-----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, PRjSE9k36GkCXA1zOqAM66x52fLh8p8NR9dwFXa6SGrcWu18xcRPYjAIQpdi2y/f 2+YjXJkCgSW9RDuUSP8UPg== 0000313499-98-000003.txt : 19980814 0000313499-98-000003.hdr.sgml : 19980814 ACCESSION NUMBER: 0000313499-98-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PENSION INCOME FUND XXIII CENTRAL INDEX KEY: 0000764543 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942963120 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 002-96389 FILM NUMBER: 98684906 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ STREET 2: PO BOX 1089 C/O INSIGNIA FINANCIAL GROUP CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: POST & HEYMANN STREET 2: 5665 NORTHSIDE DR NW CITY: ATLANTA STATE: GA ZIP: 30328 10-Q 1 FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1998 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from .........to......... (Amended by Exch Act Rel No. 312905 eff. 4/26/93.) Commission file number 0-14528 CENTURY PENSION INCOME FUND XXIII (Exact name of registrant as specified in its charter) California 94-2963120 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Insignia Financial Plaza Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Registrant's telephone number) 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 (or for such shorter period that the registrant was required to file such reports), 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 a) CENTURY PENSION INCOME FUND XXIII CONSOLIDATED BALANCE SHEETS (in thousands, except unit data) June 30, December 31, 1998 1997 (Unaudited) (Note) Assets Cash and cash equivalents $ 10,602 $ 9,366 Receivables and deposits 1,271 1,118 Other assets 284 332 Mortgage loan receivable 1,137 1,137 Deferred charges 1,330 1,533 Investment properties: Land 15,970 15,970 Buildings and related personal property 62,926 62,629 78,896 78,599 Less accumulated depreciation (23,572) (22,358) 55,324 56,241 $ 69,948 $ 69,727 Liabilities and Partners' Deficit Liabilities Accounts payable $ 22 $ 34 Tenant security deposit liabilities 351 367 Accrued property taxes 365 258 Accrued interest - promissory notes 1,048 1,048 Accrued interest - notes payable 181 165 Other liabilities 194 274 Notes payable 6,856 6,856 Non-recourse promissory notes: Principal 41,939 41,939 Deferred interest payable 35,959 34,576 Minority interest in consolidated joint ventures 7,676 7,429 Partners' Deficit General partner's (1,333) (1,284) Limited partners' (95,789 units issued and outstanding at June 30, 1998 and December 31, 1997) (23,310) (21,935) (24,643) (23,219) $ 69,948 $ 69,727 Note: The balance sheet at December 31, 1997, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See Accompanying Notes to Consolidated Financial Statements b) CENTURY PENSION INCOME FUND XXIII CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data) 1998 1997 1998 1997 Revenues: Rental income $ 2,763 $ 2,568 $ 5,562 $ 5,324 Interest income on mortgage loans 21 21 41 41 Other income 143 133 283 267 Total revenues 2,927 2,722 5,886 5,632 Expenses: Operating 835 738 1,534 1,574 General and administrative 225 264 496 511 Depreciation 622 585 1,214 1,206 Interest on notes payable 207 207 414 639 Interest to promissory note holders 1,215 1,215 2,431 2,431 Amortization of deferred charges 106 105 216 210 Property taxes 379 405 738 818 Total expenses 3,589 3,519 7,043 7,389 Loss before minority interest in joint ventures' operations and extraordinary gain on foreclosure (662) (797) (1,157) (1,757) Minority interest in joint ventures' operations (99) (90) (246) (177) Loss before extraordinary gain (761) (887) (1,403) (1,934) Extraordinary gain on foreclosure -- -- -- 5,337 Net (loss) income $ (761) $ (887) $ (1,403) $ 3,403 Net (loss) income allocated to general partner $ (15) $ (18) $ (28) $ 1,028 Net (loss) income allocated to limited partners (746) (869) (1,375) 2,375 $ (761) $ (887) $ (1,403) $ 3,403 Net (loss) income per limited partnership unit: Loss before extraordinary gain $ (7.79) $ (9.07) $ (14.35) $ (19.78) Extraordinary gain on Foreclosure -- -- -- 44.58 Net (loss) income per limited Partnership unit $ (7.79) $ (9.07) $ (14.35) $ 24.80 See Accompanying Notes to Consolidated Financial Statements c) CENTURY PENSION INCOME FUND XXIII CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT (Unaudited) (in thousands, except unit data)
Limited Partnership General Limited Units Partner's Partners' Total Original capital contributions 95,789 $ 958 $ 47,894 $ 48,852 Partners' deficit at December 31, 1996 95,789 $(2,206) $(21,186) $(23,392) Distribution to general partner -- (21) -- (21) Net income for the six months ended June 30, 1997 -- 1,028 2,375 3,403 Partners' deficit at June 30, 1997 95,789 $(1,199) $(18,811) $(20,010) Partners' deficit at December 31, 1997 95,789 $(1,284) $(21,935) $(23,219) Distribution to general partner -- (21) -- (21) Net loss for the six months ended June 30, 1998 -- (28) (1,375) (1,403) Partners' deficit at June 30, 1998 95,789 $(1,333) $(23,310) $(24,643) See Accompanying Notes to Consolidated Financial Statements
d) CENTURY PENSION INCOME FUND XXIII CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Six Months Ended June 30, 1998 1997 Cash flows from operating activities: Net (loss) income $ (1,403) $ 3,403 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation 1,214 1,206 Amortization of deferred charges and lease commissions 350 326 Minority interest in joint ventures' operations 246 177 Deferred interest on non-recourse promissory notes 1,383 1,383 Extraordinary gain on foreclosure -- (5,337) Casualty gain -- (37) Change in accounts: Receivables and deposits (152) (90) Other assets 48 (311) Deferred charges (147) -- Accounts payable (12) (115) Tenant security deposit liabilities (16) (6) Accrued property taxes 107 90 Other liabilities (80) (19) Accrued interest on notes payable 16 241 Net cash provided by operating activities 1,554 911 Cash flows from investing activities: Property replacements and improvements (297) (272) Net cash used in investing activities (297) (272) Cash flows from financing activities: Cash distributions to the general partner (21) (21) Net cash used in financing activities (21) (21) Net increase in cash and cash equivalents 1,236 618 Cash and cash equivalents at beginning of period 9,366 8,289 Cash and cash equivalents at end of period $ 10,602 $ 8,907 Supplemental disclosure of cash flow information: Cash paid for interest - notes payable $ 398 $ 398 Cash paid for interest - non-recourse promissory notes $ 1,048 $ 1,048 See Accompanying Notes to Consolidated Financial Statements
CENTURY PENSION INCOME FUND XXIII CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED (Unaudited) (in thousands) SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES Foreclosure: During the six months ended June 30, 1997, Sunnymead Towne Center was foreclosed upon by the lender. In connection with this foreclosure, approximately $67,000 in cash was transferred to the lender as partial settlement on the outstanding debt. This cash was previously classified as restricted cash on the Partnership's balance sheet. In addition, the following balance sheet accounts were adjusted by the non-cash amounts noted below (in thousands): June 30, 1997 Receivables and deposits $ (663) Other assets (27) Investment properties (5,714) Tenant security deposit liabilities 42 Accrued interest on notes payable 1,591 Other liabilities 8 Notes payable 10,100 Casualty Gain: The Partnership recorded a net casualty gain during the six months ended June 30, 1997, resulting from a fire at The Enclaves which destroyed six apartment units. The damage resulted in a net gain of approximately $37,000. The following balance sheet accounts were adjusted by the non-cash amounts noted below (in thousands): 1997 Receivables and other assets $133 Building and related personal property 143 Other liabilities (143) e) CENTURY PENSION INCOME FUND XXIII NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE A - GOING CONCERN The accompanying consolidated financial statements have been prepared assuming Century Pension Income Fund XXIII (the "Partnership") will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As discussed in "Item 2, Management's Discussion and Analysis or Plan of Operation," the Non-Recourse Promissory Notes (the "Notes"), totaling approximately $79,627,000 (at maturity) in principal and deferred interest, mature on February 15, 1999. The Managing General Partner believes that the values of the properties are significantly less than the amount of debt owed and, unless there is a lender workout or loan extension, the properties will most likely be lost through foreclosure. The Managing General Partner is currently evaluating the likelihood of a lender workout or extension of the maturity date of the Notes. However, there can be no assurance that these courses of action will be successful or that the Partnership will have sufficient funds to meet its 1999 obligations. These conditions raise substantial doubt about the Partnership's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Partnership be unable to continue as a going concern. NOTE B - BASIS OF PRESENTATION The accompanying unaudited financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation and the managing general partner of the Partnership's general partner, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 1998, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 1998. For further information, refer to the financial statements and footnotes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 1997. Certain reclassifications have been made to the 1997 information to conform to the 1998 presentation. NOTE C - TRANSACTIONS WITH AFFILIATED PARTIES The Partnership has no employees and is dependent on the Managing General Partner and its affiliates for the management and administration of all partnership activities. The Managing General Partner is wholly-owned by Insignia Properties Trust ("IPT"), an affiliate of Insignia Financial Group, Inc. ("Insignia"). The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The following transactions with the Managing General Partner and its affiliates were incurred during the six months ended June 30, 1998 and 1997: 1998 1997 (in thousands) Property management fees (included in operating expense) $ 81 $ 76 Reimbursement for services of affiliates (included in general and administrative expenses) 123 98 Partnership management fee (included in general and administrative expenses) 55 55 For the period ended June 30, 1998, approximately $2,000 in reimbursements for construction oversight costs are included in operating expense. There were no such costs for the period ended June 30, 1997. For the period from January 1, 1997, to August 31, 1997, the Partnership insured its properties under a master policy through an agency affiliated with the Managing General Partner with an insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the master policy. The agent assumed the financial obligations to the affiliate of the Managing General Partner which received payments on these obligations from the agent. The amount of the Partnership's insurance premiums accruing to the benefit of the affiliate of the Managing General Partner by virtue of the agent's obligations was not significant. In accordance with the Partnership Agreement (the "Agreement") the General Partner was allocated its two percent continuing interest in the Partnership's net income or loss and taxable income or loss exclusive of gains or losses on any property dispositions. The extraordinary gain on the Sunnymead foreclosure recognized during the six month period ended June 30, 1997 was allocated 20% to the General Partner and 80% to the limited partners per the terms of the Agreement. The partnership management fee is limited by the Agreement to ten percent of net cash available for distribution before interest payments to the Promissory Noteholders and the partnership management fee. The Managing General Partner received cash distributions totaling approximately $21,000 during each of the six month periods ended June 30, 1998 and 1997. On March 17, 1998, Insignia entered into an agreement to merge its national residential property management operations, and its controlling interest in IPT, with Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust. The closing, which is anticipated to happen in the third quarter of 1998, is subject to customary conditions, including government approvals and the approval of Insignia's shareholders. If the closing occurs, AIMCO will then control the Managing General Partner of the Partnership. NOTE D - FORECLOSURE OF SUNNYMEAD TOWNE SHOPPING CENTER On March 27, 1997, the Sunnymead Towne Shopping Center ("Sunnymead") located in Moreno Valley, California, was foreclosed on. Several significant tenants vacated Sunnymead in 1995 and 1996 and the Partnership recorded a provision for impairment of value. In 1996 the Partnership ceased making debt service payments and the property was placed in receivership in May of 1996. The Managing General Partner determined it was not in the Partnership's best interest to contest the foreclosure action as the value of the Sunnymead property was estimated at less than the debt. As a result of the foreclosure, the Partnership recorded a gain on foreclosure of approximately $5,337,000 during the six month period ended June 30, 1997. Prior to the foreclosure, the outstanding debt on the property was a note payable with a principal balance of $10,100,000 and accrued interest of approximately $1,591,000. ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The Partnership's remaining investment properties consist of one apartment complex, four business parks and two shopping centers, as well as three business parks and a shopping center owned by two consolidated joint ventures between the Partnership and an affiliated partnership. The following table sets forth the average physical occupancy for the six months ended June 30, 1998 and 1997: Average Occupancy Property 1998 1997 Commerce Plaza 100% 100% Tampa, Florida Regency Centre 90% 95% Lexington, Kentucky Highland Park Commerce 90% 89% Center - Phase II Charlotte, North Carolina Interrich Plaza 100% 64% Richardson, Texas Centre Stage Shopping Center 96% 99% Norcross, Georgia The Enclaves 94% 92% Atlanta, Georgia Medtronics 100% 100% Irvine, California CORAL PALM PLAZA JOINT VENTURE: Coral Palm Plaza 69% 74% Coral Springs, Florida MINNEAPOLIS BUSINESS PARKS JOINT VENTURE: Alpha Business Center 93% 91% Bloomington, Minnesota Plymouth Service Center 100% 100% Plymouth, Minnesota Westpoint Business Center 93% 97% Plymouth, Minnesota The Managing General Partner attributes the decrease in occupancy at Regency Centre to a vacancy created by a tenant moving out of a 10,810 sq. foot space. In April of 1998 a new lease was signed for this space and the tenant moved in during the month of May. Occupancy at Interrich Plaza is currently at 100% due to the demand for warehouse space in the Dallas/Fort Worth area. Occupancy at Centre Stage Shopping Center decreased due to a vacancy created by a tenant moving out. A new lease has been signed for this space and the tenant will move in at the beginning of July. Occupancy at Coral Palm Plaza decreased as a result of two tenants vacating the property during the fourth quarter of 1997. Occupancy at Westpoint Business Center decreased as a result of a tenant exercising a termination option. A new lease has been signed to occupy this space. Results of Operations The Partnership's net loss for the six months ended June 30, 1998 was approximately $1,403,000 compared to net income of approximately $3,403,000 for the six months ended June 30, 1997. The Partnership's net loss for the three months ended June 30, 1998 was approximately $761,000 compared to a net loss of approximately $887,000 for the corresponding period of 1997. The decrease in net income is primarily attributable to the extraordinary gain of approximately $5,337,000 on the foreclosure of Sunnymead Towne Shopping Center during the six months ended June 30, 1997 (see "Item 1. Financial Statements, Note D"). The Partnership's loss before the extraordinary gain for the three and six month periods ended June 30, 1998 was approximately $761,000 and $1,403,000, respectively, compared to approximately $887,000 and $1,934,000, respectively, for the comparable period of 1997. The decrease in loss before the extraordinary gain was partly due to the foreclosure of Sunnymead. In addition, the decrease in interest expense is primarily attributable to the absence of interest related to the Sunnymead mortgage. The Partnership realized a net loss from the operations of Sunnymead of approximately $174,000 in 1997. In addition, the Partnership realized an increase in rental income from several of its remaining investment properties due to increases in occupancy as stated above. Rental income also increased at Commerce Plaza, Regency Center and Coral Palm Plaza. The increase at Commerce Plaza is due to rental rate increases. The increase at Regency Center is primarily due to increased percentage rents. The increase at Coral Palm is primarily attributable to a decrease in the bad debt write offs required. Property tax expense decreased primarily due to a decrease in the 1997 taxes assessed by the taxing authority for the Enclaves Apartments property and to the absence of any Sunnymead tax liability in 1998. Included in operating expense for the six months ended June 30, 1998 is approximately $74,000 of major repairs and maintenance comprised primarily of landscaping costs. Included in operating expense for the six months ended June 30, 1997 is approximately $44,000 of major repairs and maintenance comprised primarily of exterior building repairs and landscaping costs. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the rental market environment of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expense. As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions, which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the Managing General Partner will be able to sustain such a plan. Liquidity and Capital Resources At June 30, 1998, the Partnership had cash and cash equivalents of approximately $10,602,000 compared to approximately $8,907,000 at June 30, 1997. The net increase in cash and cash equivalents for the six months ended June 30, 1998 was approximately $1,236,000 compared to a net increase of approximately $618,000 at June 30, 1997. Net cash provided by operating activities increased primarily due to the decrease in net loss exclusive of extraordinary gain as discussed above. Also contributing to the increase were decreases in cash payments for accounts payable due to the timing of payments. Partially offsetting these items was a decrease in other liabilities due to the timing of payments. Net cash used in investing activities increased due to increased property improvements and replacements in 1998. Net cash used in financing activities was consistent for both periods. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets, debt service requirements and other operating needs of the Partnership. The mortgage indebtedness of approximately $6,856,000, requires interest only payments with a balloon payment due in 2001. Also, the Partnership's Non- Recourse Promissory Notes (the "Notes") of approximately $77,898,000, including deferred interest of approximately $35,959,000, require minimum interest payments of 5% on principal per year and mature on February 15, 1999. The Managing General Partner believes that the values of the properties are significantly less than the amount of debt owed and, unless there is a lender workout or loan extension, the properties will most likely be lost through foreclosure. The Managing General Partner is currently evaluating the likelihood of a lender workout or extension of the maturity date of the Notes. However, there can be no assurance that these courses of action will be successful or that the Partnership will have sufficient funds to meet its 1999 obligations. If the properties are foreclosed upon, it is expected that the Partnership would recognize a gain for tax purposes. Future cash distributions will depend on the levels of cash generated from operations and the availability of cash reserves. No cash distributions were paid or declared on behalf of the limited partners in 1997 or during the six months ended June 30, 1998. Based on the pending maturity of the Notes, it is unlikely that the Partnership will make any distributions in the near future. Cash distributions of approximately $21,000 were paid to the General Partner during each of the six month periods ended June 30, 1998 and 1997. Year 2000 The Partnership is dependent upon the Managing General Partner and Insignia for management and administrative services. Insignia has completed an assessment and will have to modify or replace portions of its software so that its computer systems will function properly with respect to dates in the year 2000 and thereafter (the "Year 2000 Issue"). The project is estimated to be completed no later than December 31, 1998, which is prior to any anticipated impact on its operating systems. The Managing General Partner believes that with modifications to existing software and conversions to new software, the Year 2000 Issue will not pose significant operational problems for its computer systems. However, if such modifications and conversions are not made, or are not completed timely, the Year 2000 Issue could have a material impact on the operations of the Partnership. Other Certain items discussed in this quarterly report may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act") and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Partnership to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. Such forward-looking statements speak only as of the date of this quarterly report. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled ROSALIE NUANES, ET AL. V. INSIGNIA FINANCIAL GROUP, INC., ET AL. in the Superior Court of the State of California for the County of San Mateo. The Plaintiffs named as defendants, among others, the Partnership, the Managing General Partner and several of their affiliated partnerships and corporate entities. The complaint purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition by Insignia and its affiliates of interests in certain general partner entities, past tender offers by Insignia affiliates to acquire limited partnership units, the management of partnerships by Insignia affiliates, as well as a recently announced agreement between Insignia and AIMCO. The complaint seeks monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the Managing General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The Managing General Partner believes the action to be without merit, and intends to vigorously defend it. The Managing General Partner is unaware of any other pending or outstanding litigation that is not of a routine nature. The Managing General Partner believes that all such other matters are adequately covered by insurance and will be resolved without a material adverse effect upon the business, financial condition, results of operations, or liquidity of the Partnership. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K: None filed during the quarter ended June 30, 1998. 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. CENTURY PENSION INCOME FUND XXIII By: FOX PARTNERS V, Its General Partner By: FOX CAPITAL MANAGEMENT CORPORATION, Its Managing General Partner By: /s/William H. Jarrard, Jr. William H. Jarrard, Jr. President and Director By: /s/Ronald Uretta Ronald Uretta Vice President and Treasurer Date: August 13, 1998 EX-27 2
5 This schedule contains summary financial information extracted from Century Pension Income Fund XXIII 1998 Second Quarter 10-Q and is qualified in its entirety by reference to such 10-Q filing. 0000764543 CENTURY PENSION INCOME FUND XXIII 1,000 6-MOS DEC-31-1998 JUN-30-1998 10,602 0 1,271 0 0 0 78,896 (23,572) 69,948 0 77,898 0 0 0 (24,643) 69,948 0 5,886 0 0 7,043 0 2,845 0 0 0 0 0 0 (1,403) (14.35) 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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