-----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, H4qyRu3TlXjuQ8q2sWYXiL9PzndQJp0Qs10oVKKvpSKE31OCREuMyQj3T6LEKlPW Uxynl3hRzal42/nDfc6qSw== 0000702657-96-000004.txt : 19960515 0000702657-96-000004.hdr.sgml : 19960515 ACCESSION NUMBER: 0000702657-96-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XIV LTD CENTRAL INDEX KEY: 0000702657 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 942822299 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12915 FILM NUMBER: 96562987 BUSINESS ADDRESS: STREET 1: 13760 NOEL RD STE 700 LB70 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144485800 MAIL ADDRESS: STREET 1: 13760 NOEL ROAD SUITE 700 LB 70 CITY: DALLAS STATE: TX ZIP: 75240 10-Q 1 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, 1996 ------------------------------------------------------- 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 0-12915 MCNEIL REAL ESTATE FUND XIV, LTD. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 94-2822299 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (214) 448-5800 ------------------------------ 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 and (2) has been subject to such filing requirements for the past 90 days. Yes X No___ MCNEIL REAL ESTATE FUND XIV, LTD. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS (Unaudited)
March 31, December 31, 1996 1995 --------------- --------------- ASSETS - ------ Real estate investments: Land..................................................... $ 6,833,471 $ 6,833,471 Buildings and improvements............................... 46,021,877 45,953,575 -------------- -------------- 52,855,348 52,787,046 Less: Accumulated depreciation.......................... (22,408,261) (21,836,162) -------------- -------------- 30,447,087 30,950,884 Cash and cash equivalents................................... 1,702,818 1,417,948 Cash segregated for security deposits....................... 393,957 370,097 Accounts receivable......................................... 400,450 350,823 Prepaid expenses and other assets........................... 190,085 200,574 Escrow deposits............................................. 815,309 844,622 Deferred borrowing costs, net of accumulated amorti- zation of $274,511 and $250,597 at March 31 1996, and December 31, 1995, respectively...................... 1,116,481 1,140,395 -------------- -------------- $ 35,066,187 $ 35,275,343 ============== ============== LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage notes payable, net................................. $ 27,764,579 $ 27,871,969 Accounts payable............................................ 105,322 166,434 Accrued interest............................................ 200,250 201,267 Accrued property taxes...................................... 203,574 100,877 Other accrued expenses...................................... 55,824 79,725 Payable to affiliates - General Partner..................... 1,393,308 1,255,290 Security deposits and deferred rental revenue............... 392,689 380,367 -------------- -------------- 30,115,546 30,055,929 -------------- -------------- Partners' equity (deficit): Limited partners - 100,000 limited partnership units authorized; 86,534 limited partnership units outstanding...................................... 7,643,722 7,766,250 General Partner.......................................... (2,693,081) (2,546,836) -------------- -------------- 4,950,641 5,219,414 -------------- -------------- $ 35,066,187 $ 35,275,343 ============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XIV, LTD. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, ----------------------------------- 1996 1995 --------------- --------------- Revenue: Rental revenue........................................... $ 2,302,657 $ 2,276,099 Interest................................................. 29,984 25,153 -------------- -------------- Total revenue.......................................... 2,332,641 2,301,252 -------------- -------------- Expenses: Interest................................................. 675,387 668,013 Depreciation and amortization............................ 572,099 521,427 Property taxes........................................... 200,950 188,336 Personnel expenses....................................... 254,906 283,458 Utilities................................................ 120,046 110,296 Repair and maintenance................................... 284,734 227,826 Property management fees - affiliates.................... 112,192 111,363 Other property operating expenses........................ 131,331 144,326 General and administrative............................... 23,820 16,563 General and administrative - affiliates.................. 80,942 96,503 -------------- -------------- Total expenses......................................... 2,456,407 2,368,111 -------------- -------------- Net loss.................................................... $ (123,766) $ (66,859) ============== ============== Net loss allocated to limited partners...................... $ (122,528) $ (66,190) Net loss allocated to General Partner....................... (1,238) (669) -------------- -------------- Net loss.................................................... $ (123,766) $ (66,859) ============== ============== Net loss per limited partnership unit....................... $ (1.42) $ (.76) ============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XIV, LTD. STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) For the Three Months Ended March 31, 1996 and 1995
Total Partners' General Limited Equity Partner Partners (Deficit) --------------- ---------------- --------------- Balance at December 31, 1994.............. $ (1,941,941) $ 8,094,114 $ 6,152,173 Net loss.................................. (669) (66,190) (66,859) Management Incentive Distribution......... (147,785) - (147,785) ------------- ------------- ------------- Balance at March 31, 1995................. $ (2,090,395) $ 8,027,924 $ 5,937,529 ============= ============== ============= Balance at December 31, 1995.............. $ (2,546,836) $ 7,766,250 $ 5,219,414 Net loss.................................. (1,238) (122,528) (123,766) Management Incentive Distribution......... (145,007) - (145,007) ------------- ------------- ------------- Balance at March 31, 1996................. $ (2,693,081) $ 7,643,722 $ 4,950,641 ============= ============== =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XIV, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Increase in Cash and Cash Equivalents
Three Months Ended March 31, ------------------------------------ 1996 1995 ---------------- ---------------- Cash flows from operating activities: Cash received from tenants............................... $ 2,241,353 $ 2,226,224 Cash paid to suppliers................................... (817,612) (986,148) Cash paid to affiliates.................................. (200,123) (371,059) Interest received........................................ 29,984 25,153 Interest paid............................................ (617,360) (643,131) Property taxes paid and escrowed......................... (140,550) (136,449) -------------- -------------- Net cash provided by operating activities................... 495,692 114,590 -------------- -------------- Cash flows from investing activities: Additions to real estate investments..................... (68,302) (238,887) -------------- -------------- Cash flows from financing activities: Principal payments on mortgage notes payable................................................ (142,520) (128,979) Deferred borrowing costs paid............................ - (99,375) Proceeds from refinancing of mortgage note payable........................................... - 1,115,766 -------------- -------------- Net cash provided by (used in) financing activities............................................... (142,520) 887,412 -------------- -------------- Net increase in cash and cash equivalents................... 284,870 763,115 Cash and cash equivalents at beginning of period................................................... 1,417,948 1,045,158 -------------- -------------- Cash and cash equivalents at end of period.................. $ 1,702,818 $ 1,808,273 ============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XIV, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Loss to Net Cash Provided by Operating Activities
Three Months Ended March 31, ------------------------------------ 1996 1995 ---------------- ---------------- Net loss.................................................... $ (123,766) $ (66,859) -------------- -------------- Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization............................ 572,099 521,427 Amortization of deferred borrowing costs................. 23,914 17,949 Amortization of discounts on mortgage notes payable.......................................... 35,130 32,897 Changes in assets and liabilities: Cash segregated for security deposits.................. (23,860) (2,051) Accounts receivable.................................... (49,627) (40,954) Prepaid expenses and other assets...................... 10,489 (61,328) Escrow deposits........................................ 29,313 (173,296) Accounts payable....................................... (61,112) 7,856 Accrued interest....................................... (1,017) (25,964) Accrued property taxes................................. 102,697 103,385 Other accrued expenses................................. (23,901) (28,693) Payable to affiliates - General Partner................ (6,989) (163,193) Security deposits and deferred rental revenue.............................................. 12,322 (6,586) -------------- -------------- Total adjustments.................................... 619,458 181,449 -------------- -------------- Net cash provided by operating activities................... $ 495,692 $ 114,590 ============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. McNEIL REAL ESTATE FUND XIV, LTD. Notes to Financial Statements (Unaudited) March 31, 1996 NOTE 1. - ------- McNeil Real Estate Fund XIV, Ltd. (the "Partnership") is a limited partnership organized under the laws of the State of California to invest in real property. The general partner of the Partnership is McNeil Partners, L.P. (the "General Partner"), a Delaware limited partnership affiliated with Robert A. McNeil. The Partnership is governed by an agreement of limited partnership ("Amended Partnership Agreement") that was adopted September 20, 1991. The principal place of business for the Partnership and the General Partner is 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. In the opinion of management, the financial statements reflect all adjustments necessary for a fair presentation of the Partnership's financial position and results of operations. All adjustments were of a normal recurring nature. However, the results of operations for the three months ended March 31, 1996 are not necessarily indicative of the results to be expected for the year ending December 31, 1996. NOTE 2. - ------- The financial statements should be read in conjunction with the financial statements contained in the Partnership's Annual Report on Form 10-K for the year ended December 31, 1995, and the notes thereto, as filed with the Securities and Exchange Commission, which is available upon request by writing to McNeil Real Estate Fund XIV, Ltd., c/o McNeil Real Estate Management, Inc., Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. NOTE 3. - ------- Certain prior period amounts within the accompanying financial statements have been reclassified to conform with current year presentation. NOTE 4. - ------- The Partnership pays property management fees equal to 5% of the gross rental receipts of the Partnership's properties to McNeil Real Estate Management, Inc. ("McREMI"), an affiliate of the General Partner, for providing property management services for the Partnership's residential and commercial properties and leasing services for its residential properties. McREMI may also choose to provide leasing services for the Partnership's commercial properties, in which case McREMI will receive property management fees from such commercial properties equal to 3% of the property's gross rental receipts plus leasing commissions based on the prevailing market rate for such services where the property is located. The Partnership reimburses McREMI for its costs, including overhead, of administering the Partnership's affairs. Under terms of the Amended Partnership Agreement, the Partnership is paying a Management Incentive Distribution ("MID") to the General Partner. The maximum MID is calculated as 1% of the tangible asset value of the Partnership. The maximum MID percentage decreases subsequent to 1999. Tangible asset value is determined by using the greater of (i) an amount calculated by applying a capitalization rate of 9% to the annualized net operating income of each property or (ii) a value of $10,000 per apartment unit for residential property and $50 per gross square foot for commercial property to arrive at the property tangible asset value. The property tangible asset value is then added to the book value of all other assets excluding intangible items. MID will be paid to the extent of the lesser of the Partnership's excess cash flow, as defined, or net operating income, as defined (the "Entitlement Amount"), and may be paid (i) in cash, unless there is insufficient cash to pay the distribution in which event any unpaid portion not taken in Units will be deferred and is payable, without interest, from the first available cash and/or (ii) in Units. A maximum of 50% of the MID may be paid in Units. The number of Units issued in payment of the MID is based on the greater of $50 per Unit or the net tangible asset value, as defined, per Unit. Any amount of the MID that is paid to the General Partner in Units will be treated as if cash is distributed to the General Partner and is then contributed to the Partnership by the General Partner. The MID represents a return of equity to the General Partner for increasing cash flow, as defined, and accordingly is treated as a distribution. Compensation, reimbursements and distributions paid to or accrued for the benefit of the General Partner and its affiliates are as follows:
Three Months Ended March 31, ----------------------------------- 1996 1995 --------------- --------------- Property management fees - affiliates....................... $ 112,192 $ 111,363 Charged to general and administrative - affiliates: Partnership administration............................... 80,942 96,503 -------------- -------------- $ 193,134 $ 207,866 ============== ============== Charged to General Partner's deficit: Management Incentive Distribution $ 145,007 $ 147,785 ============== ==============
NOTE 5. - ------- On March 13, 1995, the Partnership refinanced the Windrock mortgage note. The new mortgage note, in the amount of $3,450,000, bears interest at 9.44% per annum, and requires monthly principal and interest payments of $28,859. The maturity date of the new mortgage note is April 1, 2002. Cash proceeds from the refinancing transaction are as follows: New loan proceeds........................ $ 3,450,000 Existing first lien retired.............. (1,894,234) Existing second lien retired............. (440,000) -------------- Cash proceeds from refinancing............ $ 1,115,766 ============== The Partnership incurred $107,525 of deferred borrowing costs related to the refinancing of the Windrock mortgage note. The Partnership was also required to fund $184,172 into various escrows for capital improvements, property taxes and insurance. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- The Partnership was formed to acquire, operate and ultimately dispose of a portfolio of income-producing real properties. At March 31, 1996, the Partnership owned four apartment properties and three shopping centers. All of the Partnership's properties are subject to mortgage notes. On March 13, 1995, the Partnership refinanced Windrock Apartments with a new $3,450,000 mortgage note. Proceeds from the new mortgage were used to payoff the prior first and second mortgage notes encumbering Windrock Apartments, to fund various escrows for the payment of property taxes, insurance, repairs and replacements, and to pay for loan fees and other costs associated with obtaining the new mortgage note. Residual proceeds of approximately $824,000 were added to the Partnership's cash reserves. The Partnership's next maturing mortgage note does not come due until April 1, 2002. RESULTS OF OPERATIONS - --------------------- For the first quarter 1996, the Partnership's net loss increased $56,907 to $123,766. Net loss for the first quarter of 1995 totaled $66,859. Revenues: Rental revenue for the first quarter of 1996 increased $26,558 or 1.2% over rental revenue earned during the first quarter of 1995. Rental revenue increased at three of the Partnership's four residential properties. Increased rental rates and increased occupancy rates resulted in a 3.2% increase in rental revenue at Embarcadero Club Apartments. Embarcadero Club continues to benefit from capital improvements placed in service at the property over the past several years. Tanglewood Village Apartments and Thunder Hollow Apartments also recorded increases in rental rates, but the increased rental rates were partially offset by decreased occupancy. Rental revenue increased 1.1% and 2.7% at the two properties, respectively. Windrock Apartments continues to experience difficulty maintaining its occupancy at acceptable levels. Occupancy at the end of the first quarter was 75%, unchanged from December 1995, but down from 85% at March 1995. A weak local economy and the lack of certain amenities compared to Windrock's newer competition continue to be the principal factors behind Windrock's decreased occupancy. For the quarter, Windrock's rental revenue decreased 10.8% from the first quarter of 1995. The Partnership's commercial properties reported mixed results for the first quarter of 1996. Rental revenue increased at Redwood Plaza, was unchanged at Country Hills Plaza, and decreased at Midvale Plaza. Redwood Plaza reported a 5.8% increase in rental revenue for the first quarter, continuing a trend of improving performance at the Salt Lake City property. Improved occupancy during the first quarter, as well as increased rental rates and expense recoveries all contributed to Redwood Plaza's performance. First quarter rental revenue at Country Hills Plaza is practically unchanged from the first quarter of 1995. The Ogden property remains 100% leased. Rental revenue at Midvale Plaza decreased 4.2% for the first quarter of 1996. Midvale Plaza's anchor tenant has vacated its space at the property, but continues to pay rent to the Partnership. However, percentage rents earned by the Partnership based on the tenant's sales, decreased to zero in the current quarter. The decrease in percentage rents accounts for the entire decrease in Midvale Plaza's rental revenue. Expenses: Partnership expenses increased $88,296 or 3.7% for the first quarter of 1996 compared to the first quarter of 1995. Increased expenses were concentrated in depreciation and amortization, and in repair and maintenance. The increases were partially offset by decreased personnel expenses and decreased expenditures for general and administrative - affiliates. Depreciation and amortization expense increased $50,672 or 9.7% for the first quarter of 1996 compared to the first quarter of 1995. Increased depreciation and amortization expense is due to the continuing investment of Partnership resources into capital improvements. In the year since March 31, 1995, the Partnership has invested $1.57 million in capital improvements. These capital improvements are generally being depreciated over lives ranging from five to ten years. Repair and maintenance expenses increased $56,908 or 25% for the first quarter of 1996 compared to the first quarter of 1995. The increases were incurred principally at Embarcadero Club Apartments and Thunder Hollow Apartments. The increases are attributable to the replacement of floor and window coverings and replacement of appliances which met the Partnership's criteria for capitalization based on the magnitude of replacements in 1995, but were expensed in 1996. Thunder Hollow also had a significant increase in snow removal expenses during the first quarter of 1996. Personnel expenses decreased $28,552 or 10.1% for the first quarter of 1996 compared to the first quarter of 1995. All of the Partnership's properties recorded decreased personnel expenses. Part of the decrease at Windrock Apartments was an $8,583 refund of workers' compensations insurance premiums. The Partnership's Utah properties benefited from allocating personnel expenses over an additional property not owned by the Partnership beginning in 1996. The remainder of the Partnership's properties recorded smaller decreases in personnel expenses. General and administrative-affiliates expenses decreased $15,561 or 16.1% for the first quarter of 1996 compared to the same quarter of 1995. Reimbursable costs allocated to the Partnership by affiliates of the General Partner decreased for the quarter. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Although the Partnership's net loss increased $56,907 to $123,766, cash flow from operating activities increased substantially. Cash flow from operating activities increased $381,102 to $495,692 in the first quarter of 1996. Reduced payments to suppliers and to affiliates accounted for most of the increase. Due to the increased cash flow from operating activities, the Partnership's cash reserves increased $284,870 for the quarter. Cash used by the Partnership for capital improvements also decreased for the quarter. Such expenditures decreased $170,585 to $68,302. The Partnership's capital improvement budget for 1996 totals only $623,000, approximately half of the amount expended by the Partnership for capital improvements in each of the past three years. Cash flows from financing activities for the first quarter of 1996 reflect only principal repayments on the Partnership's various mortgage notes. The first quarter of 1995, besides mortgage principal repayments, records the effects of the refinancing of the Windrock mortgage note. Short-term liquidity: At March 31, 1996, the Partnership held $1,702,818 of cash and cash equivalents, up $284,871 from the balance at the end of 1995. The General Partner considers this level of cash reserves to be adequate to meet the Partnership's operating needs for the balance of 1996. The General Partner anticipates that cash generated from operations for the remainder of 1996 will be sufficient to fund the Partnership's budgeted capital improvements and debt service requirements. However, 1996 cash flow from operations likely will not be adequate to pay previously deferred Management Incentive Distribution due to the General Partner. The General Partner anticipates resuming payment of the Management Incentive Distribution if the Partnership's properties continue to perform as projected. The General Partner has established a revolving credit facility not to exceed $5,000,000 in the aggregate which is available on a "first-come, first-served" basis to the Partnership and other affiliated partnerships if certain conditions are met. Borrowings under the facility may be used to fund deferred maintenance, refinancing obligations and working capital needs. There is no assurance that the Partnership will be able to receive funds from the facility because no amount will be reserved for any particular partnership. As of March 31, 1996, $2,662,819 was available from the facility. However, additional funds could become available as other partnerships repay borrowings. This commitment will terminate on September 20, 1996. Long-term liquidity: For the long term, property operations will remain the primary source of funds. In this regard, the General Partner expects that the capital improvements made by the Partnership during the past two years will yield improved cash flow from property operations for the balance of 1996. The Partnership has budgeted $623,000 of capital improvements for 1996. If the Partnership's cash position deteriorates, the General Partner may elect to defer certain of the capital improvements, except where such improvements are expected to increase the competitiveness or marketability of the Partnership's properties. As an additional source of liquidity, the General Partner may, from time to time, attempt to sell Partnership properties judged to be mature considering the circumstances of the market in which the properties are located, as well as the Partnership's need for liquidity. However, there can be no guarantee that the Partnership will be able to sell any of its properties for an amount sufficient to retire the related mortgage note and still provide cash proceeds to the Partnership, or that such proceeds could be timed to coincide with the liquidity needs of the Partnership. Currently, no Partnership properties are being marketed for sale. Income Allocations and Distributions: Terms of the Amended Partnership Agreement specify that net losses for financial reporting purposes are allocated 99% to the limited partners and 1% to the General Partner. Net income for financial reporting purposes is allocated to the General Partner in an amount equal to the greater of (a) 1% of net income or (b) the cumulative amount of the MID paid for which no income allocation has previously been made; any remaining net income is allocated to the limited partners. Therefore, for the three month periods ended March 31, 1996 and 1995, ($1,238) and ($669), respectively, were allocated to the General Partner. The limited partners received allocations of net loss of ($122,528) and ($66,190), respectively. With the exception of the MID, distributions to Partners have been suspended since 1986 as a part of the General Partner's policy of maintaining adequate cash reserves. Distributions to Unit holders will remain suspended for the foreseeable future. Although the Partnership recorded a MID of $145,007 for the first three months of 1996, payments of MID have been suspended since the beginning of 1994. The General Partner will continue to monitor the cash reserves and working capital requirements of the Partnership to determine when cash flows will support resumption of MID payments and distributions to Unit holders. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits. Exhibit Number Description ------- ----------- 4. Amended and Restated Limited Partnership Agree- ment dated September 20, 1991. (1) 11. Statement regarding computation of net loss per limited partnership unit: net loss per limited partnership unit is computed by dividing net loss allocated to the limited partners by the number of limited partnership units outstanding. Per unit information has been computed based on 86,534 limited partnership units outstanding in 1996 and 1995. 27. Financial Data Schedule for the quarter ended March 31, 1996. (1) Incorporated by reference to the Annual Report of Registrant, on Form 10-K for the period ended December 31, 1991, as filed on March 30, 1992. (b) Reports on Form 8-K. There were no reports on Form 8-K filed during the quarter ended March 31, 1996. McNEIL REAL ESTATE FUND XIV, LTD. 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: McNEIL REAL ESTATE FUND XIV, Ltd. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner May 14, 1996 By: /s/ Donald K. Reed - ------------------- --------------------------------------------- Date Donald K. Reed President and Chief Executive Officer May 14, 1996 By: /s/ Ron K. Taylor - ------------------- --------------------------------------------- Date Ron K. Taylor Acting Chief Financial Officer of McNeil Investors, Inc. May 14, 1996 By: /s/ Brandon K. Flaming - ------------------- --------------------------------------------- Date Brandon K. Flaming Chief Accounting Officer of McNeil Real Estate Management, Inc. EX-27 2
5 3-MOS DEC-31-1996 MAR-31-1996 1,702,818 0 0 0 0 0 52,855,348 (22,408,261) 35,066,187 0 27,764,579 0 0 0 0 35,066,187 2,302,657 2,332,641 0 0 1,781,020 0 675,387 0 0 (123,766) 0 0 0 (123,766) 0 0
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