-----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, AGNAwoMOBWgwI79okRAj6B5ekhgxvk3QJbVYi1GX5DjmfHDsWfK7CmpErHEn/HVR 14Ytau2wQi+P+mSr5zOoCQ== 0000740156-97-000004.txt : 19971107 0000740156-97-000004.hdr.sgml : 19971107 ACCESSION NUMBER: 0000740156-97-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971106 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PROPERTIES GROWTH FUND XXII CENTRAL INDEX KEY: 0000740156 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942939418 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-13418 FILM NUMBER: 97708693 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ STREET 2: PO BOX 1089 C/O INSIGNIA FINANCIAL GROUP CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: C/O INSIGNIA FINANCIAL GROUP STREET 2: ONE INSIGNIA FINANCIAL PLZ 14TH FL CITY: GREENVILLE STATE: SC ZIP: 29602 FORMER COMPANY: FORMER CONFORMED NAME: CENTURY PROPERTIES FUND XXI DATE OF NAME CHANGE: 19840918 10QSB 1 FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 QUARTERLY OR TRANSITIONAL REPORT U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 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 0-13418 CENTURY PROPERTIES GROWTH FUND XXII (Exact name of small business issuer as specified in its charter) California 94-2939418 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Insignia Financial Plaza Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) CENTURY PROPERTIES GROWTH FUND XXII CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands, except unit data) September 30, 1997 Assets Cash and cash equivalents $ 2,787 Restricted cash 500 Receivables and deposits 2,749 Other assets 1,777 Investment properties: Land $ 14,396 Buildings and related personal property 116,308 130,704 Less accumulated depreciation (51,100) 79,604 $ 87,417 Liabilities and Partners' Capital (Deficit) Liabilities Accounts payable $ 580 Tenant security deposits payable 363 Accrued property taxes 1,211 Other liabilities 708 Mortgage notes payables 72,748 Partners' Capital (Deficit) Limited partners' (82,848 units issued and outstanding) $ 19,193 General partner's (7,386) 11,807 $ 87,417 See Accompanying Notes to Consolidated Financial Statements b) CENTURY PROPERTIES GROWTH FUND XXII CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
Three Months Ended Nine Months Ended September 30, September 30, 1997 1996 1997 1996 Revenues: Rental income $ 5,020 $ 4,887 $14,760 $14,514 Other income 326 276 923 753 Total revenues 5,346 5,163 15,683 15,267 Expenses: Operating 3,048 2,363 7,842 7,384 Interest 1,431 1,557 4,417 5,019 Depreciation 1,000 966 2,961 2,867 General and administrative 123 83 288 312 Total expenses 5,602 4,969 15,508 15,582 (Loss) income before extraordinary loss (256) 194 175 (315) Extraordinary loss on early extinguishment of debt -- -- -- (481) Net (loss) income $ (256) $ 194 $ 175 $ (796) Net (loss) income allocated to general partner $ (30) $ 23 $ 21 $ (94) Net (loss) income allocated to limited partners (226) 171 154 (702) $ (256) $ 194 $ 175 $ (796) Net (loss) income per limited partnership unit: (Loss) income before extraordinary loss $ (2.73) $ 2.06 $ 1.86 $ (3.35) Extraordinary loss -- -- -- (5.12) Net (loss) income per limited partnership unit $ (2.73) $ 2.06 $ 1.86 $ (8.47) Distribution per limited partnership unit $ -- $ -- $ -- $ 30.76 See Accompanying Notes to Consolidated Financial Statements
c) CENTURY PROPERTIES GROWTH FUND XXII CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL (Unaudited) (in thousands, except unit data)
Limited Partnership General Limited Units Partner's Partners' Total Original Capital Contributions 82,848 $ -- $82,848 $82,848 Partners' (deficit) capital at December 31, 1996 82,848 $(7,407) $19,039 $11,632 Net income for the nine months ended September 30, 1997 -- 21 154 175 Partners' (deficit) capital at September 30, 1997 82,848 $(7,386) $19,193 $11,807 See Accompanying Notes to Consolidated Financial Statements
d) CENTURY PROPERTIES GROWTH FUND XXII CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Nine Months Ended September 30, 1997 1996 Cash flows from operating activities: Net income (loss) $ 175 $ (796) Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation 2,961 2,867 Amortization of loan costs 157 252 Extraordinary loss on early extinguishment of debt -- 481 Loss on disposal of property 78 -- Change in accounts: Receivables and deposits 16 (715) Other assets (81) (79) Accounts payable 268 (38) Tenant security deposits payable (6) (12) Accrued property taxes 20 600 Other liabilities 8 428 Net cash provided by operating activities 3,596 2,988 Cash flows from investing activities: Deposits to restricted escrow (512) (324) Withdrawals from restricted escrow 122 290 Property improvements and replacements (1,097) (605) Net cash used in investing activities (1,487) (639) Cash flows from financing activities: Mortgage principal payments (416) (414) Repayment of mortgage notes payable -- (48,018) Proceeds from long-term borrowings -- 47,575 Loan costs (17) (1,448) Debt extinguishment costs -- (402) Distributions paid to partners -- (2,601) Net cash used in financing activities (433) (5,308) Net increase (decrease) in unrestricted cash and cash equivalents 1,676 (2,959) Unrestricted cash and cash equivalents at beginning of period 1,111 4,717 Unrestricted cash and cash equivalents at end of period $ 2,787 $ 1,758 Supplemental information: Cash paid for interest $ 4,266 $ 4,768 See Accompanying Notes to Consolidated Financial Statements
e) CENTURY PROPERTIES GROWTH FUND XXII NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Century Properties Growth Fund XXII (the "Partnership") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 1997, are not necessarily indicative of the results that may be expected for the fiscal year ended December 31, 1997. For further information, refer to the consolidated financial statements and footnotes thereto included in the annual report of the Partnership on Form 10-KSB for the year ended December 31, 1996. Certain reclassifications have been made to the 1996 information to conform to the 1997 presentation. NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES The Partnership has no employees and is dependent on the Managing General Partner and its affiliates for the management and administration of all partnership activities. The Partnership Agreement provides for payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. Fox Partners IV, a California general partnership, is the general partner of the Partnership. The general partners of Fox Partners IV are: FCMC, Fox Realty Investors ("FRI"), a California general partnership, and Fox Associates 84, a California general partnership. Pursuant to a series of transactions which closed during 1996, affiliates of Insignia Financial Group, Inc. ("Insignia") acquired all of the issued and outstanding shares of stock of FCMC, NPI Equity Investments II, Inc. ("NPI Equity"), the managing general partner of FRI, and National Property Investors, Inc. ("NPI"), the sole stockholder of NPI Equity. In connection with these transactions, affiliates of Insignia appointed new officers and directors of NPI Equity and FCMC. On March 29, 1996, an affiliate of Insignia acquired the corporate general partners owning 1% of the subsidiary partnerships which own Wood Creek, Four Winds, Plantation Creek, Hampton Greens, Stoney Creek, Cooper's Pointe, Copper Mill and Promontory Point. The following transactions with affiliates of Insignia, NPI, and affiliates of NPI were incurred during the nine month periods ended September 30, 1997 and 1996 (in thousands):
For the Nine Months Ended September 30, 1997 1996 Property management fees (included in operating expenses) $780 $755 Reimbursement for services of affiliates, including $52,000 and $13,000 of construction services reimbursements in 1997 and 1996, respectively (included in investment properties and operating and general and administrative expense) 170 139
Additionally, in connection with the refinancing of Wood Creek, Four Winds, and Plantation Creek (see "Note C"), Insignia Mortgage & Investment Company, an affiliate of the Managing General Partner, received a brokerage fee of $192,000 in January 1996. This amount is included in other assets and is being amortized over the life of the loans. For the period from January 19, 1996, to August 31, 1997, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. The current agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. The amount of the Partnership's insurance premiums accruing to the benefit of the affiliate of the Managing General Partner by virtue of the agent's obligations is not significant. On August 28, 1997, an Insignia affiliate (the "Purchaser") commenced tender offers for limited partnership interests in six real estate limited partnerships (including the Partnership) in which various Insignia affiliates act as general partner. The Purchaser offered to purchase up to 25,000 of the outstanding units of limited partnership interest in the Partnership, at $275.00 per Unit, net to the seller in cash, upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 28, 1997 (the "Offer to Purchase") and the related Assignment of Partnership Interest attached as Exhibits (a)(1) and (a)(2), respectively, to the Tender Offer Statement on Schedule 14D-1 originally filed with the Securities and Exchange Commission on August 28, 1997. Because of the existing and potential future conflicts of interest (described in the Partnership's Statements on Schedule 14D-9 filed with the Securities and Exchange Commission), neither the Partnership nor the Managing General Partner expressed any opinion as to the Offer to Purchase and made no recommendation as to whether unit holders should tender their units in response to the Offer to Purchase. NOTE C - REFINANCING AND EXTRAORDINARY LOSS On January 17, 1996, the Partnership refinanced the mortgages encumbering Wood Creek, Four Winds, and Plantation Creek. The new mortgages carry a stated interest rate of 7.93% and are amortized over 30 years with balloon payments due on February 1, 2006. On June 14, 1996, the Partnership refinanced the mortgage encumbering Autumn Run. The new mortgage carried a stated interest rate of 8% through July 1, 1996, and a rate equal to 2.50% plus the LIBO Rate thereafter. The new mortgage matured November 15, 1996, and was refinanced at that time. The current mortgage carries a stated interest rate of 7.33% and matures November 1, 2003. Loan costs are being amortized over the lives of the loans. The refinancing of Wood Creek replaced indebtedness of $12,500,000 with a new mortgage in the amount of $12,900,000. Total capitalized loan costs were $318,000. The early extinguishment of debt resulted in an extraordinary loss of $350,000, arising from prepayment penalties and the write-off of unamortized loan costs. Wood Creek was also required to pay a release price of $1,500,000 which was used to paydown the mortgage on Promontory Point. In connection with the refinancing, the Partnership was required to transfer all the assets and liabilities of Wood Creek to a newly formed subsidiary, Wood Creek CPGF 22, L.P. The refinancing of Four Winds replaced indebtedness of $10,410,000 with a new mortgage in the amount of $9,675,000. Total capitalized loan costs were $296,000. In connection with the refinancing, the Partnership was required to transfer all the assets and liabilities of Four Winds to a newly formed subsidiary, Four Winds CPGF 22, L.P. The refinancing of Plantation Creek replaced indebtedness of $13,045,000 with a new mortgage in the amount of $15,900,000. Total capitalized loan costs were $413,000. The early extinguishment of debt resulted in an extraordinary loss of $131,000, arising from prepayment penalties and the write-off of unamortized loan costs. In connection with the refinancing, the Partnership was required to transfer all the assets and liabilities of Plantation Creek to a newly formed subsidiary, Plantation Creek CPGF 22, L.P. The refinancing of Autumn Run replaced indebtedness of $10,563,000 with a new mortgage in the amount of $9,100,000. Total capitalized loan costs through September 30, 1996, were $150,000. Additional loan costs of approximately $17,000 were paid during the nine months ended September 30, 1997. NOTE D - DISTRIBUTIONS In January, 1996, the Partnership distributed approximately $2,549,000 ($30.76 per limited partnership unit) to the limited partners and approximately $52,000 to the general partner from the proceeds from the sale of Monterey Village Apartments in August 1995. ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS The Partnership's investment properties consist of nine apartment complexes. The following table sets forth the average occupancy of the properties for the nine month periods ended September 30, 1997 and 1996: Average Occupancy Property 1997 1996 Cooper's Pointe Apartments North Charleston, South Carolina 97% 97% Copper Mill Apartments Richmond, Virginia 95% 95% Four Winds Apartments Overland Park, Kansas 99% 97% Autumn Run Apartments Naperville, Illinois 93% 92% Plantation Creek Apartments Atlanta, Georgia 92% 97% Wood Creek Apartments Mesa, Arizona 93% 95% Promontory Point Apartments Austin, Texas 90% 91% Hampton Greens Apartments Dallas, Texas 91% 94% Stoney Creek Apartments Dallas, Texas 94% 92% The Managing General Partner attributes the decrease in occupancy at Plantation Creek to competition in the property's market. One new complex has been opened and another has undergone a complete rehabilitation project. Rental concessions are being offered to new tenants in an effort to increase occupancy. The Partnership's net loss and income for the three and nine month periods ended September 30, 1997, was approximately $256,000 and $175,000, respectively, compared to net income and loss of approximately $194,000 and $796,000, respectively, for the corresponding periods of 1996. The increase in net income for the nine months ended September 30, 1997, is partially attributable to the extraordinary loss on early extinguishment of debt in 1996 from the refinancing of Plantation Creek and Wood Creek (see "Item 1. Note C - Refinancing and Extraordinary Loss"). The increase in net income for the nine months ended September 30, 1997, is also partially attributable to a decrease in interest expense. The decrease in interest expense is due to a lower interest rate on the refinanced mortgages of Autumn Run, Wood Creek, and Four Winds, which occurred in 1996, as well as a pay-down of $1,500,000 on the mortgage encumbering Promontory Point. Also contributing to the increase in net income for the nine month period was an increase in other income due to increases in revenues received from corporate units and lease cancellation fees. Partially offsetting the decrease in interest expense and the increase in other income was an increase in operating expenses for the three and nine month periods ended September 30, 1997, primarily due to increases in exterior painting at Hampton Greens, Four Winds and Autumn Run and an increase in exterior building repairs at Hampton Greens. Included in operating expense is approximately $651,000 of major repairs and maintenance comprised primarily of exterior painting, major landscaping, and exterior building repairs for the nine months ended September 30, 1997. For the nine months ended September 30, 1996, approximately $354,000 of major repairs and maintenance is included in operating expense comprised primarily of interior and exterior building repairs and major landscaping. In addition, operating expenses increased due to an increase in rental concessions at Plantation Creek in an effort to increase occupancy. General and administrative expenses increased for the three month period ended September 30, 1997, primarily due to an increase in professional fees. Promontory Point suffered some roof damage from a storm with high winds during the third quarter of 1997. The estimated cost to repair the roofs, which is covered by insurance, has not yet been determined at September 30, 1997. It is estimated that work to repair the roofs will begin in the fourth quarter of 1997. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the rental market environment of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions, which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the Managing General Partner will be able to sustain such a plan. At September 30, 1997, the Partnership had unrestricted cash of approximately $2,787,000 compared to approximately $1,758,000 at September 30, 1996. Net cash provided by operating activities increased primarily as a result of decreased interest expense, as discussed above. Net cash used in investing activities increased due to an increase in property improvements and replacements and deposits to restricted escrows and a reduction in withdrawals from restricted escrows. Net cash used in financing activities decreased due to costs incurred by the Partnership in obtaining new financing on four of its properties during the nine month period ended September 30, 1996. In addition, the Partnership paid a distribution of approximately $2,601,000 to its partners during 1996. An affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. The Partnership has no outstanding amounts due under this line of credit. Based on present plans, the Managing General Partner does not anticipate the need to borrow in the near future. Other than cash and cash equivalents, the line of credit is the Partnership's only unused source of liquidity. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets and other operating needs of the Partnership. Such assets are currently thought to be sufficient for any near-term needs of the Partnership. The mortgage indebtedness of approximately $72,748,000 is amortized over varying periods with balloon payments ranging from December 1999, to February 2006. Future cash distributions will depend on the levels of cash generated from operations, property sales, and the availability of cash reserves. In January 1996, the Partnership distributed $2,549,000 ($30.76 per limited partnership unit) to the limited partners and approximately $52,000 to the general partner from the proceeds received from the sale of the Partnership's Monterey Village property. No other distributions have been made in 1996 or 1997. On August 28, 1997, an Insignia affiliate (the "Purchaser") commenced tender offers for limited partnership interests in six real estate limited partnerships (including the Partnership) in which various Insignia affiliates act as general partner. The Purchaser offered to purchase up to 25,000 of the outstanding units of limited partnership interest in the Partnership, at $275.00 per Unit, net to the seller in cash, upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 28, 1997 (the "Offer to Purchase") and the related Assignment of Partnership Interest attached as Exhibits (a)(1) and (a)(2), respectively, to the Tender Offer Statement on Schedule 14D-1 originally filed with the Securities and Exchange Commission on August 28, 1997. Because of the existing and potential future conflicts of interest (described in the Partnership's Statements on Schedule 14D-9 filed with the Securities and Exchange Commission), neither the Partnership nor the Managing General Partner expressed any opinion as to the Offer to Purchase and made no recommendation as to whether unit holders should tender their units in response to the Offer to Purchase. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In August 1997, an Insignia affiliate (the "Purchaser") commenced tender offers for limited partner interests in six real estate limited partnerships including the Partnership (collectively, the "Tender Partnerships"), in which various Insignia affiliates act as general partner. On September 5, 1997, a partnership claiming to be a holder of limited partnership units in one of the Tender Partnerships, filed a complaint with respect to a putative class action in the Court of Chancery in the State of Delaware in and for New Castle County (the "City Partnerships complaint") challenging the actions of the defendants (including Insignia, certain Insignia affiliates) in connection with the tender offers. Neither the Partnership nor the Managing General Partner were named as defendants in the action. The City Partnerships complaint alleges that, among other things, the defendants have intentionally mismanaged the Tender Partnerships and coerced the limited partners into selling their units pursuant to the tender offers for substantially lower prices than the units are worth. The plaintiffs also allege that the defendants breached an alleged duty to provide an independent analysis of the fair market value of the limited partnership units, failed to appoint a disinterested committee to review the tender offer and did not adequately consider other alternatives available to the limited partners. On September 8, 1997, persons claiming to be holders of limited partnership units in the Tender Partnerships filed a complaint with respect to a putative class action and derivative suit in the Superior Court for the State of California for the County of San Mateo (the "Kline complaint") challenging the actions of the defendants (including Insignia, certain Insignia affiliates and the Tender Partnerships) in connection with the tender offers. The Kline complaint alleges that, among other things, the defendants have intentionally mismanaged the Tender Partnerships and that, as a result of the tender offers, the Purchaser will acquire effective voting control over the Tender Partnerships at substantially lower prices than the units are worth. On September 24, 1997, the court denied the plaintiffs' application for a temporary restraining order and their request for preliminary injunctive relief preventing the completion of the tender offers. On September 10, 1997, persons claiming to be holders of limited partnership units in the Tender Partnerships filed a complaint with respect to a putative class action and derivative suit in the Superior Court for the State of California for the County of Alameda (the "Heller complaint") challenging the actions of the defendants (including Insignia, certain Insignia affiliates and the Tender Partnerships) in connection with the tender offers. The Heller complaint alleges that, among other things, the defendants have intentionally mismanaged the Tender Partnerships and that, as a result of the tender offers, the Purchaser will acquire effective voting control of the Tender Partnerships at substantially lower prices than the units are worth. The Plaintiffs also allege that the defendants breached an alleged duty to retain an independent advisor to consider alternatives to the tender offers. The Managing General Partner believes that the allegations contained in the City Partnerships, Kline and Heller complaints are without merit and intends to vigorously contest each of those complaints to which it and the Partnership have been named as defendants. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K: None filed during the quarter ended September 30, 1997. 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 GROWTH FUND XXII By: FOX PARTNERS IV Its General Partner By: FOX CAPITAL MANAGEMENT CORPORATION, Managing General Partner By: /s/William H. Jarrard, Jr. William H. Jarrard, Jr. President and Director By: /s/Ronald Uretta Ronald Uretta Vice President and Treasurer Date: November 6, 1997 EX-27 2
5 This schedule contains summary financial information extracted from Century Properties Growth Fund XXII 1997 Third Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000740156 CENTURY PROPERTIES GROWTH FUND XXII 1,000 9-MOS DEC-31-1997 SEP-30-1997 2,787 0 0 0 0 0 130,704 (51,100) 87,417 0 72,748 0 0 0 11,807 87,417 0 15,683 0 0 15,508 0 4,417 0 0 0 0 0 0 175 1.86 0 Registrant has an unclassified balance sheet. Multiplier is 1.
-----END PRIVACY-ENHANCED MESSAGE-----