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 September 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>
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)
September 30, 2000
Assets
Cash and cash equivalents $ 1,501
Receivables and deposits 116
Debt trustee escrow 540
Investment property 5,680
7,837
Liabilities
Accounts payable 32
Tenant security deposit liabilities 31
Accrued property taxes 57
Other liabilities 259
Non-recourse promissory notes (Note A) 8,035
Estimated costs during the period of liquidation 225
8,639
Net liabilities in liquidation $ (802)
See Accompanying Notes to Financial Statements
<PAGE>
b)
CENTURY PROPERTIES FUND XX
STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
(Unaudited)
(in thousands)
Nine Months Ended September 30, 2000
Net liabilities in liquidation at beginning of period $ (373)
Changes in net liabilities in liquidation attributed to:
Decrease in cash and cash equivalents (217)
Decrease in receivables and deposits (562)
Decrease in debt trustee escrow (1,730)
Decrease in investment properties (26,461)
Decrease in accounts payable 50
Decrease in tenant security deposit payable 94
Decrease in accrued property taxes 185
Increase in other liabilities (83)
Decrease in Non-Recourse Promissory Notes and interest 28,520
Increase in estimated costs during the period of liquidation (225)
Net liabilities in liquidation at end of period $ (802)
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 Nine Months Ended
September 30, 1999 September 30, 1999
Revenues:
<S> <C> <C>
Rental income $ 1,689 $ 5,693
Other income 101 513
Income from deficiency certificate settlement -- 91
Total revenues 1,790 6,297
Expenses:
Operating 598 1,974
General and administrative 1,241 1,698
Depreciation 418 1,277
Interest to promissory note holders 628 1,883
Property taxes 171 487
Total expenses 3,056 7,319
Net loss $(1,266) $(1,022)
Net loss allocated to general partner (2%) $ (25) $ (20)
Net loss allocated to limited partners (98%) (1,241) (1,002)
$(1,266) $(1,022)
Net loss per limited partnership unit (61,814
units authorized and outstanding) $(20.08) $(16.21)
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
d)
CENTURY PROPERTIES FUND XX
STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands, except unit data)
Nine months Ended September 30, 1999
Cash flows from operating activities:
Net loss $(1,022)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation 1,277
Amortization of lease commissions 167
Deferred interest on non-recourse promissory notes 941
Change in accounts:
Receivables and deposits (2,451)
Other assets (116)
Accounts payable 21
Tenant security deposit liabilities 64
Accrued property taxes 215
Accrued interest-promissory notes 301
Other liabilities 28
Net cash used in operating activities (575)
Cash flows from investing activities:
Property improvements and replacements (505)
Lease commissions paid (89)
Net cash used in investing activities (594)
Net decrease in cash and cash equivalents (1,169)
Cash and cash equivalents at beginning of period 9,197
Cash and cash equivalents at end of period $ 8,028
Supplemental disclosure of cash flow information:
Cash paid for interest $ 641
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
$8,035,000 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
the Partnership's remaining property 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 Managing 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, which is currently being marketed
for sale. 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 remaining 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. Upon the sale or disposal of the last property
(which is anticipated to occur during the first quarter of 2001), the
Partnership is expected to terminate.
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
September 30, 2000 is approximately $225,000 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 April 30, 2001. 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 nine month periods ended September 30, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 74 $118
Reimbursement for services of affiliates (included in
investment properties, operating and general
and administrative expenses) 51 144
Partnership management fees (included in general and
administrative expenses) -- 36
During the nine months ended September 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 $118,000 for the nine months ended September 30, 2000
and 1999, respectively. On April 7, 2000 and June 20, 2000, the Partnership sold
The Corners Apartments and Harbor Club Downs, respectively (see "Note F"). For
the Partnership's commercial properties, these services were provided by an
unrelated party for the nine month periods ended September 30, 2000 and 1999.
Affiliates of the Managing General Partner received reimbursement of accountable
administrative expenses amounting to approximately $51,000 and $144,000 for the
nine months ended September 30, 2000 and 1999, respectively.
In addition to its indirect ownership of the general partner interest in the
Partnership, AIMCO and its affiliates currently own 3,601 limited partnership
units in the Partnership representing 5.826% of the outstanding units.
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 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 nine months
ended September 30, 1999. The Partnership has not received any additional funds
from the settlement.
The Partnership recorded income upon the receipt of the settlement. The
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: commercial properties and
residential properties. 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 nine months ended September 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 nine month periods ended September 30, 1999.
Measurement of segment profit or loss:
The Partnership evaluated 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 consisted of investment properties that
offer different products and services. The reportable segments were each managed
separately because they provide distinct services with different types of
products and customers.
Segment information for the three and nine month periods ended September 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
September 30, 1999 Residential Commercial Other Totals
<S> <C> <C> <C> <C>
Rental income $ 752 $ 937 $ -- $ 1,689
Other income 37 10 54 101
Interest expense -- -- 628 628
Depreciation 111 307 -- 418
General and administrative
expense -- -- 1,241 1,241
Segment profit (loss) 279 270 (1,815) (1,266)
Nine Months Ended
September 30, 1999 Residential Commercial Other Totals
Rental income $ 2,207 $ 3,486 $ -- $ 5,693
Other income 94 17 402 513
Income from settlement -- -- 91 91
Interest expense -- -- 1,883 1,883
Depreciation 341 936 -- 1,277
General and administrative
expense -- -- 1,698 1,698
Segment profit (loss) 862 1,204 (3,088) (1,022)
Total assets 11,431 21,194 9,472 42,097
Capital expenditures for
investment properties 253 252 -- 505
</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.
Note F - Sale of Investment Properties (continued)
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 is considering applications for lead
counsel and has currently scheduled a hearing on the matter for November 20,
2000. 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 nine
months ended September 30, 2000 and 1999:
Average Occupancy
Property 2000 1999
Highland Park Commerce Center (1) 86% 89%
Charlotte, North Carolina
(1) The decrease in average occupancy at Highland Park Commerce Center is due
to two tenants, occupying 3,639 square feet, moving into their space
beginning late in the second quarter of 2000.
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 remaining property. The Notes, which had a balance
of principal and accrued interest of approximately $8,035,000 at September 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. 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, which is currently being marketed for sale. 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 remaining 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. Upon the sale or
disposal of the last property (which is anticipated to occur during the first
quarter of 2001), the Partnership is expected to terminate.
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
September 30, 2000 is approximately $225,000 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 April 30, 2001. 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 nine months ended September 30, 2000, the Partnership completed
approximately $73,000 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 is considering applications for lead
counsel and has currently scheduled a hearing on the matter for November 20,
2000. 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 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K:
None filed during the quarter ended September 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:
