-----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, PlV0BKZBuu+MdjKcEkEeF8fJnzkqOJ1oDiVqCowp0b3eOAFXvFibEwOzMRI1Na2l P6jrIKrHIEa+Q4EqsZxkVw== 0000751044-96-000009.txt : 19961118 0000751044-96-000009.hdr.sgml : 19961118 ACCESSION NUMBER: 0000751044-96-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XV LTD /CA CENTRAL INDEX KEY: 0000751044 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942941516 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14258 FILM NUMBER: 96665079 BUSINESS ADDRESS: STREET 1: 13760 NOEL RD STE 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 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 September 30, 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 0-14258 -------- MCNEIL REAL ESTATE FUND XV, LTD. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 94-2941516 - -------------------------------------------------------------------------------- (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 (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 XV, LTD. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS (Unaudited)
September 30, December 31, 1996 1995 --------------- -------------- ASSETS - ------ Real estate investments: Land..................................................... $ 7,087,195 $ 7,087,195 Buildings and improvements............................... 45,472,033 44,889,821 -------------- ------------- 52,559,228 51,977,016 Less: Accumulated depreciation.......................... (21,952,370) (20,428,022) -------------- ------------- 30,606,858 31,548,994 Cash and cash equivalents................................... 1,417,134 2,079,352 Cash segregated for security deposits....................... 290,086 249,574 Accounts receivable......................................... 15,029 6,691 Prepaid expenses and other assets........................... 64,835 43,905 Escrow deposits............................................. 373,764 364,431 Deferred borrowing costs (net of accumulated amortization of $233,195 and $172,430 at September 30, 1996 and December 31, 1995, respectively)............................................ 776,137 836,902 -------------- ------------- $ 33,543,843 $ 35,129,849 ============== ============= LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage notes payable, net................................. $ 23,951,806 $ 24,216,133 Accounts payable............................................ 6,224 42,258 Accrued property taxes...................................... 292,778 164,534 Accrued expenses............................................ 93,530 197,112 Accrued interest............................................ 167,308 169,346 Payable to affiliates - General Partner..................... 65,397 48,469 Security deposits and deferred rental revenue............... 277,899 254,144 -------------- ------------- 24,854,942 25,091,996 -------------- ------------- Partners' equity (deficit): Limited partners - 120,000 limited partnership units authorized; 102,836 limited partnership units issued and outstanding at September 30, 1996 and December 31, 1995............................. 9,071,215 10,394,645 General Partner.......................................... (382,314) (356,792) -------------- ------------- 8,688,901 10,037,853 -------------- ------------- $ 33,543,843 $ 35,129,849 ============== =============
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 XV, LTD. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, --------------------------------- --------------------------------- 1996 1995 1996 1995 -------------- --------------- -------------- -------------- Revenue: Rental revenue................ $ 2,023,161 $ 1,970,982 $ 5,997,714 $ 5,802,600 Interest...................... 27,240 59,585 79,687 160,925 Gain on legal settlement...... - - - 35,263 ------------- ------------- ------------- ------------- Total revenue............... 2,050,401 2,030,567 6,077,401 5,998,788 ------------- ------------- ------------- ------------- Expenses: Interest...................... 527,252 605,922 1,609,136 1,793,579 Depreciation.................. 509,947 477,843 1,524,348 1,433,529 Property taxes................ 112,947 100,455 341,173 301,365 Personnel expenses............ 233,629 230,980 676,194 650,127 Utilities..................... 91,517 100,610 263,333 280,112 Repair and maintenance........ 253,491 228,267 702,750 600,536 Property management fees - affiliates........... 101,305 98,560 303,788 291,064 Other property operating expenses.................... 110,276 120,645 340,807 364,161 General and administrative.... 54,512 167,459 108,961 200,964 General and administrative - affiliates.................. 54,523 60,408 165,604 185,006 ------------- ------------- ------------- ------------- Total expenses.............. 2,049,399 2,191,149 6,036,094 6,100,443 ------------- ------------- ------------- ------------- Net income (loss)................ $ 1,002 $ (160,582) $ 41,307 $ (101,655) ============= ============= ============= ============= Net loss allocable to limited partners...................... $ (122,824) $ (71,861) $ (323,449) $ (487,150) Net income allocable to General Partner............... 123,826 127,222 364,756 385,495 ------------- ------------- ------------- ------------- Net income....................... $ 1,002 $ 55,361 $ 41,307 $ (101,655) ============= ============= ============= ============= Net loss per limited partnership unit.............. $ (1.19) $ (.70) $ (3.15) $ (4.74) ============= ============ ============= ============= Distribution per limited partnership unit.............. $ 4.86 $ - $ 9.72 $ - ============= ============ ============= =============
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 XV, LTD. STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) For the Nine Months Ended September 30, 1996 and 1995
Total General Limited Partners' Partner Partners Equity --------------- --------------- --------------- Balance at December 31, 1994.............. $ (348,250) $ 11,104,028 $ 10,755,778 Net income (loss)......................... 385,495 (487,150) (101,655) Management Incentive Distribution......... (409,922) - (409,922) ------------- ------------- ------------- Balance at September 30, 1995............. $ (372,677) $ 10,616,878 $ 10,244,201 ============= ============= ============= Balance at December 31, 1995.............. $ (356,792) $ 10,394,645 $ 10,037,853 Net income (loss)......................... 364,756 (323,449) 41,307 Management Incentive Distribution......... (390,278) - (390,278) Limited partner distribution.............. - (999,981) (999,981) ------------- ------------- ------------- Balance at September 30, 1996............. $ (382,314) $ 9,071,215 $ 8,688,901 ============= ============= =============
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 XV, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Increase (Decrease) in Cash and Cash Equivalents
Nine Months Ended September 30, ------------------------------------------- 1996 1995 ------------------- ---------------- Cash flows from operating activities: Cash received from tenants........................ $ 5,977,043 $ 5,791,655 Cash received from legal settlement............... - 35,263 Cash paid to suppliers............................ (2,163,646) (1,942,825) Cash paid to affiliates........................... (462,743) (476,769) Interest received................................. 79,687 160,925 Interest paid..................................... (1,516,055) (1,696,984) Property taxes paid............................... (315,631) (375,721) ----------------- -------------- Net cash provided by operating activities............ 1,598,655 1,495,544 ----------------- -------------- Net cash used in investing activities: Additions to real estate investments.............. (582,212) (764,227) ----------------- -------------- Cash flows from financing activities: Proceeds from refinancing or mortgage notes payable................................... - 1,367,557 Principal payments on mortgage notes payable......................................... (298,681) (323,572) Deferred borrowing costs paid..................... - (122,381) Management Incentive Distribution................. (379,999) (399,830) Limited partner distribution...................... (999,981) - ------------------ -------------- Net cash provided by (used in) financing activities........................................ (1,678,661) 521,774 ------------------ -------------- Net increase (decrease) in cash and cash equivalents....................................... (662,218) 1,253,091 Cash and cash equivalents at beginning of period............................................ 2,079,352 3,284,547 ----------------- -------------- Cash and cash equivalents at end of period........... $ 1,417,134 $ 4,537,638 ================= ==============
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 XV, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities
Nine Months Ended September 30, ----------------------------------------- 1996 1995 ---------------- ---------------- Net income (loss).................................... $ 41,307 $ (101,655) --------------- -------------- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation...................................... 1,524,348 1,433,529 Amortization of discounts on mortgage notes payable................................... 34,354 36,920 Amortization of deferred borrowing costs.......... 60,765 54,875 Changes in assets and liabilities: Cash segregated for security deposits........... (40,512) 4,820 Accounts receivable............................. (8,338) (15,558) Prepaid expenses and other assets............... (20,930) 39,272 Escrow deposits................................. (9,333) (208,683) Accounts payable................................ (36,034) 77,041 Accrued property taxes.......................... 128,244 27,189 Accrued expenses................................ (103,582) 137,469 Accrued interest................................ (2,038) 4,800 Payable to affiliates - General Partner......... 6,649 (699) Security deposits and deferred rental revenue....................................... 23,755 6,224 --------------- -------------- Total adjustments............................. 1,557,348 1,597,199 --------------- -------------- Net cash provided by operating activities............ $ 1,598,655 $ 1,495,544 =============== ==============
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 XV, LTD. Notes to Financial Statements (Unaudited) September 30, 1996 NOTE 1. - ------- McNeil Real Estate Fund XV, Ltd. (the "Partnership") was organized June 26, 1984 as a limited partnership organized under the provisions of the California 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. The Partnership is governed by an amended and restated limited partnership agreement, dated October 11, 1991 (the "Amended Partnership Agreement"). 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 nine months ended September 30, 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 XV, Ltd., c/o McNeil Real Estate Management, Inc., Investor Relations, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. NOTE 3. - ------- The Partnership pays property management fees equal to 5% of gross rental receipts of the Partnership's properties to McNeil Real Estate Management, Inc. ("McREMI"), an affiliate of the General Partner, for providing property management services and leasing services. The Partnership reimburses McREMI for its costs, including overhead, of administering the Partnership's affairs. Under terms of the Amended Partnership Agreement, the Partnership is paying a Management Incentive Distribution ("MID") to the General Partner. The maximum MID is calculated as 1% of the tangible asset value of the Partnership. The maximum MID percentage decreases subsequent to 1999. Tangible asset value is determined by using the greater of (i) an amount calculated by applying a capitalization rate of 9% to the annualized net operating income of each property or (ii) a value of $10,000 per apartment unit to arrive at the property tangible asset value. The property tangible asset value is then added to the book value of all other assets excluding intangible items. MID will be paid to the extent of the lesser of the Partnership's excess cash flow, as defined, or net operating income, as defined ("the Entitlement Amount"), and may be paid (i) in cash, unless there is insufficient cash to pay the distribution in which event any unpaid portion not taken in limited partnership units ("Units") will be deferred and is payable, without interest, from the first available cash and/or (ii) in Units. A maximum of 50% of the MID may be paid in Units. The number of Units issued in payment of the MID is based on the greater of $50 per Unit or the net tangible asset value, as defined, per Unit. Any amount of the MID that is paid to the General Partner in Units will be treated as if cash is distributed to the General Partner and is then contributed to the Partnership by the General Partner. The MID represents a return of equity to the General Partner for increasing cash flow, as defined, and accordingly is treated as a distribution. Compensation, reimbursements and distributions paid to or accrued for the benefit of the General Partner and its affiliates are as follows:
Nine Months Ended September 30, --------------------------------------- 1996 1995 ---------------- ---------------- Property management fees - affiliates................ $ 303,788 $ 291,064 Charged to general and administrative - affiliates: Partnership administration........................ 165,604 185,006 --------------- --------------- $ 469,392 $ 476,070 =============== =============== Charged to General Partner's deficit: MID............................................... $ 390,278 $ 409,922 =============== ===============
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- The Partnership was formed to acquire, operate and ultimately dispose of a portfolio of income-producing real properties. At September 30, 1996, the Partnership owned four apartment properties. Three of the four Partnership's properties are subject to mortgage notes. RESULTS OF OPERATIONS - --------------------- Revenue: Partnership revenues increased by $78,613 and $19,834, respectively, for the nine and three months ended September 30, 1996, as compared to the same periods last year. Rental revenue increased by $195,115, while interest income decreased by $81,237. Rental revenue for the first nine months of 1996 was $5,997,714 as compared to $5,802,599 for the same period in 1995. The increase in rental revenue of $195,114 is due to increases in market rental rates at all of the Partnership's properties. Interest income for the nine months decreased due to smaller average cash balances invested in interest-bearing accounts. The Partnership also recognized a gain on legal settlement of $35,263 as a result of the settlement with Southmark received in 1995. No such gains have been recognized in 1996. Expenses: Partnership expenses decreased by $64,349 or 1% and $141,750 or 6% for the nine and three months ended September 30, 1996, respectively. Decreases in mortgage interest, utilities, other property operating, general and administrative and general and administrative - affiliates expense were offset by increases in depreciation, property taxes and repair and maintenance. Mortgage interest expense decreased for the period ended September 30, 1996, compared to the same period in 1995, by $184,443 or 10%. The decrease is due to the payoff of the Cedar Run mortgage note payable in December 1995. Depreciation expense for the nine and three months ended September 30, 1996 increased by $90,819 or 6% and $32,104 or 7%, respectively, as compared to the same periods in 1995. This increase is due to capital improvements made at the property. As of September 30, 1996, the Partnership made $582,212 in capital improvements for the year. Property tax expense for the period ended September 30, 1996 was $341,173 as compared to $301,365 in 1995. The increase of $39,808 or 13% is a result of an increase in the assessed property value at Arrowhead and Mountain Shadows. Repairs and maintenance expense for the nine and three months ended September 30, 1996 increased by $102,214 or 17% and $25,224 or 11%, respectively, compared to the same periods in 1995. The increase is due to the replacement of carpeting, which met the Partnership's criteria for capitalization based on the magnitude of replacements in 1995, but were expensed in 1996. In addition, furniture rental increased at Mountain Shadows due to an increase in corporate unit leases where furniture is provided by the lease. Other property operating expenses decreased $23,354 or 6% and $10,369 or 9%, respectively, for the nine and three months ended September 30, 1996, as compared to 1995. This decrease is primarily due to a decrease in hazard insurance and bad debts in 1996. General and administrative expenses decreased $92,003 or 46% and $112,947 or 67% for the nine and three months, respectively, of 1996 as compared to the same periods last year. The decrease is due to costs incurred, by the Partnership, in the third quarter of 1995 to evaluate and disseminate information regarding an unsolicited tender offer. The Partnership anticipates incurring such costs in the fourth quarter of 1996 in response to an additional unsolicited tender offer, as discussed in Item 5 - Other Information. General and administrative - affiliates expense decreased by $19,402 or 10% for the first nine months of 1996 as compared to the same period last year due to the reduction of overhead expenses allocable to the Partnership. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- The Partnership's primary source of cash flows is from operating activities which generated $1,598,655 of cash in the first nine months of 1996 as compared to $1,495,544 for the same period in 1995. The increase in cash of $103,111 was mainly the result of an increase in cash received from tenants and a decrease in mortgage interest paid due to the payoff of the Cedar Run mortgage which was partially offset by an increase in cash paid to suppliers. The Partnership expended $582,212 and $764,227 for capital improvements to its properties in the first nine months of 1996 and 1995, respectively. During the first nine months of 1996, the Partnership paid distributions of $991,981 to the limited partners and MID payments of $379,999. The principle payments on the mortgage notes payable declined slightly in 1996 as a result of the pay off of the mortgage notes on Cedar Run in December 1995. The Partnership also paid $122,301 in deferred borrowing costs in 1995. Short-term liquidity: At September 30, 1996, the Partnership held cash and cash equivalents of $1,417,134, down $662,218 from the balance at December 31, 1995. This balance provides a comfortable level of working capital for the Partnership's operations. During 1996, operations of the Partnership's properties are expected to provide positive cash flow from operations. Management will perform routine repairs and maintenance on the properties to preserve and enhance their value in the market. In 1996, the Partnership has budgeted to spend approximately $638,000 on capital improvements, which are expected to be funded from operations of the properties. Long-term liquidity: While the present outlook for Partnership's liquidity is favorable, market conditions may change and property operations can deteriorate. In that event, the Partnership would require other sources of working capital. No such other sources have been identified, and the Partnership has no established lines of credit. Other possible actions to resolve working capital deficiencies include refinancing or renegotiating terms of existing loans, deferring major capital expenditures on Partnership properties except where improvements are expected to enhance the competitiveness or marketability of the properties, or arranging working capital support from affiliates. No affiliate support has been required in the past, and there is no assurance that support would be provided in the future, since neither the General Partner nor any affiliates have any obligation in this regard. The partnership has determined to begin an orderly liquidation of all the Partnership's assets. Although there can be no assurance as to the timing of any liquidation it is anticipated that such liquidation would result in distributions to the limited partners of the cash proceeds from the sale of the Partnership's properties, subject to cash reserve requirements, as they are sold with the last property disposition before December 2001 followed by a dissolution of the Partnership. Income allocations and distributions: Terms of the Amended Partnership Agreement specify that income before depreciation is allocated to the General Partner to the extent of MID paid in cash. Depreciation is allocated in the ratio of 99:1 to the limited partners and the General Partner, respectively. Therefore, for the nine months ended September 30, 1996 and 1995, $364,756 and $385,495, respectively, was allocated to the General Partner. The limited partners received allocations of $(323,449) and $(487,150) for the nine months ended September 30, 1996 and 1995, respectively. During 1996, the limited partners received a cash distribution of $999,991. The distribution consisted of funds from operations. A distribution of $390,278 for the MID was accrued by the Partnership for the period ended September 30, 1996 for the General Partner. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - ------- ----------------- McNeil Pacific Investors Fund 1972, Ltd., McNeil Real Estate Fund V, Ltd., McNeil Real Estate Fund IX, Ltd., McNeil Real Estate Fund X, Ltd., McNeil Real Estate Fund XI, Ltd., McNeil Real Estate Fund XIV, Ltd., McNeil Real Estate Fund XV, Ltd., McNeil Real Estate Fund XX, L.P., McNeil Real Estate Fund XXIV, L.P., and McNeil Real Estate Fund XXV, L.P. vs. High River Limited Partnership, Riverdale Investors Corp., Inc., Carl C. Icahn, and Unicorn Associates Corporation - United States District Court for the Central District of California, Case No. 96-5680SVW. On August 12, 1996 High River Limited Partnership ("High River"), a partnership controlled by Carl C. Icahn, sent a letter to the partnerships referenced above demanding lists of the names, current residences or business addresses and certain other information concerning the unitholders of such partnerships. On August 19, 1996, these partnerships commenced the above action seeking, among other things, to declare that such partnerships are not required to provide High River with a current list of unitholders on the grounds that the defendants commenced a tender offer in violation of the federal securities laws by filing certain Schedule 13D Amendments on August 5, 1996. On October 17, 1996, the presiding judge denied the partnerships requests for a permanent and preliminary injunction to enjoin High River's tender offers and granted the defendants request for an order directing the partnerships to turn over current lists of unitholders to High River forthwith. On October 24, 1996, the partnerships delivered the unitholder lists to High River. ITEM 5. OTHER INFORMATION - ------- ----------------- On September 20, 1996, High River announced that it had commenced a tender offer for any and all units of the Partnership at $100.24 per unit (the original offer price of $105.10 was reduced by the August 1996 distributions to unitholders of $4.86 per unit). The tender was originally due to expire October 18, 1996, however, this offer has been extended until November 22, 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits. Exhibit Number Description ------- ----------- 3.1 Amended and Restated Partnership Agreement dated October 11, 1991. (1) 11. Statement regarding computation of net loss per limited partnership unit: Net loss per limited partnership unit is computed by dividing net loss allocated to the limited partners by the number of limited partnership units outstanding. Per unit information has been computed based on 102,836 and 102,846 limited partnership units outstanding in 1995 and 1994, respectively. 27. Financial Data Schedule for the quarter ended September 30, 1996. (1) Incorporated by reference to the Annual Report of Registrant, on Form 10-K for the period ended December 31, 1991, as filed on March 30, 1992. (b) Reports on Form 8-K. There were no reports on Form 8-K filed during the quarter ended September 30, 1996. McNEIL REAL ESTATE FUND XV, LTD. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized: McNEIL REAL ESTATE FUND XV, Ltd. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner November 14, 1996 By: /s/ Donald K. Reed - ----------------- ---------------------------------------- Date Donald K. Reed President and Chief Executive Officer November 14, 1996 By: /s/ Ron K. Taylor - ----------------- ---------------------------------------- Date Ron K. Taylor Acting Chief Financial Officer of McNeil Investors, Inc. November 14, 1996 By: /s/ Brandon K. Flaming - ----------------- ---------------------------------------- Date Brandon K. Flaming Chief Accounting Officer of McNeil Real Estate Management, Inc. EX-27 2
5 9-MOS DEC-31-1996 SEP-30-1996 1,417,134 0 0 290,086 0 0 52,559,228 (21,952,370) 33,543,843 0 23,951,806 0 0 0 0 33,543,843 5,997,714 6,077,401 0 0 4,426,958 0 1,609,136 0 0 41,307 0 0 0 41,307 0 0
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