<PAGE>
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, 1997
[_] 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>
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
- ------ ---------------------
<S> <C>
ITEM 1. FINANCIAL STATEMENTS
Balance Sheets 3
Statements of Income 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>
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,
1997 1996
----------- ------------
ASSETS
<S> <C> <C>
CASH AND CASH EQUIVALENTS - including restricted
deposits of $159,096 at March 31, 1997 and
December 31, 1996 - Notes 1 and 5 $ 733,572 $ 631,598
ACCOUNTS RECEIVABLE 6,901 7,923
PREPAID EXPENSES 24,716 39,545
----------- -----------
765,189 679,066
----------- -----------
NOTES RECEIVABLE - Note 5 248,714 301,958
----------- -----------
PROPERTY AND EQUIPMENT - Notes 2, 5 and 6
Land 1,184,605 1,184,605
Land improvements 3,467,501 3,437,005
Buildings and improvements 9,933,168 9,933,168
Furniture and equipment 471,308 469,216
----------- -----------
15,056,582 15,023,994
Less accumulated depreciation 7,282,775 7,180,893
----------- -----------
7,773,807 7,843,101
----------- -----------
OTHER ASSETS
Loan costs - less accumulated amortization
of $21,630 and $20,008 at March 31, 1997
and December 31, 1996, respectively - Note 2 75,704 77,326
Other 9,076 4,420
----------- -----------
84,780 81,746
----------- -----------
$ 8,872,490 $ 8,905,871
=========== ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Balance Sheets (Continued)
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
----------- ------------
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S> <C> <C>
ACCOUNTS PAYABLE AND ACCRUED EXPENSES -
including $9,026 and $8,864 due to
related party at March 31, 1997
and December 31, 1996, respectively $ 122,333 $ 92,710
DEPOSITS AND ADVANCE RENTALS 46,520 49,182
DEFERRED GAIN ON SALE - Note 5 159,096 159,096
MANAGEMENT AND CONDOMINIUM CONVERSION
FEES PAYABLE TO AFFILIATE OR RELATED
PARTY - Note 3 796,331 796,331
SECURED NOTE PAYABLE - Note 2 4,209,718 4,222,320
----------- -----------
5,333,998 5,319,639
----------- -----------
PARTNERS' CAPITAL (DEFICIT)
General partners (1,647,166) (1,648,564)
Limited partners, 22,719 units issued
and outstanding 5,185,658 5,234,796
----------- -----------
3,538,492 3,586,232
----------- -----------
$ 8,872,490 $ 8,905,871
=========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1997 1996
------------ ------------
<S> <C> <C>
INCOME
Rent $571,906 $566,494
Interest and dividends 12,450 14,746
Other 7,736 12,522
-------- --------
592,092 593,762
-------- --------
EXPENSES
Depreciation and amortization 103,504 153,401
Interest 76,483 80,720
Maintenance, repairs and supplies 52,993 50,527
Salaries - including $3,723 and $4,400
paid to related party in 1997 and
1996, respectively - Note 3 47,531 48,151
Professional fees and services -
including $13,091 and $17,579 paid
to related party in 1997 and 1996,
respectively - Note 3 45,426 49,870
Utilities 45,215 45,446
Real estate taxes 39,308 37,942
Other 15,502 21,899
Insurance 14,922 16,280
Payroll taxes and employee benefits 11,448 10,959
-------- --------
452,332 515,195
-------- --------
NET INCOME $139,760 $ 78,567
======== ========
NET INCOME
GENERAL PARTNERS $ 1,398 $ 786
======== ========
LIMITED PARTNERS $138,362 $ 77,781
======== ========
INCOME PER 1% GENERAL
PARTNER INTEREST - Note 4 $ 13.98 $ 7.86
======== ========
INCOME PER LIMITED
PARTNERSHIP UNIT - Note 4 $ 6.09 $ 3.42
======== ========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Statements of Changes in Partners' Capital (Deficit)
(Unaudited)
For the Three Months Ended March 31, 1997 and
For the Year Ended December 31, 1996
<TABLE>
<CAPTION>
General Limited
Total Partners Partners
---------- ----------- ----------
<S> <C> <C> <C>
BALANCE - January 1, 1996 $4,070,413 $(1,652,362) $5,722,775
DISTRIBUTIONS TO PARTNERS (864,000) - (864,000)
NET INCOME - for the year
ended December 31, 1996 379,819 3,798 376,021
---------- ----------- ----------
BALANCE - December 31, 1996 3,586,232 (1,648,564) 5,234,796
DISTRIBUTIONS TO PARTNERS (187,500) - (187,500)
NET INCOME - for the three
months ended March 31,
1997 139,760 1,398 138,362
---------- ----------- ----------
BALANCE - March 31, 1997 $3,538,492 $(1,647,166) $5,185,658
========== =========== ==========
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
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,
1997 1996
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Gross rents received from real estate
operations $ 570,381 $ 560,014
Cash paid to suppliers and employees -
including $21,700 and $23,670
paid to related party in 1997
and 1996, respectively (227,388) (214,959)
Interest paid (77,388) (80,908)
Interest and other income received 20,471 27,730
--------- ---------
Net cash provided by
operating activities 286,076 291,877
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (32,588) (64,508)
Payments received on notes receivable 53,244 94,814
Sales and closing costs (4,656) -
--------- ---------
Net cash provided by
investing activities 16,000 30,306
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners (187,500) (175,000)
Principal payments on secured
notes payable (12,602) (7,732)
--------- ---------
Net cash used in
financing activities (200,102) (182,732)
--------- ---------
NET INCREASE IN CASH AND CASH
EQUIVALENTS 101,974 139,451
CASH AND CASH EQUIVALENTS:
BALANCE AT BEGINNING OF PERIOD 631,598 671,430
--------- ---------
BALANCE AT END OF PERIOD $ 733,572 $ 810,881
========= =========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
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,
1997 1996
------------ ------------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Net income $139,760 $ 78,567
Adjustments to reconcile net income
to net cash provided by
operating activities
Depreciation and amortization 103,504 153,401
Changes in operating assets and
liabilities
Decrease (increase) in accounts
receivable 1,022 (4,149)
Decrease in prepaid expenses 14,829 16,168
Increase in other assets - (924)
Increase in accounts payable and
accrued expenses 29,623 52,264
Decrease in deposits and advance
rentals (2,662) (3,450)
-------- --------
Net cash provided by
operating activities $286,076 $291,877
======== ========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements
(Unaudited)
March 31, 1997 and December 31, 1996 and
For the Three Months Ended March 31, 1997 and 1996
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, 1997 are not
necessarily indicative of the results that may be expected for the
year ending December 31, 1997. 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, 1996.
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.
Depreciation
------------
Pursuant to generally accepted accounting principles the Partnership
ceased to depreciate Warner Oaks Apartments ("Warner Oaks") from the
time it determined to sell the property (see Note 5).
NOTE 2 - SECURED NOTE PAYABLE
Secured note payable at March 31, 1997 and December 31, 1996 consisted
of:
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
---------- ------------
<S> <C> <C>
Note collateralized by a first trust deed, payable in monthly
installments of $29,547, including interest until December 15,
1996. Thereafter, the monthly payment changes annually on each
December 15th. Interest accrues 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, 1997 and
December 31, 1996 was 7.32% and 7.34%, respectively. $4,209,718 $4,222,320
========== ==========
</TABLE>
9
<PAGE>
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
March 31, 1997 and December 31, 1996 and
For the Three Months Ended March 31, 1997 and 1996
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,
1997 and December 31, 1996, 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 5, 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 5, 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 $28,762 and $28,777 were deferred, but not accrued for the
three months ended March 31, 1997 and 1996, respectively; the
Partnership has determined, that based on the anticipated net proceeds
from the disposition or refinancing of the property and their
allocation under the terms of the Partnership Agreement, that it is
not probable any deferred management fees would be paid. However, in
the event there were sufficient proceeds, the deferred management fees
would be paid at that time. At March 31, 1997 and December 31, 1996,
cumulative accrued fees to Terra Vista of $153,500, have been
subordinated and are included in management and condominium conversion
fees payable to affiliate or related party. The Gelfand Family Trust
has agreed to share equally any payment which is made to the Gelfand
Family Trust for deferred management fees with Terra Vista until Terra
Vista has been paid all outstanding deferred management fees due Terra
Vista.
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
10
<PAGE>
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
March 31, 1997 and December 31, 1996 and
For the Three Months Ended March 31, 1997 and 1996
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES (Continued)
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 an affiliate or related party at March 31, 1997 and
December 31, 1996. 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 was paid $21,700 and $23,670 during the three
months ended March 31, 1997 and 1996, respectively, for performing
bookkeeping, legal, regional management, computer, disposition 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 Income 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 PROPERTY AND EQUIPMENT
San Luis Bay
------------
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, 1997 and December 31, 1996, respectively, the outstanding amounts
due under such notes totaled $248,714 and $301,958. 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>
DE ANZA PROPERTIES - XII, LTD.
(A Limited Partnership)
Notes to Financial Statements (Continued)
(Unaudited)
March 31, 1997 and December 31, 1996 and
For the Three Months Ended March 31, 1997 and 1996
NOTE 5 - SALE OF PROPERTY AND EQUIPMENT (Continued)
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. In connection with the
sale, the Partnership established various reserves totaling $230,097.
The $230,097 was used to establish the following cash reserves:
MHC Reserve $ 42,000
General Reserve 130,094
Independent Committee Reserve 58,003
The MHC Reserve was required by MHC. It was released in 1995, at which
time the gain on sale was recognized. The General Reserve and
Independent Committee Reserve were established to fund contingent
liabilities that may arise out of the MHC transaction. In August 1996,
$29,001 of the Independent Committee Reserve was released and the gain
on sale recognized and included in net income.
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, 1997, and
December 31, 1996, $159,096 of sale proceeds have been deferred and
are included in deferred gain on sale, as reflected in the balance
sheets.
Possible Sale of Warner Oaks Apartments
---------------------------------------
In March 1997, the Partnership listed Warner Oaks Apartments, located
in Los Angeles and its remaining property, for sale. The Partnership
anticipates the property will be sold in 1997, however there can be no
assurance that a sale will be consummated, or if consummated that it
will occur in 1997. Upon such a sale it is anticipated that the
Partnership would be dissolved and terminated.
NOTE 6 - SUBSEQUENT EVENT
On May 1, 1997, the Partnership sold one of the two remaining spaces
at San Luis Bay for $100,000. Net proceeds, after commission and sale
and closing costs of $7,113, was $92,887.
12
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity
- ---------
The Partnership's quick ratios were 2.6:1 and 2.4:1, including unrestricted
cash balances of $574,476 and $472,502 at March 31, 1997 and December 31,
1996, respectively. The increase in cash is mainly due to notes receivable
prepayments and cash flows from operations that exceed partner distributions.
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, 1997
were approximately $286,000. Should it become necessary to improve liquidity,
the Partnership can reduce partner distributions, which totaled $187,500
during the three months ended March 31, 1997, arrange a short-term line of
credit or refinance Warner Oaks.
Subsequent to the sale of The Mark, the Partnership continues to operate
Warner Oaks, the remaining property. In March 1997, the Partnership listed
Warner Oaks for sale and anticipates that a closing would occur prior to the
end of 1997; however, there can be no assurances that a sale will occur. The
Partnership also owns two spaces at San Luis Bay Mobile Estates, one of which
was sold on May 1, 1997, and various notes receivables related to the 1991
sale (see Notes 5 and 6 to the Financial Statements). Upon sale of Warner Oaks
the Partnership expects to pursue the sale of its remaining space at San Luis
Bay and collection of its notes receivable in order to liquidate and dissolve
the Partnership.
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, 1997, the interest rate in effect was 7.32%.
The Partnership has sold 160 of 162 spaces at San Luis Bay as of March 31,
1997 (see Notes 5 and 6 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, 1997, the
amount of the notes receivable outstanding was approximately $249,000.
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>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Capital Resources
- -----------------
The Partnership anticipates spending approximately $139,000 in 1997 for
physical improvements at Warner Oaks, approximately $107,000 of which will be
spent during the remainder of 1997. The Partnership is continuously reviewing
the necessity for such expenditures in light of the expected sale of Warner
Oaks. Funds for these improvements will be provided by cash generated from
operations.
As described above the Partnership is seeking to sell Warner Oaks in 1997. No
assurances can be made that such a sale will occur. However, if it does the
Partnership would endeavor to dispose of its remaining space at San Luis Bay
and collect its notes receivable in order to liquidate as soon as practical.
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 1.0% during the three months ended March 31, 1997,
over the same period in 1996, primarily due to higher occupancy offset in part
by higher uncollectible rent. Other income decreased due to less partner
transfer fees received in 1997.
Expenses decreased 12.2% during the three months ended March 31, 1997 over the
same period in 1996. The decrease is almost entirely due to lower depreciation
and amortization expense in 1997 because, according to generally accepted
accounting principles, from the time the Partnership determined to sell Warner
Oaks it ceased to depreciate the carrying value of the assets. Additionally,
other expense decreased in 1997 due to lower advertising and partner mailings
costs.
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>
PART II. OTHER INFORMATION
ITEM NUMBER
- -----------
1. LEGAL PROCEEDINGS
No new material legal proceedings were commenced during the three months
ended March 31, 1997 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
None.
6. EXHIBITS AND REPORTS ON FORM 8-K
None.
15
<PAGE>
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 13, 1997 By /s/ Michael D. Gelfand
----------------------
Michael D. Gelfand
President and
Chief Financial Officer
16
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 733,572
<SECURITIES> 0
<RECEIVABLES> 6,901
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 765,189
<PP&E> 15,056,582
<DEPRECIATION> 7,282,775
<TOTAL-ASSETS> 8,272,490
<CURRENT-LIABILITIES> 181,353
<BONDS> 4,209,718
0
0
<COMMON> 0
<OTHER-SE> 3,538,492
<TOTAL-LIABILITY-AND-EQUITY> 8,772,490
<SALES> 571,906
<TOTAL-REVENUES> 592,092
<CGS> 0
<TOTAL-COSTS> 272,345
<OTHER-EXPENSES> 103,504
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 76,483
<INCOME-PRETAX> 139,760
<INCOME-TAX> 0
<INCOME-CONTINUING> 139,760
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 139,760
<EPS-PRIMARY> 6.09<F1>
<EPS-DILUTED> 6.09
<FN>
<F1>EPS is per limited partnership unit.
</FN>
</TABLE>
