<PAGE>
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 period ended June 30, 1995
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or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]
For the transition period from ___________________ to ___________________
Commission File Number 0-16876
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PS PARTNERS VIII, LTD., a California Limited Partnership
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(Exact name of registrant as specified in its charter)
California 95-4029178
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
600 North Brand Blvd.
Glendale, California 91203-1241
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
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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 (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
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INDEX
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PART I. FINANCIAL INFORMATION
Condensed balance sheets at June 30, 1995
and December 31, 1994 2
Condensed statements of income for the three and six
months ended June 30, 1995 and 1994 3
Condensed statements of cash flows for the three and six
months ended June 30, 1995 and 1994 4
Notes to condensed financial statements 5
Management's discussion and analysis of financial condition
and results of operations 6-7
PART II. OTHER INFORMATION
(Items 1 through 4 are not applicable)
Item 5 - Other Information 8
Item 6 - Exhibits and Reports on Form 8-K 8
</TABLE>
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
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(Unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 870,000 $ 888,000
Rent and other receivables 10,000 12,000
Real estate facilities, at cost:
Land 7,461,000 7,461,000
Buildings and equipment 16,081,000 15,941,000
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23,542,000 23,402,000
Less accumulated depreciation (5,112,000) (4,743,000)
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18,430,000 18,659,000
Other assets 34,000 35,000
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$19,344,000 $19,594,000
=========== ===========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable $ 177,000 $ 153,000
Advance payments from renters 117,000 127,000
Partners' equity:
Limited partners' equity,
$500 per unit, 150,000 units
authorized, 52,751 issued and
outstanding 18,825,000 19,087,000
General partners' equity 225,000 227,000
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Total partners' equity 19,050,000 19,314,000
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$19,344,000 $19,594,000
=========== ===========
</TABLE>
See accompanying notes.
2
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ------------------------
1995 1994 1995 1994
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUE:
Rental income $704,000 $687,000 $1,388,000 $1,371,000
Interest income 13,000 5,000 28,000 8,000
-------- -------- ---------- ----------
717,000 692,000 1,416,000 1,379,000
-------- -------- ---------- ----------
COSTS AND EXPENSES:
Cost of operations 193,000 201,000 391,000 390,000
Management fees 41,000 40,000 81,000 80,000
Depreciation and amortization 185,000 182,000 369,000 368,000
Administrative 22,000 24,000 39,000 43,000
-------- -------- ---------- ----------
441,000 447,000 880,000 881,000
-------- -------- ---------- ----------
NET INCOME $276,000 $245,000 $ 536,000 $ 498,000
======== ======== ========== ==========
Limited partners' share of net income
($8.55 per unit in 1995 and $8.23
per unit in 1994) $ 451,000 $ 434,000
General partners' share of net income 85,000 64,000
---------- ----------
$ 536,000 $ 498,000
========== ==========
</TABLE>
See accompanying notes.
3
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
----------------------
1995 1994
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<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 536,000 $ 498,000
Adjustments to reconcile net
income to net cash provided by
operating activities
Depreciation and amortization 369,000 368,000
Decrease in rent and other
receivables 2,000 7,000
Decrease (increase) in other
assets 1,000 (1,000)
Increase in accounts payable 24,000 28,000
Decrease in advance payments
from renters (10,000) (23,000)
--------- ---------
Total adjustments 386,000 379,000
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Net cash provided by
operating activities 922,000 877,000
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CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate facilities (140,000) (59,000)
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Net cash used in
investing activities (140,000) (59,000)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners (800,000) (602,000)
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Net cash used in
financing activities (800,000) (602,000)
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Net (decrease) increase in cash and
cash equivalents (18,000) 216,000
Cash and cash equivalents at the
beginning of the period 888,000 510,000
--------- ---------
Cash and cash equivalents at the end of
the period $ 870,000 $ 726,000
========= =========
</TABLE>
See accompanying notes.
4
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 1995
(UNAUDITED)
1. The accompanying unaudited condensed financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules
and regulations, although management believes that the disclosures contained
herein are adequate to make the information presented not misleading. These
unaudited condensed financial statements should be read in conjunction with
the financial statements and related notes appearing in the Partnership's
Form 10-K for the year ended December 31, 1994.
2. In the opinion of management, the accompanying unaudited condensed financial
statements reflect all adjustments, consisting of only normal accruals,
necessary to present fairly the Partnership's financial position at June 30,
1995, the results of operations for the three and six months ended June 30,
1995 and 1994 and cash flows for the six months then ended.
3. The results of operations for the three and six months ended June 30, 1995
are not necessarily indicative of the results to be expected for the full
year.
5
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations:
----------------------
THREE AND SIX MONTHS ENDED JUNE 30, 1995 COMPARED TO THREE AND SIX MONTHS ENDED
JUNE 30, 1994:
The Partnership's net income for the six months ended June 30, 1995 was
$536,000 compared to $498,000 for the same period in 1994, representing an
increase of $38,000, or 8%. The Partnership's net income for the three months
ended June 30, 1995 was $276,000 compared to $245,000 for the same period in
1994, representing an increase of $31,000, or 13%. These increases were
primarily due to increased property operating results combined with an increase
in interest income.
Rental income for the six months ended June 30, 1995 and 1994 was $1,388,000
and $1,371,000, respectively, representing an increase of $17,000 or 1%. Rental
income at the mini-warehouse facilities was $1,121,000 and $1,107,000 for the
six months ended June 30, 1995 and 1994, respectively. Rental income at the
Partnership's sole business park facility was $267,000 and $264,000 for the six
months ended June 30, 1995 and 1994, respectively.
Rental income for the three months ended June 30, 1995 and 1994 was $704,000
and $687,000, respectively, representing an increase of $17,000 or 2%. Rental
income at the mini-warehouse facilities was $565,000 and $561,000 for the three
months ended June 30, 1995 and 1994, respectively. Rental income at the
Partnership's sole business park facility was $139,000 and $126,000 for the
three months ended June 30, 1995 and 1994, respectively.
These increases were the result of increased average realized rental rates at
the Partnership's facilities, partially offset by a decrease in average
occupancy at the Partnership's mini-warehouse facilities. The weighted average
occupancy levels at the mini-warehouse and business park facilities were 89% and
95%, respectively, for the six months ended June 30, 1995 compared to 93% and
95% respectively, for the six months ended June 30, 1994. The monthly average
realized rent per square foot for the mini-warehouse and business park
facilities was $.72 and $.64, respectively, for the six months ended June 30,
1995 and $.68 and $.60, respectively, for the six months ended June 30, 1994.
Cost of operations (including management fees) was $472,000 and $470,000 for
the six months ended June 30, 1995 and 1994, respectively, representing an
increase of $2,000. This increase was
6
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
largely due to an increase in non-chargeable commercial expenses. Cost of
operations (including management fees) was $234,000 and $241,000 for the three
months ended June 30, 1995 and 1994, respectively, representing a decrease of
$7,000. This decrease was primarily due to a decrease in repairs and maintenance
expense.
Liquidity and Capital Resources
-------------------------------
The Partnership has adequate sources of cash to finance its operations, both
on a short-term and long-term basis, primarily from internally generated cash
from property operations and cash reserves. Cash generated from operations
($922,000 for the six months ended June 30, 1995) has been sufficient to meet
all current obligations of the Partnership.
During 1995, the Partnership anticipates approximately $229,000 of capital
improvements. Total capital improvements were $140,000 for the six months ended
June 30, 1995.
The Partnership paid distributions to the limited and general partners
totaling $713,000 ($13.52 per unit) and $87,000, respectively, during the first
six months of 1995. Future distribution rates may be adjusted to levels which
are supported by operating cash flow after capital improvements and any other
necessary obligations.
7
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PART II. OTHER INFORMATION
ITEMS 1 through 4 are not applicable.
Item 5 Other Information
-----------------
In January 1995, SEI completed a cash tender offer, in which SEI acquired
6,815 of the 52,751 outstanding limited partnership Units at $260 per Unit. As
of June 30, 1995, SEI owned 21,050 Units in the Partnership (39.90% of the
outstanding Units.)
Item 6 Exhibits and Reports on Form 8-K
--------------------------------
(a) The following Exhibits are included herein:
(27) Financial Data Schedule
(b) Form 8-K
None
8
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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.
DATED: August 8, 1995
PS PARTNERS VIII, LTD.,
a California limited Partnership
BY: Storage Equities, Inc.
General Partner
BY: /s/ Ronald L. Havner, Jr.
----------------------------------------
Ronald L. Havner, Jr.
Vice President - Storage Equities, Inc.
(principal financial and accounting
officer)
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 870,000
<SECURITIES> 0
<RECEIVABLES> 10,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 880,000
<PP&E> 23,542,000
<DEPRECIATION> (5,112,000)
<TOTAL-ASSETS> 19,344,000
<CURRENT-LIABILITIES> 294,000
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 19,050,000
<TOTAL-LIABILITY-AND-EQUITY> 19,344,000
<SALES> 1,388,000
<TOTAL-REVENUES> 1,416,000
<CGS> 472,000
<TOTAL-COSTS> 472,000
<OTHER-EXPENSES> 408,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 536,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 536,000
<EPS-PRIMARY> 8.55
<EPS-DILUTED> 0.000
</TABLE>
