-----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, VJ8knnCmJdNunRbs3dOxcc66H6C3C3Ew7xMoPHCCjc0ThrnOwRd9FVX8BtrocFq0 s99WTs0J9ozcFAA5R8+fBA== 0000711642-09-000496.txt : 20090811 0000711642-09-000496.hdr.sgml : 20090811 20090811120435 ACCESSION NUMBER: 0000711642-09-000496 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090805 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090811 DATE AS OF CHANGE: 20090811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PROPERTIES FUND XV CENTRAL INDEX KEY: 0000314690 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942625577 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09680 FILM NUMBER: 091002711 BUSINESS ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8642391000 MAIL ADDRESS: STREET 1: POST & HEYMANN STREET 2: 5665 NORTHSIDE DR NW CITY: ATLANTA STATE: GA ZIP: 30328 8-K 1 cpf15prestoncreek_8k.htm 8K UNITED STATES

                               UNITED STATES

                     SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

 

 

 

 

                                  FORM 8-K

 

 

                               CURRENT REPORT

 

 

                   Pursuant to Section 13 or 15(d) of the

                      Securities Exchange Act of 1934

 

      Date of Report (Date of earliest event reported) August 5, 2009

 

                         CENTURY PROPERTIES FUND XV

           (Exact name of Registrant as specified in its charter)

 

California

0-9680

94-2625577

(State or other jurisdiction

(Commission

(I.R.S. Employer

Of incorporation or

File Number)

Identification Number)

Organization)

 

 

 

                               55 Beattie Pl ace

                             Post Office Box 1089

                       Greenville, South Carolina 29602

                   (Address of principal executive offices)

 

 

                                (864) 239-1000

                          (Issuer's telephone number)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

[ ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.01   Completion of Acquisition or Disposition of Assets.

 

Century Properties Fund XV, a California limited partnership (the “Registrant”), owned Preston Creek Apartments (“Preston Creek”), a 228-unit apartment complex located in Dallas, Texas.   On August 5, 2009, the Registrant sold Preston Creek to a third party, RRM Preston Creek Holding L.L.C., a  Louisiana limited liability company (the “Purchaser”), for a total sales price of $11,200,000.  The Registrant continues to own and operate one other investment property.

  

In accordance with the terms of the Registrant’s partnership agreement, the Registrant’s managing general partner has evaluated the cash requirements of the Registrant and determined that the net sales proceeds will be used to repay outstanding loans and payables to an affiliate of the Registrant’s managing general partner.  No distribution to the Registrant’s partners is anticipated.    

 

Item 9.01   Financial Statements and Exhibits

 

(b)   Pro forma financial information.

 

The following unaudited pro forma balance sheet and statements of operations reflect the operations of the Registrant as if Preston Creek had been sold on January 1, 2008. 

 

The pro forma financial statements do not project the Registrant’s results of operations at any future date or for any future period. This pro forma information should be read in conjunction with the Registrant’s 2009 Quarterly Report on Form 10-Q for the period ended March 31, 2009, and the Registrant’s 2008 Annual Report on Form 10-K.

 

 

 

 

 

 

PRO FORMA BALANCE SHEET

(in thousands)

 

March 31, 2009

 

 

All other assets

       $  3,020

Investment property, net

         15,510

    Total Assets

       $ 18,530

 

 

All other liabilities

       $  8,446

Mortgage notes payable

         27,156

Partners’ deficit

        (17,072)

    Total Liabilities and Partners’ Deficit

       $ 18,530

 

 

 

 

 

 

 

 

 

 

 

 

PRO FORMA STATEMENTS OF OPERATIONS

(in thousands, except per unit data)

 

 

Three Months Ended

 Year Ended

 

 

March 31, 2009

December 31, 2008

 

 

 

Operating revenues

        $1,639

        $ 6,343

Operating expenses

         2,056

           7,916

Operating net loss

          (417)

         (1,573)

 

Casualty gain (loss)

         1,920

         ( 1,162)

Net income (loss)

        $ 1,503

        $( 2,735)

 

 

 

Net income (loss) per limited partnership unit

        $ 16.37

        $( 29.78)

 

 

 

 

 

 

 


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