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 0-9680
Century Properties Fund XV
(Exact name of Registrant as specified in its charter)
California 94-2625577
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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 15
CENTURY PROPERTIES FUND XV - 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 $ 1,148,000 $ 1,606,000
Other assets 1,471,000 1,378,000
Real Estate:
Real estate 67,235,000 74,737,000
Accumulated depreciation (26,694,000) (29,112,000)
------------- -------------
Real estate, net 40,541,000 45,625,000
Deferred costs, net 641,000 682,000
------------- -------------
Total assets $ 43,801,000 $ 49,291,000
============= =============
Liabilities and Partners' Equity
Notes payable $ 29,904,000 $ 34,229,000
Accrued expenses and other liabilities 1,095,000 1,347,000
------------- -------------
Total liabilities 30,999,000 35,576,000
------------- -------------
Minority interest in joint venture - 772,000
------------- -------------
Commitments and Contingencies
Partners' Equity (Deficit):
General partners (1,277,000) (1,275,000)
Limited partners (89,980 units outstanding at
September 30, 1995 and December 31, 1994) 14,079,000 14,218,000
------------- -------------
Total partners' equity 12,802,000 12,943,000
------------- -------------
Total liabilities and partners' equity $ 43,801,000 $ 49,291,000
============= =============
See notes to consolidated financial statements.
2 of 15
CENTURY PROPERTIES FUND XV - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Operations
For the Nine Months Ended
September 30, September 30,
1995 1994
Revenues:
Rental $ 8,797,000 $ 9,262,000
Interest income 106,000 47,000
Gain on sale of joint venture property 7,335,000 -
------------- -------------
Total revenues 16,238,000 9,309,000
------------- -------------
Expenses:
Operating 4,524,000 5,009,000
Interest 2,754,000 3,034,000
Depreciation 1,646,000 1,760,000
General and administrative 174,000 359,000
------------- -------------
Total expenses 9,098,000 10,162,000
============= =============
Income (loss) before minority interest in
joint venture's operations 7,140,000 (853,000)
Minority interest in joint venture's operations (854,000) (79,000)
------------- -------------
Net income (loss) $ 6,286,000 $ (932,000)
============= =============
Net income (loss) per limited partnership unit $ 68.46 $ (10.15)
============= =============
Cash distributions per limited partnership unit $ 70.00 $ -
============= =============
See notes to consolidated financial statements.
3 of 15
CENTURY PROPERTIES FUND XV - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Operations
For the Three Months Ended
September 30, September 30,
1995 1994
Revenues:
Rental $ 2,715,000 $ 3,133,000
Interest income 63,000 20,000
------------- -------------
Total revenues 2,778,000 3,153,000
============= =============
Expenses:
Operating 1,477,000 1,898,000
Interest 864,000 983,000
Depreciation 518,000 586,000
General and administrative 55,000 69,000
------------- -------------
Total expenses 2,914,000 3,536,000
------------- -------------
Loss before minority interest in joint venture's
operations (136,000) (383,000)
Minority interest in joint venture's operations - (26,000)
------------- -------------
Net loss $ (136,000) $ (409,000)
============= =============
Net loss per limited partnership unit $ (1.48) $ (4.45)
============= =============
Cash distributions per limited partnership unit $ 70.00 $ -
============= =============
See notes to consolidated financial statements.
4 of 15
CENTURY PROPERTIES FUND XV - 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) $ 6,286,000 $ (932,000)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 2,043,000 2,124,000
Minority interest in joint venture's operations 854,000 79,000
Deferred costs paid (110,000) (501,000)
Gain on sale of joint venture property (7,335,000) -
Changes in operating assets and liabilities:
Other assets (93,000) (546,000)
Accrued expenses and other liabilities (252,000) 289,000
------------- -------------
Net cash provided by operating activities 1,393,000 513,000
------------- -------------
Investing Activities:
Net proceeds on sale of joint venture property 12,344,000 -
Additions to real estate (1,082,000) (448,000)
------------- -------------
Net cash provided by (used in) investing
activities 11,262,000 (448,000)
------------- -------------
Financing Activities:
Note payable proceeds - 14,868,000
Satisfaction of note payable (4,604,000) (14,200,000)
Notes payable principal payments (456,000) (407,000)
Joint venture partner distributions (1,626,000) (109,000)
Cash distributions to partners (6,427,000) -
------------- -------------
Net cash (used in) provided by financing
activities (13,113,000) 152,000
------------- -------------
(Decrease) increase in Cash and Cash Equivalents (458,000) 217,000
Cash and Cash Equivalents at Beginning of Period 1,606,000 1,367,000
------------- -------------
Cash and Cash Equivalents at End of Period $ 1,148,000 $ 1,584,000
============= =============
Supplemental disclosure of cash flow information:
Interest paid in cash during the period $ 2,487,000 $ 2,606,000
============= =============
See notes to consolidated financial statements.
5 of 15
CENTURY PROPERTIES FUND XV - 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 consolidated
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.
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. ("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 (including governmental and third party consents
and other 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 $131,000
during the nine months ended September 30, 1995 and 1994,
respectively. These reimbursements are included in general and
administrative expenses.
(b) An affiliate of NPI, Inc., is entitled to receive 5% of the
annual gross receipts from certain properties it manages. For
the nine months ended September 30, 1995 and 1994, affiliates
of NPI, Inc. received $298,000 and $219,000, respectively.
These fees are included in operating expenses.
(c) During the nine months ended September 30, 1995, an affiliate
of NPI, Inc. was paid $5,000 relating to a successful real
estate tax appeal on the Partnership's Farmer's Lane Plaza
property.
3. Disposition of Joint Venture Property
On April 12, 1995, an affiliate of the Partnership's joint venture
partner in Plumtree Apartments acquired, pursuant to a right of
first refusal, Plumtree Apartments for $12,500,000. After
repayment of existing loans of $4,604,000, a prepayment premium of
$42,000 and closing expenses of $114,000, net proceeds received by
the joint venture were $7,740,000. The Partnership retained
$6,219,000 of the $7,740,000 proceeds in accordance with the joint
venture agreement. For financial statement purposes, the sale
resulted in a gain of $7,335,000.
6 of 15
CENTURY PROPERTIES FUND XV - FORM 10-Q - SEPTEMBER 30, 1995
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. Mortgage Payable
a) The mortgage encumbering the Partnership's Northbank Complex,
with an outstanding balance of $2,082,000 was due September 1,
1995 and is in technical default. The Partnership has obtained
a commitment for replacement financing in the amount of
$2,443,000. The loan will bear interest at 3% above the weekly
average yield on U.S. Treasury Securities, requires monthly
payments commencing at approximately $19,000 and will be
amortized over 25 years. The Partnership expects to close on
the loan in November 1995.
b) On June 15, 1994, the Partnership obtained a new first mortgage
encumbering the Lakeside Place Apartments in the amount of
$14,868,000. The loan requires monthly payments of $126,000 at
9.60% interest and is being amortized over 30 years. The loan
matures on July 1, 2001 with a balloon payment of $14,043,000.
As specified in the loan agreement, the Partnership was
required to establish a reserve account to be used for the
completion of certain renovations. The Partnership incurred
closing costs and fees of $393,000 in connection with this
refinancing.
5. Distributions
On July 26, 1995, the Partnership distributed $6,299,000 ($70 per
unit) to the limited partners and $128,000 to the general partners
from the proceeds of the sale of the Partnership's joint venture
property, Plumtree Apartments.
6. Subsequent Event
In October 1995, the Partnership contracted to sell its Northbank
Plaza to unaffiliated third party for $4,605,000. If the sale is
consummated, for financial statement purposes, the Partnership
would not recognize a loss.
7 of 15
CENTURY PROPERTIES FUND XV - 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
Registrant's real estate properties consist of three commercial buildings
and three residential apartment complexes. The properties are located in
Texas, California, Georgia and Oregon. The properties are leased to
tenants subject to leases with original lease terms ranging from six months
to one year for the residential properties and with remaining lease terms
currently ranging up to sixteen years for the 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 seventeen
properties originally purchased by Registrant were sold or otherwise
disposed. Plumtree Apartments was sold in April 1995. In October 1995,
the Partnership contracted to sell its Northbank Plaza to unaffiliated
third party for $4,605,000. If the sale is consummated, for financial
statement purposes, the Partnership would not recognize a loss. Registrant
is currently marketing selected properties for sale.
Registrant's Lakeside Place Apartments, Farmer's Lane Plaza and Northbank
Office Complex properties generated positive cash flow during the nine
months ended September 30, 1995. Registrant's Preston Creek Apartments and
Phoenix Business Park experienced negative cash flow due to substantial
improvements in connection with renovation projects.
Registrant uses working capital reserves provided from any undistributed
cash flow from operations, sales and refinancing proceeds as its primary
source of liquidity. In order to preserve working capital reserves
required for necessary capital tenant improvements to properties, primarily
at Preston Creek Apartments and Phoenix Business Park, and provide
resources for potential refinancing of properties with balloon payments
(with maturity dates beginning in February 1996), cash distributions from
operations remained suspended for the third quarter of 1995 and will remain
suspended until additional properties are sold. On July 26, 1995,
Registrant distributed $6,299,000 ($70 per unit) to the limited partners
and $128,000 to the general partners from the proceeds of the sale of
Registrant's joint venture property, Plumtree Apartments. 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 experienced a
$458,000 decrease at September 30, 1995, as compared to December 31, 1994.
Registrant's $1,393,000 of net cash from operating activities and
$11,262,000 of net cash provided by investing activities, was more than
offset by $13,113,000 of net cash used in financing activities. Cash
provided by operating activities increased due to improved operations.
Cash used in financing activities consisted of the satisfaction of the
$4,604,000 mortgage encumbering Plumtree Apartments, $6,427,000 of partner
distributions, $456,000 of notes payable principal payments and $1,626,000
of joint venture partner distributions. Cash from investing activities
consisted of $12,344,000 of proceeds from the sale of Registrant's joint
venture property, Plumtree Apartments (see Item 1, Note 3), which was
partially offset by improvements to real estate, primarily at Registrant's
Lakeside Place, Preston Creek and Phoenix Business Park properties.
8 of 15
CENTURY PROPERTIES FUND XV - 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)
Registrant is continuing the major renovation projects at Preston Creek
Apartments and Phoenix Business Park to enhance the properties value. It
is expected that approximately $750,000 will be expended. The cash
required to complete these renovations is being provided by 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.
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 (excluding balloon payments) during the
remainder of 1995 and the foreseeable future.
The mortgage encumbering Registrant's Northbank Complex, with an
outstanding balance of $2,082,000 was due September 1, 1995, and is in
technical default. Registrant has obtained a commitment for replacement
financing in the amount of $2,443,000. Registrant expects to close on the
loan in November 1995 (see Item 1, Note 4(a)).
In October 1995, the Partnership contracted to sell its Northbank Plaza to
unaffiliated third party for $4,605,000. If the sale is consummated, for
financial statement purposes, the Partnership would not recognize a loss.
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 819 units of Registrant which, when added to the units acquired
during the First Tender Offer, represents approximately 39.3% 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. Registrant has no outstanding amounts due under this line of
credit. 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.
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
9 of 15
CENTURY PROPERTIES FUND XV - 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)
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 of
their invested capital. The extent to which invested capital is returned
to investors is dependent upon the performance of Registrant's properties
and the markets in which such properties are located and on the sales price
of the remaining properties. In this regard, it is anticipated at this
time that some of the remaining properties will be held longer than
originally expected. The ability to hold and operate these properties is
dependent on Registrant's ability to obtain 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. Compounding
these difficulties for residential properties have been relatively low
interest rates, which encourage existing and potential residential tenants
to purchase homes. In addition, there has been a significant decline
nationally in new household formation. Despite the above, management
anticipates that increases in revenue will generally exceed increases in
expenses during the next twelve months. Furthermore, management believes
that the emergence of new institutional purchasers, including real estate
investment trusts and insurance companies, 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, before minority interest in joint venture's operations,
improved by $7,993,000 for the nine months ended September 30, 1995, as
compared to 1994, due to an increase in revenues of $6,929,000 and a
decrease in expenses of $1,064,000. Operating results improved primarily
due to the $7,335,000 gain on sale of Registrant's joint venture property,
Plumtree Apartments. With respect to the remaining properties, operating
results improved by $942,000 for the nine months ended September 30, 1995,
as compared to 1994, due to an increase in revenues of $533,000 and a
decrease in expenses of $409,000.
10 of 15
CENTURY PROPERTIES FUND XV - 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
$474,000, primarily due to increases in rental rates at all of Registrant's
properties. Occupancy increased at Summerhill Apartments and Phoenix
Business Park, decreased at Lakeside Place Apartments, and remained
relatively constant at all of the remaining properties. In addition,
interest income increased by $59,000 primarily due to the investment of
proceeds from the sale of Registrant's joint venture property, Plumtree
Apartments.
With respect to the remaining properties, expenses decreased due to
decreases in operating expense of $151,000 and interest expenses of
$73,000. Operating expenses decreased due to an overaccrual of real estate
taxes in the three month period ended September 30, 1994. Interest expense
decreased due to the modification obtained in September 1994 on the
mortgage encumbering Registrant's Phoenix Business Park property and
additional interest paid on the mortgage encumbering Registrant's Lakeside
Place property in the prior year comparative period. Depreciation expense
remained constant. In addition, general and administrative expenses
decreased by $185,000 due to a reduction in asset management costs
effective July 1, 1994.
Three Months Ended September 30, 1994 vs. September 30, 1993
Operating results, before minority interest in joint venture's operations,
improved by $247,000 for the three months ended September 30, 1995, as
compared to 1994, due to decreases in revenues of $375,000 and expenses of
$622,000. Operating results improved due to improved operations and the
sale of Plumtree Apartments in April 1995.
With respect to the remaining properties, rental revenues increased by
$105,000, primarily due to increases in rental rates at all of Registrant's
properties. Occupancy increased at Summerhill Apartments, Phoenix Business
Park and the Northbank Complex, decreased at Lakeside Place and Preston
Creek Apartment and remained relatively constant at Farmer's Lane Plaza.
In addition, interest income increased by $43,000 primarily due to the
investment of proceeds from the sale of the joint venture property,
Plumtree Apartments.
With respect to the remaining properties, expenses decreased due to
decreases in operating expenses of $197,000 and interest expenses of
$9,000. Operating expenses decreased primarily due to an overaccrual of
real estate taxes in the prior year comparative period. Interest expense
decreased primarily due to the modification obtained in September 1994 on
the mortgage encumbering Registrant's Phoenix Business Park property.
Depreciation expense remained constant. In addition, general and
administrative expenses decreased by $14,000 due to higher legal fees in
the prior year comparative period.
11 of 15
CENTURY PROPERTIES FUND XV - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
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 XV
OCCUPANCY SUMMARY
Average
Occupancy Rate (%)
----------------------------
Nine months Three Months
Ended Ended
Date of September 30, September 30,
Name and Location Size Type Purchase 1995 1994 1995 1994
- ----------------- ---- ---- -------- ---- ---- ---- ----
Lakeside Place Apartments 734 Apartment 12/80 95 97 95 97
Houston, Texas units Building
Plumtree Apartments (1) 336 Apartment 03/81 - 97 - 97
Midvale, Utah units Building
Summerhill Apartments 240 Apartment 08/81 96 89 96 89
Dallas, Texas units Building
Preston Creek Apartments 228 Apartment 08/81 97 98 97 99
Dallas, Texas units Building
Farmer's Lane Plaza 94,000 Shopping 09/81 97 97 98 97
Santa Rosa, California sq.ft. Center
Northbank Complex 56,000 Office 12/81 95 94 98 94
Eugene, Oregon sq.ft. Building &
Restaurant
Phoenix Business Park 111,000 Business 05/82 85 80 85 76
Atlanta, Georgia sq.ft. Park
(1) On April 12, 1995, Registrant sold its joint venture property, Plumtree
Apartments, to an affiliate of its joint venture partner.
12 of 15
CENTURY PROPERTIES FUND XV - 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).
13 of 15
CENTURY PROPERTIES FUND XV - 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 XV
By: FOX CAPITAL MANAGEMENT CORPORATION,
A General Partner
/S/ ARTHUR N. QUELER
Secretary/Treasurer and Director
(Principal Financial Officer)
14 of 15
CENTURY PROPERTIES FUND XV - 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.
15 of 15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from
Century Properties Fund XV 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> 1,148,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 67,235,000
<DEPRECIATION> (26,694,000)
<TOTAL-ASSETS> 43,801,000
<CURRENT-LIABILITIES> 0
<BONDS> 29,904,000
<COMMON> 0
0
0
<OTHER-SE> 12,802,000
<TOTAL-LIABILITY-AND-EQUITY> 43,801,000
<SALES> 0
<TOTAL-REVENUES> 16,132,000<F1>
<CGS> 0
<TOTAL-COSTS> 6,170,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,754,000
<INCOME-PRETAX> 6,286,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,286,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,286,000
<EPS-PRIMARY> 68.46
<EPS-DILUTED> 68.46
<FN>
<F1> Revenues include gain on sale of joint venture property of $7,335,000
</FN>
</TABLE>
