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, 2000
[ ] 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 0-10435
CENTURY PROPERTIES FUND XVI
(Exact name of small business issuer as specified in its charter)
California 94-2704651
(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 XVI
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
September 30, 2000
<TABLE>
<CAPTION>
Assets
<S> <C> <C>
Cash and cash equivalents $ 327
Receivables and deposits 302
Restricted escrows 16
Other assets 215
Investment properties:
Land $ 1,409
Buildings and related personal property 15,149
16,558
Less accumulated depreciation (8,807) 7,751
$ 8,611
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 97
Accrued property taxes 204
Tenant security deposit liabilities 41
Other liabilities 125
Due to affiliates 38
Mortgage notes payable 7,200
Partners' (Deficit) Capital
General partners $ (3,842)
Limited partners (130,000 units issued and
outstanding) 4,748 906
$ 8,611
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
b)
CENTURY PROPERTIES FUND XVI
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues:
<S> <C> <C> <C> <C>
Rental income $ 743 $ 748 $ 2,229 $ 2,220
Other income 52 28 131 82
Total revenues 795 776 2,360 2,302
Expenses:
Operating 326 287 937 845
General and administrative 87 54 184 174
Depreciation 161 129 465 384
Interest 150 152 451 457
Property tax 75 64 193 193
Total expenses 799 686 2,230 2,053
Net (loss) income $ (4) $ 90 $ 130 $ 249
Net income allocated to
general partners (6.9%) $ -- $ 6 $ 9 $ 17
Net (loss) income allocated to
limited partners (93.1%) (4) 84 121 232
$ (4) $ 90 $ 130 $ 249
Net (loss) income per limited
partnership unit $ (.03) $ .64 $ .93 $ 1.78
Distributions per limited
partnership unit $ -- $ -- $ 1.98 $ --
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c)
CENTURY PROPERTIES FUND XVI
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 130,000 $ -- $65,000 $65,000
Partners' (deficit) capital
at December 31, 1999 130,000 $ (3,832) $ 4,884 $ 1,052
Distributions to partners (19) (257) (276)
Net income for the nine months
ended September 30, 2000 -- 9 121 130
Partners' (deficit) capital
at September 30, 2000 130,000 $ (3,842) $ 4,748 $ 906
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d)
CENTURY PROPERTIES FUND XVI
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 130 $ 249
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 465 384
Amortization of loan costs 24 24
Change in accounts:
Receivables and deposits 22 21
Other assets (8) (10)
Accounts payable (17) (23)
Accrued property taxes 24 (55)
Tenant security deposit liabilities (1) (1)
Other liabilities (67) 27
Due to affiliates 38 --
Net cash provided by operating activities 610 616
Cash flows from investing activities:
Property improvements and replacements (504) (253)
Net withdrawals from restricted escrows 94 29
Net cash used in investing activities (410) (224)
Cash flows from financing activities:
Distributions to partners (276) --
Payments on mortgage notes payable (65) (61)
Net cash used in financing activities (341) (61)
Net (decrease) increase in cash and cash equivalents (141) 331
Cash and cash equivalents at beginning of period 468 366
Cash and cash equivalents at end of period $ 327 $ 697
Supplemental disclosure of cash flow information:
Cash paid for interest $ 428 $ 433
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
CENTURY PROPERTIES FUND XVI
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Century
Properties Fund XVI (the "Partnership" or the "Registrant") 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. The Partnership's general partners are Fox Capital
Management Corporation (the "Managing General Partner" or "FCMC") and Fox Realty
Investors ("FRI"). The Managing General Partner and the managing general partner
of FRI are subsidiaries of Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust. In the opinion of the
Managing General Partner, 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, 2000
are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 2000. 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 fiscal year ended December
31, 1999.
Principles of Consolidation
The Partnership's financial statements include the accounts of the Partnership
and its wholly owned subsidiaries.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into AIMCO, a publicly traded real estate investment trust, with AIMCO
being the surviving corporation (the "Insignia Merger"). As a result, AIMCO
acquired 100% ownership interest in the Managing General Partner. The Managing
General Partner does not believe that this transaction has had or will have a
material effect on the affairs and operations of the Partnership.
Note C - Transactions with Affiliated Parties
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. The Partnership Agreement provides for (i) payments to
affiliates for services and (ii) reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following transactions with
affiliates of the Managing General Partner were paid or accrued during the nine
months ended September 30, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $117 $114
Reimbursement for services of affiliates (included in
investment properties, general and administrative
and operating expenses) 125 76
Due to affiliates 38 --
During the nine months ended September 30, 2000 and 1999, affiliates of the
Managing General Partner were entitled to receive 5% of gross receipts from both
of the Registrant's properties for providing property management services. The
Registrant paid to such affiliates approximately $117,000 and $114,000 for the
nine months ended September 30, 2000 and 1999, respectively.
An affiliate of the Managing General Partner received reimbursement of
accountable administrative expenses amounting to approximately $125,000 and
$76,000 for the nine months ended September 30, 2000 and 1999, respectively. Of
this amount approximately $38,000 was accrued and is included in "Due to
affiliates" at September 30, 2000.
In addition to its indirect ownership of the general partner interest in the
Partnership, AIMCO and its affiliates currently own 73,140.69 limited
partnership units in the Partnership representing approximately 56.27% of the
outstanding units. A number of these units were acquired pursuant to tender
offers made by AIMCO, its affiliates or affiliates of the Managing General
Partner. It is possible that AIMCO or its affiliates will make one or more
additional offers to acquire additional limited partnership interests in the
Partnership for cash or in exchange for units in the operating partnership of
AIMCO. Under the Partnership Agreement, unitholders holding a majority of the
Units are entitled to take action with respect to a variety of matters, which
would include without limitation, voting on certain amendments to the
Partnership Agreement and voting to remove the Managing General Partner. As a
result of its ownership of approximately 56.27% of the outstanding units, AIMCO
is in a position to influence all voting decisions with respect to the
Registrant. When voting on matters, AIMCO would in all likelihood vote the Units
it acquired in a manner favorable to the interest of the Managing General
Partner because of their affiliation with the Managing General Partner. However,
with respect to 47,326.68 units, owned by an affiliate of the Managing General
Partner, such affiliate is required to vote such Units: (i) against any
increase in compensation payable to the Managing General Partner or to
affiliates; and (ii) on all other matters submitted by it or its affiliates, in
proportion to the votes cast by non-tendering unitholders. Except for the
foregoing, no other limitations are imposed on AIMCO and its affiliates' ability
to influence voting decisions with respect to the Partnership.
Note D - Distributions
Cash distributions from operations of approximately $276,000 were paid during
the nine months ended September 30, 2000, of which approximately $257,000 was
paid to limited partners ($1.98 per limited partnership unit). No cash
distributions were made during the nine months ended September 30, 1999.
Subsequent to September 30, 2000, the Partnership declared and paid a cash
distribution from operations of approximately $83,000, of which approximately
$77,000 was paid to limited partners ($0.59 per limited partnership unit).
Note E - Segment Reporting
Description of the types of products and services from which the reportable
segment derives its revenues:
The Partnership has one reportable segment: residential properties, consisting
of two apartment complexes, one of which is located in Tampa, Florida and the
other in Houston, Texas. The Partnership rents apartment units to tenants for
terms that are typically twelve months or less.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segment are the same as
those of the Partnership as described in the summary of significant accounting
policies in the Partnership's Annual Report on Form 10-KSB for the year ended
December 31, 1999.
Factors management used to identify the enterprise's reportable segment:
The Partnership's reportable segment consists of investment properties that
offer similar products and services. Although each of the investment properties
is managed separately, they have been aggregated into one segment as they
provide services with similar types of products and customers.
Segment information for the three and nine month periods ended September 30,
2000 and 1999 is shown in the tables below (in thousands). The "Other" column
includes Partnership administration related items and income and expense not
allocated to the reportable segment.
Three Months Ended September 30, 2000 Residential Other Totals
Rental income $ 743 $ -- $ 743
Other income 52 -- 52
Interest expense 150 -- 150
Depreciation 161 -- 161
General and administrative expense -- 87 87
Segment profit (loss) 83 (87) (4)
Nine months Ended September 30, 2000 Residential Other Totals
Rental income $ 2,229 $ -- $ 2,229
Other income 130 1 131
Interest expense 451 -- 451
Depreciation 465 -- 465
General and administrative expense -- 184 184
Segment profit (loss) 313 (183) 130
Total assets 8,487 124 8,611
Capital expenditures for investment
properties 504 -- 504
Three Months Ended September 30, 1999 Residential Other Totals
Rental income $ 748 $ -- $ 748
Other income 26 2 28
Interest expense 152 -- 152
Depreciation 129 -- 129
General and administrative expense -- 54 54
Segment profit (loss) 142 (52) 90
Nine Months Ended September 30, 1999 Residential Other Totals
Rental income $ 2,220 $ -- $ 2,220
Other income 74 8 82
Interest expense 457 -- 457
Depreciation 384 -- 384
General and administrative expense -- 174 174
Segment profit (loss) 415 (166) 249
Total assets 8,690 275 8,965
Capital expenditures for investment
properties 253 -- 253
Note F - 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, its Managing General Partner and several of their affiliated
partnerships and corporate entities. The action 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 of interests in certain general partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one time, affiliates of Insignia; past tender offers by the Insignia
affiliates to acquire limited partnership units; the management of partnerships
by the Insignia affiliates; and the Insignia Merger. The plaintiffs seek
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 filed
demurrers to the amended complaint which were heard February 1999.
Pending the ruling on such demurrers, settlement negotiations commenced. On
November 2, 1999, the parties executed and filed a Stipulation of Settlement,
settling claims, subject to final court approval, on behalf of the Partnership
and all limited partners who owned units as of November 3, 1999. Preliminary
approval of the settlement was obtained on November 3, 1999 from the Court, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing, the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement. On
December 14, 1999, the Managing General Partner and its affiliates terminated
the proposed settlement. In February 2000, counsel for some of the named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated the settlement. On June 27, 2000, the Court entered an order
disqualifying them from the case. The Court is considering applications for lead
counsel and has currently scheduled a hearing on the matter for November 20,
2000. The Managing General Partner does not anticipate that costs associated
with this case will be material to the Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operation. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment properties consist of two apartment complexes. The
following table sets forth the average occupancy of the properties for the nine
months ended September 30, 2000 and 1999:
Average Occupancy
Property 2000 1999
Ralston Place 96% 96%
(formerly The Landings Apartments)
Tampa, Florida
Woods of Inverness Apartments 93% 98%
Houston, Texas
The Managing General Partner attributes the decrease in occupancy at Woods of
Inverness Apartments to increased competition in the Houston market.
Results of Operations
The Registrant's net income for the nine months ended September 30, 2000 was
approximately $130,000 as compared to approximately $249,000 for the nine months
ended September 30, 1999. The Registrant's net loss for the three months ended
September 30, 2000 was approximately $4,000 as compared to net income of
approximately $90,000 for the three months ended September 30, 1999. The
decrease in net income for the three and nine months ended September 30, 2000 as
compared to the corresponding periods in 1999 is attributable to an increase in
total expenses offset by a slight increase in total revenues. The increase in
total expenses is primarily attributable to an increase in operating,
depreciation and general and administrative expenses. Operating expenses
increased due to an increase in advertising expense at both investment
properties and increased sewer expense and salaries at Woods of Inverness
Apartments. The increased depreciation expense is primarily due to the increase
in depreciable assets put into service in the last twelve months at both
investment properties.
The increase in general and administrative expense was attributable to an
increase in the cost of services included in management reimbursements to the
Managing General Partner as allowed under the Partnership Agreement partially
offset by decreased legal costs as a result of the settlement of legal
proceedings in the first quarter of 1999. In addition, costs associated with the
quarterly and annual communications with investors and regulatory agencies and
the annual audit required by the Partnership Agreement are also included.
Total revenues increased for both the three and nine months ended September 30,
2000, as compared to the same periods in 1999. The increase in total revenues
was the result of an increase in other income at both properties. Other income
increased at Ralston Place as a result of the receipt of incentive income from
the water company for installing water saving devices and at Woods of Inverness
Apartments due to increases in tenant reimbursements and late charges. In
addition, rental income increased for the nine months ended September 30, 2000
as compared to the same period in 1999. Rental income increased due to an
increase in average rental rates at both properties offset by the decrease in
occupancy at Woods of Inverness Apartments as noted above.
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.
Liquidity and Capital Resources
At September 30, 2000, the Registrant had cash and cash equivalents of
approximately $327,000 as compared to approximately $697,000 at September 30,
1999. Cash and cash equivalents decreased approximately $141,000 for the period
ended September 30, 2000 from the Registrant's fiscal year end. The decrease in
cash and cash equivalents is due to approximately $410,000 of cash used in
investing activities and approximately $341,000 of cash used in financing
activities, partially offset by approximately $610,000 of cash provided by
operating activities. Cash used in investing activities consisted of capital
improvements and replacements which was partially offset by withdrawals from
restricted escrow accounts maintained by the mortgage lender. Cash used in
financing activities consisted primarily of distributions to the partners and,
to a lesser extent, payments of principal made on the mortgages encumbering the
Registrant's properties. The Registrant invests its working capital reserves in
money market accounts.
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 Registrant and to comply with Federal,
state, and local legal and regulatory requirements. Capital improvements planned
for the Partnership's properties are detailed below.
Woods of Inverness: For 2000 the Partnership has budgeted approximately $210,000
for capital improvements at Woods of Inverness consisting primarily of appliance
and flooring replacements, parking lot and structural improvements. As of
September 30, 2000 the property has spent approximately $304,000 in budgeted and
nonbudgeted capital expenditures consisting primarily of appliances, floor
covering replacements, air conditioning replacements, major landscaping, parking
lot resurfacing, and structural improvements. These improvements were funded
from replacement reserves and cash flow from operations. Additional improvements
may be considered and will depend on the physical condition of the property as
well as replacement reserves and anticipated cash flow generated by the
property.
Ralston Place: For 2000 the Partnership has budgeted approximately $283,000 for
capital improvements at Ralston Place consisting primarily of appliances,
plumbing, air conditioning and flooring replacements, fencing, major
landscaping, recreational facility, pool and structural improvements. As of
September 30, 2000 the property has spent approximately $200,000 in budgeted
capital expenditures consisting primarily of plumbing fixture replacements,
appliances, structural improvements, and floor covering replacements. These
improvements were funded from replacement reserves and cash flow from
operations. Additional improvements may be considered and will depend on the
physical condition of the property as well as replacement reserves and
anticipated cash flow generated by the property.
The additional capital expenditures will be incurred only if cash is available
from operations or from Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.
The Registrant's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant. The mortgage
indebtedness of approximately $7,200,000 is amortized over 360 months with a
balloon payment of approximately $6,618,000 due January 1, 2006. The Managing
General Partner will attempt to refinance such indebtedness and/or sell the
properties prior to such maturity date. If the properties cannot be refinanced
or sold for a sufficient amount, the Registrant will risk losing such properties
through foreclosure.
Cash distributions from operations of approximately $276,000 were paid during
the nine months ended September 30, 2000, of which approximately $257,000 was
paid to limited partners ($1.98 per limited partnership unit). No cash
distributions were made during the nine months ended September 30, 1999.
Subsequent to September 30, 2000, the Partnership declared and paid a cash
distribution from operations of approximately $83,000, of which approximately
$77,000 was paid to limited partners ($0.59 per limited partnership unit).
Future cash distributions will depend on the levels of net cash generated from
operations, the availability of cash reserves, and the timing of debt
maturities, refinancings, and/or property sales. The Partnership's distribution
policy is reviewed on a semi-annual basis. There can be no assurance, however,
that the Partnership will generate sufficient funds from operations, after
planned capital expenditures, to permit distributions to its partners during the
remainder of 2000 or subsequent periods.
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, its Managing General Partner and several of their affiliated
partnerships and corporate entities. The action 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 of interests in certain general partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one time, affiliates of Insignia; past tender offers by the Insignia
affiliates to acquire limited partnership units; the management of partnerships
by the Insignia affiliates; and the Insignia Merger. The plaintiffs seek
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 filed
demurrers to the amended complaint which were heard February 1999.
Pending the ruling on such demurrers, settlement negotiations commenced. On
November 2, 1999, the parties executed and filed a Stipulation of Settlement,
settling claims, subject to final court approval, on behalf of the Partnership
and all limited partners who owned units as of November 3, 1999. Preliminary
approval of the settlement was obtained on November 3, 1999 from the Court, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing, the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement. On
December 14, 1999, the Managing General Partner and its affiliates terminated
the proposed settlement. In February 2000, counsel for some of the named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated the settlement. On June 27, 2000, the Court entered an order
disqualifying them from the case. The Court is considering applications for lead
counsel and has currently scheduled a hearing on the matter for November 20,
2000. The Managing General Partner does not anticipate that costs associated
with this case will be material to the Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) 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, 2000.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Partnership caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CENTURY PROPERTIES FUND XVI
By: FOX CAPITAL MANAGEMENT CORPORATION
Managing General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President and
Controller
Date: November 13, 2000
