-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MB59vmy8epdTtc+wp/gqcAgsS2uK6U3xzo+Uj+jB/2BT9pF6AhYQTxbG6wVhGLUD onM+MU1ldUACRBK6QsMmGw== 0000202953-98-000006.txt : 19980515 0000202953-98-000006.hdr.sgml : 19980515 ACCESSION NUMBER: 0000202953-98-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC STORAGE PROPERTIES LTD CENTRAL INDEX KEY: 0000202953 STANDARD INDUSTRIAL CLASSIFICATION: LESSORS OF REAL PROPERTY, NEC [6519] IRS NUMBER: 953196921 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-08667 FILM NUMBER: 98620681 BUSINESS ADDRESS: STREET 1: 701 WESTERN AVE STREET 2: SUITE 200 CITY: GLENDALE STATE: CA ZIP: 91201-2397 BUSINESS PHONE: 8182448080 MAIL ADDRESS: STREET 1: 701 WESTERN AVE STREET 2: SUITE 200 CITY: GLENDALE STATE: CA ZIP: 91201 10-Q 1 10-Q 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 For the transition period from to ----------------- ---------------- Commission File Number 0-8667 ------ PUBLIC STORAGE PROPERTIES, LTD. ------------------------------- (Exact name of registrant as specified in its charter) California 95-3196921 - --------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 701 Western Ave. Glendale, California 91201-2349 - --------------------------------- ---------------------- (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 --- --- INDEX Page 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 statement of partners' deficit for the three months ended March 31, 1998 4 Condensed statements of cash flows for the three months ended March 31, 1998 and 1997 5 Notes to condensed financial statements 6 Management's discussion and analysis of financial condition and results of operations 7 PART II. OTHER INFORMATION 8 PUBLIC STORAGE PROPERTIES, LTD. CONDENSED BALANCE SHEETS
March 31, December 31, 1998 1997 --------------------- -------------------- (Unaudited) ASSETS ------ Cash and cash equivalents $ 620,000 $ 546,000 Rent and other receivables 41,000 46,000 Real estate facilities, at cost: Building, land improvements and equipment 8,012,000 8,001,000 Land 2,511,000 2,511,000 --------------------- -------------------- 10,523,000 10,512,000 Less accumulated depreciation (5,609,000) (5,492,000) --------------------- -------------------- 4,914,000 5,020,000 --------------------- -------------------- Other assets 140,000 148,000 --------------------- -------------------- Total assets $ 5,715,000 $ 5,760,000 ===================== ==================== LIABILITIES AND PARTNERS' DEFICIT --------------------------------- Accounts payable $ 60,000 $ 32,000 Deferred revenue 136,000 131,000 Notes payable 13,655,000 14,093,000 Partners' deficit: Limited partners' deficit, $500 per unit, 20,000 units authorized, issued and outstanding (6,041,000) (6,308,000) General partners' deficit (2,095,000) (2,188,000) --------------------- -------------------- Total partners' deficit (8,136,000) (8,496,000) --------------------- -------------------- Total liabilities and partners' deficit $ 5,715,000 $ 5,760,000 ===================== ====================
See accompanying notes. 2 PUBLIC STORAGE PROPERTIES, LTD. CONDENSED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31, ---------------------------------------- 1998 1997 ------------------ ------------------- REVENUES: Rental income $ 1,107,000 $ 1,050,000 Other income 8,000 2,000 ------------------ ------------------- 1,115,000 1,052,000 ------------------ ------------------- COSTS AND EXPENSES: Cost of operations 262,000 256,000 Management fees paid to affiliate 66,000 63,000 Depreciation expense 117,000 107,000 Administrative 13,000 10,000 Interest expense 297,000 310,000 ------------------ ------------------- 755,000 746,000 ------------------ ------------------- NET INCOME $ 360,000 $ 306,000 ================== =================== Limited partners' share of net income ($17.80 per unit in 1998 and $15.15 per unit in 1997) $ 356,000 $ 303,000 General partners' share of net income 4,000 3,000 ------------------ ------------------- $ 360,000 $ 306,000 ================== ===================
See accompanying notes. 3 PUBLIC STORAGE PROPERTIES, LTD. CONDENSED STATEMENT OF PARTNERS' DEFICIT (UNAUDITED)
Total Limited General Partners' Partners Partners Deficit ---------------- ---------------- ---------------- Balance at December 31, 1997 $ (6,308,000) $ (2,188,000) $ (8,496,000) Net income 356,000 4,000 360,000 Equity transfer (89,000) 89,000 - ---------------- ---------------- ---------------- Balance at March 31, 1998 $ (6,041,000) $ (2,095,000) $ (8,136,000) ================ ================ ================
See accompanying notes. 4 PUBLIC STORAGE PROPERTIES, LTD. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, ------------------------------------ 1998 1997 ----------------- ---------------- Cash flows from operating activities: Net income $ 360,000 $ 306,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 117,000 107,000 Decrease in rent and other receivables 5,000 1,000 Amortization of prepaid loan fees 8,000 8,000 Decrease in other assets - 13,000 Increase in accounts payable 28,000 57,000 Increase in deferred revenue 5,000 4,000 ----------------- ---------------- Total adjustments 163,000 190,000 ----------------- ---------------- Net cash provided by operating activities 523,000 496,000 ----------------- ---------------- Cash flows from investing activities: Additions to real estate facilities (11,000) (34,000) ----------------- ---------------- Net cash used in investing activities (11,000) (34,000) ----------------- ---------------- Cash flows from financing activities: Principal payments on note payable (438,000) (277,000) ----------------- ---------------- Net cash used in financing activities (438,000) (277,000) ----------------- ---------------- Net increase in cash and cash equivalents 74,000 185,000 Cash and cash equivalents at the beginning of the period 546,000 69,000 ----------------- ---------------- Cash and cash equivalents at the end of the period $ 620,000 $ 254,000 ================= ================
See accompanying notes. 5 PUBLIC STORAGE PROPERTIES, LTD. NOTES TO CONDENSED FINANCIAL STATEMENTS (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 its operations for the three months ended March 31, 1998 and its 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 expected for the full year. 6 PUBLIC STORAGE PROPERTIES, LTD., 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 $360,000 compared to $306,000 for the three months ended March 31, 1997, representing an increase of $54,000 or 18%. This increase is primarily a result of increased operating results at the Partnership's real estate facilities and a decrease in interest expense resulting from a lower note payable balance in 1998 compared to 1997. Rental income for the three months ended March 31, 1998 was $1,107,000 compared to $1,050,000 for the three months ended March 31, 1997, representing an increase of $57,000 or 5%. This increase is primarily attributable to increased occupancy levels and rental rates. The weighted average occupancy levels at the mini-warehouse facilities were 94% and 92% for the three months ended March 31, 1998 and 1997, respectively. Average monthly realized rent for the three months ended March 31, 1998 increased to $.77 per occupied square foot from $.75 per occupied square foot for the three months ended March 31, 1997. Cost of operations (including management fees paid to an affiliate) for the three months ended March 31, 1998 was $328,000 compared to $319,000 for the three months ended March 31, 1997, representing an increase of $9,000 or 3%. This increase is mainly attributable to increases in advertising and promotion. Interest expense decreased $13,000 to $297,000 in the three months ended March 31, 1998 from $310,000 in the same period in 1997 reflecting the lower outstanding principal balances on the Partnership's notes payable. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Cash generated from operations ($523,000 for the three months ended March 31, 1998) has been sufficient to meet all current obligations of the Partnership. In the fourth quarter of 1990, quarterly distributions were discontinued to enable the Partnership to increase its cash available for principal payments that commenced in 1993. 7 PART II. OTHER INFORMATION ITEMS 1 through 5 are inapplicable. ITEM 6 Exhibits and Reports on Form 8-K (a) The following Exhibit is 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 PUBLIC STORAGE PROPERTIES, LTD. BY: Public Storage, Inc. General Partner BY: /s/ John Reyes -------------------- John Reyes Senior Vice President and Chief Financial Officer 8 EX-27 2 FDS --
5 0000202953 Public Storage Properties, Ltd. 1 US 3-MOS Dec-31-1998 Jan-01-1998 Mar-31-1998 1 620,000 0 41,000 0 0 801,000 10,523,000 (5,609,000) 5,715,000 196,000 13,655,000 0 0 0 (8,136,000) 5,715,000 0 1,115,000 0 328,000 130,000 0 297,000 360,000 0 360,000 0 0 0 360,000 17.80 17.80
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