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 quarterly period ended March 31, 1998
------------------------------------------
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 600, LB70, Dallas, Texas 75240
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (972) 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>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
McNEIL REAL ESTATE FUND XIV, LTD.
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
--------------- ---------------
ASSETS
- ------
Real estate investments:
<S> <C> <C>
Land..................................................... $ 4,663,828 $ 4,663,828
Buildings and improvements............................... 36,539,126 36,220,158
-------------- --------------
41,202,954 40,883,986
Less: Accumulated depreciation.......................... (21,089,387) (20,632,796)
-------------- --------------
20,113,567 20,251,190
Asset held for sale, net.................................... 1,935,110 1,932,910
Cash and cash equivalents................................... 1,225,152 1,292,615
Cash segregated for security deposits....................... 461,202 431,148
Accounts receivable......................................... 366,236 663,087
Prepaid expenses and other assets........................... 138,381 141,281
Escrow deposits............................................. 718,986 664,294
Deferred borrowing costs, net of accumulated
amortization of $465,827 and $441,912 at
March 31, 1998, and December 31, 1997,
respectively............................................. 925,165 949,080
-------------- --------------
$ 25,883,799 $ 26,325,605
============== ==============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
- ------------------------------------------
Mortgage notes payable, net................................. $ 23,787,578 $ 23,891,012
Accounts payable............................................ 68,367 69,128
Accrued interest............................................ 163,966 164,766
Accrued property taxes...................................... 138,474 101,200
Other accrued expenses...................................... 57,052 73,912
Payable to affiliates - General Partner..................... 405,830 211,757
Deferred gain on involuntary conversion..................... 156,839 346,114
Security deposits and deferred rental revenue............... 383,189 368,672
-------------- --------------
25,161,295 25,226,561
-------------- --------------
Partners' equity (deficit):
Limited partners - 100,000 limited partnership units
authorized; 86,534 limited partnership units out-
standing at March 31, 1998 and December 31, 1997....... 1,525,468 1,763,445
General Partner.......................................... (802,964) (664,401)
-------------- --------------
722,504 1,099,044
-------------- --------------
$ 25,883,799 $ 26,325,605
============== ==============
</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,
-----------------------------------
1998 1997
--------------- ---------------
Revenue:
<S> <C> <C>
Rental revenue........................................... $ 2,159,956 $ 2,426,731
Interest................................................. 19,659 38,154
Gains on involuntary conversions......................... 189,275 -
-------------- --------------
Total revenues......................................... 2,368,890 2,464,885
-------------- --------------
Expenses:
Interest................................................. 542,987 662,123
Depreciation and amortization............................ 456,591 468,657
Property taxes........................................... 161,547 193,176
Personnel expenses....................................... 256,194 276,946
Utilities................................................ 120,653 126,096
Repair and maintenance................................... 196,572 246,970
Property management fees - affiliates.................... 104,978 117,357
Other property operating expenses........................ 121,430 136,727
General and administrative............................... 90,277 31,051
General and administrative - affiliates.................. 52,995 61,151
-------------- --------------
Total expenses......................................... 2,104,224 2,320,254
-------------- --------------
Net income.................................................. $ 264,666 $ 144,631
============== ==============
Net income allocated to limited partners.................... $ 262,019 $ -
Net income allocated to General Partner..................... 2,647 144,631
-------------- --------------
Net income.................................................. $ 264,666 $ 144,631
============== ==============
Net income per limited partnership unit..................... $ 3.03 $ -
============== ==============
Distributions per limited partnership unit.................. $ 5.78 $ -
============== ==============
</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, 1998 and 1997
<TABLE>
<CAPTION>
Total
Partners'
General Limited Equity
Partner Partners (Deficit)
--------------- -------------- ---------------
<S> <C> <C> <C>
Balance at December 31, 1996.............. $ (3,166,815) $ 7,648,141 $ 4,481,326
Net income................................ 144,631 - 144,631
Management Incentive Distribution......... (158,023) - (158,023)
------------- ------------- -------------
Balance at March 31, 1997................. $ (3,180,207) $ 7,648,141 $ 4,467,934
============= ============= =============
Balance at December 31, 1997.............. $ (664,401) $ 1,763,445 $ 1,099,044
Net income................................ 2,647 262,019 264,666
Management Incentive Distribution......... (141,210) - (141,210)
Distributions to limited partners......... - (499,996) (499,996)
------------- ------------- -------------
Balance at March 31, 1998................. $ (802,964) $ 1,525,468 $ 722,504
============= ============= =============
</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 (Decrease) in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------------
1998 1997
---------------- ----------------
Cash flows from operating activities:
<S> <C> <C>
Cash received from tenants............................... $ 2,145,009 $ 2,325,641
Cash paid to suppliers................................... (829,799) (863,006)
Cash paid to affiliates.................................. (105,110) (163,100)
Interest received........................................ 19,659 38,154
Interest paid............................................ (507,309) (604,127)
Property taxes paid and escrowed......................... (146,432) (141,301)
-------------- --------------
Net cash provided by operating activities................... 576,018 592,261
-------------- --------------
Cash flows from investing activities:
Insurance proceeds from involuntary conversions......... 293,680 -
Additions to real estate investments..................... (321,168) (96,585)
-------------- --------------
Net cash used in investing activities....................... (27,488) (96,585)
-------------- --------------
Cash flows from financing activities:
Principal payments on mortgage notes payable............. (115,997) (155,228)
Management Incentive Distribution paid................... - (956,456)
Distributions to limited partners........................ (499,996) -
-------------- --------------
Net cash used in financing activities....................... (615,993) (1,111,684)
-------------- --------------
Net decrease in cash and cash equivalents................... (67,463) (616,008)
Cash and cash equivalents at beginning of
period................................................... 1,292,615 1,903,902
-------------- --------------
Cash and cash equivalents at end of period.................. $ 1,225,152 $ 1,287,894
============== ==============
</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 Income to Net Cash Provided by
Operating Activities
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------
1998 1997
--------------- ---------------
<S> <C> <C>
Net income.................................................. $ 264,666 $ 144,631
-------------- --------------
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization............................ 456,591 468,657
Amortization of deferred borrowing costs................. 23,915 23,914
Amortization of discounts on mortgage
notes payable.......................................... 12,563 35,192
Gains on involuntary conversions......................... (189,275) -
Changes in assets and liabilities:
Cash segregated for security deposits.................. (30,054) (28,687)
Accounts receivable.................................... 3,171 (76,029)
Prepaid expenses and other assets...................... 2,900 13,253
Escrow deposits........................................ (54,692) (46,530)
Accounts payable....................................... (761) (33,529)
Accrued interest....................................... (800) (1,110)
Accrued property taxes................................. 37,274 90,263
Other accrued expenses................................. (16,860) (22,798)
Payable to affiliates - General Partner................ 52,863 15,408
Security deposits and deferred rental revenue.......... 14,517 9,626
-------------- --------------
Total adjustments.................................... 311,352 447,630
-------------- --------------
Net cash provided by operating activities................... $ 576,018 $ 592,261
============== ==============
</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, 1998
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, an affiliate of 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 600, 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, 1998 are
not necessarily indicative of the results to be expected for the year ending
December 31, 1998.
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, 1997, 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 600, LB70, Dallas, Texas 75240.
NOTE 3.
- -------
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 property, in which
case McREMI will receive property management fees from the commercial property
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.
<PAGE>
Under 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. The
maximum MID percentage decreases subsequent to 1999. 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 items.
MID will be paid to the extent of the lesser of the Partnership's excess cash
flow, as defined, or net operating income, as defined (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 is distributed to the General Partner and is then contributed
to the Partnership by the General Partner. The MID represents a return of equity
to the General Partner for increasing cash flow, as defined, and accordingly is
treated as a distribution.
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,
-----------------------------------
1998 1997
--------------- ---------------
<S> <C> <C>
Property management fees - affiliates.................. $ 104,978 $ 117,357
Charged to general and administrative - affiliates:
Partnership administration........................... 52,995 61,151
-------------- --------------
$ 157,973 $ 178,508
============== ==============
Charged to General Partner's deficit:
Management Incentive Distribution.................... $ 141,210 $ 158,023
============== ==============
</TABLE>
<PAGE>
NOTE 4.
- -------
On July 18, 1997, a fire caused $49,498 of damage to two units of Embarcadero
Club Apartments. In February 1998, the Partnership received $39,498 of insurance
reimbursements to cover the repair and restorations costs to Embarcadero Club
Apartments. The excess of the insurance proceeds received over the basis of the
property damaged was recorded as a $17,998 deferred gain on involuntary
conversion on the Partnership's December 31, 1997 Balance Sheet. The $17,998
gain on involuntary conversion was recognized in the first quarter of 1998 when
the Partnership received the insurance proceeds.
On November 14, 1997, a fire caused approximately $497,000 of damage to eight
units of Thunder Hollow Apartments. The Partnership expects to receive a total
of approximately $487,000 of insurance reimbursements to cover the repair and
restoration costs at Thunder Hollow Apartments. The Partnership received
$254,182 of insurance reimbursement in January 1998. The excess of the expected
insurance reimbursements over the basis of the property damaged was recorded as
a $328,116 deferred gain on involuntary conversion on the Partnership's December
31, 1997 Balance Sheet. As a result of the $254,182 payment received in January
1998, $171,277 of the deferred gain was recognized in the first quarter of 1998.
The remaining deferred gain of $156,839 will be recognized when the Partnership
receives the rest of the insurance reimbursements from its insurance carrier.
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, 1998, the
Partnership owned four apartment properties and one retail shopping center.
All of the Partnership's properties are subject to mortgage notes.
On October 1, 1996, the Partnership placed its three commercial properties,
County Hills Plaza, Midvale Plaza and Redwood Plaza, on the market for sale. The
Partnership sold Country Hills Plaza and Midvale Plaza on April 8, 1997 and
September 24, 1997, respectively. The Partnership distributed the net proceeds
from the sale of these two properties to the limited partners in 1997. Redwood
Plaza, the Partnership's sole remaining commercial property, remains on the
market for sale.
RESULTS OF OPERATIONS
- ---------------------
The Partnership reported net income of $264,666 for the first quarter of 1998, a
$120,035 increase from the $144,631 of net income reported for the first quarter
of 1997. However, net income for 1997 would have been approximately $3,807 if
the rental revenues and expenses pertaining to Country Hills Plaza and Midvale
Plaza had been excluded.
Revenues:
Rental revenue for the first quarter of 1998 decreased $266,775 from rental
revenue earned for the first quarter of 1997. However, rental revenue for the
first quarter of 1997 includes revenue pertaining to Country Hills Plaza and
Redwood Plaza. Excluding these revenues, Partnership rental revenue actually
increased $95,906 or 4.7% for the first quarter of 1998 as compared to the first
quarter of 1997.
<PAGE>
Increases in rental and occupancy rates at Embarcadero Club Apartments and
Thunder Hollow Apartments increased rental revenues at the two properties 6.6%
and 6.5%, respectively. Rental rates were unchanged at Windrock Apartments, but
improved occupancy rates increased rental revenue 5.6%. Rental revenue decreased
5.2% at Tanglewood Village Apartments due to increased vacancy and other rental
losses. Rental revenue decreased 2.6% at Redwood Plaza because of a decrease in
reimbursements from tenants for common area expenses.
The Partnership recognized gains of $17,998 and $171,277 relating to fires at
Embarcadero Club Apartments and Thunder Hollow Apartments, respectively. The
gains are the result of insurance proceeds received in excess of the basis of
the property damaged by the fires. The Partnership will recognize an additional
gain of $156,839 relating to the Thunder Hollow fire when the Partnership
receives additional insurance reimbursements from its insurance carrier. No such
gains were recognized during the first quarter of 1997.
Interest revenue decreased 48% for the first quarter of 1998 as compared to the
first quarter of 1997 because of decreased balances of Partnership cash reserves
invested in interest-bearing accounts.
Expenses:
Partnership expenses for the first quarter of 1998 decreased $216,030 or 9.3%
from expenses incurred for the first quarter of 1997. Expenses incurred for the
first quarter of 1997 include expenses pertaining to Country Hills Plaza and
Redwood Plaza. Excluding these expenses, Partnership expenses increased $4,869
or 0.2%. Excluding expenses related to Country Hills Plaza and Midvale Plaza,
most categories of expense decreased, especially repair and maintenance
expenses. The decreases were offset by an increase in general and administrative
expenses.
Excluding the effects of Country Hills Plaza and Midvale Plaza, repair and
maintenance expenses decreased $33,292 or 14.5% for the first quarter of 1998 as
compared to the first quarter of 1997. Approximately 28% of the decrease was due
to decreased cleaning and decorating expenses at Embarcadero Club Apartments.
The Partnership also reported decreased expenses for appliance replacements at
Thunder Hollow Apartments.
General and administrative expenses increased $59,226 to $90,277 for the first
quarter of 1998 as compared to the first quarter of 1997. The increase was
mainly due to costs incurred to explore alternatives to maximize the value of
the Partnership (see Liquidity and Capital Resources).
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Cash flow from operations decreased $16,243 or 2.7% for the first quarter of
1998 as compared to the first quarter of 1997. Operating cash flow from the
Partnership's remaining properties increased almost enough to offset the loss of
operating cash flow due to the 1997 sales of Redwood Plaza and Midvale Plaza.
The Partnership invested $321,168 in capital improvements during the first
quarter of 1998. Most of the capital improvements related to restoration work at
Thunder Hollow Apartments as a result of the November 14, 1997 fire that
destroyed eight units at the property. Insurance received or anticipated are
expected to cover all restoration costs except a $10,000 deductible. Besides the
restoration work at Thunder Hollow Apartments, the Partnership has budgeted a
total of $625,000 of capital improvements to be completed during 1998.
<PAGE>
The Partnership has not yet made any MID payments to the General Partner during
1998. On March 30, 1998, the Partnership distributed $499,996 ($5.78 per limited
partnership unit) to the limited partners. The distribution was funded from cash
reserves of the Partnership.
Short-term liquidity:
The Partnership expended considerable resources over the past several years to
restore its properties to good operating condition. These expenditures were
necessary to maintain the competitive position of the Partnership's aging
properties in each of their markets. The capital improvements made during the
three years enabled the Partnership to increase its rental revenues and reduce
its repair and maintenance costs. For 1998, the Partnership has budgeted
$625,000 of capital improvements to its real estate investments. The $625,000
budget does not include restoration work related to the fire damage at Thunder
Hollow Apartments discussed above.
Budgeted capital improvements for 1998 will be funded from property operations.
At March 31, 1998, the Partnership held cash and cash equivalents of $1,225,152.
The General Partner considers this level of cash reserves to be adequate to meet
the Partnership's operating needs. The General Partner resumed MID payments
during 1996, and anticipates additional MID payments will be made in 1998 if the
Partnership's properties continue to perform as projected. The General Partner
believes that anticipated operating results for 1998 will be sufficient to fund
the Partnership's budgeted capital improvements for 1998 and to repay the
current portion of the Partnership's mortgage notes.
The Partnership's remaining commercial property, Redwood Plaza, is on the market
for sale. Although the General Partner expects to successfully sell Redwood
Plaza, there is no guarantee that the Partnership will be able to conclude a
sale of Redwood Plaza for an amount sufficient to retire the related mortgage
note and provide cash proceeds to the Partnership. The Partnership anticipates
that proceeds from the sale of Redwood Plaza, after repayment of the related
mortgage note, will be distributed to the limited partners.
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 over the past few years will yield improved cash flow from
property operations in the future. If the Partnership's cash position
deteriorates, the General Partner may elect to defer certain of the capital
improvements, except where improvements are expected to increase the
competitiveness or marketability of the Partnership's properties.
Pursuant to the Partnership's previously announced liquidation plans, the
Partnership has recently retained PaineWebber, Incorporated as its exclusive
financial advisor to explore alternatives to maximize the value of the
Partnership. The alternatives being considered by the Partnership include,
without limitation, a transaction in which limited partnership interests in the
Partnership are converted into cash. The General Partner of the Partnership or
entities or persons affiliated with the General Partner will not be involved as
a purchaser in any of the transactions contemplated above. Any transaction will
be subject to certain conditions including (i) approval by the limited partners
of the Partnership, and (ii) receipt of an opinion from an independent financial
advisory firm as to the fairness of the consideration received by the
Partnership pursuant to such transaction. Finally, there can be no assurance
that any transaction will be consummated, or as to the terms thereof.
<PAGE>
None of the Partnership's remaining mortgage notes mature before the expected
dissolution of the Partnership. On October 1, 1996, the Partnership placed
Redwood Plaza on the market for sale.
Income Allocations and Distributions:
Terms of the Amended Partnership Agreement specify that net losses for financial
reporting purposes are allocated 99% to the limited partners and 1% to the
General Partner. Net income for financial reporting purposes is allocated to the
General Partner in an amount equal to the greater of (a) 1% of net income or (b)
the cumulative amount of the MID paid for which no income allocation has
previously been made; any remaining net income is allocated to the limited
partners. Therefore, for the quarters ended March 31, 1998 and 1997, net income
of $2,647 and $144,631, respectively, was allocated to the General Partner. For
the quarter ended March 31, 1998, net income of $262,019 was allocated to the
limited partners. No income was allocated to the limited partners for the
quarter ended March 31, 1997.
In 1997 the Partnership distributed $6,146,222 to the limited partners. On March
30, 1998, the Partnership distributed an additional $499,996 to the limited
partners. The General Partner will continue to monitor the cash reserves and
working capital needs of the Partnership to determine when cash flows will
support additional distributions to the limited partners.
The Partnership paid $1,774,877 of MID to the General Partner during 1997. No
MID has yet been paid in 1998. The Partnership anticipates making MID payments
during 1998 if the Partnership's properties continue to perform as projected.
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
(a) Exhibits.
Exhibit
Number Description
------- -----------
4. Amended and Restated Limited Partnership
Agreement dated September 20, 1991. (1)
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 1998 and 1997.
27. Financial Data Schedule for the quarter ended
March 31, 1998.
(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.
(b) Reports on Form 8-K. There were no reports on Form 8-K filed during
the quarter ended March 31, 1998.
<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:
McNEIL REAL ESTATE FUND XIV, Ltd.
By: McNeil Partners, L.P., General Partner
By: McNeil Investors, Inc., General Partner
May 14, 1998 By: /s/ Ron K. Taylor
- ------------ ---------------------------------------
Date Ron K. Taylor
President and Director of McNeil
Investors, Inc.
(Principal Financial Officer)
May 14, 1998 By: /s/ Brandon K. Flaming
- ------------ ---------------------------------------
Date Brandon K. Flaming
Vice President of McNeil
Investors, Inc.
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 1,225,152
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 41,202,954
<DEPRECIATION> (21,089,387)
<TOTAL-ASSETS> 25,883,799
<CURRENT-LIABILITIES> 0
<BONDS> 23,787,578
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 25,883,799
<SALES> 2,159,956
<TOTAL-REVENUES> 2,368,890
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,561,237
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 542,987
<INCOME-PRETAX> 264,666
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 264,666
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
