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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 March 31, 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
- - -------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
600 North Brand Blvd.
Glendale, California 91203-1241
- - ----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
--------------
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 March 31, 1995
and December 31, 1994 2
Condensed statements of operations for the three
months ended March 31, 1995 and 1994 3
Condensed statements of cash flows for the three
months ended March 31, 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
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, 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 15,996,000 15,941,000
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23,457,000 23,402,000
Less accumulated depreciation (4,927,000) (4,743,000)
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18,530,000 18,659,000
Other assets 38,000 35,000
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$19,448,000 $19,594,000
============= =============
LIABILITIES AND PARTNERS' EQUITY
Accounts payable $ 152,000 $ 153,000
Advance payments from renters 122,000 127,000
Partners' equity:
Limited partners' equity,
$500 per unit, 150,000 units authorized,
52,751 issued and outstanding 18,948,000 19,087,000
General partners' equity 226,000 227,000
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Total partners' equity 19,174,000 19,314,000
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$19,448,000 $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
March 31,
--------------------------------
1995 1994
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<S> <C> <C>
REVENUE:
Rental income $ 684,000 $ 684,000
Interest income 15,000 3,000
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699,000 687,000
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COSTS AND EXPENSES:
Cost of operations 198,000 189,000
Management fees 40,000 40,000
Depreciation and amortization 184,000 186,000
Administrative 17,000 19,000
--------------- ---------------
439,000 434,000
--------------- ---------------
NET INCOME $ 260,000 $ 253,000
=============== ===============
Limited partners' share of net income
($4.13 per unit in 1995 and $4.19
per unit in 1994) $ 218,000 $ 221,000
General partners' share of net income 42,000 32,000
--------------- ---------------
$ 260,000 $ 253,000
=============== ===============
</TABLE>
See accompanying notes.
3
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------
1995 1994
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<S> <C> <C>
Cash flows from operating activities:
Net income $ 260,000 $ 253,000
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 184,000 186,000
Decrease in rent and other receivables 2,000 9,000
Increase in other assets (3,000) (3,000)
Decrease in accounts payable (1,000) (10,000)
Decrease in advance payments from renters (5,000) (3,000)
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Total adjustments 177,000 179,000
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Net cash provided by operating activities 437,000 432,000
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Cash flows from investing activities:
Additions to real estate facilities (55,000) (11,000)
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Net cash used in investing activities (55,000) (11,000)
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Cash flows from financing activities:
Distributions to partners (400,000) (301,000)
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Net cash used in financing activities (400,000) (301,000)
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Net (decrease) increase in cash and cash equivalents (18,000) 120,000
Cash and cash equivalents at the beginning of
the period 888,000 510,000
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Cash and cash equivalents at the end of the period $ 870,000 $ 630,000
============== ==============
</TABLE>
See accompanying notes.
4
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PS PARTNERS VIII, LTD.,
a California Limited Partnership
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 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 March
31, 1995, the results of operations for the three months ended March 31,
1995 and 1994 and cash flows for the three months then ended.
3. The results of operations for the three months ended March 31, 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 MONTHS ENDED MARCH 31, 1995 COMPARED TO THREE MONTHS ENDED MARCH 31,
1994:
The Partnership's net income for the three months ended March 31, 1995 was
$260,000 compared to $253,000 for the three months ended March 31, 1994,
representing an increase of $7,000.
Rental income remained constant at $684,000 for both the three months ended
March 31, 1995 and 1994. Rental income at the mini-warehouse facilities was
$556,000 and $546,000 for the three months ended March 31, 1995 and 1994,
respectively. Rental income at the Partnership's sole business park facility was
$128,000 and $138,000 for the three months ended March 31, 1995 and 1994,
respectively. The weighted average occupancy levels at the mini-warehouse and
business park facilities were 90% and 93%, respectively, for the three months
ended March 31, 1995 compared to 92% and 95% respectively, for the three months
ended March 31, 1994. The monthly average realized rent per square foot for the
mini-warehouse and business park facilities was $.71 and $.64, respectively, for
the three months ended March 31, 1995 and $.68 and $.62, respectively, for the
three months ended March 31, 1994.
Cost of operations (including management fees) were $238,000 and $229,000
for the three months ended March 31, 1995 and 1994, respectively, representing
an increase of $9,000. Cost of operations at the mini-warehouse facilities was
$180,000 and $183,000 for the three months ended March 31, 1995 and 1994,
respectively. Cost of operations at the business park facility was $58,000 and
$46,000 for the three months ended March 31, 1995 and 1994, respectively. These
increases were primarily attributable to an increase in commercial lease
commission and other commercial expenses.
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
($437,000 for the three months ended March 31, 1995) has been sufficient to meet
all current obligations of the Partnership.
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
(Continued)
Liquidity and Capital Resources (continued)
- - -------------------------------------------
During 1995, the Partnership anticipates approximately $229,000 of capital
improvements. Total capital improvements were $55,000 for the three months ended
March 31, 1995.
The Partnership paid distributions to the limited and general partners
totaling $357,000 ($6.76 per unit) and $44,000, respectively, during the first
three 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 March 31, 1995, SEI owned 20,810 Units in the Partnership (39.45% 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: May 10, 1995
PS PARTNERS VIII, LTD.
a California Limited Partnership
BY: Storage Equities, Inc.
General Partner
BY : /s/ Ronald L. Havner
---------------------------------------
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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 870,000
<SECURITIES> 0
<RECEIVABLES> 10,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 880,000
<PP&E> 23,495,000
<DEPRECIATION> (4,927,000)
<TOTAL-ASSETS> 19,448,000
<CURRENT-LIABILITIES> 274,000
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 19,174,000
<TOTAL-LIABILITY-AND-EQUITY> 19,448,000
<SALES> 0
<TOTAL-REVENUES> 699,000
<CGS> 0
<TOTAL-COSTS> 238,000
<OTHER-EXPENSES> 201,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 260,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 260,000
<EPS-PRIMARY> 4.13
<EPS-DILUTED> 0
</TABLE>
