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
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EXCHANGE ACT OF 1934.
For the quarterly period ended February 28, 1995
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OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
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EXCHANGE ACT OF 1934.
For the transition period from to
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Commission file number 0-11803
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BALCOR EQUITY PROPERTIES-XIV
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(Exact name of registrant as specified in its charter)
Illinois 36-3236496
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Balcor Plaza
4849 Golf Road, Skokie, Illinois 60077-9894
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 677-2900
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Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
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BALCOR EQUITY PROPERTIES-XIV
(An Illinois Limited Partnership)
BALANCE SHEETS
February 28, 1995 and December 31, 1994
(Unaudited)
ASSETS
1995 1994
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Cash and cash equivalents $ 8,429,567
Accounts and accrued interest receivable 52,873
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None $ 8,482,440
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LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 36,257
Due to affiliates 59,783
Due to affiliate - joint venture partner 482,168
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Total liabilities 578,208
Partners' capital (85,105 Limited Partnership
Interests issued and outstanding) 7,904,232
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None $ 8,482,440
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The accompanying notes are an integral part of the financial statements
<PAGE>
BALCOR EQUITY PROPERTIES-XIV
(An Illinois Limited Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the period ended February 28, 1995 and
the quarter ended March 31, 1994
(Unaudited)
1995 1994
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Income:
Rental and service $ 1,174,042
Interest on short-term investments $ 79,660 3,837
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Total income 79,660 1,177,879
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Expenses:
Interest on mortgage notes payable 439,356
Depreciation 290,540
Amortization of deferred expenses 9,511
Property operating 484,384
Real estate taxes 110,491
Property management fees 59,429
Administrative 217,766 153,515
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Total expenses 217,766 1,547,226
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Loss before recognized gains on sales of
properties and affiliates' participation
in loss from joint venture (138,106) (369,347)
Affiliate's participation in loss
from joint venture 23,806
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Net loss $ (138,106) $ (345,541)
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Net loss allocated to General Partner $ (1,381) $ (3,455)
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Net loss allocated to Limited Partners $ (136,725) $ (342,086)
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Net loss per Limited Partnership
Interest (85,105 issued and outstanding) $ (1.61) $ (4.02)
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Distributions to Limited Partners $ 8,129,230 None
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Distributions per Limited Partnership
Interest (85,105 issued and outstanding) $ 95.52 None
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The accompanying notes are an integral part of the financial statements
<PAGE>
BALCOR EQUITY PROPERTIES-XIV
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
for the period ended February 28, 1995 and
the quarter ended March 31, 1994
(Unaudited)
1995 1994
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Operating activities:
Net loss $ (138,106) $ (345,541)
Adjustments to reconcile net loss to
net cash used in operating activities:
Affiliates' participation in loss
from joint venture (23,806)
Depreciation of properties 290,540
Amortization of deferred expenses 9,511
Net change in:
Escrow deposits (40,808)
Accounts and accrued interest
receivable 52,873 1,000
Accounts payable (36,257) (27,707)
Due to affiliates (59,783) 48,235
Accrued liabilities 23,964
Security deposits (4,123)
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Net cash used in operating activities (181,273) (68,735)
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Financing activities:
Distribution to joint venture - affiliate (482,168)
Contribution from General Partner 363,104
Distribution to Limited Partners (8,129,230)
Principal payments on mortgage notes
payable (17,459)
Release of financing escrows 62,845
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Net cash used in or provided by
financing activities (8,248,294) 45,386
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Net change in cash and cash equivalents (8,429,567) (23,349)
Cash and cash equivalents at beginning
of period 8,429,567 372,021
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Cash and cash equivalents at end of period None $ 348,672
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The accompanying notes are an integral part of the financial statements
<PAGE>
BALCOR EQUITY PROPERTIES-XIV
(An Illinois Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
1. Termination of Partnership Affairs:
The Partnership Agreement provides for the dissolution of the Partnership upon
the occurrence of certain events, including the sale by the Partnership of all
interests in real estate. During 1994, the Partnership sold its three remaining
interests in properties, the last of which was sold in December 1994. As a
result, the General Partner commenced liquidation of the Partnership, and in
February 1995, a final Net Cash Proceeds distribution totaling $8,129,230
($95.52 per Interest) was paid to holders of Limited Partnership Interests
representing all remaining cash reserves of the Partnership. On February 28,
1995, the Partnership was dissolved and on March 29, 1995 the Partnership's
registration under the Securities Exchange Act of 1934 was terminated.
2. Accounting Policy:
In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the period ended February 28,
1995, and all such adjustments are of a normal and recurring nature.
3. Interest Expense:
During the quarter ended March 31, 1994, the Partnership incurred and paid
interest expense on mortgage notes payable to non-affiliates of $397,356.
4. Transactions with Affiliates:
Expenses paid by the Partnership to affiliates during the period ended February
28, 1995 are $114,571.
In December 1994, the joint venture consisting of the Partnership and an
affiliate sold the Belmere Apartments. As a result, the joint venture partner
received $482,168 in February 1995, representing its share of the sale proceeds
and the remaining joint venture cash reserves, net of its fourth quarter
capital contribution.
Since the Limited Partners did not receive distributions in an amount equal to
their Original Capital contribution, the General Partner was required to make a
final contribution of $363,104 in February 1995 to the Partnership which was
included in the Net Cash Proceeds distribution to Limited Partners in February
1995, in accordance with the Partnership Agreement.
As of March 31, 1994, a second mortgage loan of $1,600,000 on the Oak Ridge
Apartments remained outstanding with Balcor Real Estate Holdings, Inc., an
affiliate of the General Partner. In connection with this loan, the Partnership
incurred interest expense of $42,000 during the quarter ended March 31, 1994.
Interest expense of $56,671 was payable as of March 31, 1994. This loan was
repaid in September 1994.
<PAGE>
BALCOR EQUITY PROPERTIES-XIV
(An Illinois Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS
The Partnership Agreement for Balcor Equity Properties - XIV (the
"Partnership") provides for dissolution of the Partnership upon the sale of all
its interests in real estate. As a result, the General Partner commenced
liquidation of the Partnership. On February 28, 1995, the Partnership was
dissolved and on March 29, 1995 the Partnership's registration under the
Securities Exchange Act of 1934 was terminated.
Summary of Operations
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Since the Partnership disposed of its remaining interests in three properties
during 1994, substantially all of the Partnership's operations had ceased as of
December 31, 1994. As a result, the net loss for 1995 decreased as compared to
1994.
Liquidity and Capital Resources
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The Partnership received proceeds in connection with the sales of its three
remaining properties in 1994. After reserving amounts necessary to pay any
outstanding liabilities and settle the affairs of the Partnership, the General
Partner used these sales proceeds, along with a contribution from the General
Partner and all remaining cash reserves, to make a liquidating Net Cash
Proceeds distribution to holders of Limited Partnership Interests of $8,129,230
($95.52 per Interest) in February 1995. There will be no further distributions
to the Limited Partners. The General Partner has not received any distribution
of Net Cash Receipts or Net Cash Proceeds from the Partnership.
Over the life of the Partnership, investors have received distributions of Net
Cash Receipts of $19.75 and Net Cash Proceeds of $225.77, totaling $245.52 per
$1,000 Interest, as well as certain tax benefits.
<PAGE>
BALCOR EQUITY PROPERTIES-XIV
(An Illinois Limited Partnership)
Item 6. Exhibits and Reports on Form 8-K
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(a) Exhibits:
(4) Certificate of Limited Partnership set forth as Exhibit 4.1 to Amendment
No.1 to Registrant's Registration Statement on Form S-11 dated May 6, 1983
(Registration No. 2-81750) and to the Registrant's Registration Statement on
Form S-11 dated July 8, 1983 (Registration No. 2-85025) and Form of
Confirmation regarding Interests in the Registrant set forth as Exhibit 4.2 to
the Registrant's Report on Form 10-Q for the quarter ended June 30, 1992
(Commission File No. 0-11803) are incorporated herein by reference.
(10)(a) Agreement of Sale relating to the sale of Village Green Apartments, St.
Louis County, Missouri, previously filed with the Registrant's Current Report
on Form 8-K dated June 17, 1993 is incorporated herein by reference.
(10)(b) Agreement of Sale relating to the sale of Oak Ridge Apartments, San
Antonio, Texas, previously filed with the Registrant's Current Report on Form
8-K dated June 27, 1994 is incorporated herein by reference.
(10)(c) Agreement of Sale and attachment thereto relating to the sale of Towne
Oaks South Apartments, Shreveport, Louisiana, previously filed with the
Registrant's Current Report on Form 8-K dated July 13, 1994 is incorporated
herein by reference.
(10)(d) Agreement of Sale and attachment thereto relating to the sale of
Belmere Apartments, Hillsborough County, Florida, previously filed with the
Registrant's Current Report on Form 8-K dated December 28, 1994 is incorporated
herein by reference.
(27) Financial Data Schedule of the Registrant for the period ending February
28, 1995 is attached hereto.
(b) Reports on Form 8-K: No reports were filed on Form 8-K during the period
ended February 28, 1995.
<PAGE>
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.
BALCOR EQUITY PROPERTIES-XIV
By: /s/Thomas E. Meador
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Thomas E. Meador
President and Chief Executive Officer
(Principal Executive Officer) of Balcor
Equity Partners-XIV, Inc., the General
Partner
By: /s/Brian D. Parker
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Brian D. Parker
Chief Financial Officer and
Assistant Secretary
(Principal Accounting and Financial
Officer) of Balcor Equity Partners-XIV,
Inc., the General Partner
Date: April 4, 1995
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<PAGE>
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