0000711642-12-000231.txt : 20121113 0000711642-12-000231.hdr.sgml : 20121112 20121113094136 ACCESSION NUMBER: 0000711642-12-000231 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PROPERTIES FUND XIX CENTRAL INDEX KEY: 0000705752 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942887133 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11935 FILM NUMBER: 121196358 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 10-Q 1 cpf19912_10q.htm FORM 10-Q FORM 10-QSB—QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(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, 2012

[ ] 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 0-11935

CENTURY PROPERTIES FUND XIX, LP

(Exact name of registrant as specified in its charter)

Delaware	94-2887133
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

80 International Drive, PO Box 1089

Greenville, South Carolina 29602

(Address of principal executive offices)

(864) 239-1000

(Registrant’s telephone number, including area code)

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.

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [ ]

(Do not check if a smaller reporting company)

Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CENTURY PROPERTIES FUND XIX, LP

BALANCE SHEETS

(Unaudited)

(in thousands)

	September 30,	December 31,
	2012	2011

Assets:
Cash and cash equivalents	$ 3,087	$ 453
Receivables and deposits	88	138
Other assets	441	589
Investment properties:
Land	2,838	2,838
Buildings and related personal property	54,522	53,994
Total investment property	57,360	56,832
Less accumulated depreciation	(41,871)	(38,472)
Investment property, net	15,489	18,360
Assets held for sale	--	11,110
Total assets	$ 19,105	$ 30,650

Liabilities and Partners' Deficit:
Liabilities:
Accounts payable	$ 109	$ 156
Tenant security deposit liabilities	123	121
Accrued property taxes	267	--
Other liabilities	537	598
Due to affiliates	--	6,715
Mortgage notes payable	30,291	30,607
Liabilities related to assets held for sale	--	22,559
Total liabilities	31,327	60,756

Partners' Deficit:
General partner	(7,671)	(10,789)
Limited partners	(4,551)	(19,317)
Total partners’ deficit	(12,222)	(30,106)
Total liabilities and partners’ deficit	$ 19,105	$ 30,650

See Accompanying Notes to Financial Statements

CENTURY PROPERTIES FUND XIX, LP

STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per unit data)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2012	2011	2012	2011
Revenues:
Rental income	$ 1,393	$ 1,307	$ 4,177	$ 3,911
Other income	159	145	479	389
Total revenues	1,552	1,452	4,656	4,300

Expenses:
Operating	510	538	1,497	1,480
General and administrative	67	79	213	251
Depreciation	1,207	1,243	3,671	3,735
Interest	430	506	1,368	1,496
Property taxes	89	(27)	267	165
Loss on early extinguishment of debt	--	--	--	997
Total expenses	2,303	2,339	7,016	8,124

Loss from continuing operations	(751)	(887)	(2,360)	(3,824)
Loss from discontinued
operations	(2,909)	(473)	(3,470)	(1,352)
Gain from sale of discontinued
operations	9,106	--	31,435	--
Net income (loss)	$ 5,446	$(1,360)	$25,605	$(5,176)

Net income (loss) allocated to general partner	$ 710	$ (160)	$ 3,273	$ (611)
Net income (loss) allocated to limited partners	$ 4,736	$(1,200)	$22,332	$(4,565)

Per limited partnership unit:
Loss from continuing operations	$ (7.41)	$ (8.77)	$(23.32)	$(37.78)
Loss from discontinued
operations	(28.76)	(4.67)	(34.30)	(13.35)
Gain from sale of discontinued
operations	89.24	--	307.88	--

Net income (loss) per limited partnership unit	$ 53.07	$(13.44)	$250.26	$(51.13)

Distributions per limited partnership unit	$ 4.83	$ --	$ 84.79	$ --

See Accompanying Notes to Financial Statements

CENTURY PROPERTIES FUND XIX, LP

STATEMENT OF CHANGES IN PARTNERS' DEFICIT

(Unaudited)

(in thousands)


	General	Limited
	Partner	Partners	Total

Partners' deficit at December 31, 2011	$(10,789)	$(19,317)	$(30,106)

Distributions to partners	(155)	(7,566)	(7,721)

Net income for the nine months
ended September 30, 2012	3,273	22,332	25,605

Partners' deficit at September 30, 2012	$ (7,671)	$ (4,551)	$(12,222)

See Accompanying Notes to Financial Statements

CENTURY PROPERTIES FUND XIX, LP

STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

		Nine Months Ended
		September 30,
		2012	2011
Cash flows from operating activities:
Net income (loss)		$ 25,605	$ (5,176)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation		4,617	5,777
Amortization of loan costs		51	92
Gain from sale of discontinued operations		(31,435)	--
Loss on early extinguishment of debt		2,701	997
Change in accounts:
Receivables and deposits		195	(22)
Other assets		118	10
Accounts payable		22	(41)
	Tenant security deposit liabilities	(142)	(4)
Accrued property taxes		164	422
Other liabilities		(237)	109
Due to affiliates		(942)	(1,160)
Net cash provided by operating activities		717	1,004

Cash flows from investing activities:
Insurance proceeds received		--	2
Property improvements and replacements		(1,022)	(619)
Proceeds from sale of discontinued operations		41,505	--
Net cash provided by (used in) investing activities		40,483	(617)

Cash flows from financing activities:
Payments on mortgage notes payable		(500)	(766)
Repayment of mortgage notes payable		(22,019)	(19,031)
Proceeds from mortgage notes payable		--	30,810
Loan costs paid		--	(342)
Prepayment penalties paid		(2,553)	(755)
Repayment of advances from affiliate		(5,773)	(10,904)
Advances from affiliate		--	651
Distributions to partners		(7,721)	--
Net cash used in financing activities		(38,566)	(337)

Net increase in cash and cash equivalents		2,634	50
Cash and cash equivalents at beginning of period		453	231
Cash and cash equivalents at end of period		$ 3,087	$ 281

Supplemental disclosure of cash flow information:
Cash paid for interest		$ 2,592	$ 3,662

Supplemental disclosure of non-cash activity:
Property improvements and replacements included in
accounts payable		$ 52	$ 105

See Accompanying Notes to Financial Statements

CENTURY PROPERTIES FUND XIX, LP

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Note A – Basis of Presentation

The accompanying unaudited financial statements of Century Properties Fund XIX, LP (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The general partner of the Partnership is Fox Partners II, a California general partnership. The general partners of Fox Partners II are Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation, and Fox Realty Investors ("FRI"), a California general partnership. The Managing General Partner is a subsidiary 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 items) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2012. The balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

At September 30, 2012 and December 31, 2011, the Partnership had outstanding 89,235 limited partnership units.

The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.

The accompanying statements of operations for the three and nine months ended September 30, 2011 have been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the accompanying balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively (see “Note E”).

The following tables present summarized results of operations for Greenspoint at Paradise Valley and Tamarind Bay Apartments for the three and nine months ended September 30, 2012 and 2011 (in thousands):

	Three Months Ended September 30, 2012	Three Months Ended September 30, 2011	Nine Months Ended September 30, 2012	Nine Months Ended September 30, 2011

Revenues	$ 412	$ 1,218	$ 2,083	$ 3,607
Expenses	(624)	(1,691)	(2,852)	(4,959)
Loss on extinguishment of debt	(2,697)	--	(2,701)	--
Loss from discontinued operations	$(2,909)	$ (473)	$(3,470)	$(1,352)

Net Income (Loss) and Distributions Per Limited Partnership Unit

Net income (loss) per limited partnership unit (the “Units”) is computed by dividing net income (loss) allocated to the limited partners by the number of Units outstanding at the beginning of the fiscal year. Distributions per Unit for the three and nine months ended September 30, 2012 was computed by dividing the number of Units outstanding at the beginning of the year. The number of Units used was 89,235 and 89,274 for the three and nine months ended September 30, 2012 and 2011, respectively.

Certain reclassifications have been made to the 2011 balances to conform to the 2012 presentation.

Note B – Transactions with Affiliated Parties

The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

Affiliates of the Managing General Partner receive 5% of gross receipts from all of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $336,000 and $392,000 for the nine months ended September 30, 2012 and 2011, respectively, which are included in operating expenses and loss from discontinued operations.

An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $63,000 and $96,000 for the nine months ended September 30, 2012 and 2011, respectively, which is included in general and administrative expenses. At December 31, 2011, approximately $371,000 of reimbursements were due to the Managing General Partner and were included in due to affiliates. There were no such amounts owed at September 30, 2012.

Pursuant to the Partnership Agreement, for managing the affairs of the Partnership, the Managing General Partner is entitled to receive a Partnership management fee equal to 10% of the Partnership's adjusted cash from operations as distributed. During the nine months ended September 30, 2012 and 2011, no fee was earned as there were no distributions from operations.

The Partnership insures its properties up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability. The Partnership insures its properties above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the nine months ended September 30, 2012, the Partnership was charged by Aimco and its affiliates approximately $106,000 for hazard insurance coverage and fees associated with policy claims administration. Additional charges will be incurred by the Partnership during 2012 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $159,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2011.

Note C – Refinancing of Mortgage Notes Payable

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the nine months ended September 30, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000, approximately $169,000 of which was incurred during the nine months ended September 30, 2011, and are included in other assets.

On May 2, 2011, the Partnership refinanced the mortgage debt encumbering The Peak at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,861,000, with a new mortgage loan in the principal amount of $15,828,000. The new loan bears interest at a rate of 5.54% per annum and requires monthly payments of principal and interest of approximately $90,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $13,109,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $515,000 during the nine months ended September 30, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $201,000, approximately $173,000 of which was incurred during the nine months ended September 30, 2011, and are included in other assets.

Note D – Fair Value of Financial Instruments

Note E – Sale of Investment Properties

On March 29, 2012, the Partnership sold Greenspoint at Paradise Valley to a third party for a gross sale price of $29,750,000. The net proceeds realized by the Partnership were approximately $29,432,000 after payment of closing costs. The Partnership used approximately $15,349,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately $22,329,000 for the nine months ended September 30, 2012, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $4,000 due to the write off of unamortized loan costs, which is included in loss from discontinued operations.

On September 28, 2012, the Partnership sold Tamarind Bay Apartments to a third party for a gross sale price of $12,750,000. The net proceeds realized by the Partnership were approximately $12,073,000 after payment of closing costs and a credit for approximately $381,000 to the purchaser for capital improvements. The Partnership used approximately $6,670,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately $9,106,000 for the three and nine months ended September 30, 2012, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $2,697,000 due to the write off of unamortized loan costs of approximately $144,000 and the payment of a prepayment penalty of approximately $2,553,000, which is included in loss from discontinued operations.

Note F – Distributions

The Partnership distributed the following amounts during the nine months ended September 30, 2012 and 2011:

Nine Months Ended

September 30, 2012

Per Limited

Partnership

Unit

Nine Months Ended

September 30, 2011

Per Limited

Partnership

Unit

Sale (1)

$ 7,721,000

$ 84.79

$ --

(1) Proceeds from the March 2012 sale of Greenspoint at Paradise Valley.

Note G – Contingencies

The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment properties that are not of a routine nature arising in the ordinary course of business.

Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of potentially hazardous materials present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws for the proper operation of the disposal facility. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its properties, the Partnership could potentially be responsible for environmental liabilities or costs associated with its properties.

Note H – Investment Properties

During the nine months ended September 30, 2012, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $327,000 and accumulated depreciation of approximately $327,000.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Quarterly Report contains or may contain information that is forward-looking within the meaning of the federal securities laws, including, without limitation, statements regarding the Partnership’s ability to maintain current or meet projected occupancy, rental rates and property operating results and the effect of redevelopments. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the Partnership’s control, including, without limitation: financing risks, including the availability and cost of financing and the risk that the Partnership’s cash flows from operations may be insufficient to meet required payments of principal and interest; natural disasters and severe weather such as hurricanes; national and local economic conditions, including the pace of job growth and the level of unemployment; energy costs; the terms of governmental regulations that affect the Partnership’s properties and interpretations of those regulations; the competitive environment in which the Partnership operates; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for residents in such markets ; insurance risk, including the cost of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by the Partnership. Readers should carefully review the Partnership’s financial statements and the notes thereto, as well as the other documents the Partnership files from time to time with the Securities and Exchange Commission.

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, 2012 and 2011:

	Average Occupancy
Property	2012	2011

The Peak at Vinings Mountain	96%	97%
Atlanta, Georgia
Lakeside at Vinings Mountain	96%	97%
Atlanta, Georgia

The Partnership’s financial results depend upon a number of factors including the ability to attract and maintain tenants at the investment properties, interest rates on mortgage loans, costs incurred to operate the investment properties, general economic conditions and weather. 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, the Managing General Partner may use rental concessions and rental rate reductions to offset softening market conditions; accordingly, there is no guarantee that the Managing General Partner will be able to sustain such a plan. Further, a number of factors that are outside the control of the Partnership such as the local economic climate and weather can adversely or positively affect the Partnership’s financial results.

Results of Operations

The Partnership’s net income was approximately $5,446,000 for the three months ended September 30, 2012, compared to net loss of approximately $1,360,000 for the three months ended September 30, 2011. The Partnership’s net income was approximately $25,605,000 for the nine months ended September 30, 2012 compared to net loss of approximately $5,176,000 for the nine months ended September 30, 2011. The statements of operations for the three and nine months ended September 30, 2011 have been restated to reflect the operations of Greenspoint at Paradise Valley and Tamarind Bay Apartments as loss from discontinued operations and the balance sheet as of December 31, 2011 has also been restated to reflect the respective assets and liabilities of Greenspoint at Paradise Valley and Tamarind Bay Apartments as held for sale due to their sales on March 29, 2012 and September 28, 2012, respectively.

	Three Months Ended September 30, 2012	Three Months Ended September 30, 2011	Nine Months Ended September 30, 2012	Nine Months Ended September 30, 2011

Revenues	$ 412	$ 1,218	$ 2,083	$ 3,607
Expenses	(624)	(1,691)	(2,852)	(4,959)
Loss on early extinguishment of debt	(2,697)	--	(2,701)	--
Loss from discontinued operations	$(2,909)	$ (473)	$(3,470)	$(1,352)

The Partnership’s loss from continuing operations for the three and nine months ended September 30, 2012 was approximately $751,000 and $2,360,000, respectively, compared to loss from continuing operations of approximately $887,000 and $3,824,000 for the three and nine months ended September 30, 2011, respectively. The decrease in loss from continuing operations for both the three and nine months ended September 30, 2012 is due to an increase in total revenues and a decrease in total expenses.

Total revenues increased for both periods due to increases in both rental and other income. Rental income increased for both periods primarily due to increases in the average rental rate at The Peak at Vinings Mountain and Lakeside at Vinings Mountain. Other income increased for both periods primarily due to increases in lease cancellation fees and parking income at The Peak at Vinings Mountain.

Total expenses decreased for the three months ended September 30, 2012 due to decreases in operating, general and administrative, depreciation and interest expenses, partially offset by an increase in property tax expense. Total expenses decreased for the nine months ended September 30, 2012 due to decreases in general and administrative, depreciation and interest expenses and the recognition of loss on early extinguishment of debt associated with the payoff of the mortgages encumbering The Peak at Vinings Mountain and Lakeside at Vinings Mountain in May 2011 (as discussed in “Liquidity and Capital Resources”), partially offset by an increase in property tax expense. Operating expense remained relatively constant for the nine months ended September 30, 2012. Depreciation expense decreased for both periods primarily due to assets becoming fully depreciated at both properties during the fourth quarter of 2011 and the second quarter of 2012. Interest expense decreased for both periods due to a decrease in interest on advances from AIMCO Properties, L.P., as a result of a lower average outstanding advance balance. The decrease in interest expense for the nine months ended September 30, 2012 was partially offset by interest incurred on a higher average debt balance as a result of the May 2011 refinancing of the mortgages encumbering The Peak at Vinings Mountain and Lakeside at Vinings Mountain. The increase in property tax expense for both periods is primarily due to the successful appeal of the 2009 and 2010 assessed value of The Peak at Vinings Mountain and Lakeside at Vinings Mountain. During the three months ended September 30, 2011, the Partnership recorded a receivable of approximately $94,000 for overpayment of 2009 and 2010 taxes related to these two properties. This amount was refunded to the Partnership during the third and fourth quarters of 2011. Also contributing to the increase in property tax expense for both periods is an increase in the tax rate at both properties. Operating expenses decreased for the three months ended September 30, 2012 primarily due to decreases in salaries and related benefits at The Peak at Vinings Mountain and turnover expenses at both properties.

General and administrative expenses decreased for both periods primarily due to decreases in management reimbursements charged by an affiliate of the Managing General Partner as allowed under the Partnership Agreement. Also included in general and administrative expenses for the three and nine months ended September 30, 2012 and 2011 are costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement.

Liquidity and Capital Resources

At September 30, 2012, the Partnership had cash and cash equivalents of approximately $3,087,000, compared to approximately $453,000 at December 31, 2011. Cash and cash equivalents increased approximately $2,634,000 due to approximately $40,483,000 and $717,000 of cash provided by investing and operating activities, respectively, partially offset by approximately $38,566,000 of cash used in financing activities. Cash provided by investing activities consisted of net proceeds from the sales of Greenspoint at Paradise Valley and Tamarind Bay Apartments, partially offset by property improvements and replacements. Cash used in financing activities consisted of repayment of the mortgage notes encumbering Greenspoint at Paradise Valley Apartments and Tamarind Bay Apartments, distributions to partners, repayment of advances from an affiliate of the Managing General Partner, a prepayment penalty paid and principal payments made on the mortgages encumbering the Partnership’s investment properties.

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 Partnership and to comply with Federal, state, and local legal and regulatory requirements. The Managing General Partner monitors developments in the area of legal and regulatory compliance. Capital improvements planned for each of the Partnership’s properties are detailed below.

Lakeside at Vinings Mountain

During the nine months ended September 30, 2012, the Partnership completed approximately $397,000 of capital improvements at Lakeside at Vinings Mountain, which consisted primarily of interior improvements, structural upgrades and floor covering replacement. These improvements were funded from operating cash flow. The Partnership regularly evaluates the capital improvement needs of the property. While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during the remainder of 2012. Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.

Greenspoint at Paradise Valley

During the nine months ended September 30, 2012, the Partnership completed approximately $131,000 of capital improvements at Greenspoint at Paradise Valley, which consisted primarily of sewer upgrades and floor covering replacement. These improvements were funded from operating cash flow. The Partnership sold Greenspoint at Paradise Valley to a third party on March 29, 2012.

The Peak at Vinings Mountain

During the nine months ended September 30, 2012, the Partnership completed approximately $402,000 of capital improvements at The Peak at Vinings Mountain, which consisted primarily of HVAC upgrades, interior improvements and floor covering replacement. These improvements were funded from operating cash flow. The Partnership regularly evaluates the capital improvement needs of the property. While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during the remainder of 2012. Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.

Tamarind Bay Apartments

During the nine months ended September 30, 2012, the Partnership completed approximately $38,000 of capital improvements at Tamarind Bay Apartments, which consisted primarily of major landscaping and floor covering replacement. These improvements were funded from operating cash flow. The Partnership sold Tamarind Bay Apartments to a third party on September 28, 2012.

Capital expenditures will be incurred only if cash is available from operations or from Partnership reserves. To the extent that capital improvements are completed, the Partnership's distributable cash flow, if any, may be adversely affected at least in the short term.

The Partnership’s assets are thought to be generally sufficient for any near term needs (exclusive of capital improvements) of the Partnership. On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the nine months ended September 30, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000, approximately $169,000 of which was incurred during the nine months ended September 30, 2011, and are included in other assets.

The Managing General Partner will attempt to refinance such indebtedness and/or sell the properties prior to such maturity dates. If any property cannot be refinanced or sold for a sufficient amount, the Partnership will risk losing such property through foreclosure.

The Partnership distributed the following amounts during the nine months ended September 30, 2012 and 2011 (in thousands, except per unit data):

		Per Limited		Per Limited
	Nine Months Ended	Partnership	Nine Months Ended	Partnership
	September 30, 2012	Unit	September 30, 2011	Unit

Sale (1)	$ 7,721	$ 84.79	$ --	$ --

(1) Proceeds from the March 2012 sale of Greenspoint at Paradise Valley.

Subsequent to September 30, 2012, the Partnership distributed approximately $2,531,000, (approximately $2,480,000 to the limited partners or $27.79 per limited partnership unit) from proceeds from the sale of Tamarind Bay Apartments. Future cash distributions will depend on the levels of net cash generated from operations and the timing of debt maturities, property sales and/or refinancings. The Partnership's cash available for distribution is reviewed on a monthly basis. There can be no assurance, however, that the Partnership will generate sufficient funds from operations, after planned capital expenditures, to permit any additional distributions to its partners in 2012 or subsequent periods.

Other

In addition to its indirect ownership of the general partner interest in the Partnership, Aimco and its affiliates owned 60,711.66 limited partnership units (the “Units”) in the Partnership representing 68.04% of the outstanding Units at September 30, 2012. A number of these Units were acquired pursuant to tender offers made by Aimco or its affiliates. It is possible that Aimco or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of Aimco, either through private purchases or tender offers. Pursuant to the Partnership Agreement, Unit holders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 68.04% of the outstanding Units, Aimco and its affiliates are in a position to influence all such voting decisions with respect to the Partnership. However, with respect to the 25,228.66 Units acquired on January 19, 1996, AIMCO IPLP, L.P. ("IPLP"), an affiliate of the Managing General Partner and of Aimco, agreed to vote such Units: (i) against any increase in compensation payable to the Managing General Partner or to its affiliates; and (ii) on all other matters submitted by it or its affiliates, in proportion to the vote cast by third party unitholders. Except for the foregoing, no other limitations are imposed on IPLP's, Aimco's or any other affiliates' right to vote each Unit held. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to both the General Partner and Aimco as the sole stockholder of the Managing General Partner. As a result, the duties of the Managing General Partner, as managing general partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to Aimco as its sole stockholder.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Partnership to make estimates and assumptions. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

Impairment of Long-Lived Assets

Investment properties are recorded at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeds the estimated aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.

Real property investment is subject to varying degrees of risk. Several factors may adversely affect the economic performance and value of the Partnership’s investment properties. These factors include, but are not limited to, general economic climate; competition from other apartment communities and other housing options; local conditions, such as loss of jobs or an increase in the supply of apartments that might adversely affect apartment occupancy or rental rates; changes in governmental regulations and the related cost of compliance; increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multi-family housing; and changes in interest rates and the availability of financing. Any adverse changes in these and other factors could cause an impairment of the Partnership’s assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less. The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area. Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease. The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.

Assets Held for Sale

The Partnership classifies long-lived assets as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset; the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation is not recorded during the period in which the long-lived asset is classified as held for sale. When the asset is designated as held for sale, the related results of operations are presented as discontinued operations.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

Item 4. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures

The Partnership’s management, with the participation of the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective.

(b) Changes in Internal Control Over Financial Reporting

There has been no change in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS

See Exhibit Index.

The agreements included as exhibits to this Form 10-Q contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

may apply standards of materiality in a way that is different from what may be viewed as material to an investor; and

were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Partnership acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Form 10-Q not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-Q and the Partnership’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

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.

	CENTURY PROPERTIES FUND XIX, LP

	By: FOX PARTNERS II
	General Partner

	By: FOX CAPITAL MANAGEMENT CORPORATION
	Managing General Partner

Date: November 13, 2012	By: /s/Steven D. Cordes
	Steven D. Cordes
	Senior Vice President

Date: November 13, 2012	By: /s/Stephen B. Waters
	Stephen B. Waters
	Senior Director of Partnership Accounting

CENTURY PROPERTIES FUND XIX, LP

EXHIBIT INDEX

Exhibit Description of Exhibit

2.1 NPI, Inc. Stock Purchase Agreement, dated as of August 7, 1995, incorporated by reference to the Registrant's Current Report on Form 8-K dated August 7, 1995.

2.2 Partnership Units Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed by Insignia Financial Group, Inc. ("Insignia") with the Securities and Exchange Commission on September 1, 1995.

2.3 Management Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.2 to the Registrant's Current Report on Form 8-K filed by Insignia with the Securities and Exchange Commission on September 1, 1995.

2.4 Agreement and Plan of Merger, dated as of October 1, 1998, by and between AIMCO and IPT (incorporated by reference to Exhibit 2.4 of the Registrant's Current Report on Form 8-K dated October 1, 1998).

2.5 Agreement and Plan of Merger, dated as of August 29, 2008, by and between Century Properties Fund XIX, a California limited partnership, and Century Properties Fund XIX, LP, a Delaware limited partnership (incorporated by reference to the Registrant's Quarterly Report on Form 10-Q dated June 30, 2009).

3.4 Agreement of Limited Partnership Century Properties Fund XIX, incorporated by reference to Exhibit A to the Prospectus of the Partnership dated September 20, 1983, as amended on June 13, 1989, and as thereafter supplemented contained in the Registrant's Registration Statement on Form S-11 (Reg. No. 2-79007).

3.5 Amendment to the Amended and Restated Limited Partnership Agreement of Century Properties Fund XIX, dated September 29, 2003, incorporated by reference to the Registrant’s Current Report on Form 8-K dated September 29, 2003.

3.6 Second Amendment to the Amended and Restated Limited Partnership Agreement of Century Properties Fund XIX, dated December 4, 2006 (filed with Form 10-KSB of the Registrant dated December 31, 2006 and incorporated herein by reference).

3.7 Second Amendment to the Amended and Restated Limited Partnership Agreement of Century Properties Fund XIX, LP, dated August 29, 2008 (incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated September 30, 2008).

10.50 Multifamily Note-CME, dated May 2, 2011, between Lakeside at Vinings, LLC, a Delaware limited liability company, and Keycorp Real Estate Capital Markets, Inc., an Ohio corporation (incorporated by reference to the Registrant’s Current Report on Form 8-K dated May 2, 2011).

10.51 Multifamily Note-CME, dated May 2, 2011, between Peak at Vinings, LLC, a Delaware limited liability company, and Keycorp Real Estate Capital Markets, Inc., an Ohio corporation (incorporated by reference to the Registrant’s Current Report on Form 8-K dated May 2, 2011).

10.52 Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Hamilton Zanze & Company, a California corporation (incorporated by reference to the Registrant’s Current Report on Form 8-K dated January 26, 2012).

10.53 Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Augustus Partners, LLC, a Colorado limited liability company, dated June 14, 2012 (incorporated by reference to the Registrant’s Current Report on Form 8-K dated June 14, 2012).

10.54 First Amendment to Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Augustus Partners, LLC, a Colorado limited liability company, dated August 15, 2012 (incorporated by reference to the Registrant’s Current Report for Form 8-K dated August 15, 2012).

10.55 Second Amendment to Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Augustus Partners, LLC, a Colorado limited liability company, dated August 21, 2012 (incorporated by reference to the Registrant’s Current Report for Form 8-K dated August 21, 2012).

10.56 Third Amendment to Purchase and Sale Contract between Century Properties Fund XIX, LP, a Delaware limited partnership, and Augustus Partners, LLC, a Colorado limited liability company, dated September 25, 2012 (incorporated by reference to the Registrant’s Current Report for Form 8-K dated September 25, 2012).

31.1 Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101 XBRL (Extensible Business Reporting Language). The following materials from Century Properties Fund XIX, LP’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statement of changes in partners’ deficit, (iv) statements of cash flows, and (v) notes to financial statements (1).

(1) As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

EX-31.1 2 cpf19912_ex31z1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Steven D. Cordes, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Century Properties Fund XIX, LP;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 13, 2012

/s/Steven D. Cordes

Steven D. Cordes

Senior Vice President of Fox Capital Management Corporation, equivalent of the chief executive officer of the Partnership

EX-31.2 3 cpf19912_ex31z2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Stephen B. Waters, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Century Properties Fund XIX, LP;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 13, 2012

/s/Stephen B. Waters

Stephen B. Waters

Senior Director of Partnership Accounting of Fox Capital Management Corporation, equivalent of the chief financial officer of the Partnership

EX-32.1 4 cpf19912_ex32z1.htm EXHIBIT 32.1

Exhibit 32.1

Certification of CEO and CFO

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Century Properties Fund XIX, LP (the "Partnership"), for the quarterly period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Steven D. Cordes, as the equivalent of the chief executive officer of the Partnership, and Stephen B. Waters, as the equivalent of the chief financial officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/Steven D. Cordes

Name: Steven D. Cordes

Date: November 13, 2012

/s/Stephen B. Waters

Name: Stephen B. Waters

Date: November 13, 2012

This certification is furnished with this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Partnership for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

EX-101.INS 5 cpf19-20120930.xml XBRL INSTANCE DOCUMENT 10-Q 2012-09-30 false CENTURY PROPERTIES FUND XIX 0000705752 --12-31 89235 Smaller Reporting Company Yes No No 2012 Q3

2303000 2339000 7016000 8124000

-10789000 -19317000 -30106000

-7671000 -4551000 -12222000

Note C Refinancing of Mortgage Notes Payable   On May 2, 2011, the Partnership refinanced the mortgage debt encumbering Lakeside at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,170,000, with a new mortgage loan in the principal amount of $14,982,000. The new loan bears interest at a rate of 5.53% per annum and requires monthly payments of principal and interest of approximately $85,000 beginning on July 1, 2011, through the June 1, 2021 maturity date.  The new mortgage loan has a balloon payment of approximately $12,405,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $482,000 during the nine months ended September 30, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $189,000, approximately $169,000 of which was incurred during the nine months ended September 30, 2011, and are included in other assets.   On May 2, 2011, the Partnership refinanced the mortgage debt encumbering The Peak at Vinings Mountain. The refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $9,861,000, with a new mortgage loan in the principal amount of $15,828,000. The new loan bears interest at a rate of 5.54% per annum and requires monthly payments of principal and interest of approximately $90,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $13,109,000 due at maturity. The Partnership may prepay the mortgage at any time with 30 days written notice to the lender, subject to a prepayment penalty. In connection with the payoff of the existing mortgage debt, the Partnership recognized a loss on early extinguishment of debt of approximately $515,000 during the nine months ended September 30, 2011, due to the write off of unamortized loan costs and a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $201,000, approximately $173,000 of which was incurred during the nine months ended September 30, 2011, and are included in other assets.

Note E Sale of Investment Properties   On March 29, 2012, the Partnership sold Greenspoint at Paradise Valley to a third party for a gross sale price of $29,750,000. The net proceeds realized by the Partnership were approximately $29,432,000 after payment of closing costs.  The Partnership used approximately $15,349,000 of the net proceeds to repay the mortgages encumbering the property. As a result of the sale, the Partnership recorded a gain of approximately $22,329,000 for the nine months ended September 30, 2012, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $4,000 due to the write off of unamortized loan costs, which is included in loss from discontinued operations.   On September 28, 2012, the Partnership sold Tamarind Bay Apartments to a third party for a gross sale price of $12,750,000.  The net proceeds realized by the Partnership were approximately $12,073,000 after payment of closing costs and a credit for approximately $381,000 to the purchaser for capital improvements. The Partnership used approximately $6,670,000 of the net proceeds to repay the mortgages encumbering the property.  As a result of the sale, the Partnership recorded a gain of approximately $9,106,000 for the three and nine months ended September 30, 2012, which is included in gain from sale of discontinued operations. In addition, the Partnership recorded a loss on the early extinguishment of debt of approximately $2,697,000 due to the write off of unamortized loan costs of approximately $144,000 and the payment of a prepayment penalty of approximately $2,553,000, which is included in loss from discontinued operations.

Note G Contingencies   The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment properties that are not of a routine nature arising in the ordinary course of business.   Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of potentially hazardous materials  present on a property, including lead-based paint, asbestos, polychlorinated biphenyls, petroleum-based fuels, and other miscellaneous materials. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such materials. The presence of, or the failure to manage or remedy properly, these materials may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the improper management of these materials on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of these materials through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of these materials is potentially liable under such laws for the proper operation of the disposal facility. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its properties, the Partnership could potentially be responsible for environmental liabilities or costs associated with its properties.

Note H Investment Properties   During the nine months ended September 30, 2012, the Partnership retired and wrote off personal property no longer being used that had a cost basis of approximately $327,000 and accumulated depreciation of approximately $327,000.

Note F - Distributions (Details) (USD $)	9 Months Ended
Note F - Distributions (Details) (USD $)	Sep. 30, 2012
Distributions to all partners subsequent to reporting period	$ 2,531,000
Distribution portion to Limited Partners subsequent to reporting period	$ 2,480,000
Limited Partner per unit distribution subsequent to reporting period	$ 27.79

Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$ 3,087	$ 453
Receivables and deposits	88	138
Other assets	441	589
Investment properties:
Land	2,838	2,838
Buildings and related personal property	54,522	53,994
Total investment property	57,360	56,832
Less accumulated depreciation	(41,871)	(38,472)
Investment property, net	15,489	18,360
Assets held for sale	0	11,110
Total assets	19,105	30,650
Liabilities
Accounts payable	109	156
Tenant security deposit liabilities	123	121
Accrued property taxes	267	0
Other liabilities	537	598
Due to affiliates	0	6,715
Mortgage notes payable	30,291	30,607
Liabilities related to assets held for sale	0	22,559
Total liabilities	31,327	60,756
Partners' Deficit
General partner	(7,671)	(10,789)
Limited partners	(4,551)	(19,317)
Total partners' deficit	(12,222)	(30,106)
Total liabilities and partners' deficit	$ 19,105	$ 30,650

Note F - Distributions: Schedule of distributions from sale proceeds (Details) (USD $)	9 Months Ended
	Sep. 30, 2012
Gross distributions to partners from sale proceeds	$ 7,721,000
Distribution per limited partnership unit from sale proceeds	$ 84.79

Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Rental income	$ 1,393	$ 1,307	$ 4,177	$ 3,911
Other income	159	145	479	389
Total revenues	1,552	1,452	4,656	4,300
Expenses:
Operating	510	538	1,497	1,480
General and administrative	67	79	213	251
Depreciation	1,207	1,243	3,671	3,735
Interest	430	506	1,368	1,496
Property taxes	89	(27)	267	165
Loss on early extinguishment of debt	0	0	0	997
Total expenses	2,303	2,339	7,016	8,124
Loss from continuing operations	(751)	(887)	(2,360)	(3,824)
Loss from discontinued operations	(2,909)	(473)	(3,470)	(1,352)
Gain from sale of discontinued operations	9,106	0	31,435	0
Net income (loss)	5,446	(1,360)	25,605	(5,176)
Net income (loss) allocated to general partner	710	(160)	3,273	(611)
Net income (loss) allocated to limited partners	$ 4,736	$ (1,200)	$ 22,332	$ (4,565)
Per limited partnership unit:
Loss from continuing operations	$ (7.41)	$ (8.77)	$ (23.32)	$ (37.78)
Loss from discontinued operations	$ (28.76)	$ (4.67)	$ (34.30)	$ (13.35)
Gain from sale of discontinued operations	$ 89.24	$ 0.00	$ 307.88	$ 0.00
Net income (loss) per limited partnership unit	$ 53.07	$ (13.44)	$ 250.26	$ (51.13)
Distributions per limited partnership unit	$ 4.83	$ 0.00	$ 84.79	$ 0.00

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2012
Document and Entity Information:
Entity Registrant Name	CENTURY PROPERTIES FUND XIX
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Entity Central Index Key	0000705752
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	89,235
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3

Statement of Shareholders Deficit (Unaudited) (USD $) In Thousands	General Partner	Limited Partners	Total
Partners' deficit, beginning balance at Dec. 31, 2011	$ (10,789)	$ (19,317)	$ (30,106)
Distributions to partners	(155)	(7,566)	(7,721)
Net income	3,273	22,332	25,605
Partners' deficit, ending balance at Sep. 30, 2012	$ (7,671)	$ (4,551)	$ (12,222)

Note E - Sale of Investment Property (Details) (USD $)	3 Months Ended	9 Months Ended
Note E - Sale of Investment Property (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2012
Investment Property Sale Price March 29, 2012 - Greenspoint at Paradise Valley		$ 29,750,000
Net proceeds realized March 29, 2012 sale		29,432,000
Sale proceeds used to repay mortgage March 29, 2012 sale		15,349,000
Gain on sale of investment property March 29, 2012 sale		22,329,000
Loss on early extinguishment of debt March 29, 2012 sale		4,000
Investment Property Sale Price Sept 28, 2012 - Tamarind Bay Apartments	12,750,000	12,750,000
Net proceeds realized Sept 28, 2012 sale	12,073,000	12,073,000
Purchase price credit for capital improvements Sept 28, 2012 sale	381,000	381,000
Sale proceeds used to repay mortgage Sept 28, 2012 sale	6,670,000	6,670,000
Gain on sale of investment property Sept 28, 2012 sale	9,106,000	9,106,000
Loss on early extinguishment of debt Sept 28, 2012 sale	2,697,000	2,697,000
Unamortized loan costs write off Sept 28, 2012 sale	144,000	144,000
Prepayment penalty Sept 28, 2012 sale	$ 2,553,000	$ 2,553,000

Note C - Refinancing of Mortgage Notes Payable (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2011
Lakeside at Vinings Mountain - Old Mortgage - May 2011	$ 9,170,000
Lakeside at Vinings Mountain - New Mortgage - May 2011	14,982,000
Stated Interest Rate - Lakeside at Vinings Mountain - New Mortgage	5.53%
Required monthly P&I payments - Lakeside at Vinings Mountain - New Mortgage	85,000
Balloon payment June 2021 maturity new mortgage - Lakeside at Vinings Mountain	12,405,000
Loss on early extinguishment debt - Lakeside at Vinings Mountain	482,000
Total capitalized loan costs - new mortgage - Lakeside at Vinings Mountain	169,000	189,000
The Peak at Vinings Mountain - Old Mortgage - May 2011	9,861,000
The Peak at Vinings Mountain - New Mortgage - May 2011	15,828,000
Stated Interest Rate - The Peak at Vinings Mountain - New Mortgage	5.54%
Required monthly P&I payments - The Peak at Vinings Mountain - New Mortgage	90,000
Balloon payment June 2021 maturity new mortgage - The Peak at Vinings Mountain	13,109,000
Loss on early extinguishment debt - The Peak at Vinings Mountain	515,000
Total capitalized loan costs - new mortgage - The Peak at Vinings Mountain	$ 173,000	$ 201,000

Note H - Investment Properties (Details) (USD $)	9 Months Ended
Note H - Investment Properties (Details) (USD $)	Sep. 30, 2012
Retired personal property cost basis	$ 327,000
Retired personal property accumulated depreciation	$ 327,000

Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ 25,605	$ (5,176)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	4,617	5,777
Amortization of loan costs	51	92
Gain from sale of discontinued operations	(31,435)	0
Loss on early extinguishment of debt	2,701	997
Change in accounts:
Receivables and deposits	195	(22)
Other assets	118	10
Accounts payable	22	(41)
Tenant security deposit liabilities	(142)	(4)
Accrued property taxes	164	422
Other liabilities	(237)	109
Due to affiliates	(942)	(1,160)
Net cash provided by operating activities	717	1,004
Cash flows from investing activities:
Insurance proceeds received	0	2
Property improvements and replacements	(1,022)	(619)
Proceeds from sale of discontinued operations	41,505	0
Net cash provided by (used in) investing activities	40,483	(617)
Cash flows from financing activities:
Payments on mortgage notes payable	(500)	(766)
Repayment of mortgage notes payable	(22,019)	(19,031)
Proceeds from mortgage notes payable	0	30,810
Loan costs paid	0	(342)
Prepayment penalties paid	(2,553)	(755)
Repayment of advances from affiliate	(5,773)	(10,904)
Advances from affiliate	0	651
Distributions to partners	(7,721)	0
Net cash used in financing activities	(38,566)	(337)
Net increase in cash and cash equivalents	2,634	50
Cash and cash equivalents at beginning of period	453	231
Cash and cash equivalents at end of period	3,087	281
Supplemental disclosure of cash flow information:
Cash paid for interest	2,592	3,662
Supplemental disclosure of non-cash activity:
Property improvements and replacements included in accounts payable	$ 52	$ 105