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, 1996
-------------------------------------------------------
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 0-13356
MCNEIL REAL ESTATE FUND XXI, L.P.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 33-0030615
- --------------------------------------------------------------------------------
(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 XXI, L.P.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- ------- --------------------
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
--------------- -------------
ASSETS
- ------
<S> <C> <C>
Real estate investments:
Land..................................................... $ 3,607,306 $ 3,607,306
Buildings and improvements............................... 33,448,554 33,341,911
-------------- -------------
37,055,860 36,949,217
Less: Accumulated depreciation and amortization......... (15,680,740) (15,278,026)
-------------- -------------
21,375,120 21,671,191
Cash and cash equivalents................................... 2,208,485 1,998,301
Cash segregated for security deposits....................... 158,996 167,007
Accounts receivable, net of allowance for doubtful
accounts of $50,938 and $1,800 at March 31,
1996 and December 31, 1995, respectively................. 173,166 176,462
Escrow deposits............................................. 529,505 611,639
Deferred borrowing costs, net of accumulated
amortization of $106,054 and $90,135 at March 31,
1996 and December 31, 1995, respectively................. 479,712 495,631
Prepaid expenses and other assets........................... 57,821 58,418
-------------- -------------
$ 24,982,805 $ 25,178,649
============== =============
LIABILITIES AND PARTNERS' DEFICIT
Mortgage notes payable, net................................. $ 21,953,522 $ 22,008,628
Mortgage note payable - affiliates.......................... 733,900 733,900
Accounts payable and accrued expenses....................... 307,031 300,985
Accrued property taxes...................................... 312,672 338,135
Payable to affiliates - General Partner..................... 4,400,280 4,217,978
Advances from affiliates - General Partner.................. 691,287 676,601
Security deposits and deferred rental revenue............... 210,499 196,320
-------------- -------------
28,609,191 28,472,547
-------------- -------------
Partners' deficit:
Limited partners - 50,000 Units authorized;
47,288 and 47,308 Units outstanding at March 31, 1996
and December 31, 1995, respectively, (24,949 Current
Income Units outstanding at March 31, 1996 and
December 31, 1995 and 22,339 and 22,359 Growth/Shelter
Units outstanding at March 31, 1996 and December 31,1995,
respectively) (3,272,509) (2,943,347)
General Partner.......................................... (353,877) (350,551)
-------------- -------------
(3,626,386) (3,293,898)
-------------- -------------
$ 24,982,805 $ 25,178,649
============== =============
</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 XXI, L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------------
1996 1995
--------------------------------
<S> <C> <C>
Revenue:
Rental revenue................................................. $ 1,593,496 $ 2,007,881
Interest....................................................... 22,049 25,323
Gain on disposition of real estate............................. - 1,615,811
------------ -------------
Total revenue................................................ 1,615,545 3,649,015
------------ -------------
Expenses:
Interest....................................................... 513,916 749,303
Interest - affiliates.......................................... 29,992 100,246
Depreciation and amortization.................................. 402,714 525,239
Property taxes................................................. 119,691 173,880
Personnel costs................................................ 207,192 229,970
Utilities...................................................... 113,082 119,881
Repairs and maintenance........................................ 176,105 182,440
Property management fees -affiliates........................... 81,822 113,265
Other property operating expenses.............................. 106,269 154,990
General and administrative..................................... 15,943 18,807
General and administrative - affiliates........................ 181,307 196,445
------------- -------------
Total expenses............................................... 1,948,033 2,564,466
Net income (loss).............................................. $ (332,488) $ 1,084,549
============= =============
Net income (loss) allocable to limited partners -
Current Income Unit....................................... $ (29,923) $ 97,609
Net income (loss) allocable to limited partners -
Growth/Shelter Unit....................................... (299,239) 976,094
Net income (loss) allocable to General Partner................. (3,326) 10,846
------------- -------------
Net income (loss).............................................. $ (332,488) $ 1,084,549
============= =============
Net income (loss) per limited partnership unit:
Current Income Units........................................... $ (1.20) $ 3.91
============== =============
Growth/Shelter Units........................................... $ (13.40) $ 43.64
============= =============
</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 XXI, L.P.
STATEMENTS OF PARTNERS' DEFICIT
(Unaudited)
For the Three Months Ended March 31, 1996 and 1995
<TABLE>
<CAPTION>
Total
Partners'
General Limited Equity
Partner Partners (Deficit)
--------------- ---------------- ---------------
<S> <C> <C> <C>
Balance at December 31, 1994.............. $ (348,843) $ (2,774,251) $ (3,123,094)
Net loss
General Partner........................ 10,846 - 10,846
Current Income Units................... - 97,609 97,609
Growth/Shelter Units................... - 976,094 976,094
------------- ------------- -------------
Total net loss............................ 10,846 1,073,703 1,084,549
------------- ------------- -------------
Balance at March 31, 1995................. $ (337,997) $ (1,700,548) $ (2,038,545)
============= ============== =============
Balance at December 31, 1995.............. $ (350,551) $ (2,943,347) $ (3,293,898)
Net loss
General Partner........................ (3,326) - (3,326)
Current Income Units................... - (29,923) (29,923)
Growth/Shelter Units................... - (299,239) (299,239)
------------- ------------- -------------
Total net loss............................ (3,326) (329,162) (332,488)
------------- ------------- -------------
Balance at March 31, 1996................. $ (353,877) $ (3,272,509) $ (3,626,386)
============= ============== =============
</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 XXI, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
Increase in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------------------------------
1996 1995
------------------- ----------------
<S> <C> <C>
Cash flows from operating activities:
Cash received from tenants........................ $ 1,613,389 $ 2,111,230
Cash paid to suppliers............................ (585,662) (530,130)
Cash paid to affiliates........................... (80,827) (106,994)
Interest received................................. 22,049 19,504
Interest paid..................................... (433,560) (810,916)
Interest paid to affiliates....................... (50,886) (123,887)
Property taxes paid............................... (107,866) (286,859)
----------------- --------------
Net cash provided by operating activities............ 376,637 271,948
----------------- --------------
Cash flows from investing activities:
Additions to real estate investments.............. (106,643) (150,440)
Net proceeds from disposition of real estate...... - 2,199,917
----------------- --------------
Net cash provided by (used in)
investing activities.............................. (106,643) 2,049,477
----------------- --------------
Cash flows from financing activities:
Principal payments on mortgage notes
payable......................................... (59,810) (80,633)
----------------- --------------
Net increase in cash and cash equivalents............ 210,184 2,240,792
Cash and cash equivalents at beginning of
period............................................ 1,998,301 1,151,098
----------------- --------------
Cash and cash equivalents at end of period........... $ 2,208,485 $ 3,391,890
================= ==============
</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 XXI, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
Reconciliation of Net Income (Loss) to Net Cash Provided by
Operating Activities
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------------------
1996 1995
----------------- ---------------
<S> <C> <C>
Net income (loss).................................... $ (332,488) $ 1,084,549
--------------- --------------
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization..................... 402,714 525,239
Amortization of deferred borrowing costs.......... 15,919 22,543
Amortization of discounts on mortgage
notes payable................................... 4,704 6,912
Interest added to advances to affiliates -
General Partner, net of payments................ - (5,819)
Interest added to advances from affiliates -
General Partner, net of payments................ 14,686 36,621
Gain on disposition of real estate................ - (1,615,811)
Changes in assets and liabilities:
Cash segregated for security deposits........... 8,011 (6,621)
Accounts receivable............................. 3,296 96,238
Escrow deposits................................. 82,134 (109,966)
Prepaid expenses and other assets............... 597 36,367
Accounts payable and accrued expenses........... 6,046 (7,826)
Accrued property taxes.......................... (25,463) (6,277)
Payable to affiliates - General Partner......... 182,302 202,716
Security deposits and deferred rental
revenue....................................... 14,179 13,083
--------------- --------------
Total adjustments............................. 709,125 (812,601)
--------------- --------------
Net cash provided by operating activities............ $ 376,637 $ 271,948
=============== ==============
</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 XXI, L.P.
Notes to Financial Statements
(Unaudited)
March 31, 1996
NOTE 1.
- -------
McNeil Real Estate Fund XXI, L.P., (the "Partnership"), formerly known as
Southmark Realty Partners, Ltd. was organized on November 23, 1983 as a limited
partnership under the provisions of the California Revised Limited Partnership
Act to acquire and operate commercial and residential properties. The general
partner of the Partnership is McNeil Partners, L.P. (the "General Partner"), a
Delaware limited partnership, an affiliate of Robert A. McNeil ("McNeil"). 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, 1996 are
not necessarily indicative of the results to be expected for the year ending
December 31, 1996.
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, 1995, and the notes thereto, as filed with the
Securities and Exchange Commission, which is available upon request by writing
to McNeil Real Estate Fund XXI, L.P. c/o McNeil Real Estate Management, Inc.,
Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240.
NOTE 3.
- -------
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. The Partnership has previously
relied on advances from affiliates to meet its debt obligations and to fund
capital improvements. Additionally, the Partnership has had to defer payment of
payables to affiliates in order to meet its working capital needs. Additionally,
the Partnership is faced with mortgage note maturities of approximately $9.2
million in 1997 for which no extensions, modifications or refinancings have yet
been negotiated. There is no guarantee that such negotiations can be completed.
These conditions raise substantial doubt about the Partnership's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of these uncertainties.
<PAGE>
NOTE 4.
- -------
The Partnership pays property management fees equal to 5% of gross rental
receipts for its residential properties and 6% of gross rental receipts for its
commercial 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.
The Partnership is paying an asset management fee which is payable to the
General Partner. Through 1999, the Asset Management Fee is calculated as 1% of
the Partnership's tangible asset value. 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. The fee percentage decreases subsequent to
1999. Total accrued but unpaid asset management fees of $2,660,750 were
outstanding at March 31, 1996.
The Partnership pays a disposition fee to an affiliate of the General Partner
equal to 3% of the gross sales price for brokerage services performed in
connection with the sale of the Partnership's properties. The fee is due and
payable at the time the sale closes. In connection with the sales of Suburban
Plaza and Wyoming Mall, total accrued but unpaid disposition fees of $346,050
were outstanding at March 31, 1996 and December 31, 1995.
Prior to the restructuring of the Partnership, affiliates of the Original
General Partner advanced funds to enable the Partnership to meet its working
capital requirements. These advances were purchased by, and are now payable to,
the General Partner.
<PAGE>
The total advances from affiliates at March 31, 1996 and December 31, 1995
consisted of the following:
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
---------------- ---------------
<S> <C> <C>
Advances purchased by General Partner................ $ 630,574 $ 630,574
Accrued interest payable............................. 60,713 46,027
--------------- --------------
$ 691,287 $ 676,601
=============== ==============
</TABLE>
Compensation and reimbursements paid to or accrued for the benefit of the
General Partner and its affiliates are as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------------------
1996 1995
---------------- ---------------
<S> <C> <C>
Property management fees............................. $ 81,822 $ 113,265
Charged to gain on disposition of real estate:
Disposition fee........................................ - 346,050
Charged to interest -affiliates:
Interest on advances from affiliates - General
Partner......................................... 14,687 36,621
Interest on mortgage note payable - affiliates.... 15,305 63,625
Charged to general and administrative -affiliates:
Partnership administration........................ 83,647 100,641
Asset management fee.............................. 97,660 95,804
--------------- --------------
$ 293,121 $ 756,006
=============== ==============
</TABLE>
Payable to affiliates - General Partner at March 31, 1996 and December 31, 1995
consisted primarily of unpaid asset management fees, property management fees,
disposition fees and partnership general and administrative expenses and are due
and payable from current operations.
<PAGE>
NOTE 5.
- -------
On March 31, 1995, Suburban Plaza was sold to an unrelated third party for a
cash price of $6,910,000. Cash proceeds and the gain on the disposition are
detailed below:
<TABLE>
<CAPTION>
Gain on Sale Cash Proceeds
----------------- -----------------
<S> <C> <C>
Sales price.......................................... $ 6,910,000 $ 6,910,000
Selling costs........................................ (293,754) (86,454)
Retirement of mortgage discount...................... (683,198)
Carrying value....................................... (3,691,594)
Accounts receivable.................................. (315,979)
Deferred borrowing costs............................. (479)
Prepaid expenses..................................... (63,548)
---------------
Gain on disposition of real estate................... $ 1,861,448
===============
Retirement of mortgage note.......................... (3,963,489)
Retirement of mortgage notes - affiliates............ (1,331,000)
Accrued interest paid on retired notes............... (146,111)
Real estate tax proration............................ (38,368)
Credit for security deposit liability................ (22,325)
---------------
Net cash proceeds.................................... $ 1,322,253
===============
</TABLE>
On March 31, 1995, Wyoming Mall was sold to an unrelated third party for a cash
price of $9,250,000. The Partnership had a 50% undivided interest in the assets,
liabilities and operations of Wyoming Mall, owned jointly with McNeil Real
Estate Fund XXII, L.P. Cash proceeds and the loss on the disposition are
detailed below:
<TABLE>
<CAPTION>
Gain on Sale Cash Proceeds
----------------- -----------------
<S> <C> <C>
Sales price.......................................... $ 4,625,000 $ 4,625,000
Selling costs........................................ (234,838) (96,088)
Mortgage note prepayment penalty..................... (138,441) (138,441)
Carrying value....................................... (4,325,663)
Accounts receivable.................................. (81,749)
Deferred borrowing costs............................. (49,910)
Prepaid expenses..................................... (40,036)
---------------
Loss on disposition of real estate................... $ (245,637)
===============
Retirement of mortgage note.......................... (3,452,337)
Payment of 1994 taxes at closing..................... (23,735)
Real estate tax proration............................ (14,154)
Credit for security deposit liability................ (22,581)
--------------
Net cash proceeds.................................... $ 877,664
===============
</TABLE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- ------- ---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
- -------------------
Net loss for the first three months of 1996 was $332,488 as compared to net
income of $1,084,549 for the same period in 1995.
On March 31, 1995, Wyoming Mall was sold to an unrelated third party for a cash
price of $9,250,000. The Partnership had a 50% undivided interest in the assets,
liabilities and operations of Wyoming Mall, owned jointly with McNeil Real
Estate Fund XXII, L.P. The Partnership received net cash proceeds of $877,664
from the sale of the property and recorded a loss on disposition of real estate
of $245,637. The Partnership recorded $245,199 of revenue and $248,884 of
expense for the first three months of 1995 for Wyoming Mall.
Suburban Plaza was sold to an unrelated third party for a cash price of
$6,910,000. The Partnership received net cash proceeds of $1,322,253 and
recorded a gain on disposition of real estate of $1,861,448. The Partnership
recorded $284,325 of revenue and $311,706 of expense for the first three months
of 1995 for Suburban Plaza.
The Partnership's working capital needs have been supported by net proceeds from
the December 1993 sale of Hickory Lake Apartments and the March 1995 sales of
Suburban Plaza and Wyoming Mall and by deferring certain affiliate payables.
The Partnership has had little ready cash reserves since its inception. It has
been largely dependent on affiliates to support its operations. Although no
additional advances from affiliates were required during the first three months
of 1996, at March 31, 1996 the Partnership owed affiliate advances of $691,287
and payables to affiliates for property management fees, Partnership general and
administrative expenses, asset management fees and disposition fees totaling
$4,400,280.
RESULTS OF OPERATIONS
- ---------------------
Revenue:
Rental revenue decreased by $414,385 for the three months ended March 31, 1996
as compared to the same period in 1995. The decrease was primarily due to the
sales of Suburban Plaza and Wyoming Mall, which contributed rental revenue of
approximately $284,000 and $244,000, respectively, in the first quarter of 1995.
During the first quarter of 1995, the partnership recognized a gain on
disposition of real estate on Suburban Plaza of $1,861,448 and a loss on the
sale of Wyoming Mall of $245,637.
Expenses:
Total expenses decreased by $616,433 for the three months ended March 31, 1996
as compared to the same period in 1995. The decreases in interest expense,
depreciation and amortization expense, property taxes, personnel costs, property
management fees and other property operating expenses are primarily due to the
sales of Suburban Plaza and Wyoming Mall in the first quarter of 1995.
<PAGE>
Interest - affiliates decreased by $70,254 for the three months ended March 31,
1996 as compared to the same period in 1995. The decrease was mainly due to the
repayment of $973,000 of advances and $1,331,000 of mortgage notes payable from
affiliates in the first quarter of 1995.
General and administrative - affiliates decreased by $15,138 for the three
months ended March 31, 1996 as compared to the same period in 1995. The decrease
was mainly due to a lower amount of overhead expenses being allocated to the
Partnership by McREMI.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
At March 31, 1996, the Partnership held cash and cash equivalents of $2,208,485.
Cash of $376,637 was provided by operating activities during the first three
months of 1996 as compared to $271,948 provided during the same period of 1995.
The decrease in 1996 was primarily due to the sales of Suburban Plaza and
Wyoming Mall.
Cash used for additions to real estate totaled $106,643 for the three months
ended March 31, 1996 as compared to $150,440 for the same period of the prior
year. The Partnership received $2,199,917 of proceeds from the sales of Suburban
Plaza and Wyoming Mall during the first three months of 1995.
Principal payments on mortgage notes payable totaled $59,810 for the first three
months of 1996 as compared to $80,633 for the same period in 1995. The decrease
was due to the retirement of the mortgage notes related to Wyoming Mall and
Suburban Plaza when the properties were sold. Additionally the mortgage notes
related to Bedford Green and Woodcreek Apartments were refinanced in July 1995.
Short-term liquidity
- --------------------
For the remainder of 1996, present cash balances and operations of the
properties are expected to provide sufficient cash for normal operating
expenses, debt service payments and budgeted capital improvements. The
Partnership has no established lines of credit from outside sources. Although
affiliates of the Partnership have previously funded cash deficits, there can be
no assurance the Partnership will receive additional funds. Other possible
actions to resolve cash deficiencies include refinancing, deferring major
capital or repair expenditures on Partnership properties except where
improvements are expected to enhance the competitiveness and marketability of
the properties, deferring payables to or arranging financing from affiliates or
the ultimate sale of other properties.
The General Partner has established a revolving credit facility not to exceed
$5,000,000 in the aggregate which is 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 any additional funds under the
facility because no amounts have been reserved for any particular partnership.
As of March 31, 1996, $2,662,819 remained available for borrowing under the
facility; however, additional funds could be available as other partnerships
repay existing borrowings. This commitment will terminate on March 26, 1997.
Additionally, the General Partner has, in its discretion, advanced funds to the
Partnership in addition to the revolving credit facility. The General Partner is
not obligated to advance funds to the Partnership and there is no assurance that
the Partnership will receive additional funds.
<PAGE>
Long-term liquidity
- -------------------
Operations of the Partnership's properties are expected to provide sufficient
cash flow for operating expenses, debt service payments and capital improvements
in the foreseeable future. The Partnership has significant mortgage maturities
during 1997, and management expects to refinance these mortgage notes as they
mature. If management is unable to refinance the mortgage notes as they mature;
the Partnership will require other sources of cash. No such sources have been
identified.
These conditions raise substantial doubt about the Partnership's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of these uncertainties.
Distributions
- --------------
To maintain adequate cash balances of the Partnership, distributions to Current
Income Unit holders were suspended in 1989. There have been no distributions to
Growth/Shelter Units holders. Distributions to Unit holders will remain
suspended for the foreseeable future. The General Partner will continue to
monitor the cash reserves and working capital needs of the Partnership to
determine when cash flows will support distributions to the Unit holders.
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 March 26, 1992.(Incorporated
by reference to the Current Report of the
Registrant on Form 8-K dated March 26, 1992,
as filed on April 9, 1992).
11. Statement regarding computation of Net
Income (Loss) per Limited Partnership Unit:
Net income (loss) per limited partnership
unit is computed by dividing net income
(loss) allocated to the limited partners by
the weighted average number of limited
partnership units outstanding. Per unit
information has been computed based on
24,949 Current Income Units outstanding
in 1996 and 1995 and 22,339 and 22,359
Growth/Shelter Units outstanding in 1996
and 1995, respectively.
27. Financial Data Schedule for the quarter
ended March 31, 1996.
(b) Reports on Form 8-K. There were no reports on Form 8-K filed during
the quarter ended March 31, 1996.
<PAGE>
MCNEIL REAL ESTATE FUND XXI, L.P.
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 XXI, L.P.
By: McNeil Partners, L.P., General Partner
By: McNeil Investors, Inc., General Partner
May 14, 1996 By: /s/ Donald K. Reed
- ----------------- ----------------------------------------
Date Donald K. Reed
President and Chief Executive Officer
May 14, 1996 By: /s/ Ron K. Taylor
- ----------------- ---------------------------------------
Date Ron K. Taylor
Acting Chief Financial Officer of
McNeil Investors, Inc.
May 14, 1996 By: /s/ Carol A. Fahs
- ----------------- ---------------------------------------
Date Carol A. Fahs
Chief Accounting Officer of McNeil Real
Estate Management, Inc.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 2,208,485
<SECURITIES> 0
<RECEIVABLES> 224,104
<ALLOWANCES> (50,938)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 37,055,860
<DEPRECIATION> (15,680,740)
<TOTAL-ASSETS> 24,982,805
<CURRENT-LIABILITIES> 0
<BONDS> 21,953,522
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 24,982,805
<SALES> 1,593,496
<TOTAL-REVENUES> 1,615,545
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,434,117
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 513,916
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (332,488)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (332,488)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>