-----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, InPC/UqBGyTZ1hhLbsEDMIMt7H0VxEvrNYTM005gHlCHkQN+1u4o9hCtKwTuc3qA GW8D+hL8oEcTsCkq00B9Uw== 0000756427-96-000006.txt : 19960816 0000756427-96-000006.hdr.sgml : 19960816 ACCESSION NUMBER: 0000756427-96-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XXIV LP CENTRAL INDEX KEY: 0000756427 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 742339537 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14267 FILM NUMBER: 96613008 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 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHMARK EQUITY 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 June 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 0-14267 --------- MCNEIL REAL ESTATE FUND XXIV, L.P. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 74-2339537 - -------------------------------------------------------------------------------- (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 XXIV, L.P. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS (Unaudited)
June 30, December 31, 1996 1995 --------------- -------------- ASSETS - ------ Real estate investments: Land..................................................... $ 5,949,645 $ 6,781,836 Buildings and improvements............................... 25,457,164 28,462,935 -------------- ------------- 31,406,809 35,244,771 Less: Accumulated depreciation and amortization......... (11,126,143) (12,428,415) -------------- ------------- 20,280,666 22,816,356 Asset held for sale......................................... 2,016,188 - Cash and cash equivalents................................... 1,895,236 2,381,183 Cash segregated for security deposits....................... 86,570 94,780 Accounts receivable......................................... 503,944 433,580 Prepaid expenses and other assets, net...................... 176,297 186,490 -------------- ------------- $ 24,958,901 $ 25,912,389 ============== ============= LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage note payable....................................... $ 5,484,811 $ 5,538,527 Accounts payable and accrued expenses....................... 245,471 229,628 Payable to affiliates....................................... 43,072 59,527 Advances from affiliates.................................... - 642,581 Security deposits and deferred rental revenue............... 130,340 102,823 -------------- ------------- 5,903,694 6,573,086 -------------- ------------- Partners' equity (deficit): Limited partners - 40,000 limited partnership units authorized and outstanding at June 30, 1996 and December 31, 1995............................. 19,077,078 19,362,083 General Partner.......................................... (21,871) (22,780) -------------- ------------- 19,055,207 19,339,303 -------------- ------------- $ 24,958,901 $ 25,912,389 ============== =============
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 XXIV, L.P. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, --------------------------------- --------------------------------- 1996 1995 1996 1995 -------------- -------------- -------------- -------------- Revenue: Rental revenue................ $ 1,044,933 $ 1,092,840 $ 2,069,769 $ 2,075,167 Interest...................... 27,375 29,700 59,135 55,152 Gain on involuntary conversion.................. - - 24,663 - Property tax refund........... - 25,433 20,434 25,433 ------------- ------------- ------------- ------------- Total revenue............... 1,072,308 1,147,973 2,174,001 2,155,752 ------------- ------------- ------------- ------------- Expenses: Interest...................... 110,213 108,785 219,037 209,277 Depreciation and amortization................ 295,240 338,177 628,278 674,612 Property taxes................ 106,192 124,986 228,268 249,972 Personnel costs............... 65,987 69,065 137,963 154,061 Utilities..................... 51,997 46,040 106,700 93,866 Repairs and maintenance....... 105,757 95,878 196,676 191,213 Property management fees - affiliates........... 61,267 64,048 115,607 117,076 Other property operating expenses.................... 59,083 58,863 118,382 120,194 General and administrative.... 17,587 45,196 41,042 65,355 General and administrative - affiliates.................. 143,779 166,077 291,136 322,860 ------------- ------------- ------------- ------------- Total expenses.............. 1,017,102 1,117,115 2,083,089 2,198,486 ------------- ------------- ------------- ------------- Net income (loss)................ $ 55,206 $ 30,858 $ 90,912 $ (42,734) ============= ============= ============= ============= Net income (loss) allocable to limited partners........... $ 54,654 $ 30,549 $ 90,003 $ (42,307) Net income (loss) allocable to General Partner............ 552 309 909 (427) ------------- ------------- ------------- ------------- Net income (loss)................ $ 55,206 $ 30,858 $ 90,912 $ (42,734) ============= ============= ============= ============= Net income (loss) per limited partnership unit.............. $ 1.37 $ .76 $ 2.25 $ (1.06) ============= ============= ============= =============
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 XXIV, L.P. STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) For the Six Months Ended June 30, 1996 and 1995
Total General Limited Partners' Partner Partners Equity --------------- --------------- --------------- Balance at December 31, 1994.............. $ (5,832) $ 21,039,922 $ 21,034,090 Net loss.................................. (427) (42,307) (42,734) -------------- -------------- -------------- Balance at June 30, 1995.................. $ (6,259) $ 20,997,615 $ 20,991,356 ============= ============= ============= Balance at December 31, 1995.............. $ (22,780) $ 19,362,083 $ 19,339,303 Net income................................ 909 90,003 90,912 Distributions............................. - (375,008) (375,008) ------------- ------------- ------------- Balance at June 30, 1996.................. $ (21,871) $ 19,077,078 $ 19,055,207 ============= ============= =============
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 XXIV, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Increase (Decrease) in Cash and Cash Equivalents
Six Months Ended June 30, ----------------------------------------- 1996 1995 ----------------- ---------------- Cash flows from operating activities: Cash received from tenants........................ $ 2,034,780 $ 2,028,495 Cash paid to suppliers............................ (637,055) (619,949) Cash paid to affiliates........................... (423,198) (415,385) Interest received................................. 59,135 55,152 Interest paid..................................... (205,085) (190,049) Property taxes paid............................... (179,540) (161,563) Property tax refund............................... 20,434 25,433 --------------- -------------- Net cash provided by operating activities............ 669,471 722,134 --------------- -------------- Cash flows from investing activities: Additions to real estate investments.............. (159,113) (177,427) Proceeds received from insurance company.......... 75,000 - --------------- -------------- Net cash used in investing activities................ (84,113) (177,427) --------------- -------------- Cash flows from financing activities: Principal payments on mortgage note payable......................................... (53,716) (77,352) Distributions paid................................ (375,008) - Repayment of advances from affiliates............. (642,581) - --------------- -------------- Net cash used in financing activities................ (1,071,305) (77,352) --------------- -------------- Net increase (decrease) in cash and cash equivalents....................................... (485,947) 467,355 Cash and cash equivalents at beginning of period............................................ 2,381,183 1,720,161 --------------- -------------- Cash and cash equivalents at end of period........... $ 1,895,236 $ 2,187,516 =============== ==============
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 XXIV, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities
Six Months Ended June 30, ----------------------------------------- 1996 1995 ----------------- ---------------- Net income (loss).................................... $ 90,912 $ (42,734) --------------- -------------- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Gain on involuntary conversion.................... (24,663) - Depreciation and amortization..................... 628,278 674,612 Amortization of deferred borrowing costs.......... 15,539 15,539 Amortization of deferred gain..................... - (10,200) Changes in assets and liabilities: Cash segregated for security deposits........... 8,210 1,827 Accounts receivable, net........................ (70,364) (44,111) Prepaid expenses and other assets, net.......... (5,346) 11,785 Accounts payable and accrued expenses........... 15,843 82,208 Payable to affiliates........................... (16,455) 24,551 Security deposits and deferred rental revenue....................................... 27,517 8,657 --------------- -------------- Total adjustments............................. 578,559 764,868 --------------- -------------- Net cash provided by operating activities............ $ 669,471 $ 722,134 =============== ==============
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 XXIV, L.P. Notes to Financial Statements June 30, 1996 (Unaudited) NOTE 1. - ------- McNeil Real Estate Fund XXIV, L.P. (the "Partnership"), formerly known as Southmark Equity Partners, Ltd., was organized on October 19, 1984, 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 six months ended June 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 XXIV, L.P., c/o McNeil Real Estate Management, Inc., Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. NOTE 3. - ------- Certain prior period amounts have been reclassified to conform to the current period presentation. NOTE 4. - ------- The Partnership pays property management fees equal to 5% of the 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 properties and $50 per gross square foot for commercial properties 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 or its affiliates are as follows: Six Months Ended June 30, --------------------------- 1996 1995 ---------- ---------- Property management fees.................. $ 115,607 $ 117,076 Charged to general and administrative - affiliates: Partnership administration............. 128,620 155,815 Asset management fee................... 162,516 167,045 --------- --------- $ 406,743 $ 439,936 ========= ========= Payable to affiliates at June 30, 1996 and December 31, 1995 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 5. - ------- In December 1995, wind and hail damage occurred at Pine Hills Apartments. $75,000 was received from the insurance carrier in February 1996. The Partnership recorded a $24,663 gain on involuntary conversion in 1996, which represents the amount of insurance reimbursements received in excess of the basis of the property damaged. NOTE 6. - ------- 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 Island Plaza is currently classified as an asset held for sale, no depreciation has been taken effective April 1, 1996. 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 the Partnership's properties since December 31, 1995. The Partnership reported net income for the first six months of 1996 of $90,912 as compared to a net loss of $42,734 for the first six months of 1995. Revenues were $2,174,001 in 1996, up from $2,155,752 for the same period in 1995. Expenses decreased to $2,083,089 in 1996, from $2,198,486 in 1995. Net cash provided by operating activities was $669,471 for the first six months of 1996, comparable to the $722,134 provided during the first six months of 1995. The Partnership expended $53,716 for principal payments on its mortgage note payable, $159,113 for capital improvements, $375,008 in distributions to the limited partners and repaid $642,581 of advances from affiliates. The Partnership received $75,000 from the insurance carrier for damaged assets. Cash and cash equivalents decreased by $485,947 for the first six months of 1996, leaving a balance of $1,895,236 at June 30, 1996. RESULTS OF OPERATIONS - --------------------- Revenue: Total revenue decreased by $75,665 for the three months and increased by $18,249 for the six months ended June 30, 1996, as compared to the same periods in 1995. The overall increase was primarily due to the recognition of a gain on involuntary conversion and a property tax refund in the first quarter of 1996, partially offset by a decrease in rental revenue, as discussed below. Rental revenue decreased by $47,907 and $5,398 for the three and six months ended June 30, 1996, respectively, in relation to the respective periods in 1995. The decrease was mainly due to a decrease in occupancy at Southpointe Plaza Shopping Center from 92% at June 30, 1995 to 83% at June 30, 1996. A gain of involuntary conversion of $24,663 was recognized in the first quarter of 1996 relating to wind and hail damage at Pine Hills Apartments (see Item 1, Note 5). No such income was recorded in the first quarter of 1995. The Partnership received a $20,434 refund of Towne Center's prior years' property taxes in the first quarter of 1996. In the second quarter of 1995, the Partnership received refunds of prior years' property taxes totaling $25,433 relating to Riverbay Plaza and Southpointe Plaza Shopping Centers. These refunds were the result of appeals filed on behalf of the properties. Expenses: Total expenses decreased by $100,013 and $115,397 for the three and six months ended June 30, 1996, respectively, as compared to the same periods in 1995. The decrease was primarily the result of decreases in property taxes, personnel costs, general and administrative expenses and general and administrative - affiliates, partially offset by an increase in utilities, as discussed below. Property taxes decreased by $18,794 and $21,704 for the three and six months ended June 30, 1996, respectively, as compared to the same periods in 1995. The decrease was primarily attributable to a decrease in the assessed taxable value of Riverbay Plaza, Southpointe Plaza and Springwood Plaza shopping centers by taxing authorities as a result of an appeal filed in 1995 by the Partnership on behalf of the properties. Personnel costs decreased $3,078 and $16,098 for the first three and six months ended June 30, 1996, respectively, as compared to the same periods in 1995. The decrease was mainly due to a refund of prior years' worker's compensation insurance at Pine Hills Apartments and Sleepy Hollow Apartments in 1996. No such refund was received in the first six months of 1995. Utilities increased by $5,957 and $12,834 for the three and six months ended June 30, 1996, respectively, as compared to the same periods in 1995. The increase was mainly due to an increase of utility rates and the usage of water by a tenant at Riverbay Plaza Shopping Center. General and administrative expenses decreased by $27,609 and $24,313 for the three and six months ended June 30, 1996, respectively, as compared to the same periods in 1995. The decrease was mainly due to legal expenses incurred in 1995 involving a tenant's lease at Southpointe Plaza Shopping Center. General and administrative expenses - affiliates decreased by $22,298 and $31,724 for the three and six months ended June 30, 1996, respectively, as compared to the same periods in 1995. The decrease was mainly due to a decrease in overhead expenses allocated to the Partnership by McREMI. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- The Partnership's primary source of cash flows is from operating activities which generated $669,471 of cash in the first six months of 1996 as compared to $722,134 for the same period in 1995. The Partnership received $75,000 from the insurance carrier in 1996 for wind and hail damage at Pine Hills Apartments (see Item 1, Note 5). The Partnership made principal payments on the Southpointe Plaza mortgage note payable of $53,716 and $77,352 in the first six months of 1996 and 1995, respectively. Under the terms of the mortgage note agreement, the total payment on the loan was adjusted by the lender in 1995, resulting in a decrease in the amount of principal payments made on the loan in 1996. The Partnership distributed $375,008 to the limited partners in the second quarter of 1996. No distributions were paid to the limited partners in 1995. The Partnership repaid advances to the general partner of $642,581 in the second quarter of 1996. No such repayments were made in 1995. Short-term liquidity: At June 30, 1996, the Partnership held cash and cash equivalents of $1,895,236. This balance provides a reasonable level of working capital for the Partnership's immediate needs in operating its properties. For the remainder of 1996, Partnership properties are expected to provide positive cash flow from operations after payment of debt service and capital improvements. The Partnership has budgeted $431,000 for necessary capital improvements for all properties in 1996 which is expected to be funded from available cash reserves or from operations of the properties. The present cash balance is believed to provide an adequate reserve for property operations. The Partnership distributed $375,008 to the limited partners in the second quarter of 1996. The Partnership anticipates making additional distributions in the third quarter of 1996 totaling $375,000 to the limited partners of record as of August 1, 1996. Long-term liquidity: Only one property, Southpointe Plaza Shopping Center, is encumbered with mortgage debt. The Partnership will attempt to obtain refinancing or extension of the mortgage note when it matures in 1997. While the outlook for maintenance of adequate levels of liquidity is favorable, should operations deteriorate and present cash resources become insufficient to fund current needs, the Partnership would require other sources of working capital. No such sources have been identified. The Partnership has no established lines of credit from outside sources. Other possible actions to resolve cash deficiencies include refinancings, deferral of capital expenditures on Partnership properties except where improvements are expected to increase the competitiveness and marketability of the properties, arranging financing from affiliates or the ultimate sale of the properties. Sales and refinancings are possibilities only, and there are at present no plans for any such sales or refinancings other than Island Plaza, which was placed on the market for sale effective April 1, 1996. 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 funds under the facility because no amounts are reserved for any particular partnership. As of June 30, 1996, $4,082,159 remained available for borrowing under the facility; however, additional funds could become available as other partnerships repay existing borrowings. This commitment will terminate on March 30, 1997. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - ------- ----------------- Two class action lawsuits styled Robert Lewis vs. McNeil Partners, L.P., et. al., filed in the District Court of Dallas County, Texas, and James F. Schofield, et. al. vs. McNeil Partners, L.P., et. al., filed in the United States District Court, Southern District of New York, have been voluntarily dismissed without prejudice by the respective plaintiffs in such actions. ITEM 5. OTHER INFORMATION - ------- ----------------- On August 5, 1996, High River Limited Partnership ("High River"), a partnership controlled by Carl Icahn ("Icahn"), and certain Icahn's affiliates, filed documents with the Securities and Exchange Commission disclosing that High River had entered into a letter agreement dated August 2, 1996 with the attorneys for the plaintiffs in the case styled James F. Schofield, et. al. ("Plaintiffs") v. McNeil Partners, L.P., et. al. The letter agreement provided, among other things, that (i) High River will commence, as soon as possible, but in no event more than six months, a tender offer for any and all of the outstanding Units of the Partnership and other affiliated partnerships (the "Partnerships") at a price that is not less than 75% of the estimated liquidation value of the Units (as determined by utilizing the same methodology that was used to determine the liquidation values in High River's previous tender offers for the Partnerships, as previously disclosed), which tender offer may be subject to such other terms and conditions as High River determines in its sole discretion; (ii) in the event that High River attains the position of general partner in any of the Partnerships: (a) High River will take all actions necessary to cause a 25% reduction of fees of such Partnerships, (b) High River will not cause such Partnerships to take any action to discontinue the litigation with respect to receivable claims and (c) High River and Plaintiffs' counsel will in good faith execute an appropriate Stipulation of Settlement based upon the terms of the letter agreement, which stipulation shall not include a settlement or provide a release of the receivable claims; and (iii) from and after the date of the letter agreement, Plaintiffs' counsel agreed they will not enter into any settlement of the claims asserted in such litigation that does not provide for all consideration contained in a demand letter dated June 24, 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits. Exhibit Number Description ------- ----------- 4. Amended and Restated Limited Partnership Agreement dated March 30, 1992. (Incorpo- rated by reference to the Current Report of the registrant on Form 8-K dated March 30, 1992, as filed on April 10, 1992). 4.1 Amendment No. 1 to the Amended and Restated Limited Partnership Agreement of McNeil Real Estate Fund XXIV, L.P. dated June 1995 (incorporated by reference to the Quarterly Report of the registrant on Form 10-Q for the period ended June 30, 1995, as filed on August 14, 1995). 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 allocated to the limited partners by the number of limited partnership units outstanding. Per unit information has been computed based on 40,000 limited partnership units outstanding in 1996 and 1995. 27. Financial Data Schedule for the quarter ended June 30, 1996. (b) Reports on Form 8-K. There were no reports on Form 8-K filed during the quarter ended June 30, 1996. MCNEIL REAL ESTATE FUND XXIV, 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 XXIV, L.P. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner August 14, 1996 By: /s/ Donald K. Reed - ---------------------- --------------------------------------- Date Donald K. Reed President and Chief Executive Officer August 14, 1996 By: /s/ Ron K. Taylor - ---------------------- --------------------------------------- Date Ron K. Taylor Acting Chief Financial Officer of McNeil Investors, Inc. August 14, 1996 By: /s/ Carol A. Fahs - ---------------------- --------------------------------------- Date Carol A. Fahs Chief Accounting Officer of McNeil Real Estate Management, Inc. EX-27 2
5 6-MOS DEC-31-1996 JUN-30-1996 1,895,236 0 503,944 0 0 0 31,406,809 (11,126,143) 24,958,901 0 5,484,811 0 0 0 19,055,207 24,958,901 2,069,769 2,174,001 0 0 1,864,052 0 219,037 90,912 0 90,912 0 0 0 90,912 0 0
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