-----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, DJ3M9j0LGDTrOlEgpULYA57T7uakH/voQtODxOwi1gCTzd92KmobSNDmWxCqzmUW pYOg8Wow0kdZ6oxZuQPO/Q== 0000944209-98-000976.txt : 19980514 0000944209-98-000976.hdr.sgml : 19980514 ACCESSION NUMBER: 0000944209-98-000976 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980513 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DE ANZA PROPERTIES XII LTD CENTRAL INDEX KEY: 0000351509 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 953601367 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-10430 FILM NUMBER: 98618584 BUSINESS ADDRESS: STREET 1: 9171 WILSHIRE BLVD STE 627 CITY: BEVERLY HILLS STATE: CA ZIP: 90210 BUSINESS PHONE: 3105501111 MAIL ADDRESS: STREET 1: 9171 WILSHIRE BLVD STREET 2: SUITE 600 CITY: BEVERLY HILLS STATE: CA ZIP: 90210 10-Q 1 FORM 10-Q 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 quarterly period ended March 31, 1998 [ ] 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 0-10430 DE ANZA PROPERTIES - XII, LTD. (Exact name of registrant as specified in its charter) CALIFORNIA 95-3601367 (State or other jurisdiction of (IRS Employer Iden- incorporation or organization) tification Number) 9171 WILSHIRE BOULEVARD, SUITE 627 BEVERLY HILLS, CALIFORNIA 90210 (Address of principal executive offices, including zip code) (310) 550-1111 (The registrant's telephone number, including area code) NO CHANGE (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. YES X NO ___ --- Pursuant to the Securities Exchange Act of 1934 Release 15502 and Rule 240.0-3(b) (17 CFR 240.0-3(b)), the pages of this document have been numbered sequentially. The total number of pages contained herein is 16. 1 TABLE OF CONTENTS -----------------
PART I. FINANCIAL INFORMATION - ------ --------------------- ITEM 1. FINANCIAL STATEMENTS Balance Sheets 3 Statements of Income 5 Statements of Changes in Partners' Capital (Deficit) 6 Statements of Cash Flows 7 Notes to Financial Statements 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14 PART II. OTHER INFORMATION 15 - ------- -----------------
2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Balance Sheets (Unaudited)
March 31, December 31, 1998 1997 ---------- ------------ ASSETS CASH AND CASH EQUIVALENTS - Note 1 $ 550,832 $ 876,533 ACCOUNTS RECEIVABLE 27,513 2,289 PREPAID EXPENSES 31 38,312 ---------- ---------- 578,376 917,134 ---------- ---------- NOTES RECEIVABLE - Note 5 148,401 217,248 ---------- ---------- PROPERTY AND EQUIPMENT - Notes 2 and 5 Land 4,721 1,179,884 Land improvements 2,940 3,560,450 Buildings and improvements 18,950 9,914,217 Furniture and equipment - 484,385 ---------- ---------- 26,611 15,138,936 Less accumulated depreciation 12,879 7,270,812 ---------- ---------- 13,732 7,868,124 ---------- ---------- OTHER ASSETS Loan costs - less accumulated amortization of $26,497 at December 31, 1997 - Note 2 - 70,837 Prepaid sale costs - Note 5 1,710 45,754 Other 1,000 1,000 ---------- ---------- 2,710 117,591 ---------- ---------- $ 743,219 $9,120,097 ========== ==========
See accompanying notes to financial statements. 3 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Balance Sheets (Continued) (Unaudited)
March 31, December 31, 1998 1997 --------- ------------ LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) ACCOUNTS PAYABLE AND ACCRUED EXPENSES - including $15,265 and $8,768 due to related party at March 31, 1998 and December 31, 1997, respectively $ 52,131 $ 124,114 DEPOSITS AND ADVANCE RENTALS - 43,885 SECURED NOTE PAYABLE - Note 2 - 4,170,474 --------- ---------- 52,131 4,338,473 --------- ---------- PARTNERS' CAPITAL (DEFICIT) General partners - (1,629,110) Limited partners, 22,719 units issued and outstanding 691,088 6,410,734 --------- ---------- 691,088 4,781,624 --------- ---------- $ 743,219 $9,120,097 ========= ==========
See accompanying notes to financial statements. 4 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Statements of Income (Unaudited)
Three Months Three Months Ended Ended March 31, March 31, 1998 1997 ------------ ------------ INCOME Rent $ 83,150 $571,906 Interest and dividends 74,227 12,450 Other 6,263 7,736 Gain on sale of property and equipment 11,656,725 - ----------- -------- 11,820,365 592,092 ----------- -------- EXPENSES Depreciation and amortization 70,887 103,504 Salaries - including $3,255 and $3,723 paid to related party in 1998 and 1997, respectively - Note 3 53,397 47,531 Professional fees and services - including $7,797 and $13,091 paid to related party in 1998 and 1997, respectively - Note 3 52,147 45,426 Other 13,644 15,502 Insurance 13,167 14,922 Interest 11,349 76,483 Maintenance, repairs and supplies 11,307 52,993 Payroll taxes and employee benefits 9,195 11,448 Utilities 6,510 45,215 Real estate taxes 5,636 39,308 ----------- -------- 247,239 452,332 ----------- -------- NET INCOME $11,573,126 $139,760 =========== ======== NET INCOME GENERAL PARTNERS $ 1,629,110 $ 1,398 =========== ======== LIMITED PARTNERS $ 9,944,016 $138,362 =========== ======== INCOME PER 1% GENERAL PARTNER INTEREST - Note 4 $ 16,291.10 $ 13.98 =========== ======== INCOME PER LIMITED PARTNERSHIP UNIT - Note 4 $ 437.70 $ 6.09 =========== ========
See accompanying notes to financial statements. 5 (A Limited Partnership) Statements of Changes in Partners' Capital (Deficit) (Unaudited) For the Three Months Ended March 31, 1998 and For the Year Ended December 31, 1997
General Limited Total Partners Partners ------------------ ------------------ ------------------ BALANCE - January 1, 1997 $ 3,586,232 $(1,648,564) $ 5,234,796 DISTRIBUTIONS TO PARTNERS (750,000) - (750,000) NET INCOME - for the year ended December 31, 1997 1,945,392 19,454 1,925,938 ------------ ----------- ------------ BALANCE - December 31, 1997 4,781,624 (1,629,110) 6,410,734 DISTRIBUTIONS TO PARTNERS (15,663,662) - (15,663,662) NET INCOME - for the three months ended March 31, 1998 11,573,126 1,629,110 9,944,016 ------------ ----------- ------------ BALANCE - March 31, 1998 $ 691,088 - $ 691,088 ============ =========== ============
See accompanying notes to financial statements. 6 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Statements of Cash Flows (Unaudited)
Three Months Three Months Ended Ended March 31, March 31, 1998 1997 ----------- --------- CASH FLOWS FROM OPERATING ACTIVITIES Gross rents received from real estate operations $ 45,164 $ 570,381 Cash paid to suppliers and employees - including $26,119 and $21,700 paid to related party in 1998 and 1997, respectively (209,992) (227,388) Interest paid (25,561) (77,388) Interest and other income received 74,866 20,471 ----------- --------- Net cash (used in) provided by operating activities (115,523) 286,076 ----------- --------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (1,716) (32,588) Payments received on notes receivable 68,847 53,244 Sale of property and equipment 20,000,000 - Sales and closing costs (443,173) (4,656) ----------- --------- Net cash provided by investing activities 19,623,958 16,000 ----------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Distributions to partners (15,663,662) (187,500) Principal payments on secured notes payable (4,170,474) (12,602) ----------- --------- Net cash used in financing activities (19,834,136) (200,102) ----------- --------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (325,701) 101,974 CASH AND CASH EQUIVALENTS: BALANCE AT BEGINNING OF PERIOD 876,533 631,598 ----------- --------- BALANCE AT END OF PERIOD $ 550,832 $ 733,572 =========== =========
See accompanying notes to financial statements. 7 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Statements of Cash Flows (Continued) (Unaudited)
Three Months Three Months Ended Ended March 31, March 31, 1998 1997 ------------ ------------- RECONCILIATION OF NET INCOME TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES Net income $ 11,573,126 $139,760 Adjustments to reconcile net income to net cash (used in) provided by operating activities Depreciation and amortization 70,887 103,504 Gain on sale of property and equipment (11,656,725) - Changes in operating assets and liabilities (Increase) decrease in accounts receivable (25,224) 1,022 Decrease in prepaid expenses 38,281 14,829 (Decrease) increase in accounts payable and accrued expenses (71,983) 29,623 Decrease in deposits and advance rentals (43,885) (2,662) ------------ -------- Net cash (used in) provided by operating activities $ (115,523) $286,076 ============ ========
See accompanying notes to financial statements. 8 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Notes to Financial Statements (Unaudited) March 31, 1998 and December 31, 1997 and For the Three Months Ended March 31, 1998 and 1997 NOTE 1 - BASIS OF PRESENTATION The accompanying 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 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) have been included. Operating results during the three months ended March 31, 1998 are not necessarily indicative of the results that may be expected for the year ending December 31, 1998. 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, 1997. Cash and Cash Equivalents ------------------------- The Partnership invests its cash not needed for working capital in highly liquid short-term investments consisting primarily of money market funds and certificates of deposit, with original maturities ranging generally from one to three months. The Partnership considers all such items to be cash equivalents. Depreciation ------------ Pursuant to generally accepted accounting principles the Partnership ceased to depreciate Warner Oaks Apartments ("Warner Oaks") from the time it determined to sell the property (see Note 5). NOTE 2 - SECURED NOTE PAYABLE Secured note payable at December 31, 1997 consisted of the following: Note collateralized by a first trust deed, payable in monthly installments of $29,997, including interest until December 15, 1997. Thereafter, the monthly payment changes annually on each December 15th. Interest accrues at 2.5% over the FHLB's 11th District Cost of Funds Index, not to exceed 12.9%, adjusted monthly. Unpaid principal and accrued interest are due November 15, 2008. The interest rate in effect at December 31, 1997 was 7.39%. The note was paid on January 14, 1998 upon the sale of Warner Oaks. $4,170,474 ========== 9 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Notes to Financial Statements (Continued) (Unaudited) March 31, 1998 and December 31, 1997 and For the Three Months Ended March 31, 1998 and 1997 NOTE 3 - TRANSACTIONS WITH RELATED PARTIES Pursuant to a former management agreement dated October 1, 1985, as amended, De Anza Assets, Inc., a former affiliate of the operating general partner (OGP), was paid a management fee in the amount of 5% of the annual gross receipts from the operations of the Partnership's properties. The payment of this fee is subordinated to the priority distribution to the limited partners of 7% of their adjusted capital contributions each year and is noncumulative, except in the case of a sale, refinancing or other disposition of the Partnership's properties. In that case, the difference between the management fee actually paid and the management fee that would have been paid if it were not subordinated is payable out of proceeds of the sale, refinancing or other disposition after payment of the limited partners' priority return and capital contribution and the general partners' incentive interest. However, management fees payable subsequent to a consummated refinancing are not subordinated to the limited partners' priority return to the extent the subordination would have been caused by increased debt service charges. At December 31, 1996, cumulative accrued fees of $565,022 to De Anza Assets, Inc. were subordinated and included in management and condominium conversion fees payable to affiliate or related party. Shortly before the sale to an affiliate of Manufactured Home Communities, Inc. (MHC), as discussed in Note 5, De Anza Assets, Inc. assigned its rights to receipt of these fees to the Gelfand Family Trust. In December 1997, this payable was written off when it became apparent that it would not be paid from proceeds from the then pending sale of Warner Oaks Apartments under the terms of the partnership agreement. On August 18, 1994, subsequent to the sale of the Mark and the property management business of De Anza Group, Inc. (DAG), as discussed in Note 5, the property management of Warner Oaks and the two remaining spaces at San Luis Bay was assumed by Terra Vista Management, Inc. (Terra Vista). Terra Vista is wholly owned by Michael D. Gelfand, president of the OGP and the son of Herbert M. Gelfand. Herbert M. Gelfand, together with Beverly Gelfand, is the sole shareholder of the OGP and an individual general partner. The Partnership has determined, that based on the anticipated net proceeds from the disposition or refinancing of the property and their allocation under the terms of the Partnership Agreement, that it is not probable any deferred management fees would be paid. However, in the event there were sufficient proceeds, the deferred management fees would be paid at that time. At December 31, 1996, cumulative accrued fees to Terra Vista of $153,500, were subordinated and included in management and condominium conversion fees payable to affiliate or related party. The Gelfand Family Trust had agreed to share equally any payment which is made to the Gelfand Family Trust for deferred management fees with Terra Vista until Terra Vista has been paid all outstanding deferred management fees due Terra Vista. In December 1997, this payable was written off when it became apparent that it would not be paid from proceeds from the then pending sale of Warner Oaks Apartments under the terms of the partnership agreement. Pursuant to the partnership agreement, a condominium conversion fee equal to 1% of the sales price of the San Luis Bay homesites sold is due to an 10 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Notes to Financial Statements (Continued) (Unaudited) March 31, 1998 and December 31, 1997 and For the Three Months Ended March 31, 1998 and 1997 NOTE 3 - TRANSACTIONS WITH RELATED PARTIES (Continued) affiliate of the OGP (see Note 5). Payment of this fee was deferred pursuant to the partnership agreement's requirement regarding subordination to payment of the limited partners' priority return and capital contribution, the general partners' incentive interest and deferred management fees. Subordinated cumulative accrued fees of $77,809 were included in management and condominium conversion fees payable to an affiliate or related party at December 31, 1996. Shortly before the sale to MHC, De Anza Assets, Inc. assigned its rights to receive these fees to the Gelfand Family Trust. In December 1997, this payable was written off when it became apparent that it would not be paid from proceeds from the then pending sale of Warner Oaks Apartments under the terms of the partnership agreement. In addition, Terra Vista was paid $26,119 and $21,700 during the three months ended March 31, 1998 and 1997, respectively, for performing bookkeeping, legal, regional management, computer, disposition and investor relations services necessary for the operation of the Partnership and its properties. NOTE 4 - INCOME PER 1% GENERAL PARTNER INTEREST AND LIMITED PARTNERSHIP UNIT Income per limited partnership unit is computed based on the limited partners' share of net income as shown on the Statements of Income and Changes in Partners' Capital (Deficit) and the number of limited partnership units outstanding (22,719 units). The general partners' share of net income has not been included in this computation. Income per 1% general partner interest is computed based on the general partners' share of net income as shown on the Statements of Operations and Changes in Partners' Capital (Deficit). NOTE 5 - SALE OF PROPERTY AND EQUIPMENT San Luis Bay ------------ On May 2, 1989, the Partnership entered into an agreement to sell San Luis Bay Mobile Estates (the 162-space mobile home community in Avila Beach, California) to the residents for an aggregate sales price of $8,850,000 and, pursuant to that agreement, subdivided the property into condominium units in 1991. The Partnership provided purchase money financing for up to 80% of the individual homesite price, payable in monthly payments, including interest at 10%, based on a loan amortization schedule of 30 years, with a balloon payment of unpaid principal and interest due at the end of seven years. At March 31, 1998 and December 31, 1997, respectively, the outstanding amounts due under such notes totaled $148,401 and $217,248. Those residents who purchased their homesites for cash received a 10% discount off their purchase price. 11 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Notes to Financial Statements (Continued) (Unaudited) March 31, 1998 and December 31, 1997 and For the Three Months Ended March 31, 1998 and 1997 NOTE 5 - SALE OF PROPERTY AND EQUIPMENT (Continued) San Luis Bay (continued) ------------------------ The Partnership sold 160 homesites prior to 1995. On May 1, 1997, the Partnership sold one of the two remaining spaces at San Luis Bay for $100,000. Net proceeds, after commission and sale and closing costs of $7,112, was $92,888. The sole remaining homesite is leased to a resident. The Mark -------- On August 18, 1994 the Partnership sold The Mark to an affiliate of MHC, a real estate investment trust, as part of an overall transaction for the sale of the related management business of DAG and other mobile home communities affiliated with DAG. In connection with the sale, the Partnership established various reserves totaling $230,097. The $230,097 was used to establish the following cash reserves: MHC Reserve $ 42,000 General Reserve 130,094 Independent Committee Reserve 58,003
The MHC Reserve was required by MHC. It was released in 1995, at which time the gain on sale was recognized. The General Reserve and Independent Committee Reserve were established to fund contingent liabilities that may arise out of the MHC transaction. During 1996 and 1995, $29,001 of the Independent Committee Reserve and the $42,000 MHC Reserve, respectively, were released and distributed to the limited partners as a return of original capital. During 1997, the balance of the reserves, $159,096, was released. Pursuant to the guidelines of Financial Accounting Standards No. 66, "Accounting for Sales of Real Estate," the Partnership deferred in 1994 the recognition of gain on that portion of the sales proceeds, represented by the MHC Reserve, General Reserve and Independent Committee Reserve, totaling $230,097. As these reserves were released or expended, gain on sale was recognized. During 1996 and 1995, the Partnership recognized as income $29,001 attributable to the Independent Committee Reserve released and $42,000 attributable to the MHC Reserve released, respectively. During 1997, the Partnership recognized as income $29,001 and $130,094 attributable to the Independent Committee Reserve released and the General Reserve released, respectively. 12 DE ANZA PROPERTIES - XII, LTD. (A Limited Partnership) Notes to Financial Statements (Continued) (Unaudited) March 31, 1998 and December 31, 1997 and For the Three Months Ended March 31, 1998 and 1997 NOTE 5 - SALE OF PROPERTY AND EQUIPMENT (continued) Warner Oaks Apartments ---------------------- In March 1997, the Partnership began actively marketing the Warner Oaks Apartment complex. In accordance with Statement of Financial Accounting Standards No. 121, the Partnership ceased depreciating the assets' carrying value at that time. On October 15, 1997, the Partnership entered into a contract to sell Warner Oaks Apartments to Bay Apartment Communities, Inc., a Maryland Corporation, unaffiliated with the Partnership, for an all-cash price of $20,000,000. The sale closed on January 14, 1998. After payment of mortgage debt of $4,170,474, broker's commission of $300,000, transfer taxes of $112,000 and sales costs of approximately $75,217, the Partnership netted sale proceeds of $15,342,309. On February 19, 1998, net proceeds of $15,329,526 were distributed to the limited partners as a combination of gain distributions and return of original capital. The Partnership ceased operations, will sell or collect its remaining assets, settle outstanding liabilities and terminate upon release and distribution of remaining cash reserves. 13 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources - ------------------------------- The Partnership's quick ratio increased to 10.6:1 from 3.9:1, including cash balances of $550,832 and $876,533 at March 31, 1998 and December 31, 1997, respectively. The increase is due to a decrease in deposits and advance rentals and operating payables following the sale of Warner Oaks Apartments. The Partnership's cash balance is its immediate source of liquidity. On January 14, 1998, the Partnership sold Warner Oaks Apartments, as discussed in Note 5 to the financial statements, and expects to wind up its operations in 1998 and dissolve. The Warner Oaks Apartments sale and related distribution leaves the Partnership with only one space at San Luis Bay Mobile Estates, notes receivables and cash reserves as assets. The Partnership expects to sell its remaining space at San Luis Bay and collect its notes receivable (all of which mature in 1998) in order to liquidate and terminate the Partnership in 1998. No assurance can be given, however, that such termination will occur. As of March 31, 1998, the amount of the notes receivable outstanding was approximately $148,000. Other than as described elsewhere, there are no known trends, demands, commitments, events or uncertainties which are reasonably likely to materially affect the Partnership's liquidity. Results of Operations - --------------------- The comparison of results of operations for the three months ended March 31, 1998 and 1997 is dominated by the sale of Warner Oaks Apartments. Rental and other income decreased 84.6% during the three months ended March 31, 1998 over the same period in 1997 primarily due to the sale of Warner Oaks Apartments on January 14, 1998. Interest and dividend income increased during the three months ended March 31, 1998 over the same period in 1997 because interest was earned on sale proceeds held for a short period until their distribution. Expenses decreased 45.3% during the three months ended March 31, 1998 over the same period in 1997 primarily due to the sale of Warner Oaks Apartments on January 14, 1998. Additionally, according to generally accepted accounting principles, from the time the Partnership determined to sell Warner Oaks Apartments it ceased to depreciate the carrying value of the assets. This decrease in depreciation expense is offset in part by the write off of loan costs in 1998 following the repayment of mortgage debt with Warner Oaks Apartments sale proceeds and higher salary costs in 1998 attributable to severance salaries and bonuses paid to Warner Oaks Apartments employees. Other than as described above, there are no known trends or uncertainties which have had or can be reasonably expected to have a material effect on continuing operations. 14 PART II. OTHER INFORMATION ITEM NUMBER - ----------- 1. LEGAL PROCEEDINGS No new material legal proceedings were commenced during the three months ended March 31, 1998 and there are none pending. 2. CHANGES IN SECURITIES None. 3. DEFAULTS UPON SENIOR SECURITIES None. 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. 5. OTHER INFORMATION None. 6. EXHIBITS AND REPORTS ON FORM 8-K Form 8-K filed January 29, 1998 relating to the Warner Oaks Apartments sale on January 14, 1998. 15 PART II. OTHER INFORMATION (Continued) 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. DE ANZA PROPERTIES - XII, LTD. (Registrant) By DE ANZA CORPORATION A California Corporation Operating General Partner Date: May 13, 1998 By /s/ Michael D. Gelfand ---------------------- Michael D. Gelfand President and Chief Financial Officer 16
EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 550,832 0 175,914 0 0 726,777 26,611 12,879 743,219 52,131 0 0 0 0 691,088 743,219 83,150 11,820,365 0 165,003 70,887 0 11,349 11,573,126 0 0 11,573,126 0 0 11,573,126 437.70 437.70 EPS IS PER LIMITED PARTNERSHIP UNIT.
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