-----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, PedsB9f/+ZUj8Z1DmU0RGFK80JaRGlhkoC7NTWc7b1xldoLUCZm51PgsHTC4otR+ bvRU+FWP8B6TMwJwl1rurA== 0000734761-96-000004.txt : 19960515 0000734761-96-000004.hdr.sgml : 19960515 ACCESSION NUMBER: 0000734761-96-000004 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 XXI L P CENTRAL INDEX KEY: 0000734761 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330030615 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13356 FILM NUMBER: 96563297 BUSINESS ADDRESS: STREET 1: 13760 NOEL RD,. SUITE 700, LB70 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144485800 MAIL ADDRESS: STREET 1: 2711 LBJ FREEWAY, SUITE 900 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHMARK REALTY PARTNERS LTD DATE OF NAME CHANGE: 19920413 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 0-13356 MCNEIL REAL ESTATE FUND XXI, L.P. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 33-0030615 - -------------------------------------------------------------------------------- (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 XXI, L.P. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS (Unaudited)
March 31, December 31, 1996 1995 --------------- ------------- ASSETS - ------ Real estate investments: Land..................................................... $ 3,607,306 $ 3,607,306 Buildings and improvements............................... 33,448,554 33,341,911 -------------- ------------- 37,055,860 36,949,217 Less: Accumulated depreciation and amortization......... (15,680,740) (15,278,026) -------------- ------------- 21,375,120 21,671,191 Cash and cash equivalents................................... 2,208,485 1,998,301 Cash segregated for security deposits....................... 158,996 167,007 Accounts receivable, net of allowance for doubtful accounts of $50,938 and $1,800 at March 31, 1996 and December 31, 1995, respectively................. 173,166 176,462 Escrow deposits............................................. 529,505 611,639 Deferred borrowing costs, net of accumulated amortization of $106,054 and $90,135 at March 31, 1996 and December 31, 1995, respectively................. 479,712 495,631 Prepaid expenses and other assets........................... 57,821 58,418 -------------- ------------- $ 24,982,805 $ 25,178,649 ============== ============= LIABILITIES AND PARTNERS' DEFICIT Mortgage notes payable, net................................. $ 21,953,522 $ 22,008,628 Mortgage note payable - affiliates.......................... 733,900 733,900 Accounts payable and accrued expenses....................... 307,031 300,985 Accrued property taxes...................................... 312,672 338,135 Payable to affiliates - General Partner..................... 4,400,280 4,217,978 Advances from affiliates - General Partner.................. 691,287 676,601 Security deposits and deferred rental revenue............... 210,499 196,320 -------------- ------------- 28,609,191 28,472,547 -------------- ------------- Partners' deficit: Limited partners - 50,000 Units authorized; 47,288 and 47,308 Units outstanding at March 31, 1996 and December 31, 1995, respectively, (24,949 Current Income Units outstanding at March 31, 1996 and December 31, 1995 and 22,339 and 22,359 Growth/Shelter Units outstanding at March 31, 1996 and December 31,1995, respectively) (3,272,509) (2,943,347) General Partner.......................................... (353,877) (350,551) -------------- ------------- (3,626,386) (3,293,898) -------------- ------------- $ 24,982,805 $ 25,178,649 ============== =============
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 XXI, L.P. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, -------------------------------- 1996 1995 -------------------------------- Revenue: Rental revenue................................................. $ 1,593,496 $ 2,007,881 Interest....................................................... 22,049 25,323 Gain on disposition of real estate............................. - 1,615,811 ------------ ------------- Total revenue................................................ 1,615,545 3,649,015 ------------ ------------- Expenses: Interest....................................................... 513,916 749,303 Interest - affiliates.......................................... 29,992 100,246 Depreciation and amortization.................................. 402,714 525,239 Property taxes................................................. 119,691 173,880 Personnel costs................................................ 207,192 229,970 Utilities...................................................... 113,082 119,881 Repairs and maintenance........................................ 176,105 182,440 Property management fees -affiliates........................... 81,822 113,265 Other property operating expenses.............................. 106,269 154,990 General and administrative..................................... 15,943 18,807 General and administrative - affiliates........................ 181,307 196,445 ------------- ------------- Total expenses............................................... 1,948,033 2,564,466 Net income (loss).............................................. $ (332,488) $ 1,084,549 ============= ============= Net income (loss) allocable to limited partners - Current Income Unit....................................... $ (29,923) $ 97,609 Net income (loss) allocable to limited partners - Growth/Shelter Unit....................................... (299,239) 976,094 Net income (loss) allocable to General Partner................. (3,326) 10,846 ------------- ------------- Net income (loss).............................................. $ (332,488) $ 1,084,549 ============= ============= Net income (loss) per limited partnership unit: Current Income Units........................................... $ (1.20) $ 3.91 ============== ============= Growth/Shelter Units........................................... $ (13.40) $ 43.64 ============= =============
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 XXI, L.P. STATEMENTS OF PARTNERS' 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.............. $ (348,843) $ (2,774,251) $ (3,123,094) Net loss General Partner........................ 10,846 - 10,846 Current Income Units................... - 97,609 97,609 Growth/Shelter Units................... - 976,094 976,094 ------------- ------------- ------------- Total net loss............................ 10,846 1,073,703 1,084,549 ------------- ------------- ------------- Balance at March 31, 1995................. $ (337,997) $ (1,700,548) $ (2,038,545) ============= ============== ============= Balance at December 31, 1995.............. $ (350,551) $ (2,943,347) $ (3,293,898) Net loss General Partner........................ (3,326) - (3,326) Current Income Units................... - (29,923) (29,923) Growth/Shelter Units................... - (299,239) (299,239) ------------- ------------- ------------- Total net loss............................ (3,326) (329,162) (332,488) ------------- ------------- ------------- Balance at March 31, 1996................. $ (353,877) $ (3,272,509) $ (3,626,386) ============= ============== =============
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 XXI, L.P. 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........................ $ 1,613,389 $ 2,111,230 Cash paid to suppliers............................ (585,662) (530,130) Cash paid to affiliates........................... (80,827) (106,994) Interest received................................. 22,049 19,504 Interest paid..................................... (433,560) (810,916) Interest paid to affiliates....................... (50,886) (123,887) Property taxes paid............................... (107,866) (286,859) ----------------- -------------- Net cash provided by operating activities............ 376,637 271,948 ----------------- -------------- Cash flows from investing activities: Additions to real estate investments.............. (106,643) (150,440) Net proceeds from disposition of real estate...... - 2,199,917 ----------------- -------------- Net cash provided by (used in) investing activities.............................. (106,643) 2,049,477 ----------------- -------------- Cash flows from financing activities: Principal payments on mortgage notes payable......................................... (59,810) (80,633) ----------------- -------------- Net increase in cash and cash equivalents............ 210,184 2,240,792 Cash and cash equivalents at beginning of period............................................ 1,998,301 1,151,098 ----------------- -------------- Cash and cash equivalents at end of period........... $ 2,208,485 $ 3,391,890 ================= ==============
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 XXI, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities
Three Months Ended March 31, ---------------------------------------- 1996 1995 ----------------- --------------- Net income (loss).................................... $ (332,488) $ 1,084,549 --------------- -------------- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization..................... 402,714 525,239 Amortization of deferred borrowing costs.......... 15,919 22,543 Amortization of discounts on mortgage notes payable................................... 4,704 6,912 Interest added to advances to affiliates - General Partner, net of payments................ - (5,819) Interest added to advances from affiliates - General Partner, net of payments................ 14,686 36,621 Gain on disposition of real estate................ - (1,615,811) Changes in assets and liabilities: Cash segregated for security deposits........... 8,011 (6,621) Accounts receivable............................. 3,296 96,238 Escrow deposits................................. 82,134 (109,966) Prepaid expenses and other assets............... 597 36,367 Accounts payable and accrued expenses........... 6,046 (7,826) Accrued property taxes.......................... (25,463) (6,277) Payable to affiliates - General Partner......... 182,302 202,716 Security deposits and deferred rental revenue....................................... 14,179 13,083 --------------- -------------- Total adjustments............................. 709,125 (812,601) --------------- -------------- Net cash provided by operating activities............ $ 376,637 $ 271,948 =============== ==============
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 XXI, L.P. Notes to Financial Statements (Unaudited) March 31, 1996 NOTE 1. - ------- McNeil Real Estate Fund XXI, L.P., (the "Partnership"), formerly known as Southmark Realty Partners, Ltd. was organized on November 23, 1983 as a limited partnership under the provisions of the California Revised Limited Partnership Act to acquire and operate commercial and residential properties. The general partner of the Partnership is McNeil Partners, L.P. (the "General Partner"), a Delaware limited partnership, an affiliate of Robert A. McNeil ("McNeil"). 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 XXI, L.P. c/o McNeil Real Estate Management, Inc., Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. NOTE 3. - ------- The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. The Partnership has previously relied on advances from affiliates to meet its debt obligations and to fund capital improvements. Additionally, the Partnership has had to defer payment of payables to affiliates in order to meet its working capital needs. Additionally, the Partnership is faced with mortgage note maturities of approximately $9.2 million in 1997 for which no extensions, modifications or refinancings have yet been negotiated. There is no guarantee that such negotiations can be completed. These conditions raise substantial doubt about the Partnership's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. NOTE 4. - ------- The Partnership pays property management fees equal to 5% of gross rental receipts for its residential properties and 6% of gross rental receipts for its commercial 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. The Partnership is paying an asset management fee which is payable to the General Partner. Through 1999, the Asset Management Fee is calculated as 1% of the Partnership's tangible asset value. 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. The fee percentage decreases subsequent to 1999. Total accrued but unpaid asset management fees of $2,660,750 were outstanding at March 31, 1996. The Partnership pays a disposition fee to an affiliate of the General Partner equal to 3% of the gross sales price for brokerage services performed in connection with the sale of the Partnership's properties. The fee is due and payable at the time the sale closes. In connection with the sales of Suburban Plaza and Wyoming Mall, total accrued but unpaid disposition fees of $346,050 were outstanding at March 31, 1996 and December 31, 1995. Prior to the restructuring of the Partnership, affiliates of the Original General Partner advanced funds to enable the Partnership to meet its working capital requirements. These advances were purchased by, and are now payable to, the General Partner. The total advances from affiliates at March 31, 1996 and December 31, 1995 consisted of the following:
March 31, December 31, 1996 1995 ---------------- --------------- Advances purchased by General Partner................ $ 630,574 $ 630,574 Accrued interest payable............................. 60,713 46,027 --------------- -------------- $ 691,287 $ 676,601 =============== ==============
Compensation and reimbursements 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............................. $ 81,822 $ 113,265 Charged to gain on disposition of real estate: Disposition fee........................................ - 346,050 Charged to interest -affiliates: Interest on advances from affiliates - General Partner......................................... 14,687 36,621 Interest on mortgage note payable - affiliates.... 15,305 63,625 Charged to general and administrative -affiliates: Partnership administration........................ 83,647 100,641 Asset management fee.............................. 97,660 95,804 --------------- -------------- $ 293,121 $ 756,006 =============== ==============
Payable to affiliates - General Partner at March 31, 1996 and December 31, 1995 consisted primarily of unpaid asset management fees, property management fees, disposition fees and partnership general and administrative expenses and are due and payable from current operations. NOTE 5. - ------- On March 31, 1995, Suburban Plaza was sold to an unrelated third party for a cash price of $6,910,000. Cash proceeds and the gain on the disposition are detailed below:
Gain on Sale Cash Proceeds ----------------- ----------------- Sales price.......................................... $ 6,910,000 $ 6,910,000 Selling costs........................................ (293,754) (86,454) Retirement of mortgage discount...................... (683,198) Carrying value....................................... (3,691,594) Accounts receivable.................................. (315,979) Deferred borrowing costs............................. (479) Prepaid expenses..................................... (63,548) --------------- Gain on disposition of real estate................... $ 1,861,448 =============== Retirement of mortgage note.......................... (3,963,489) Retirement of mortgage notes - affiliates............ (1,331,000) Accrued interest paid on retired notes............... (146,111) Real estate tax proration............................ (38,368) Credit for security deposit liability................ (22,325) --------------- Net cash proceeds.................................... $ 1,322,253 ===============
On March 31, 1995, Wyoming Mall was sold to an unrelated third party for a cash price of $9,250,000. The Partnership had a 50% undivided interest in the assets, liabilities and operations of Wyoming Mall, owned jointly with McNeil Real Estate Fund XXII, L.P. Cash proceeds and the loss on the disposition are detailed below:
Gain on Sale Cash Proceeds ----------------- ----------------- Sales price.......................................... $ 4,625,000 $ 4,625,000 Selling costs........................................ (234,838) (96,088) Mortgage note prepayment penalty..................... (138,441) (138,441) Carrying value....................................... (4,325,663) Accounts receivable.................................. (81,749) Deferred borrowing costs............................. (49,910) Prepaid expenses..................................... (40,036) --------------- Loss on disposition of real estate................... $ (245,637) =============== Retirement of mortgage note.......................... (3,452,337) Payment of 1994 taxes at closing..................... (23,735) Real estate tax proration............................ (14,154) Credit for security deposit liability................ (22,581) -------------- Net cash proceeds.................................... $ 877,664 ===============
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- Net loss for the first three months of 1996 was $332,488 as compared to net income of $1,084,549 for the same period in 1995. On March 31, 1995, Wyoming Mall was sold to an unrelated third party for a cash price of $9,250,000. The Partnership had a 50% undivided interest in the assets, liabilities and operations of Wyoming Mall, owned jointly with McNeil Real Estate Fund XXII, L.P. The Partnership received net cash proceeds of $877,664 from the sale of the property and recorded a loss on disposition of real estate of $245,637. The Partnership recorded $245,199 of revenue and $248,884 of expense for the first three months of 1995 for Wyoming Mall. Suburban Plaza was sold to an unrelated third party for a cash price of $6,910,000. The Partnership received net cash proceeds of $1,322,253 and recorded a gain on disposition of real estate of $1,861,448. The Partnership recorded $284,325 of revenue and $311,706 of expense for the first three months of 1995 for Suburban Plaza. The Partnership's working capital needs have been supported by net proceeds from the December 1993 sale of Hickory Lake Apartments and the March 1995 sales of Suburban Plaza and Wyoming Mall and by deferring certain affiliate payables. The Partnership has had little ready cash reserves since its inception. It has been largely dependent on affiliates to support its operations. Although no additional advances from affiliates were required during the first three months of 1996, at March 31, 1996 the Partnership owed affiliate advances of $691,287 and payables to affiliates for property management fees, Partnership general and administrative expenses, asset management fees and disposition fees totaling $4,400,280. RESULTS OF OPERATIONS - --------------------- Revenue: Rental revenue decreased by $414,385 for the three months ended March 31, 1996 as compared to the same period in 1995. The decrease was primarily due to the sales of Suburban Plaza and Wyoming Mall, which contributed rental revenue of approximately $284,000 and $244,000, respectively, in the first quarter of 1995. During the first quarter of 1995, the partnership recognized a gain on disposition of real estate on Suburban Plaza of $1,861,448 and a loss on the sale of Wyoming Mall of $245,637. Expenses: Total expenses decreased by $616,433 for the three months ended March 31, 1996 as compared to the same period in 1995. The decreases in interest expense, depreciation and amortization expense, property taxes, personnel costs, property management fees and other property operating expenses are primarily due to the sales of Suburban Plaza and Wyoming Mall in the first quarter of 1995. Interest - affiliates decreased by $70,254 for the three months ended March 31, 1996 as compared to the same period in 1995. The decrease was mainly due to the repayment of $973,000 of advances and $1,331,000 of mortgage notes payable from affiliates in the first quarter of 1995. General and administrative - affiliates decreased by $15,138 for the three months ended March 31, 1996 as compared to the same period in 1995. The decrease was mainly due to a lower amount of overhead expenses being allocated to the Partnership by McREMI. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- At March 31, 1996, the Partnership held cash and cash equivalents of $2,208,485. Cash of $376,637 was provided by operating activities during the first three months of 1996 as compared to $271,948 provided during the same period of 1995. The decrease in 1996 was primarily due to the sales of Suburban Plaza and Wyoming Mall. Cash used for additions to real estate totaled $106,643 for the three months ended March 31, 1996 as compared to $150,440 for the same period of the prior year. The Partnership received $2,199,917 of proceeds from the sales of Suburban Plaza and Wyoming Mall during the first three months of 1995. Principal payments on mortgage notes payable totaled $59,810 for the first three months of 1996 as compared to $80,633 for the same period in 1995. The decrease was due to the retirement of the mortgage notes related to Wyoming Mall and Suburban Plaza when the properties were sold. Additionally the mortgage notes related to Bedford Green and Woodcreek Apartments were refinanced in July 1995. Short-term liquidity - -------------------- For the remainder of 1996, present cash balances and operations of the properties are expected to provide sufficient cash for normal operating expenses, debt service payments and budgeted capital improvements. The Partnership has no established lines of credit from outside sources. Although affiliates of the Partnership have previously funded cash deficits, there can be no assurance the Partnership will receive additional funds. Other possible actions to resolve cash deficiencies include refinancing, deferring major capital or repair expenditures on Partnership properties except where improvements are expected to enhance the competitiveness and marketability of the properties, deferring payables to or arranging financing from affiliates or the ultimate sale of other properties. 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 receive any additional funds under the facility because no amounts have been reserved for any particular partnership. As of March 31, 1996, $2,662,819 remained available for borrowing under the facility; however, additional funds could be available as other partnerships repay existing borrowings. This commitment will terminate on March 26, 1997. Additionally, the General Partner has, in its discretion, advanced funds to the Partnership in addition to the revolving credit facility. The General Partner is not obligated to advance funds to the Partnership and there is no assurance that the Partnership will receive additional funds. Long-term liquidity - ------------------- Operations of the Partnership's properties are expected to provide sufficient cash flow for operating expenses, debt service payments and capital improvements in the foreseeable future. The Partnership has significant mortgage maturities during 1997, and management expects to refinance these mortgage notes as they mature. If management is unable to refinance the mortgage notes as they mature; the Partnership will require other sources of cash. No such sources have been identified. These conditions raise substantial doubt about the Partnership's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. Distributions - -------------- To maintain adequate cash balances of the Partnership, distributions to Current Income Unit holders were suspended in 1989. There have been no distributions to Growth/Shelter Units holders. Distributions to Unit holders will remain suspended for the foreseeable future. The General Partner will continue to monitor the cash reserves and working capital needs of the Partnership to determine when cash flows will support distributions to the 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 Agreement dated March 26, 1992.(Incorporated by reference to the Current Report of the Registrant on Form 8-K dated March 26, 1992, as filed on April 9, 1992). 11. Statement regarding computation of Net Income (Loss) per Limited Partnership Unit: Net income (loss) per limited partnership unit is computed by dividing net income (loss) allocated to the limited partners by the weighted average number of limited partnership units outstanding. Per unit information has been computed based on 24,949 Current Income Units outstanding in 1996 and 1995 and 22,339 and 22,359 Growth/Shelter Units outstanding in 1996 and 1995, respectively. 27. Financial Data Schedule for the quarter ended March 31, 1996. (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 XXI, L.P. 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 XXI, L.P. 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/ Carol A. Fahs - ----------------- --------------------------------------- Date Carol A. Fahs Chief Accounting Officer of McNeil Real Estate Management, Inc. EX-27 2
5 3-MOS DEC-31-1996 MAR-31-1996 2,208,485 0 224,104 (50,938) 0 0 37,055,860 (15,680,740) 24,982,805 0 21,953,522 0 0 0 0 24,982,805 1,593,496 1,615,545 0 0 1,434,117 0 513,916 0 0 (332,488) 0 0 0 (332,488) 0 0
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