|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: LEXINGTON RAMIREZ GLOBAL INCOME FUND, 497, 1998-05-15 |
Next: ASA INTERNATIONAL LTD, 10-Q, 1998-05-15 |
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, 1998
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
-------
PS PARTNERS VIII, LTD., a California Limited Partnership
------------------------------------------------------------------
(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)
701 Western Avenue
Glendale, California 91201-2394
- ------------------------------------------ --------------------------
(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
--- ---
<PAGE>
INDEX
PART I. FINANCIAL INFORMATION
Condensed balance sheets at March 31, 1998
and December 31, 1997 2
Condensed statements of income for the three
months ended March 31, 1998 and 1997 3
Condensed statements of cash flows for the three
months ended March 31, 1998 and 1997 4-5
Notes to condensed financial statements 6
Management's discussion and analysis of financial condition
and results of operations 7
PART II. OTHER INFORMATION
(Items 1 through 5 are not applicable)
Item 6 - Exhibits and Reports on Form 8-K 8
<PAGE>
PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
---------------------------------
(Unaudited)
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 354,000 $ 249,000
Rent and other receivables 8,000 11,000
Real estate facilities, at cost:
Land 4,926,000 4,926,000
Buildings and equipment 12,353,000 12,320,000
---------------------------------
17,279,000 17,246,000
Less accumulated depreciation (5,224,000) (5,081,000)
---------------------------------
12,055,000 12,165,000
Investment in real estate entity 5,125,000 5,134,000
Other assets 31,000 31,000
---------------------------------
$ 17,573,000 $ 17,590,000
=================================
LIABILITIES AND PARTNERS' EQUITY
Accounts payable $ 255,000 $ 223,000
Advance payments from renters 122,000 121,000
Partners' equity:
Limited partners' equity,
$500 per unit, 150,000 units authorized,
52,751 issued and outstanding 16,989,000 17,039,000
General partners' equity 207,000 207,000
---------------------------------
Total partners' equity 17,196,000 17,246,000
---------------------------------
$ 17,573,000 $ 17,590,000
=================================
</TABLE>
See accompanying notes.
2
<PAGE>
PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------------
1998 1997
------------------------------------
REVENUE:
<S> <C> <C>
Rental income $ 671,000 $ 621,000
Equity in income of real estate entity 60,000 43,000
Interest income 4,000 3,000
------------------------------------
735,000 667,000
------------------------------------
COSTS AND EXPENSES:
Cost of operations 187,000 172,000
Management fees 40,000 37,000
Depreciation and amortization 143,000 139,000
Administrative 15,000 13,000
------------------------------------
385,000 361,000
------------------------------------
NET INCOME $ 350,000 $ 306,000
====================================
Limited partners' share of net income
($5.82 per unit in 1998 and
$4.99 per unit 1997) $ 307,000 $ 263,000
General partners' share of net income 43,000 43,000
------------------------------------
$ 350,000 $ 306,000
====================================
</TABLE>
See accompanying notes.
3
<PAGE>
PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------------
1998 1997
------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 350,000 $ 306,000
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 143,000 139,000
Decrease (increase) in rent and other receivables 3,000 (18,000)
Decrease in other assets - 18,000
Increase (decrease) in accounts payable 32,000 (13,000)
Increase in advance payments from renters 1,000 14,000
Equity in income of real estate entity (60,000) (43,000)
------------------------------------
Total adjustments 119,000 97,000
------------------------------------
Net cash provided by operating activities 469,000 403,000
------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions from real estate entity 69,000 -
Investment in real estate entity - (2,000)
Additions to real estate facilities (33,000) (26,000)
------------------------------------
Net cash provided by (used in) investing activities 36,000 (28,000)
------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIEs:
Distributions to partners (400,000) (400,000)
------------------------------------
Net cash used in financing activities (400,000) (400,000)
------------------------------------
Net increase (decrease) in cash and cash equivalents 105,000 (25,000)
Cash and cash equivalents at the beginning of the period 249,000 209,000
------------------------------------
Cash and cash equivalents at the end of the period $ 354,000 $ 184,000
====================================
</TABLE>
See accompanying notes.
4
<PAGE>
PS PARTNERS VIII, LTD.,
a California Limited Partnership
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------------
1998 1997
------------------------------------
Supplemental schedule of noncash investing and financing activities:
<S> <C> <C>
Investment in real estate entity $ - $ (5,015,000)
Transfer of real estate facilities for interest in
real estate entity, net - 5,015,000
</TABLE>
See accompanying notes.
5
<PAGE>
PS PARTNERS VIII, LTD.,
a California Limited Partnership
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 1998
(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, 1997.
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, 1998, the results of operations for the three
months ended March 31, 1998 and 1997 and cash flows for the three months
then ended.
3. The results of operations for the three months ended March 31, 1998 are
not necessarily indicative of the results to be expected for the full
year.
4. In January 1997, the Partnership and PSI and other related partnerships
transferred a total of 35 business parks to PS Business Parks, LP
("PSBPLP"), an operating partnership formed to own and operate business
parks in which PSI has a significant interest. Included among the
properties transferred was the Partnership's business park in exchange
for a partnership interest in PSBPLP. The general partner of PSBPLP is PS
Business Parks, Inc.
6
<PAGE>
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, 1998 COMPARED TO THREE MONTHS ENDED MARCH 31, 1997:
The Partnership's net income for the three months ended March 31, 1998
was $350,000 compared to $306,000 for the same period in 1997, representing an
increase of $44,000, or 14%. The increase is primarily attributable to an
increase in the Partnership's mini-warehouse operations.
Rental income for the Partnership's mini-warehouse operations was
$671,000 compared to $621,000 for the three months ended March 31, 1998 and
1997, respectively, representing an increase of $50,000, or 8%. The increase in
rental income was primarily attributable to increased rental rates at the
mini-warehouse facilities, combined with increased occupancy levels. The monthly
average realized rent per square foot for the mini-warehouse facilities was $.83
compared to $.79 for the three months ended March 31, 1998 and 1997,
respectively. The weighted average occupancy levels at the mini-warehouse
facilities increased from 90% to 93% for the three months ended March 31, 1997
and 1998, respectively. Cost of operations (including management fees) increased
$18,000, or 9%, to $227,000 from $209,000 for the three months ended March 31,
1998 and 1997, respectively. This increase was primarily attributable to
increases in advertising, property tax, and repairs and maintenance expenses.
Accordingly, for the Partnership's mini-warehouse operations, property net
operating income increased $32,000, or 8%, from $412,000 to $444,000 for the
three months ended March 31, 1997 and 1998, respectively.
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
($469,000 for the three months ended March 31, 1998) has been sufficient to meet
all current obligations of the Partnership.
During 1998, the Partnership anticipates approximately $188,000 of
capital improvements. Total capital improvements were $33,000 for the three
months ended March 31, 1998.
The Partnership paid distributions to the limited and general partners
totaling $356,000 ($6.76 per unit) and $44,000, respectively, during the first
three months of 1998. Future distribution rates may be adjusted to levels which
are supported by operating cash flow after capital improvements and any other
necessary obligations.
7
<PAGE>
PART II. OTHER INFORMATION
ITEMS 1 through 5 are not applicable.
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
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 13, 1998
PS PARTNERS VIII, LTD.,
a California Limited Partnership
BY: Public Storage, Inc.
General Partner
BY: /s/ John Reyes
-----------------------------------------
Senior Vice President and Chief Financial
Officer of Public Storage, Inc.
(principal financial and accounting
officer)
8
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000793934
<NAME> PS PARTNERS VIII, LTD.
<MULTIPLIER> 1
<CURRENCY> U.S. $
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<CASH> 354,000
<SECURITIES> 0
<RECEIVABLES> 8,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 362,000
<PP&E> 17,279,000
<DEPRECIATION> (5,224,000)
<TOTAL-ASSETS> 17,573,000
<CURRENT-LIABILITIES> 377,000
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 17,196,000
<TOTAL-LIABILITY-AND-EQUITY> 17,573,000
<SALES> 0
<TOTAL-REVENUES> 735,000
<CGS> 0
<TOTAL-COSTS> 227,000
<OTHER-EXPENSES> 158,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 350,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 350,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 350,000
<EPS-PRIMARY> 5.82
<EPS-DILUTED> 5.82
</TABLE>
|
|