30, 1995 vs. September 30, 1994
Operating results improved by $740,000 for the nine months ended September
30, 1995, as compared to 1994, due to an increase in revenues of $815,000,
which was partially offset by an increase in expenses of $75,000.
Operating results improved, despite the $605,000 loss on sale of
Registrant's Greenbriar Plaza Shopping Center property.
10 of 16
CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Nine Months Ended September 30, 1995 vs. September 30, 1994 (Continued)
With respect to the remaining properties, rental revenues increased by
$475,000 primarily due to an increase in rental rates at Registrant's St.
Charleston Village Apartments, Sun River Apartments, Duck Creek Shopping
Center and University Square Shopping Center properties, which were
slightly offset by a decrease in rental rates at Registrant's Broadway
Trade Center property. In addition, occupancy increased at Registrant's
Broadway Trade Center and University Square Shopping Center properties,
which were significantly offset by a decrease in occupancy at Registrant's
Wingren Plaza property. Although physical occupancy at Registrant's The
Oaks Shopping Center property decreased, Registrant was able to maintain
rental revenue for the period due to the amortization of the payment
received, pursuant to the release of the assignor's guarantee, from a
vacating tenant as rental income until such time that the space is re-
leased. In July 1995, the vacant space was re-leased for a ten year
period, commencing November 1, 1995, at similar terms and conditions as the
previous tenant. Occupancy remained relatively constant at Registrant's
other properties. In addition, other income increased by $424,000
primarily due to net proceeds received from a right of way settlement
involving Registrant's University Square Shopping Center property and the
balance of the proceeds received for the release of the assignor's
guarantee from a vacating tenant at Registrant's The Oaks Shopping Center
property, which were partially offset by a decrease in interest income due
to a decrease in average working capital reserves available for investment.
With respect to the remaining properties, expenses decreased due to
decreases in operating expense of $152,000 and interest expense of
$153,000, which were slightly offset by an increase in depreciation expense
of $15,000. Operating expenses decreased primarily due to decreased
repairs and maintenance costs at Registrant's Sun River Apartments and
Broadway Trade Center properties. Interest expense declined due to the
pay-off of the mortgage encumbering Registrant's Duck Creek Shopping Center
in September 1994 and mortgage principal amortization. Depreciation
expense increased primarily due to fixed asset additions at Registrant's
St. Charleston Village Apartments and Torrey Pines Village Apartments
properties. In addition, general and administrative expenses decreased by
$272,000 due to a reduction in asset management costs, effective July 1,
1994.
Three Months Ended September 30, 1995 vs. September 30, 1994
Operating results improved by $220,000 for the three months ended September
30, 1995, as compared to 1994, due to a decrease in expenses of $289,000,
which was partially offset by a decrease in revenues of $69,000.
With respect to the remaining properties, rental revenues decreased by
$1,000 primarily due to decreased occupancy at Registrant's Wingren Plaza
and Gateway Park properties, which were significantly offset by increased
occupancy at Registrant's Broadway Trade Center property coupled with
increased rental rates at Registrant's remaining properties. Although
physical occupancy at Registrant's The Oaks Shopping Center property
decreased, Registrant was able to maintain rental revenue for the period
due to the previously mentioned receipt of a payment for the release of the
assignor's guarantee. In addition, other income decreased by $56,000 due
to the receipt of a settlement from a former joint venture partner in the
prior comparative period. Interest income declined by $10,000 due to a
decrease in average working capital reserves available for investment.
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Three Months Ended September 30, 1995 vs. September 30, 1994 (Continued)
With respect to the remaining properties, expenses decreased due to
decreases in operating expense of $269,000 and interest expense of $45,000.
Operating expenses declined primarily due to decreased repairs and
maintenance costs at Registrant's Sun River Apartments, Torrey Pines
Village Apartments, and Broadway Trade Center properties. Interest expense
declined due to the pay-off of the mortgage encumbering Registrant's Duck
Creek property. Depreciation expense remained constant as the increase in
depreciation due to fixed asset additions, was offset by a portion of
Registrant's assets becoming fully depreciated. In addition, general and
administrative expenses remained relatively constant.
Properties
A description of the properties in which Registrant has an ownership
interest during the period covered by this Report, along with occupancy
data, follows:
CENTURY PROPERTIES FUND XIV
OCCUPANCY SUMMARY
<TABLE>
<CAPTION>
Average
Occupancy Rate (%)
-----------------------
Number of Nine Months Three Months
Units or Ended Ended
Square Date of September 30, September 30,
Name and Location Footage Type Purchase 1995 1994 1995 1994
- ----------------- ------- --------- -------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Torrey Pines Village
Apartments 204 Apartment 09/79 96 96 97 95
Las Vegas, Nevada Building
St. Charleston Village
Apartments 312 Apartment 09/79 96 97 97 96
Las Vegas, Nevada Building
University Square Shopping
Center 127,000 Shopping 12/79 98 96 99 97
Bozeman, Montana Center
Gateway Park 33,000 Industrial 10/80 90 89 86 93
Dublin, California Park
Wingren Plaza 39,000 Office 06/80 82 88 80 88
Dallas, Texas Building
Greenbriar Plaza Shopping
Center (1) 66,000 Shopping 12/79 - 89 - 90
Duncanville, Texas Center
</TABLE>
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Properties (Continued)
CENTURY PROPERTIES FUND XIV
OCCUPANCY SUMMARY
<TABLE>
<CAPTION>
Average
Occupancy Rate (%)
-----------------------
Number of Nine Months Three Months
Units or Ended Ended
Square Date of September 30, September 30,
Name and Location Footage Type Purchase 1995 1994 1995 1994
- ----------------- ------- ---- -------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
The Oaks Shopping 82,000 Shopping 09/80 72 90 57 85
Center Center
Beaumont, Texas
Sun River Apartments 334 Apartment 11/80 98 97 98 98
Tempe, Arizona Building
Broadway Trade Center 121,000 Industrial 01/81 99 88 100 94
San Antonio, Texas Park
Duck Creek Shopping
Center (2) 58,000 Shopping 01/81 100 99 100 100
Garland, Texas Center
</TABLE>
(1) Property sold in September 1995.
(2) Property sold in October 1995.
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
2. NPI, Inc. Stock Purchase Agreement dated as of August 17,
1995 incorporated by reference to Exhibit 2 to
Registrant's Current Report on Form 8-K filed with the
Securities and Exchange Commission on August 24, 1995.
(b) Report on Form 8-K
On August 24, 1995, Registrant filed a Current Report on Form
8-K with the Securities and Exchange Commission with respect
to the sale of the stock of NPI, Inc. (Item 1, Change in
Control).
14 of 16
CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
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.
CENTURY PROPERTIES FUND XIV
By: FOX CAPITAL MANAGEMENT CORPORATION,
A General Partner
/S/ ARTHUR N. QUELER
-----------------------------------
Secretary/Treasurer and Director
(Principal Financial Officer)
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CENTURY PROPERTIES FUND XIV - FORM 10-Q - SEPTEMBER 30, 1995
EXHIBIT INDEX
Exhibit Page No.
- ------- --------
2. NPI, Inc. Stock Purchase Agreement *
dated August 17, 1995
* Incorporated by reference to Exhibit 2 to Registrant's Current Report on
Form 8-K filed with the Securities and Exchange Commission on August 24,
1995.
16 of 16
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from
Century Properties Fund XIV and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,654,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 51,528,000
<DEPRECIATION> (25,916,000) <F1>
<TOTAL-ASSETS> 30,113,000
<CURRENT-LIABILITIES> 0
<BONDS> 21,337,000
<COMMON> 0
0
0
<OTHER-SE> 6,936,000
<TOTAL-LIABILITY-AND-EQUITY> 30,113,000
<SALES> 0
<TOTAL-REVENUES> 6,423,000
<CGS> 0
<TOTAL-COSTS> 5,048,000 <F2>
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,697,000
<INCOME-PRETAX> 27,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 27,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27,000
<EPS-PRIMARY> 0.40
<EPS-DILUTED> 0.40
<FN>
<F1> Depreciation includes a $4,205,000 allowance for impairment of value.
<F2> Total-costs includes a $605,000 loss on sale.
</FN>
</TABLE>
