FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] 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 0-13408
CENTURY PROPERTIES FUND XX
(Exact name of small business issuer as specified in its charter)
California 94-2930770
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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___
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
CENTURY PROPERTIES FUND XX
STATEMENT OF NET ASSETS IN LIQUIDATION
(unaudited)
(in thousands, except unit data)
March 31, 2000
Assets
Cash and cash equivalents $ 2,796
Receivables and deposits 329
Debt trustee escrow 12,170
Investment properties 23,053
38,348
Liabilities
Accounts payable 138
Tenant security deposit liabilities 111
Accrued property taxes 157
Other liabilities 102
Non-recourse promissory notes (Note A) 37,003
Estimated costs during the period of liquidation 114
37,625
Net assets in liquidation $ 723
See Accompanying Notes to Financial Statements
<PAGE>
b)
CENTURY PROPERTIES FUND XX
STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
(Unaudited)
(in thousands)
Three Months Ended March 31, 2000
<TABLE>
<CAPTION>
<S> <C>
Net liabilities in liquidation at beginning of period $ (373)
Changes in net liabilities in liquidation attributed to:
Increase in cash and cash equivalents 1,078
Decrease in receivables and deposits (349)
Increase in debt trustee escrow 9,900
Decrease in investment properties (9,088)
Increase in accounts payable (56)
Decrease in tenant security deposit payable 14
Decrease in accrued property taxes 85
Decrease in other liabilities 74
Increase in Non-Recourse Promissory Notes and interest (448)
Increase in estimated costs during the period of liquidation (114)
Net assets in liquidation at end of period $ 723
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
c)
CENTURY PROPERTIES FUND XX
STATEMENT OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended March 31, 1999
Revenues:
Rental income $1,937
Other income 112
Income from deficiency certificate settlement 147
Total revenues 2,196
Expenses:
Operating 725
General and administrative 303
Depreciation 425
Interest to promissory note holders 628
Property taxes 157
Total expenses 2,238
Net loss $ (42)
Net loss allocated to general partner (2%) $ (1)
Net loss allocated to limited partners (98%) (41)
$(42)
Net loss per limited partnership unit $(0.66)
See Accompanying Notes to Financial Statements
<PAGE>
d)
CENTURY PROPERTIES FUND XX
STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands, except unit data)
Three Months Ended March 31, 1999
Cash flows from operating activities:
Net loss $ (42)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation 425
Amortization of deferred charges 53
Deferred interest on non-recourse promissory notes 314
Change in accounts:
Receivables and deposits (1,350)
Other assets (36)
Accounts payable 1
Tenant security deposit liabilities 4
Accrued property taxes (129)
Accrued interest-promissory notes 314
Other liabilities 28
Net cash used in operating activities (418)
Cash flows from investing activities:
Property improvements and replacements (110)
Lease commissions paid (33)
Net cash used in investing activities (143)
Cash flows used in financing activities:
Loan costs paid (390)
Net decrease in cash and cash equivalents (951)
Cash and cash equivalents at beginning of period 9,197
Cash and cash equivalents at end of period $ 8,246
See Accompanying Notes to Financial Statements
<PAGE>
e)
CENTURY PROPERTIES FUND XX
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
As of December 31, 1999, Century Properties Fund XX (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the imminent
loss of its remaining investment properties.
The Partnership's Nonrecourse Promissory Notes (the "Notes") of approximately
$37,003,000 in principal and accrued interest were in default due to nonpayment
upon maturity on November 30, 1998. The Notes are secured by a deed of trust on
all properties owned by the Partnership. The Promissory Notes bear interest at
eight percent per annum except that interest of up to four percent may be
deferred, provided the Partnership makes interest payments on the unpaid
principal balance of at least four percent per annum. The deferred interest does
not bear interest. Fox Capital Management Corporation ("FCMC" or the "Managing
General Partner"), the general partner of the Partnership's general partner,
previously contacted the indenture trustee for the Notes and certain holders of
the Notes regarding this default. On October 28, 1999 the Partnership entered
into a forbearance agreement with the indenture trustee for a period of 390
days. In turn, the Partnership agreed to (a) deliver to the indenture trustee
for the benefit of the note holders all of the accumulated cash of the
Partnership, less certain reserves and anticipated operating expenses, (b)
market all of its properties for sale, (c) deliver all cash proceeds from any
sales to the indenture trustee until the notes are fully satisfied and (d)
comply with the reporting requirements under the indenture. It is uncertain
whether the sale of the Partnership's assets will generate sufficient proceeds
to pay off the Nonrecourse Promissory Notes in full. If the Partnership cannot
sell its properties for sufficient value, in accordance with the terms of the
forbearance agreement, it is likely that the Partnership will lose its
properties through delivery to an auctioneer who would sell the assets for the
benefit of the Note holders.
As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its financial statements at December 31,
1999, to the liquidation basis of accounting. Consequently, assets have been
valued at estimated net realizable value and liabilities are presented at their
estimated settlement amounts. The valuation of assets and liabilities
necessarily requires many estimates and assumptions and there are substantial
uncertainties in carrying out the liquidation. The actual realization of assets
and settlement of liabilities could be higher or lower than amounts indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.
Included in liabilities in the statement of net assets in liquidation as of
March 31, 2000 is approximately $114,000 of costs, net of income, that the
Managing General Partner estimates will be incurred during the period of
liquidation based on the assumption that the liquidation process will be
completed by September 30, 2000. Because the success in realization of assets
and the settlement of liabilities is based on the Managing General Partner's
best estimates, the liquidation period may be shorter than projected or it may
be extended beyond the projected period.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the Managing General Partner. The Managing General Partner does not believe that
this transaction has had or will have a material effect on the affairs and
operations of the Partnership.
<PAGE>
Note C - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.
The following transactions with affiliates of the Managing General Partner were
incurred during the three month periods ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 41 $ 39
Reimbursement for services of affiliates (included in
investment properties, operating and general
and administrative expenses) 34 52
During the three months ended March 31, 2000 and 1999, affiliates of the
Managing General Partner were entitled to receive 5% of gross receipts from both
of the Partnership's residential properties as compensation for providing
property management services. The Partnership paid to such affiliates
approximately $41,000 and $39,000 for the three months ended March 31, 2000 and
1999, respectively. For the Partnership's commercial properties, these services
were provided by an unrelated party for the three month periods ended March 31,
2000 and 1999.
Affiliates of the Managing General Partner received reimbursement of accountable
administrative expenses amounting to approximately $34,000 and $52,000 for the
three months ended March 31, 2000 and 1999, respectively.
AIMCO and its affiliates currently own 3,601 limited partnership units in the
Partnership representing 5.826% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the Managing General Partner because of their
affiliation with the Managing General Partner.
Note D - Contingency
On January 24, 1990, a settlement agreement was executed by and between the
Partnership and certain defendants in connection with legal proceedings at
Commonwealth Centre. Lincoln Property Company ("Lincoln"), one of the
defendants, provided the Partnership with a deficiency certificate totaling
$1,250,000 pursuant to Lincoln's company-wide debt restructuring plan. Effective
December 31, 1994, the obligators under this collateral pool agreement exercised
their right to extend the maturity date of the deficiency certificates to
December 31, 1997. The senior obligators have accepted an offer to settle the
outstanding amounts due from Lincoln at a discounted rate. The Managing General
Partner was obligated to accept the initial settlement which equated to
approximately $256,000. Prior to this settlement, the Partnership had not
recorded a receivable on the financial statements due to the uncertainty of
receiving any funds. The initial settlement related to the cash collateral pool,
and the Partnership received further funds of approximately $45,000 during the
remaining months of 1998 as well as approximately $147,000 during the three
months ended March 31, 1999. It is anticipated this will be the final payment
received by the Partnership.
With receipt of this settlement, the Partnership has recorded income from the
settlement in the financial statements. The current settlement relates to the
cash available to distribute in the collateral pool.
Note E - Segment Reporting
Description of the types of products and services from which the reportable
segment derives its revenues:
The Partnership had two reportable segments: residential properties and
commercial properties. The Partnership's residential properties consist of an
apartment complex located in Florida and in one South Carolina, which was sold
subsequent to March 31, 2000. The Partnership rents apartment units to tenants
for terms that are typically twelve months or less. The commercial property
segment consists of two office complexes in North Carolina and Kansas. The
Partnership leases office space for terms that typically exceed one year.
Effective December 31, 1999, the Partnership adopted the liquidation basis of
accounting (see "Note A - Basis of Presentation"). As a result, segment
information is only provided for the three month period ended March 31, 1999.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segment are the same as
those of the Partnership as described in Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.
Factors management used to identify the enterprise's reportable segment:
The Partnership's reportable segment consists of investment properties that
offer different products and services. The reportable segments are each managed
separately because they provide distinct services with different types of
products and customers.
Segment information for the three month period ended March 31, 1999 is shown in
the tables below (in thousands). The "Other" column includes partnership
administration related items and income and expense not allocated to the
reportable segments.
<TABLE>
<CAPTION>
Residential Commercial Other Totals
<S> <C> <C> <C> <C>
Rental income $ 724 $ 120 $ -- $ 1,937
Other income 27 2 83 112
Income from settlement -- -- 147 147
Interest expense -- -- 628 628
Depreciation 115 310 -- 425
General and administrative
expense -- -- 303 303
Segment profit (loss) 277 382 (701) (42)
Total assets 10,658 21,541 9,840 42,039
Capital expenditures for
investment properties 67 43 -- 110
</TABLE>
Note F - Sale of Investment Properties
On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for
$9,500,000. The net sales proceeds of approximately $9,002,000 were directly
wired to the Indenture Trustee as required by the forbearance agreement.
On April 7, 2000, the Partnership sold The Corners Apartments to an unaffiliated
third party for approximately $4,000,000. The net sales proceeds of
approximately $3,712,000 were wired directly to the Indenture Trustee as
required by the forbearance agreement.
On May 8, 2000, the Partnership sold Metcalf 103 Office Park to an unaffiliated
third party for approximately $3,120,000. The net sales proceeds of $2,878,000
were wired directly to the Indenture Trustee as required by the forbearance
agreement.
Note G - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Managing General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998, the Managing General Partner filed a motion seeking dismissal of the
action. In lieu of responding to the motion, the plaintiffs have filed an
amended complaint. The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999. Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a Stipulation of Settlement, settling claims, subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999. Preliminary approval of the settlement was obtained on
November 3, 1999 from the Superior Court of the State of California, County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999. Prior to the December 10, 1999 hearing the Court received various
objections to the settlement, including a challenge to the Court's preliminary
approval based upon the alleged lack of authority of class plaintiffs' counsel
to enter the settlement. On December 14, 1999, the Managing General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to disqualify some of the plaintiffs' counsel in the action. The
Managing General Partner does not anticipate that costs associated with this
case will be material to the Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Partnership from time to time.
The discussion of the Partnership's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Registrant's business and results
of operations. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment properties consist of two apartment complexes and
two business parks. The following table sets forth the average occupancy of the
properties for the three months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Metcalf 103 Office Park (1) 90% 98%
Overland Park, Kansas
Highland Park Commerce Center (2) 84% 94%
Charlotte, North Carolina
Harbor Club Downs 96% 96%
Palm Harbor, Florida
The Corners Apartments (3) 95% 92%
Spartanburg, South Carolina
(1) The decrease in occupancy at Metcalf 103 Office Park is due to the loss of
three tenants over the past twelve months.
(2) The decrease in occupancy at Highland Park Commerce Center is due to the
loss of seven tenants over the past twelve months occupying 17,885 square
feet, which represents approximately 16% of the total space.
(3) The increase in occupancy at The Corners Apartments is due to an increased
marketing effort and a strong local economy.
As of December 31, 1999, Century Properties Fund XX (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the imminent
loss of its remaining investment properties. Pursuant to the terms of the Notes,
the Partnership was required to pay interest at a rate of 4% per annum on the
Notes, and accrue the additional 4% per annum due on the Notes. The Notes are
secured by all of the Partnership's properties. The Notes, which had a balance
of principal and accrued interest of approximately $37,003,000 at March 31,
2000, matured on November 30, 1998. As a result, the Partnership is currently in
default under the Nonrecourse Promissory Notes. The Managing General Partner has
contacted the indenture trustee and entered a forbearance agreement on October
29, 1999. In turn, the Partnership agreed to (a) deliver to the indenture
trustee for the benefit of the note holders all of the accumulated cash of the
Partnership, less certain reserves and anticipated operating expenses, (b)
market all of its properties for sale, (c) deliver all cash proceeds from any
sales to the indenture trustee until the notes are fully satisfied and (d)
comply with the reporting requirements under the indenture. It is uncertain
whether the sale of the Partnership's assets will generate sufficient proceeds
to pay off the Nonrecourse Promissory Notes in full. If the Partnership cannot
sell its properties for sufficient value, in accordance with the terms of the
forbearance agreement, it is likely that the Partnership will lose its
properties through delivery to an auctioneer who would sell the assets for the
benefit of the Note holders.
As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its financial statements at December 31,
1999 to the liquidation basis of accounting. Consequently, assets have been
valued at estimated net realizable value and liabilities are presented at their
estimated settlement amounts. The valuation of assets and liabilities
necessarily requires many estimates and assumptions and there are substantial
uncertainties in carrying out the liquidation. The actual realization of assets
and settlement of liabilities could be higher or lower than amounts indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.
Included in liabilities in the statement of net assets in liquidation as of
March 31, 2000 is approximately $114,000 of costs, net of income, that the
Managing General Partner estimates will be incurred during the period of
liquidation based on the assumption that the liquidation process will be
completed by September 30, 2000. Because the success in realization of assets
and the settlement of liabilities is based on the Managing General Partner's
best estimates, the liquidation period may be shorter than projected or it may
be extended beyond the projected period.
On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for
$9,500,000. The net sales proceeds of approximately $9,002,000 were directly
wired to the Indenture Trustee as required by the forbearance agreement.
On April 7, 2000, the Partnership sold The Corners Apartments to an unaffiliated
third party for approximately $4,000,000. The net sales proceeds of
approximately $3,712,000 were wired directly to the Indenture Trustee as
required by the forbearance agreement.
On May 8, 2000, the Partnership sold Metcalf 103 Office Park to an unaffiliated
third party for approximately $3,120,000. The net sales proceeds of
approximately $2,878,000 were wired directly to the Indenture Trustee as
required by the forbearance agreement.
As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.
Metcalf Office Park
During the three months ended March 31, 2000, the Partnership did not complete
any capital improvements at Metcalf Office Park. This property was sold May 8,
2000.
Highland Park Commerce Center
During the three months ended March 31, 2000, the Partnership did not complete
any capital improvements at Highland Park Commerce Center. The property is
currently being marketed for sale; therefore, no funds have been budgeted for
capital improvements for the year 2000. Capital improvements will be made as
necessary until the property is sold.
Harbor Club Downs
During the three months ended March 31, 2000, the Partnership completed
approximately $8,000 of capital improvements at Harbor Club Downs, consisting of
appliance replacements and major landscaping. These improvements were funded
from operating cash flow. The property is currently being marketed for sale;
therefore, no funds have been budgeted for capital improvements for the year
2000. Capital improvements will be made as necessary until the property is sold.
The Corners Apartments
During the three months ended March 31, 2000, the Partnership completed
approximately $19,000 in capital improvements at The Corners Apartments,
consisting of carpet replacement, major landscaping, water heater replacements,
and appliance replacements. This property was sold April 7, 2000.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Managing General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek monetary damages and equitable relief,
including judicial dissolution of the Partnership. On June 25, 1998, the
Managing General Partner filed a motion seeking dismissal of the action. In lieu
of responding to the motion, the plaintiffs have filed an amended complaint. The
Managing General Partner filed demurrers to the amended complaint which were
heard February 1999. Pending the ruling on such demurrers, settlement
negotiations commenced. On November 2, 1999, the parties executed and filed a
Stipulation of Settlement, settling claims, subject to final court approval, on
behalf of the Partnership and all limited partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the Superior Court of the State of California, County of San Mateo, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of class plaintiffs' counsel to enter the
settlement. On December 14, 1999, the Managing General Partner and its
affiliates terminated the proposed settlement. Certain plaintiffs have filed a
motion to disqualify some of the plaintiffs' counsel in the action. The Managing
General Partner does not anticipate that costs associated with this case will be
material to the Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K:
None filed during the quarter ended March 31, 2000.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CENTURY PROPERTIES FUND XX
By: FOX PARTNERS III
Its General Partner
By: FOX CAPITAL MANAGEMENT CORPORATION
Its Managing General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President
and Controller
Date:
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Century
Properties Fund XX 2000 First Quarter 10-QSB and is qualified in its entirety by
reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000736909
<NAME> Century Properties Fund XX
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,796
<SECURITIES> 0
<RECEIVABLES> 329
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 23,053
<DEPRECIATION> 0
<TOTAL-ASSETS> 38,348
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 37,003
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 37,625
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0.00 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
