-----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, FbkGR0CVTKMrVQG7mKJafujDBRBpnG7CMzZvHaxi5AsaWHIZe8Rq9gMtNRpxZX1g QcQt6B+C+24EMQtX2DPl3g== 0000750334-97-000007.txt : 19970515 0000750334-97-000007.hdr.sgml : 19970515 ACCESSION NUMBER: 0000750334-97-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XX L P CENTRAL INDEX KEY: 0000750334 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330050225 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14007 FILM NUMBER: 97605001 BUSINESS ADDRESS: STREET 1: 13760 NOEL RD SUITE 700 LB70 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144485800 MAIL ADDRESS: STREET 2: 13760 NOEL ROAD SUITE 700 LB 70 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHMARK INCOME INVESTORS 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, 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 0-14007 --------- MCNEIL REAL ESTATE FUND XX, L.P. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 33-0050225 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 13760 Noel Road, Suite 600, LB70, Dallas, Texas, 75240 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (972) 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 XX, L.P. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS (Unaudited)
March 31, December 31, 1997 1996 --------------- -------------- ASSETS - ------ Real estate investments: Land..................................................... $ 699,697 $ 699,697 Buildings and improvements............................... 6,196,739 6,192,970 -------------- ------------- 6,896,436 6,892,667 Less: Accumulated depreciation.......................... (1,520,667) (1,435,080) -------------- ------------- 5,375,769 5,457,587 Mortgage loan investments, net of allowance of $792,013 at March 31, 1997 and December 31, 1996........................................ 3,370,884 3,404,553 Mortgage loan investment - affiliate........................ 733,900 733,900 Cash and cash equivalents .................................. 2,499,417 3,188,257 Cash segregated for security deposits....................... 58,868 54,950 Interest and other accounts receivable...................... 77,260 74,629 Escrow deposits............................................. 53,111 153,977 Deferred borrowing costs, net of accumulated amorti- zation of $49,012 and $45,275 at March 31, 1997 and December 31, 1996, respectively...................... 112,482 116,219 Prepaid expenses and other assets........................... 4,200 5,034 -------------- ------------- $ 12,285,891 $ 13,189,106 ============== ============= LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage note payable, net.................................. $ 2,704,067 $ 2,715,909 Accounts payable and other accrued expenses................. 40,681 97,230 Accrued property taxes...................................... 44,314 130,957 Payable to affiliates....................................... 43,546 40,962 Deferred revenue............................................ 162,196 163,852 Security deposits and deferred rental revenue............... 41,325 43,782 -------------- ------------- 3,036,129 3,192,692 -------------- ------------- Partners' equity (deficit): Limited partners - 60,000 limited partnership units authorized; 49,512 limited partnership units issued and outstanding at March 31, 1997 and December 31, 1996................................................... 9,568,592 10,315,277 General Partner.......................................... (318,830) (318,863) -------------- ------------- 9,249,762 9,996,414 -------------- ------------- $ 12,285,891 $ 13,189,106 ============== =============
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 XX, L.P. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, --------------------------------- 1997 1996 -------------- -------------- Revenue: Rental revenue............................................. $ 330,636 $ 362,907 Interest income on mortgage loan investments............... 67,757 71,014 Interest income on mortgage loan investment - affiliate................................................. 15,137 15,304 Other interest income....................................... 37,053 46,830 ------------- ------------- Total revenue............................................. 450,583 496,055 ------------- ------------- Expenses: Interest.................................................... 62,131 62,881 Depreciation................................................ 85,587 84,626 Property taxes.............................................. 44,419 48,076 Personnel costs............................................. 41,862 36,984 Utilities................................................... 19,616 19,710 Repairs and maintenance..................................... 49,826 31,135 Property management fees -affiliates........................ 16,226 16,885 Other property operating expenses........................... 31,378 18,734 General and administrative.................................. 31,439 28,099 General and administrative -affiliates...................... 64,757 83,222 ------------- ------------- Total expenses............................................ 447,241 430,352 ------------- ------------- Net income..................................................... $ 3,342 $ 65,703 ============= ============= Net income allocable to limited partners....................... $ 3,309 $ 65,046 Net income allocable to General Partner........................ 33 657 ------------- ------------- Net income..................................................... $ 3,342 $ 65,703 ============= ============= Net income per limited partnership unit........................ $ .07 $ 1.31 ============= ============= Distributions per limited partnership unit..................... $ 15.15 $ 12.12 ============= =============
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 XX, L.P. STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) For the Three Months Ended March 31, 1997 and 1996
Total General Limited Partners' Partner Partners Equity --------------- --------------- --------------- Balance at December 31, 1995.............. $ (320,030) $ 11,399,658 $ 11,079,628 Net income................................ 657 65,046 65,703 Distributions............................. - (599,975) (599,975) ------------- ------------- ------------- Balance at March 31, 1996................. $ (319,373) $ 10,864,729 $ 10,545,356 ============= ============= ============= Balance at December 31, 1996.............. $ (318,863) $ 10,315,277 $ 9,996,414 Net income................................ 33 3,309 3,342 Distributions............................. - (749,994) (749,994) ------------- ------------- ------------- Balance at March 31, 1997................. $ (318,830) $ 9,568,592 $ 9,249,762 ============= ============= =============
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 XX, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Decrease in Cash and Cash Equivalents
Three Months Ended March 31, ------------------------------------------- 1997 1996 ------------------- ---------------- Cash flows from operating activities: Cash received from tenants........................ $ 324,076 $ 371,445 Cash paid to suppliers............................ (229,469) (224,008) Cash paid to affiliates........................... (78,399) (64,391) Interest received................................. 105,759 116,244 Interest received from affiliates................. 12,222 12,221 Interest paid..................................... (56,473) (57,555) Property taxes paid............................... (105) (12,472) Property taxes escrowed........................... (32,500) (29,100) ------------------ -------------- Net cash provided by operating activities............ 45,111 112,384 ----------------- -------------- Cash flows from investing activities: Additions to real estate investments.............. (3,769) (3,740) Collection of principal on mortgage loan investments..................................... 33,669 32,962 ----------------- -------------- Net cash provided by investing activities............ 29,900 29,222 ----------------- -------------- Cash flows from financing activities: Principal payments on mortgage note payable....... (13,857) (12,775) Distributions paid................................ (749,994) (599,975) ----------------- -------------- Net cash used in financing activities................ (763,851) (612,750) ----------------- -------------- Net decrease in cash and cash equivalents............ (688,840) (471,144) Cash and cash equivalents at beginning of period............................................ 3,188,257 3,927,223 ----------------- -------------- Cash and cash equivalents at end of period........... $ 2,499,417 $ 3,456,079 ================= ==============
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 XX, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income to Net Cash Provided by Operating Activities
Three Months Ended March 31, ---------------------------------------- 1997 1996 ---------------- --------------- Net income........................................... $ 3,342 $ 65,703 --------------- -------------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation...................................... 85,587 84,626 Amortization of deferred borrowing costs.......... 3,737 3,503 Amortization of discount on mortgage note payable......................................... 2,015 1,910 Changes in assets and liabilities: Cash segregated for security deposits........... (3,918) (5,440) Interest and other accounts receivable.......... (2,631) 6,540 Escrow deposits................................. 100,866 (29,596) Prepaid expenses and other assets............... 834 (18,087) Accounts payable and other accrued expenses...................................... (56,549) (69,855) Accrued property taxes.......................... (86,643) 35,604 Payable to affiliates - General Partner......... 2,584 35,716 Deferred revenue................................ (1,656) (1,656) Security deposits and deferred rental revenue....................................... (2,457) 3,416 --------------- -------------- Total adjustments............................. 41,769 46,681 --------------- -------------- Net cash provided by operating activities............ $ 45,111 $ 112,384 =============== ==============
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 XX, L.P. Notes to Financial Statements March 31, 1997 (Unaudited) NOTE 1. - ------- McNeil Real Estate Fund XX, L.P. (the "Partnership"), formerly known as Southmark Income Investors, Ltd., was organized on July 19, 1984 as a limited partnership under the provisions of the California Revised Uniform Limited Partnership Act. 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, 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, 1997 are not necessarily indicative of the results to be expected for the year ending December 31, 1997. 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, 1996, and the notes thereto, as filed with the Securities and Exchange Commission, which is available upon request by writing to McNeil Real Estate Fund XX, L.P., c/o The Herman Group, 2121 San Jacinto St., 26th Floor, Dallas, Texas 75201. NOTE 3. - ------- The Partnership pays property management fees equal to 5% of the gross rental receipts for its properties to McNeil Real Estate Management, Inc. ("McREMI"), an affiliate of the General Partner, for providing property management services. 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, (ii) a value of $10,000 per apartment unit or (iii) on 1130 Sacramento, the net book value of the property is used 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. 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, ---------------------- 1997 1996 --------- --------- Property management fees................... $ 16,226 $ 16,885 Charged to general and administrative - affiliates: Partnership administration.............. 26,579 40,881 Asset management fee.................... 38,178 42,341 -------- -------- $ 80,983 $ 100,107 ======== ======== Payable to affiliates at March 31, 1997 and December 31, 1996 consisted primarily of unpaid property management fees, Partnership general and administrative expenses and asset management fees and are due and payable from current operations. NOTE 4. - ------- In 1996, the Partnership adopted the Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." This statement requires the cessation of depreciation on assets held for sale. Since 1130 Sacramento Condominiums was placed on the market for sale, no depreciation will be taken effective April 15, 1997. The Partnership has received an offer from a non-affiliate to purchase one of the four condominium units for $1.6 million. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- There has been no significant change in the operations of Sterling Springs Apartments or 1130 Sacramento Condominiums since December 31, 1996. The Partnership reported net income of $3,342 for the first three months of 1997 as compared to $65,703 for the same period in 1996. Revenues in 1997 decreased to $450,583 as compared to $496,055 in 1996, while expenses were $447,241 in 1997 from $430,352 in 1996. Net cash provided by operating activities was $45,111 for the three months ended March 31, 1997. The Partnership expended $3,769 for capital improvements, made $13,857 in principal payments on its mortgage note payable, and collected $33,669 of principal on mortgage loan investments. After distributions of $749,994 to the limited partners, cash and cash equivalents totaled $2,499,417 at March 31, 1997, a net decrease of $688,840 from the balance at December 31, 1996. RESULTS OF OPERATIONS - --------------------- Revenue: Total revenue decreased by $45,472 for the three month period ended March 31, 1997 as compared to the same period in 1996. The decrease was mainly due to a decrease in rental revenue and other interest income, as discussed below. Rental revenue for the first three months of 1997 decreased by $32,271 as compared to the same period in 1996. Rental revenue at Sterling Springs decreased slightly due to a decrease in average occupancy rates. Occupancy remained relatively stable at 99% and 98% at December 31, 1995 and March 31, 1996, respectively. However, occupancy declined to 91% at December 31, 1996 and was 96% at March 31, 1997. Rental revenue also decreased at 1130 Sacramento due to a decline in rental rates in 1997. Other interest income decreased by $9,777 for the first quarter of 1997 as compared to the first quarter of 1996. The decrease was the result of a decrease in cash available for short-term investment in 1997. The Partnership held $2.5 million of cash and cash equivalents at March 31, 1997 as compared to $3.5 million at March 31, 1996. Expenses: Total expenses for the three month period ended March 31, 1997 increased by $16,889 as compared to the same period in 1996. The increase was due to an increase in personnel costs, repairs and maintenance, other property operating expenses and general and administrative expenses, partially offset by a decrease in general and administrative - affiliates, as discussed below. Personnel costs increased by $4,878 for the three months ended March 31, 1997 as compared to the same period in 1996. The increase was mainly due to a worker's compensation insurance refund received for Sterling Springs Apartments in 1996; the result of an audit performed on prior years' workers' compensation insurance. No such refund was received in 1997. Repairs and maintenance for the first three months of 1997 increased by $18,691 in relation to the first three months of 1996. The increase was mainly the result of increased turnover and expenses incurred to maintain occupancy at Sterling Springs Apartments. Occupancy at the complex increased from 91% at December 31, 1996 to 96% at March 31, 1997. Other property operating expenses increased by $12,644 for the three months ended March 31, 1997 as compared to the same period in 1996. The increase was partially due to an increase in referral fees paid in an effort to maintain occupancy at Sterling Springs. In addition, the Partnership paid a $5,000 deductible in 1997 for a minor tenant claim settled by the Partnership's insurance carrier. General and administrative expenses for the first quarter of 1997 increased by $3,340 as compared to the same period in 1996. Approximately $8,600 of costs incurred for investor services were paid to an unrelated third party in 1997. In the first quarter of 1996, such costs were paid to an affiliate of the General Partner and were included in general and administrative - affiliates on the Statements of Operations. These costs were partially offset by a decrease in costs incurred relating to evaluation and dissemination of information regarding an unsolicited tender offer. General and administrative expenses - affiliates decreased by $18,465 for the three months ended March 31, 1997 as compared to the same period in 1996. The decrease was mainly due to a decrease in overhead expenses allocated to the Partnership by McREMI, which was partially due to investor services being performed by an unrelated third party in 1997, as discussed above. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- The Partnership generated $45,111 through operating activities for the first three months of 1997 as compared to $112,384 generated during the first three months of 1996. The decrease in 1997 was primarily due to a decrease in cash received from tenants and interest received (see discussion of decrease in rental revenue and other interest income, above). In addition, there was an increase in cash paid to affiliates, partially offset by a decrease in property taxes paid, due to the timing of the payment of invoices in 1997. The Partnership distributed $749,994 and $599,975 to the limited partners during the three months ended March 31, 1997 and 1996, respectively. Short-term liquidity: At March 31, 1997, the Partnership held cash and cash equivalents of $2,499,417. This balance provides a reasonable level of working capital for the Partnership's immediate needs in operating its properties. In 1997, operations of Sterling Springs Apartments and 1130 Sacramento are expected to provide sufficient positive cash flow for normal operations. Management will perform routine repairs and maintenance on the properties to preserve and enhance their value and competitiveness in the market. Capital improvements to the Partnership's properties in 1997 are expected to be funded from operations of the properties. For 1997, management expects that cash from operations of its properties and principal and interest collections on the mortgage loan investments, along with the present balance of cash and cash equivalents held, will allow the Partnership to meet its obligations as they come due. Long-term liquidity: Only one property, Sterling Springs Apartments, is encumbered with mortgage debt. The mortgage on this property is not due until 2003. In the event that the Partnership acquires ownership of other properties through foreclosure, the cash and cash equivalent balances presently held will provide a source for the maintenance and improvement of the properties. Because the timing and number of properties which may be foreclosed is uncertain, there is no assurance that the balances presently held will be sufficient for needed capital improvements. At present, there are no commitments nor any known needs for improvements to the properties securing the Partnership's loans. The Partnership has no existing lines of credit from outside sources. Another possible source of funds is the sale of the Partnership's mortgage loan investments or properties securing the Partnership's mortgage loans. Such sales are possibilities only, and since the Partnership does not control the properties securing its loans, sales of those properties may occur only if initiated by the borrower or in the event of foreclosure by the Partnership. There is no assurance that any sales can be contracted or closed to coincide with the Partnership's future cash needs. For the long term, the Partnership will remain dependent on operations of the properties it owns or of the properties securing its loans as the primary source of debt repayment, until the properties can be sold. The Partnership determined to evaluate market and other economic conditions to establish the optimum time to commence an orderly liquidation of the Partnership's assets in accordance with the terms of the Amended Partnership Agreement. Taking such conditions as well as other pertinent information into account, the Partnership has determined to begin orderly liquidation of all its assets. Although there can be no assurance as to the timing of the liquidation due to real estate market conditions, the general difficulty of disposing of real estate, and other general economic factors, it is anticipated that such liquidation would result in the dissolution of the Partnership followed by a liquidating distribution to the limited partners by December 1998. In this regard, the Partnership has placed 1130 Sacramento Condominiums on the market for sale effective April 15, 1997. The Partnership has received an offer from a non-affiliate to purchase one of the four condominium units for $1.6 million. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - ------- ----------------- James F. Schofield, Gerald C. Gillett, Donna S. Gillett, Jeffrey Homburger, Elizabeth Jung, Robert Lewis, and Warren Heller et al. v. McNeil Partners L.P., McNeil Investors, Inc., McNeil Real Estate Management, Inc., Robert A. McNeil, Carole J. McNeil, McNeil Pacific Investors Fund 1972, Ltd., McNeil Real Estate Fund IX, Ltd., McNeil Real Estate Fund X, Ltd., McNeil Real Estate Fund XI, Ltd., McNeil Real Estate Fund XII, Ltd., McNeil Real Estate Fund XIV, Ltd., McNeil Real Estate Fund XV, Ltd., McNeil Real Estate Fund XX, L.P., McNeil Real Estate Fund XXI, L.P., McNeil Real Estate Fund XXII, L.P., McNeil Real Estate Fund XXIV, L.P., McNeil Real Estate Fund XXV, L.P., McNeil Real Estate Fund XXVI, L.P., and McNeil Real Estate Fund XXVII, L.P., et al. - Superior Court of the State of California for the County of Los Angeles, Case No. BC133799 (Class and Derivative Action Complaint). The action involves purported class and derivative actions brought by limited partners of each of the fourteen limited partnerships that were named as nominal defendants as listed above (the "Partnerships"). Plaintiffs allege that McNeil Investors, Inc., its affiliate McNeil Real Estate Management, Inc. and three of their senior officers and/or directors (collectively, the "Defendants") breached their fiduciary duties and certain obligations under the respective Amended Partnership Agreement. Plaintiffs allege that Defendants have rendered such Units highly illiquid and artificially depressed the prices that are available for Units on the resale market. Plaintiffs also allege that Defendants engaged in a course of conduct to prevent the acquisition of Units by an affiliate of Carl Icahn by disseminating purportedly false, misleading and inadequate information. Plaintiffs further allege that Defendants acted to advance their own personal interests at the expense of the Partnerships' public unit holders by failing to sell Partnership properties and failing to make distributions to unitholders. On December 16, 1996, the Plaintiffs filed a consolidated and amended complaint. Plaintiffs are suing for breach of fiduciary duty, breach of contract and an accounting, alleging, among other things, that the management fees paid to the McNeil affiliates over the last six years are excessive, that these fees should be reduced retroactively and that the respective Amended Partnership Agreements governing the Partnerships are invalid. Defendants filed a demurrer to the consolidated and amended complaint and a motion to strike on February 14, 1997, seeking to dismiss the consolidated and amended complaint in all respects. A hearing on Defendant's demurrer and motion to strike was held on May 5, 1997. The Court granted Defendants' demurrer, dismissing the consolidated and amended complaint with leave to amend. Plaintiffs have until May 27, 1997 to file a second amended complaint, unless otherwise agreed to by the parties. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits. Exhibit Number Document Description ------- -------------------- 4. Amended and Restated Limited Partnership Agreement dated March 30, 1992. (Incorporated by reference to the Current Report of the registrant on Form 8-K dated March 30, 1992, as filed on April 10, 1992). 11. Statement regarding computation of Net Income 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 49,512 limited partnership units outstanding in 1997 and 1996. 27. Financial Data Schedule for the quarter ended March 31, 1997. (b) Reports on Form 8-K. There were no reports on Form 8-K filed during the quarter ended March 31, 1997. MCNEIL REAL ESTATE FUND XX, 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 XX, L.P. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner May 14, 1997 By: /s/ Ron K. Taylor - -------------- ----------------------------------------- Date Ron K. Taylor President and Director of McNeil Investors, Inc. (Principal Financial Officer) May 14, 1997 By: /s/ Carol A. Fahs - -------------- ----------------------------------------- Date Carol A. Fahs Vice President of McNeil Investors, Inc. (Principal Accounting Officer) EX-27 2
5 3-MOS DEC-31-1997 MAR-31-1997 2,499,417 0 77,260 0 0 0 4,120,638 (1,115,687) 12,285,891 0 2,704,067 0 0 0 9,249,762 12,285,891 330,636 450,583 203,327 288,914 96,196 0 62,131 3,342 0 3,342 0 0 0 3,342 0 0
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