FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(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, 1998
[ ] Transition Report Pursuant to 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 small business issuer as specified in its charter)
California 94-2535195
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, P. O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
CENTURY PROPERTIES FUND XIV
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 1998
(in thousands, except unit data)
Assets
Cash and cash equivalents $ 2,367
Receivables and deposits 404
Restricted escrows 110
Other assets 259
Investment properties:
Land $ 2,288
Buildings and related personal property 24,731
27,019
Less accumulated depreciation (14,741) 12,278
$ 15,418
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 53
Tenant security deposit liabilities 149
Accrued property taxes 77
Other liabilities 204
Mortgage notes payable 15,971
Partners' Deficit
General partners' $ (21)
Limited partners' (64,806 units issued and
outstanding) (1,015) (1,036)
$ 15,418
See Accompanying Notes to Consolidated Financial Statements
b)
CENTURY PROPERTIES FUND XIV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
Revenues:
Rental income $1,408 $1,357 $4,142 $4,246
Other income 84 119 278 301
Gain on sale of properties -- 2,813 -- 2,813
Total revenues 1,492 4,289 4,420 7,360
Expenses:
Operating 608 775 1,772 1,927
General and administrative 55 71 212 197
Interest 410 431 1,234 1,326
Depreciation 227 233 667 693
Property taxes 75 74 230 242
Total expenses 1,375 1,584 4,115 4,385
Income before extraordinary loss 117 2,705 305 2,975
Extraordinary loss on early
extinguishment of debt -- (19) -- (19)
Net income $ 117 $2,686 $ 305 $2,956
Net income allocated
to general partners (2%) $ 2 $ 39 $ 6 $ 44
Net income allocated
to limited partners (98%) 115 2,647 299 2,912
$ 117 $2,686 $ 305 $2,956
Net income per limited
partnership unit:
Income before extraordinary loss $ 1.77 $41.13 $ 4.61 $45.22
Extraordinary loss on early
extinguishment of debt -- (.29) -- (.29)
Net income per limited
partnership unit $ 1.77 $40.84 $ 4.61 $44.93
Distributions per limited
partnership unit $ -- $ -- $26.28 $ --
See Accompanying Notes to Consolidated Financial Statements
c)
CENTURY PROPERTIES FUND XIV
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
Limited
Partnership General Limited
Units Partners' Partners' Total
Original capital contributions 64,806 $ -- $64,806 $64,806
Partners' capital at
December 31, 1997 64,806 $ 8 $ 389 $ 397
Distributions to partners -- (35) (1,703) (1,738)
Net income for the nine months
ended September 30, 1998 -- 6 299 305
Partners' deficit at
September 30, 1998 64,806 $ (21) $(1,015) $(1,036)
See Accompanying Notes to Consolidated Financial Statements
d)
CENTURY PROPERTIES FUND XIV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended
September 30,
1998 1997
Cash flows from operating activities:
Net income $ 305 $ 2,956
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 667 693
Amortization of loan costs and lease commissions 47 56
Gain on sale of properties -- (2,813)
Extraordinary loss on early extinguishment of debt -- 19
Change in accounts:
Receivables and deposits (82) 218
Other assets 22 (21)
Accounts payable (76) (68)
Tenant security deposits payable 10 (23)
Accrued property taxes 28 21
Other liabilities (11) (13)
Net cash provided by operating activities 910 1,025
Cash flows from investing activities:
Property improvements and replacements (360) (298)
Net receipts from restricted escrows 127 15
Proceeds from sale of properties -- 3,909
Net cash (used in) provided by investing
activities (233) 3,626
Cash flows from financing activities:
Mortgage principal payments (96) (100)
Repayment of mortgage -- (1,506)
Distributions to partners (1,738) --
Net cash used in financing activities (1,834) (1,606)
Net (decrease) increase in cash and cash equivalents (1,157) 3,045
Cash and cash equivalents at beginning of period 3,524 1,985
Cash and cash equivalents at end of period $ 2,367 $ 5,030
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,848 $ 1,282
See Accompanying Notes to Consolidated Financial Statements
e)
CENTURY PROPERTIES FUND XIV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Century
Properties Fund XIV (the "Partnership") have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of Fox Capital Management Corporation ("FCMC" or the "Managing
General Partner"), a wholly-owned subsidiary of Insignia Properties Trust
("IPT") (see "Note E") a California corporation, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three and nine month periods ended
September 30, 1998, are not necessarily indicative of the results that may be
expected for the fiscal year ending December 31, 1998. For further information,
refer to the consolidated financial statements and footnotes thereto included in
the Partnership's annual report on Form 10-KSB for the year ended December 31,
1997.
Certain reclassifications have been made to the 1997 information to conform to
the 1998 presentation.
NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES
The general partners of the Partnership are FCMC and Fox Realty Investors
("FRI"), a California general partnership. NPI Equity Investments II, Inc., a
Florida corporation ("NPI Equity"), is the general partner of FRI. IPT is the
sole shareholder of both FCMC and NPI Equity (see "Note E").
The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. Affiliates of the Managing General Partner provide
property management and asset management services to the Partnership. The
partnership agreement provides for payments to affiliates for services and as
reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership.
The following transactions with affiliates of the Managing General Partner were
incurred during the nine month periods ended September 30, 1998 and 1997 (in
thousands):
1998 1997
Property management fees (included in operating
expenses) $221 $217
Reimbursement for services of affiliates (included in
general and administrative expenses) 102 106
In addition, the Partnership paid approximately $3,000 during the nine month
period ended September 30, 1997, to an affiliate of the Managing General Partner
for construction oversight reimbursements related to major repair projects.
These costs are included in operating expense. No construction oversight
reimbursements were paid during the nine months ended September 30, 1998.
Pursuant to the partnership agreement, for managing the affairs of the
Partnership the Managing General Partner is entitled to receive a partnership
management fee equal to 10% of the Partnership's adjusted cash from operations
as distributed. The Managing General Partner received a partnership management
fee of approximately $26,000 during the nine month period ended September 30,
1998. These costs are included in general and administrative expenses.
For the period from January 1, 1997 to August 31, 1997, the Partnership insured
its properties under a master policy through an agency affiliated with the
Managing General Partner with an insurer unaffiliated with the Managing General
Partner. An affiliate of the Managing General Partner acquired, in the
acquisition of a business, certain financial obligations from an insurance
agency which was later acquired by the agent who placed the master policy. The
agent assumed the financial obligations to the affiliate of the Managing General
Partner which received payments on these obligations from the agent. The amount
of the Partnership's insurance that accrued to the benefit of the affiliate of
the Managing General Partner by virtue of the agent's obligations was not
significant.
NOTE C - DISTRIBUTIONS
During the first nine months of 1998, the Partnership distributed approximately
$1,703,000 ($26.28 per limited partnership unit) to the limited partners and
approximately $35,000 to the general partners from proceeds collected from the
payoff of the Waverley Apartments note (see "Note D") and from operations.
NOTE D - DISPOSITION OF RENTAL PROPERTY
On August 13, 1997, the Partnership sold Gateway Business Park located in
Dublin, California, to an unaffiliated third party for $2,600,000. After
repayment of the mortgage note payable and closing expenses, the net proceeds
received by the Partnership were approximately $903,000. For financial
statement purposes, the sale resulted in a gain of approximately $1,313,000. An
extraordinary loss of approximately $19,000 representing the write off of the
unamortized loan costs related to the payoff of the mortgage note payable was
also recorded.
In connection with the sale by the Partnership of its Waverley Apartments
property in 1987, the Partnership received only a note for $1,500,000 with a
July 1997 maturity date. The note was collected in September 1997, at which time
the Partnership recognized a gain on the sale. The total proceeds were
distributed to the partners in the first quarter of 1998.
NOTE E - TRANSFER OF CONTROL; SUBSEQUENT EVENT
On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and
into Apartment Investment and Management Company ("AIMCO"), a publicly traded
real estate investment trust, with AIMCO being the surviving corporation (the
"Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control
of the Managing General Partner. In addition, AIMCO also acquired approximately
51% of the outstanding common shares of beneficial interest of IPT. Also,
effective October 1, 1998, IPT and AIMCO entered into an Agreement and plan of
Merger pursuant to which IPT is to be merged with and into AIMCO or a subsidiary
of AIMCO (the "IPT Merger"). The IPT Merger requires the approval of the holders
of a majority of the outstanding IPT Shares. AIMCO has agreed to vote all of
the IPT Shares owned by it in favor of the IPT Merger and has granted an
irrevocable limited proxy to unaffiliated representatives of IPT to vote the
IPT Shares acquired by AIMCO and its subsidiaries in favor of the IPT Merger.
As a result of AIMCO's ownership and its agreement, the vote of no other holder
of IPT is required to approve the merger. The Managing General
Partner does not believe that this transaction will have a material effect on
the affairs and operations of the Partnership.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's remaining investment properties consist of three residential
apartment complexes. The following table sets forth the average occupancy of
the properties for the nine months ended September 30, 1998 and 1997:
Average Occupancy
Property 1998 1997
St. Charleston Village Apartments 93% 94%
Las Vegas, Nevada
Sun River Apartments 96% 96%
Tempe, Arizona
Torrey Pines Village Apartments 93% 92%
Las Vegas, Nevada
The Partnership's net income for the nine months ended September 30, 1998 was
approximately $305,000 versus net income of approximately $2,956,000 for the
nine months ended September 30, 1997. The net income for the three months ended
September 30, 1998 was approximately $117,000 versus net income of approximately
$2,686,000 for the three months ended September 30, 1997. The decrease in net
income for the three and nine month periods is primarily attributable to the
1997 gain on the sale of Gateway Plaza and the gain on sale recognized upon the
collection of the Waverley Apartments note receivable (see "Item 1. Note D -
Disposition of Rental Property"). Excluding these gains on sales, net income
increased for the nine months ended September 30, 1998 as compared to September
30, 1997 as the decrease in expenses more than offset a decrease in rental
income and other income. Rental income decreased due to the sale of Gateway
Business Park in August 1997. For the nine month period ended September 30,
1997, Gateway's rental revenue totaled approximately $204,000. Operating,
depreciation, interest and property tax expenses decreased during the three and
nine month periods ended September 30, 1998 due to the sale of Gateway Business
Park. Excluding the operations of Gateway, rental revenues increased for the
nine month period ended September 30, 1998 compared to the corresponding period
of 1997, and operating expenses decreased due to decreased property expenses at
St. Charleston and Torrey Pines. Included in operating expenses for the nine
months ended September 30, 1998, is approximately $44,000 of major repairs and
maintenance items, comprised primarily of landscaping. Included in operating
expenses for the nine months ended September 30, 1997, is approximately $94,000
of major repairs and maintenance items, comprised primarily of parking lot
repairs, exterior building repairs, and landscaping.
As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.
At September 30, 1998, the Partnership had cash and cash equivalents of
approximately $2,367,000 compared to approximately $5,030,000 at September 30,
1997. The net decrease in cash and cash equivalents for the period ended
September 30, 1998 was $1,157,000 compared to a net increase of $3,045,000 for
the period ended September 30, 1997. Net cash provided by operating activities
decreased due to increased cash used for receivables and deposits due to the
timing of payments. Net cash provided by investing activities decreased in 1998
due to the proceeds from the sale of properties in 1997. Net cash used in
financing activities increased due to the distribution made to the partners in
the first quarter of 1998. This was partially offset by the mortgage repayment
in 1997 from the sale of Gateway Plaza.
An affiliate of the Managing General Partner has made available to the
Partnership a credit line of up to $150,000 per property owned by the
Partnership. The Partnership has no outstanding amounts due under this line of
credit. Based on present plans, the Managing General Partner does not
anticipate the need to borrow in the near future. Other than cash and cash
equivalents, the line of credit is the Partnership's only unused source of
liquidity.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership and to comply with federal,
state and local legal and regulatory requirements. Such assets are currently
thought to be sufficient for any near-term needs of the Partnership. The
Managing General Partner is currently assessing the need for capital
improvements at each of the Partnerhip's properties. To the extent that
additional capital improvements are required, the Partnership's distributable
cash flow, if any, may be adversely affected, at least in the short term. The
remaining mortgage indebtedness of approximately $15,971,000 matures in July
2001, with balloon payments totaling approximately $15,551,000 due at maturity.
The Managing General Partner will attempt to refinance such indebtedness or sell
the properties prior to such maturity date. If the properties cannot be
refinanced or sold for a sufficient amount, the Partnership will risk losing
such properties through foreclosure. Future cash distributions will depend on
the levels of cash generated from operations, property sales, refinancings, and
the availability of cash reserves. During the nine month period ended September
30, 1998, the Partnership distributed approximately $1,738,000 to the partners
from proceeds from the Waverley Apartments note and from operations. When the
Partnership sold the Waverley Apartments in 1987, it received a note for
$1,500,000 with a July 1997 maturity date. The gain on the sale was recognized
when the note was collected in September 1997, and the total proceeds were
distributed to the partners in the first quarter of 1998. Subsequent to
September 30, 1998, a distribution of cash from operations of $661,000 was paid
to the partners.
Transfer of Control; Subsequent Event
On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and
into Apartment Investment and Management Company ("AIMCO"), a publicly traded
real estate investment trust, with AIMCO being the surviving corporation (the
"Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control
of the Managing General Partner. In addition, AIMCO also acquired approximately
51% of the outstanding common shares of beneficial interest of Insignia
Properties Trust ("IPT"), the entity which controls the Managing General
Partner. Also, effective October 1, 1998, IPT and AIMCO entered into an
Agreement and plan of Merger pursuant to which IPT is to be merged with and into
AIMCO or a subsidiary of AIMCO (the "IPT Merger"). The IPT Merger requires the
approval of the holders of a majority of the outstanding IPT Shares.
AIMCO has agreed to vote all of the IPT Shares owned by it in favor of the IPT
Merger and has granted an irrevocable limited proxy to unaffiliated
representatives of IPT to vote the IPT Shares acquired by AIMCO and its
subsidiaries in favor of the IPT Merger. As a result of AIMCO's ownership and
its agreement, the vote of no other holder of IPT is required to approve the
merger. The Managing General Partner does not believe that this transaction
will have a material effect on the affairs and operations of the Partnership.
Year 2000
General Description of the Year 2000 Issue and the Nature and Effects of the
Year 2000 on Information Technology (IT) and Non-IT Systems
The Year 2000 Issue is the result of computer programs being written using two
digits rather than four to define the applicable year. The Partnership is
dependent upon the Managing General Partner and its affiliates for management
and administrative services ("Managing Agent"). Any computer programs or
hardware that have date-sensitive software or embedded chips may recognize a
date using "00" as the year 1900 rather than the year 2000. This could result
in a system failure or miscalculations causing disruptions of operations,
including, among other things, a temporary inability to process transactions,
send invoices, or engage in similar normal business activities.
The Managing Agent has determined that it will be required to modify or replace
significant portions of its software and certain hardware so that those systems
will properly utilize dates beyond December 31, 1999. The Managing Agent
presently believes that with modifications or replacements of existing software
and certain hardware, the Year 2000 Issue can be mitigated. However, if such
modifications and replacements are not made, or are not completed timely, the
Year 2000 Issue could have a material impact on the operations of the Managing
Agent and the Partnership.
Status of Progress in Becoming Year 2000 Compliant
The Managing Agent's plan to resolve the Year 2000 Issue involves the following
four phases: assessment, remediation, testing and implementation. To date, the
Managing Agent has fully completed its assessment of all information systems
that could be significantly affected by the Year 2000, and has begun the
remediation, testing and implementation phase on both hardware and software
systems. Assessments are continuing in regards to embedded systems in operating
equipment. The Managing Agent anticipates having all phases complete by June 1,
1999.
In addition to the areas the Partnership is relying on the Managing Agent to
verify compliance with, the Partnership has certain operating equipment,
primarily at the property sites, which needed to be evaluated for Year 2000
compliance. The focus of the Managing General Partner was to the security
systems, elevators, heating-ventilation-air-conditioning systems, telephone
systems and switches, and sprinkler systems. The Managing General Partner is
currently engaged in the identification of all non-compliant operational
systems, and is in the process of estimating the costs associated with any
potential modifications or replacements needed to such systems in order for them
to be Year 2000 compliant. It is not expected that such costs would have a
material adverse affect upon the operations of the Partnership.
Risk Associated with the Year 2000
The Managing General Partner believes that the Managing Agent has an effective
program in place to resolve the Year 2000 issue in a timely manner and has
appropriate contingency plans in place for critical applications that could
affect the Partnership's operations. To date, the Managing General Partner is
not aware of any external agent with a Year 2000 issue that would materially
impact the Partnership's results of operations, liquidity or capital resources.
However, the Managing General Partner has no means of ensuring that external
agents will be Year 2000 compliant. The Managing General Partner does not
believe that the inability of external agents to complete their Year 2000
resolution process in a timely manner will have a material impact on the
financial position or results of operations of the Partnership. However, the
effect of non-compliance by external agents is not readily determinable.
Other
Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements speak only as of the date
of this quarterly report. The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates of revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Managing General Partner and several of their affiliated
partnerships and corporate entities. The complaint purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia and entities which were, at
the time, affiliates of Insignia ("Insignia Affiliates") of interests in certain
general partner entities, past tender offers by Insignia Affiliates to acquire
limited partnership units, the management of partnerships by Insignia
Affiliates, as well as a recently announced agreement between Insignia and
AIMCO. The complaint seeks monetary damages and equitable relief, including
judicial dissolution of the Partnership. On June 25, 1998, the Managing General
Partner filed a motion seeking dismissal of the action. In lieu of responding to
the motion, the plaintiffs have filed an amended complaint. The Managing General
Partner has filed demurrers to the amended complaint which are scheduled to be
heard on January 8, 1999. The Managing General Partner believes the action to
be without merit, and intends to vigorously defend it.
On July 30, 1998, certain entities claiming to own limited partnership interests
in certain limited partnerships whose general partners were, at the time,
affiliates of Insignia filed a complaint entitled Everest Properties LLC. v.
Insignia Financial Group, Inc. in the Superior Court of the State of California,
County of Los Angeles. The action involves 44 real estate limited partnerships
(including the Partnership) in which the plaintiffs allegedly own interests and
which Insignia Affiliates allegedly manage or control (the "Subject
Partnerships"). The complaint names as defendants Insignia, several Insignia
Affiliates alleged to be managing partners of the defendant limited
partnerships, the Partnership and the Managing General Partner. Plaintiffs
allege that they have requested from, but have been denied by each of the
Subject Partnerships, lists of their respective limited partners for the purpose
of making tender offers to purchase up to 4.9% of the limited partner units of
each of the Subject Partnerships. The complaint also alleges that certain of
the defendants made tender offers to purchase limited partner units in many of
the Subject Partnerships, with the alleged result that plaintiffs have been
deprived of the benefits they would have realized from ownership of the
additional units. The plaintiffs assert eleven causes of action, including
breach of contract, unfair business practices, and violations of the partnership
statutes of the states in which the Subject Partnerships are organized.
Plaintiffs seek compensatory, punitive and treble damages. The Managing General
Partner filed an answer to the complaint on September 15, 1998. The Managing
General Partner believes the claims to be without merit and intends to defend
the action vigorously.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature. The Managing General Partner of the Partnership
believes that all such pending or outstanding litigation will be resolved
without a material adverse effect upon the business, financial condition or
operations of the Partnership.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K:
None filed during the quarter ended September 30, 1998.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CENTURY PROPERTIES FUND XIV
By: FOX CAPITAL MANAGEMENT CORPORATION
Its Managing General Partner
By: /s/Patrick Foye
Patrick Foye
Executive Vice President
By: /s/Timothy R. Garrick
Timothy R. Garrick
Vice President - Accounting
(Duly Authorized Officer)
Date: November 12, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Century Properties Fund XIV 1998 Third Quarter 10-QSB and is qualified in
its entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000278128
<NAME> CENTURY PROPERTIES FUND XIV
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 2,367
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 27,019
<DEPRECIATION> 14,741
<TOTAL-ASSETS> 15,418
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 15,971
0
0
<COMMON> 0
<OTHER-SE> (1,036)
<TOTAL-LIABILITY-AND-EQUITY> 15,418
<SALES> 0
<TOTAL-REVENUES> 4,420
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,115
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,234
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 305
<EPS-PRIMARY> 4.61<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
