<PAGE> 1
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 quarterly period ended March 31, 1996
[ ] 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 0-10430
DE ANZA PROPERTIES - XII, LTD.
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-3601367
(State or other jurisdiction of (IRS Employer Iden-
incorporation or organization) tification Number)
9171 WILSHIRE BOULEVARD, SUITE 627
BEVERLY HILLS, CALIFORNIA 90210
(Address of principal executive offices, including zip code)
(310) 550-1111
(The registrant's telephone number, including area code)
NO CHANGE
(Former name, former address and former fiscal year,
if changed since last report)
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 ___
Pursuant to the Securities Exchange Act of 1934 Release 15502 and Rule
240.0-3(b) (17 CFR 240.0-3(b)), the pages of this document have been numbered
sequentially. The total number of pages contained herein is 16.
1
<PAGE> 2
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
- ------- ---------------------
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
<S> <C> <C>
Balance Sheets 3
Statements of Operations 5
Statements of Changes in Partners'
Capital (Deficit) 6
Statements of Cash Flows 7
Notes to Financial Statements 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS 13
PART II. OTHER INFORMATION 15
- ------- -----------------
</TABLE>
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
------------ ------------
<S> <C> <C>
ASSETS
CASH - including restricted cash of $188,097 at March 31, 1996 and
December 31, 1995 - Note 1 $ 810,881 $ 671,430
ACCOUNTS RECEIVABLE 12,495 8,346
PREPAID EXPENSES 26,947 43,115
----------- -----------
850,323 722,891
----------- -----------
NOTES RECEIVABLE - Note 5 382,171 476,985
----------- -----------
PROPERTY AND EQUIPMENT - Notes 2, 5 and 6
Land 1,184,605 1,184,605
Land improvements 3,293,656 3,234,282
Buildings and improvements 9,933,168 9,933,168
Furniture and equipment 445,451 440,317
---------- -----------
14,856,880 14,792,372
Less accumulated depreciation 6,692,536 6,540,758
----------- -----------
8,164,344 8,251,614
----------- -----------
OTHER ASSETS
Loan costs - less accumulated amortization
of $15,142 and $13,519 at March 31, 1996
and December 31, 1995, respectively 82,192 83,815
Other 6,060 5,136
----------- -----------
88,252 88,951
----------- -----------
$ 9,485,090 $ 9,540,441
=========== ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 4
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Balance Sheets (Continued)
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
------------ ------------
<S> <C> <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
ACCOUNTS PAYABLE AND ACCRUED EXPENSES -
including $6,552 and $8,644 due to
related parties at March 31, 1996
and December 31, 1995, respectively $ 222,280 $ 170,016
DEPOSITS AND ADVANCE RENTALS 50,191 53,641
DEFERRED GAIN ON SALE - Note 6 188,097 188,097
MANAGEMENT AND CONDOMINIUM CONVERSION
FEES PAYABLE TO AFFILIATE OR RELATED PARTY - Note 3
825,108 796,331
SECURED NOTE PAYABLE - Note 2 4,254,211 4,261,943
----------- -----------
5,539,887 5,470,028
----------- -----------
PARTNERS' CAPITAL (DEFICIT)
General partners (1,651,864) (1,652,362)
Limited partners, 22,719 units issued
and outstanding 5,597,067 5,722,775
----------- -----------
3,945,203 4,070,413
----------- -----------
$ 9,485,090 $ 9,540,441
=========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
------------ ------------
<S> <C> <C>
INCOME
Rent $566,494 $559,483
Interest and dividends 14,746 14,490
Other 12,522 5,691
-------- --------
593,762 579,664
-------- --------
EXPENSES
Depreciation and amortization 153,401 147,691
Interest 80,720 74,610
Maintenance, repairs and supplies 50,527 56,176
Professional fees and services -
including $17,579 and $21,467 paid
to related parties in 1996 and 1995,
respectively - Note 3 49,870 36,241
Salaries - including $4,400 and $4,309
paid to related parties in 1996 and
1995, respectively - Note 3 48,151 40,686
Utilities 45,446 48,479
Real estate taxes 37,942 41,359
Management fees accrued to related
parties - Note 3 28,777 28,679
Other 21,899 13,632
Insurance 16,280 17,246
Payroll taxes and employee benefits 10,959 8,720
-------- --------
543,972 513,519
-------- --------
NET INCOME $ 49,790 $ 66,145
======== ========
NET INCOME
GENERAL PARTNERS $ 498 $ 6,614
======== ========
LIMITED PARTNERS $ 49,292 $ 59,531
======== ========
INCOME PER 1% GENERAL
PARTNER INTEREST - Note 4 $ 4.98 $ 66.14
======== ========
INCOME PER LIMITED
PARTNERSHIP UNIT - Note 4 $ 2.17 $ 2.62
======== ========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Statements of Changes in Partners' Capital (Deficit)
(Unaudited)
For the Three Months Ended March 31, 1996 and
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
General Limited
Total Partners Partners
---------- ------------ ------------
<S> <C> <C> <C>
BALANCE - January 1, 1995 $4,640,780 $(1,654,328) $6,295,108
DISTRIBUTIONS TO PARTNERS (767,000) - (767,000)
NET INCOME - for the year
ended December 31, 1995
196,633 1,966 194,667
---------- ----------- ----------
BALANCE - December 31,
1995 4,070,413 (1,652,362) 5,722,775
DISTRIBUTIONS TO PARTNERS (175,000) - (175,000)
NET INCOME - for the three
months ended March 31,
1996 49,790 498 49,292
---------- ----------- ----------
BALANCE - March 31, 1996 $3,945,203 $(1,651,864) $5,597,067
========== =========== ==========
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 7
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Gross rents received from real estate
operations $ 560,014 $ 810,710
Cash paid to suppliers and employees -
including $23,670 and $26,909
paid to related parties in 1996
and 1995, respectively (214,959) (411,742)
Interest paid (80,908) (73,544)
Interest and other income received 27,730 20,151
--------- ---------
Net cash provided by
operating activities 291,877 345,575
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (64,508) (143,999)
Payments received on notes receivable 94,814 1,665
Sales and closing costs - (3,575)
--------- ---------
Net cash provided by (used in)
investing activities 30,306 (145,909)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners (175,000) (200,000)
Principal payments on secured
notes payable (7,732) (8,912)
--------- ---------
Net cash used in
financing activities (182,732) (208,912)
--------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 139,451 (9,246)
CASH AND CASH EQUIVALENTS:
BALANCE AT BEGINNING OF PERIOD 671,430 912,914
--------- ---------
BALANCE AT END OF PERIOD $ 810,881 $ 903,668
========= =========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Statements of Cash Flows (Continued)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
----------- -----------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Net income $ 49,790 $ 66,145
Adjustments to reconcile net income
to net cash provided by
operating activities
Depreciation and amortization 153,401 147,691
Changes in operating assets and
liabilities
(Increase) decrease in accounts
receivable (4,149) 242,149
Decrease in prepaid expenses 16,168 17,552
Increase in other assets (924) -
Increase (decrease) in accounts payable
and accrued expenses 52,264 (157,666)
(Decrease) increase in deposits and
advance rentals (3,450) 1,025
Increase in management and
condominium conversion fees
payable to affiliate 28,777 28,679
--------- ----------
Net cash provided by
operating activities $ 291,877 $ 345,575
========= ==========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 9
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements
(Unaudited)
March 31, 1996 and December 31, 1995 and
For the Three Months Ended March 31, 1996 and 1995
NOTE 1 - BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Regulation S-X.
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 management, all adjustments
(consisting of normal recurring accruals) have been included.
Operating results during the three months ended March 31, 1996 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 1996. For further information, refer to the
financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the year ended December
31, 1995.
Cash and Cash Equivalents
The Partnership invests its cash not needed for working capital in
highly liquid short-term investments consisting primarily of money
market funds and certificates of deposit, with original maturities
ranging generally from one to three months. The Partnership considers
all such items to be cash equivalents.
NOTE 2 - SECURED NOTE PAYABLE
Secured note payable at March 31, 1996 and December 31, 1995 consisted
of:
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
------------ ------------
<S> <C>
Note collateralized by a first trust deed,
payable in monthly installments of $26,476,
including interest until December 15, 1994.
Thereafter, the monthly payment changes
annually on each December 15th. Interest
accrued at 6.25% until February 15, 1994, and
thereafter floats at 2.5% over the FHLB's 11th
District Cost of Funds Index, not to exceed
12.9%, adjusted monthly. Unpaid principal and
accrued interest are due November 15, 2008. The
interest rate in effect at March 31, 1996 and
December 31, 1995 was 7.53% and 7.62%,
respectively. $4,254,211 $4,261,943
========== ==========
</TABLE>
9
<PAGE> 10
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
March 31, 1996 and December 31, 1995 and
For the Three Months Ended March 31, 1996 and 1995
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES
Pursuant to a former management agreement dated October 1,
1985, as amended, De Anza Assets, Inc., a former affiliate of the
operating general partner (OGP), was paid a management fee in the
amount of 5% of the annual gross receipts from the operations of the
Partnership's properties. The payment of this fee is subordinated to
the priority distribution to the limited partners of 7% of their
adjusted capital contributions each year and is noncumulative, except
in the case of a sale, refinancing or other disposition of the
Partnership's properties. In that case, the difference between the
management fee actually paid and the management fee that would have
been paid if it were not subordinated is payable out of proceeds of
the sale, refinancing or other disposition after payment of the
limited partners' priority return and capital contribution and the
general partners' incentive interest. However, management fees
payable subsequent to a consummated refinancing are not subordinated
to the limited partners' priority return to the extent the
subordination would have been caused by increased debt service
charges. At March 31, 1996 and December 31, 1995, cumulative accrued
fees of $565,022 to De Anza Assets, Inc. have been subordinated and
are included in management and condominium conversion fees payable to
affiliate or related party, as reflected in the balance sheets.
Shortly before its sale to an affiliate of Manufactured Home
Communities, Inc. ("MHC"), as discussed in Note 6, De Anza Assets,
Inc. assigned its rights to receipt of these fees to the Gelfand
Family Trust.
On August 18, 1994, subsequent to the sale of the Mark and the
property management business of De Anza Group, Inc. (DAG), as
discussed in Note 6, the property management of Warner Oaks and the
two remaining spaces at San Luis Bay was assumed by Terra Vista
Management, Inc. (Terra Vista). Terra Vista is wholly owned by
Michael D. Gelfand, president of the OGP and the son of Herbert M.
Gelfand. Herbert M. Gelfand, together with Beverly Gelfand, is the
sole shareholder of the OGP and an individual general partner.
Management fees of $28,777 and $28,679 were accrued but not paid to
Terra Vista for the three months ended March 31, 1996 and 1995,
respectively. At March 31, 1996 and December 31, 1995, cumulative
accrued fees of $182,227 and $153,500, respectively, have been
subordinated and are included in management andondominium conversion
fees payable to affiliate or related parties, as reflected in the
balance sheets. The Gelfand Family Trust has agreed to share any
payment to be made to the Gelfand Family Trust for deferred management
fees equally with Terra Vista until Terra Vista has been paid all
outstanding deferred management fees.
10
<PAGE> 11
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
March 31, 1996 and December 31, 1995 and
For the Three Months Ended March 31, 1996 and 1995
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES (Continued)
Pursuant to the partnership agreement, a condominium conversion fee
equal to 1% of the sales price of the San Luis Bay homesites sold is
due to an affiliate of the OGP (see Note 5). Payment of this fee has
been deferred pursuant to the partnership agreement's requirement
regarding subordination to payment of the limited partners' priority
return and capital contribution, the general partners' incentive
interest and deferred management fees. Subordinated cumulative accrued
fees of $77,809 have been included in management and condominium
conversion fees payable to affiliate or related party at March 31, 1996
and December 31, 1995, as reflected in the balance sheets. Shortly
before the sale to MHC, De Anza Assets, Inc. assigned its rights to
receive these fees to the Gelfand Family Trust.
In addition, Terra Vista or an affiliate of the OGP was paid $23,670
and $26,909 during the three months ended March 31, 1996 and 1995,
respectively, for performing bookkeeping, legal, regional management,
computer and investor relations services necessary for the operation of
the Partnership and its properties.
NOTE 4 - INCOME PER 1% GENERAL PARTNER INTEREST AND LIMITED PARTNERSHIP UNIT
Income per limited partnership unit is computed based on the limited
partners' share of net income as shown on the Statements of Operations
and Changes in Partners' Capital (Deficit) and the number of limited
partnership units outstanding (22,719 units). The general partners'
share of net income has not been included in this computation. Income
per 1% general partner interest is computed based on the general
partners' share of net income as shown on the Statements of Operations
and Changes in Partners' Capital (Deficit).
NOTE 5 - SALE OF SAN LUIS BAY MOBILE ESTATES
On May 2, 1989, the Partnership entered into an agreement to sell San
Luis Bay Mobile Estates (the 162-space mobile home community in Avila
Beach, California) to the residents for an aggregate sales price of
$8,850,000 and, pursuant to that agreement, subdivided the property
into condominium units in 1991. The Partnership provided purchase
money financing for up to 80% of the individual homesite price, payable
in monthly payments, including interest at 10%, based on a loan
amortization schedule of 30 years, with a balloon payment of unpaid
principal and interest due at the end of seven years. At March 31, 1996
and December 31, 1995, respectively, the outstanding amounts due under
such notes totaled $382,171 and $476,985. Those residents who purchased
their homesites for cash received a 10% discount off their purchase
price.
The Partnership sold 160 homesites prior to 1995. The remaining two
homesites are leased to tenants.
11
<PAGE> 12
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
March 31, 1996 and December 31, 1995 and
For the Three Months Ended March 31, 1996 and 1995
NOTE 6 - SALE OF THE MARK
On August 18, 1994 the Partnership sold The Mark to an affiliate of
MHC, a real estate investment trust, as part of an overall transaction
for the sale of the related management business of DAG and other mobile
home communities affiliated with DAG.
The sales price for The Mark was $5,404,419. Additional proceeds of
$130,094, which were included in the sales price for calculating the
gain on sale of property and equipment, were received from MHC to fund
a General Reserve. In connection with the sale, the Partnership
established various reserves totaling $230,097.
The $230,097 was used to establish the following cash reserves:
<TABLE>
<S> <C>
MHC Reserve $ 42,000
General Reserve 130,094
Independent Committee Reserve 58,003
</TABLE>
The MHC Reserve was required by MHC and subsequently released in May
1995. The General Reserve and Independent Committee Reserve were
established to fund contingent liabilities that may arise out of the
MHC transaction.
Pursuant to the guidelines of Financial Accounting Standards No. 66,
"Accounting for Sales of Real Estate," the Partnership deferred in 1994
the recognition of gain on that portion of the sales proceeds,
represented by the MHC Reserve, General Reserve and Independent
Committee Reserve, totaling $230,097. As these reserves are released
or expended, gain on sale will be recognized. At March 31, 1996, and
December 31, 1995, $188,097 and $230,097 of sale proceeds have been
deferred and are included in deferred gain on sale, as reflected in the
balance sheets.
12
<PAGE> 13
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity
The Partnership's quick ratios were 2.1:1 and 2.1:1, including unrestricted cash
balances of $622,784 and $483,333 at March 31, 1996 and December 31, 1995,
respectively. The increase in cash is due mainly to the receipt of notes
receivable prepayments while the quick ratio remained unchanged because of
increased accrued real estate taxes. The Partnership's cash balance is its
immediate source of liquidity.
On a long-term basis, the Partnership's liquidity is sustained primarily from
cash flows from operations, which during the three months ended March 31, 1996
were approximately $292,000. Cash flow from operations has improved
substantially following the August 1994 sale of The Mark (see Note 6 to the
Financial Statements). The Partnership has reinstated regular operating
distributions to its partners though payment of the management fees continues to
be deferred in accordance with the Partnership Agreement.
Subsequent to the sale of The Mark, the Partnership continues to operate Warner
Oaks, the remaining property, which is managed by Terra Vista. The Partnership
also owns two spaces at San Luis Bay Mobile Estates and various notes
receivables related to that sale (see Note 5 to the Financial Statements).
As a result of the sale of The Mark, the Partnership's liquidity has improved.
The Mark's income fell short of its expenses, thus with the property sold, the
Partnership's income has improved which has improved liquidity. However, should
it become necessary to improve liquidity further, the Partnership can reduce
partner distributions, which totaled $175,000 during the three months ended
March 31, 1996, arrange a short-term line of credit or refinance Warner Oaks.
In November 1993, the Partnership refinanced Warner Oaks with a variable
interest rate loan. The interest rate for the initial three months was 6.25%,
thereafter the loan bears interest at 250 basis points over the Eleventh
District Cost of Funds with caps on the maximum annual payment change of 7.5% of
the current payment, and an interest rate cap of 12.9% over the life of the
loan. This loan is subject to negative amortization. Future liquidity will be
affected, unfavorably or favorably, to the extent the payment rate fluctuates.
At March 31, 1996, the interest rate in effect was 7.53%.
The Partnership has sold 160 of 162 spaces at San Luis Bay as of March 31, 1996
(see Note 5 to the Financial Statements). Liquidity is expected to improve as
the notes receivable from the buyers of San Luis Bay spaces mature, as discussed
in Note 5 to the Financial Statements. As of March 31, 1996, the amount of the
notes receivable outstanding was approximately $382,000. Liquidity also improves
when the notes receivable are prepaid and when additional spaces are sold.
Other than as described elsewhere, there are no known trends, demands,
commitments, events or uncertainties which are reasonably likely to materially
affect the Partnership's liquidity.
13
<PAGE> 14
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Capital Resources
The Partnership anticipates spending approximately $234,000 in 1996 for physical
improvements at its properties, approximately $169,000 of which will be spent
during the remainder of 1996. Funds for these improvements will be provided by
cash generated from operations. If necessary, the Partnership can use funds
from reserves from the sale proceeds of San Luis Bay, and from cash reserved for
capital improvement projects.
While no decision has been made regarding when a sale of Warner Oaks would
occur, the OPG believes it may be in the best interest of the Partnership to
pursue a sale of the property as individual condominium units rather than as a
single project, in order to realize greater value. Accordingly, the Partnership
is currently investigating converting Warner Oaks from its current apartment use
to condominiums. Such a conversion may require significant investment in the
property in addition to the physical improvements summarized above. No
assurance can be given that such conversion would occur and no determination has
been made to pursue the conversion.
Other than as described above, there are no known material trends, favorable or
unfavorable, in the Partnership's capital resources. The Partnership does not
contemplate any other material changes in the mix of its capital resources,
other than as described above.
Results of Operations
Rental income increased 1.3% during the three months ended March 31, 1996, over
the same period in 1995, primarily due to rent increases offset by higher free
rent.
Expenses increased 5.9% during the three months ended March 31, 1996 over the
same period in 1995. The increase is mostly due to the timing of accounting and
tax return fees included in 1996 expenses and the increase in interest expense
due to rising interest rates on the Warner Oaks variable rate loan, as discussed
more fully in Note 2 and Liquidity. Additionally, depreciation and amortization
expense increased in 1996 as a result of depreciation of capitalized costs
placed in service during the last twelve months while other expenses increased
due to timing of the payment for investor K-1's and mailings. Partly offsetting
these increases was a decrease in repairs, maintenance and supplies due to lower
resident turnover and a decrease in real estate taxes due to a reassessment of
Warner Oaks following the 1994 earthquake.
Other than as described above, there are no known trends or uncertainties which
have had or can be reasonably expected to have a material effect on continuing
operations.
14
<PAGE> 15
DE ANZA PROPERTIES - XII
PART II. OTHER INFORMATION
ITEM NUMBER
1. LEGAL PROCEEDINGS
No new material legal proceedings were commenced during the
three months ended March 31, 1996 and there are none pending.
2. CHANGES IN SECURITIES
None.
3. DEFAULTS UPON SENIOR SECURITIES
None.
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
5. OTHER INFORMATION
On April 18, 1996 Moraga Gold, LLC filed a Schedule 14D-1 tender
offer for Units of the Partnership. On May 2, 1996 the Partnership
filed a Schedule 14D-9 in response.
6. EXHIBITS AND REPORTS ON FORM 8-K
None.
15
<PAGE> 16
PART II. OTHER INFORMATION (Continued)
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.
DE ANZA PROPERTIES - XII, LTD.
(Registrant)
By DE ANZA CORPORATION A
California Corporation
Operating General Partner
Date: May 14, 1996 By /s/ Michael D. Gelfand
----------------------------
Michael D. Gelfand
President and
Chief Financial Officer
16
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 810,881
<SECURITIES> 0
<RECEIVABLES> 394,666
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 850,323
<PP&E> 14,856,880
<DEPRECIATION> 6,692,536
<TOTAL-ASSETS> 9,485,090
<CURRENT-LIABILITIES> 303,270
<BONDS> 4,254,211
0
0
<COMMON> 0
<OTHER-SE> 3,945,203
<TOTAL-LIABILITY-AND-EQUITY> 9,485,090
<SALES> 566,494
<TOTAL-REVENUES> 593,762
<CGS> 0
<TOTAL-COSTS> 309,851
<OTHER-EXPENSES> 153,401
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 80,720
<INCOME-PRETAX> 49,790
<INCOME-TAX> 0
<INCOME-CONTINUING> 49,790
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 49,790
<EPS-PRIMARY> 2.17<F1>
<EPS-DILUTED> 2.17
<FN>
<F1>Earnings per share is per Limited Partnership Unit.
</FN>
</TABLE>
