-----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, Tt4zdcX3g7R2wiRUC4a7HtqCtaOSuW2a9tyfSqEZl3KtybdgLrLQjcdr1DtajtmB i/vm9dljQSLsIsCVoDrRMA== 0000756427-96-000009.txt : 19961118 0000756427-96-000009.hdr.sgml : 19961118 ACCESSION NUMBER: 0000756427-96-000009 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 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: 96664475 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 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 0-14267 -------- 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 (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 XXIV, L.P. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS (Unaudited)
September 30, December 31, 1996 1995 --------------- -------------- ASSETS - ------ Real estate investments: Land..................................................... $ 2,409,114 $ 6,781,836 Buildings and improvements............................... 19,186,599 28,462,935 -------------- ------------- 21,595,713 35,244,771 Less: Accumulated depreciation and amortization......... (8,671,651) (12,428,415) -------------- ------------- 12,924,062 22,816,356 Assets held for sale........................................ 9,115,746 - Cash and cash equivalents................................... 1,816,966 2,381,183 Cash segregated for security deposits....................... 85,742 94,780 Accounts receivable......................................... 583,552 433,580 Prepaid expenses and other assets, net...................... 162,120 186,490 -------------- ------------- $ 24,688,188 $ 25,912,389 ============== ============= LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage note payable....................................... $ 5,453,523 $ 5,538,527 Accounts payable and accrued expenses....................... 351,837 229,628 Payable to affiliates....................................... 42,664 59,527 Advances from affiliates.................................... - 642,581 Security deposits and deferred rental revenue............... 142,253 102,823 -------------- ------------- 5,990,277 6,573,086 -------------- ------------- Partners' equity (deficit): Limited partners - 40,000 limited partnership units authorized and outstanding at September 30, 1996 and December 31, 1995............................. 18,719,605 19,362,083 General Partner.......................................... (21,694) (22,780) -------------- ------------- 18,697,911 19,339,303 -------------- ------------- $ 24,688,188 $ 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 Nine Months Ended September 30, September 30, --------------------------------- --------------------------------- 1996 1995 1996 1995 -------------- --------------- -------------- -------------- Revenue: Rental revenue................ $ 1,046,447 $ 1,021,347 $ 3,116,216 $ 3,096,514 Interest...................... 23,383 33,500 82,518 88,652 Gain on involuntary conversion.................. - - 24,663 - Property tax refunds.......... - 9,709 20,434 35,142 ------------- ------------- ------------- ------------- Total revenue............... 1,069,830 1,064,556 3,243,831 3,220,308 ------------- ------------- ------------- ------------- Expenses: Interest...................... 104,306 114,681 323,343 323,958 Depreciation and amortization................ 307,550 343,764 935,828 1,018,376 Property taxes................ 112,922 124,463 341,190 374,435 Personnel costs............... 71,413 67,504 209,376 221,565 Utilities..................... 54,581 53,322 161,281 147,188 Repairs and maintenance....... 110,042 112,657 306,718 303,870 Property management fees - affiliates........... 55,842 60,126 171,449 177,202 Other property operating expenses.................... 56,179 64,508 174,561 184,702 General and administrative.... 47,400 114,289 88,442 179,644 General and administrative - affiliates.................. 131,883 159,016 423,019 481,876 ------------- ------------- ------------- ------------- Total expenses.............. 1,052,118 1,214,330 3,135,207 3,412,816 ------------- ------------- ------------- ------------- Net income (loss)................ $ 17,712 $ (149,774) $ 108,624 $ (192,508) ============= ============= ============= ============= Net income (loss) allocable to limited partners........... $ 17,535 $ (148,276) $ 107,538 $ (190,583) Net income (loss) allocable to General Partner............ 177 (1,498) 1,086 (1,925) ------------- -------------- ------------- ------------- Net income (loss)................ $ 17,712 $ (149,774) $ 108,624 $ (192,508) ============= ============= ============= ============= Net income (loss) per limited partnership unit.............. $ .44 $ (3.71) $ 2.69 $ (4.76) ============= ============= ============= ============= Distributions per limited partnership unit.............. $ 9.38 $ - $ 18.75 $ - ============= ============= ============= =============
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 Nine Months Ended September 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.................................. (1,925) (190,583) (192,508) ------------- ------------- ------------- Balance at September 30, 1995............. $ (7,757) $ 20,849,339 $ 20,841,582 ============= ============= ============= Balance at December 31, 1995.............. $ (22,780) $ 19,362,083 $ 19,339,303 Net income................................ 1,086 107,538 108,624 Distributions............................. - (750,016) (750,016) ------------- ------------- ------------- Balance at September 30, 1996............. $ (21,694) $ 18,719,605 $ 18,697,911 ============ ============== =============
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
Nine Months Ended September 30, ----------------------------------------- 1996 1995 ----------------- ---------------- Cash flows from operating activities: Cash received from tenants........................ $ 3,014,721 $ 3,077,873 Cash paid to suppliers............................ (974,332) (945,852) Cash paid to affiliates........................... (611,332) (628,715) Interest received................................. 82,518 88,652 Interest paid..................................... (301,906) (296,578) Property taxes paid............................... (182,103) (161,040) Property tax refunds.............................. 20,434 35,142 --------------- -------------- Net cash provided by operating activities............ 1,048,000 1,169,482 --------------- -------------- Cash flows from investing activities: Additions to real estate investments.............. (209,616) (284,930) Proceeds received from insurance company.......... 75,000 - --------------- -------------- Net cash used in investing activities................ (134,616) (284,930) --------------- -------------- Cash flows from financing activities: Principal payments on mortgage note payable......................................... (85,004) (97,665) Distributions paid................................ (750,016) - Repayment of advances from affiliates............. (642,581) - --------------- -------------- Net cash used in financing activities................ (1,477,601) (97,665) --------------- -------------- Net increase (decrease) in cash and cash equivalents....................................... (564,217) 786,887 Cash and cash equivalents at beginning of period............................................ 2,381,183 1,720,161 --------------- -------------- Cash and cash equivalents at end of period........... $ 1,816,966 $ 2,507,048 =============== ==============
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
Nine Months Ended September 30, ----------------------------------------- 1996 1995 ---------------- ----------------- Net income (loss).................................... $ 108,624 $ (192,508) --------------- --------------- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Gain on involuntary conversion.................... (24,663) - Depreciation and amortization..................... 935,828 1,018,376 Amortization of deferred borrowing costs.......... 23,309 23,309 Amortization of deferred gain..................... - (15,300) Changes in assets and liabilities: Cash segregated for security deposits........... 9,038 (6,091) Accounts receivable, net........................ (149,972) (60,268) Prepaid expenses and other assets, net.......... 1,061 (6,763) Accounts payable and accrued expenses........... 122,209 311,953 Payable to affiliates........................... (16,864) 30,363 Security deposits and deferred rental revenue....................................... 39,430 66,411 --------------- -------------- Total adjustments............................. 939,376 1,361,990 --------------- -------------- Net cash provided by operating activities............ $ 1,048,000 $ 1,169,482 =============== ==============
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 September 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 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 XXIV, L.P., c/o McNeil Real Estate Management, Inc., Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. NOTE 3. - ------- 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: Nine Months Ended September 30, ----------------------- 1996 1995 ---------- ---------- Property management fees............................. $ 171,449 $ 177,202 Charged to general and administrative - affiliates: Partnership administration........................ 179,873 231,537 Asset management fee.............................. 243,146 250,339 -------- --------- $ 594,468 $ 659,078 ======== ========= Payable to affiliates at September 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 4. - ------- 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 5. - ------- 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 and Southpointe Plaza are currently classified as assets held for sale, no depreciation has been or will be taken effective April 1, 1996 and October 1, 1996, respectively. 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 nine months of 1996 of $108,624 as compared to a net loss of $192,508 for the first nine months of 1995. Revenues were $3,243,831 in 1996, up from $3,220,308 for the same period in 1995. Expenses decreased to $3,135,207 in 1996, from $3,412,816 in 1995. Net cash provided by operating activities was $1,048,000 for the first nine months of 1996, comparable to the $1,169,482 provided during the first nine months of 1995. The Partnership expended $85,004 for principal payments on its mortgage note payable, $209,616 for capital improvements, $750,016 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 $564,217 for the first nine months of 1996, leaving a balance of $1,816,966 at September 30, 1996. RESULTS OF OPERATIONS - --------------------- Revenue: Total revenue increased by $5,274 and $23,523 for the three and nine months ended September 30, 1996, respectively, as compared to the same periods in 1995. The overall increase was primarily due to the recognition of a gain on involuntary conversion in the first quarter of 1996 and in rental revenue, partially offset by a decrease in property tax refunds, as discussed below. Rental revenue increased by $25,100 and $19,702 for the three and nine months ended September 30, 1996, respectively, in relation to the respective periods in 1995. The increase was mainly due to a increase in occupancy at Springwood Plaza Shopping Center from 80% at September 30, 1995 to 88% at September 30, 1996, partially offset by a decrease in occupancy at Southpointe Plaza Shopping Center from 85% at September 30, 1995 to 79% at September 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 4). No such income was recorded in the first nine months 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 $35,142 relating to Riverbay Plaza, Southpointe Plaza, and Springwood Plaza Shopping Centers. These refunds were the result of appeals filed on behalf of the properties. Expenses: Total expenses decreased by $162,212 and $277,609 for the three and nine months ended September 30, 1996, respectively, as compared to the same periods in 1995. The decrease was primarily the result of decreases in property taxes, general and administrative expenses and general and administrative - affiliates, partially offset by an increase in utilities, as discussed below. Property taxes decreased by $11,541 and $33,245 for the three and nine months ended September 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. Utilities increased by $1,259 and $14,093 for the three and nine months ended September 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 $66,889 and $91,202 for the three and nine months ended September 30, 1996, respectively, as compared to the same periods in 1995. The decrease was partially due to legal expenses incurred in 1995 involving a tenant's lease at Southpointe Plaza Shopping Center. In addition, the Partnership incurred costs in the third quarter of 1995 relating to evaluation and dissemination of 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 expenses - affiliates decreased by $27,133 and $58,857 for the three and nine months ended September 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 $1,048,000 of cash in the first nine months of 1996 as compared to $1,169,482 for the same period in 1995. The Partnership expended $209,616 and $284,930 for additions to its real estate investments in the first nine months of 1996 and 1995, respectively. A greater amount was spent in 1995 at Pine Hills Apartments for roof replacement and at Riverbay Plaza Shopping Center for roof replacement and exterior painting. The Partnership received $75,000 from the insurance carrier in 1996 for wind and hail damage at Pine Hills Apartments (see Item 1, Note 4). The Partnership made principal payments on the Southpointe Plaza mortgage note payable of $85,004 and $97,665 in the first nine 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 $750,016 to the limited partners in 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 September 30, 1996, the Partnership held cash and cash equivalents of $1,816,966. 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 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 September 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. 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 present outlook for the 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 1998 followed by a dissolution of the Partnership. In this regard, the Partnership has placed Island Plaza and Southpointe Plaza on the market for sale. 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. v. 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 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 $268.13 per unit (the original offer price of $277.50 was reduced by the August 1996 distributions to unitholders of $9.37 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 ------- ----------- 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). 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 September 30, 1996. (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 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 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/ Carol A. Fahs - ----------------- -------------------------------------- Date Carol A. Fahs Chief Accounting Officer of McNeil Real Estate Management, Inc. EX-27 2
5 9-MOS DEC-31-1996 SEP-30-1996 1,816,966 0 583,552 0 0 0 21,595,713 (8,671,651) 24,688,188 0 5,453,523 0 0 0 18,697,911 24,688,188 3,116,216 3,243,831 0 0 2,811,864 0 323,343 108,624 0 108,624 0 0 0 108,624 0 0
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