-----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, BMEhTW8ItPhd6HHvWE3kBkf3Ds/Q1mRU1h6/2PMAvqSK6U1L3BhJrSJ6eyXPZ3hS FkkZmKkMoaeBEZhuSZEoqg== 0000756427-98-000006.txt : 19980515 0000756427-98-000006.hdr.sgml : 19980515 ACCESSION NUMBER: 0000756427-98-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 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: SEC FILE NUMBER: 000-14267 FILM NUMBER: 98619750 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 quarterly period ended March 31, 1998 ------------------------------------------ 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 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 --- --- PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS MCNEIL REAL ESTATE FUND XXIV, L.P. BALANCE SHEETS (Unaudited)
March 31, December 31, 1998 1997 --------------- --------------- ASSETS - ------ Real estate investments: Land..................................................... $ 1,624,347 $ 1,624,347 Buildings and improvements............................... 17,807,131 17,771,163 -------------- ------------- 19,431,478 19,395,510 Less: Accumulated depreciation and amortization......... (8,196,306) (7,997,592) -------------- ------------- 11,235,172 11,397,918 Assets held for sale........................................ 4,377,861 10,935,647 Cash and cash equivalents................................... 1,096,598 2,180,029 Cash segregated for security deposits....................... 84,167 84,737 Accounts receivable, net of allowance for doubtful accounts of $5,597 and $24,095 at March 31, 1998 and December 31, 1997, respectively...................... 494,112 588,578 Sales proceeds receivable................................... 6,616,413 - Prepaid expenses and other assets, net...................... 65,651 114,823 -------------- ------------- $ 23,969,974 $ 25,301,732 ============== ============= LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage note payable....................................... $ 5,261,941 $ 5,293,017 Accounts payable and accrued expenses....................... 163,032 181,540 Payable to tenant........................................... 1,622,873 1,622,873 Payable to affiliates....................................... 527,358 192,735 Security deposits and deferred rental revenue............... 74,582 100,283 -------------- ------------- 7,649,786 7,390,448 -------------- ------------- Partners' equity (deficit): Limited partners - 40,000 limited partnership units authorized and outstanding at March 31, 1998 and December 31, 1997............................. 16,345,659 17,935,844 General Partner.......................................... (25,471) (24,560) -------------- ------------- 16,320,188 17,911,284 -------------- ------------- $ 23,969,974 $ 25,301,732 ============== =============
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 March 31, ---------------------------------- 1998 1997 --------------- -------------- Revenue: Rental revenue............................................. $ 1,099,396 $ 1,057,741 Interest ................................................... 28,558 20,980 ------------- ------------- Total revenue............................................. 1,127,954 1,078,721 ------------- ------------- Expenses: Interest.................................................... 98,357 103,924 Depreciation and amortization............................... 198,714 229,953 Property taxes.............................................. 99,244 110,172 Personnel costs............................................. 76,359 87,216 Utilities................................................... 69,500 64,893 Repairs and maintenance..................................... 85,806 102,453 Property management fees - affiliates....................... 59,726 59,549 Other property operating expenses........................... 67,104 66,452 General and administrative.................................. 85,551 29,566 General and administrative - affiliates..................... 136,262 122,136 Loss on disposition of real estate.......................... 116,347 - Write-down for impairment of real estate.................... 126,080 - ------------- ------------- Total expenses............................................ 1,219,050 976,314 ------------- ------------- Net income (loss).............................................. $ (91,096) $ 102,407 ============== ============= Net income (loss) allocable to limited partners................ $ (90,185) $ 101,383 Net income (loss) allocable to General Partner................. (911) 1,024 -------------- -------------- Net income (loss).............................................. $ (91,096) $ 102,407 ============== ============= Net income (loss) per limited partnership unit................. $ (2.25) $ 2.53 ============== ============= Distributions per limited partnership unit..................... $ 37.50 $ - ============= =============
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 Three Months Ended March 31, 1998 and 1997
Total General Limited Partners' Partner Partners Equity (Deficit) --------------- --------------- ---------------- Balance at December 31, 1996.............. $ (28,862) $ 18,009,967 $ 17,981,105 Net income................................ 1,024 101,383 102,407 ------------- ------------- ------------- Balance at March 31, 1997................. $ (27,838) $ 18,111,350 $ 18,083,512 ============= ============= ============= Balance at December 31, 1997.............. $ (24,560) $ 17,935,844 $ 17,911,284 Net loss.................................. (911) (90,185) (91,096) Distributions to limited partners......... - (1,500,000) (1,500,000) ------------- ------------- ------------- Balance at March 31, 1998................. $ (25,471) $ 16,345,659 $ 16,320,188 ============= ============= =============
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
Three Months Ended March 31, ----------------------------------------- 1998 1997 ----------------- ---------------- Cash flows from operating activities: Cash received from tenants........................ $ 1,115,659 $ 1,003,197 Cash paid to suppliers............................ (385,691) (388,723) Cash paid to affiliates........................... (65,365) (145,985) Interest received................................. 28,558 20,980 Interest paid..................................... (97,349) (96,425) Property taxes paid............................... (107,659) (148,519) --------------- -------------- Net cash provided by operating activities............ 488,153 244,525 --------------- -------------- Cash flows from investing activities: Additions to real estate investments.............. (40,508) (48,950) --------------- -------------- Cash flows from financing activities: Principal payments on mortgage note payable......................................... (31,076) (32,216) Distributions to limited partners................. (1,500,000) - --------------- -------------- Net cash used in financing activities................ (1,531,076) (32,216) --------------- -------------- Net increase (decrease) in cash and cash equivalents....................................... (1,083,431) 163,359 Cash and cash equivalents at beginning of period............................................ 2,180,029 1,615,604 --------------- -------------- Cash and cash equivalents at end of period........... $ 1,096,598 $ 1,778,963 =============== ==============
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
Three Months Ended March 31, ---------------------------------------- 1998 1997 ----------------- ---------------- Net income (loss).................................... $ (91,096) $ 102,407 --------------- --------------- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization..................... 198,714 229,953 Loss on disposition of real estate................ 116,347 - Write-down for impairment of real estate.......... 126,080 - Amortization of deferred borrowing costs.......... - 7,770 Changes in assets and liabilities: Cash segregated for security deposits........... 570 (411) Accounts receivable, net........................ 45,865 (148,389) Prepaid expenses and other assets, net.......... 5,259 4,641 Accounts payable and accrued expenses........... (18,508) (81,293) Payable to affiliates........................... 130,623 35,700 Security deposits and deferred rental revenue....................................... (25,701) 94,147 ---------------- -------------- Total adjustments............................. 579,249 142,118 --------------- -------------- Net cash provided by operating activities............ $ 488,153 $ 244,525 =============== ==============
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 March 31, 1998 (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 600, 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 three months ended March 31, 1998 are not necessarily indicative of the results to be expected for the year ending December 31, 1998. 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, 1997, 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 600, 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. Under the terms of its partnership agreement, the Partnership pays a disposition fee to an affiliate of the General Partner equal to 3% of the gross sales price for brokerage services performed in connection with the sale of the Partnership's properties. The fee is due and payable at the time the sale closes. The Partnership incurred $204,000 of such fees during the first quarter of 1998 in connection with the sale of Southpointe Plaza Shopping Center. These fees have not yet been paid by the Partnership and are included in payable to affiliates on the Balance Sheet at March 31, 1998. 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: Three Months Ended March 31, ----------------------- 1998 1997 --------- --------- Property management fees........................... $ 59,726 $ 59,549 Charged to general and administrative - affiliates: Partnership administration...................... 56,816 47,288 Asset management fee............................ 79,446 74,848 Charged to loss on disposition of real estate: Disposition fee................................. 204,000 - -------- -------- $ 399,988 $ 181,685 ======== ======== Payable to affiliates at March 31, 1998 and December 31, 1997 consisted primarily of unpaid property management fees, disposition fee (1998 only), Partnership general and administrative expenses and asset management fees and are due and payable from current operations. NOTE 4. - ------- On March 31, 1998, the Partnership sold Southpointe Plaza Shopping Center, located in Sacramento, California, to an unaffiliated purchaser for a cash purchase price of $6,800,000. Cash proceeds from the sale were not received until April 1, 1998. Sales proceeds receivable, as well as the loss on sale, are detailed below.
Loss Sales Proceeds on sale Receivable ------------- -------------- Sales price..................................... $ 6,800,000 $ 6,800,000 Selling costs .................................. (387,587) (183,587) Straight-line rents receivable written off...... (48,601) Prepaid leasing commissions written off......... (43,913) Carrying value.................................. (6,436,246) ---------- Loss on disposition of real estate.............. $ (116,347) ========== ------------ Proceeds receivable from sale of real estate.... 6,616,413 Retirement of mortgage note payable............. (5,261,942) Retirement of accrued interest payable.......... (32,338) ----------- Net cash proceeds receivable.................... $ 1,322,133 ===========
As discussed in Note 3, the Partnership incurred a $204,000 disposition fee payable to an affiliate of the General Partner in connection with the sale of Southpointe Plaza. This fee increased the amount of the loss on disposition of real estate and is included in selling costs above. However, as the fee has not yet been paid, it did not reduce the amount of net cash proceeds receivable from the sale. The net cash proceeds from the sale of Southpointe Plaza will be $1,118,133 after payment of the disposition fee. NOTE 5. - ------- Effective January 1, 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, Southpointe Plaza and Springwood Plaza were placed on the market for sale, no depreciation was taken effective April 1, 1996, October 1, 1996 and August 1, 1997, respectively. NOTE 6. - ------- On April 1, 1998, Island Plaza, a 60,076 square foot shopping center located in Ft. Myers, Florida, was sold to an unaffiliated buyer, for a cash purchase price of $1,850,000. The Partnership recorded a $126,080 write-down for impairment of real estate in the first quarter of 1998 to record the property at its sales price less estimated costs to sell. Net cash proceeds to the Partnership after payment of various closing costs, amounted to $1,824,520. In connection with the sale, the Partnership incurred a $55,500 disposition fee payable to an affiliate of the General Partner. This fee has not yet been paid. The net cash proceeds from the sale of Island Plaza will be $1,769,020 after payment of the disposition fee. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- On March 31, 1998, the Partnership sold Southpointe Plaza for a gross sales price of $6.8 million. The Partnership recognized a $116,347 loss on the sale. The Partnership reported a net loss for the first three months of 1998 of $91,096 as compared to net income of $102,407 for the first three months of 1997. Revenues were $1,127,954 in 1998 as compared to $1,078,721 for the same period in 1997. Expenses increased to $1,219,050 in 1998 from $976,314 in 1997. Net cash provided by operating activities was $488,153 for the first three months of 1998. The Partnership expended $40,508 for capital improvements and $31,076 for principal payments on its mortgage note payable. After distributions to the limited partners of $1,500,000, cash and cash equivalents decreased by $1,083,431 for the first three months of 1998, leaving a balance of $1,096,598 at March 31, 1998. RESULTS OF OPERATIONS - --------------------- Revenue: Total revenue increased by $49,233 for the three months ended March 31, 1998 as compared to the same period in 1997. The increase was due to increases in rental revenue and interest income, as discussed below. Rental revenue increased by $41,655 for the three months ended March 31, 1998 in relation to the respective period in 1997. Rental revenue increased or remained stable at all of the properties except Towne Center Shopping Center. Rental revenue increased by approximately $21,000, $19,000 and $15,000 at Southpointe Plaza, Sleepy Hollow and Pine Hills due to increased rental rates and occupancy in the first quarter of 1998. Rental revenue at Island Plaza increased by approximately $15,000 due to an increase in the rental rate charged to an anchor tenant who had previously been in bankruptcy. Rental revenue decreased by approximately $32,000 at Towne Center due to a major tenant vacating a large space in the second quarter of 1997. Interest income for the three months ended March 31, 1998 increased by $7,578 as compared to the same period in 1997. The increase was due to a higher average amount of cash and cash equivalents available for short-term investment in 1998. Although cash and cash equivalents decreased by $1,083,431 in the first quarter of 1998, $1.5 million of the decrease was due to distributions paid to the limited partners in the last week of March 1998. Expenses: Total expenses for the three months ended March 31, 1998 increased by $242,736 as compared to the same period in 1997, as discussed below. Depreciation and amortization expense for the three months ended March 31, 1998 decreased by $31,239 in relation to the same period in 1997. The decrease was due to Springwood Plaza being classified as an asset held for sale by the Partnership effective August 1, 1997. In accordance with 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," the Partnership ceased recording depreciation on this asset at the time it was placed on the market for sale. Personnel costs decreased by $10,857 for the three months ended March 31, 1998 as compared to the same period in the prior year. The decrease was mainly due to reduced personnel at Southpointe Plaza in anticipation of the sale of the property. In addition, Riverbay Plaza and Island Plaza were both absent a maintenance employee for part of the first quarter of 1998. For the first quarter of 1998, repairs and maintenance decreased by $16,647 as compared to the respective quarter in 1997. The decrease was mainly due to a greater amount of cleaning and decorating expenses being incurred in the first quarter of 1997 in an effort to increase occupancy at Pine Hills and Sleepy Hollow apartments. In addition, there was a greater amount of snow removal expenses at Springwood Plaza in 1997 due to heavier snowfall in Missouri, where the property is located. General and administrative expenses increased by $55,985 for the three months ended March 31, 1998 as compared to the same period in 1997. The increase was mainly due to costs incurred in 1998 to explore alternatives to maximize the value of the Partnership (see Liquidity and Capital Resources). General and administrative - affiliates for the first three months of 1998 increased by $14,126 as compared to the same period in 1997. The increase was mainly due to investor services being performed by an affiliate in 1998. In 1997, such costs were paid to an unrelated third party and were included in general and administrative expenses on the Statements of Operations. In addition, there was an increase in asset management fees due to an increase in the tangible asset value of the Partnership, on which the fees are based. The Partnership recognized a $116,347 loss on the sale of Southpointe Plaza Shopping Center in the first quarter of 1998. No such loss was recognized in the first quarter of 1997. Island Plaza Shopping Center was sold to an unaffiliated buyer on April 1, 1998. The Partnership recorded a $126,080 write-down for impairment of real estate in the first quarter of 1998 to record the property at its sales price less estimated costs to sell. No such write-down was recorded in the first quarter of 1997. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- The Partnership's primary source of cash flows is from operating activities, which generated $488,153 of cash in the first three months of 1998, as compared to $244,525 generated for the same period in 1997. The Partnership distributed $1,500,000 to the limited partners in the first three months of 1998. No distributions were paid to the limited partners in the first three months of 1997. Short-term liquidity: At March 31, 1998, the Partnership held cash and cash equivalents of $1,096,598. This balance provides a reasonable level of working capital for the Partnership's immediate needs in operating its properties. For the Partnership as a whole, management projects positive cash flow from operations in 1998. The Partnership has budgeted approximately $619,000 for necessary capital improvements for all properties in 1998, which are 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. In 1997, improvements totaling approximately $1.6 million were performed at Riverbay Plaza to renovate and expand an anchor tenant's space. These costs were paid by the tenant and reimbursed by the Partnership on April 14, 1998. The Partnership has arranged to obtain a mortgage loan secured by Riverbay Plaza to pay these costs and expects to receive such funds in May 1998. On March 31, 1998, the Partnership sold Southpointe Plaza Shopping Center, located in Sacramento, California, to an unaffiliated purchaser for a cash purchase price of $6,800,000. On April 1, 1998, cash proceeds totaling $6,616,413 were received and $5,294,280 was used to pay the principal and accrued interest balance of the mortgage note payable secured by the property. An additional $204,000 disposition fee is payable to the General Partner. On April 1, 1998, the Partnership sold Island Plaza Shopping Center, located in Ft. Myers, Florida, to an unaffiliated purchaser for a cash purchase price of $1,850,000. Cash proceeds totaling $1,824,520 were received after payment of various closing costs. An additional $55,500 disposition fee is payable to the General Partner. Additional efforts to maintain and improve partnership liquidity have included continued attention to property management activities. The objective has been to obtain maximum occupancy rates while holding expenses to levels necessary to maximize cash flows. The Partnership has made capital expenditures on its properties where improvements were expected to increase the competitiveness and marketability of the properties. Long-term liquidity: 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. Pursuant to the Partnership's previously announced liquidation plans, the Partnership has recently retained PaineWebber, Incorporated as its exclusive financial advisor to explore alternatives to maximize the value of the Partnership. The alternatives being considered by the Partnership include, without limitation, a transaction in which limited partnership interests in the Partnership are converted into cash. The General Partner of the Partnership or entities or persons affiliated with the General Partner will not be involved as a purchaser in any of the transactions contemplated above. Any transaction will be subject to certain conditions including (i) approval by the limited partners of the Partnership, and (ii) receipt of an opinion from an independent financial advisory firm as to the fairness of the consideration received by the Partnership pursuant to such transaction. Finally, there can be no assurance that any transaction will be consummated, or as to the terms thereof. PART II. OTHER INFORMATION 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 per Limited Partnership Unit: Net income 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 1998 and 1997. 27. Financial Data Schedule for the quarter ended March 31, 1998. (b) Reports on Form 8-K. A Form 8-K with respect to Item 2 dated March 31, 1998 was filed on April 9, 1998 regarding the sales of Southpointe Plaza and Island Plaza shopping centers. 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 May 14, 1998 By: /s/ Ron K. Taylor - ------------ ----------------------------------------- Date Ron K. Taylor President and Director of McNeil Investors, Inc. (Principal Financial Officer) May 14, 1998 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-31-1998 MAR-31-1998 1,096,598 0 499,709 (5,597) 0 0 19,431,478 (8,196,306) 23,969,974 0 5,261,941 0 0 0 16,320,188 23,969,974 1,099,396 1,127,954 457,739 656,453 221,813 126,080 98,357 (91,096) 0 (91,096) 0 0 0 (91,096) 0 0
-----END PRIVACY-ENHANCED MESSAGE-----