UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________ to_____________
Commission file number 0-14267
---------
MCNEIL REAL ESTATE FUND XXIV, L.P.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 74-2339537
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
13760 Noel Road, Suite 600, LB70, Dallas, Texas, 75240
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (972) 448-5800
------------------------------
Indicate by check mark whether the registrant, (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MCNEIL REAL ESTATE FUND XXIV, L.P.
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
--------------- ---------------
ASSETS
- ------
Real estate investments:
<S> <C> <C>
Land..................................................... $ 1,624,347 $ 1,624,347
Buildings and improvements............................... 17,807,131 17,771,163
-------------- -------------
19,431,478 19,395,510
Less: Accumulated depreciation and amortization......... (8,196,306) (7,997,592)
-------------- -------------
11,235,172 11,397,918
Assets held for sale........................................ 4,377,861 10,935,647
Cash and cash equivalents................................... 1,096,598 2,180,029
Cash segregated for security deposits....................... 84,167 84,737
Accounts receivable, net of allowance for doubtful
accounts of $5,597 and $24,095 at March 31, 1998
and December 31, 1997, respectively...................... 494,112 588,578
Sales proceeds receivable................................... 6,616,413 -
Prepaid expenses and other assets, net...................... 65,651 114,823
-------------- -------------
$ 23,969,974 $ 25,301,732
============== =============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
- ------------------------------------------
Mortgage note payable....................................... $ 5,261,941 $ 5,293,017
Accounts payable and accrued expenses....................... 163,032 181,540
Payable to tenant........................................... 1,622,873 1,622,873
Payable to affiliates....................................... 527,358 192,735
Security deposits and deferred rental revenue............... 74,582 100,283
-------------- -------------
7,649,786 7,390,448
-------------- -------------
Partners' equity (deficit):
Limited partners - 40,000 limited partnership
units authorized and outstanding at March 31,
1998 and December 31, 1997............................. 16,345,659 17,935,844
General Partner.......................................... (25,471) (24,560)
-------------- -------------
16,320,188 17,911,284
-------------- -------------
$ 23,969,974 $ 25,301,732
============== =============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND XXIV, L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------------
1998 1997
--------------- --------------
Revenue:
<S> <C> <C>
Rental revenue............................................. $ 1,099,396 $ 1,057,741
Interest ................................................... 28,558 20,980
------------- -------------
Total revenue............................................. 1,127,954 1,078,721
------------- -------------
Expenses:
Interest.................................................... 98,357 103,924
Depreciation and amortization............................... 198,714 229,953
Property taxes.............................................. 99,244 110,172
Personnel costs............................................. 76,359 87,216
Utilities................................................... 69,500 64,893
Repairs and maintenance..................................... 85,806 102,453
Property management fees - affiliates....................... 59,726 59,549
Other property operating expenses........................... 67,104 66,452
General and administrative.................................. 85,551 29,566
General and administrative - affiliates..................... 136,262 122,136
Loss on disposition of real estate.......................... 116,347 -
Write-down for impairment of real estate.................... 126,080 -
------------- -------------
Total expenses............................................ 1,219,050 976,314
------------- -------------
Net income (loss).............................................. $ (91,096) $ 102,407
============== =============
Net income (loss) allocable to limited partners................ $ (90,185) $ 101,383
Net income (loss) allocable to General Partner................. (911) 1,024
-------------- --------------
Net income (loss).............................................. $ (91,096) $ 102,407
============== =============
Net income (loss) per limited partnership unit................. $ (2.25) $ 2.53
============== =============
Distributions per limited partnership unit..................... $ 37.50 $ -
============= =============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND XXIV, L.P.
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
(Unaudited)
For the Three Months Ended March 31, 1998 and 1997
<TABLE>
<CAPTION>
Total
General Limited Partners'
Partner Partners Equity (Deficit)
--------------- --------------- ----------------
<S> <C> <C> <C>
Balance at December 31, 1996.............. $ (28,862) $ 18,009,967 $ 17,981,105
Net income................................ 1,024 101,383 102,407
------------- ------------- -------------
Balance at March 31, 1997................. $ (27,838) $ 18,111,350 $ 18,083,512
============= ============= =============
Balance at December 31, 1997.............. $ (24,560) $ 17,935,844 $ 17,911,284
Net loss.................................. (911) (90,185) (91,096)
Distributions to limited partners......... - (1,500,000) (1,500,000)
------------- ------------- -------------
Balance at March 31, 1998................. $ (25,471) $ 16,345,659 $ 16,320,188
============= ============= =============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND XXIV, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------------
1998 1997
----------------- ----------------
Cash flows from operating activities:
<S> <C> <C>
Cash received from tenants........................ $ 1,115,659 $ 1,003,197
Cash paid to suppliers............................ (385,691) (388,723)
Cash paid to affiliates........................... (65,365) (145,985)
Interest received................................. 28,558 20,980
Interest paid..................................... (97,349) (96,425)
Property taxes paid............................... (107,659) (148,519)
--------------- --------------
Net cash provided by operating activities............ 488,153 244,525
--------------- --------------
Cash flows from investing activities:
Additions to real estate investments.............. (40,508) (48,950)
--------------- --------------
Cash flows from financing activities:
Principal payments on mortgage note
payable......................................... (31,076) (32,216)
Distributions to limited partners................. (1,500,000) -
--------------- --------------
Net cash used in financing activities................ (1,531,076) (32,216)
--------------- --------------
Net increase (decrease) in cash and cash
equivalents....................................... (1,083,431) 163,359
Cash and cash equivalents at beginning of
period............................................ 2,180,029 1,615,604
--------------- --------------
Cash and cash equivalents at end of period........... $ 1,096,598 $ 1,778,963
=============== ==============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
McNEIL REAL ESTATE FUND XXIV, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
Reconciliation of Net Income (Loss) to Net Cash Provided by
Operating Activities
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------------------
1998 1997
----------------- ----------------
<S> <C> <C>
Net income (loss).................................... $ (91,096) $ 102,407
--------------- ---------------
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization..................... 198,714 229,953
Loss on disposition of real estate................ 116,347 -
Write-down for impairment of real estate.......... 126,080 -
Amortization of deferred borrowing costs.......... - 7,770
Changes in assets and liabilities:
Cash segregated for security deposits........... 570 (411)
Accounts receivable, net........................ 45,865 (148,389)
Prepaid expenses and other assets, net.......... 5,259 4,641
Accounts payable and accrued expenses........... (18,508) (81,293)
Payable to affiliates........................... 130,623 35,700
Security deposits and deferred rental
revenue....................................... (25,701) 94,147
---------------- --------------
Total adjustments............................. 579,249 142,118
--------------- --------------
Net cash provided by operating activities............ $ 488,153 $ 244,525
=============== ==============
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL REAL ESTATE FUND XXIV, L.P.
Notes to Financial Statements
March 31, 1998
(Unaudited)
NOTE 1.
- -------
McNeil Real Estate Fund XXIV, L.P. (the "Partnership"), formerly known as
Southmark Equity Partners, Ltd., was organized on October 19, 1984, as a limited
partnership under the provisions of the California Revised Limited Partnership
Act to acquire and operate commercial and residential properties. The general
partner of the Partnership is McNeil Partners, L.P. (the "General Partner"), a
Delaware limited partnership, an affiliate of Robert A. McNeil ("McNeil"). The
principal place of business for the Partnership and the General Partner is 13760
Noel Road, Suite 600, LB70, Dallas, Texas, 75240.
In the opinion of management, the financial statements reflect all adjustments
necessary for a fair presentation of the Partnership's financial position and
results of operations. All adjustments were of a normal recurring nature.
However, the results of operations for the three months ended March 31, 1998 are
not necessarily indicative of the results to be expected for the year ending
December 31, 1998.
NOTE 2.
- -------
The financial statements should be read in conjunction with the financial
statements contained in the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1997, and the notes thereto, as filed with the
Securities and Exchange Commission, which is available upon request by writing
to McNeil Real Estate Fund XXIV, L.P., c/o McNeil Real Estate Management, Inc.,
Investor Services, 13760 Noel Road, Suite 600, LB70, Dallas, Texas 75240.
NOTE 3.
- -------
The Partnership pays property management fees equal to 5% of the gross rental
receipts for its residential properties and 6% of gross rental receipts for its
commercial properties to McNeil Real Estate Management, Inc. ("McREMI"), an
affiliate of the General Partner, for providing property management services for
the Partnership's residential and commercial properties and leasing services for
its residential properties. McREMI may also choose to provide leasing services
for the Partnership's commercial properties, in which case McREMI will receive
property management fees from such commercial properties equal to 3% of the
property's gross rental receipts plus leasing commissions based on the
prevailing market rate for such services where the property is located.
Under the terms of its partnership agreement, the Partnership pays a disposition
fee to an affiliate of the General Partner equal to 3% of the gross sales price
for brokerage services performed in connection with the sale of the
Partnership's properties. The fee is due and payable at the time the sale
closes. The Partnership incurred $204,000 of such fees during the first quarter
of 1998 in connection with the sale of Southpointe Plaza Shopping Center. These
fees have not yet been paid by the Partnership and are included in payable to
affiliates on the Balance Sheet at March 31, 1998.
<PAGE>
The Partnership reimburses McREMI for its costs, including overhead, of
administering the Partnership's affairs.
The Partnership is paying an asset management fee which is payable to the
General Partner. Through 1999, the asset management fee is calculated as 1% of
the Partnership's tangible asset value. Tangible asset value is determined by
using the greater of (i) an amount calculated by applying a capitalization rate
of 9% to the annualized net operating income of each property or (ii) a value of
$10,000 per apartment unit for residential properties and $50 per gross square
foot for commercial properties to arrive at the property tangible asset value.
The property tangible asset value is then added to the book value of all other
assets excluding intangible items. The fee percentage decreases subsequent to
1999.
Compensation and reimbursements paid to or accrued for the benefit of the
General Partner or its affiliates are as follows:
Three Months Ended
March 31,
-----------------------
1998 1997
--------- ---------
Property management fees........................... $ 59,726 $ 59,549
Charged to general and administrative -
affiliates:
Partnership administration...................... 56,816 47,288
Asset management fee............................ 79,446 74,848
Charged to loss on disposition of real estate:
Disposition fee................................. 204,000 -
-------- --------
$ 399,988 $ 181,685
======== ========
Payable to affiliates at March 31, 1998 and December 31, 1997 consisted
primarily of unpaid property management fees, disposition fee (1998 only),
Partnership general and administrative expenses and asset management fees and
are due and payable from current operations.
<PAGE>
NOTE 4.
- -------
On March 31, 1998, the Partnership sold Southpointe Plaza Shopping Center,
located in Sacramento, California, to an unaffiliated purchaser for a cash
purchase price of $6,800,000. Cash proceeds from the sale were not received
until April 1, 1998. Sales proceeds receivable, as well as the loss on sale, are
detailed below.
<TABLE>
<CAPTION>
Loss Sales Proceeds
on sale Receivable
------------- --------------
<S> <C> <C>
Sales price..................................... $ 6,800,000 $ 6,800,000
Selling costs .................................. (387,587) (183,587)
Straight-line rents receivable written off...... (48,601)
Prepaid leasing commissions written off......... (43,913)
Carrying value.................................. (6,436,246)
----------
Loss on disposition of real estate.............. $ (116,347)
========== ------------
Proceeds receivable from sale of real estate.... 6,616,413
Retirement of mortgage note payable............. (5,261,942)
Retirement of accrued interest payable.......... (32,338)
-----------
Net cash proceeds receivable.................... $ 1,322,133
===========
</TABLE>
As discussed in Note 3, the Partnership incurred a $204,000 disposition fee
payable to an affiliate of the General Partner in connection with the sale of
Southpointe Plaza. This fee increased the amount of the loss on disposition of
real estate and is included in selling costs above. However, as the fee has not
yet been paid, it did not reduce the amount of net cash proceeds receivable from
the sale. The net cash proceeds from the sale of Southpointe Plaza will be
$1,118,133 after payment of the disposition fee.
NOTE 5.
- -------
Effective January 1, 1996, the Partnership adopted the Financial Accounting
Standards Board's Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
be Disposed Of." This statement requires the cessation of depreciation on assets
held for sale. Since Island Plaza, Southpointe Plaza and Springwood Plaza were
placed on the market for sale, no depreciation was taken effective April 1,
1996, October 1, 1996 and August 1, 1997, respectively.
<PAGE>
NOTE 6.
- -------
On April 1, 1998, Island Plaza, a 60,076 square foot shopping center located in
Ft. Myers, Florida, was sold to an unaffiliated buyer, for a cash purchase price
of $1,850,000. The Partnership recorded a $126,080 write-down for impairment of
real estate in the first quarter of 1998 to record the property at its sales
price less estimated costs to sell. Net cash proceeds to the Partnership after
payment of various closing costs, amounted to $1,824,520. In connection with the
sale, the Partnership incurred a $55,500 disposition fee payable to an affiliate
of the General Partner. This fee has not yet been paid. The net cash proceeds
from the sale of Island Plaza will be $1,769,020 after payment of the
disposition fee.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- ------- ---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
- -------------------
On March 31, 1998, the Partnership sold Southpointe Plaza for a gross sales
price of $6.8 million. The Partnership recognized a $116,347 loss on the sale.
The Partnership reported a net loss for the first three months of 1998 of
$91,096 as compared to net income of $102,407 for the first three months of
1997. Revenues were $1,127,954 in 1998 as compared to $1,078,721 for the same
period in 1997. Expenses increased to $1,219,050 in 1998 from $976,314 in 1997.
Net cash provided by operating activities was $488,153 for the first three
months of 1998. The Partnership expended $40,508 for capital improvements and
$31,076 for principal payments on its mortgage note payable. After distributions
to the limited partners of $1,500,000, cash and cash equivalents decreased by
$1,083,431 for the first three months of 1998, leaving a balance of $1,096,598
at March 31, 1998.
RESULTS OF OPERATIONS
- ---------------------
Revenue:
Total revenue increased by $49,233 for the three months ended March 31, 1998 as
compared to the same period in 1997. The increase was due to increases in rental
revenue and interest income, as discussed below.
Rental revenue increased by $41,655 for the three months ended March 31, 1998 in
relation to the respective period in 1997. Rental revenue increased or remained
stable at all of the properties except Towne Center Shopping Center. Rental
revenue increased by approximately $21,000, $19,000 and $15,000 at Southpointe
Plaza, Sleepy Hollow and Pine Hills due to increased rental rates and occupancy
in the first quarter of 1998. Rental revenue at Island Plaza increased by
approximately $15,000 due to an increase in the rental rate charged to an anchor
tenant who had previously been in bankruptcy. Rental revenue decreased by
approximately $32,000 at Towne Center due to a major tenant vacating a large
space in the second quarter of 1997.
<PAGE>
Interest income for the three months ended March 31, 1998 increased by $7,578 as
compared to the same period in 1997. The increase was due to a higher average
amount of cash and cash equivalents available for short-term investment in 1998.
Although cash and cash equivalents decreased by $1,083,431 in the first quarter
of 1998, $1.5 million of the decrease was due to distributions paid to the
limited partners in the last week of March 1998.
Expenses:
Total expenses for the three months ended March 31, 1998 increased by $242,736
as compared to the same period in 1997, as discussed below.
Depreciation and amortization expense for the three months ended March 31, 1998
decreased by $31,239 in relation to the same period in 1997. The decrease was
due to Springwood Plaza being classified as an asset held for sale by the
Partnership effective August 1, 1997. In accordance with the Financial
Accounting Standards Board's Statement of Financial Accounting Standards No.
121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of," the Partnership ceased recording depreciation on this
asset at the time it was placed on the market for sale.
Personnel costs decreased by $10,857 for the three months ended March 31, 1998
as compared to the same period in the prior year. The decrease was mainly due to
reduced personnel at Southpointe Plaza in anticipation of the sale of the
property. In addition, Riverbay Plaza and Island Plaza were both absent a
maintenance employee for part of the first quarter of 1998.
For the first quarter of 1998, repairs and maintenance decreased by $16,647 as
compared to the respective quarter in 1997. The decrease was mainly due to a
greater amount of cleaning and decorating expenses being incurred in the first
quarter of 1997 in an effort to increase occupancy at Pine Hills and Sleepy
Hollow apartments. In addition, there was a greater amount of snow removal
expenses at Springwood Plaza in 1997 due to heavier snowfall in Missouri, where
the property is located.
General and administrative expenses increased by $55,985 for the three months
ended March 31, 1998 as compared to the same period in 1997. The increase was
mainly due to costs incurred in 1998 to explore alternatives to maximize the
value of the Partnership (see Liquidity and Capital Resources).
General and administrative - affiliates for the first three months of 1998
increased by $14,126 as compared to the same period in 1997. The increase was
mainly due to investor services being performed by an affiliate in 1998. In
1997, such costs were paid to an unrelated third party and were included in
general and administrative expenses on the Statements of Operations. In
addition, there was an increase in asset management fees due to an increase in
the tangible asset value of the Partnership, on which the fees are based.
The Partnership recognized a $116,347 loss on the sale of Southpointe Plaza
Shopping Center in the first quarter of 1998. No such loss was recognized in the
first quarter of 1997.
Island Plaza Shopping Center was sold to an unaffiliated buyer on April 1, 1998.
The Partnership recorded a $126,080 write-down for impairment of real estate in
the first quarter of 1998 to record the property at its sales price less
estimated costs to sell. No such write-down was recorded in the first quarter of
1997.
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnership's primary source of cash flows is from operating activities,
which generated $488,153 of cash in the first three months of 1998, as compared
to $244,525 generated for the same period in 1997.
The Partnership distributed $1,500,000 to the limited partners in the first
three months of 1998. No distributions were paid to the limited partners in the
first three months of 1997.
Short-term liquidity:
At March 31, 1998, the Partnership held cash and cash equivalents of $1,096,598.
This balance provides a reasonable level of working capital for the
Partnership's immediate needs in operating its properties.
For the Partnership as a whole, management projects positive cash flow from
operations in 1998. The Partnership has budgeted approximately $619,000 for
necessary capital improvements for all properties in 1998, which are expected to
be funded from available cash reserves or from operations of the properties. The
present cash balance is believed to provide an adequate reserve for property
operations.
In 1997, improvements totaling approximately $1.6 million were performed at
Riverbay Plaza to renovate and expand an anchor tenant's space. These costs were
paid by the tenant and reimbursed by the Partnership on April 14, 1998. The
Partnership has arranged to obtain a mortgage loan secured by Riverbay Plaza to
pay these costs and expects to receive such funds in May 1998.
On March 31, 1998, the Partnership sold Southpointe Plaza Shopping Center,
located in Sacramento, California, to an unaffiliated purchaser for a cash
purchase price of $6,800,000. On April 1, 1998, cash proceeds totaling
$6,616,413 were received and $5,294,280 was used to pay the principal and
accrued interest balance of the mortgage note payable secured by the property.
An additional $204,000 disposition fee is payable to the General Partner.
On April 1, 1998, the Partnership sold Island Plaza Shopping Center, located in
Ft. Myers, Florida, to an unaffiliated purchaser for a cash purchase price of
$1,850,000. Cash proceeds totaling $1,824,520 were received after payment of
various closing costs. An additional $55,500 disposition fee is payable to the
General Partner.
Additional efforts to maintain and improve partnership liquidity have included
continued attention to property management activities. The objective has been to
obtain maximum occupancy rates while holding expenses to levels necessary to
maximize cash flows. The Partnership has made capital expenditures on its
properties where improvements were expected to increase the competitiveness and
marketability of the properties.
<PAGE>
Long-term liquidity:
While the present outlook for the Partnership's liquidity is favorable, market
conditions may change and property operations can deteriorate. In that event,
the Partnership would require other sources of working capital. No such other
sources have been identified and the Partnership has no established lines of
credit. Other possible actions to resolve working capital deficiencies include
refinancing or renegotiating terms of existing loans, deferring major capital
expenditures on Partnership properties except where improvements are expected to
enhance the competitiveness or marketability of the properties, or arranging
working capital support from affiliates. No affiliate support has been required
in the past, and there is no assurance that support would be provided in the
future, since neither the General Partner nor any affiliates have any obligation
in this regard.
Pursuant to the Partnership's previously announced liquidation plans, the
Partnership has recently retained PaineWebber, Incorporated as its exclusive
financial advisor to explore alternatives to maximize the value of the
Partnership. The alternatives being considered by the Partnership include,
without limitation, a transaction in which limited partnership interests in the
Partnership are converted into cash. The General Partner of the Partnership or
entities or persons affiliated with the General Partner will not be involved as
a purchaser in any of the transactions contemplated above. Any transaction will
be subject to certain conditions including (i) approval by the limited partners
of the Partnership, and (ii) receipt of an opinion from an independent financial
advisory firm as to the fairness of the consideration received by the
Partnership pursuant to such transaction. Finally, there can be no assurance
that any transaction will be consummated, or as to the terms thereof.
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
Exhibit
Number Description
4. Amended and Restated Limited Partnership
Agreement dated March 30, 1992.
(Incorporated by reference to the Current
Report of the registrant on Form 8-K dated
March 30, 1992, as filed on April 10, 1992).
4.1 Amendment No. 1 to the Amended and Restated
Limited Partnership Agreement of McNeil Real
Estate Fund XXIV, L.P. dated June 1995
(incorporated by reference to the Quarterly
Report of the registrant on Form 10-Q for
the period ended June 30,1995, as filed on
August 14, 1995).
11. Statement regarding computation of Net
Income per Limited Partnership Unit: Net
income per limited partnership unit is
computed by dividing net income allocated to
the limited partners by the number of
limited partnership units outstanding. Per
unit information has been computed based on
40,000 limited partnership units outstanding
in 1998 and 1997.
27. Financial Data Schedule for the quarter
ended March 31, 1998.
(b) Reports on Form 8-K. A Form 8-K with respect to Item 2 dated March 31,
1998 was filed on April 9, 1998 regarding the sales of Southpointe
Plaza and Island Plaza shopping centers.
<PAGE>
McNEIL REAL ESTATE FUND XXIV, L.P.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized:
McNEIL REAL ESTATE FUND XXIV, L.P.
By: McNeil Partners, L.P., General Partner
By: McNeil Investors, Inc., General Partner
May 14, 1998 By: /s/ Ron K. Taylor
- ------------ -----------------------------------------
Date Ron K. Taylor
President and Director of McNeil
Investors, Inc.
(Principal Financial Officer)
May 14, 1998 By: /s/ Carol A. Fahs
- ------------ -----------------------------------------
Date Carol A. Fahs
Vice President of McNeil Investors, Inc.
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 1,096,598
<SECURITIES> 0
<RECEIVABLES> 499,709
<ALLOWANCES> (5,597)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 19,431,478
<DEPRECIATION> (8,196,306)
<TOTAL-ASSETS> 23,969,974
<CURRENT-LIABILITIES> 0
<BONDS> 5,261,941
0
0
<COMMON> 0
<OTHER-SE> 16,320,188
<TOTAL-LIABILITY-AND-EQUITY> 23,969,974
<SALES> 1,099,396
<TOTAL-REVENUES> 1,127,954
<CGS> 457,739
<TOTAL-COSTS> 656,453
<OTHER-EXPENSES> 221,813
<LOSS-PROVISION> 126,080
<INTEREST-EXPENSE> 98,357
<INCOME-PRETAX> (91,096)
<INCOME-TAX> 0
<INCOME-CONTINUING> (91,096)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (91,096)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
