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/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 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>
Note: The Form 10-QSB for the quarter ended June 30, 2000 of Century Properties
Fund XX is being amended to correct the overstatement of cash and cash
equivalents, debt trustee escrow, and estimated costs during the period of
liquidation and the understatement of non-recourse promissory notes as
originally reported.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
CENTURY PROPERTIES FUND XX
STATEMENT OF NET LIABILITIES IN LIQUIDATION
(unaudited)
(in thousands, except unit data)
June 30, 2000
Assets
Cash and cash equivalents $ 1,842
Receivables and deposits 385
Debt trustee escrow 10,974
Investment properties 5,680
18,881
Liabilities
Accounts payable 31
Tenant security deposit liabilities 33
Accrued property taxes 38
Other liabilities 304
Non-recourse promissory notes (Note A) 18,584
Estimated costs during the period of liquidation 337
19,327
Net liabilities in liquidation $ (446)
See Accompanying Notes to Financial Statements
<PAGE>
b)
CENTURY PROPERTIES FUND XX
STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
(Unaudited)
(in thousands)
Six Months Ended June 30, 2000
Net liabilities in liquidation at beginning of period $ (373)
Changes in net liabilities in liquidation attributed to:
Increase in cash and cash equivalents 124
Decrease in receivables and deposits (293)
Increase in debt trustee escrow 8,704
Decrease in investment properties (26,461)
Decrease in accounts payable 51
Decrease in tenant security deposit payable 92
Decrease in accrued property taxes 204
Increase in other liabilities (128)
Decrease in Non-Recourse Promissory Notes and interest 17,971
Increase in estimated costs during the period of liquidation (337)
Net liabilities in liquidation at end of period $ (446)
See Accompanying Notes to Financial Statements
<PAGE>
c)
CENTURY PROPERTIES FUND XX
STATEMENT OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, 1999 June 30, 1999
Revenues:
<S> <C> <C>
Rental income $ 2,067 $ 4,004
Other income 153 412
Income from deficiency certificate settlement 91 91
Total revenues 2,311 4,507
Expenses:
Operating 651 1,376
General and administrative 154 457
Depreciation 434 859
Interest to promissory note holders 627 1,255
Property taxes 159 316
Total expenses 2,025 4,263
Net income $ 286 $ 244
Net income allocated to general partner (2%) $ 6 $ 5
Net income allocated to limited partners (98%) 280 239
$ 286 $ 244
Net income per limited partnership unit (61,814
units authorized and outstanding) $ 4.53 $ 3.87
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
d)
CENTURY PROPERTIES FUND XX
STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands, except unit data)
Six months Ended June 30, 1999
Cash flows from operating activities:
Net income $ 244
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 859
Amortization of deferred charges 116
Deferred interest on non-recourse promissory notes 627
Change in accounts:
Receivables and deposits (1,012)
Other assets (113)
Accounts payable 8
Tenant security deposit liabilities (2)
Accrued property taxes 43
Accrued interest-promissory notes 627
Other liabilities (4)
Net cash provided by operating activities 1,393
Cash flows from investing activities:
Property improvements and replacements (162)
Lease commissions paid (53)
Net cash used in investing activities (215)
Cash flows used in financing activities:
Loan costs paid (390)
Net increase in cash and cash equivalents 788
Cash and cash equivalents at beginning of period 9,197
Cash and cash equivalents at end of period $ 9,985
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
$18,342,000 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 was deferred,
provided the Partnership made 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. The
Trustee has indicated, however, that it will extend the forbearance period to
accommodate the completion of the sale of the Partnership's remaining property.
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. Based on the proceeds received to
date from sales of Partnership assets and the anticipated net proceeds from the
sale of the Partnership's remaining property, it is unlikely the sales of the
Partnership's assets will generate sufficient proceeds to pay off the
Nonrecourse Promissory Notes in full. If the Partnership cannot sell its
property for sufficient value, in accordance with the terms of the forbearance
agreement, it is likely that the Partnership will lose its property 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 liabilities in liquidation as of
June 30, 2000 is approximately $337,000 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 December 31, 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.
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 six month periods ended June 30, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 74 $ 78
Reimbursement for services of affiliates (included in
investment properties, operating and general
and administrative expenses) 76 87
During the six months ended June 30, 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
$74,000 and $78,000 for the six months ended June 30, 2000 and 1999,
respectively. For the Partnership's commercial properties, these services were
provided by an unrelated party for the six month periods ended June 30, 2000 and
1999.
Affiliates of the Managing General Partner received reimbursement of accountable
administrative expenses amounting to approximately $76,000 and $87,000 for the
six months ended June 30, 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 $91,000 during the six months
ended June 30, 1999. It is anticipated that the Partnership will not receive any
additional funds from the settlement.
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 has one remaining reportable segment: one commercial property.
The commercial property segment consists of one office complex in North
Carolina. The Partnership leases office space for terms that typically exceed
one year. The properties in the residential property segment were sold during
the six months ended June 30, 2000. 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
and six month periods ended June 30, 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 and six month periods ended June 30, 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>
Three months ended
June 30, 1999 Residential Commercial Other Totals
<S> <C> <C> <C> <C>
Rental income $ 731 $ 1,336 $ -- $ 2,067
Other income 30 5 118 153
Income from settlement -- -- 91 91
Interest expense -- -- 627 627
Depreciation 115 319 -- 434
General and administrative
expense -- -- 154 154
Segment profit (loss) 306 552 (572) 286
Six months ended
June 30, 1999 Residential Commercial Other Totals
Rental income $ 1,455 $ 2,549 $ -- $ 4,004
Other income 57 7 348 412
Income from settlement -- -- 91 91
Interest expense -- -- 1,255 1,255
Depreciation 230 629 -- 859
General and administrative
expense -- -- 457 457
Segment profit (loss) 583 934 (1,273) 244
Total assets 11,033 21,911 10,148 43,092
Capital expenditures for
investment properties 120 39 -- 159
</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 wired
directly 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.
On June 20, 2000 the Partnership sold Harbor Club Downs for approximately
$11,000,000. The net sales proceeds of approximately $10,200,000 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, its 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 of interests in certain general partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one time, affiliates of Insignia; past tender offers by the Insignia
affiliates to acquire limited partnership units; the management of partnerships
by the Insignia affiliates; and the Insignia Merger. 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 owned units as of November 3, 1999. Preliminary
approval of the settlement was obtained on November 3, 1999 from the Court, 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 prior lead counsel to enter the settlement. On
December 14, 1999, the Managing General Partner and its affiliates terminated
the proposed settlement. In February 2000, counsel for some of the named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated the settlement. On June 27, 2000, the Court entered an order
disqualifying them from the case. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on August 21, 2000 to address the issue of appointing lead counsel. 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 property consists of one business park. The
following table sets forth the average occupancy of the property for the six
months ended June 30, 2000 and 1999:
Average Occupancy
Property 2000 1999
Highland Park Commerce Center (1) 84% 91%
Charlotte, North Carolina
(1) 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.
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 the Partnership's property. The Notes, which had a balance of
principal and accrued interest of approximately $18,342,000 at June 30, 2000,
matured on November 30, 1998. 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. Based on the proceeds received to
date from sales of Partnership assets and the anticipated net proceeds from the
sale of the Partnership's remaining property, it is unlikely the sales 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 liabilities in liquidation as of
June 30, 2000 is approximately $337,000 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 December 31, 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 wired
directly 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.
On June 20, 2000 the Partnership sold Harbor Club Downs for approximately
$11,000,000. The net sales proceeds of approximately $10,200,000 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 remaining investment
property 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.
The following is a general description of the tax consequences that may result
to a limited partner upon the sale of the Partnership's remaining property. Each
limited partner should consult with his or her own tax advisor to determine his
or her particular tax consequences. The taxable gain and income resulting from
the sale of the Partnership's property will pass through to the limited
partners, and will likely result in income tax liability to the limited partners
without any distribution of cash from the Partnership.
Highland Park Commerce Center
During the six months ended June 30, 2000, the Partnership completed
approximately $46,000 of capital improvements at Highland Park Commerce Center
consisting primarily of tenant improvements. 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.
<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, its 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 of interests in certain general partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one time, affiliates of Insignia; past tender offers by the Insignia
affiliates to acquire limited partnership units; the management of partnerships
by the Insignia affiliates; and the Insignia Merger. 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 owned units as of November 3, 1999. Preliminary
approval of the settlement was obtained on November 3, 1999 from the Court, 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 prior lead counsel to enter the settlement. On
December 14, 1999, the Managing General Partner and its affiliates terminated
the proposed settlement. In February 2000, counsel for some of the named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated the settlement. On June 27, 2000, the Court entered an order
disqualifying them from the case. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on August 21, 2000 to address the issue of appointing lead counsel. The Managing
General Partner does not anticipate that costs associated with this case will be
material to the Partnership's overall operations.
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 10.6, Purchase and Sale Contract between Registrant
and Galaxy Investments, Inc., an unrelated Delaware
Corporation, effective March 27, 2000, regarding the sale of
Linpro Park.
Exhibit 10.7, Purchase and Sale Contract between Registrant
and Pennsylvania Realty Group, Inc., an unrelated
Pennsylvania Corporation, effective April 7, 2000, regarding
the sale of The Corners Apartments.
Exhibit 10.8, Amendment to Purchase and Sale Contract
between Registrant and Pennsylvania Realty Group, Inc., an
unrelated Pennsylvania Corporation, effective April 7, 2000,
regarding the sale of The Corners Apartments.
Exhibit 10.9, Second Amendment to Purchase and Sale Contract
between Registrant and Pennsylvania Realty Group, Inc., an
unrelated Pennsylvania Corporation, effective April 7, 2000,
regarding the sale of The Corners Apartments.
Exhibit 10.10, Third Amendment to Purchase and Sale Contract
between Registrant and Pennsylvania Realty Group, Inc., an
unrelated Pennsylvania Corporation, effective April 7, 2000,
regarding the sale of The Corners Apartments.
Exhibit 10.11, Purchase and Sale Contract between Registrant
and Chambers & Associates Commercial Real Estate Services,
L.L.C., an unrelated Kansas limited liability company,
effective May 8, 2000, regarding the sale of Metcalf Office
Park.
Exhibit 10.12, Amendment to Purchase and Sale Contract
between Registrant and Chambers & Associates Commercial Real
Estate Services, L.L.C., an unrelated Kansas limited
liability company, effective May 8, 2000, regarding the sale
of Metcalf Office Park.
Exhibit 10.13, Second Amendment to Purchase and Sale
Contract between Registrant and Chambers & Associates
Commercial Real Estate Services, L.L.C., an unrelated Kansas
limited liability company, effective May 8, 2000, regarding
the sale of Metcalf Office Park.
Exhibit 10.14, Third Amendment to Purchase and Sale Contract
between Registrant and Chambers & Associates Commercial Real
Estate Services, L.L.C., an unrelated Kansas limited
liability company, effective May 8, 2000, regarding the sale
of Metcalf Office Park.
Exhibit 10.15, Agreement of Purchase Agreement and
Assumption between Chambers & Associates Commercial Real
Estate Services, L.L.C., and Metcalf Associates-2000,
L.L.C., dated April 7, 2000, regarding the sale of Metcalf
Office Park.
Exhibit 10.16, Purchase and Sale Contract between Registrant
and Housing Systems, Inc., an unrelated Georgia Corporation,
effective June 20, 2000, regarding the sale of Harbor Club
Downs.
Exhibit 10.17, Amendment to Purchase and Sale Contract
between Registrant and Housing Systems, Inc., an unrelated
Georgia Corporation, effective June 20, 2000, regarding the
sale of Harbor Club Downs.
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 June 30, 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: November 14, 2000