UNITED STATES
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 period ended March 31, 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 0-12915
MCNEIL REAL ESTATE FUND XIV, LTD.
---------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 94-2822299
---------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240
---------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (214) 448-5800
-----------------------
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 and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
---- ----
<PAGE>
MCNEIL REAL ESTATE FUND XIV, LTD.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
----------- ------------
<S> <C> <C>
ASSETS
Real estate investments:
Land..................................................... $ 6,833,471 $ 6,833,471
Buildings and improvements............................... 44,476,138 44,237,251
---------- ----------
51,309,609 51,070,722
Less: Accumulated depreciation.......................... (20,196,067) (19,674,640)
----------- -----------
31,113,542 31,396,082
Cash and cash equivalents................................... 1,808,273 1,045,158
Cash segregated for security deposits....................... 374,208 372,157
Accounts receivable......................................... 435,239 394,285
Prepaid expenses and other assets........................... 291,849 230,521
Escrow deposits............................................. 829,063 655,767
Deferred borrowing costs, net of accumulated amorti-
zation of $188,771 and $170,822 at March 31, 1995
and December 31, 1994, respectively...................... 1,202,322 1,120,896
--------- ---------
$36,054,496 $35,214,866
========== ==========
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Mortgage notes payable, net................................. $28,181,240 $27,161,556
Accounts payable............................................ 162,927 155,071
Accrued interest............................................ 177,318 203,282
Accrued property taxes...................................... 188,265 84,880
Other accrued expenses...................................... 52,912 81,605
Payable to affiliates - General Partner..................... 976,122 991,530
Security deposits and deferred rental revenue............... 378,183 384,769
---------- ----------
30,116,967 29,062,693
---------- ----------
Partners' equity (deficit):
Limited partners - 100,000 limited partnership
units authorized; 86,534 limited partnership
units outstanding...................................... 8,027,924 8,094,114
General Partner.......................................... (2,090,395) (1,941,941)
---------- ----------
5,937,529 6,152,173
---------- ----------
$36,054,496 $35,214,866
========== ==========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND XIV, LTD.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------
1995 1994
---------- ----------
<S> <C> <C>
Revenue:
Rental revenue................................... $2,276,099 $2,162,926
Interest......................................... 25,153 4,191
--------- ---------
Total revenue.................................. 2,301,252 2,167,117
--------- ---------
Expenses:
Interest......................................... 668,013 685,506
Depreciation and amortization.................... 521,427 478,377
Property taxes................................... 188,336 182,067
Personnel expenses............................... 283,458 249,825
Utilities........................................ 110,296 116,583
Repair and maintenance........................... 227,826 262,246
Property management fees - affiliates............ 111,363 106,297
Other property operating expenses................ 144,326 128,418
General and administrative....................... 16,563 18,284
General and administrative - affiliates.......... 96,503 87,470
--------- ---------
Total expenses................................. 2,368,111 2,315,073
--------- ---------
Net loss............................................ $ (66,859) $ (147,956)
========= =========
Net loss allocated to limited partners.............. $ (66,190) $ (146,476)
Net loss allocated to General Partner............... (669) (1,480)
--------- ---------
Net loss............................................ $ (66,859) $ (147,956)
========= =========
Net loss per limited partnership unit............... $ (.76) $ (1.69)
========= =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND XIV, LTD.
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
For the Three Months Ended March 31, 1995 and 1994
<TABLE>
<CAPTION>
Total
Partners'
General Limited Equity
Partner Partners (Deficit)
------------ ----------- -----------
<S> <C> <C> <C>
Balance at December 31, 1993.............. $(1,365,025) $8,391,866 $7,026,841
Net loss.................................. (1,480) (146,476) (147,956)
Contingent Management Incentive
Distribution........................... (137,179) - (137,179)
---------- --------- ---------
Balance at March 31, 1994................. $(1,503,684) $8,245,390 $6,741,706
========== ========= =========
Balance at December 31, 1994.............. $(1,941,941) $8,094,114 $6,152,173
Net loss.................................. (669) (66,190) (66,859)
Contingent Management Incentive
Distribution........................... (147,785) - (147,785)
---------- --------- ---------
Balance at March 31, 1995................. $(2,090,395) $8,027,924 $5,937,529
========== ========= =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND XIV, LTD.
STATEMENTS OF CASH FLOWS
(Unaudited)
Increase in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------
1995 1994
---------- -----------
<S> <C> <C>
Cash flows from operating activities:
Cash received from tenants........................ $2,226,224 $2,082,765
Cash paid to suppliers............................ (986,148) (817,003)
Cash paid to affiliates........................... (371,059) (103,636)
Interest received................................. 25,153 4,191
Interest paid..................................... (643,131) (659,059)
Deferred borrowing costs paid..................... (99,375) -
Property taxes paid and escrowed.................. (136,449) (198,317)
--------- ---------
Net cash provided by operating activities............ 15,215 308,941
--------- ---------
Cash flows from investing activities:
Additions to real estate investments.............. (238,887) (96,621)
--------- ---------
Cash flows from financing activities:
Principal payments on mortgage notes
payable......................................... (128,979) (121,052)
Proceeds from refinancing of mortgage
note payable.................................... 1,115,766 -
--------- ---------
Net cash provided by (used in)
financing activities.............................. 986,787 (121,052)
--------- ---------
Net increase in cash and cash equivalents............ 763,115 91,268
Cash and cash equivalents at beginning of
period............................................ 1,045,158 331,350
--------- ---------
Cash and cash equivalents at end of period........... $1,808,273 $ 422,618
========= =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND XIV, LTD.
STATEMENTS OF CASH FLOWS
(Unaudited)
Reconciliation of Net Loss to Net Cash Provided by
Operating Activities
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------------
1995 1994
---------- -----------
<S> <C> <C>
Net loss............................................. $ (66,859) $ (147,956)
-------- ---------
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization..................... 521,427 478,377
Amortization of deferred borrowing costs.......... 17,949 17,236
Amortization of discounts on mortgage
notes payable................................... 32,897 33,543
Changes in assets and liabilities:
Cash segregated for security deposits........... (2,051) (33,983)
Accounts receivable............................. (40,954) (52,615)
Prepaid expenses and other assets............... (61,328) 63,410
Escrow deposits................................. (173,296) (171,456)
Deferred borrowing costs........................ (99,375) -
Accounts payable................................ 7,856 (61,581)
Accrued interest................................ (25,964) (24,332)
Accrued property taxes.......................... 103,385 103,538
Other accrued expenses.......................... (28,693) (1,948)
Payable to affiliates - General Partner......... (163,193) 90,131
Security deposits and deferred rental
revenue....................................... (6,586) 16,577
-------- --------
Total adjustments............................. 82,074 456,897
-------- --------
Net cash provided by operating activities............ $ 15,215 $ 308,941
======== ========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND XIV, LTD.
Notes to Financial Statements
(Unaudited)
March 31, 1995
NOTE 1.
- - - - - -------
McNeil Real Estate Fund XIV, Ltd. (the "Partnership") is a limited partnership
organized under the laws of the State of California to invest in real property.
The general partner of the Partnership is McNeil Partners, L.P. (the "General
Partner"), a Delaware limited partnership affiliated with Robert A. McNeil.
The Partnership is governed by an agreement of limited partnership ("Amended
Partnership Agreement") that was adopted September 20, 1991. The principal
place of business for the Partnership and the General Partner is 13760 Noel
Road, Suite 700, LB70, Dallas, Texas 75240.
In the opinion of management, the financial statements reflect all adjustments
necessary for a fair presentation of the Partnership's financial position and
results of operations. All adjustments were of a normal recurring nature.
However, the results of operations for the three months ended March 31, 1995 are
not necessarily indicative of the results to be expected for the year ending
December 31, 1995.
NOTE 2.
- - - - - -------
The financial statements should be read in conjunction with the financial
statements contained in the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1994, and the notes thereto, as filed with the
Securities and Exchange Commission, which is available upon request by writing
to McNeil Real Estate Fund XIV, Ltd., c/o McNeil Real Estate Management, Inc.,
Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240.
NOTE 3.
- - - - - -------
Certain prior period amounts within the accompanying financial statements have
been reclassified to conform with current year presentation.
NOTE 4.
- - - - - -------
The Partnership pays property management fees equal to 5% of the gross rental
receipts of the Partnership's properties to McNeil Real Estate Management, Inc.
("McREMI"), an affiliate of the General Partner, for providing property
management services for the Partnership's residential and commercial properties
and leasing services for its residential properties. McREMI may also choose to
provide leasing services for the Partnership's commercial properties, in which
case McREMI will receive property management fees from such commercial
properties equal to 3% of the property's gross rental receipts plus leasing
commissions based on the prevailing market rate for such services where the
property is located.
The Partnership reimburses McREMI for its costs, including overhead, of
administering the Partnership's affairs.
Under the terms of the Amended Partnership Agreement, the Partnership is paying
a Management Incentive Distribution ("MID") to the General Partner. The maximum
MID is calculated as 1% of the tangible asset value of the Partnership. Tangible
asset value is determined by using the greater of (i) an amount calculated by
applying a capitalization rate of 9% to the annualized net operating income of
each property or (ii) a value of $10,000 per apartment unit for residential
property and $50 per gross square foot for commercial property to arrive at the
property tangible asset value. The property tangible asset value is then added
to the book value of all other assets excluding intangible assets. Prior to July
1, 1993, the MID consisted of two components: (i) the fixed portion which was
payable without respect to the net income of the Partnership and was equal to
25% of the maximum MID (the "Fixed MID") and (ii) a contingent portion
which is payable only to the extent of the lesser of the Partnership's excess
cash flow, as defined, or net operating income (the "Entitlement Amount") and
was equal to up to 75% of the maximum MID (the "Contingent MID"). The maximum
MID percentage decreases subsequent to 1999.
The General Partner amended the Amended Partnership Agreement as a settlement to
a class action complaint. This amendment eliminated the Fixed MID and makes the
entire MID payable to the extent of the Entitlement Amount. In all other
respects, the calculation and payment of the MID will remain the same. This
modified MID became effective July 1, 1993.
Fixed MID was payable in limited partnership units ("Units") unless the
Entitlement Amount exceeded the amount necessary to pay the Contingent MID, in
which case, at the General Partner's option, the Fixed MID could have been paid
in cash to the extent of such excess.
Contingent MID will be paid to the extent of the Entitlement Amount, and may be
paid (i) in cash, unless there is insufficient cash to pay the distribution in
which event any unpaid portion not taken in Units will be deferred and is
payable, without interest, from the first available cash and/or (ii) in Units. A
maximum of 50% of the MID may be paid in Units. The number of Units issued in
payment of the MID is based on the greater of $50 per Unit or the net tangible
asset value, as defined, per Unit.
Any amount of the MID that is paid to the General Partner in Units will be
treated as if cash was distributed to the General Partner. The Fixed MID was
treated as a fee payable to the General Partner by the Partnership for services
rendered. The Contingent MID represents a return of equity to the General
Partner for increasing cash flow, as defined, and accordingly, is treated as a
distribution to the General Partner in compliance with the Amended Partnership
Agreement.
Compensation, reimbursements and distributions paid to or accrued for the
benefit of the General Partner and its affiliates are as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------------------
1995 1994
-------- --------
<S> <C> <C>
Property management fees - affiliates................ $111,363 $106,297
Charged to general and administrative -
affiliates:
Partnership administration........................ 96,503 87,470
------- -------
$207,866 $193,767
======= =======
Charged to General Partner's deficit:
Contingent Management Incentive
Distribution.................................... $147,785 $137,179
======= =======
</TABLE>
NOTE 5.
- - - - - -------
On March 13, 1995, the Partnership refinanced Windrock Apartments with a new
$3,450,000 mortgage note. The note bears interest at 9.44% per annum and
requires monthly debt service payments of $28,859. The maturity date of the new
mortgage note is April 1, 2002. Proceeds from the new mortgage note amounted to
$866,128, after repayment of the Windrock first and second mortgage notes, after
payment of deferred borrowing costs and after funding various escrow accounts.
NOTE 6.
- - - - - -------
The Partnership filed claims with the United States Bankruptcy Court for the
Northern District of Texas, Dallas Division (the "Bankruptcy Court") against
Southmark for damages relating to improper overcharges, breach of contract and
breach of fiduciary duty. The Partnership settled these claims in 1991, and such
settlement was approved by the Bankruptcy Court.
An Order Granting Motion to Distribute Funds to Class 8 Claimants dated April
14, 1995 was issued by the Bankruptcy Court. In accordance with the Order, in
May 1995, the Partnership received in full satisfaction of its claims, $30,118
in cash, and common and preferred stock in the reorganized Southmark currently
valued at approximately $9,746, which amounts represent the Partnership's
pro-rata share of Southmark assets available for Class 8 Claimants.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- - - - - ------- ---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
The Partnership was formed to acquire, operate and ultimately dispose of a
portfolio of income-producing real properties. At March 31, 1995, the
Partnership owned four apartment properties and three shopping centers. All of
the Partnership's properties are subject to mortgage notes.
On March 13, 1995, the Partnership refinanced Windrock Apartments with a new
$3,450,000 mortgage note. Proceeds from the new mortgage were used to payoff the
prior first and second mortgage notes encumbering Windrock Apartments, to fund
various escrows for the payment of property taxes, insurance, repairs and
replacements, and to pay for loan fees and other costs associated with obtaining
the new mortgage note. Residual proceeds of approximately $866,000 were added to
the Partnership's cash reserves. The Partnership's next maturing mortgage note
does not come due until April 1, 2002.
RESULTS OF OPERATIONS
- - - - - ---------------------
For the first quarter of 1995, the Partnership incurred a loss of $66,859, an
improvement over the $147,956 loss for the first quarter of 1994. The
Partnership achieved higher rental revenues from its properties, while limiting
the increase in operating expenses.
Revenue:
In the first quarter, rental revenue increased $113,173 or 5.2% over rental
revenue achieved during the first quarter of 1994. Rental revenue increased at
five of the Partnership's seven properties. Increased rental rates and improving
occupancy rates led to increases ranging from 4.3% (Country Hills Plaza) to 29%
(Redwood Plaza). Rental revenue realized at Midvale Plaza was unchanged from
1994 first quarter results. Particularly noteworthy was the 11.1% increase in
rental revenue at Embarcadero Club Apartments. The Partnership has invested
substantial resources for capital improvements at Embarcadero Club Apartments
that now appear to be paying off in increased rental revenue. A decrease in
average occupancy was responsible for a 6.6% decline in rental revenue achieved
by Windrock Apartments. Several new apartment communities have been completed in
the sub-market in which Windrock Apartments is located. The General Partner
intends to use some of the proceeds from the refinancing of the Windrock
mortgage note to make capital improvements at Windrock Apartments that will,
hopefully, allow the El Paso property to compete effectively against the newer
apartment communities.
Interest revenue increased six-fold to $25,153 during the first quarter of 1995.
Steps taken during the course of 1994 to raise the Partnership's cash reserves
have resulted in increased funds invested in interest-bearing accounts.
Expenses:
Partnership expenses increased $53,038 or 2.3% in the first quarter of 1995
compared to the same period of 1994. Expenses increased at five of the
Partnership's seven properties. Expenses were unchanged at Embarcadero Club
Apartments, and decreased 4.0% at Thunder Hollow Apartments. The increased
expenses were concentrated in depreciation, personnel expenses and other
property operating expenses.
Depreciation expense increased $43,050 or 9.0% in the first quarter compared to
the first quarter of 1994. The increase in depreciation expense is due to the
continuing investment of Partnership resources into capital improvements. In the
year since March 31, 1994, the Partnership has invested $1.3 million in capital
improvements. These capital improvements are generally being depreciated over
lives ranging from five to ten years.
Personnel expenses increased $33,633 or 13.5% in the first quarter compared to
the first quarter of 1994. The Partnership incurred increases in compensation
paid to on-site personnel at all but one of its properties. Personnel expenses
have increased and are expected to continue to increase due to the Partnership's
effort to increase occupancy rates by the continuous refurbishment of
residential units and upgrade of services offered to tenants. Such improvements
are partially achieved through higher maintenance standards that require
additional personnel to implement.
Other property operating expenses increased 12.4% due mostly to increased
insurance premiums at Thunder Hollow Apartments and increased marketing expenses
at Windrock Apartments.
Repair and maintenance expenses decreased $34,420 or 13.1%. The decrease was
concentrated at the Partnership's two largest properties, Thunder Hollow
Apartments and Embarcadero Club Apartments. Extensive capital improvements at
these properties over the past two years have reduced some of the repair and
maintenance expenses that the Partnership would otherwise have incurred.
All other expense items decreased a total of .4% in the first quarter of
1995 compared to the first quarter of 1994.
LIQUIDITY AND CAPITAL RESOURCES
- - - - - -------------------------------
The Partnership's net loss for the first quarter was $66,859, an improvement
from the $147,956 loss reported for the first quarter of 1994. However, first
quarter cash flow from operating activities decreased to $15,216 from $308,941
in the first quarter of 1994. The principal cause of the decrease in cash flow
from operating activities is a $267,423 increase in cash paid to affiliates.
During 1994, the General Partner determined not to collect the Management
Incentive Distribution or the reimbursable administrative costs due to an
affiliate of the General Partner until such time as the Partnership's cash
position improved. Due to these measures, cash reserves increased $713,808 to
$1,045,158 during the first quarter of 1995. With the additional cash reserves
provided by the March 1995 refinancing of the Windrock mortgage note, the
General Partner determined to resume payments of reimbursable costs.
Consequently, during the first quarter, the Partnership paid $346,327 of
reimbursable costs incurred by the Partnership during the course of 1994.
Payments of Management Incentive Distribution remain suspended.
Another factor in the decrease in cash flow from operating activities in the
first quarter was the refinancing of the Windrock mortgage note. The Partnership
expended $99,375 in loan fees and related costs to obtain the new Windrock
mortgage note. Additionally, $132,763 of the increase in cash paid to suppliers
was the result of various escrows funded with loan proceeds for recurring
replacements and other repairs to Windrock Apartments. Net of the retired
mortgages, loan costs and funded escrows, the Windrock refinancing yielded
proceeds of $866,128 for the Partnership.
The balance of changes in cash flow from operating activities is attributable to
the generally improving performance of the Partnership's properties.
The Partnership continues to invest significant resources into capital
improvements at its properties. During the first quarter, capital improvement
expenditures increased $142,266 to $238,887 compared to the first quarter of
1994. The Partnership has budgeted an additional $929,000 of capital
improvements for the balance of 1995.
Short Term Liquidity:
Due to the General Partner's decision to postpone collection of the Management
Incentive Distribution and proceeds received from the refinancing of the
Windrock mortgage note, the Partnership begins 1995 in a substantially better
cash position that it did in 1994. The Partnership's cash reserves will be
needed in light of the aging condition of the Partnership's properties. The
Partnership has budgeted $1.17 million for capital improvements for 1995, in
addition to the $3.54 million of capital improvements made during the past three
years. The General Partner believes these capital improvements are necessary to
allow the Partnership to increase its rental revenues in the competitive markets
in which the Partnership's properties operate. These expenditures also allow the
Partnership to reduce certain repair and maintenance expenses from amounts that
would otherwise be incurred.
At March 31, 1995, the Partnership held $1,808,273 of cash and cash equivalents,
up $763,115 from the balance at the end of 1994. The General Partner considers
this level of cash reserves to be adequate to meet the Partnership's operating
needs for the balance of 1995. The General Partner anticipates that cash
generated from operations for the remainder of 1995 will be sufficient to fund
the Partnership's budgeted capital improvements and debt service requirements.
However, 1995 cash flow from operations likely will not be adequate to pay the
Management Incentive Distribution due to the General Partner. For now, the
General Partner is electing to defer collection of the Management Incentive
Distribution.
Long Term Liquidity:
For the long term, property operations will remain the primary source of funds.
In this regard, the General Partner expects that the capital improvements made
by the Partnership during the past two years will yield improved cash flow from
property operations for the balance of 1995. Furthermore, the General Partner
had budgeted an additional $929,000 of capital improvements for 1995. If the
Partnership's cash position deteriorates, the General Partner may elect to defer
certain of the capital improvements, except where such improvements are expected
to increase the competitiveness or marketability of the Partnership's
properties.
The General Partner has established a revolving credit facility, not to exceed
$5,000,000 in the aggregate, which will be available on a "first-come,
first-served" basis to the Partnership and other affiliated partnerships if
certain conditions are met. Borrowings under the facility may be used to fund
deferred maintenance, refinancing obligations and working capital needs. There
is no assurance that the Partnership will receive additional funds from the
facility because no amount will be reserved for any particular partnership. As
of March 31, 1995, $2,102,530 remained available from the facility; however,
additional funds could become available as other partnerships repay borrowings.
As an additional source of liquidity, the General Partner may, from time to
time, attempt to sell Partnership properties judged to be mature considering the
circumstances of the market in which the properties are located, as well as the
Partnership's need for liquidity. However, there can be no guarantee that the
Partnership will be able to sell any of its properties for an amount sufficient
to retire the related mortgage note and still provide cash proceeds to the
Partnership, or that such proceeds could be timed to coincide with the liquidity
needs of the Partnership. Currently, no Partnership properties are being
marketed for sale.
Distributions:
With the exception of the Contingent MID, distributions to Partners have been
suspended since 1986 as a part of the General Partner's policy of maintaining
adequate cash reserves. Distributions to Unit holders will remain suspended for
the foreseeable future. Although the Partnership recorded a Contingent MID of
$147,785 for the first quarter of 1995, payments of Contingent MID have been
suspended since the beginning of 1994. The General Partner will continue to
monitor the cash reserves and working capital requirements of the Partnership to
determine when cash flows will support resumption of Contingent MID payments and
distributions to Unit holders.
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
- - - - - ------- -----------------
The Partnership is not a party to, nor are any of the Partnership's properties
the subject of, any material pending legal proceedings, other than ordinary
litigation routine to the Partnership's business.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- - - - - ------- --------------------------------
(a) Exhibits.
<TABLE>
<CAPTION>
Exhibit
Number Description
------- -----------
<S> <C>
4. Amended and Restated Limited Partnership
Agreement dated September 20, 1991. (1)
10.1 Multifamily Note dated March 13, 1995
between Washington Mortgage Financial Group,
Ltd. and Windrock Fund XIV, L.P. (2)
11. Statement regarding computation of net loss per
limited partnership unit: net loss per limited
partnership unit is computed by dividing net
loss allocated to the limited partners by the
number of limited partnership units
outstanding. Per unit information has been
computed based on 86,534 limited partnership
units outstanding in 1995 and 1994.
27. Financial Data Schedule for the year ended
December 31, 1994 and the quarter ended March
31, 1995.
</TABLE>
(1) Incorporated by reference to the Annual Report of Registrant, on
Form 10-K for the period ended December 31, 1991, as filed on March
30, 1992.
(2) Incorporated by reference to the Annual Report of Registrant, on
Form 10-K for the period ended December 31, 1994, as filed on March
30, 1995.
(b) Reports on Form 8-K. There were no reports on Form 8-K filed during the
quarter ended March 31, 1995.
<PAGE>
McNEIL REAL ESTATE FUND XIV, LTD.
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:
<TABLE>
<CAPTION>
McNEIL REAL ESTATE FUND XIV, Ltd.
By: McNeil Partners, L.P., General Partner
By: McNeil Investors, Inc., General Partner
<S> <C>
May 15, 1995 By:/s/ Donald K. Reed
- - - - - ------------------------- -------------------------------------------------
Date Donald K. Reed
President and Chief Executive Officer
May 15, 1995 By:/s/ Robert C. Irvine
- - - - - ------------------------- -------------------------------------------------
Date Robert C. Irvine
Chief Financial Officer of McNeil Investors, Inc.
Principal Financial Officer
May 15, 1995 By:/s/ Brandon K. Flaming
- - - - - ------------------------- -------------------------------------------------
Date Brandon K. Flaming
Chief Accounting Officer of McNeil Real Estate
Management, Inc.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1995
<PERIOD-END> DEC-31-1994 MAR-31-1995
<CASH> 1,045,158 1,808,273
<SECURITIES> 0 0
<RECEIVABLES> 394,285 435,239
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 51,070,722 51,309,609
<DEPRECIATION> (19,674,640) (20,196,067)
<TOTAL-ASSETS> 35,214,866 36,054,496
<CURRENT-LIABILITIES> 0 0
<BONDS> 27,161,556 28,181,240
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 6,152,173 5,937,529
<TOTAL-LIABILITY-AND-EQUITY> 35,214,866 36,054,496
<SALES> 8,899,488 2,276,099
<TOTAL-REVENUES> 8,988,225 2,301,252
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 6,568,725 1,700,098
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 2,720,260 668,013
<INCOME-PRETAX> (300,760) (66,859)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> (300,760) (66,859)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (300,760) (66,859)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
