-----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, GF2xYtfSdiyNAwmxMHONaEKFb556vstriXl9KSVCNCQO7d67jA9heND/m4ppL7DD bfEcuD4NF7OCYAoxLaxRAA== /in/edgar/work/0000711642-00-000312/0000711642-00-000312.txt : 20001114 0000711642-00-000312.hdr.sgml : 20001114 ACCESSION NUMBER: 0000711642-00-000312 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PROPERTIES FUND XVI CENTRAL INDEX KEY: 0000351931 STANDARD INDUSTRIAL CLASSIFICATION: [6500 ] IRS NUMBER: 942704651 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-10435 FILM NUMBER: 760253 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: 55 BEATTIE PLACE STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10QSB 1 0001.txt QUARTER ENDING SEPTEMBER 30, 2000 FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB (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, 2000 [ ] 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 0-10435 CENTURY PROPERTIES FUND XVI (Exact name of small business issuer as specified in its charter) California 94-2704651 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 55 Beattie Place, P.O. Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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___ PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) CENTURY PROPERTIES FUND XVI CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands, except unit data) September 30, 2000
Assets Cash and cash equivalents $ 327 Receivables and deposits 302 Restricted escrows 16 Other assets 215 Investment properties: Land $ 1,409 Buildings and related personal property 15,149 16,558 Less accumulated depreciation (8,807) 7,751 $ 8,611 Liabilities and Partners' (Deficit) Capital Liabilities Accounts payable $ 97 Accrued property taxes 204 Tenant security deposit liabilities 41 Other liabilities 125 Due to affiliates 38 Mortgage notes payable 7,200 Partners' (Deficit) Capital General partners $ (3,842) Limited partners (130,000 units issued and outstanding) 4,748 906 $ 8,611 See Accompanying Notes to Consolidated Financial Statements
b) CENTURY PROPERTIES FUND XVI CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 Revenues: Rental income $ 743 $ 748 $ 2,229 $ 2,220 Other income 52 28 131 82 Total revenues 795 776 2,360 2,302 Expenses: Operating 326 287 937 845 General and administrative 87 54 184 174 Depreciation 161 129 465 384 Interest 150 152 451 457 Property tax 75 64 193 193 Total expenses 799 686 2,230 2,053 Net (loss) income $ (4) $ 90 $ 130 $ 249 Net income allocated to general partners (6.9%) $ -- $ 6 $ 9 $ 17 Net (loss) income allocated to limited partners (93.1%) (4) 84 121 232 $ (4) $ 90 $ 130 $ 249 Net (loss) income per limited partnership unit $ (.03) $ .64 $ .93 $ 1.78 Distributions per limited partnership unit $ -- $ -- $ 1.98 $ -- See Accompanying Notes to Consolidated Financial Statements
c) CENTURY PROPERTIES FUND XVI CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL (Unaudited) (in thousands, except unit data)
Limited Partnership General Limited Units Partners Partners Total Original capital contributions 130,000 $ -- $65,000 $65,000 Partners' (deficit) capital at December 31, 1999 130,000 $ (3,832) $ 4,884 $ 1,052 Distributions to partners (19) (257) (276) Net income for the nine months ended September 30, 2000 -- 9 121 130 Partners' (deficit) capital at September 30, 2000 130,000 $ (3,842) $ 4,748 $ 906 See Accompanying Notes to Consolidated Financial Statements
d) CENTURY PROPERTIES FUND XVI CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Nine Months Ended September 30, 2000 1999 Cash flows from operating activities: Net income $ 130 $ 249 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 465 384 Amortization of loan costs 24 24 Change in accounts: Receivables and deposits 22 21 Other assets (8) (10) Accounts payable (17) (23) Accrued property taxes 24 (55) Tenant security deposit liabilities (1) (1) Other liabilities (67) 27 Due to affiliates 38 -- Net cash provided by operating activities 610 616 Cash flows from investing activities: Property improvements and replacements (504) (253) Net withdrawals from restricted escrows 94 29 Net cash used in investing activities (410) (224) Cash flows from financing activities: Distributions to partners (276) -- Payments on mortgage notes payable (65) (61) Net cash used in financing activities (341) (61) Net (decrease) increase in cash and cash equivalents (141) 331 Cash and cash equivalents at beginning of period 468 366 Cash and cash equivalents at end of period $ 327 $ 697 Supplemental disclosure of cash flow information: Cash paid for interest $ 428 $ 433 See Accompanying Notes to Consolidated Financial Statements
e) CENTURY PROPERTIES FUND XVI NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited consolidated financial statements of Century Properties Fund XVI (the "Partnership" or the "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The Partnership's general partners are Fox Capital Management Corporation (the "Managing General Partner" or "FCMC") and Fox Realty Investors ("FRI"). The Managing General Partner and the managing general partner of FRI are subsidiaries of Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust. In the opinion of the Managing General Partner, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2000 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2000. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB for the fiscal year ended December 31, 1999. Principles of Consolidation The Partnership's financial statements include the accounts of the Partnership and its wholly owned subsidiaries. Note B - Transfer of Control Pursuant to a series of transactions which closed on October 1, 1998 and February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust merged into AIMCO, a publicly traded real estate investment trust, with AIMCO being the surviving corporation (the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in the Managing General Partner. The Managing General Partner does not believe that this transaction has had or will have a material effect on the affairs and operations of the Partnership. Note C - Transactions with Affiliated Parties The Partnership has no employees and is dependent on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for (i) payments to affiliates for services and (ii) reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The following transactions with affiliates of the Managing General Partner were paid or accrued during the nine months ended September 30, 2000 and 1999: 2000 1999 (in thousands) Property management fees (included in operating expenses) $117 $114 Reimbursement for services of affiliates (included in investment properties, general and administrative and operating expenses) 125 76 Due to affiliates 38 -- During the nine months ended September 30, 2000 and 1999, affiliates of the Managing General Partner were entitled to receive 5% of gross receipts from both of the Registrant's properties for providing property management services. The Registrant paid to such affiliates approximately $117,000 and $114,000 for the nine months ended September 30, 2000 and 1999, respectively. An affiliate of the Managing General Partner received reimbursement of accountable administrative expenses amounting to approximately $125,000 and $76,000 for the nine months ended September 30, 2000 and 1999, respectively. Of this amount approximately $38,000 was accrued and is included in "Due to affiliates" at September 30, 2000. In addition to its indirect ownership of the general partner interest in the Partnership, AIMCO and its affiliates currently own 73,140.69 limited partnership units in the Partnership representing approximately 56.27% of the outstanding units. A number of these units were acquired pursuant to tender offers made by AIMCO, its affiliates or affiliates of the Managing General Partner. It is possible that AIMCO or its affiliates will make one or more additional offers to acquire additional limited partnership interests in the Partnership for cash or in exchange for units in the operating partnership of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters, which would include without limitation, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of approximately 56.27% of the outstanding units, AIMCO is in a position to influence all voting decisions with respect to the Registrant. When voting on matters, AIMCO would in all likelihood vote the Units it acquired in a manner favorable to the interest of the Managing General Partner because of their affiliation with the Managing General Partner. However, with respect to 47,326.68 units, owned by an affiliate of the Managing General Partner, such affiliate is required to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the votes cast by non-tendering unitholders. Except for the foregoing, no other limitations are imposed on AIMCO and its affiliates' ability to influence voting decisions with respect to the Partnership. Note D - Distributions Cash distributions from operations of approximately $276,000 were paid during the nine months ended September 30, 2000, of which approximately $257,000 was paid to limited partners ($1.98 per limited partnership unit). No cash distributions were made during the nine months ended September 30, 1999. Subsequent to September 30, 2000, the Partnership declared and paid a cash distribution from operations of approximately $83,000, of which approximately $77,000 was paid to limited partners ($0.59 per limited partnership unit). Note E - Segment Reporting Description of the types of products and services from which the reportable segment derives its revenues: The Partnership has one reportable segment: residential properties, consisting of two apartment complexes, one of which is located in Tampa, Florida and the other in Houston, Texas. The Partnership rents apartment units to tenants for terms that are typically twelve months or less. Measurement of segment profit or loss: The Partnership evaluates performance based on segment profit (loss) before depreciation. The accounting policies of the reportable segment are the same as those of the Partnership as described in the summary of significant accounting policies in the Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999. Factors management used to identify the enterprise's reportable segment: The Partnership's reportable segment consists of investment properties that offer similar products and services. Although each of the investment properties is managed separately, they have been aggregated into one segment as they provide services with similar types of products and customers. Segment information for the three and nine month periods ended September 30, 2000 and 1999 is shown in the tables below (in thousands). The "Other" column includes Partnership administration related items and income and expense not allocated to the reportable segment. Three Months Ended September 30, 2000 Residential Other Totals Rental income $ 743 $ -- $ 743 Other income 52 -- 52 Interest expense 150 -- 150 Depreciation 161 -- 161 General and administrative expense -- 87 87 Segment profit (loss) 83 (87) (4) Nine months Ended September 30, 2000 Residential Other Totals Rental income $ 2,229 $ -- $ 2,229 Other income 130 1 131 Interest expense 451 -- 451 Depreciation 465 -- 465 General and administrative expense -- 184 184 Segment profit (loss) 313 (183) 130 Total assets 8,487 124 8,611 Capital expenditures for investment properties 504 -- 504 Three Months Ended September 30, 1999 Residential Other Totals Rental income $ 748 $ -- $ 748 Other income 26 2 28 Interest expense 152 -- 152 Depreciation 129 -- 129 General and administrative expense -- 54 54 Segment profit (loss) 142 (52) 90 Nine Months Ended September 30, 1999 Residential Other Totals Rental income $ 2,220 $ -- $ 2,220 Other income 74 8 82 Interest expense 457 -- 457 Depreciation 384 -- 384 General and administrative expense -- 174 174 Segment profit (loss) 415 (166) 249 Total assets 8,690 275 8,965 Capital expenditures for investment properties 253 -- 253 Note F - Legal Proceedings In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, its Managing General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition of interests in certain general partner entities by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia; past tender offers by the Insignia affiliates to acquire limited partnership units; the management of partnerships by the Insignia affiliates; and the Insignia Merger. The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the Managing General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The Managing General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement, settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who owned units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Court, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing, the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of prior lead counsel to enter the settlement. On December 14, 1999, the Managing General Partner and its affiliates terminated the proposed settlement. In February 2000, counsel for some of the named plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated the settlement. On June 27, 2000, the Court entered an order disqualifying them from the case. The Court is considering applications for lead counsel and has currently scheduled a hearing on the matter for November 20, 2000. The Managing General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. The Partnership is unaware of any other pending or outstanding litigation that is not of a routine nature arising in the ordinary course of business. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The matters discussed in this Form 10-QSB contain certain forward-looking statements and involve risks and uncertainties (including changing market conditions, competitive and regulatory matters, etc.) detailed in the disclosures contained in this Form 10-QSB and the other filings with the Securities and Exchange Commission made by the Registrant from time to time. The discussion of the Registrant's business and results of operations, including forward-looking statements pertaining to such matters, does not take into account the effects of any changes to the Registrant's business and results of operation. Accordingly, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those identified herein. The Partnership's investment properties consist of two apartment complexes. The following table sets forth the average occupancy of the properties for the nine months ended September 30, 2000 and 1999: Average Occupancy Property 2000 1999 Ralston Place 96% 96% (formerly The Landings Apartments) Tampa, Florida Woods of Inverness Apartments 93% 98% Houston, Texas The Managing General Partner attributes the decrease in occupancy at Woods of Inverness Apartments to increased competition in the Houston market. Results of Operations The Registrant's net income for the nine months ended September 30, 2000 was approximately $130,000 as compared to approximately $249,000 for the nine months ended September 30, 1999. The Registrant's net loss for the three months ended September 30, 2000 was approximately $4,000 as compared to net income of approximately $90,000 for the three months ended September 30, 1999. The decrease in net income for the three and nine months ended September 30, 2000 as compared to the corresponding periods in 1999 is attributable to an increase in total expenses offset by a slight increase in total revenues. The increase in total expenses is primarily attributable to an increase in operating, depreciation and general and administrative expenses. Operating expenses increased due to an increase in advertising expense at both investment properties and increased sewer expense and salaries at Woods of Inverness Apartments. The increased depreciation expense is primarily due to the increase in depreciable assets put into service in the last twelve months at both investment properties. The increase in general and administrative expense was attributable to an increase in the cost of services included in management reimbursements to the Managing General Partner as allowed under the Partnership Agreement partially offset by decreased legal costs as a result of the settlement of legal proceedings in the first quarter of 1999. In addition, costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement are also included. Total revenues increased for both the three and nine months ended September 30, 2000, as compared to the same periods in 1999. The increase in total revenues was the result of an increase in other income at both properties. Other income increased at Ralston Place as a result of the receipt of incentive income from the water company for installing water saving devices and at Woods of Inverness Apartments due to increases in tenant reimbursements and late charges. In addition, rental income increased for the nine months ended September 30, 2000 as compared to the same period in 1999. Rental income increased due to an increase in average rental rates at both properties offset by the decrease in occupancy at Woods of Inverness Apartments as noted above. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the rental market environment of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions, which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the Managing General Partner will be able to sustain such a plan. Liquidity and Capital Resources At September 30, 2000, the Registrant had cash and cash equivalents of approximately $327,000 as compared to approximately $697,000 at September 30, 1999. Cash and cash equivalents decreased approximately $141,000 for the period ended September 30, 2000 from the Registrant's fiscal year end. The decrease in cash and cash equivalents is due to approximately $410,000 of cash used in investing activities and approximately $341,000 of cash used in financing activities, partially offset by approximately $610,000 of cash provided by operating activities. Cash used in investing activities consisted of capital improvements and replacements which was partially offset by withdrawals from restricted escrow accounts maintained by the mortgage lender. Cash used in financing activities consisted primarily of distributions to the partners and, to a lesser extent, payments of principal made on the mortgages encumbering the Registrant's properties. The Registrant invests its working capital reserves in money market accounts. An affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. The Partnership has no outstanding amounts due under this line of credit. Based on present plans, the Managing General Partner does not anticipate the need to borrow in the near future. Other than cash and cash equivalents, the line of credit is the Partnership's only unused source of liquidity. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets and other operating needs of the Registrant and to comply with Federal, state, and local legal and regulatory requirements. Capital improvements planned for the Partnership's properties are detailed below. Woods of Inverness: For 2000 the Partnership has budgeted approximately $210,000 for capital improvements at Woods of Inverness consisting primarily of appliance and flooring replacements, parking lot and structural improvements. As of September 30, 2000 the property has spent approximately $304,000 in budgeted and nonbudgeted capital expenditures consisting primarily of appliances, floor covering replacements, air conditioning replacements, major landscaping, parking lot resurfacing, and structural improvements. These improvements were funded from replacement reserves and cash flow from operations. Additional improvements may be considered and will depend on the physical condition of the property as well as replacement reserves and anticipated cash flow generated by the property. Ralston Place: For 2000 the Partnership has budgeted approximately $283,000 for capital improvements at Ralston Place consisting primarily of appliances, plumbing, air conditioning and flooring replacements, fencing, major landscaping, recreational facility, pool and structural improvements. As of September 30, 2000 the property has spent approximately $200,000 in budgeted capital expenditures consisting primarily of plumbing fixture replacements, appliances, structural improvements, and floor covering replacements. These improvements were funded from replacement reserves and cash flow from operations. Additional improvements may be considered and will depend on the physical condition of the property as well as replacement reserves and anticipated cash flow generated by the property. The additional capital expenditures will be incurred only if cash is available from operations or from Partnership reserves. To the extent that such budgeted capital improvements are completed, the Registrant's distributable cash flow, if any, may be adversely affected at least in the short term. The Registrant's current assets are thought to be sufficient for any near-term needs (exclusive of capital improvements) of the Registrant. The mortgage indebtedness of approximately $7,200,000 is amortized over 360 months with a balloon payment of approximately $6,618,000 due January 1, 2006. The Managing General Partner will attempt to refinance such indebtedness and/or sell the properties prior to such maturity date. If the properties cannot be refinanced or sold for a sufficient amount, the Registrant will risk losing such properties through foreclosure. Cash distributions from operations of approximately $276,000 were paid during the nine months ended September 30, 2000, of which approximately $257,000 was paid to limited partners ($1.98 per limited partnership unit). No cash distributions were made during the nine months ended September 30, 1999. Subsequent to September 30, 2000, the Partnership declared and paid a cash distribution from operations of approximately $83,000, of which approximately $77,000 was paid to limited partners ($0.59 per limited partnership unit). Future cash distributions will depend on the levels of net cash generated from operations, the availability of cash reserves, and the timing of debt maturities, refinancings, and/or property sales. The Partnership's distribution policy is reviewed on a semi-annual basis. There can be no assurance, however, that the Partnership will generate sufficient funds from operations, after planned capital expenditures, to permit distributions to its partners during the remainder of 2000 or subsequent periods. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, its Managing General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition of interests in certain general partner entities by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia; past tender offers by the Insignia affiliates to acquire limited partnership units; the management of partnerships by the Insignia affiliates; and the Insignia Merger. The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the Managing General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The Managing General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement, settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who owned units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Court, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing, the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of prior lead counsel to enter the settlement. On December 14, 1999, the Managing General Partner and its affiliates terminated the proposed settlement. In February 2000, counsel for some of the named plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated the settlement. On June 27, 2000, the Court entered an order disqualifying them from the case. The Court is considering applications for lead counsel and has currently scheduled a hearing on the matter for November 20, 2000. The Managing General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K: None filed during the quarter ended September 30, 2000. SIGNATURES In accordance with the requirements of the Exchange Act, the Partnership caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTURY PROPERTIES FUND XVI By: FOX CAPITAL MANAGEMENT CORPORATION Managing General Partner By: /s/Patrick J. Foye Patrick J. Foye Executive Vice President By: /s/Martha L. Long Martha L. Long Senior Vice President and Controller Date: November 13, 2000 EX-27 2 0002.txt THIRD QUARTER 10-QSB
5 This schedule contains summary financial information extracted from CENTURY PROPERTIES FUND XVI 2000 Third Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000351931 CENTURY PROPERTIES FUND XVI 1,000 9-MOS DEC-31-2000 JUL-01-2000 SEP-30-2000 327 0 302 0 0 0 16,558 8,807 8,611 0 7,200 0 0 0 906 8,611 0 2,360 0 0 2,230 0 451 0 0 0 0 0 0 130 0.93 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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