-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, keU+XMbHp0Q6dkKE5mHxH/wtWEGbaS1SMM/eN76dfMWbczcM5A1gQMecKioskcnn haf7i9q39yhEvhWzddpZag== 0000898430-95-000707.txt : 19950516 0000898430-95-000707.hdr.sgml : 19950516 ACCESSION NUMBER: 0000898430-95-000707 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950508 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC STORAGE PROPERTIES V LTD CENTRAL INDEX KEY: 0000277925 STANDARD INDUSTRIAL CLASSIFICATION: 4210 IRS NUMBER: 953292068 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-09208 FILM NUMBER: 95535097 BUSINESS ADDRESS: STREET 1: 600 NORTH BRAND BLVD STREET 2: SUITE 300 CITY: GLENDALE STATE: CA ZIP: 91203 BUSINESS PHONE: 8182448080 MAIL ADDRESS: STREET 2: 600 NORTH BRAND BLVD STE 300 CITY: GLENDALE STATE: CA ZIP: 91203-1241 10-Q/A 1 AMENDMENT #1 TO FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A AMENDMENT NO. 1 [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended March 31, 1995 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 0-9208 ------ PUBLIC STORAGE PROPERTIES V, LTD. - - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 95-3292068 - - --------------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 600 N. Brand Boulevard Glendale, California 91203 - - ---------------------------------------- ----------------------- (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, 1995 and December 31, 1994 2 Condensed statements of operations for the three months ended March 31, 1995 and 1994 3 Condensed statement of partners' deficit for the three months ended March 31, 1995 4 Condensed statements of cash flows for the three months ended March 31, 1995 and 1994 5 Notes to condensed financial statements 6-7 Management's discussion and analysis of financial condition and results of operations 8-9 PART II. OTHER INFORMATION 10
PUBLIC STORAGE PROPERTIES V, LTD. CONDENSED BALANCE SHEETS
March 31, December 31, 1995 1994 ----------- ----------- (Unaudited) ASSETS ------ Cash and cash equivalents Marketable securities of affiliate $ 711,000 $ 675,000 (cost of $4,885,000) Rent and other receivables 7,056,000 6,011,000 64,000 74,000 Real estate facilities: Buildings and equipment Land 13,921,000 13,824,000 5,077,000 5,077,000 ----------- ----------- 18,998,000 18,901,000 Less accumulated depreciation (7,753,000) (7,593,000) ----------- ----------- 11,245,000 11,308,000 ----------- ----------- Other assets 401,000 422,000 ----------- ----------- Total assets $19,477,000 $18,490,000 =========== =========== LIABILITIES AND PARTNERS' DEFICIT --------------------------------- Accounts payable $ 192,000 $ 396,000 Deferred revenue 223,000 229,000 Mortgage note payable 23,487,000 23,609,000 Partners' deficit: Limited partners' deficit, $500 per unit, 44,000 units authorized, issued and outstanding (4,898,000) (5,101,000) General partners' deficit (1,698,000) (1,769,000) Unrealized gain on marketable securities 2,171,000 1,126,000 ----------- ----------- Total partners' deficit (4,425,000) (5,744,000) ----------- ----------- Total liabilities and partners' deficit $19,477,000 $18,490,000 =========== ===========
See accompanying notes. 2 PUBLIC STORAGE PROPERTIES V, LTD. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31, ----------------------- 1995 1994 ---------- ---------- REVENUES: Rental income $1,506,000 $1,438,000 Dividends and other income (including dividends from marketable securities of affiliate) 100,000 72,000 ---------- ---------- 1,606,000 1,510,000 ========== ========== COSTS AND EXPENSES: Cost of operations 390,000 376,000 Management fees paid to affiliates 90,000 87,000 Depreciation and amortization 160,000 153,000 Administrative 39,000 15,000 Interest expense 653,000 704,000 ---------- ---------- 1,332,000 1,335,000 ---------- ---------- NET INCOME $ 274,000 $ 175,000 ========== ========== Limited partners' share of net income ($6.16 per unit in 1995 and $3.93 per unit in 1994) $ 271,000 $ 173,000 General partners' share of net income 3,000 2,000 ---------- ---------- $ 274,000 $ 175,000 ========== ==========
See accompanying notes. 3 PUBLIC STORAGE PROPERTIES V, LTD. CONDENSED STATEMENT OF PARTNERS' DEFICIT (UNAUDITED)
Unrealized Gain on Total Limited General Marketable Partners' Partners Partners Securities Deficit ------------ ------------ ---------- ------------ Balance at December 31, 1994 $(5,101,000) $(1,769,000) $1,126,000 $(5,744,000) Unrealized gain on marketable securities - - 1,045,000 1,045,000 Net income 271,000 3,000 - 274,000 Equity transfer (68,000) 68,000 - - ----------- ----------- ---------- ----------- Balance at March 31, 1995 $(4,898,000) $(1,698,000) $2,171,000 $(4,425,000) =========== =========== ========== ===========
See accompanying notes. 4 PUBLIC STORAGE PROPERTIES V, LTD. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, ------------------------- 1995 1994 ---------- ------------ Cash flows from operating activities: Net income $ 274,000 $ 175,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 160,000 153,000 Decrease (increase) in rent and other receivables 10,000 (11,000) Decrease in other assets 21,000 17,000 Decrease in accounts payable (204,000) (608,000) (Decrease) increase in deferred revenue (6,000) 2,000 --------- ----------- Total adjustments (19,000) (447,000) --------- ----------- Net cash provided by (used in) operating activities 255,000 (272,000) --------- ----------- Cash flows from investing activities: Insurance proceeds relating to destroyed real estate facility - 825,000 Purchase of marketable securities - (1,129,000) Additions to real estate facilities (97,000) (19,000) --------- ----------- Net cash used in investing activities (97,000) (323,000) --------- ----------- Cash flows from financing activities: Principal payments on mortgage note payable (122,000) (1,601,000) --------- ----------- Net cash used in financing activities (122,000) (1,601,000) --------- ----------- Net increase (decrease) in cash and cash equivalents 36,000 (2,196,000) Cash and cash equivalents at the beginning of the period 675,000 3,152,000 --------- ----------- Cash and cash equivalents at the end of the period $ 711,000 $ 956,000 ========= =========== Supplemental schedule of non-cash investing and financing activities: Increase in fair value of marketable securities $(1,045,000) $(1,017,000) =========== =========== Unrealized gain on marketable securities $ 1,045,000 $ 1,017,000 =========== ===========
See accompanying notes. 5 PUBLIC STORAGE PROPERTIES V, 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, 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 its operations for the three months ended March 31, 1995 and 1994 and its 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 expected for the full year. 4. Marketable securities at March 31, 1995 consist of 418,128 common shares of Storage Equities, Inc. ("SEI"), a publicly traded real estate investment trust whose investment advisor is an affiliate of Public Storage, Inc. (a general partner of the Partnership). SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities" requires marketable securities to be classified as trading or available for sale. The Partnership has designated its portfolio of marketable securities as available for sale. Accordingly, at March 31, 1995, the Partnership has recorded the marketable securities at fair value, based upon the closing quoted prices of the securities at March 31, 1995, and a corresponding unrealized gain totaling $2,171,000 as a credit to Partnership equity. 6 5. Substantially all of the Partnership's facilities were acquired prior to the time that it was customary to conduct environmental investigations in connection with property acquisitions. During the first quarter of 1995, the Partnership commenced environmental assessments on its properties. The results of those assessments have not been completed. The Partnership is not presently aware of any environmental matters with respect to any of its properties which would have a materially adverse effect on the Partnership's financial position. Included in administrative expenses on the statement of operations for the three months ended March 31, 1995 is approximately $25,000 incurred in connection with the environmental assessments. 7 PUBLIC STORAGE PROPERTIES V, LTD. 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 $274,000 compared to $175,000 for the three months ended March 31, 1994, representing an increase of $99,000 or 56%. The increase is primarily a result of increased operating results at the Partnership's mini-warehouse facilities combined with decreased interest expense. Rental income was $1,506,000 compared to $1,438,000 for the three months ended March 31, 1995 and 1994, respectively, representing an increase of $68,000 or 5%. This increase is primarily attributable to an increase in rental rates at the Partnership's mini-warehouse facilities. Weighted average occupancy levels at the mini-warehouse facilities were 88% and 87% for the three months ended March 31, 1995 and 1994, respectively. Weighted average occupancy levels at the business park facility were 94% and 97% for the three months ended March 31, 1995 and 1994, respectively. Other income increased $28,000 for the three months ended March 31, 1995 compared to the same period in 1994 as a result of an increase in dividend income on marketable securities of affiliate. The increase is primarily attributable to an increase in the number of shares owned in 1995 compared to the same period in 1994 and an increase in the dividend rate from $.21 to $.22 per quarter per share. Cost of operations (including management fees paid to affiliates) increased by $17,000 to $480,000 from $463,000 for the three months ended March 31, 1995 and 1994, respectively. This increase is mainly attributable to increases in office expense and repairs and maintenance costs. Administrative expenses increased $24,000 for the three months ended March 31, 1995 compared to the same period in 1994 primarily as a result of cost incurred on environmental assessments on the Partnership's properties. Substantially all of the Partnership's facilities were acquired prior to the time that it was customary to conduct environmental investigations in connection with property acquisitions. During the first quarter of 1995, the Partnership commenced environmental assessments on its properties. The results of those assessments have not been completed. The Partnership is not presently aware of any environmental matters with respect to any of its properties which would have a materially adverse effect on the Partnership's financial position. 8 LIQUIDITY AND CAPITAL RESOURCES - - ------------------------------- Cash flows from operating activities ($255,000 for the three months ended March 31, 1995) have been sufficient to meet all current obligations of the Partnership. During 1995, the Partnership anticipates approximately $311,000 of capital improvements. At March 31, 1995, the Partnership held 418,128 shares of common stock (marketable securities) with a fair value totaling $7,056,000 (cost basis of $4,885,000 at March 31, 1995) in Storage Equities, Inc. ("SEI"), a real estate investment trust whose investment advisor is an affiliate of Public Storage, Inc. (a general partner of the Partnership). The Partnership recognized $92,000 in dividends for the three months ended March 31, 1995 and included this in Other Income on the Condensed Statements of Operations. In the third quarter of 1991, quarterly distributions were discontinued to enable the Partnership to make principal payments that commenced in 1991 and to increase cash reserves in subsequent years through 1999, at which time the remaining principal balance is due. 9 PART II. OTHER INFORMATION Items 1 through 4 are inapplicable. Item 5 Other Information ----------------- In April 1995, Public Storage, Inc. completed a cash tender offer for 17,137 of the 44,000 outstanding limited partnership units in the Partnership at $250 per unit. 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 3, 1995 PUBLIC STORAGE PROPERTIES V, LTD. BY: Public Storage, Inc. General Partner BY: /s/ Ronald L. Havner, Jr. ---------------------------- Ronald L. Havner, Jr. Vice President and Chief Financial Officer (principal accounting and financial officer) 10 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1994 MAR-31-1995 711,000 7,056,000 64,000 0 0 7,831,000 19,399,000 (7,753,00) 19,477,000 415,000 23,487,000 0 0 0 (4,425,000) 19,477,000 0 1,606,000 0 640,000 39,000 0 653,000 274,000 0 274,000 0 0 0 274,000 6.16 0
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