<PAGE>
UNITED STATES
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, 1996
--------------------------------------------------
or
[ ] TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the transition period from to
---------------- -------------------------------
Commission file number 0-17620
---------------------------------------------------------
CORPORATE PROPERTY ASSOCIATES 8, L.P., a Delaware limited partnership
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 13-3469700
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
50 ROCKEFELLER PLAZA, NEW YORK, NEW YORK 10020
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(212) 492-1100
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
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.
[X] Yes [_] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
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
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
<TABLE>
<CAPTION>
INDEX
Page No.
--------
PART I
- ------
<S> <C> <C> <C>
Item 1. - Financial Information*
Balance Sheets, December 31, 1995 and
September 30, 1996 2
Statements of Income for the three and
nine months ended September 30, 1995 and 1996 3
Statements of Cash Flows for the nine
months ended September 30, 1995 and 1996 4
Notes to Financial Statements 5-7
Item 2. - Management's Discussion of Operations 8-9
PART II
- -------
Item 6. - Exhibits and Reports on Form 8-K 10
Signatures 11
</TABLE>
*The summarized financial information contained herein is unaudited; however in
the opinion of management, all adjustments necessary for a fair presentation of
such financial information have been included.
-1-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
PART I
------
Item 1. - FINANCIAL INFORMATION
-------------------------------
BALANCE SHEETS
<TABLE>
<CAPTION>
December 31, September 30,
1995 1996
------------- --------------
(Note) (Unaudited)
<S> <C> <C>
ASSETS:
Land, buildings and personal property,
net of accumulated depreciation of
$10,386,418 at December 31, 1995 and
$9,936,022 at September 30, 1996 $ 59,362,502 $ 49,056,874
Net investment in direct financing leases 47,095,414 47,095,414
Equity investments 1,234,480 982,699
Investment in operating partnership 5,457,793
Cash and cash equivalents 5,119,385 6,948,876
Accrued interest, distributions and rents
receivable 378,096 549,887
Other assets 1,699,830 1,112,975
------------ ------------
Total assets $114,889,707 $111,204,518
============ ============
LIABILITIES:
Mortgage notes payable $ 52,685,656 $ 47,099,334
Note payable 5,102,144 5,102,144
Accrued interest payable 610,754 497,868
Accounts payable and accrued expenses 522,575 254,584
Accounts payable to affiliates 127,994 300,822
Prepaid and deferred rental income and
security deposits 1,015,946 666,978
------------ ------------
Total liabilities 60,065,069 53,921,730
------------ ------------
PARTNERS' CAPITAL:
General Partners (412,915) (167,099)
Limited Partners (67,582 Limited
Partnership Units issued and outstanding) 55,237,553 57,449,887
------------ ------------
Total partners' capital 54,824,638 57,282,788
------------ ------------
Total liabilities and
partners' capital $114,889,707 $111,204,518
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
Note: The balance sheet at December 31, 1995 has been derived from the
audited financial statements at that date.
-2-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, 1995 September 30, 1996 September 30, 1995 September 30, 1996
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Revenues:
Rental income from
operating leases $2,422,024 $ 2,289,688 $ 6,990,486 $ 6,783,408
Interest from direct
financing leases 1,374,526 1,654,333 4,369,904 4,862,920
Other interest and
investment income 81,164 189,293 196,934 332,666
Other income 109,059 353,401
---------- ----------- ----------- -----------
3,877,714 4,242,373 11,557,324 12,332,395
---------- ----------- ----------- -----------
Expenses:
Interest on mortgages
and note payable 1,474,358 1,251,324 4,474,298 3,959,651
Depreciation 469,889 358,141 1,441,582 1,182,318
General and administrative 117,963 192,506 424,475 538,335
Property expense 13,735 39,137 329,619 249,512
Amortization 9,277 9,277 27,831 27,831
---------- ----------- ----------- -----------
2,085,222 1,850,385 6,697,805 5,957,647
---------- ----------- ----------- -----------
Income before loss from
equity investments, gain
on sales of real estate and
discontinued operations 1,792,492 2,391,988 4,859,519 6,374,748
Loss from equity investments 16,524 12,030 47,663 41,142
---------- ----------- ----------- ----------
Income before gain on
sales of real estate and
discontinued operations 1,775,968 2,379,958 4,811,856 6,333,606
Gain on sale of real estate 21,697 21,697
---------- ----------- ----------- ----------
Income from continuing
operations 1,775,968 2,401,655 4,811,856 6,355,303
Earnings from discontinued
operations 357,504 70,269 1,243,309 1,003,300
---------- ----------- ----------- ----------
Net income $2,133,472 $ 2,471,924 $ 6,055,165 $7,358,603
========== =========== =========== ==========
Net income allocated
to General Partners $ 213,347 $ 247,192 $ 605,516 $ 735,860
========== =========== =========== ==========
Net income allocated
to Limited Partners $1,920,125 $ 2,224,732 $ 5,449,649 $6,622,743
========== =========== =========== ==========
Net income per weighted
average Unit:
Income from continuing
operations $23.65 $31.98 $63.99 $84.63
Discontinued operations 4.76 .93 16.53 13.36
------ ------ ------ ------
$28.41 $32.91 $80.52 $97.99
====== ====== ====== ======
Weighted average units 67,582 67,582 67,682 67,582
====== ====== ====== ======
</TABLE>
The accompanying notes are an integral part of the financial statements.
-3-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
STATEMENTS of CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
-------------------
1995 1996
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $ 6,055,165 $ 7,358,603
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 1,469,413 1,210,149
Other noncash items 228,215 166,952
Loss from equity investments 47,663 41,142
Gain on sale (21,697)
Net change in operating assets and
liabilities (552,207) (363,201)
----------- -----------
Net cash provided by operating
activities 7,248,249 8,391,948
----------- -----------
Cash flows from investing activities:
Proceeds from sale of real estate 442,496
Distributions from equity investments 211,693 210,639
Additional capitalized costs (122,438) (414,256)
Purchase of interest in operating
partnership and related costs
(230,000)
----------- -----------
Net cash provided by investing
activities 89,255 8,879
----------- -----------
Cash flows from financing activities:
Distributions to partners (4,799,460) (4,900,453)
Retirement of Limited Partner Units (179,670)
Proceeds from issuance of mortgage 4,000,000
Prepayment of mortgage payable (4,189,427)
Payments on mortgage principal (2,362,883) (1,481,456)
----------- -----------
Net cash used by financing activities (7,342,013) (6,571,336)
----------- -----------
Net (decrease) increase in cash and
cash equivalents (4,509) 1,829,491
Cash and cash equivalents, beginning of
period 4,680,685 5,119,385
----------- -----------
Cash and cash equivalents, end of
period $ 4,676,176 $ 6,948,876
=========== ===========
</TABLE>
Supplemental disclosure of noncash investing and financing activities:
In July 1996, the Partnership exchanged its interest in a hotel property
and related assets and liabilities for 493,664 units in the operating
partnership of a publicly-traded real estate investment trust. The assets
and liabilities transferred are as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Real estate, net of accumulated
depreciation $ 9,116,767
Mortgage note payable (3,915,439)
Other assets and liabilities transferred,
net 26,465
-----------
$ 5,227,793
===========
Supplemental disclosure of cash flows
information:
Interest paid $4,460,878 $ 4,072,537
========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
-4-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Note 1. Basis of Presentation:
---------------------
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. For further information, refer
to the financial statements and footnotes thereto included in the
Partnership's Annual Report on Form 10-K for the year ended December 31,
1995.
Note 2. Distributions to Partners:
-------------------------
Distributions declared and paid to partners during the nine months ended
September 30, 1996 are summarized as follows:
<TABLE>
<CAPTION>
Quarter Ended General Partners Limited Partners Per Limited Partner Unit
- --------------------------- ---------------- ---------------- ------------------------
<S> <C> <C> <C>
December 31, 1995 $162,422 $1,461,799 $21.63
======== ========== ======
March 31, 1996 $163,323 $1,469,909 $21.75
======== ========== ======
June 30, 1996 $164,299 $1,478,701 $21.88
======== ========== ======
</TABLE>
A distribution of $21.95 per Limited Partner Unit for the quarter ended
September 30, 1996 was declared and paid in October 1996.
Note 3. Transactions with Related Parties:
---------------------------------
For the three-month and nine-month periods ended September 30, 1995, the
Partnership incurred leasing fees of $4,293 and $23,454, respectively, and
general and administrative expense reimbursements of $26,948 and $68,333,
respectively, payable to an affiliate. For the three-month and nine-month
periods ended September 30, 1996, the Partnership incurred leasing fees of
$3,046 and $9,240, respectively, and general and administrative expense
reimbursements of $25,375 and $86,710, respectively, payable to an
affiliate.
The Partnership, in conjunction with certain affiliates, is a participant
in a cost sharing agreement for the purpose of renting and occupying office
space. Under the agreement, the Partnership pays its proportionate share
of rent and other costs of occupancy. Net expenses incurred for the nine
months ended September 30, 1995 and 1996 were $99,521 and $122,345,
respectively.
-5-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - (CONTINUED)
Note 4. Industry Segment Information:
----------------------------
The Partnership's operations consist of the direct and indirect investment
in and the leasing of industrial and commercial real estate and operating a
hotel business. For the nine-month periods ended September 30, 1995 and
1996, the Partnership earned its real estate leasing revenues (rental
income plus interest income from financing leases) from its directly owned
real estate investments as follows:
<TABLE>
<CAPTION>
1995 % 1996 %
---- --- ---- ---
<S> <C> <C> <C> <C>
Lease Obligor:
-------------
Advanced System
Applications, Inc. $ 2,335,568 21% $ 2,290,961 20%
Sybron Acquisition Company 1,868,940 17 1,868,940 16
Dr Pepper Bottling Company
of Texas 1,499,250 13 1,499,250 13
Amersig, Inc. 1,050,772 9 1,052,667 9
High Voltage Engineering
Corporation 872,342 8 887,435 8
Orbital Sciences Corporation 733,034 6 733,034 6
Furon Company 614,583 5 621,239 5
United Stationers Supply Co. 566,500 5 609,427 5
Detroit Diesel Corporation 512,435 5 546,808 5
AutoZone, Inc. 393,293 3 393,293 3
NVRyan L.P. 344,304 3 371,638 3
Mayfair Molded Products
Corporation 345,566 3 345,566 3
U.S. Postal Service 199,854 2
Winn-Dixie Stores, Inc. 100,875 1 100,875 1
Other 80,403 1 82,816 1
Federal Express Corporation 42,525 42,525
------------ --- ----------- ---
$11,360,390 100% $11,646,328 100%
=========== ======== =========== =======
</TABLE>
Note 5. Discontinued Operations:
-----------------------
The Partnership and Corporate Property Associates 4 ("CPA(R):4"), an
affiliate, purchased a hotel property in Kenner, Louisiana, in June 1988 as
tenants-in-common with 53.617% and 46.383% interests, respectively. The
Partnership and CPA(R):4 assumed operating control of the hotel in 1992
after evicting the lessee due to its financial difficulties. On July 30,
1996, the Partnership and CPA(R):4 completed a transaction with American
General Hospitality Operating Partnership L.P. (the "Operating
Partnership"), the operating partnership of a newly-formed real estate
investment trust, American General Hospitality, Inc. ("AGH") in which the
Partnership and CPA(R):4 received 920,672 limited partnership units (of
which the Partnership's share was 493,664 units) in exchange for the hotel
property and its operations, a cash contribution of $388,331 (of which the
Partnership's share was $208,211) and the Operating Partnership's
assumption of the Partnership's and CPA(R):4's mortgage loan obligation
collateralized by the hotel property (of which the Partnership's share was
$3,915,439).
The exchange of the hotel property for limited partnership units will
initially be treated as a noncash exchange for tax and financial reporting
purposes. After one year, the Partnership will have the right to convert
its equity interest in the operating partnership to shares of common stock
in AGH, which recently completed an initial public offering, with such
shares registered with the Securities and Exchange Commission. The
Partnership's carrying value for the limited partnership units of
$5,457,793 is based on the historical basis of assets transferred, net of
liabilities assumed by the Operating Partnership ($5,227,793); cash
contributed ($208,211) and costs incurred to complete the exchange
($21,789). The Partnership's interest in the limited partnership is being
accounted for under the cost method.
-6-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - (CONTINUED)
Operating results of the hotel business for the nine-month periods ended
September 30, 1995 and 1996 are summarized as follows:
<TABLE>
<CAPTION>
1995 1996
---- ----
<S> <C> <C>
Revenues $ 3,314,418 $ 2,672,477
Fees paid to hotel management
company (109,855) (96,016)
Other operating expenses (1,961,254) (1,573,161)
----------- -----------
Hotel operating income $ 1,243,309 $ 1,003,300
=========== ===========
</TABLE>
Note 6. Sale of Real Estate:
-------------------
In January 1990, the Partnership and Corporate Property Associates 9, L.P.
("CPA(R):9"), an affiliate, purchased nine properties as tenants-in-common
with 32.28% and 67.72% ownership interests, respectively, and entered into
a master lease with Furon Company ("Furon"). In August 1993, the
Partnership and CPA(R):9 consented to Furon's sublease of properties in
Liverpool and Twinsburg, Ohio to IER Industries, Inc. ("IER") through July
2007, the end of Furon's initial lease term. In connection with consenting
to the sublease, the Partnership granted IER a purchase option on the two
subleased properties in consideration for an irrevocable payment of $75,000
(of which the Partnership's share was $24,210). The $75,000 paid in 1993
would be credited to the IER's purchase price for the properties if the
option were exercised. On February 15, 1996, IER notified the Partnership
and CPA(R):9 that it was exercising its purchase option. The sublease
provided that the option price will be the greater of fair market value
determined pursuant to an appraisal process or the sum of (i) $1,450,000
and (ii) any prepayment charges resulting from any mandatory prepayment to
the lender on the mortgage loan collateralized by the nine Furon
properties.
On September 9, 1996, the Partnership and CPA(R):9 sold the two properties
to IER for $1,465,495. Net of its share of the option payment received in
1993, prepayment charges and other costs, the Partnership's share of net
proceeds from the sale was $442,496 of which $287,996 was used to pay a
mandatory prepayment on the mortgage. In connection with the sale, the
Partnership recognized a gain of $21,697. As a result of the sale and the
related mortgage prepayment, annual rent from Furon and debt service on the
Furon properties mortgage loan will decrease by approximately $55,000 and
$38,400, respectively.
-7-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
Item 2. - MANAGEMENT'S DISCUSSION OF OPERATIONS
-----------------------------------------------
Results of Operations:
---------------------
Income from continuing operations for the three-month and nine-month
periods ended September 30, 1996 increased by $626,000 and $1,543,000,
respectively, as compared with the same periods ended September 30, 1995.
Included in results for the current three-month and nine-month periods are
the benefit from certain nonrecurring other income items totalling $109,000
and $353,000, respectively. The increase in income from continuing
operations was due to increases in lease revenues and other interest and
investment income, and decreases in interest, depreciation and property
expenses. The increase in lease revenues was due to rent increases on the
properties leased to Detroit Diesel Corporation in July 1995 and Furon
Company ("Furon") in January 1996, the restructuring of the United
Stationers Supply Co. lease in March 1995 and the commencement of the lease
with the United States Postal Service (the "Postal Service") in May 1996.
The increase in other interest and investment income was due to investment
income of $136,000 from the new investment in American General Hospitality
Operating L.P. (the "Operating Partnership"). The Partnership acquired
this investment on July 30, 1996 when it exchanged an interest in its hotel
property in Kenner, Louisiana (and related assets and liabilities including
the transfer of a mortgage loan obligation on the property) for limited
partnership units in the Operating Partnership. The decrease in interest
expense was due to the satisfaction of the mortgage loan collateralized by
the Advanced System Applications, Inc. ("ASA") property which fully
amortized in March 1996, the transfer of the debt obligation on the hotel
property to the Operating Partnership and the continuing principal
amortization of other mortgage debt. The decrease in depreciation was due
to lower charges as a result of the sale of the Furon properties and the
transfer of the Kenner hotel property. The decrease in property expense
for the nine-month period was due to the successful resolution in the
second quarter of 1996 of the Partnership's dispute relating to the
Amerisig, Inc. ("Amerisg") property. With the sale of two properties,
annual rent under the Furon lease will decrease by $55,000; however, cash
flow (rental less debt service on the related mortgage debt) from the Furon
properties will decrease by only $16,600 as annual debt service on the loan
collateralized by the Furon properties will be reduced by $38,400 as the
debt service schedule was reamortized after a partial prepayment on the
Furon mortgage loan was paid from the proceeds of the sale of two Furon
properties.
Income from the discontinued operations was not comparable as the
disposition of the hotel operation occurred on July 30, 1996; such
operations were not in effect for the full current periods. As a result of
the transaction with the Operating Partnership, the Partnership expects to
realize investment income of approximately $805,000 per year of which
$136,000 has been recognized for the two months such investment has been
held, as the Operating Partnership declared a distribution to partners in
September 1996. Although the Partnership's income will decrease as income
from the hotel operation exceeded projected income from the Operating
Partnership investment, Management believes that the Partnership would have
had to continue to invest significant resources to periodically fund the
capital improvements needed to remain competitive in operating the hotel.
For instance, the Partnership realized cash flow after debt service from
the hotel in 1995 of $1,184,000; however, the Partnership funded
improvements in excess of $867,000 in 1994. Management hopes that the
exchange will eliminate the uncertainty and fluctuation in cash flow
relating to operating a single hotel as the Operating Partnership owns a
diversified portfolio of hotel properties. The Partnership has an option
after July 30, 1997 to exchange its limited partnership units for shares of
American General Hospitality, Inc. ("AGH"), a publicly traded real estate
investment trust, which holds the majority interest in the Operating
Partnership.
Under its agreement with the Partnership, ASA, whose lease expires in
June 1997, had been entitled to share one-third of all rents from lessees
for space it had relinquished. Under a separate agreement, the Partnership
is not sharing any of the Postal Service's rent with ASA and is receiving
all the rents of an ASA subtenant in consideration for a reduction of ASA's
monthly rent by approximately $46,100 to $241,500 and releasing ASA from
its lease obligations for bearing the costs of repair and maintenance,
insurance and real estate taxes. Such costs are now the responsibility of
the Partnership. Monthly rentals from the Postal Service and the ASA
subtenant are $77,000.
-8-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
Item 2. - MANAGEMENT'S DISCUSSION OF OPERATIONS
-----------------------------------------------
Other income consisted of $244,000 relating to release from a security
deposit obligation in the second quarter and a $109,000 payment received in
the third quarter from the bankruptcy trustee administering the bankruptcy
of the former lessee of the hotel property in Livonia, Michigan in the
third quarter. While there may be additional distributions made on the
Partnership's claim against the former lessee, the Partnership recognizes
income from any settlement as distributions are received. There can be no
assurance that the Partnership will receive additional amounts under its
claim against the former lessee.
Financial Condition:
-------------------
There has been no material change in the Partnership's financial
condition since December 31, 1995. The Partnership's cash provided from
operations and distributions from equity investments totalling $8,603,000
was sufficient to fund distributions to partners of $4,900,000 and pay
scheduled mortgage principal payments of $1,481,000. While the Partnership
has substantially funded a tenant improvement allowance which was required
under the Postal Service lease, the Partnership expects to incur additional
costs in retrofitting the ASA property for multi-tenant use. A significant
portion of such costs may not be incurred until after ASA fully vacates the
property at the end of its lease. The Partnership is committed to fund up
to $3,500,000 for an expansion of the Amerisg facility in Olive Branch,
Mississippi by no later than March 1998. The mortgage lender on the Olive
Branch property has a commitment to supply $2,400,000 of financing for the
expansion. Based on current projections, the Partnership should be able to
fund the $1,100,000 of equity on the expansion project from cash reserves.
As a real estate investment trust, the Operating Partnership has an
obligation to distribute 95% of its taxable income in order to retain its
special Federal income tax status. Since the Operating Partnership owns a
majority of the Operating Partnership limited partnership units, the
Operating Partnership has a fiduciary obligation to use its best efforts
for the Operating Partnership to receive distributions which can be passed
through to the Operating Partnership shareholders in order to meet the tax
distribution objective. Accordingly, with the exchange, the Partnership
should achieve less fluctuation in cash flow and has eliminated the need
for allocating funds for capital improvements. Further, with the option to
exchange the Operating Partnership units for the Operating Partnership
shares, the Partnership will have the opportunity to sell its interests at
a readily determinable market value.
The General Partners are currently investigating ways to provide
liquidity for limited partners on a tax-effective basis.
-9-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
PART II
-------
Item 6. - EXHIBITS AND REPORTS ON FORM 8-K
------------------------------------------
(a) Exhibits:
None
(b) Reports on Form 8-K:
During the quarter ended September 30, 1996 the Partnership
was not required to file any reports on Form 8-K.
-10-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
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.
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
By: EIGHTH CAREY CORPORATE PROPERTY, INC.
11/8/96 By: /s/ Claude Fernandez
----------- ------------------------------
Date Claude Fernandez
Executive Vice President and
Chief Administrative Officer
(Principal Financial Officer)
11/8/96 By: /s/ Michael D. Roberts
----------- -------------------------------
Date Michael D. Roberts
First Vice President and Controller
(Principal Accounting Officer)
-11-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 6,948,876
<SECURITIES> 0
<RECEIVABLES> 549,887
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 7,498,763
<PP&E> 106,088,310
<DEPRECIATION> 9,936,022
<TOTAL-ASSETS> 111,204,518
<CURRENT-LIABILITIES> 1,720,252
<BONDS> 52,201,478
0
0
<COMMON> 0
<OTHER-SE> 57,282,788
<TOTAL-LIABILITY-AND-EQUITY> 111,204,518
<SALES> 0
<TOTAL-REVENUES> 12,332,395
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,970,165
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,959,651
<INCOME-PRETAX> 6,355,303
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,355,303
<DISCONTINUED> 1,003,300
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,358,603
<EPS-PRIMARY> 97.99
<EPS-DILUTED> 97.99
</TABLE>
