SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(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, 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 0-11935
Century Properties Fund XIX
(Exact name of Registrant as specified in its charter)
California 94-2887133
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5665 Northside Drive N.W., Ste. 370, Atlanta, Georgia 30328
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (770) 916-9090
N/A
Former name, former address and fiscal year, if changed since last report.
Indicate by check mark whether Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No_____
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 12, 13, or 15(d) of the Securities Exchange
Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes _____ No _____
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the
latest practicable date __________________.
1 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Consolidated Balance Sheets
September 30, December 31,
1995 1994
Assets
Cash and cash equivalents $ 1,324,000 $ 218,000
Restricted cash 701,000 787,000
Other assets and deferred costs 2,150,000 1,643,000
Real Estate:
Real estate 94,314,000 94,106,000
Accumulated depreciation (33,703,000) (31,650,000)
Allowance for impairment of value (500,000) (500,000)
------------- -------------
Real estate, net 60,111,000 61,956,000
------------- -------------
Total assets $ 64,286,000 $ 64,604,000
============= =============
Liabilities and Partners' Equity
Accrued expenses and other liabilities $ 1,748,000 $ 1,195,000
Notes payable 60,126,000 59,063,000
------------- -------------
Total liabilities 61,874,000 60,258,000
------------- -------------
Commitments and Contingencies
Partners' Equity (Deficit):
General partner (8,786,000) (8,558,000)
Limited partners (89,292 units outstanding at
September 30, 1995 and December 31, 1994) 11,198,000 12,904,000
------------- -------------
Total partners' equity 2,412,000 4,346,000
------------- -------------
Total liabilities and partners' equity $ 64,286,000 $ 64,604,000
============= =============
See notes to consolidated financial statements.
2 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Operations
For the Nine Months Ended
September 30, September 30,
1995 1994
Revenues:
Rental $ 10,882,000 $ 10,188,000
Interest income 78,000 40,000
------------- -------------
Total revenues 10,960,000 10,228,000
------------- -------------
Expenses:
Operating 5,432,000 5,184,000
Interest 5,264,000 4,355,000
Depreciation 2,053,000 2,064,000
General and administrative 145,000 238,000
Loss on sale of property - 149,000
------------- -------------
Total expenses 12,894,000 11,990,000
------------- -------------
Net loss $ (1,934,000) $ (1,762,000)
============= =============
Net loss per limited partnership unit $ (19.11) $ (17.40)
============= =============
See notes to consolidated financial statements.
3 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Operations
For the Three Months Ended
September 30, September 30,
1995 1994
Revenues:
Rental $ 3,672,000 $ 3,405,000
Interest income 40,000 13,000
------------- -------------
Total revenues 3,712,000 3,418,000
------------- -------------
Expenses:
Operating 2,041,000 1,908,000
Interest 1,377,000 1,408,000
Depreciation 685,000 685,000
General and administrative 39,000 26,000
------------- -------------
Total expenses 4,142,000 4,027,000
------------- -------------
Net loss $ (430,000) $ (609,000)
============= =============
Net loss per limited partnership unit $ (4.24) $ (6.01)
============= =============
See notes to consolidated financial statements.
4 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Consolidated Statements of Cash Flows
For the Nine Months Ended
September 30, September 30,
1995 1994
Operating Activities:
Net loss $ (1,934,000) $ (1,762,000)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 2,309,000 2,344,000
Loss on sale of property - 149,000
Deferred costs paid (255,000) (78,000)
Changes in operating assets and liabilities:
Other assets (508,000) (667,000)
Accrued expenses and other liabilities 553,000 358,000
------------- -------------
Net cash provided by operating activities 165,000 344,000
------------- -------------
Investing Activities:
Additions to real estate (208,000) (215,000)
Decrease in restricted cash 86,000 1,356,000
Proceeds from sales of property - 485,000
Costs of sale of rental property - (3,000)
------------- -------------
Net cash (used in) provided by investing
activities (122,000) 1,623,000
------------- -------------
Financing Activities:
Repayment of notes payable to affiliate of
the general partner - (370,000)
Notes payable proceeds 18,810,000 -
Repayment of notes payable (17,501,000) (594,000)
Notes payable principal payments (246,000) (286,000)
------------- -------------
Net cash provided by (used in) financing
activities 1,063,000 (1,250,000)
------------- -------------
Increase in Cash and Cash Equivalents 1,106,000 717,000
Cash and Cash Equivalents at Beginning of Period 218,000 279,000
------------- -------------
Cash and Cash Equivalents at End of Period $ 1,324,000 $ 996,000
============= =============
Supplemental Disclosure of Cash Flow Information:
Interest paid in cash during the period $ 4,869,000 $ 3,819,000
============= =============
Supplemental Disclosure of Non-Cash Financing
Activities:
Accrued interest added to note payable
principal $ - $ 2,139,000
============= =============
Mortgage assumed on property sale $ - $ 1,965,000
============= =============
See notes to consolidated financial statements.
5 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. General
The accompanying consolidated financial statements, footnotes and
discussions should be read in conjunction with the consolidated
financial statements, related footnotes and discussions contained
in the Partnership's Annual Report for the year ended December 31,
1994. Certain accounts have been reclassified in order to conform
to the current period.
The financial information contained herein is unaudited. In the
opinion of management, all adjustments necessary for a fair
presentation of such financial information have been included. All
adjustments are of a normal recurring nature, except as disclosed
in Notes 3 through 5.
The results of operations for the nine and three months ended
September 30, 1995 and 1994 are not necessarily indicative of the
results to be expected for the full year.
On August 17, 1995, the stockholders of National Property
Investors, Inc. ("NPI, Inc."), the sole shareholder of NPI Equity
Investments II, Inc. ("NPI Equity"), the entity which controls Fox
Capital Management Corporation, the managing general partner of the
Partnership's general partner, entered into an agreement to sell to
IFGP Corporation, an affiliate of Insignia Financial Group, Inc.
("Insignia"), all of the issued and outstanding stock of NPI, Inc.
The sale of the stock is subject to the satisfaction of certain
conditions and is scheduled to close in January 1996.
2. Transactions with Related Parties
(a) An affiliate of NPI, Inc. received reimbursements of
administrative expenses amounting to $108,000 and $64,000
during the nine months ended September 30, 1995 and 1994,
respectively. These reimbursements are included in general and
administrative expenses.
(b) An affiliate of NPI, Inc. is entitled to receive a management
fee equal to 5% of the annual gross receipts from certain
properties it manages. For the nine months ended September 30,
1995 and 1994, affiliates of NPI, Inc. received $551,000 and
$392,000, respectively. These fees are included in operating
expenses.
(c) During the nine months ended September 30, 1995, an affiliate
of NPI, Inc. was paid a $9,000 fee relating to a successful
real estate tax appeal on the Partnership's Sandspoint
Apartments property. This fee is included in operating
expenses.
3. Loss on Sale of Property
Plantation Forest Apartments located in Atlanta, Georgia, was sold
on February 8, 1994 for $2,450,000. After assumption of the
existing loan of $1,965,000 and expenses of the sale, the proceeds
to the Partnership were $482,000. The loss on sale was $149,000.
Net proceeds realized from the sale were partially used to fully
repay $370,000 of demand notes, including accrued interest, held by
an affiliate of the general partner.
6 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. Notes Payable
a) On June 29, 1995, the Partnership replaced its maturing
mortgage encumbering Greenspoint Apartments with a new first
mortgage in the amount of $9,000,000. As of June 30, 1995,
$8,810,000 had been advanced, the remaining $190,000 will be
disbursed pending satisfaction of certain conditions set by the
lender. Based upon the proceeds disbursed, the loan requires
monthly payments of approximately $67,000 at 8.33% interest and
is being amortized over 30 years. The loan matures on May 15,
2005 with a balloon payment of approximately $7,805,000. As
specified in the loan agreement the borrower is obligated to
undertake additional improvements at the property in the amount
of approximately $30,000. These improvements must be completed
by December 31, 1995, or result in a default under the mortgage
loan. A premium is to be calculated under the terms of the
mortgage if the loan is prepaid. The partnership incurred
closing costs of $135,000 in connection with this refinancing.
In connection with the satisfaction of its maturing debt, the
Partnership paid a $337,000 exit fee at date of closing, which
is included in interest expense.
b) On June 29, 1995, the Partnership replaced its maturing
mortgage encumbering Sandspoint Apartment with a new first
mortgage in the amount of $10,000,000. The loan requires
monthly payments of approximately $76,000 at 8.33% interest and
is being amortized over 30 years. The loan matures on May 15,
2005 with a balloon payment of approximately $8,859,000. As
specified in the loan agreement, the Partnership is obligated
to undertake additional improvements at the property in the
amount of approximately $74,000. These improvements must be
completed by March 31, 1996, or result in a default under the
mortgage loan. A premium is to be calculated under the terms
of the mortgage if the loan is prepaid. The Partnership
incurred closing costs of $149,000 in connection with this
refinancing. In connection with the satisfaction of its
maturing debt, the Partnership paid a $393,000 exit fee at date
of closing, which is included in interest expense.
c) On September 1, 1994, the Partnership obtained a modification
of the existing mortgage encumbering McMillan Place Apartments
in the amount of $12,939,000 (including accrued interest of
$2,139,000). The loan was split into a first mortgage note of
$10,800,000 and a second mortgage note of $2,139,000. The
first mortgage requires monthly payments of approximately
$89,000 at 8.25% interest and is being amortized over a twenty-
two year period. Under the terms of the second mortgage,
interest accrues at 8.25% (with monthly compounding). Quarterly
payments, of all excess cash flow, as defined in the cash
management agreement, are required to be made to the lender.
In addition, the Partnership is prohibited from making any
distributions from operations to its partners. The notes
mature on August 31, 1999 with a balloon payment of
approximately $9,767,000 on the first mortgage plus the
outstanding balance and accrued interest on the second mortgage
note. As specified in the modification, the Partnership was
required to deposit $80,000 in a reserve account for future
capital improvements and is required to make monthly payments
of $10,000 to the reserve account for the term of the loan.
7 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. Subsequent Event
On October 20, 1995, the Partnership refinanced the mortgages that
encumbered their Wood Ridge, Wood Lake and Plantation Crossing
Apartments properties. The new $22,000,000 loan (allocated
$9,000,000, $7,750,000 and $5,250,000, respectively) requires
monthly interest only payments of approximately $138,000 at 7.5%
interest. The loan matures on October 20, 2002. A premium is to
be calculated under the terms of the mortgage if the loan is
prepaid.
8 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
This item should be read in conjunction with the Consolidated Financial
Statements and other Items contained elsewhere in this Report.
Liquidity and Capital Resources
Registrant holds investments in and operates eight apartment complexes.
Registrant receives rental income from its properties and is responsible
for operating expenses, administrative expenses, capital improvements and
debt service payments. As of November 1, 1995, five of the thirteen
properties originally purchased by Registrant were sold or otherwise
disposed. All of Registrant's remaining properties, except for McMillan
Place, Greenspoint and Sandspoint Apartments, generated positive cash flow
from operations during the nine months ended September 30, 1995.
Registrant's Greenspoint and Sandspoint Apartments generated negative cash
flow from operations due to the exit fees paid in association with the
satisfaction of its maturing debt.
Registrant uses working capital reserves provided from any undistributed
cash flow from operations, sales and refinancing proceeds as its primary
sources of liquidity. For the long term, cash from operations will remain
Registrant's primary source of liquidity. There have been no distributions
since 1987. Registrant is prohibited from making any distributions from
operations until the mortgages encumbering McMillan Place Apartments are
satisfied. Future distributions from sales or refinancings are permitted
and will be evaluated at such time.
The level of liquidity based upon cash and cash equivalents experienced a
$1,106,000 increase at September 30, 1995, as compared to December 31,
1994. Registrant's increase in cash of $1,063,000 from financing
activities and $165,000 from operating activities, were partially offset by
a decrease of $122,000 in cash from investing activities. Registrant's
cash provided by financing activities consists of $18,810,000 of proceeds
received from the refinancing of the mortgages encumbering Registrant's
Greenspoint and Sandspoint properties, offset by $17,501,000 of cash used
for the repayment of the prior first mortgages and $246,000 of cash used
for notes payable principal payments. Registrant's net cash used in
investing activities consists of $208,000 of improvements to real estate,
which was slightly offset by $86,000 of cash from the release of restricted
cash. Registrant has no plans for material capital improvements except for
those required under mortgage agreements. All other increases (decreases)
in certain assets and liabilities are the result of the timing of receipt
and payment of various operating activities.
Working capital reserves are invested in a money market account or
repurchase agreements secured by United States Treasury obligations. The
Managing General Partner believes that, if market conditions remain
relatively stable, cash flow from operations, when combined with working
capital reserves, will be sufficient to fund required capital improvements
and regular debt service payments until May 1996, when the balloon payment
encumbering Registrant's Misty Woods Apartments comes due in the
approximate amount of $5,083,000. The ability to hold and operate this
property is dependent on Registrant's ability to obtain refinancing or debt
modification as required. If Misty Woods Apartments is lost through
foreclosure, Registrant would not recognize a loss for financial reporting
purposes. In addition, Registrant has substantial balloon payments due in
1997 and 1999 in the amounts of $3,169,000 and $12,971,000, respectively.
Although management is confident that these mortgages can be replaced, if
the mortgages are not extended or refinanced, or the properties are not
sold, the properties could be lost through foreclosure.
9 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Liquidity and Capital Resources (Continued)
On October 20, 1995, the Partnership refinanced the mortgages that
encumbered their Wood Ridge, Wood Lake and Plantation Crossing Apartments
properties. The new $22,000,000 loan (allocated $9,000,000, $7,750,000 and
$5,250,000, respectively) requires monthly interest only payments of
approximately $138,000 at 7.5% interest. The loan matures on October 20,
2002. A premium is to be calculated under the terms of the mortgage if the
loan is prepaid.
As required by the terms of the settlement of the actions brought against,
among others, DeForest Ventures I L.P. ("DeForest") relating to the tender
offer made by DeForest in October 1994 (the "First Tender Offer") for units
of limited partnership interest in Registrant and certain affiliated
partnerships, DeForest commenced a second tender offer (the "Second Tender
Offer") on June 2, 1995 for units of limited partnership interest in
Registrant. Pursuant to the Second Tender Offer, DeForest acquired an
additional 4,234 units of Registrant which, when added to the units
acquired during the First Tender Offer, represents approximately 27.6% of
the total number of outstanding units of Registrant. The Managing General
Partner believes that the tender will not have a significant impact on
future operations or liquidity of Registrant. Also in connection with the
settlement, an affiliate of the Managing General Partner has made available
to Registrant a credit line of up to $150,000 per property owned by
Registrant. Registrant has no outstanding amounts due under this line of
credit. Based on present plans, management does not anticipate the need to
borrow in the near future. Other than cash and cash equivalents, the line
of credit is Registrant's only unused source of liquidity.
On August 17, 1995, Insignia Financial Group, Inc. and certain of its
affiliates (collectively, "Insignia") entered into agreements pursuant to
which (i) the stockholders of NPI, Inc., the sole shareholder of NPI
Equity, agreed to sell to Insignia all of the issued and outstanding stock
of NPI, Inc., (ii) DeForest agreed to sell its units of Registrant to
Insignia and (iii) Insignia would acquire all of the interests in NPI-AP
Management, L.P., the property manager at Registrant's properties. The
consummation of these transactions is subject to the satisfaction of
certain conditions (including, third party consents and other conditions
not within the control of the parties to the agreement) and is scheduled to
close in January 1996. Upon closing, it is expected that Insignia will
elect new officers and directors of NPI Equity.
Insignia is a fully integrated real estate service company specializing in
the ownership and operation of securitized real estate assets. According
to Commercial Property News and the National Multi-Housing Council, since
1992 Insignia has been the largest property manager in the United States.
The Managing General Partner does not believe these transactions will have
a significant effect on Registrant's liquidity or results of operation.
At this time, it appears that the investment objective of capital growth
will not be attained and that investors will not receive a return of all of
their invested capital. The extent to which invested capital is returned
to investors is dependent upon the performance of Registrant's properties
and the markets in which such properties are located and on the sales price
of the remaining properties. In this regard, it is anticipated at this
time that the remaining properties will be held longer than originally
expected. The ability to hold and operate these properties is dependent on
Registrant's ability to obtain refinancing or debt modification as
required.
10 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Real Estate Market
The national real estate market has suffered from the effects of the real
estate recession including, but not limited to, a downward trend in market
values of existing residential properties. In addition, the bailout of the
savings and loan associations and sales of foreclosed properties by auction
reduced market values and caused a further restriction on the ability to
obtain credit. As a result, Registrant's ability to refinance or sell its
properties may be restricted. These factors caused a decline in market
property values and serve to reduce market rental rates and/or sales
prices. Compounding these difficulties have been relatively low interest
rates, which encourage existing and potential tenants to purchase homes.
In addition, there has been a significant decline nationally in new
household formation. Despite the above, the rental market appears to be
experiencing a gradual strengthening and management anticipates that
increases in revenue will generally exceed increases in expenses during the
next twelve months. Furthermore, management believes that the emergence of
new institutional purchasers, including real estate investment trusts and
insurance companies, should create a more favorable market value for
Registrant's properties in the future.
Results of Operations
Nine Months Ended September 30, 1995 vs. September 30, 1994
Operating results declined by $172,000 for the nine months ended September
30, 1995, as compared to 1994, due to increases in expenses of $904,000 and
in revenues of $732,000. Operating results declined due to the additional
interest incurred on the satisfaction of the prior mortgages encumbering
Registrant's Greenspoint and Sandspoint Apartment properties, which was
partially offset by improved operations and the loss on the disposition of
Plantation Forest Apartments in February 1994.
With respect to the remaining properties, operating results declined by
$337,000 due to increases in expenses of $1,126,000 and in revenues of
$789,000.
With respect to the remaining properties, rental income increased by
$751,000 primarily due to an increase in rental rates at all of
Registrant's properties. Occupancy increased at Registrant's Misty Woods
and Sandspoint Apartments, which was slightly offset by a decline in
occupancy at Registrant's Sunrunner Apartments. Occupancy remained
relatively constant at Registrant's other properties. In addition,
interest income increased by $38,000 due to an increase in average working
capital reserves available for investment, coupled with an increase in
interest rates.
With respect to the remaining properties (not including the $730,000 of
exit fees described in Item 1, Note 4), expenses increased due to increases
in operating expenses of $278,000, interest expense of $210,000, and
depreciation expense of $2,000. Operating expenses increased primarily due
to an increase in repairs and maintenance expenses at all of Registrant's
properties except for Misty Woods and Sandspoint Apartments. The increase
in interest expense is attributable to increased variable interest rates on
mortgages encumbering the Wood Lake, Wood Ridge, Plantation Crossing,
Greenspoint and Sandspoint Apartments. Depreciation expense remained
relatively constant. In addition, general and administrative expenses
decreased by $93,000 due to a decrease in asset management costs, effective
July 1, 1994.
11 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Three Months Ended September 30, 1995 vs. September 30, 1994
Operating results improved by $179,000 for the three months ended September
30, 1995, as compared to 1994, due to an increase in revenues of $294,000,
which was partially offset by an increase in expenses of $115,000.
Revenues increased due to increases in rental revenues of $267,000 and in
interest income of $27,000. Rental revenues increased due to increased
rental rates at all of Registrant's properties, which was slightly offset
by a decline in occupancy at Registrant's Sunrunner, Plantation Crossing
and Greenspoint Apartments properties. Occupancy remained relatively
constant at Registrant's other properties. In addition, interest income
increased due to an increase in average working capital reserves available
for investment, coupled with an increase in interest rates, and the timing
of the accrual of interest on restricted cash and escrow deposits.
Expenses increased due to increases in operating expenses of $133,000 and
general and administrative expenses of $13,000, which were partially offset
by a decrease in interest expense of $31,000. Operating expenses increased
primarily due to an increase in repairs and maintenance expenses at
Registrant's Greenspoint Apartments, Plantation Crossing Apartments, and
Wood Ridge Apartments. General and administrative expenses increased due to
lower general and administrative expenses for the three months ended
September 30, 1994. Depreciation expense remained constant. Interest
expense decreased due to lower interest rates on the refinanced mortgages
encumbering Registrant's Greenspoint and Sandspoint Apartment properties,
which was partially offset by increased variable interest rates on
mortgages encumbering Registrant's Woodlake, Wood Ridge, and Plantation
Crossing Apartments.
Properties
A description of the properties in which Registrant has an ownership
interest during the period covered by this Report, along with occupancy
data, follows:
CENTURY PROPERTIES FUND XIX
OCCUPANCY SUMMARY
Average
Occupancy Rate (%)
--------------------------
Nine Months Three Months
Number Date Ended Ended
of of September 30, September 30,
Name and Location Units Purchase 1995 1994 1995 1994
- ----------------- ----- -------- ---- ---- ---- ----
Wood Lake Apartments 220 12/83 97 96 98 97
Atlanta, Georgia
Greenspoint Apartments 336 02/84 96 97 96 98
Phoenix, Arizona
Sandspoint Apartments 432 02/84 96 94 97 96
Phoenix, Arizona
Wood Ridge Apartments 280 04/84 95 96 97 97
Atlanta, Georgia
12 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Properties (Continued)
CENTURY PROPERTIES FUND XIX
OCCUPANCY SUMMARY
Average
Occupancy Rate (%)
--------------------------
Nine Months Three Months
Number Date Ended Ended
of of September 30, September 30,
Name and Location Units Purchase 1995 1994 1995 1994
- ----------------- ----- -------- ---- ---- ---- ----
Plantation Crossing Apartments 180 06/84 95 96 94 97
Atlanta, Georgia
Plantation Forest Apartments (1) 64 06/84 - - - -
Atlanta, Georgia
Sunrunner Apartments 200 07/84 95 97 94 99
St. Petersburg, Florida
McMillan Place Apartments 402 06/85 97 96 96 96
Dallas, Texas
Misty Woods Apartments 228 06/85 97 94 97 98
Charlotte, North Carolina
(1) Property was sold in February 1994.
13 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
2. NPI, Inc. Stock Purchase Agreement dated as of August 17,
1995 incorporated by reference to Exhibit 2 to
Registrant's Current Report on Form 8-K filed with the
Securities and Exchange Commission on August 24, 1995.
(b) Report on Form 8-K
On August 24, 1995, Registrant filed a Current Report on Form
8-K with the Securities and Exchange Commission with respect
to the sale of the stock of NPI, Inc. (Item 1, Change in
Control).
14 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
SIGNATURE
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.
CENTURY PROPERTIES FUND XIX
By: FOX PARTNERS II,
Its General Partner
By:FOX CAPITAL MANAGEMENT CORPORATION,
A General Partner
/S/ ARTHUR N. QUELER
Secretary/Treasurer and Director
(Principal Financial Officer)
15 of 16
CENTURY PROPERTIES FUND XIX - FORM 10-Q - SEPTEMBER 30, 1995
EXHIBIT INDEX
Exhibit Page No.
2. NPI, Inc. Stock Purchase Agreement *
dated August 17, 1995
* Incorporated by reference to Exhibit 2 to Registrant's Current Report on
Form 8-K filed with the Securities and Exchange Commission on August 24,
1995.
16 of 16
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from
Century Properties Fund XIX and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,025,000<F1>
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 94,314,000
<DEPRECIATION> (34,203,000)<F2>
<TOTAL-ASSETS> 64,286,000
<CURRENT-LIABILITIES> 0
<BONDS> 60,126,000
<COMMON> 0
0
0
<OTHER-SE> 2,412,000
<TOTAL-LIABILITY-AND-EQUITY> 64,286,000
<SALES> 0
<TOTAL-REVENUES> 10,882,000
<CGS> 0
<TOTAL-COSTS> 7,485,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,264,000
<INCOME-PRETAX> (1,934,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,934,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,934,000)
<EPS-PRIMARY> (19.11)
<EPS-DILUTED> (19.11)
<FN>
<F1> Cash includes restricted cash of $701,000.
<F2> Depreciation includes a $500,000 allowance for impairment of value.
</FN>
</TABLE>
