SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(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, 1995
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 0-15710
Century Pension Income Fund XXIV,
A California Limited Partnership
(Exact name of Registrant as specified in its charter)
California 94-2984976
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5665 Northside Drive N.W., Ste. 370, Atlanta, Georgia 30328
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (770) 916-9090
N/A
Former name, former address and fiscal year, if changed since last report.
Indicate by check mark whether 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 (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_____
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 12, 13, or 15(d) of the Securities Exchange
Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes _____ No _____
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares
outstanding of each of the issuer's classes of common stock, as of the
latest practicable date __________________.
1 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Balance Sheets
September 30, December 31,
1995 1994
Assets
Cash and cash equivalents $ 2,072,000 $ 2,038,000
Other assets 218,000 185,000
Investments in unconsolidated joint ventures 7,588,000 7,681,000
Real Estate:
Real estate 17,734,000 17,324,000
Accumulated depreciation (3,093,000) (2,764,000)
------------ ------------
Real estate, net 14,641,000 14,560,000
Deferred leasing commissions, net 140,000 102,000
------------ ------------
Total assets $ 24,659,000 $ 24,566,000
============ ============
Liabilities and Partners' Equity
Accrued expenses and other liabilities $ 165,000 $ 154,000
------------ ------------
Total liabilities 165,000 154,000
------------ ------------
Commitments and Contingencies
Partners' equity (deficit):
General partner - (20,000)
Limited partners (73, 341 units outstanding at
September 30, 1995 and December 31, 1994) 24,494,000 24,432,000
------------ ------------
Total partners' equity 24,494,000 24,412,000
------------ ------------
Total liabilities and partners' equity $ 24,659,000 $ 24,566,000
============ ============
See notes to financial statements.
2 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
Statements of Operations
For the Nine Months Ended
September 30, September 30,
1995 1994
Revenues:
Rental $ 1,430,000 $ 1,311,000
Interest income 70,000 66,000
Equity in unconsolidated joint
ventures' operations 481,000 220,000
------------ ------------
Total revenues 1,981,000 1,597,000
------------ ------------
Expenses:
General and administrative 377,000 367,000
Depreciation 329,000 328,000
Operating 360,000 330,000
------------ ------------
Total expenses 1,066,000 1,025,000
------------ ------------
Net income $ 915,000 $ 572,000
============ ============
Net income per limited partnership
assignee unit $ 12.09 $ 7.69
============ ============
Cash distributions per limited partnership
assignee unit $ 11.25 $ 11.25
============ ============
See notes to financial statements.
3 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
Statements of Operations
For the Three Months Ended
September 30, September 30,
1995 1994
------------ ------------
Revenues:
Rental $ 461,000 $ 469,000
Interest income 21,000 17,000
Equity in unconsolidated joint
ventures' operations 148,000 122,000
------------ ------------
Total revenues 630,000 608,000
------------ ------------
Expenses:
General and administrative 121,000 113,000
Depreciation 110,000 109,000
Operating 119,000 123,000
------------ ------------
Total expenses 350,000 345,000
------------ ------------
Net income $ 280,000 $ 263,000
============ ============
Net income per limited partnership
assignee unit $ 3.79 $ 3.56
============ ============
Cash distributions per limited partnership
assignee unit $ 3.75 $ 3.75
============ ============
See notes to financial statements.
4 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
Statements of Cash Flows
For the Nine Months Ended
September 30, September 30,
1995 1994
Operating Activities:
Net income $ 915,000 $ 572,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 357,000 340,000
Equity in unconsolidated joint
ventures' operations (481,000) (220,000)
Provision for doubtful receivables - 1,000
Leasing commissions paid (66,000) (44,000)
Changes in operating assets and liabilities:
Other assets (33,000) (66,000)
Accrued expenses and other liabilities 11,000 5,000
------------ ------------
Net cash provided by operating activities 703,000 588,000
------------ ------------
Investing Activities:
Additions to real estate (410,000) (46,000)
Unconsolidated joint venture
distributions received 574,000 150,000
Proceeds from cash investments - 1,283,000
------------ ------------
Net cash provided by investing activities 164,000 1,387,000
------------ ------------
Financing Activities:
Cash distributions to partners (833,000) (833,000)
------------ ------------
Cash (used in) financing activities (833,000) (833,000)
Increase in Cash and Cash Equivalents 34,000 1,142,000
Cash and Cash Equivalents at Beginning of
Period 2,038,000 1,036,000
------------ ------------
Cash and Cash Equivalents at End of Period $ 2,072,000 $ 2,178,000
============ ============
See notes to financial statements.
5 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
1. General
The accompanying financial statements, footnotes and discussions
should be read in conjunction with the financial statements,
related footnotes and discussions contained in the Partnership's
Annual Report for the year ended December 31, 1994.
The financial information contained herein is unaudited. In the
opinion of management, however, all adjustments necessary for a
fair presentation of such financial information have been included.
All adjustments are of a normal recurring nature.
The results of operations for the nine and three months ended
September 30, 1995 and 1994 are not necessarily indicative of the
results to be expected for the full year.
On August 17, 1995, the stockholders of National Property
Investors, Inc. ("NPI, Inc."), the sole shareholder of NPI Equity
Investments II, Inc. ("NPI Equity"), the entity which controls Fox
Capital Management Corporation, the managing general partner of the
Partnership's general partner, entered into an agreement to sell to
IFGP Corporation, an affiliate of Insignia Financial Group, Inc.
("Insignia"), all of the issued and outstanding stock of NPI, Inc.
The sale of the stock is subject to the satisfaction of certain
conditions and is scheduled to close in January 1996.
2. Transactions with Related Parties
(a) An affiliate of NPI, Inc. received reimbursements of
administrative expenses amounting to $72,000 and $71,000 during
the nine months ended September 30, 1995 and 1994,
respectively. These reimbursements are included in general and
administrative expenses.
(b) During the nine months ended September 30, 1995 and 1994, an
affiliate of NPI, Inc. was paid a $16,000 and a $10,000 fee
($5,000 and $3,000 allocated to the Partnership, respectively)
relating to successful real estate tax appeals on the
Partnership's Coral Palm Plaza and Minneapolis Business Park
joint venture properties. These fees are included in operating
expenses.
(c) The general partner is entitled to receive a partnership
management fee in the amount equal to 10 percent of cash
available for distribution. For each of the nine month periods
ended September 30, 1995 and 1994, the general partner received
$93,000. These fees are included in general and administrative
expenses.
(d) In accordance with the partnership agreement, the general
partner was allocated its one percent continuing interest in
the Partnership's cash distributions (see Note 3). Net income
has been allocated to the general partner in an amount equal to
the amount of cash distributions received by the general
partner which had not been previously allocated.
3. Distributions to Partners
The Partnership distributed $833,000 in cash during each of the
nine month periods ended September 30, 1995 and 1994 ($825,000 to
limited partners and $8,000 to the general partner).
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CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
4. Equity in Unconsolidated Joint Ventures' Operations
At the Partnership's unconsolidated joint venture property, Coral
Palm Plaza, management accepted a lease buy-out of $800,000 in
December 1994 from a significant tenant which occupied 27,000
square feet (and was received in 1995). During June 1995,
management re-leased 20,000 square feet of the unoccupied space, on
similar terms, and recognized a portion of the lease buy-out in the
amount of $517,000 ($172,000 allocated to the Partnership). During
September 1995, management re-leased the remaining 7,000 square
feet of the unoccupied space, on similar terms, and recognized the
remaining portion of the lease buy-out in the amount of $266,000
($89,000 allocated to the Partnership). During 1994, $17,000 of the
lease buy-out was recognized as rental income.
7 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
5. Investment in Unconsolidated Joint Ventures
Registrant has investments in two unconsolidated joint ventures,
Coral Palm Plaza Joint Venture and Minneapolis Business Parks Joint
Venture.
The following are the condensed balance sheets as of September 30,
1995 and December 31, 1994 and condensed statements of operations
for the nine and three months ended September 30, 1995 and 1994 of
Coral Palm Plaza Joint Venture.
CORAL PALM JOINT VENTURE
CONDENSED BALANCE SHEETS
September 30, December 31,
1995 1994
Assets
Cash and cash equivalents $ 213,000 $ 239,000
Receivables and other assets 91,000 881,000
Real Estate:
Real estate 16,130,000 16,065,000
Accumulated depreciation (2,982,000) (2,829,000)
Allowance for impairment of value (7,091,000) (7,091,000)
------------ -----------
Real estate, net 6,057,000 6,145,000
Deferred leasing commissions, net 116,000 87,000
----------- -----------
Total assets $ 6,477,000 $ 7,352,000
=========== ===========
Liabilities and partners' equity
Accrued expenses and other liabilities $ 200,000 $ 844,000
----------- -----------
Total liabilities 200,000 844,000
----------- -----------
Commitments and Contingencies
Partners' equity:
Century Pension Income Fund XXIII 4,185,000 4,339,000
Century Pension Income Fund XXIV 2,092,000 2,169,000
---------- ----------
Total partners' equity 6,277,000 6,508,000
---------- ----------
Total liabilities and partners' equity $6,477,000 $7,352,000
========== ==========
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CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
5. Investment in Unconsolidated Joint Ventures (Continued)
CORAL PALM JOINT VENTURE
CONDENSED STATEMENTS OF OPERATIONS
For the Nine Months Ended
September 30, September 30,
1995 1994
Revenues
Rental $ 665,000 $ 775,000
Other 700,000 -
------------ ------------
1,365,000 775,000
Expenses 568,000 648,000
Net income $ 797,000 $ 127,000
============ ============
Allocation of net income:
CPIF XXIII $ 531,000 $ 85,000
CPIF XXIV 266,000 42,000
------------ ------------
Net income $ 797,000 $ 127,000
============ ============
For the Three Months Ended
September 30, September 30,
1995 1994
Revenues
Rental $ 236,000 $ 284,000
Other 183,000 -
------------ ------------
419,000 284,000
Expenses 210,000 197,000
------------ ------------
Net income $ 209,000 $ 87,000
============ ============
Allocation of net income:
CPIF XXIII $ 139,000 $ 58,000
CPIF XXIV 70,000 29,000
------------ ------------
Net income $ 209,000 $ 87,000
============ ============
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CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
5. Investment in Unconsolidated Joint Ventures (Continued)
The following are the condensed balance sheets as of September 30,
1995 and December 31, 1994 and condensed statements of operations
for the nine and three months ended September 30, 1995 and 1994 of
Minneapolis Business Parks Joint Venture.
MINNEAPOLIS BUSINESS PARKS JOINT VENTURE
CONDENSED BALANCE SHEETS
September 30, December 31,
1995 1994
Assets
Cash and cash equivalents $ 891,000 $ 648,000
Other assets 707,000 134,000
Real Estate:
Real estate 20,341,000 20,214,000
Accumulated depreciation (4,452,000) (3,999,000)
------------ ------------
Real estate, net 15,889,000 16,215,000
Deferred leasing commissions, net 245,000 214,000
------------ ------------
Total assets $ 17,732,000 $ 17,211,000
============ ============
Liabilities and partners' equity
Accrued expenses and other liabilities $ 720,000 $ 151,000
------------ ------------
Total liabilities 720,000 151,000
------------ ------------
Commitments and Contingencies
Partners' equity:
Century Pension Income Fund XXIII 11,516,000 11,548,000
Century Pension Income Fund XXIV 5,496,000 5,512,000
------------ ------------
Total partners' equity 17,012,000 17,060,000
------------ ------------
Total liabilities and partners' equity $ 17,732,000 $ 17,211,000
============ ============
10 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
5. Investment in Unconsolidated Joint Ventures (Continued)
MINNEAPOLIS BUSINESS PARKS JOINT VENTURE
CONDENSED STATEMENTS OF OPERATIONS
For the Nine Months Ended
September 30, September 30,
1995 1994
Rental and other revenues $ 2,178,000 $ 2,051,000
Expenses 1,505,000 1,495,000
------------ ------------
Net income $ 673,000 $ 556,000
============ ============
Allocation of net income:
CPIF XXIII $ 458,000 $ 378,000
CPIF XXIV 215,000 178,000
------------ ------------
Net income $ 673,000 $ 556,000
============ ============
For the Three Months Ended
September 30, September 30,
1995 1994
Rental and other revenues $ 743,000 $ 789,000
Expenses 498,000 498,000
------------ ------------
Net income $ 245,000 $ 291,000
============ ============
Allocation of net income:
CPIF XXIII $ 167,000 $ 198,000
CPIF XXIV 78,000 93,000
------------ ------------
Net income $ 245,000 $ 291,000
============ ============
11 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
This item should be read in conjunction with the Financial Statements and
other Items contained elsewhere in this Report.
Liquidity and Capital Resources
Registrant's real estate properties consist of three shopping center
properties and investments in two unconsolidated joint ventures. The three
shopping centers are located in South Carolina, North Carolina and Georgia.
The unconsolidated joint venture properties include one shopping center in
Florida and three business parks in Minnesota. The properties are leased
to tenants subject to leases with remaining lease terms of up to twenty
years. Registrant receives rental income from its properties and is
responsible for operating expenses, administrative expenses and capital
improvements. All of Registrant's properties, except for Butler Square
Center, generated positive cash flow for the nine months ended September
30, 1995. Registrant's Butler Square Center property generated negative
cash flow due to extensive tenant improvements.
Registrant uses working capital reserves provided from any undistributed
cash flow from operations and distributions from unconsolidated joint
ventures as its primary source of liquidity. For the long term, cash from
operations and distributions from unconsolidated joint ventures will remain
Registrant's primary source of liquidity. Registrant distributed $833,000
to partners (including $8,000 to the general partner) during the nine
months ended September 30, 1995 and 1994. Distributions are expected to
continue in the near future. The level of such distributions will be
contingent upon successful future operations.
The level of liquidity based on cash and cash equivalents experienced a
$34,000 increase at September 30, 1995, as compared to December 31, 1994.
Registrant's $574,000 of distributions received from unconsolidated joint
ventures (investing activities) and the $703,000 of net cash provided by
operating activities were only partially offset by the $410,000 of
improvements to real estate (investing activities) and $833,000 of cash
distributions to partners (financing activities). The improvements to real
estate were primarily at Registrant's Butler Square Center property
relating to a significant tenant's expansion of its existing space.
Registrant renegotiated the tenant's lease terms to expand the tenant's
existing space by 6,500 square feet, extend the expiration date of its
lease from August 31, 2007 to April 30, 2015 and include Registrant's
payment of $250,000 for tenant improvements. All other increases
(decreases) in certain assets and liabilities are the result of the timing
of receipt and payment of various operating activities.
Working capital reserves are invested in a money market account or in
repurchase agreements secured by United States Treasury obligations. At
Registrant's joint venture property, Coral Palm Plaza, management accepted
a lease buy-out of $800,000 in December 1994 from a significant tenant that
had occupied 27,000 square feet, (and was received in 1995). During June
1995, management re-leased 20,000 square feet of the unoccupied space, on
similar terms, and recognized a portion of the lease buy-out in the amount
of $517,000 ($172,000 allocated to the Partnership). During September
1995, management re-leased the remaining 7,000 square feet of the
unoccupied space, on similar terms, and recognized the remaining portion of
the lease buy-out in the amount of $266,000 ($89,000 allocated to the
Partnership). In addition, management is currently negotiating a lease
buy-out with a tenant which
12 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Liquidity and Capital Resources (Continued)
occupies 11,300 square feet of space at Registrant's Coral Palm Plaza joint
venture property for approximately $300,000. In anticipation of a
successful buy-out, management is attempting to find a replacement tenant.
The Managing General Partner believes that if market conditions remain
relatively stable, cash flow from operations, when combined with working
capital reserves, will be sufficient to fund required capital improvements
and the current level of distributions for the next twelve months and the
foreseeable future.
On August 17, 1995, Insignia Financial Group, Inc. and certain of its
affiliates (collectively, "Insignia") entered into agreements pursuant to
which (i) the stockholders of NPI, Inc., the sole shareholder of NPI
Equity, agreed to sell to Insignia all of the issued and outstanding stock
of NPI, Inc., and (ii) Insignia would acquire all of the interests in NPI-
AP Management, L.P., the property manager at Registrant's residential
properties. The consummation of these transactions is subject to the
satisfaction of certain conditions (including, third party consents and
other conditions not within the control of the parties to the agreement)
and is scheduled to close in January 1996. Upon closing, it is expected
that Insignia will elect new officers and directors of NPI Equity.
Insignia is a fully integrated real estate service company specializing in
the ownership and operation of securitized real estate assets. According
to Commercial Property News and the National Multi-Housing Council, since
1992 Insignia has been the largest property manager in the United States.
The Managing General Partner does not believe these transactions will have
a significant effect on Registrant's liquidity or results of operation.
Real Estate Market
The national real estate market has suffered from the effects of the real
estate recession including, but not limited to, a downward trend in market
values of existing properties. In addition, the bailout of the savings and
loan associations and sales of foreclosed properties by auction reduced
market values and caused a further restriction on the ability to obtain
credit. As a result, Registrant's ability to sell its properties may be
restricted. These factors caused a decline in market property values and
serve to reduce market rental rates and/or sales prices. Furthermore,
management believes that the emergence of new institutional purchasers,
including real estate investment trusts and insurance companies, should
create a more favorable market value for Registrant's properties in the
future.
Results of Operations
Nine Months Ended September 30, 1995 vs. September 30, 1994
Operating results improved by $343,000 for the nine months ended September
30, 1995, as compared to 1994, due to an increase in revenues of $384,000,
which was only slightly offset by an increase in expenses of $41,000.
Revenues increased by $384,000 for the nine months ended September 30,
1995, as compared to 1994, due to increases in equity in unconsolidated
joint venture operations of $261,000, rental income of $119,000 and
interest income of $4,000. Equity in unconsolidated joint ventures'
operations increased
13 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Nine Months Ended September 30, 1995 vs. September 30, 1994 (Continued)
due to increases in occupancy at Registrant's Alpha Business Center and
Westpoint Business Center joint venture properties and the recognition of
the termination payment accepted from a major tenant at Coral Palm Plaza,
which was only slightly offset by a decrease in occupancy at Registrant's
Plymouth Service Center and Coral Palm Plaza joint venture properties.
Rental income increased primarily due to increased rental rates and
occupancy at Registrant's Butler Square Center property. Interest income
increased slightly due to the effect of higher interest rates, which was
partially offset by a decrease in average working capital reserves
available for investment.
Expenses increased by $41,000 for the nine months ended September 30, 1995,
as compared to 1994, due to increases in operating expenses of $30,000,
general and administrative expenses of $10,000 and depreciation expense of
$1,000. Operating expenses increased slightly at all of Registrant's
properties, which included an increase in amortization of leasing
commissions at Registrant's Butler Square Center property. General and
administrative and depreciation expenses remained relatively constant.
Three Months Ended September 30, 1995 vs. September 30, 1994
Operating results improved by $17,000 for the three months ended September
30, 1995, as compared to 1994, due to an increase in revenues of $22,000,
which was only slightly offset by an increase in expenses of $5,000.
Revenues increased by $22,000 for the three months ended September 30,
1995, as compared to 1994, due to increases in equity in unconsolidated
joint venture operations of $26,000 and interest income of $4,000, which
were only partially offset by a decrease in rental income of $8,000.
Equity in unconsolidated joint ventures' operations increased due to an
increase in occupancy at Registrant's Westpoint Business Center joint
venture property and the recognition of the remaining portion of the
termination payment accepted from a major tenant at Coral Palm Plaza in
December 1994, which was substantially offset by decreases in occupancy at
Registrant's Plymouth Service Center, Alpha Business Center and Coral Palm
Plaza joint venture properties. Interest income increased slightly due to
the effect of higher interest rates, which was partially offset by a
decrease in average working capital reserves available for investment.
Rental revenue remained relatively constant.
Expenses increased by $5,000 for the three months ended September 30, 1995,
as compared to 1994, due to increases in general and administrative
expenses of $8,000 and depreciation expense of $1,000, which were partially
offset by a decrease in operating expenses of $4,000. General and
administrative, operating and depreciation expenses remained relatively
constant.
14 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Properties
A description of the properties in which Registrant has an ownership
interest during the period covered by this Report, along with occupancy
data, follows:
CENTURY PENSION INCOME FUND XXIV,
A California Limited Partnership
OCCUPANCY SUMMARY
<TABLE>
<CAPTION>
Average
Occupancy Rate(%)
Date Nine Months Ended Three Months Ended
of Square September 30, September 30,
Name and Location Purchase Type Footage 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C> <C> <C>
Butler Square Center 01/88 Shopping 80,000 94 78 95 80
Mauldin, South Carolina Center
Kenilworth Commons
Shopping Center 08/88 Shopping 38,000 100 100 100 100
Charlotte, North Carolina Center
Plantation Pointe
Shopping Center 04/89 Shopping 63,000 98 98 98 98
Smyrna, Georgia Center
Coral Palm Plaza
Joint Venture:
Coral Palm Plaza (1) 01/87 Shopping 135,000 73 86 80 87
Coral Springs, Florida Center
Minneapolis Business Parks
Joint Venture:
Alpha Business Center (2) 05/87 Business 172,000 92 88 88 91
Bloomington, Minnesota Park
Plymouth Service Center (2) 05/87 Business 74,000 95 98 85 100
Plymouth, Minnesota Park
Westpoint Business Center (2) 05/87 Business 161,000 92 76 95 83
Plymouth, Minnesota Park
</TABLE>
(1) Property is owned by a joint venture between Registrant, which has a
33 and one-third percent interest, and an affiliated partnership.
(2) Property is owned by a joint venture between Registrant, which has a
32 percent interest, and an affiliated partnership.
15 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
2. NPI, Inc. Stock Purchase Agreement dated as of August 17,
1995 incorporated by reference to Exhibit 2 to
Registrant's Current Report on Form 8-K filed with the
Securities and Exchange Commission on August 24, 1995.
(b) Report on Form 8-K
On August 24, 1995, Registrant filed a Current Report on Form
8-K with the Securities and Exchange Commission with respect
to the sale of the stock of NPI, Inc. (Item 1, Change in
Control).
16 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
SIGNATURE
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.
CENTURY PENSION INCOME FUND XXIV,
A California Limited Partnership
By: FOX PARTNERS VI,
Its General Partner
By: FOX CAPITAL MANAGEMENT CORPORATION,
A General Partner
/S/ ARTHUR N. QUELER
Secretary/Treasurer and Director
(Principal Financial Officer)
17 of 18
CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995
A California Limited Partnership
EXHIBIT INDEX
Exhibit Page No.
NPI, Inc. Stock Purchase Agreement *
dated August 17, 1995
* Incorporated by reference to Exhibit 2 to Registrant's Current Report on
Form 8-K filed with the Securities and Exchange Commission on August 24,
1995.
18 of 18
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted
from Century Pension Income Fund XXIV and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,072,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
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0
0
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